Aim Growth Series N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-02699

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: 12/31/21

ITEM 1. REPORTS TO STOCKHOLDERS.

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

(b) Not Applicable

Annual Report to Shareholders December 31, 2021

Invesco Active Allocation Fund

Nasdaq:

A: OAAAX ⬛ C: OAACX ⬛ R: OAANX ⬛ Y: OAAYX ⬛ R5: PAAJX ⬛ R6: PAAQX

2	Management’s Discussion
2	Performance Summary
3	Long-Term Fund Performance
5	Supplemental Information
7	Schedule of Investments
11	Financial Statements
14	Financial Highlights
15	Notes to Financial Statements
23	Report of Independent Registered Public Accounting Firm
24	Fund Expenses
25	Distribution Information
26	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the year ended December 31, 2021, Class A shares of Invesco Active Allocation Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Active Allocation Index.   Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/20 to 12/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	13.92	%
Class C Shares	13.01
Class R Shares	13.64
Class Y Shares	14.24
Class R5 Shares	14.19
Class R6 Shares	14.29
Bloomberg Global Aggregate Index, Hedged▼	-1.39
Custom Invesco Active Allocation Index⬛	14.37
MSCI All Country World Index▼	18.54
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

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

    During the second quarter of 2021, global equity markets were again bolstered by the continued acceleration of vaccination rollouts and easing of COVID-19-related restrictions in most developed markets. In a reversal from the first quarter, growth stocks outperformed value stocks in most regions. Emerging market equities were led by Brazil which benefited from global tailwinds, while regulatory concerns weighed on Chinese equities.

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

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

Overall, developed market equities outperformed emerging market equities for the fiscal year.

    Strategic asset class exposures in the Fund are obtained through investments in underlying representative mutual funds and exchange-traded funds targeting a pre-defined level of risk. From an absolute performance perspective, strategic allocations to the US and international equities produced positive performance which led to positive Fund returns. Exposures to large-, mid- and small-cap US equities were the leading contributors to positive absolute performance for the fiscal year. Exposure to internationally developed market equities was also a notable contributor to positive absolute performance for the fiscal year. In contrast, strategic allocations to emerging markets equity investments produced negative returns and were the leading detractors from absolute performance.

    Relative to the Fund’s custom index, an underweight allocation to US equity and manager selection within International and Emerging Markets Equity, was the leading detractor from relative performance results for the fiscal year. Within the allocation to equity, Invesco International Select Equity Fund, Invesco Developing Markets Fund and Invesco S&P Emerging Markets Low Volatility Fund were the leading detractors from relative performance. These Funds delivered negative returns in 2021 and substantially underperformed broader equities as uncertainty around inflation and concerns surrounding the regulatory environment in the Chinese market muted investor risk appetite during the fiscal year. Invesco Macro Allocation Fund within the alternatives allocation also slightly detracted from relative performance.

    Conversely, style selection in US equity and an underweight allocation to fixed income contributed to Fund performance results

relative to its custom index. Within US equity, the Invesco S&P SmallCap Low Volatility ETF and Invesco Russell 1000 Dynamic Multifactor ETF were the leading contributors to relative performance. US equities performed well as many companies continually beat earning estimates throughout the fiscal year. An underweight allocation in fixed income was also accretive to relative performance as broadly core bonds underperformed non-core fixed income such as high-yield and convertible bonds for the fiscal year.

    Please note that some of the Fund’s underlying funds use derivatives, including futures and total return swaps, which may create economic leverage in the underlying funds. Therefore, some of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes.

    It has been our privilege to oversee Invesco Active Allocation Fund and we thank you for your continued investment.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Alessio de Longis

Duy Nguyen

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

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

2                     Invesco Active Allocation Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/11

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

3                     Invesco Active Allocation Fund

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (4/5/05)	5.80	%
10 Years	9.13
5 Years	10.10
1 Year	7.62
Class C Shares
Inception (4/5/05)	5.78	%
10 Years	9.11
5 Years	10.52
1 Year	12.01
Class R Shares
Inception (4/5/05)	5.92	%
10 Years	9.48
5 Years	11.06
1 Year	13.64
Class Y Shares
Inception (4/5/05)	6.49	%
10 Years	10.04
5 Years	11.62
1 Year	14.24
Class R5 Shares
10 Years	9.82	%
5 Years	11.50
1 Year	14.19
Class R6 Shares
10 Years	9.84	%
5 Years	11.53
1 Year	14.29

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. Returns shown above, for periods ending on or 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 on or 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 on or 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-endperformance. 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

Supplemental Information

Invesco Active Allocation Fund’s investment objective is to seek total return.

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

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

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

About indexes used in this report

∎ The Bloomberg Global Aggregate Index, Hedged tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar.

∎ The Custom Invesco Active Allocation Index is composed of 80% MSCI All Country World Index and 20% Bloomberg Global Aggregate Bond Index, Hedged.

∎ The MSCI All Country World Index 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.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

5                     Invesco Active Allocation Fund

Fund Information

Portfolio Composition*

By fund type	% of total investments
Equity Funds	78.05%
Fixed Income Funds	16.00
Alternative Funds	5.45
Money Market Funds	0.50

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

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. Data presented here are as of December 31, 2021.

6                     Invesco Active Allocation Fund

Schedule of Investments

December 31, 2021

Invesco Active Allocation Fund

Schedule of Investments in Affiliated Issuers–99.21%^(a)

	% of									Change in
	Net									Unrealized
	Assets		Value		Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	12/31/21		12/31/20		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		12/31/21		12/31/21
Alternative Funds-5.41%
Invesco Fundamental Alternatives Fund, Class R6		–	$	55,481,334	$	–	$	(56,146,122	)	$	(86,227	)	$	751,015		$	–		–	$	–
Invesco Global Real Estate Income Fund, Class R6		2.19%		41,137,391		9,022,174		(5,101,265	)		7,668,025			273,113			1,179,437		5,294,649		52,999,438
Invesco Macro Allocation Strategy Fund, Class R6		3.22%		58,974,029		27,518,143		(3,703,646	)		(4,923,943	)		2,720,946			4,308,906		9,135,760		77,928,029
Invesco Master Event-Linked Bond Fund, Class R6		–		15,761,053		404,733		(13,938,262	)		9,923,768			(12,151,292	)		387,141		–		–
Total Alternative Funds				171,353,807		36,945,050		(78,889,295	)		12,581,623			(8,406,218	)		5,875,484				130,927,467
Domestic Equity Funds-44.07%
Invesco Discovery Mid Cap Growth Fund, Class R6		8.66%		170,699,286		66,975,040		(36,009,706	)		5,400,876			30,801,813			–		5,731,046		209,641,660
Invesco Main Street Small Cap Fund, Class R6		8.38%		258,197,346		14,825,382		(104,507,371	)		5,096,871			43,823,377			159,502		9,492,964		202,769,725
Invesco Russell 1000 Dynamic Multifactor ETF		7.39%		199,191,004		–		(67,579,257	)		20,735,703			26,525,091			1,923,897		3,528,058		178,872,541
Invesco S&P 500® Low Volatility ETF		7.06%		148,248,427		3,768,269		(12,779,692	)		30,529,571			1,239,688			2,648,383		2,491,713		171,006,263
Invesco S&P 500® Pure Growth ETF		5.05%		144,945,461		–		(54,672,651	)		20,709,034			11,196,568			5,456		579,539		122,178,412
Invesco S&P SmallCap Low Volatility ETF		7.53%		237,391,613		–		(108,970,151	)		27,613,742			26,202,234			2,323,384		3,498,511		182,237,438
Total Domestic Equity Funds				1,158,673,137		85,568,691		(384,518,828	)		110,085,797			139,788,771			7,060,622				1,066,706,039
Fixed Income Funds-15.88%
Invesco 1-30 Laddered Treasury ETF		2.01%		–		49,265,911		(2,247,398	)		1,501,146			48,400			452,485		1,328,448		48,568,059
Invesco Core Plus Bond Fund, Class R6		7.43%		181,242,686		12,257,540		(7,350,219	)		(6,056,484	)		1,513,598			4,000,970		16,289,099		179,831,649
Invesco Income Fund, Class R6(b)		1.74%		40,138,257		3,151,611		(1,460,303	)		317,594			3,784			1,385,187		5,352,602		42,124,979
Invesco Taxable Municipal Bond ETF		3.71%		59,381,798		35,073,343		(4,367,734	)		(163,879	)		(64,779	)		2,182,443		2,726,297		89,858,749
Invesco Variable Rate Investment Grade ETF(b)		0.99%		21,014,766		3,441,026		(627,297	)		60,777			247			176,326		953,127		23,885,363
Total Fixed Income Funds				301,777,507		103,189,431		(16,052,951	)		(4,340,846	)		1,501,250			8,197,411				384,268,799
Foreign Equity Funds-33.35%
Invesco Emerging Markets All Cap Fund, Class R6		2.86%		54,636,628		27,785,837		(4,600,928	)		(8,615,710	)		2,699,635			657,605		1,821,462		69,306,630
Invesco Developing Markets Fund, Class R6		4.49%		55,872,773		81,827,908		(13,168,076	)		(16,026,017	)		5,400,566			588,097		2,314,159		108,765,465
Invesco Global Fund, Class R6		10.70%		261,395,966		17,131,774		(42,961,671	)		12,548,564			28,034,906			–		2,058,147		259,017,765
Invesco Global Infrastructure Fund, Class R6		0.68%		15,580,513		313,279		(2,067,194	)		2,274,747			266,126			313,279		1,265,852		16,367,471
Invesco International Select Equity Fund, Class R6		2.79%		84,867,565		1,755,526		(4,009,552	)		(15,824,371	)		2,341,426			271,242		5,347,534		67,646,310
Invesco International Small-Mid Company Fund, Class R6		3.64%		86,485,210		14,956,634		(17,948,117	)		897,828			11,687,866			334,146		1,548,232		88,140,852
Invesco RAFI™ Strategic Developed ex-US ETF		2.88%		76,742,374		–		(15,817,133	)		4,955,344			4,152,497			2,561,753		2,296,931		69,642,948
Invesco S&P Emerging Markets Low Volatility ETF		2.27%		53,996,335		–		(4,923,257	)		5,126,402			714,113			2,442,967		2,215,151		54,913,593
Invesco S&P International Developed Low Volatility ETF		3.04%		68,430,012		3,388,815		(2,805,639	)		4,429,821			39,704			2,214,516		2,302,090		73,482,713
Total Foreign Equity Funds				758,007,376		147,159,773		(108,301,567	)		(10,233,392	)		55,336,839			9,383,605				807,283,747
Money Market Funds-0.50%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)		0.17%		2,269,211		95,501,462		(93,548,971	)		–			–			679		4,221,702		4,221,702

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

7                     Invesco Active Allocation Fund

Invesco Active Allocation Fund (continued)

Schedule of Investments in Affiliated Issuers–99.21%^(a)

	% of Net Assets 12/31/21		Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Dividend Income			Shares 12/31/21		Value 12/31/21
Money Market Funds-(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(c)		0.13%	$	1,620,880	$	68,215,330	$	(66,820,595	)		$                  –	$	(116	)	$	292			3,014,897	$	3,015,499
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)		0.20%		2,593,385		109,144,528		(106,913,111	)		–		–			281			4,824,802		4,824,802
Total Money Market Funds				6,483,476		272,861,320		(267,282,677	)		–		(116	)		1,252					12,062,003
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $1,853,385,919)		99.21%		2,396,295,303		645,724,265		(855,045,318	)		108,093,182		188,220,526			30,518,374					2,401,248,055
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.00%
Invesco Private Government Fund, 0.02%(c)		–		–		41,694,167		(41,694,167	)		–		–			197	(d)		–		–
Invesco Private Prime Fund, 0.11%(c)		–		–		96,054,338		(96,053,644	)		–		(694	)		1,946	(d)		–		–
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00%		–		137,748,505		(137,747,811	)		–		(694	)		2,143					–
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $1,853,385,919)		99.21%	$	2,396,295,303	$	783,472,770	$	(992,793,129	)		$108,093,182	$	188,219,832	(e)(f)	$	30,520,517	(e)			$	2,401,248,055
OTHER ASSETS LESS LIABILITIES		0.79%																			19,219,197
NET ASSETS		100.00%																		$	2,420,467,252

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)  Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

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

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

^(e)  Amounts exclude return of capital received from previously held underlying funds due to the timing of the determination of the character of dividends received.

^(f)  Includes capital gains distributions from affiliated underlying funds as follows:

Fund Name	Capital Gain
Invesco Core Plus Bond Fund	$	1,775,472
Invesco Emerging Markets All Cap Fund		2,598,832
Invesco Developing Markets Fund		5,141,689
Invesco Discovery Mid Cap Growth Fund		28,225,649
Invesco Global Fund		17,131,774
Invesco International Select Equity Fund		1,484,284
Invesco International Small-Mid Company Fund		7,938,569
Invesco Macro Allocation Strategy Fund		2,657,500
Invesco Main Street Small Cap Fund		14,665,880
Invesco RAFI™ Strategic Developed ex-US ETF		390,134

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

8                     Invesco Active Allocation Fund

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month	Notional Value			Value			Unrealized Appreciation (Depreciation)
Equity Risk
E-Mini S&P 500 Index		159	March-2022	$	37,830,075		$	789,112			$   789,112
Nikkei 225 Index		7	March-2022		1,751,369			12,603			12,603
STOXX Europe 600 Index		187	March-2022		5,178,779			190,025			190,025
Subtotal								991,740			991,740
Interest Rate Risk
U.S. Treasury 10 Year Notes		566	March-2022		73,845,313			682,473			682,473
Subtotal–Long Futures Contracts								1,674,213			1,674,213
Short Futures Contracts
Equity Risk
MSCI Emerging Markets Index		291	March-2022		(17,842,665	)		(159,186	)		(159,186	)
Total Futures Contracts							$	1,515,027			$1,515,027

^(a)  Futures contracts collateralized by $4,551,204 cash held with Merrill Lynch, the futures commission merchant.

Open Forward Foreign Currency Contracts
Settlement Date		Contract to							Unrealized Appreciation (Depreciation)
	Counterparty			Deliver			Receive
Currency Risk
03/16/2022	Bank of America, N.A.		KRW		2,783,600,000	USD		2,359,783	$	22,945
03/16/2022	Bank of America, N.A.		PHP		319,070,000	USD		6,294,535		122,044
03/16/2022	Bank of America, N.A.		USD		6,679,656	IDR		97,022,000,000		89,311
03/16/2022	Bank of America, N.A.		USD		6,779,353	SEK		61,420,000		21,758
03/16/2022	Barclays Bank PLC		PHP		21,530,000	USD		424,446		7,942
03/16/2022	Barclays Bank PLC		USD		4,900,539	EUR		4,327,000		32,985
03/02/2022	Goldman Sachs International		USD		7,339,858	BRL		41,840,000		70,089
03/16/2022	Goldman Sachs International		USD		476,994	MXN		10,145,000		12,266
03/16/2022	J.P. Morgan Chase Bank, N.A.		USD		2,388,411	INR		182,680,000		42,753
03/16/2022	J.P. Morgan Chase Bank, N.A.		USD		6,313,289	NOK		56,660,000		112,023
03/16/2022	Morgan Stanley and Co. International PLC		USD		1,892,548	EUR		1,673,000		14,960
03/16/2022	Morgan Stanley and Co. International PLC		USD		19,156	IDR		278,000,000		240
03/16/2022	Morgan Stanley and Co. International PLC		USD		479,139	NOK		4,300,000		8,486
03/16/2022	Morgan Stanley and Co. International PLC		USD		477,775	ZAR		7,715,000		1,504
03/16/2022	UBS AG		KRW		2,046,400,000	USD		1,735,473		17,516
03/16/2022	UBS AG		USD		6,776,095	SGD		9,250,000		85,386
Subtotal–Appreciation										662,208
Currency Risk
03/16/2022	Bank of America, N.A.		NZD		9,970,000	USD		6,763,191		(57,831	)
03/16/2022	Bank of America, N.A.		USD		3,741,029	JPY		423,260,000		(59,368	)
03/16/2022	BNP Paribas S.A.		CAD		8,610,000	USD		6,767,686		(37,907	)
03/16/2022	BNP Paribas S.A.		THB		219,250,000	USD		6,515,875		(45,663	)
03/16/2022	Goldman Sachs International		CZK		146,450,000	USD		6,476,363		(180,567	)
03/16/2022	J.P. Morgan Chase Bank, N.A.		GBP		20,000	USD		26,474		(589	)
03/16/2022	Morgan Stanley and Co. International PLC		AUD		9,480,000	USD		6,804,055		(94,314	)
03/16/2022	Morgan Stanley and Co. International PLC		CHF		6,255,000	USD		6,797,944		(79,410	)
03/16/2022	Morgan Stanley and Co. International PLC		GBP		5,100,000	USD		6,750,076		(150,932	)
03/16/2022	Morgan Stanley and Co. International PLC		USD		6,739,682	COP		26,430,000,000		(291,135	)
03/16/2022	Morgan Stanley and Co. International PLC		USD		3,060,401	JPY		346,740,000		(44,337	)
03/16/2022	Morgan Stanley and Co. International PLC		USD		7,365,473	RUB		552,300,000		(83,668	)
03/16/2022	Morgan Stanley and Co. International PLC		USD		3,161,495	TWD		87,115,000		(2,277	)

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

9                     Invesco Active Allocation Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to							Unrealized Appreciation (Depreciation)
	Counterparty			Deliver			Receive
03/16/2022	UBS AG		CZK		5,990,000	USD		264,885	$	(7,392)
Subtotal–Depreciation										(1,135,390)
Total Forward Foreign Currency Contracts									$	(473,182)

Open Centrally Cleared Credit Default Swap Agreements(a)
Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Implied Credit Spread(b)		Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation
Credit Risk
Markit CDX Emerging Markets Index, Series 36, Version 1		Sell		1.00	%		Quarterly		12/20/2026		1.873%		USD	31,800,000	$	(1,584,312	)	$	(1,278,424	)		$305,888
Markit CDX North America High Yield Index, Series 37, Version 1		Sell		5.00			Quarterly		12/20/2026		2.930		USD	13,000,000		1,045,924			1,188,239			142,315
Total Centrally Cleared Credit Default Swap Agreements															$	(538,388	)	$	(90,185	)		$448,203

^(a) Centrally cleared swap agreements collateralized by $4,980,556 cash held with J.P. Morgan Chase Bank, N.A.

^(b) Implied credit spreads represent the current level, as of December 31, 2021, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Abbreviations:

AUD	–	Australian Dollar
BRL	–	Brazilian Real
CAD	–	Canadian Dollar
CHF	–	Swiss Franc
COP	–	Colombia Peso
CZK	–	Czech Koruna
EUR	–	Euro
GBP	–	British Pound Sterling
IDR	–	Indonesian Rupiah
INR	–	Indian Rupee
JPY	–	Japanese Yen
KRW	–	South Korean Won
MXN	–	Mexican Peso
NOK	–	Norwegian Krone
NZD	–	New Zealand Dollar
PHP	–	Philippines Peso
RUB	–	Russian Ruble
SEK	–	Swedish Krona
SGD	–	Singapore Dollar
THB	–	Thai Baht
TWD	–	New Taiwan Dollar
USD	–	U.S. Dollar
ZAR	–	South African Rand

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

10                     Invesco Active Allocation Fund

Statement of Assets and Liabilities

December 31, 2021

Assets:
Investments in affiliated underlying funds, at value (Cost $1,853,385,919)	$	2,401,248,055
Other investments:
Variation margin receivable – futures contracts		10,089,039
Variation margin receivable – centrally cleared swap agreements		22,966
Unrealized appreciation on forward foreign currency contracts outstanding		662,208
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		4,551,204
Cash collateral – centrally cleared swap agreements		4,980,556
Cash collateral – OTC Derivatives		400,000
Cash		6,654
Receivable for:
Dividends – affiliated underlying funds		14,481
Fund shares sold		1,526,926
Investment for trustee deferred compensation and retirement plans		143,669
Other assets		56,422
Total assets		2,423,702,180
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		1,135,390
Payable for:
Fund shares reacquired		820,815
Accrued fees to affiliates		1,093,073
Accrued trustees’ and officers’ fees and benefits		44,870
Accrued other operating expenses		(2,889	)
Trustee deferred compensation and retirement plans		143,669
Total liabilities		3,234,928
Net assets applicable to shares outstanding	$	2,420,467,252

Net assets consist of:
Shares of beneficial interest	$	1,807,914,156
Distributable earnings		612,553,096
	$	2,420,467,252
Net Assets:
Class A	$	1,973,744,815
Class C	$	247,856,780
Class R	$	166,899,832
Class Y	$	31,941,295
Class R5	$	10,775
Class R6	$	13,755
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		127,993,640
Class C		16,509,398
Class R		10,899,224
Class Y		2,034,670
Class R5		700
Class R6		894
Class A:
Net asset value per share	$	15.42
Maximum offering price per share (Net asset value of $15.42 ÷ 94.50%)	$	16.32
Class C:
Net asset value and offering price per share	$	15.01
Class R:
Net asset value and offering price per share	$	15.31
Class Y:
Net asset value and offering price per share	$	15.70
Class R5:
Net asset value and offering price per share	$	15.39
Class R6:
Net asset value and offering price per share	$	15.39

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

11                     Invesco Active Allocation Fund

Statement of Operations

For the year ended December 31, 2021

Investment income:
Dividends from affiliated underlying funds (includes securities lending income of $ 51,006)	$	26,818,778
Interest		449
Total investment income		26,819,227
Expenses:
Advisory fees		2,110,052
Administrative services fees		344,099
Custodian fees		71,271
Distribution fees:
Class A		4,848,973
Class C		2,600,800
Class R		797,177
Transfer agent fees – A, C, R and Y		2,969,435
Transfer agent fees – R5		11
Transfer agent fees – R6		11
Trustees’ and officers’ fees and benefits		51,503
Registration and filing fees		120,257
Professional services fees		67,697
Other		1,341
Total expenses		13,982,627
Less: Fees waived and/or expense offset arrangement(s)		(417,581	)
Net expenses		13,565,046
Net investment income		13,254,181
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares		110,116,969
Foreign currencies		(12,030	)
Forward foreign currency contracts		84,140
Futures contracts		4,735,794
Swap agreements		3,116,832
Capital gain distributions from affiliated underlying fund shares		82,009,783
		200,051,488
Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		108,093,182
Foreign currencies		891,551
Forward foreign currency contracts		(731,427	)
Futures contracts		224,534
Swap agreements		(2,075,214	)
		106,402,626
Net realized and unrealized gain		306,454,114
Net increase in net assets resulting from operations	$	319,708,295

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

12                     Invesco Active Allocation Fund

Statement of Changes in Net Assets

For the years ended December 31, 2021 and 2020

	2021			2020
Operations:
Net investment income		$     13,254,181			$     17,754,099
Net realized gain		200,051,488			253,041,378
Change in net unrealized appreciation (depreciation)		106,402,626			(5,515,139	)
Net increase in net assets resulting from operations		319,708,295			265,280,338
Distributions to shareholders from distributable earnings:
Class A		(153,175,119	)		(214,320,063	)
Class C		(18,154,278	)		(34,582,803	)
Class R		(12,616,970	)		(16,220,779	)
Class Y		(2,531,897	)		(3,252,106	)
Class R5		(943	)		(1,324	)
Class R6		(1,184	)		(1,328	)
Total distributions from distributable earnings		(186,480,391	)		(268,378,403	)
Share transactions–net:
Class A		(109,520,434	)		105,562,430
Class C		(29,604,925	)		(76,527,526	)
Class R		11,774,429			7,552,383
Class Y		2,145,797			2,361,651
Class R6		3,174			–
Net increase (decrease) in net assets resulting from share transactions		(125,201,959	)		38,948,938
Net increase in net assets		8,025,945			35,850,873
Net assets:
Beginning of year		2,412,441,307			2,376,590,434
End of year		$2,420,467,252			$2,412,441,307

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

13                     Invesco Active Allocation Fund

Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(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
Year ended 12/31/21		$14.70		$ 0.10			$ 1.92			$ 2.02			$(0.32	)		$(0.98	)		$(1.30	)		$15.42		13.92	%(f)		$1,973,745		0.45	%(f)		0.47	%(f)		0.64	%(f)		16	%
Year ended 12/31/20		14.66		0.13			1.76			1.89			(0.14	)		(1.71	)		(1.85	)		14.70		13.04	(f)		1,973,119		0.44	(f)		0.48	(f)		0.94	(f)		70
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
Class C
Year ended 12/31/21		14.34		(0.02	)		1.86			1.84			(0.19	)		(0.98	)		(1.17	)		15.01		13.01			247,857		1.21			1.23			(0.12	)		16
Year ended 12/31/20		14.35		0.02			1.70			1.72			(0.02	)		(1.71	)		(1.73	)		14.34		12.18			263,343		1.20			1.24			0.18			70
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
Class R
Year ended 12/31/21		14.60		0.06			1.91			1.97			(0.28	)		(0.98	)		(1.26	)		15.31		13.64			166,900		0.71			0.73			0.38			16
Year ended 12/31/20		14.58		0.09			1.74			1.83			(0.10	)		(1.71	)		(1.81	)		14.60		12.70			147,675		0.70			0.74			0.68			70
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
Class Y
Year ended 12/31/21		14.94		0.14			1.96			2.10			(0.36	)		(0.98	)		(1.34	)		15.70		14.24			31,941		0.21			0.23			0.88			16
Year ended 12/31/20		14.88		0.17			1.77			1.94			(0.17	)		(1.71	)		(1.88	)		14.94		13.22			28,284		0.20			0.24			1.18			70
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
Class R5
Year ended 12/31/21		14.68		0.14			1.92			2.06			(0.37	)		(0.98	)		(1.35	)		15.39		14.19			11		0.19			0.21			0.90			16
Year ended 12/31/20		14.65		0.17			1.75			1.92			(0.18	)		(1.71	)		(1.89	)		14.68		13.29			10		0.18			0.22			1.20			70
Period ended 12/31/19(h)		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
Year ended 12/31/21		14.67		0.14			1.93			2.07			(0.37	)		(0.98	)		(1.35	)		15.39		14.29			14		0.19			0.21			0.90			16
Year ended 12/31/20		14.65		0.17			1.75			1.92			(0.19	)		(1.71	)		(1.90	)		14.67		13.25			10		0.17			0.22			1.21			70
Period ended 12/31/19(h)		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 0.53% and 0.63% for the years ended December 31, 2021 and 2020, respectively.

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

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

^(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 0.24% for the years ended December 31, 2021 and 2020, respectively.

^(g) Annualized.

^(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.

14                     Invesco Active Allocation Fund

Notes to Financial Statements

December 31, 2021

NOTE 1–Significant Accounting Policies

Invesco 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’s investment objective is to seek total return.

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

The 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

15                     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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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 – 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 based on relative net assets of Class R5 and Class R6. 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, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated 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.

On September 29, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (the “Adviser” or “Invesco”) to serve as an affiliated securities lending agent for the Fund. Prior to September 29, 2021, the Bank of New York Mellon (“BNYM”) served as the sole securities lending agent for the Fund under the securities lending program. BNYM also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2021, the Fund paid the Adviser $1,137 in fees for securities lending agent services.

J. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers.

16                     Invesco Active Allocation Fund

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.

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

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

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

L. 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 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.

M. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/ OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide

17                     Invesco Active Allocation Fund

assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of December 31, 2021 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

N. 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.

O. 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.

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets*	Rate
First $ 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 year ended December 31, 2021, the effective advisory fee rate incurred by the Fund was 0.09%.

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 Fund.

Effective June 1, 2021, the Adviser has contractually agreed, through at least June 30, 2022, 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 (including prior fiscal year-end Acquired Fund Fees and Expenses of 0.62% and excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to June 1, 2021, the Adviser had contractually agreed 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 0.57%, 1.32%, 0.82%, 0.31%, 0.26% and 0.21%, respectively, of the Fund’s average daily net assets. Prior to May 31, 2021, Invesco had contractually agreed to waive fees and/or reimburse certain Fund expenses at an annual rate of 0.04% 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 reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

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For the year ended December 31, 2021, the Adviser waived advisory fees of $2,308 and reimbursed class level expenses of $337,043, $43,755, $25,522, $4,913, $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 year ended December 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class 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 year ended December 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2021, IDI advised the Fund that IDI retained $246,680 in front-end sales commissions from the sale of Class A shares and $11,255 and $9,326 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 December 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3		Total
Investments in Securities
Affiliated Issuers	$	2,389,186,052		$	–		$	–	$	2,389,186,052
Money Market Funds		12,062,003			–			–		12,062,003
Total Investments in Securities		2,401,248,055			–			–		2,401,248,055
Other Investments - Assets*
Futures Contracts		1,674,213			–			–		1,674,213
Forward Foreign Currency Contracts		–			662,208			–		662,208
Swap Agreements		–			448,203			–		448,203
		1,674,213			1,110,411			–		2,784,624
Other Investments - Liabilities*
Futures Contracts		(159,186	)		–			–		(159,186	)
Forward Foreign Currency Contracts		–			(1,135,390	)		–		(1,135,390	)
		(159,186	)		(1,135,390	)		–		(1,294,576	)
Total Other Investments		1,515,027			(24,979	)		–		1,490,048
Total Investments	$	2,402,763,082		$	(24,979	)	$	–	$	2,402,738,103

* Unrealized appreciation (depreciation).    

19                     Invesco Active Allocation Fund

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2021:

	Value
Derivative Assets	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	-		$	-		$	991,740		$	682,473		$	1,674,213
Unrealized appreciation on swap agreements – Centrally Cleared(a)		448,203			-			-			-			448,203
Unrealized appreciation on forward foreign currency contracts outstanding		-			662,208			-			-			662,208
Total Derivative Assets		448,203			662,208			991,740			682,473			2,784,624
Derivatives not subject to master netting agreements		(448,203	)		-			(991,740	)		(682,473	)		(2,122,416	)
Total Derivative Assets subject to master netting agreements	$	-		$	662,208		$	-		$	-		$	662,208
	Value
Derivative Liabilities	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts - Exchange-Traded(a)	$	-		$	-		$	(159,186	)	$	-		$	(159,186	)
Unrealized depreciation on forward foreign currency contracts outstanding		-			(1,135,390	)		-			-			(1,135,390	)
Total Derivative Liabilities		-			(1,135,390	)		(159,186	)		-			(1,294,576	)
Derivatives not subject to master netting agreements		-			-			159,186			-			159,186
Total Derivative Liabilities subject to master netting agreements	$	-		$	(1,135,390	)	$	-		$	-		$	(1,135,390	)

^(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 December 31, 2021.

	Financial Derivative Assets		Financial Derivative Liabilities				Collateral (Received)/Pledged
	Forward Foreign		Forward Foreign		Net Value of						Net
Counterparty	Currency Contracts		Currency Contracts		Derivatives		Non-Cash		Cash		Amount
Bank of America, N.A.		$256,058		$    (117,199)		$ 138,859		$-		$-		$ 138,859
Barclays Bank PLC		40,927		-		40,927		-		-		40,927
BNP Paribas S.A.		-		(83,570)		(83,570)		-		-		(83,570)
Goldman Sachs International		82,355		(180,567)		(98,212)		-		-		(98,212)
J.P. Morgan Chase Bank, N.A.		154,776		(589)		154,187		-		-		154,187
Morgan Stanley and Co. International PLC		25,190		(746,073)		(720,883)		-		-		(720,883)
UBS AG		102,902		(7,392)		95,510		-		-		95,510
Total		$662,208		$(1,135,390)		$(473,182)		$-		$-		$(473,182)

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

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

	Location of Gain (Loss) on Statement of Operations
	Credit		Currency		Equity		Interest
	Risk		Risk		Risk		Rate Risk		Total
Realized Gain:
Forward foreign currency contracts	$	-	$	84,140	$	-	$	-	$      84,140
Futures contracts		-		-		2,595,932		2,139,862	4,735,794
Swap agreements		3,116,832		-		-		-	3,116,832

20                     Invesco Active Allocation Fund

	Location of Gain (Loss) on Statement of Operations
	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk		Total
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts	$	-		$	(731,427	)	$	-		$	-	$	(731,427	)
Futures contracts		-			-			(457,939	)		682,473		224,534
Swap agreements		(2,075,214	)		-			-			-		(2,075,214	)
Total	$	1,041,618		$	(647,287	)	$	2,137,993		$	2,822,335	$	5,354,659

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

	Forward Foreign Currency Contracts		Futures Contracts		Swap Agreements
Average notional value		$189,151,039		$114,355,961		$75,400,000

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 year ended December 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,036.

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–Distributions to Shareholders and Tax Components of Net Assets

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

	2021		2020
Ordinary income*	$	122,061,476	$	17,014,638
Long-term capital gain		64,418,915		251,363,765
Total distributions	$	186,480,391	$	268,378,403

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

Tax Components of Net Assets at Period-End:

	2021
Undistributed ordinary income	$	1,391,406
Undistributed long-term capital gain		68,220,950
Net unrealized appreciation – investments		542,909,111
Net unrealized appreciation – foreign currencies		203,995
Temporary book/tax differences		(172,366	)
Shares of beneficial interest		1,807,914,156
Total net assets	$	2,420,467,252

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, derivative instruments and partnerships.

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

21                     Invesco Active Allocation Fund

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

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2021 was $372,862,945 and $587,762,642, 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	$	555,395,410
Aggregate unrealized (depreciation) of investments		(12,486,299	)
Net unrealized appreciation of investments	$	542,909,111

Cost of investments for tax purposes is $1,859,828,992.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships, return of capital, distributions and derivative instruments, on December 31, 2021, undistributed net investment income was increased by $19,502,462, undistributed net realized gain was decreased by $9,998,163 and shares of beneficial interest was decreased by $9,504,299. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information

				Summary of Share Activity
	Year ended						Year ended
	December 31, 2021						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		8,832,942			$ 140,484,176			7,627,964			$     106,674,214
Class C		2,197,410			33,956,657			2,791,917			37,971,821
Class R		1,489,640			23,441,103			1,508,459			20,791,835
Class Y		694,604			11,234,495			728,321			10,631,158
Class R6		187			3,084			-			-
Issued as reinvestment of dividends:
Class A		9,938,765			150,174,792			14,530,408			210,545,670
Class C		1,224,066			18,017,957			2,425,970			34,279,021
Class R		839,744			12,604,545			1,124,364			16,190,970
Class Y		137,354			2,112,494			203,022			2,990,513
Class R6		16			239			-			-
Automatic conversion of Class C shares to Class A shares:
Class A		1,918,277			30,399,976			5,508,086			79,085,883
Class C		(1,973,199	)		(30,399,976	)		(5,650,544	)		(79,085,883	)
Reacquired:
Class A		(26,939,310	)		(430,579,378	)		(20,801,539	)		(290,743,337	)
Class C		(3,308,921	)		(51,179,563	)		(5,101,872	)		(69,692,485	)
Class R		(1,542,987	)		(24,271,219	)		(2,101,003	)		(29,430,422	)
Class Y		(690,148	)		(11,201,192	)		(797,626	)		(11,260,020	)
Class R6		(9	)		(149	)		-			-
Net increase (decrease) in share activity		(7,181,569	)		$(125,201,959)			1,995,927			$    38,948,938

22                     Invesco Active Allocation Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Active Allocation Fund

Opinion on the Financial Statements

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

Financial Highlights

For the two years ended December 31, 2021 and the eleven months ended December 31, 2019 for Class A, Class C, Class R and Class Y.

For the two years ended December 31, 2021 and the period May 24, 2019 (commencement date) through December 31, 2019 for Class R5 and Class R6.

The financial statements of Oppenheimer Portfolio Series Active Allocation Fund (subsequently renamed Invesco Active Allocation Fund) as of and for the year ended January 31, 2019 and the financial highlights for each of the periods ended on or prior to January 31, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated March 25, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

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

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

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2022

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

23                     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 July 1, 2021 through December 31, 2021.

    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 (07/01/21)		Ending Account Value (12/31/21)1		Expenses Paid During Period2		Ending Account Value (12/31/21)		Expenses Paid During Period2		Annualized Expense Ratio
Class A		$1,000.00		$1,035.60		$2.31		$1,022.94		$2.29		0.45%
Class C		1,000.00		1,031.50		6.20		1,019.11		6.16		1.21
Class R		1,000.00		1,033.70		3.64		1,021.63		3.62		0.71
Class Y		1,000.00		1,036.90		1.08		1,024.15		1.07		0.21
Class R5		1,000.00		1,036.70		0.98		1,024.25		0.97		0.19
Class R6		1,000.00		1,036.90		0.98		1,024.25		0.97		0.19

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

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

24                     Invesco Active Allocation Fund

Distribution Information

The following table sets forth on a per share basis the distribution that was paid in December 2021. Included in the table is a written statement of the sources of the distribution on a GAAP basis.

		Net Income		Gain from     Sale of Securities		Return of Principal		Total Distribution
12/21/2021	Class A		$0.3031		$0.9486		$0.0475		$1.2992
12/21/2021	Class C		$0.1760		$0.9486		$0.0475		$1.1721
12/21/2021	Class R		$0.2603		$0.9486		$0.0475		$1.2564
12/21/2021	Class Y		$0.3438		$0.9486		$0.0475		$1.3399
12/21/2021	Class R5		$0.3506		$0.9486		$0.0475		$1.3467
12/21/2021	Class R6		$0.3523		$0.9486		$0.0475		$1.3484

Please note that the information in the preceding chart is for financial accounting purposes only. Shareholders should be aware that the tax treatment of distributions likely differs from GAAP treatment. Form 1099-DIV for the calendar year will report distributions for U.S. federal income tax purposes. This notice is sent to comply with certain U.S. Securities and Exchange Commission requirements.

25                     Invesco Active Allocation Fund

Tax Information

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

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

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

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	64,418,915
Qualified Dividend Income*		19.03%
Corporate Dividends Received Deduction*		11.65%
U.S. Treasury Obligations*		0.55%
Qualified Business Income*		1.06%
Business Interest Income*		9.06%
*  The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions		$76,405,110

26                     Invesco Active Allocation Fund

Trustees and Officers

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

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

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

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

T-1                     Invesco Active Allocation Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee   During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	186	None
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern - 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None

T-2                     Invesco Active Allocation Fund

Trustees and Officers–(continued)

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

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

T-3                     Invesco Active Allocation Fund

Trustees and Officers–(continued)

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

T-4                     Invesco Active Allocation Fund

Trustees and Officers–(continued)

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

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

Office of the Fund

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Counsel to the Fund

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103-7018

Investment Adviser

Invesco Advisers, Inc.

1555 Peachtree Street, N.E.

Atlanta, GA 30309

Counsel to the Independent Trustees

Goodwin Procter LLP

901 New York Avenue, N.W.

Washington, D.C. 20001

Distributor

Invesco Distributors, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Transfer Agent

Invesco Investment Services, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Auditors

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800

Houston, TX 77002-5678

Custodian

State Street Bank and Trust Company

225 Franklin Street

Boston, MA 02110-2801

T-5                     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 portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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

SEC file number(s): 811-02699 and 002-57526 Invesco Distributors, Inc. O-OPSAA-AR-1

Annual Report to Shareholders December 31, 2021

Invesco Convertible Securities Fund

Nasdaq:

A: CNSAX ∎ C: CNSCX ∎ Y: CNSDX ∎ R5: CNSIX ∎ R6: CNSFX

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

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2021, Class A shares of Invesco Convertible Securities Fund (the Fund), at net asset value (NAV), underperformed the ICE BofA U.S. Convertible Index, the Fund’s broad market/style-specific benchmark.     Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

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

Class A Shares	4.68	%
Class C Shares	3.94
Class Y Shares	4.93
Class R5 Shares	4.96
Class R6 Shares	5.06
ICE BofA U.S. Convertible Indexq (Broad Market/Style-Specific Index)	6.34
Lipper Convertible Securities Funds Index∎ (Peer Group Index)	5.69
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

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

The US stock market once again hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the US gross domestic product (GDP) grew at a 6.4% annualized rate for the first quarter of 2021.² Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing in June through September,³ the Fed declined to raise interest rates at its September Federal Open Market Committee (FOMC) meeting. The US stock market saw continued volatility in August and a selloff through most of September due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs.

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

Amid the market volatility, new US convertible issuance was strong during the fiscal year, though not at the record levels achieved in 2020. New US convertible issuance totaled $84.3 billion in 2021, marking the second-highest new issue total since the financial crisis.⁵ Convertible securities (as represented by the ICE BofA U.S. Convertible Index) under-performed most major US equity indexes during the fiscal year, returning 6.34%. Within the convertibles index, energy and materials had the highest returns, while telecommunications, media and consumer staples declined.

Security selection and an overweight in the technology sector was the largest detractor from relative Fund performance for the fiscal year. Within the sector, MongoDB was the largest individual detractor. An underweight in Palo Alto Networks also detracted from relative returns.

Security selection and an overweight in the transportation sector also detracted from the Fund’s return relative to the broad market/ style-specific benchmark. Weakness in airlines such as JetBlue and Spirit Airlines hurt relative performance, as the industry faced weakening investor sentiment due to the rapidly spreading Delta and Omicron variants, along with higher labor and fuel costs. Rideshare service provider Lyft also suffered amid the COVID-19 resurgence.

Security selection and an overweight in industrials also detracted from relative returns. Within the sector, a key individual detractor was II-VI Incorporated, a manufacturer of optical materials and semiconductors. The company’s earnings were better than anticipated, but the company’s margins were hurt by supply chain issues and higher freight costs.

The Fund’s underweights in energy and financials also detracted from relative performance. Energy was the best performing sector during the fiscal year and the Fund’s underweight detracted relative to the index. In financials, an underweight to real estate-related convertibles was another detractor, as REITs performed well during the fiscal year.

Security selection and an underweight in health care was the largest contributor to the Fund’s relative return. Within the sector, Avantor, Repligen and Dexcom were key contributors. Avantor and Repligen are bio-pharma consumable suppliers, providing materials, equipment and chemicals needed to manufacture therapeutics and to perform clinical studies and diagnostic tests. These companies have benefited from increased demand during the pandemic. Dexcom, which manufactures continuous glucose monitoring systems for diabetes patients, reported strong growth during the fiscal year, as demand has remained strong throughout the pandemic.

Security selection in the consumer discretionary and media sectors also contributed to relative Fund performance. Within consumer discretionary, the Fund’s lack of exposure to Zillow was a key contributor to relative returns as those convertibles had double-digit declines for the fiscal year. The Fund’s exposure to Ford Motor Company and Dick’s Sporting Goods also contributed to performance relative to the index. Within media, Sea Limited, which is not held in the benchmark, was a strong individual contributor. Sea Limited is a Singapore-based technology conglomerate operating digital entertainment, e-commerce and digital financial services platforms. The company has realized strong revenues from its e-commerce and gaming platforms and has recently begun offering services in Latin America.

During the fiscal year, the team used the robust new issue market to sell or exchange higher priced convertibles where applicable and redeploy those assets into more balanced

2                                   Invesco Convertible Securities Fund

issues trading closer to par value. From a sector standpoint, the team increased the Fund’s exposure to utilities and energy and reduced exposure to consumer discretionary and health care. The Fund’s largest absolute sector exposures at fiscal year-end were in technology and consumer. The Fund’s largest overweight positions relative to the benchmark were in technology and transportation, while the largest underweight positions were in consumer staples and materials.

The convertible market finished the fiscal year with gains but had periods of significant volatility. We believe there is a reason for caution going forward given ongoing COVID-19 concerns, supply chain issues and inflationary pressures. Regardless of these concerns, we seek to avoid issue-specific underperformers and we continue to seek companies with healthy balance sheets and reasonable valuations that can benefit from the current economic environment.

Thank you for your continued investment in Invesco Convertible Securities Fund and for sharing our commitment to a long-term investment horizon.

1 Source: Bloomberg LP

2 Source: US Bureau of Economic Analysis

3 Source: US Bureau of Labor Statistics

4 Source: Lipper Inc.

5 Source: Bank of America Global Research

Portfolio manager(s):

Ellen Gold - Lead

Ramez Nashed

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

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

3                                   Invesco Convertible Securities Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/11

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

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

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

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

4                                   Invesco Convertible Securities Fund

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (7/28/97)	7.80	%
10 Years	10.72
5 Years	13.48
1 Year	-1.09
Class C Shares
Inception (7/28/97)	7.78	%
10 Years	10.72
5 Years	13.91
1 Year	3.13
Class Y Shares
Inception (7/28/97)	8.31	%
10 Years	11.61
5 Years	15.04
1 Year	4.93
Class R5 Shares
Inception (5/23/11)	9.90	%
10 Years	11.66
5 Years	15.07
1 Year	4.96
Class R6 Shares
10 Years	11.71	%
5 Years	15.16
1 Year	5.06

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 R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of the 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.

5                                   Invesco Convertible Securities Fund

Supplemental Information

Invesco Convertible Securities Fund’s investment objective is total return through growth of capital and current income.

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

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

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

About indexes used in this report

∎ The ICE BofA 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.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

6                                   Invesco Convertible Securities Fund

Fund Information

Portfolio Composition

By sector	% of total net assets
Information Technology	35.28%
Consumer Discretionary	14.19
Health Care	12.47
Communication Services	9.67
Industrials	8.54
Financials	7.13
Utilities	6.13
Energy	2.87
Other Sectors, Each Less than 2% of Net Assets	1.61
Money Market Funds Plus Other Assets Less Liabilities	2.11

Top Five Debt Issuers*

		% of total net assets
1.	Microchip Technology, Inc.	2.28%
2.	Palo Alto Networks, Inc.	2.07
3.	Ford Motor Co.	1.94
4.	NextEra Energy, Inc.	1.55
5.	Pioneer Natural Resources Co.	1.53

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

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2021.

7                                    Invesco Convertible Securities Fund

Schedule of Investments^(a)

December 31, 2021

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–79.00%
Airlines–2.09%
JetBlue Airways Corp., Conv., 0.50%, 04/01/2026(b)	$	12,614,000	$	11,822,063
Southwest Airlines Co., Conv., 1.25%, 05/01/2025		10,231,000		13,676,289
Spirit Airlines, Inc., Conv., 1.00%, 05/15/2026		2,620,000		2,271,647
				27,769,999
Apparel Retail–0.75%
Burlington Stores, Inc., Conv., 2.25%, 04/15/2025		6,710,000		10,002,094
Application Software–14.47%
Avalara, Inc., Conv., 0.25%, 08/01/2026(b)		12,300,000		11,414,400
Bentley Systems, Inc., Conv., 0.13%, 01/15/2026(b)		8,674,000		8,967,181
Bill.com Holdings, Inc., Conv., 0.00%, 04/01/2027(b)(c)		16,831,000		17,293,852
Blackline, Inc., Conv., 0.00%, 03/15/2026(b)(c)		8,721,000		8,145,414
Box, Inc., Conv., 0.00%, 01/15/2026(b)(c)		5,000,000		6,031,500
Confluent, Inc., Conv., 0.00%, 01/15/2027(b)(c)		2,310,000		2,515,013
Coupa Software, Inc., Conv., 0.38%, 06/15/2026		7,530,000		7,153,500
Datadog, Inc., Conv., 0.13%, 06/15/2025		6,279,000		12,614,511
DocuSign, Inc., Conv., 0.00%, 01/15/2024(b)(c)		18,300,000		17,732,700
Dropbox, Inc., Conv., 0.00%, 03/01/2026(b)(c)		7,883,000		7,705,633
Five9, Inc., Conv., 0.50%, 06/01/2025		8,501,000		10,461,331
HubSpot, Inc., Conv., 0.38%, 06/01/2025		6,077,000		14,478,452
Nice Ltd. (Israel), Conv., 0.00%, 09/15/2025(c)		8,825,000		10,760,984
RingCentral, Inc., Conv., 0.00%, 03/01/2025(c)		9,750,000		9,208,485
Splunk, Inc., Conv., 1.13%, 06/15/2027		13,293,000		12,462,188
Tyler Technologies, Inc., Conv., 0.25%, 03/15/2026(b)		8,810,000		10,822,204
Unity Software, Inc., Conv., 0.00%, 11/15/2026(b)(c)		7,140,000		6,550,950
Workday, Inc., Conv., 0.25%, 10/01/2022		6,000,000		11,175,000
Zendesk, Inc., Conv., 0.63%, 06/15/2025		5,400,000		6,469,740
				191,963,038
Auto Parts & Equipment–0.37%
LCI Industries, Conv., 1.13%, 05/15/2026		4,405,000		4,858,715

	Principal Amount		Value
Automobile Manufacturers–2.70%
Ford Motor Co., Conv., 0.00%, 03/15/2026(b)(c)	$	18,672,000	$	25,779,030
Tesla, Inc., Conv., 2.38%, 03/15/2022		624,000		10,052,117
				35,831,147
Biotechnology–1.31%
Exact Sciences Corp., Conv., 0.38%, 03/15/2027		8,371,000		8,559,347
Insmed, Inc., Conv., 1.75%, 01/15/2025		3,283,000		3,387,728
0.75%, 06/01/2028		5,000,000		5,442,500
				17,389,575
Cable & Satellite–2.20%
Cable One, Inc., Conv., 1.13%, 03/15/2028(b)		7,500,000		7,461,193
DISH Network Corp., Conv., 0.00%, 12/15/2025(c)		11,900,000		12,019,000
Liberty Broadband Corp., Conv., 1.25%, 10/05/2023(b)(d)		5,290,000		5,242,390
2.75%, 10/05/2023(b)(d)		4,375,000		4,442,747
				29,165,330
Communications Equipment–1.19%
Lumentum Holdings, Inc., Conv., 0.50%, 12/15/2026		8,550,000		10,676,812
Viavi Solutions, Inc., Conv., 1.75%, 06/01/2023		3,773,000		5,085,972
				15,762,784
Consumer Finance–0.81%
SoFi Technologies, Inc., Conv., 0.00%, 10/15/2026(b)(c)		10,300,000		10,686,765
Data Processing & Outsourced Services–1.96%
Affirm Holdings, Inc., Conv., 0.00%, 11/15/2026(b)(c)		6,000,000		5,424,000
Block, Inc., Conv., 0.00%, 05/01/2026(c)		11,653,000		12,009,664
Shift4 Payments, Inc., Conv., 0.00%, 12/15/2025(b)(c)		8,115,000		8,597,031
				26,030,695
Diversified Metals & Mining–0.58%
Ivanhoe Mines Ltd. (Canada), Conv., 2.50%, 04/15/2026(b)		5,733,000		7,710,885
Electric Utilities–2.60%
NextEra Energy, Inc., Conv.
Investment Units, 5.28%, 03/01/2023		357,111		20,548,166
Southern Co. (The), Conv.
Investment Units, 6.75%, 08/01/2022		259,073		13,925,174
				34,473,340

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

8                                    Invesco Convertible Securities Fund

	Principal Amount		Value
Electrical Components & Equipment–0.26%
Stem, Inc., Conv., 0.50%, 12/01/2028(b)	$	3,640,000	$	3,490,032
Financial Exchanges & Data–0.71%
Coinbase Global, Inc., Conv., 0.50%, 06/01/2026(b)		8,713,000		9,370,831
Gas Utilities–0.51%
UGI Corp., Conv. Investment Units, 7.25%, 06/01/2024		64,300		6,750,214
Health Care Equipment–3.21%
CONMED Corp., Conv., 2.63%, 02/01/2024		1,742,000		2,904,785
CryoPort, Inc., Conv., 0.75%, 12/01/2026(b)		3,500,000		3,233,936
DexCom, Inc., Conv., 0.25%, 11/15/2025		14,080,000		16,781,600
Envista Holdings Corp., Conv., 2.38%, 06/01/2025		3,000,000		6,671,250
Insulet Corp., Conv., 0.38%, 09/01/2026		9,800,000		13,013,214
				42,604,785
Health Care Services–0.59%
Guardant Health, Inc., Conv., 0.00%, 11/15/2027(c)		7,663,000		7,790,206
Health Care Technology–0.80%
Omnicell, Inc., Conv., 0.25%, 09/15/2025		5,635,000		10,657,194
Hotel & Resort REITs–1.03%
Pebblebrook Hotel Trust, Conv., 1.75%, 12/15/2026		12,376,000		13,689,709
Hotels, Resorts & Cruise Lines–3.70%
Airbnb, Inc., Conv., 0.00%, 03/15/2026(b)(c)		11,450,000		11,232,450
Booking Holdings, Inc., Conv., 0.75%, 05/01/2025		9,504,000		14,004,144
Expedia Group, Inc., Conv., 0.00%, 02/15/2026(b)(c)		13,034,000		15,060,787
Royal Caribbean Cruises Ltd., Conv., 4.25%, 06/15/2023		6,846,000		8,745,765
				49,043,146
Human Resource & Employment Services–0.58%
Upwork, Inc., Conv., 0.25%, 08/15/2026(b)		8,350,000		7,690,331
Industrial Machinery–0.55%
John Bean Technologies Corp., Conv., 0.25%, 05/15/2026(b)		6,600,000		7,286,400
Interactive Home Entertainment–1.77%
Sea Ltd. (Taiwan), Conv., 0.25%, 09/15/2026		14,900,000		13,773,560
Zynga, Inc.,
Conv., 0.25%, 06/01/2024		6,525,000		7,075,710
0.00%, 12/15/2026(c)		2,878,000		2,640,828
				23,490,098

	Principal Amount		Value
Interactive Media & Services–2.31%
Snap, Inc., Conv., 0.00%, 05/01/2027(b)(c)	$	18,100,000	$	17,593,937
Twitter, Inc.,
Conv., 0.25%, 06/15/2024		6,200,000		6,770,573
0.00%, 03/15/2026(b)(c)		7,000,000		6,304,200
				30,668,710
Internet & Direct Marketing Retail–2.47%
Etsy, Inc.,
Conv., 0.13%, 09/01/2027		5,778,000		7,780,077
0.25%, 06/15/2028(b)		7,450,000		8,795,470
Match Group Financeco 2, Inc., Conv., 0.88%, 06/15/2026(b)		4,850,000		7,859,910
Wayfair, Inc., Conv., 0.63%, 10/01/2025		9,125,000		8,342,301
				32,777,758
Internet Services & Infrastructure–3.36%
Akamai Technologies, Inc., Conv., 0.13%, 05/01/2025		6,600,000		8,671,080
Cloudflare, Inc., Conv., 0.00%, 08/15/2026(b)(c)		11,560,000		12,347,525
DigitalOcean Holdings, Inc., Conv., 0.00%, 12/01/2026(b)(c)		2,610,000		2,321,334
Okta, Inc., Conv., 0.38%, 06/15/2026		5,582,000		6,670,490
Shopify, Inc. (Canada), Conv., 0.13%, 11/01/2025		11,577,000		14,500,192
				44,510,621
Investment Banking & Brokerage–0.53%
JPMorgan Chase Financial Co. LLC, Conv., 0.25%, 05/01/2023(b)		6,378,000		7,067,621
Leisure Facilities–1.29%
NCL Corp. Ltd., Conv., 5.38%, 08/01/2025		5,065,000		7,217,625
Vail Resorts, Inc., Conv., 0.00%, 01/01/2026(c)		9,262,000		9,917,529
				17,135,154
Life Sciences Tools & Services–0.41%
NeoGenomics, Inc., Conv., 0.25%, 01/15/2028		6,275,000		5,372,969
Movies & Entertainment–2.20%
IMAX Corp., Conv., 0.50%, 04/01/2026(b)		5,260,000		5,084,765
Liberty Media Corp., Conv., 0.50%, 09/01/2024(b)(d)		12,300,000		17,681,250
Spotify USA, Inc., Conv., 0.00%, 03/15/2026(b)(c)		7,000,000		6,348,300
				29,114,315
Multi-Utilities–1.15%
NiSource, Inc., Conv. Investment Units, 7.75%, 03/01/2024		135,900		15,219,441
Oil & Gas Exploration & Production–2.87%
EQT Corp., Conv., 1.75%, 05/01/2026		10,584,000		17,691,156

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

9                                    Invesco Convertible Securities Fund

	Principal Amount		Value
Oil & Gas Exploration & Production–(continued)
Pioneer Natural Resources Co., Conv., 0.25%, 05/15/2025	$	11,378,000	$	20,331,064
				38,022,220
Pharmaceuticals–0.87%
Jazz Investments I Ltd., Conv., 2.00%, 06/15/2026		10,200,000		11,564,250
Renewable Electricity–0.78%
NextEra Energy Partners L.P., Conv., 0.00%, 11/15/2025(b)(c)		9,023,000		10,326,823
Research & Consulting Services–0.92%
KBR, Inc., Conv., 2.50%, 11/01/2023		6,430,000		12,259,312
Restaurants–0.82%
Cheesecake Factory, Inc. (The), Conv., 0.38%, 06/15/2026		7,298,000		6,572,761
Shake Shack, Inc., Conv., 0.00%, 03/01/2028(b)(c)		5,111,000		4,254,908
				10,827,669
Semiconductor Equipment–0.70%
Enphase Energy, Inc., Conv., 0.00%, 03/01/2028(b)(c)		8,950,000		9,276,675
Semiconductors–5.59%
Impinj, Inc., Conv., 1.13%, 05/15/2027(b)		5,200,000		5,700,760
MACOM Technology Solutions Holdings, Inc., Conv., 0.25%, 03/15/2026(b)		10,700,000		12,579,187
Microchip Technology, Inc., Conv., 0.13%, 11/15/2024		24,324,000		30,222,570
ON Semiconductor Corp., Conv., 0.00%, 05/01/2027(b)(c)		11,200,000		16,352,000
Silicon Laboratories, Inc., Conv., 0.63%, 06/15/2025		5,275,000		9,273,978
				74,128,495
Specialty Stores–0.59%
Dick’s Sporting Goods, Inc., Conv., 3.25%, 04/15/2025		2,200,000		7,785,250
Systems Software–3.96%
Palo Alto Networks, Inc., Conv., 0.75%, 07/01/2023		13,100,000		27,494,280
Rapid7, Inc., Conv., 2.25%, 05/01/2025		1,900,000		3,813,660
0.25%, 03/15/2027(b)		8,775,000		11,353,095
ServiceNow, Inc., Conv., 0.00%, 06/01/2022(c)		840,000		4,043,552
Zscaler, Inc., Conv., 0.13%, 07/01/2025		2,650,000		5,804,854
				52,509,441
Technology Hardware, Storage & Peripherals–0.99%
3D Systems Corp., Conv., 0.00%, 11/15/2026(b)(c)		3,700,000		3,533,500
Western Digital Corp., Conv., 1.50%, 02/01/2024		9,500,000		9,636,562
				13,170,062

	Principal Amount		Value
Trucking–1.36%
Lyft, Inc., Conv., 1.50%, 05/15/2025	$	2,650,000	$	3,542,785
Uber Technologies, Inc., Conv., 0.00%, 12/15/2025(c)		14,650,000		14,452,225
				17,995,010
Water Utilities–1.09%
Essential Utilities, Inc., Conv. Amortizing Notes, 6.00%, 04/30/2022		222,300		14,491,737
Total U.S. Dollar Denominated Bonds & Notes (Cost $934,263,178)				1,047,730,846
	Shares
Preferred Stocks–18.89%
Asset Management & Custody Banks–2.01%
KKR & Co., Inc., 6.00%, Series C, Conv. Pfd.		286,213		26,660,741
Auto Parts & Equipment–1.50%
Aptiv PLC, 5.50%, Series A, Conv. Pfd.		108,066		19,893,870
Broadcasting–0.30%
ViacomCBS, Inc., 5.75%, Series A, Conv. Pfd.		78,875		3,961,102
Diversified Banks–3.08%
Bank of America Corp., 7.25%, Series L, Conv. Pfd.		14,500		20,958,300
Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd.		13,300		19,824,049
				40,782,349
Health Care Equipment–2.10%
Becton, Dickinson and Co., 6.00%, Series B, Conv. Pfd.		270,414		14,264,339
Boston Scientific Corp., 5.50%, Series A, Conv. Pfd.		118,481		13,585,031
				27,849,370
Industrial Machinery–2.36%
RBC Bearings, Inc., 5.00%, Series A, Conv. Pfd.		123,544		12,954,824
Stanley Black & Decker, Inc., 5.25%, Conv. Pfd.		167,700		18,311,163
				31,265,987
Life Sciences Tools & Services–3.18%
Avantor, Inc., 6.25%, Series A, Conv. Pfd.		149,612		19,331,367
Danaher Corp., 4.75%, Series A, Conv. Pfd.		10,400		22,831,016
				42,162,383
Research & Consulting Services–0.41%
Clarivate PLC, 5.25%, Series A, Conv. Pfd.		60,086		5,459,414
Semiconductors–3.06%
Broadcom, Inc., 8.00%, Series A, Conv. Pfd.		19,540		40,553,121

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

10                                   Invesco Convertible Securities Fund

	Shares		Value
Wireless Telecommunication Services–0.89%
2020 Cash Mandatory Exchangeable Trust, 5.25%, Conv. Pfd.(b)		11,340	$	11,852,681
Total Preferred Stocks (Cost $182,381,565)				250,441,018
Money Market Funds–2.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)(f)		9,593,320		9,593,320
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(e)(f)		7,284,470		7,285,927

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.01%(e)(f)		10,963,794	$	10,963,794
Total Money Market Funds (Cost $27,842,056)				27,843,041
TOTAL INVESTMENTS IN SECURITIES–99.99% (Cost $1,144,486,799)				1,326,014,905
OTHER ASSETS LESS LIABILITIES–0.01%				192,072
NET ASSETS–100.00%		$1,326,206,977

Investment Abbreviations:

Conv.	- Convertible
Pfd.	- Preferred
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)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at December 31, 2021 was $418,343,659, which represented 31.54% of the Fund’s Net Assets.

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

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

^(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 fiscal year ended December 31, 2021.

	Value December 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value December 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$12,889,926	$	135,689,064	$	(138,985,670	)		$          -		$       -		$  9,593,320		$4,915
Invesco Liquid Assets Portfolio, Institutional Class		10,335,430		95,811,554		(98,859,240	)		(1,633)		(184)		7,285,927		2,058
Invesco Treasury Portfolio, Institutional Class		14,731,343		155,073,216		(158,840,765	)		-		-		10,963,794		2,099
Total		$37,956,699	$	386,573,834	$	(396,685,675	)		$(1,633)		$(184)		$27,843,041		$9,072

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

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

11                                    Invesco Convertible Securities Fund

Statement of Assets and Liabilities

December 31, 2021

Assets:
Investments in unaffiliated securities, at value (Cost $ 1,116,644,743)	$	1,298,171,864
Investments in affiliated money market funds, at value (Cost $ 27,842,056)		27,843,041
Receivable for:
Fund shares sold		665,074
Dividends		691,285
Interest		736,421
Investment for trustee deferred compensation and retirement plans		123,457
Other assets		46,557
Total assets		1,328,277,699
Liabilities:
Payable for:
Fund shares reacquired		791,051
Amount due custodian		525,643
Accrued fees to affiliates		472,470
Accrued other operating expenses		102,727
Trustee deferred compensation and retirement plans		178,831
Total liabilities		2,070,722
Net assets applicable to shares outstanding	$	1,326,206,977
Net assets consist of:
Shares of beneficial interest	$	1,116,212,550
Distributable earnings		209,994,427

$1,326,206,977

Net Assets:
Class A	$	666,916,157
Class C	$	44,798,205
Class Y	$	562,487,874
Class R5	$	688,471
Class R6	$	51,316,270
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		25,718,568
Class C		1,741,750
Class Y		21,648,732
Class R5		26,551
Class R6		1,978,277
Class A:
Net asset value per share	$	25.93
Maximum offering price per share (Net asset value of $25.93 ÷ 94.50%)	$	27.44
Class C:
Net asset value and offering price per share	$	25.72
Class Y:
Net asset value and offering price per share	$	25.98
Class R5:
Net asset value and offering price per share	$	25.93
Class R6:
Net asset value and offering price per share	$	25.94

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

12                                   Invesco Convertible Securities Fund

Statement of Operations

For the year ended December 31, 2021

Investment income:
Interest	$	7,883,032
Dividends		10,558,269
Dividends from affiliated money market funds		9,072
Total investment income		18,450,373
Expenses:
Advisory fees		6,797,314
Administrative services fees		204,934
Distribution fees:
Class A		1,720,794
Class C		528,445
Transfer agent fees – A, C and Y		1,576,650
Transfer agent fees – R5		1,459
Transfer agent fees – R6		6,246
Trustees’ and officers’ fees and benefits		37,166
Registration and filing fees		119,150
Reports to shareholders		11,776
Professional services fees		61,733
Other		16,308
Total expenses		11,081,975
Less: Fees waived and/or expense offset arrangement(s)		(17,283	)
Net expenses		11,064,692
Net investment income		7,385,681
Realized and unrealized gain (loss) from:
Net realized gain (loss) from: Unaffiliated investment securities		308,607,272
Affiliated investment securities		(184	)
		308,607,088
Change in net unrealized appreciation (depreciation) of: Unaffiliated investment securities		(250,677,540	)
Affiliated investment securities		(1,633	)
		(250,679,173	)
Net realized and unrealized gain		57,927,915
Net increase in net assets resulting from operations	$	65,313,596

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

13                                   Invesco Convertible Securities Fund

Statement of Changes in Net Assets

For the years ended December 31, 2021 and 2020

	2021			2020
Operations:
Net investment income	$	7,385,681		$	11,224,742
Net realized gain		308,607,088			171,447,073
Change in net unrealized appreciation (depreciation)		(250,679,173	)		270,506,635
Net increase in net assets resulting from operations		65,313,596			453,178,450
Distributions to shareholders from distributable earnings:
Class A		(151,866,092	)		(65,504,550	)
Class C		(10,126,673	)		(6,653,135	)
Class Y		(133,876,860	)		(66,881,929	)
Class R5		(163,041	)		(177,071	)
Class R6		(11,990,219	)		(5,791,736	)
Total distributions from distributable earnings		(308,022,885	)		(145,008,421	)
Share transactions–net:
Class A		113,132,118			64,445,185
Class C		(8,545,267	)		(20,908,903	)
Class Y		18,943,866			(76,801,020	)
Class R5		(1,040,071	)		81,061
Class R6		5,015,733			1,280,226
Net increase (decrease) in net assets resulting from share transactions		127,506,379			(31,903,451	)
Net increase (decrease) in net assets		(115,202,910	)		276,266,578
Net assets:
Beginning of year		1,441,409,887			1,165,143,309
End of year	$	1,326,206,977		$	1,441,409,887

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

14                                   Invesco Convertible Securities Fund

Financial Highlights

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Year ended 12/31/21		$	31.91		$	0.14			$	1.17			$	1.31			$	(0.23	)		$	(7.06	)		$	(7.29	)		$	25.93		4.68	%		$	666,916		0.88	%		0.88	%		0.43	%		61	%
Year ended 12/31/20			24.64			0.23				10.47				10.70				(0.37	)			(3.06	)			(3.43	)			31.91		44.35				675,347		0.91			0.91			0.84			65
Year ended 12/31/19			21.42			0.28				4.28				4.56				(0.36	)			(0.98	)			(1.34	)			24.64		21.42	(d)			473,599		0.90	(d)		0.90	(d)		1.13	(d)		57
Year ended 12/31/18			24.41			0.28				(0.62	)			(0.34	)			(0.57	)			(2.08	)			(2.65	)			21.42		(1.71	)(e)			407,548		0.90	(e)		0.90	(e)		1.09	(e)		62
Year ended 12/31/17			23.10			0.33				2.04				2.37				(1.01	)			(0.05	)			(1.06	)			24.41		10.42	(f)			653,121		0.93	(f)		0.93	(f)		1.36	(f)		39
Class C
Year ended 12/31/21			31.73			(0.09	)			1.16				1.07				(0.02	)			(7.06	)			(7.08	)			25.72		3.94	(g)			44,798		1.60	(g)		1.60	(g)		(0.29	)(g)		61
Year ended 12/31/20			24.51			0.03				10.41				10.44				(0.16	)			(3.06	)			(3.22	)			31.73		43.25				61,221		1.66			1.66			0.09			65
Year ended 12/31/19			21.31			0.10				4.26				4.36				(0.18	)			(0.98	)			(1.16	)			24.51		20.54	(d)			65,607		1.63	(d)		1.63	(d)		0.40	(d)		57
Year ended 12/31/18			24.30			0.08				(0.62	)			(0.54	)			(0.37	)			(2.08	)			(2.45	)			21.31		(2.48	)(e)			81,529		1.66	(e)		1.66	(e)		0.33	(e)		62
Year ended 12/31/17			23.00			0.15				2.03				2.18				(0.83	)			(0.05	)			(0.88	)			24.30		9.57	(f)			95,218		1.69	(f)		1.69	(f)		0.60	(f)		39
Class Y
Year ended 12/31/21			31.96			0.22				1.17				1.39				(0.31	)			(7.06	)			(7.37	)			25.98		4.93				562,488		0.63			0.63			0.68			61
Year ended 12/31/20			24.68			0.30				10.48				10.78				(0.44	)			(3.06	)			(3.50	)			31.96		44.69				647,484		0.66			0.66			1.09			65
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
Class R5
Year ended 12/31/21			31.91			0.23				1.17				1.40				(0.32	)			(7.06	)			(7.38	)			25.93		4.96				688		0.60			0.60			0.71			61
Year ended 12/31/20			24.65			0.31				10.46				10.77				(0.45	)			(3.06	)			(3.51	)			31.91		44.70				1,773		0.64			0.64			1.11			65
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
Class R6
Year ended 12/31/21			31.92			0.25				1.17				1.42				(0.34	)			(7.06	)			(7.40	)			25.94		5.06				51,316		0.52			0.52			0.79			61
Year ended 12/31/20			24.65			0.33				10.47				10.80				(0.47	)			(3.06	)			(3.53	)			31.92		44.86				55,585		0.56			0.56			1.19			65
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

^(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 0.96% for Class A and Class C shares, respectively.

^(e)  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.

^(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 0.24% and 1.00% 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 0.97% for Class C shares.

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

15                                   Invesco Convertible Securities Fund

Notes to Financial Statements

December 31, 2021

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 eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

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

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

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

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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.

16                                   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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

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

I. 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. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

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.

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

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

17                                    Invesco Convertible Securities 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 $ 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 year ended December 31, 2021, the effective advisory fee rate incurred by the Fund was 0.48%.

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

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2021, the Adviser waived advisory fees of $16,830.

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

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

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 year ended December 31, 2021, 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 year ended December 31, 2021, IDI advised the Fund that IDI retained $126,192 in front-end sales commissions from the sale of Class A shares and $2,769 and $3,566 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.

18                                     Invesco Convertible Securities Fund

The following is a summary of the tiered valuation input levels, as of December 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$                  –		$1,047,730,846		$–		$1,047,730,846
Preferred Stocks		250,441,018		–		–		250,441,018
Money Market Funds		27,843,041		–		–		27,843,041
Total Investments		$278,284,059		$1,047,730,846		$–		$1,326,014,905

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended December 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $453.

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–Distributions to Shareholders and Tax Components of Net Assets

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

	2021		2020
Ordinary income*	$	70,309,654	$	25,362,631
Long-term capital gain		237,713,231		119,645,790
Total distributions	$	308,022,885	$	145,008,421

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

Tax Components of Net Assets at Period-End:
	2021
Undistributed ordinary income	$	3,250,880
Undistributed long-term capital gain		25,424,208
Net unrealized appreciation – investments		181,440,799
Temporary book/tax differences		(121,460	)
Shares of beneficial interest		1,116,212,550
Total net assets	$	1,326,206,977

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to amortization and accretion on debt securities, convertible securities, deemed dividends and amortizing notes.

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

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

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

19                                    Invesco Convertible Securities Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2021 was $823,008,917 and $972,584,208, 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	$	220,587,517
Aggregate unrealized (depreciation) of investments		(39,146,718	)
Net unrealized appreciation of investments	$	181,440,799

Cost of investments for tax purposes is $1,144,574,106.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of contingent payment debt instruments and equalization, on December 31, 2021, undistributed net investment income was increased by $4,065,519, undistributed net realized gain was decreased by $28,815,520 and shares of beneficial interest was increased by $24,750,001. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information

				Summary of Share Activity
	Year ended						Year ended
	December 31, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		2,225,201		$	71,875,399			2,570,805		$	72,317,451
Class C		253,145			8,233,496			439,536			12,038,568
Class Y		3,594,448			115,396,099			5,474,520			143,384,408
Class R5		3,002			97,564			6,130			172,008
Class R6		243,871			7,971,409			317,446			8,483,793
Issued as reinvestment of dividends:
Class A		5,045,961			128,254,323			1,826,467			55,304,719
Class C		364,490			9,148,278			189,665			5,753,309
Class Y		4,066,152			103,633,142			1,670,866			50,466,155
Class R5		6,184			159,008			5,811			175,105
Class R6		394,754			10,058,666			150,938			4,552,180
Automatic conversion of Class C shares to Class A shares:
Class A		440,478			14,352,361			798,308			23,672,182
Class C		(443,296	)		(14,352,361	)		(802,855	)		(23,672,182	)
Reacquired:
Class A		(3,159,375	)		(101,349,965	)		(3,248,706	)		(86,849,167	)
Class C		(362,087	)		(11,574,680	)		(573,725	)		(15,028,598	)
Class Y		(6,272,312	)		(200,085,375	)		(10,470,597	)		(270,651,583	)
Class R5		(38,183	)		(1,296,643	)		(10,517	)		(266,052	)
Class R6		(401,808	)		(13,014,342	)		(450,451	)		(11,755,747	)
Net increase (decrease) in share activity		5,960,625		$	127,506,379			(2,106,359	)	$	(31,903,451	)

^(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.

20                                    Invesco Convertible Securities Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Convertible Securities Fund

Opinion on the Financial Statements

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

Basis for Opinion

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

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

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2022

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

21                                   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 July 1, 2021 through December 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
	Beginning     Account Value     (07/01/21)	Ending     Account Value     (12/31/21)1	Expenses     Paid During     Period2	Ending     Account Value     (12/31/21)	Expenses     Paid During     Period2
Class A	$1,000.00	$1,015.60	$4.47	$1,020.77	$4.48	0.88%
Class C	1,000.00	1,011.90	8.06	1,017.19	8.08	1.59
Class Y	1,000.00	1,016.50	3.20	1,022.03	3.21	0.63
Class R5	1,000.00	1,016.70	3.05	1,022.18	3.06	0.60
Class R6	1,000.00	1,017.20	2.75	1,022.48	2.75	0.54

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

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

22                                   Invesco Convertible Securities Fund

Tax Information

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

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

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

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	262,463,231
Qualified Dividend Income*		23.07	%
Corporate Dividends Received Deduction*		21.93	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		13.86	%

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

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$	59,129,064

23                                   Invesco Convertible Securities Fund

Trustees and Officers

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

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

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

T-1                                    Invesco Convertible Securities Fund

Trustees and Officers–(continued)

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	186	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler —1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	186	None

T-2                                    Invesco Convertible Securities Fund

Trustees and Officers–(continued)

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

T-3                                    Invesco Convertible Securities Fund

Trustees and Officers–(continued)

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

T-4                                    Invesco Convertible Securities Fund

Trustees and Officers–(continued)

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

T-5                                    Invesco Convertible Securities Fund

Trustees and Officers–(continued)

    Name, Year of Birth and             Position(s)     Held with the Trust Trustee             and/or Officer Since Principal Occupation(s) During Past 5 Years Number of
Funds in
Fund Complex  
Overseen by
Trustee Other Directorship(s)
Held by Trustee            
During Past 5 Years

Officers–(continued)

Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster — 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6                                    Invesco Convertible Securities Fund

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

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov. Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-02699 and 002-57526 Invesco Distributors, Inc. MS-CSEC-AR-1

  Annual Report to Shareholders   December 31, 2021

Invesco Income Advantage International Fund

Nasdaq:

A: GTNDX ∎ C: GNDCX ∎ R: GTNRX ∎ Y: GTNYX ∎ R5: GNDIX ∎ R6:GNDSX

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

Management’s Discussion of Fund Performance

Performance summary

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

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

Fund vs. Indexes

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

Class A Shares	14.84	%
Class C Shares	13.86
Class R Shares	14.55
Class Y Shares	15.10
Class R5 Shares	15.15
Class R6 Shares	15.16
MSCI World Indexq (Broad Market Index)*	21.82
MSCI All Country World ex USA Indexq (Broad Market/Style-Specific Index)*	7.82
Lipper Global Equity Income Funds Index∎ (Peer Group Index)	17.14
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.
*Effective July 15, 2021, the Fund changed its benchmark index from the MSCI World Index to the MSCI All Country World ex USA Index. These changes were made to better align with the Fund’s current strategy and international exposure.

Market conditions and your Fund

For the fiscal year ended December 31, 2021, the Fund at NAV reported positive absolute performance largely due to the successful rollout of coronavirus (COVID-19) vaccinations and reopening economies releasing pent-up demand. The fiscal year was marked by a continued rally in risky assets, with global equity and commodity markets benefiting the most. The fiscal year still had its fair share of disruptions, with markets reacting to increasing concerns about rising inflation, supply chain disruptions, signs of slowing economic growth and the spread of COVID-19 variants of concern, including the Delta variant mid-year and the Omicron variant towards the end of the fiscal year. Developed market equities outperformed emerging market equities for the fiscal year in aggregate. Despite a strong start to the fiscal year, emerging markets trailed developed regions due to a combination of higher incidence of COVID-19 outbreaks and exposure to China. Chinese equities were weighted down by significant regulatory changes in the private tutoring industry, increased regulation in the technology sector, the potential default of a large property developer and signs of slowing economic growth.

    In the middle of the fiscal year Invesco Global Low Volatility Equity Yield Fund (the “preceding strategy”) was repositioned and renamed Invesco Income Advantage International Fund (the “new strategy”). There was no change to the Funds’ investment objective, which is to seek to provide income and long-term growth of capital. The Funds broad-based benchmark changed from the MSCI

World Index to the MSCI All Country World ex USA^® Index.

    The investment strategy change was effective July 15, 2021. As such, the following performance discussion reflects that of the preceding strategy through to the investment strategy change in mid-July.

    Under the preceding strategy the Fund, by design, exhibited a lower volatility level during the fiscal year than its benchmark, the MSCI World Index. Under the preceding strategy, the Fund sought to create a diversified portfolio with a volatility target between a minimum variance portfolio and the style-specific benchmark. The portfolio utilized both a multi-factor model and a proprietary risk model to build intended exposures to factors that historically have driven excess returns (quality, momentum, and value). Both models systematically evaluate fundamental and behavioral factors to rank securities based on their exposure to these factors and to rank attractiveness relative to industry peers subject to intended risk targets.

    During the fiscal year through to the strategy change in mid-July 2021, the Fund outperformed the MSCI World Index with an overall positive contribution from our IQS factors. Value was the greatest source of strength as it embarked on several short rallies in February/March and early May that benefited companies with low valuations resulting from the pandemic crisis. Momentum was also a strong contributor, followed by quality. The preceding strategy’s defensive low volatility positioning contributed slightly to results due to the volatile market environment in July. With the onset of the COVID-19 Delta variant, low volatility made substantial gains to offset previous underperformance.

    In aggregate net sector exposure subtracted from active returns. Here, overweight in health care and consumer staples hurt performance, along with underweight in energy and financials. Meanwhile, overweight in consumer discretionary and underweight in information technology provided modest gains. Furthermore, net country exposures also struggled specifically due to a significant underweight in the United States and overweight in Australia and Japan.

    The Fund’s top performers relative to the MSCI World Index included Evolution AB, Extra Space Storage and Mid-America Apartment Communities (all overweight). Evolution AB had some of the best profit margins in the online gambling sector and the industry performed very well during the first quarter. With the record highs in the real estate market, Extra Space Storage (REIT) outperformed as well. Lastly and similarly, Mid-America Apartment Communities outperformed the market as investors rewarded REITs.

    The largest detractors from the Fund’s performance relative to the MSCI World Index for the fiscal year were Microsoft, Check Point Software Tech and Nintendo. The fund had an underweight in Microsoft, but the company had an impressive showing in 2021 due to promising acquisitions and strong quarterly earnings and revenues. Additionally, Check Point Software slumped in February because it projected revenues and profits per share to be lower than what analysts had hoped. Lastly, Nintendo faced tough competition as the PS5 from Sony came onto the market. A restock of the PS5 in March drastically dropped the price of Nintendo shares. The fund was overweight in both Check Point Software and Nintendo, which detracted from performance.

    The portfolio management team began transitioning the portfolio on July 15, 2021, with the new strategy fully implemented by July 31, 2021. As such, the following performance discussion reflects that of the new strategy from the start of implementation in mid-July through to the end of the fiscal year.

    The new investment strategy seeks to provide higher income, structural downside risk mitigation to capital and reduce volatility and growth from more diversified exposure to the international large capitalization equity market. The portfolio management team seeks to achieve the investment objectives by investing in two sub-portfolios: 1) a portfolio of international stocks determined by their exposures to historically rewarded factors, including momentum, value, quality and low volatility; and 2) a portfolio of equity-linked notes, which the team customizes in an effort to provide high income and defensive exposure to the broad international large capitalization equity market. The team seeks to meet the Fund’s income targets by combining these two portfolios.

2                                   Invesco Income Advantage International Fund

    As a result of the new strategy implementation, the Fund’s (Class A) distribution yield has increased from 1.32% on June 30, 2021 to 6.02% on December 31, 2021. Implementation of the new strategy began on July 15, 2021, and the Fund outperformed the MSCI All Country World ex USA^® Index by 0.19% from that date until December 31, 2021. The equity portfolio’s exposures to historically rewarded factors contributed to the Fund’s outperformance in aggregate. Additionally, the Fund’s exposure to a portfolio of defensive equity-linked notes contributed to performance as they helped to reduce downside participation, particularly amid the market volatility triggered by the news of the Omicron variant in November.

    Thank you for investing in Invesco Income Advantage International Fund.

Portfolio manager(s):

Mark Ahnrud

John Burrello

Chris Devine

Scott Hixon

Christian Ulrich

Scott Wolle - Lead

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

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

3                                   Invesco Income Advantage International Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/11

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

 *Effective July 15, 2021, the Fund changed its benchmark index from the MSCI World Index to the MSCI All Country World ex USA Index. These changes were made to better align with the Fund’s current strategy and international exposure.

Past performance cannot guarantee future results.

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

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

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

4                                   Invesco Income Advantage International Fund

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (9/15/97)	5.32%
10 Years	5.80
5 Years	4.60
1 Year	8.51
Class C Shares
Inception (1/2/98)	5.58%
10 Years	5.76
5 Years	4.99
1 Year	12.86
Class R Shares
Inception (10/31/05)	3.94%
10 Years	6.13
5 Years	5.53
1 Year	14.55
Class Y Shares
Inception (10/3/08)	5.89%
10 Years	6.67
5 Years	6.06
1 Year	15.10
Class R5 Shares
Inception (4/30/04)	5.46%
10 Years	6.85
5 Years	6.19
1 Year	15.15
Class R6 Shares
10 Years	6.58%
5 Years	6.15
1 Year	15.16

Effective July 15, 2021, Invesco Global Low Volatility Fund was renamed Invesco Income Advantage International Fund.

    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.

5                                   Invesco Income Advantage International Fund

Supplemental Information

Invesco Income Advantage International Fund’s investment objective is income and long-term growth of capital.

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

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

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

About indexes used in this report

∎ The MSCI World Index^SM is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investos.

∎ The MSCI All Country World ex USA^®Index 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 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.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

6                                   Invesco Income Advantage International Fund

Fund Information

Portfolio Composition

By sector	% of total net assets
Financials		27.66	%
Information Technology		7.56
Consumer Discretionary		7.25
Industrials		6.98
Health Care		6.70
Consumer Staples		5.10
Materials		4.72
Energy		3.73
Communication Services		3.48
Other Sectors, Each Less than 2% of Net Assets		3.10
Money Market Funds Plus Other Assets Less Liabilities		23.72

Top 10 Equity Holdings*

		% of total net assets
1.	Taiwan Semiconductor Manufacturing Co. Ltd.		1.65	%
2.	ASML Holding N.V.		1.22
3.	Roche Holding AG		1.19
4.	Nestle S.A.		1.18
5.	Novo Nordisk A/S, Class B		1.01
6.	Royal Dutch Shell PLC, Class A		0.88
7.	Sanofi		0.81
8.	Sony Group Corp.		0.71
9.	BYD Co. Ltd., H Shares		0.66
10.	Samsung Electronics Co. Ltd.		0.54

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

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2021.

7                                    Invesco Income Advantage International Fund

Schedule of Investments

December 31, 2021

	Shares	Value
Common Stocks & Other Equity Interests–53.32%
Australia–2.23%
Afterpay Ltd.(a)	192	$       11,492
AGL Energy Ltd.	4,991	22,301
APA Group	1,420	10,404
Aristocrat Leisure Ltd.	1,075	34,094
Aurizon Holdings Ltd.	7,101	18,034
BHP Group Ltd.	6,155	186,281
BHP Group PLC	7,981	237,854
BlueScope Steel Ltd.	1,919	29,315
Brambles Ltd.	3,454	26,718
CSL Ltd.	287	60,776
Endeavour Group Ltd.	2,649	12,994
Fortescue Metals Group Ltd.	3,109	43,626
Glencore PLC	11,324	57,613
Goodman Group	960	18,538
REA Group Ltd.	115	14,031
Rio Tinto Ltd.	2,227	162,711
Rio Tinto PLC	4,402	290,229
Santos Ltd.	2,687	12,353
Scentre Group	8,061	18,539
South32 Ltd.	15,547	45,571
Stockland	8,215	25,353
Telstra Corp. Ltd.	7,178	21,833
Transurban Group	2,918	29,363
Wesfarmers Ltd.	2,303	99,373
Woolworths Group Ltd.	2,505	69,289
		1,558,685
Austria–0.05%
Mondi PLC	538	13,257
OMV AG	384	21,819
		35,076
Belgium–0.16%
Ageas S.A./N.V.	192	9,954
Anheuser-Busch InBev S.A./N.V.	729	44,136
Groupe Bruxelles Lambert S.A.	154	17,210
Proximus SADP	460	8,970
UCB S.A.	251	28,683
		108,953
Brazil–1.09%
Ambev S.A.	3,300	9,296
B3 S.A.-Brasil, Bolsa, Balcao	11,100	22,182
Cia Siderurgica Nacional S.A.	2,900	12,988
Petroleo Brasileiro S.A., Preference Shares	74,300	377,035
Telefonica Brasil S.A., ADR	7,178	62,090
Vale S.A.	16,600	232,621
WEG S.A.	7,300	43,210
		759,422
Canada–4.01%
Algonquin Power & Utilities Corp.	1,613	23,297
Alimentation Couche-Tard, Inc.	307	12,863
AltaGas Ltd.	883	19,064

	Shares	Value
Canada–(continued)
Atco Ltd., Class I	499	$       16,844
Barrick Gold Corp.	2,918	55,479
BCE, Inc.	2,469	128,452
Brookfield Asset Management, Inc., Class A	3,292	198,803
CAE, Inc.(a)	691	17,431
Canadian National Railway Co.	1,266	155,509
Canadian Natural Resources Ltd.	2,613	110,411
Canadian Pacific Railway Ltd.	1,968	141,546
Canadian Tire Corp. Ltd., Class A	358	51,350
Canadian Utilities Ltd., Class A	653	18,940
CCL Industries, Inc., Class B	192	10,296
CGI, Inc., Class A(a)	538	47,571
CI Financial Corp.	653	13,649
Constellation Software, Inc.	72	133,586
Emera, Inc.	653	32,636
Enbridge, Inc.	4,152	162,181
Fairfax Financial Holdings Ltd.	76	37,385
Finning International, Inc.	845	21,296
Fortis, Inc.	1,181	56,980
Franco-Nevada Corp.	76	10,511
Great-West Lifeco, Inc.	345	10,353
H&R REIT	1,400	17,985
Hydro One Ltd.(b)	1,151	29,945
Intact Financial Corp.	154	20,017
Kinross Gold Corp.	4,299	24,945
Lightspeed Commerce, Inc.(a)	192	7,753
Loblaw Cos. Ltd.	501	41,048
Magna International, Inc.	1,897	153,491
Manulife Financial Corp.	9,269	176,668
Metro, Inc.	960	51,091
Nutrien Ltd.	1,217	91,476
Onex Corp.	460	36,103
Open Text Corp.	691	32,798
Pembina Pipeline Corp.	538	16,319
Power Corp. of Canada	1,804	59,613
Quebecor, Inc., Class B	653	14,738
Ritchie Bros. Auctioneers, Inc.	154	9,424
Rogers Communications, Inc., Class B	691	32,902
Sun Life Financial, Inc.	501	27,887
Suncor Energy, Inc.	2,505	62,677
TC Energy Corp.	2,362	109,851
Teck Resources Ltd., Class B	1,535	44,207
TELUS Corp.	3,328	78,376
Thomson Reuters Corp.	538	64,337
Tourmaline Oil Corp.	1,229	39,679
West Fraser Timber Co. Ltd.	538	51,327
WSP Global, Inc.	154	22,356
		2,803,446
Chile–0.03%
Antofagasta PLC	729	13,251
Lundin Mining Corp.	998	7,795
		21,046

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

8                                   Invesco Income Advantage International Fund

	Shares	Value
China–3.43%
360 DigiTech, Inc., ADR	384	$         8,805
Alibaba Group Holding Ltd.(a)	9,300	139,239
Anhui Conch Cement Co. Ltd., H Shares	3,000	14,987
ANTA Sports Products Ltd.	800	12,002
Baidu, Inc., ADR(a)	715	106,385
BeiGene Ltd., ADR(a)	76	20,591
BYD Co. Ltd., H Shares	13,500	461,663
China Life Insurance Co. Ltd., H Shares	35,000	57,985
China Longyuan Power Group Corp. Ltd., H Shares	8,000	18,675
China Medical System Holdings Ltd.	7,000	11,696
China Mengniu Dairy Co. Ltd.	3,000	17,006
China National Building Material Co. Ltd., H Shares	8,000	9,814
China Overseas Land & Investment Ltd.	15,000	35,514
China Petroleum & Chemical Corp., H Shares	116,000	54,064
China Shenhua Energy Co. Ltd., H Shares	17,500	41,030
China Taiping Insurance Holdings Co. Ltd.	10,200	14,003
China Tower Corp. Ltd., H Shares(b)	198,000	21,846
CITIC Ltd.	28,000	27,674
COSCO SHIPPING Holdings Co. Ltd., H Shares(a)	15,500	30,096
CSPC Pharmaceutical Group Ltd.	16,000	17,385
Daqo New Energy Corp., ADR(a)	460	18,547
Dongfeng Motor Group Co. Ltd., H Shares	20,000	16,629
ENN Energy Holdings Ltd.	1,000	18,839
FinVolution Group, ADR	1,728	8,519
Futu Holdings Ltd., ADR(a)	345	14,939
Great Wall Motor Co. Ltd., H Shares	12,000	41,255
Hello Group, Inc., ADR	883	7,929
Hengan International Group Co. Ltd.	2,500	12,872
Huaneng Power International, Inc., H Shares	28,000	18,709
Huazhu Group Ltd., ADR(a)	192	7,169
I-Mab, ADR(a)	154	7,298
Innovent Biologics, Inc.(a)(b)	1,500	9,292
JOYY, Inc., ADR	143	6,496
KE Holdings, Inc., ADR(a)	499	10,040
Kingboard Holdings Ltd.	3,000	14,595
Kingsoft Corp. Ltd.	2,200	9,664
Kuaishou Technology(a)(b)	1,200	11,090
Kunlun Energy Co. Ltd.	8,000	7,504
Lenovo Group Ltd.	16,000	18,387
Li Ning Co. Ltd.	3,000	32,830
Longfor Group Holdings Ltd.(b)	2,000	9,414
Meituan, B Shares(a)(b)	2,000	57,820
NIO, Inc., ADR(a)	5,189	164,388
Noah Holdings Ltd., ADR(a)	230	7,059
Nongfu Spring Co. Ltd., H Shares(b)	2,800	18,493
NXP Semiconductors N.V.	823	187,463
PetroChina Co. Ltd., H Shares	138,000	61,460
Pinduoduo, Inc., ADR(a)	806	46,990
Ping An Insurance (Group) Co. of China Ltd., H Shares	18,500	133,346
Shenzhou International Group Holdings Ltd.	600	11,535
Sinopharm Group Co. Ltd., H Shares	5,600	12,188
SITC International Holdings Co. Ltd.	7,000	25,337
Smoore International Holdings Ltd.(b)	1,000	5,107
Sunny Optical Technology Group Co. Ltd.	1,700	53,769
Trip.com Group Ltd., ADR(a)	345	8,494
Weibo Corp., ADR(a)	230	7,125

	Shares	Value
China–(continued)
Weichai Power Co. Ltd., H Shares	7,000	$       13,700
Wharf Holdings Ltd. (The)	4,000	12,284
Wuxi Biologics Cayman, Inc.(a)(b)	6,000	71,318
Xiaomi Corp., B Shares(a)(b)	11,400	27,662
Yadea Group Holdings Ltd.(b)	6,000	11,701
Yum China Holdings, Inc.	307	15,301
Zai Lab Ltd., ADR(a)	230	14,456
Zijin Mining Group Co. Ltd., H Shares	12,000	14,291
		2,403,764
Denmark–1.57%
AP Moller-Maersk A/S, Class B	36	129,202
Carlsberg A/S, Class B	215	36,932
Coloplast A/S, Class B	154	26,941
Demant A/S(a)	576	29,221
DSV A/S	115	26,573
GN Store Nord A/S	269	16,808
H Lundbeck A/S	576	14,854
Novo Nordisk A/S, Class B	6,335	708,220
Novozymes A/S, Class B	573	46,921
Orsted A/S(b)	76	9,760
Pandora A/S	115	14,313
Tryg A/S	691	17,079
Vestas Wind Systems A/S	729	22,045
		1,098,869
Finland–0.32%
Elisa OYJ	192	11,792
Fortum OYJ	1,190	36,347
Kesko OYJ, Class B	345	11,445
Kone OYJ, Class B	422	30,009
Neste OYJ	460	22,683
Sampo OYJ, Class A	1,253	62,512
Stora Enso OYJ, Class R	538	9,784
UPM-Kymmene OYJ	614	23,205
Wartsila OYJ Abp	1,382	19,246
		227,023
France–4.29%
Air Liquide S.A.	691	120,494
Airbus SE(a)	394	50,319
Atos SE	345	14,653
AXA S.A.	1,420	42,319
Bollore S.A.	2,725	15,248
Bouygues S.A.	768	27,517
Bureau Veritas S.A.	345	11,451
Capgemini SE	143	34,928
Carrefour S.A.	1,728	31,671
Cie de Saint-Gobain	1,682	118,313
Cie Generale des Etablissements Michelin S.C.A.	573	93,925
Danone S.A.	466	28,946
Dassault Systemes SE	787	46,687
Eiffage S.A.	466	48,066
ENGIE S.A.	653	9,669
EssilorLuxottica S.A.	1,181	251,399
Eutelsat Communications S.A.	921	11,269
Hermes International	36	62,862
Kering S.A.	143	114,742

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

9                                   Invesco Income Advantage International Fund

	Shares	Value
France–(continued)
Klepierre S.A.	614	$       14,560
La Francaise des Jeux SAEM(b)	269	11,918
Legrand S.A.	154	18,023
L’Oreal S.A.	460	218,059
LVMH Moet Hennessy Louis Vuitton SE	394	325,129
Orange S.A.	9,448	101,217
Pernod Ricard S.A.	394	94,796
Publicis Groupe S.A.	845	56,891
Rexel S.A.	729	14,820
Safran S.A.	192	23,581
Sanofi	5,620	564,662
Sartorius Stedim Biotech	39	21,359
Schneider Electric SE	787	154,291
Suez S.A.	1,036	23,366
Teleperformance	107	47,705
TotalEnergies SE	2,433	123,574
Veolia Environnement S.A.	576	21,129
Vinci S.A.	230	24,369
Vivendi SE	768	10,390
		3,004,317
Germany–3.60%
adidas AG	76	21,918
Allianz SE	787	186,062
BASF SE	921	64,779
Bayerische Motoren Werke AG	1,288	129,794
Beiersdorf AG	76	7,820
Brenntag SE	154	13,952
Carl Zeiss Meditec AG, BR	39	8,207
Continental AG(a)	154	16,304
Daimler AG	3,328	255,557
Daimler Truck Holding AG(a)	1,664	61,172
Deutsche Bank AG(a)	998	12,527
Deutsche Boerse AG	154	25,798
Deutsche Post AG	576	37,075
Deutsche Telekom AG	8,124	150,986
Deutsche Wohnen SE	1,613	67,675
E.ON SE	2,265	31,419
Evonik Industries AG	422	13,677
Fresenius Medical Care AG & Co. KGaA	998	64,650
Fresenius SE & Co. KGaA	3,292	132,732
HeidelbergCement AG	307	20,800
HelloFresh SE(a)	154	11,846
Henkel AG & Co. KGaA, Preference Shares	269	21,784
Infineon Technologies AG	1,075	49,847
Knorr-Bremse AG	115	11,349
LANXESS AG	307	19,049
LEG Immobilien SE	192	26,821
Merck KGaA	614	158,739
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R	322	95,526
Porsche Automobil Holding SE, Preference Shares	806	76,489
ProSiebenSat.1 Media SE	653	10,425
RWE AG	1,229	49,933
SAP SE	460	65,698
Scout24 SE(b)	269	18,857
Siemens AG	751	130,541
Siemens Healthineers AG(b)	345	25,852

	Shares   ��	Value
Germany–(continued)
Symrise AG	154	$       22,843
Telefonica Deutschland Holding AG	5,028	13,910
thyssenkrupp AG(a)	4,107	45,242
United Internet AG	307	12,178
Volkswagen AG, Preference Shares	1,467	296,465
Vonovia SE	460	25,400
Zalando SE(a)(b)	76	6,163
		2,517,861
Greece–0.01%
Hellenic Telecommunications Organization S.A.	538	9,957
Hong Kong–0.93%
AIA Group Ltd.	12,800	129,042
CK Asset Holdings Ltd.	6,500	40,990
CK Hutchison Holdings Ltd.	13,500	87,116
CLP Holdings Ltd.	4,000	40,398
Henderson Land Development Co. Ltd.	3,000	12,778
Hong Kong & China Gas Co. Ltd. (The)	14,000	21,796
Hong Kong Exchanges & Clearing Ltd.	1,300	75,984
Hongkong Land Holdings Ltd.	5,500	28,580
Jardine Matheson Holdings Ltd.	600	33,031
Kerry Properties Ltd.	3,000	7,813
Link REIT	6,700	59,024
New World Development Co. Ltd.	3,000	11,876
Sun Hung Kai Properties Ltd.	4,500	54,627
Techtronic Industries Co. Ltd.	1,000	19,906
WH Group Ltd.	18,875	11,840
Wharf Real Estate Investment Co. Ltd.	3,000	15,239
		650,040
Indonesia–0.06%
PT Astra International Tbk	42,200	16,859
PT Telkom Indonesia (Persero) Tbk	90,100	25,741
		42,600
Ireland–0.06%
AerCap Holdings N.V.(a)	609	39,841
Israel–0.09%
Check Point Software Technologies Ltd.(a)	466	54,317
Nice Ltd.(a)	39	11,838
		66,155
Italy–0.46%
Assicurazioni Generali S.p.A.	2,994	63,190
Buzzi Unicem S.p.A.	384	8,243
Enel S.p.A.	11,846	94,341
Eni S.p.A.	1,344	18,579
Ferrari N.V.	76	19,549
Moncler S.p.A.	154	11,130
Poste Italiane S.p.A.(b)	1,728	22,676
Recordati Industria Chimica e Farmaceutica S.p.A.	192	12,299
Snam S.p.A.	2,265	13,614
Telecom Italia S.p.A.	87,790	43,172
Terna Rete Elettrica Nazionale S.p.A.	2,034	16,411
		323,204

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

10                                   Invesco Income Advantage International Fund

	Shares		Value
Japan–8.67%
Advantest Corp.		400	$       37,557
AGC, Inc.		500	23,866
Aisin Corp.		300	11,503
Ajinomoto Co., Inc.		700	21,282
Amada Co. Ltd.		1,300	12,874
Asahi Group Holdings Ltd.		400	15,524
Asahi Kasei Corp.		900	8,459
Astellas Pharma, Inc.		6,200	100,836
Bandai Namco Holdings, Inc.		100	7,820
Bridgestone Corp.		2,900	124,782
Brother Industries Ltd.		700	13,457
Canon, Inc.		2,300	56,011
Chubu Electric Power Co., Inc.		2,000	21,116
CyberAgent, Inc.		600	9,985
Dai Nippon Printing Co. Ltd.		700	17,607
Daiichi Life Holdings, Inc.		600	12,122
Daiichi Sankyo Co. Ltd.		1,700	43,228
Daikin Industries Ltd.		100	22,685
Daito Trust Construction Co. Ltd.		400	45,698
Daiwa House Industry Co. Ltd.		2,000	57,521
Daiwa Securities Group, Inc.		1,700	9,588
Denso Corp.		400	33,030
Ebara Corp.		400	22,224
ENEOS Holdings, Inc.		16,200	60,640
FANUC Corp.		200	42,397
FUJIFILM Holdings Corp.		1,700	126,019
Fujitsu Ltd.		100	17,134
Hamamatsu Photonics K.K.		200	12,763
Hitachi Ltd.		3,000	162,501
Honda Motor Co. Ltd.		5,100	143,221
Hoya Corp.		1,000	148,275
Inpex Corp.		4,400	38,368
Isuzu Motors Ltd.		1,600	19,907
ITOCHU Corp.		4,800	146,817
Japan Post Holdings Co. Ltd.		9,800	76,490
Japan Real Estate Investment Corp.		2	11,354
Japan Tobacco, Inc.		2,900	58,470
Kajima Corp.		1,400	16,079
Kao Corp.		700	36,630
KDDI Corp.		3,600	105,224
Keyence Corp.		100	62,846
Kirin Holdings Co. Ltd.		1,400	22,452
Komatsu Ltd.		600	14,051
Kubota Corp.		700	15,541
Kyocera Corp.		200	12,497
Lasertec Corp.		300	91,199
M3, Inc.		300	15,111
Marubeni Corp.		6,400	62,295
MINEBEA MITSUMI, Inc.		600	17,034
Mitsubishi Chemical Holdings Corp.		2,900	21,483
Mitsubishi Corp.		6,300	200,033
Mitsubishi Electric Corp.		3,600	45,650
Mitsubishi Estate Co. Ltd.		600	8,318
Mitsui & Co. Ltd.		6,800	161,020
Mitsui Chemicals, Inc.		500	13,433
Mitsui Fudosan Co. Ltd.		800	15,847
Mitsui OSK Lines Ltd.		500	37,126
MS&AD Insurance Group Holdings, Inc.		300	9,257

	Shares		Value
Japan–(continued)
Murata Manufacturing Co. Ltd.		900	$       71,455
NEC Corp.		1,300	60,016
NGK Insulators Ltd.		800	13,522
Nidec Corp.		400	47,020
Nintendo Co. Ltd.		100	46,644
Nippon Steel Corp.		1,100	17,990
Nippon Telegraph & Telephone Corp.		9,500	259,749
Nippon Yusen K.K.		1,200	91,399
Nissan Motor Co. Ltd.(a)		6,000	28,994
Nitori Holdings Co. Ltd.		100	14,955
Nitto Denko Corp.		300	23,188
Nomura Holdings, Inc.		4,900	21,370
Nomura Research Institute Ltd.		600	25,551
NTT Data Corp.		700	15,009
Obayashi Corp.		1,700	13,154
Oji Holdings Corp.		1,700	8,218
Olympus Corp.		2,900	66,611
Omron Corp.		300	29,893
Ono Pharmaceutical Co. Ltd.		900	22,310
Oriental Land Co. Ltd.		100	16,852
ORIX Corp.		3,500	71,435
Otsuka Holdings Co. Ltd.		1,000	36,187
Panasonic Corp.		7,900	86,888
Recruit Holdings Co. Ltd.		2,300	139,423
Renesas Electronics Corp.(a)		1,200	14,735
Resona Holdings, Inc.		4,000	15,559
Secom Co. Ltd.		200	13,886
Seiko Epson Corp.		900	16,206
Sekisui Chemical Co. Ltd.		800	13,369
Sekisui House Ltd.		1,300	27,906
Seven & i Holdings Co. Ltd.		800	35,166
Shin-Etsu Chemical Co. Ltd.		400	69,278
Shinsei Bank Ltd.		900	14,660
Shionogi & Co. Ltd.		800	56,512
Shiseido Co. Ltd.		300	16,730
Softbank Corp.		7,900	99,898
SoftBank Group Corp.		2,100	99,224
Sojitz Corp.		1,300	19,530
Sompo Holdings, Inc.		800	33,796
Sony Group Corp.		3,900	492,996
Sumitomo Chemical Co. Ltd.		4,600	21,677
Sumitomo Corp.		3,400	50,268
Sumitomo Electric Industries Ltd.		700	9,126
Suzuki Motor Corp.		500	19,254
Sysmex Corp.		100	13,473
T&D Holdings, Inc.		1,300	16,638
Taiheiyo Cement Corp.		500	9,888
Taisei Corp.		700	21,270
Takeda Pharmaceutical Co. Ltd.		7,200	196,771
TDK Corp.		200	7,808
Terumo Corp.		300	12,677
Tokio Marine Holdings, Inc.		1,700	94,474
Tokyo Electric Power Co. Holdings, Inc.(a)		3,100	8,023
Tokyo Electron Ltd.		300	171,737
Tokyo Gas Co. Ltd.		700	12,582
Toppan, Inc.		1,000	18,745
Toray Industries, Inc.		3,200	18,969
Toshiba Corp.		600	24,674

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

11                                   Invesco Income Advantage International Fund

	Shares		Value
Japan–(continued)
Tosoh Corp.		700	$       10,383
Toyota Industries Corp.		400	31,961
Toyota Motor Corp.		9,500	175,369
Toyota Tsusho Corp.		500	23,041
Yamada Holdings Co. Ltd.		4,100	14,009
Yamaha Corp.		200	9,860
Yamato Holdings Co. Ltd.		400	9,380
Yaskawa Electric Corp.		400	19,616
			6,065,214
Luxembourg–0.13%
ArcelorMittal S.A.		2,380	76,554
Eurofins Scientific SE		115	14,238
			90,792
Malaysia–0.05%
IHH Healthcare Bhd.		13,400	23,615
Tenaga Nasional Bhd.		5,600	12,555
			36,170
Mexico–0.23%
Cemex S.A.B. de C.V., ADR(a)		2,840	19,255
Fibra Uno Administracion S.A. de C.V.		28,000	29,593
Fomento Economico Mexicano, S.A.B. de C.V., ADR		345	26,810
Grupo Mexico S.A.B. de C.V., Class B		3,600	15,699
Grupo Televisa S.A.B., ADR		1,420	13,305
Wal-Mart de Mexico S.A.B. de C.V., Series V		15,900	59,087
			163,749
Netherlands–2.51%
Adyen N.V.(a)(b)		17	44,476
Akzo Nobel N.V.		501	55,150
ASM International N.V.		107	46,987
ASML Holding N.V.		1,074	856,378
ASR Nederland N.V.		345	15,862
EXOR N.V.		537	47,799
Heineken Holding N.V.		192	17,726
Heineken N.V.		269	30,247
Koninklijke Ahold Delhaize N.V.		6,155	210,900
Koninklijke DSM N.V.		287	64,440
Koninklijke KPN N.V.		4,568	14,185
Koninklijke Philips N.V.		1,728	64,229
NN Group N.V.		1,754	94,797
Prosus N.V.		384	32,031
Randstad N.V.		307	21,032
Signify N.V.		460	21,203
Universal Music Group N.V.		768	21,653
Wolters Kluwer N.V.		859	100,963
			1,760,058
New Zealand–0.07%
Fisher & Paykel Healthcare Corp. Ltd.		998	22,380
Spark New Zealand Ltd.		3,992	12,362
Xero Ltd.(a)		115	11,779
			46,521
Philippines–0.02%
SM Prime Holdings, Inc.		16,500	10,973

	Shares		Value
Poland–0.04%
Powszechny Zaklad Ubezpieczen S.A.		2,918	$       25,581
Romania–0.02%
NEPI Rockcastle PLC		2,034	13,527
Russia–0.80%
Gazprom PJSC, ADR		5,067	46,566
Lukoil PJSC, ADR		1,968	176,726
Magnit PJSC, GDR(b)		1,574	23,610
MMC Norilsk Nickel PJSC, ADR		1,919	58,856
Novatek PJSC, GDR(b)		143	33,384
Polymetal International PLC		422	7,494
Rosneft Oil Co. PJSC, GDR(b)		12,239	98,426
Severstal PAO, GDR(b)		422	9,090
Surgutneftegas PJSC, ADR		14,126	74,585
Tatneft PJSC, ADR		576	22,464
X5 Retail Group N.V., GDR(b)		422	11,170
			562,371
Saudi Arabia–0.02%
Delivery Hero SE(a)(b)		115	12,839
Singapore–0.13%
Ascendas REIT		6,300	13,798
Singapore Exchange Ltd.		2,700	18,644
Singapore Telecommunications Ltd.		5,500	9,469
STMicroelectronics N.V.		960	47,165
			89,076
South Africa–0.42%
Anglo American PLC		2,684	109,864
Bidvest Group Ltd. (The)		1,420	16,885
Exxaro Resources Ltd.		1,382	13,259
FirstRand Ltd.		5,336	20,358
Impala Platinum Holdings Ltd.		845	11,935
Life Healthcare Group Holdings Ltd.		7,293	10,999
Naspers Ltd., Class N		230	35,689
Remgro Ltd.		2,687	22,116
Shoprite Holdings Ltd.		1,765	23,123
Sibanye Stillwater Ltd.		5,835	18,031
Woolworths Holdings Ltd.		3,762	12,245
			294,504
South Korea–1.69%
Amorepacific Corp.		76	10,596
CJ CheilJedang Corp.		39	12,656
E-MART, Inc.		154	19,514
GS Holdings Corp.		307	10,091
Hankook Tire & Technology Co. Ltd.		345	11,464
HMM Co. Ltd.(a)		1,728	39,073
Hyundai Engineering & Construction Co. Ltd.		345	12,863
Hyundai Mobis Co. Ltd.		215	45,666
Hyundai Motor Co.		76	13,354
Hyundai Steel Co.		307	10,582
Kakao Corp.		269	25,371
Kia Corp.		806	55,335
Korea Electric Power Corp.		768	14,225
Korea Investment Holdings Co. Ltd.		115	7,788
KT Corp.		1,113	28,612
KT&G Corp.		501	33,316

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

12                                   Invesco Income Advantage International Fund

	Shares		Value
South Korea–(continued)
Kumho Petrochemical Co. Ltd.		115	$       16,008
LG Chem Ltd.		36	18,574
LG Corp.		384	25,968
LG Display Co. Ltd.(a)		729	15,075
LG Electronics, Inc.		422	48,800
NAVER Corp.		76	24,128
NCSoft Corp.		39	21,058
POSCO		322	73,918
Samsung C&T Corp.		192	19,083
Samsung Electronics Co. Ltd.		5,797	380,574
Samsung SDI Co. Ltd.		39	21,362
SK Hynix, Inc.		729	79,761
SK Innovation Co. Ltd.(a)		39	7,820
SK Square Co. Ltd.(a)		287	16,031
SK Telecom Co. Ltd.		787	38,315
SK, Inc.		115	24,196
			1,181,177
Spain–0.94%
Acciona S.A.		107	20,391
ACS Actividades de Construccion y Servicios S.A.		1,151	30,872
Amadeus IT Group S.A.(a)		269	18,118
Cellnex Telecom S.A.(b)		307	17,824
Enagas S.A.		1,190	27,523
Endesa S.A.		691	15,929
Ferrovial S.A.		691	21,671
Grifols S.A.		883	16,895
Iberdrola S.A.		17,643	206,749
Industria de Diseno Textil S.A.		921	29,848
Merlin Properties SOCIMI S.A.		1,919	20,843
Naturgy Energy Group S.A.		845	27,433
Red Electrica Corp. S.A.		1,843	39,891
Repsol S.A.		6,372	75,633
Telefonica S.A.		19,754	85,995
			655,615
Sweden–1.13%
Assa Abloy AB, Class B		1,036	31,472
Atlas Copco AB, Class A		998	69,085
Electrolux AB, Class B		768	18,567
Epiroc AB, Class A		2,073	52,557
EQT AB		691	37,559
Essity AB, Class B		422	13,770
Evolution AB(b)		358	50,364
Getinge AB, Class B		576	25,019
H & M Hennes & Mauritz AB, Class B		460	9,021
Hexagon AB, Class B		2,073	32,636
ICA Gruppen AB		192	11,351
Industrivarden AB, Class C		576	18,016
Investor AB, Class B		4,223	105,610
Kinnevik AB, Class B(a)		729	25,789
Lundin Energy AB		1,535	55,049
Sandvik AB		653	18,245
Securitas AB, Class B		960	13,195
Skanska AB, Class B		1,229	31,656
SKF AB, Class B		384	9,052
Svenska Cellulosa AB S.C.A., Class B		653	11,567
Swedish Match AB		4,146	32,942

	Shares		Value
Sweden–(continued)
Tele2 AB, Class B		1,728	$       24,629
Telefonaktiebolaget LM Ericsson, Class B		1,881	20,661
Telia Co. AB		2,955	11,554
Trelleborg AB, Class B		691	18,057
Volvo AB, Class B		2,034	46,895
			794,318
Switzerland–4.52%
ABB Ltd.		1,611	61,381
Adecco Group AG		384	19,632
Alcon, Inc.		499	43,964
Cie Financiere Richemont S.A.		501	74,811
Credit Suisse Group AG		9,054	87,817
Geberit AG		72	58,612
Givaudan S.A.		15	78,928
Holcim Ltd.		1,497	76,185
Julius Baer Group Ltd.		384	25,661
Kuehne + Nagel International AG, Class R		76	24,441
Logitech International S.A., Class R		192	16,070
Lonza Group AG		36	29,990
Nestle S.A.		5,905	825,471
Novartis AG		3,650	320,530
Partners Group Holding AG		36	59,347
PSP Swiss Property AG		76	9,461
Roche Holding AG		2,004	830,729
Schindler Holding AG, PC		107	28,708
SGS S.A.		10	33,310
Sika AG		107	44,415
Sonova Holding AG, Class A		39	15,232
Straumann Holding AG, Class R		36	76,070
Swatch Group AG (The), BR		39	11,881
Swiss Life Holding AG		39	23,870
Swisscom AG		107	60,363
UBS Group AG		10,701	192,063
Zurich Insurance Group AG		76	33,305
			3,162,247
Taiwan–3.50%
Acer, Inc.		15,000	16,473
ASE Technology Holding Co. Ltd.		4,000	15,334
Asustek Computer, Inc.		1,000	13,591
AU Optronics Corp.		50,000	41,209
Catcher Technology Co. Ltd.		3,000	16,921
Cathay Financial Holding Co. Ltd.		14,000	31,547
Chailease Holding Co. Ltd.		3,000	28,483
China Steel Corp.		31,000	39,597
Chunghwa Telecom Co. Ltd.		11,000	46,319
Compal Electronics, Inc.		21,000	18,352
Delta Electronics, Inc.		4,000	39,763
Evergreen Marine Corp. Taiwan Ltd.		10,000	51,240
Far EasTone Telecommunications Co. Ltd.		4,000	9,340
Formosa Chemicals & Fibre Corp.		4,000	11,663
Formosa Plastics Corp.		5,000	18,758
Fubon Financial Holding Co. Ltd.		12,000	33,087
Globalwafers Co. Ltd.		1,000	31,976
HannStar Display Corp.		18,000	11,720
Hon Hai Precision Industry Co. Ltd.		46,000	172,453
Innolux Corp.		52,000	36,646
Lite-On Technology Corp.		7,000	16,142

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

13                                   Invesco Income Advantage International Fund

	Shares		Value
Taiwan–(continued)
MediaTek, Inc.		3,000	$     128,264
Medigen Vaccine Biologics Corp.(a)		1,000	10,807
Nan Ya Plastics Corp.		6,000	18,482
Novatek Microelectronics Corp.		2,000	38,799
Quanta Computer, Inc.		11,000	37,589
Realtek Semiconductor Corp.		1,000	20,968
Sea Ltd., ADR(a)		322	72,035
Taiwan Cement Corp.		7,000	12,145
Taiwan Mobile Co. Ltd.		5,000	18,073
Taiwan Semiconductor Manufacturing Co. Ltd.		52,000	1,151,423
Uni-President Enterprises Corp.		8,000	19,837
United Microelectronics Corp.		40,000	93,453
Wan Hai Lines Ltd.		6,000	43,089
Winbond Electronics Corp.		15,000	18,330
WPG Holdings Ltd.		7,000	13,293
Yang Ming Marine Transport Corp.(a)		7,000	30,628
Yuanta Financial Holding Co. Ltd.		27,000	24,656
			2,452,485
Tanzania–0.02%
AngloGold Ashanti Ltd.		538	11,231
Thailand–0.05%
Delta Electronics Thailand PCL, Foreign Shares		3,000	37,000
Turkey–0.05%
Eregli Demir ve Celik Fabrikalari TAS		10,940	23,270
Turkcell Iletisim Hizmetleri A.S.		6,103	8,318
			31,588
United Kingdom–5.35%
3i Group PLC		1,113	21,776
abrdn PLC		3,685	12,010
Admiral Group PLC		691	29,542
Ashtead Group PLC		1,145	91,757
AstraZeneca PLC		930	108,368
Auto Trader Group PLC(b)		1,728	17,273
Aviva PLC		9,789	54,361
B&M European Value Retail S.A.		1,613	13,806
Balfour Beatty PLC		2,725	9,640
Berkeley Group Holdings PLC		230	14,826
BP PLC		8,137	36,199
British American Tobacco PLC		6,621	245,317
BT Group PLC		23,877	54,598
Bunzl PLC		751	29,285
CNH Industrial N.V.		2,457	47,189
Coca-Cola Europacific Partners PLC		460	25,728
Compass Group PLC(a)		3,150	70,170
Croda International PLC		154	21,121
Diageo PLC		6,334	345,285
DS Smith PLC		2,994	15,582
Entain PLC(a)		1,113	25,271
Experian PLC		576	28,255
GlaxoSmithKline PLC		14,637	318,269
Halma PLC		307	13,259
Hargreaves Lansdown PLC		460	8,441
Howden Joinery Group PLC		1,305	15,880
Imperial Brands PLC		3,263	71,353
Inchcape PLC		998	12,269

	Shares		Value
United Kingdom–(continued)
InterContinental Hotels Group PLC(a)		154	$        9,913
J Sainsbury PLC		4,529	16,886
Kingfisher PLC		8,829	40,367
Legal & General Group PLC		3,224	12,978
London Stock Exchange Group PLC		154	14,414
M&G PLC		6,756	18,238
Man Group PLC		4,913	15,118
Melrose Industries PLC		4,069	8,829
National Grid PLC		12,275	177,110
Next PLC		230	25,305
Pearson PLC		2,111	17,480
Pennon Group PLC		2,111	33,425
Persimmon PLC		614	23,682
Phoenix Group Holdings PLC		2,955	26,064
Prudential PLC		1,266	21,831
Reckitt Benckiser Group PLC		501	42,980
RELX PLC		1,650	53,776
Rightmove PLC		1,728	18,555
Royal Dutch Shell PLC, Class A		27,986	614,067
Royal Mail PLC		8,944	61,354
Segro PLC		2,534	49,224
Severn Trent PLC		460	18,371
Spirax-Sarco Engineering PLC		76	16,537
SSE PLC		2,534	56,506
St James’s Place PLC		538	12,256
Tate & Lyle PLC		960	8,579
Tesco PLC		37,541	147,185
Unilever PLC		5,440	291,445
United Utilities Group PLC		1,036	15,292
Vodafone Group PLC		71,288	106,325
WPP PLC		921	13,921
			3,744,843
United States–0.50%
Atlassian Corp. PLC, Class A(a)		76	28,978
Bausch Health Cos., Inc.(a)		345	9,530
Ferguson PLC		823	146,198
James Hardie Industries PLC, CDI		653	26,283
JBS S.A.		2,200	14,991
Stellantis N.V.		1,804	33,873
Swiss Re AG		768	75,856
Tenaris S.A.		1,305	13,620
			349,329
Zambia–0.07%
First Quantum Minerals Ltd.		2,111	50,516
Total Common Stocks & Other Equity Interests (Cost $36,623,257)			37,311,983
	Principal Amount
Equity Linked Notes–22.96%
Canada–4.01%
Canadian Imperial Bank of Commerce, 23.42%, 01/11/2022(b)	$	301,000	296,754
Canadian Imperial Bank of Commerce, 26.20%, 01/11/2022(b)		623,000	628,755
Canadian Imperial Bank of Commerce, 25.10%, 01/13/2022(b)		627,000	631,506

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

14                                   Invesco Income Advantage International Fund

	Principal   Amount		Value
Canada–(continued)
Canadian Imperial Bank of Commerce, 21.33%, 01/18/2022(b)	$	647,000	$     639,928
Royal Bank of Canada, Conv., 19.27%, 01/21/2022(b)		323,000	319,829
Royal Bank of Canada, Conv., 19.87%, 01/25/2022(b)		290,000	287,006
			2,803,778
France–4.45%
BNP Paribas Issuance B.V., 29.93%, 01/12/2022(b)		628,000	635,719
BNP Paribas Issuance B.V., 26.65%, 01/12/2022(b)		311,000	310,592
BNP Paribas Issuance B.V., 19.63%, 01/26/2022(b)		610,000	612,033
BNP Paribas Issuance B.V., 23.86%, 01/26/2022(b)		300,000	301,221
BNP Paribas S.A., 20.29%, 01/19/2022(b)		309,000	302,068
Societe Generale S.A., 20.00%, 01/24/2022(b)		324,000	322,205
Societe Generale S.A., 20.00%, 01/25/2022(b)		628,000	628,548
			3,112,386
Switzerland–6.07%
Credit Suisse AG, 26.70%, 01/20/2022(b)		314,000	306,475
Credit Suisse AG, 25.50%, 01/27/2022(b)		2,629,000	2,652,500
UBS AG, 22.28%, 01/19/2022(b)		651,000	648,258
UBS AG, 20.16%, 01/20/2022(b)		648,000	644,170
			4,251,403
United States–8.43%
GS Finance Corp., 24.30%, 01/10/2022(b)		300,000	299,845

	Principal   Amount		Value
United States–(continued)
GS Finance Corp., 24.56%, 01/10/2022(b)	$	602,000	$     607,702
GS Finance Corp., 23.20%, 01/27/2022(b)		1,226,000	1,229,085
HSBC Bank USA N.A., 20.91%, 01/14/2022(b)		303,000	295,851
HSBC Bank USA N.A., 22.23%, 01/14/2022(b)		638,000	632,110
HSBC Bank USA N.A., 18.95%, 01/21/2022(b)		661,000	663,914
HSBC Bank USA N.A., 19.72%, 01/24/2022(b)		654,000	657,681
HSBC USA, Inc., 23.92%, 01/13/2022(b)		306,000	303,294
Morgan Stanley Finance LLC, Series 4, 25.05%, 01/07/2022(b)		289,000	288,660
Morgan Stanley Finance LLC, Series 5, 21.75%, 01/07/2022(b)		617,000	623,446
Morgan Stanley Finance LLC, Series E, 18.50%, 01/18/2022(b)		308,000	299,883
			5,901,471
Total Equity Linked Notes (Cost $16,067,000)			16,069,038
	Shares
Money Market Funds–22.22%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)		5,444,739	5,444,739
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(c)(d)		3,880,341	3,881,117
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(d)		6,222,558	6,222,558
Total Money Market Funds (Cost $15,548,598)			15,548,414
TOTAL INVESTMENTS IN SECURITIES–98.50% (Cost $68,238,855)			68,929,435
OTHER ASSETS LESS LIABILITIES–1.50%			1,050,006
NET ASSETS–100.00%			$69,979,441

Investment Abbreviations:

ADR	– American Depositary Receipt
BR	– Bearer Shares
CDI	– CREST Depository Interest
Conv.	– Convertible
GDR	– Global Depositary Receipt
PC	– Participation Certificate
REIT	– Real Estate Investment Trust

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

15                                   Invesco Income Advantage International Fund

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at December 31, 2021 was $16,756,408, which represented 23.94% of the Fund’s Net Assets.

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

	Value December 31, 2020		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value December 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$327,478		$  23,352,586		$(18,235,325)		$        -		$       -		$  5,444,739		$   749
Invesco Liquid Assets Portfolio, Institutional Class		233,846		16,667,818		(13,019,773)		(156)		(618)		3,881,117		234
Invesco Treasury Portfolio, Institutional Class		374,261		26,688,670		(20,840,373)		-		-		6,222,558		335
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		413,318		(413,318)		-		-		-		3*
Invesco Private Prime Fund		-		618,805		(618,805)		-		-		-		31*
Total		$935,585		$67,741,197		$(53,127,594)		$(156)		$(618)		$15,548,414		$1,352

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

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

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

16                                   Invesco Income Advantage International Fund

Statement of Assets and Liabilities

December 31, 2021

Assets:
Investments in unaffiliated securities, at value (Cost $52,690,257)	$	53,381,021
Investments in affiliated money market funds, at value (Cost $15,548,598)		15,548,414
Foreign currencies, at value (Cost $81,322)		80,693
Receivable for:
Fund shares sold		9,405
Dividends		137,779
Interest		144,242
Cash segregated as collateral		800,000
Investment for trustee deferred compensation and retirement plans		68,966
Other assets		41,757
Total assets		70,212,277
Liabilities:
Payable for:
Fund shares reacquired		32,469
Amount due custodian		25,961
Accrued fees to affiliates		37,076
Accrued other operating expenses		61,089
Trustee deferred compensation and retirement plans		76,241
Total liabilities		232,836
Net assets applicable to shares outstanding	$	69,979,441
Net assets consist of:
Shares of beneficial interest	$	70,025,678
Distributable earnings (loss)		(46,237	)
	$	69,979,441

Net Assets:
Class A	$64,112,456
Class C	$  1,175,764
Class R	$  1,655,209
Class Y	$  2,334,854
Class R5	$     679,464
Class R6	$       21,694
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A	4,404,493
Class C	85,417
Class R	113,516
Class Y	160,012
Class R5	46,150
Class R6	1,475
Class A:
Net asset value per share	$         14.56
Maximum offering price per share (Net asset value of $14.56 ÷ 94.50%)	$         15.41
Class C:
Net asset value and offering price per share	$         13.76
Class R:
Net asset value and offering price per share	$         14.58
Class Y:
Net asset value and offering price per share	$         14.59
Class R5:
Net asset value and offering price per share	$         14.72
Class R6:
Net asset value and offering price per share	$         14.71

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

17                                   Invesco Income Advantage International Fund

Statement of Operations

For the year ended December 31, 2021

Investment income:
Interest	$	1,486,349
Dividends (net of foreign withholding taxes of $143,186)		1,915,915
Dividends from affiliated money market funds (includes securities lending income of $59)		1,377
Total investment income		3,403,641
Expenses:
Advisory fees		555,255
Administrative services fees		10,064
Custodian fees		8,818
Distribution fees:
Class A		164,925
Class C		12,717
Class R		7,798
Transfer agent fees – A, C, R and Y		147,823
Transfer agent fees – R5		477
Transfer agent fees – R6		12
Trustees’ and officers’ fees and benefits		24,239
Registration and filing fees		80,854
Reports to shareholders		21,364
Professional services fees		61,586
Other		17,685
Total expenses		1,113,617
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(86,141	)
Net expenses		1,027,476
Net investment income		2,376,165
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $396)		12,178,849
Affiliated investment securities		(618	)
Foreign currencies		(12,486	)
Forward foreign currency contracts		560,862
Futures contracts		75,548
		12,802,155
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(5,966,219	)
Affiliated investment securities		(156	)
Foreign currencies		(11,751	)
Forward foreign currency contracts		581,355
Futures contracts		(21,407	)
		(5,418,178	)
Net realized and unrealized gain		7,383,977
Net increase in net assets resulting from operations	$	9,760,142

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

18                                   Invesco Income Advantage International Fund

Statement of Changes in Net Assets

For the years ended December 31, 2021 and 2020

	2021			2020
Operations:
Net investment income	$	2,376,165		$	1,078,297
Net realized gain (loss)		12,802,155			(7,745,919	)
Change in net unrealized appreciation (depreciation)		(5,418,178	)		1,477,595
Net increase (decrease) in net assets resulting from operations		9,760,142			(5,190,027	)
Distributions to shareholders from distributable earnings:
Class A		(1,752,390	)		(1,056,374	)
Class C		(23,528	)		(21,590	)
Class R		(38,642	)		(20,019	)
Class Y		(62,439	)		(38,339	)
Class R5		(19,570	)		(10,379	)
Class R6		(646	)		(15,712	)
Total distributions from distributable earnings		(1,897,215	)		(1,162,413	)
Return of capital:
Class A		–			(259,439	)
Class C		–			(5,302	)
Class R		–			(4,917	)
Class Y		–			(9,416	)
Class R5		–			(2,549	)
Class R6		–			(3,859	)
Total return of capital		–			(285,482	)
Total distributions		(1,897,215	)		(1,447,895	)
Share transactions-net:
Class A		(5,302,795	)		(7,108,178	)
Class C		(274,092	)		(1,224,635	)
Class R		188,580			(337,252	)
Class Y		122,744			(587,806	)
Class R5		57,382			9,567
Class R6		205			(1,302,594	)
Net increase (decrease) in net assets resulting from share transactions		(5,207,976	)		(10,550,898	)
Net increase (decrease) in net assets		2,654,951			(17,188,820	)
Net assets:
Beginning of year		67,324,490			84,513,310
End of year	$	69,979,441		$	67,324,490

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

19                                   Invesco Income Advantage International Fund

Financial Highlights

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

	Net asset value, beginning of period			Net investment income(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Return of capital				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Year ended 12/31/21		$	13.02		$	0.48			$	1.45			$	1.93			$	(0.39	)		$	–			$	(0.39	)		$	14.56		14.84	%		$	64,112		1.43	%		1.55	%		3.33	%		115	%
Year ended 12/31/20			14.04			0.19				(0.95	)			(0.76	)			(0.21	)			(0.05	)			(0.26	)			13.02		(5.16	)			62,139		1.55			1.55			1.54			71
Year ended 12/31/19			12.23			0.29				1.81				2.10				(0.29	)			–				(0.29	)			14.04		17.26				74,917		1.59			1.59			2.19			103
Year ended 12/31/18			13.89			0.28	(d)			(1.70	)			(1.42	)			(0.24	)			–				(0.24	)			12.23		(10.39	)			70,104		1.59			1.59			2.07	(d)		111
Year ended 12/31/17			12.37			0.38				1.55				1.93				(0.41	)			–				(0.41	)			13.89		15.77				88,550		1.65			1.65			2.83			78
Class C
Year ended 12/31/21			12.32			0.35				1.36				1.71				(0.27	)			–				(0.27	)			13.76		13.86				1,176		2.18			2.30			2.58			115
Year ended 12/31/20			13.27			0.09				(0.88	)			(0.79	)			(0.13	)			(0.03	)			(0.16	)			12.32		(5.82	)			1,302		2.30			2.30			0.79			71
Year ended 12/31/19			11.56			0.18				1.71				1.89				(0.18	)			–				(0.18	)			13.27		16.40				2,781		2.34			2.34			1.44			103
Year ended 12/31/18			13.13			0.17	(d)			(1.61	)			(1.44	)			(0.13	)			–				(0.13	)			11.56		(11.08	)			6,782		2.34			2.34			1.32	(d)		111
Year ended 12/31/17			11.69			0.26				1.47				1.73				(0.29	)			–				(0.29	)			13.13		14.93				9,163		2.40			2.40			2.08			78
Class R
Year ended 12/31/21			13.04			0.45				1.44				1.89				(0.35	)			–				(0.35	)			14.58		14.55				1,655		1.68			1.80			3.08			115
Year ended 12/31/20			14.06			0.16				(0.95	)			(0.79	)			(0.18	)			(0.05	)			(0.23	)			13.04		(5.41	)			1,307		1.80			1.80			1.29			71
Year ended 12/31/19			12.25			0.26				1.81				2.07				(0.26	)			–				(0.26	)			14.06		16.95				1,818		1.84			1.84			1.94			103
Year ended 12/31/18			13.91			0.25	(d)			(1.71	)			(1.46	)			(0.20	)			–				(0.20	)			12.25		(10.60	)			1,253		1.84			1.84			1.82	(d)		111
Year ended 12/31/17			12.38			0.35				1.56				1.91				(0.38	)			–				(0.38	)			13.91		15.55				1,496		1.90			1.90			2.58			78
Class Y
Year ended 12/31/21			13.05			0.52				1.45				1.97				(0.43	)			–				(0.43	)			14.59		15.10				2,335		1.18			1.30			3.58			115
Year ended 12/31/20			14.07			0.23				(0.96	)			(0.73	)			(0.23	)			(0.06	)			(0.29	)			13.05		(4.89	)			2,001		1.30			1.30			1.79			71
Year ended 12/31/19			12.26			0.33				1.80				2.13				(0.32	)			–				(0.32	)			14.07		17.52				2,910		1.34			1.34			2.44			103
Year ended 12/31/18			13.93			0.32	(d)			(1.72	)			(1.40	)			(0.27	)			–				(0.27	)			12.26		(10.21	)			2,168		1.34			1.34			2.32	(d)		111
Year ended 12/31/17			12.39			0.41				1.58				1.99				(0.45	)			–				(0.45	)			13.93		16.20				4,714		1.40			1.40			3.08			78
Class R5
Year ended 12/31/21			13.17			0.53				1.46				1.99				(0.44	)			–				(0.44	)			14.72		15.15				679		1.10			1.16			3.66			115
Year ended 12/31/20			14.20			0.25				(0.97	)			(0.72	)			(0.25	)			(0.06	)			(0.31	)			13.17		(4.74	)			557		1.16			1.16			1.93			71
Year ended 12/31/19			12.38			0.35				1.83				2.18				(0.36	)			–				(0.36	)			14.20		17.69				594		1.17			1.17			2.61			103
Year ended 12/31/18			14.06			0.34	(d)			(1.73	)			(1.39	)			(0.29	)			–				(0.29	)			12.38		(10.05	)			502		1.21			1.21			2.45	(d)		111
Year ended 12/31/17			12.52			0.44				1.57				2.01				(0.47	)			–				(0.47	)			14.06		16.27				1,042		1.24			1.24			3.24			78
Class R6
Year ended 12/31/21			13.16			0.53				1.46				1.99				(0.44	)			–				(0.44	)			14.71		15.16				22		1.10			1.15			3.66			115
Year ended 12/31/20			14.21			0.24				(0.98	)			(0.74	)			(0.25	)			(0.06	)			(0.31	)			13.16		(4.88	)			19		1.16			1.16			1.93			71
Year ended 12/31/19			12.38			0.35				1.84				2.19				(0.36	)			–				(0.36	)			14.21		17.77				1,494		1.17			1.17			2.61			103
Year ended 12/31/18			14.06			0.34	(d)			(1.73	)			(1.39	)			(0.29	)			–				(0.29	)			12.38		(10.03	)			1,483		1.20			1.20			2.46	(d)		111
Period ended 12/31/17(e)			13.27			0.34				0.81				1.15				(0.36	)			–				(0.36	)			14.06		8.72				11		1.20	(f)		1.20	(f)		3.28	(f)		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)  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.

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

^(f)  Annualized.

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

20                                   Invesco Income Advantage International Fund

Notes to Financial Statements

December 31, 2021

NOTE 1–Significant Accounting Policies

Invesco Income Advantage International Fund, formerly 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 eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

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

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

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

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

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

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

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

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

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

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

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

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

21                                   Invesco Income Advantage International 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 - Effective July 15, 2021, distributions from net investment income, if any, are declared and paid monthly and are recorded on the ex-dividend date. Prior to July 15, 2021, distributions from net investment income, if any, were declared and paid quarterly and were 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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

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

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

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

J. 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,

22                                   Invesco Income Advantage International Fund

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

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

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

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

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

L. 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 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.

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Effective July 15, 2021, 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	0.750%
Next $250 million	0.730%
Next $500 million	0.710%
Next $1.5 billion	0.690%
Next $2.5 billion	0.670%
Next $2.5 billion	0.650%
Next $2.5 billion	0.630%
Over $10 billion	0.610%

Prior to July 15, 2021, 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 $250 million	0.800%
Next $250 million	0.780%
Next $500 million	0.760%
Next $1.5 billion	0.740%
Next $2.5 billion	0.720%
Next $2.5 billion	0.700%
Next $2.5 billion	0.680%
Over $10 billion	0.660%

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

23                                   Invesco Income Advantage International Fund

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

    Effective July 15, 2021, the Adviser has contractually agreed, through at least April 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to shares to 1.23%, 1.98%, 1.48%, 0.98%, 0.98% and 0.98% respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to July 15, 2021, the Adviser had contractually agreed, 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 shares to 2.00%, 2.75%, 2.25%, 1.75%, 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. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

    Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

    For the year ended December 31, 2021, the Adviser waived advisory fees of $28,087 and reimbursed class level expenses of $53,725, $999, $1,315, $1,752, $56 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 year ended December 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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

    The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

    Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2021, IDI advised the Fund that IDI retained $4,735 in front-end sales commissions from the sale of Class A shares and $2,038 and $41 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, discountrates, volatilities and others.
Level 3	-	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

    The following is a summary of the tiered valuation input levels, as of December 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

24                                   Invesco Income Advantage International Fund

	Level 1	Level 2	Level 3	Total
Investments in Securities
Australia	$                –	$  1,558,685	$–	$  1,558,685
Austria	–	35,076	–	35,076
Belgium	–	108,953	–	108,953
Brazil	62,090	697,332	–	759,422
Canada	2,803,446	2,803,778	–	5,607,224
Chile	7,795	13,251	–	21,046
China	667,994	1,735,770	–	2,403,764
Denmark	–	1,098,869	–	1,098,869
Finland	–	227,023	–	227,023
France	–	6,116,703	–	6,116,703
Germany	61,172	2,456,689	–	2,517,861
Greece	–	9,957	–	9,957
Hong Kong	–	650,040	–	650,040
Indonesia	–	42,600	–	42,600
Ireland	39,841	–	–	39,841
Israel	54,317	11,838	–	66,155
Italy	–	323,204	–	323,204
Japan	–	6,065,214	–	6,065,214
Luxembourg	–	90,792	–	90,792
Malaysia	–	36,170	–	36,170
Mexico	163,749	–	–	163,749
Netherlands	–	1,760,058	–	1,760,058
New Zealand	–	46,521	–	46,521
Philippines	–	10,973	–	10,973
Poland	–	25,581	–	25,581
Romania	–	13,527	–	13,527
Russia	521,493	40,878	–	562,371
Saudi Arabia	–	12,839	–	12,839
Singapore	–	89,076	–	89,076
South Africa	–	294,504	–	294,504
South Korea	16,031	1,165,146	–	1,181,177
Spain	–	655,615	–	655,615
Sweden	–	794,318	–	794,318
Switzerland	–	7,413,650	–	7,413,650
Taiwan	72,035	2,380,450	–	2,452,485
Tanzania	–	11,231	–	11,231
Thailand	37,000	–	–	37,000
Turkey	–	31,588	–	31,588
United Kingdom	25,728	3,719,115	–	3,744,843
United States	38,508	6,212,292	–	6,250,800
Zambia	50,516	–	–	50,516
Money Market Funds	15,548,414	–	–	15,548,414
Total Investments	$20,170,129	$48,759,306	$–	$68,929,435

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.

25                                   Invesco Income Advantage International Fund

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

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

	Location of Gain (Loss) on Statement of Operations
	Currency Risk		Equity Risk			Total
Realized Gain:
Forward foreign currency contracts	$	560,862	$	-		$	560,862
Futures contracts		-		75,548			75,548
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		581,355		-			581,355
Futures contracts		-		(21,407	)		(21,407	)
Total	$	1,142,217	$	54,141		$	1,196,358

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

	Forward Foreign Currency Contracts	Futures       Contracts
Average notional value	$38,860,996	$1,189,366

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 year ended December 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $205.

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–Distributions to Shareholders and Tax Components of Net Assets

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

	2021		2020
Ordinary income*	$	1,897,215	$1,162,413
Return of capital		–	285,482
Total distributions	$	1,897,215	$1,447,895

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

Tax Components of Net Assets at Period-End:

	2021
Undistributed ordinary income	$	686,869
Net unrealized appreciation – investments		574,052
Net unrealized appreciation (depreciation) – foreign currencies		(697	)
Temporary book/tax differences		(44,434	)
Capital loss carryforward		(1,262,027	)
Shares of beneficial interest		70,025,678
Total net assets	$	69,979,441

26                                    Invesco Income Advantage International Fund

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

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

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

    The Fund has a capital loss carryforward as of December 31, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total
Not subject to expiration	$	1,262,027	$–	$	1,262,027

* 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. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2021 was $62,566,798 and $99,747,999, 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	$	2,881,366
Aggregate unrealized (depreciation) of investments		(2,307,314	)
Net unrealized appreciation of investments	$	574,052

    Cost of investments for tax purposes is $68,355,383.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies, on December 31, 2021, undistributed net investment income was increased by $199,756 and undistributed net realized gain (loss) was decreased by $199,756. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended						Year ended
	December 31, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		269,293		$	3,817,303			202,260		$	2,423,246
Class C		22,642			303,273			15,023			177,732
Class R		23,072			327,618			12,868			157,369
Class Y		49,164			719,534			20,127			254,392
Class R5		4,310			63,093			3,302			42,025
Class R6		-			-			9,464			123,688
Issued as reinvestment of dividends:
Class A		109,388			1,593,558			104,361			1,202,302
Class C		1,590			21,914			2,179			23,245
Class R		2,646			38,642			2,173			24,936
Class Y		3,828			55,912			3,549			40,982
Class R5		1,328			19,571			1,103			12,928
Class R6		14			205			1,576			17,637
Automatic conversion of Class C shares to Class A shares:
Class A		22,389			313,468			50,070			626,555
Class C		(23,693	)		(313,468	)		(52,977	)		(626,555	)

27                                    Invesco Income Advantage International Fund

	Summary of Share Activity
	Year ended						Year ended
	December 31, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(767,767	)	$	(11,027,124	)		(921,799	)	$	(11,360,281	)
Class C		(20,837	)		(285,811	)		(68,113	)		(799,057	)
Class R		(12,393	)		(177,680	)		(44,128	)		(519,557	)
Class Y		(46,278	)		(652,702	)		(77,193	)		(883,180	)
Class R5		(1,763	)		(25,282	)		(3,925	)		(45,386	)
Class R6		-			-			(114,743	)		(1,443,919	)
Net increase (decrease) in share activity		(363,067	)	$	(5,207,976	)		(854,823	)	$	(10,550,898	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 20% 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.

28                                   Invesco Income Advantage International Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Income Advantage International Fund

Opinion on the Financial Statements

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

Basis for Opinion

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

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

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2022

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

29                                   Invesco Income Advantage International Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2021 through December 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

			ACTUAL			HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (07/01/21)		Ending     Account Value     (12/31/21)1		Expenses   Paid During   Period2	Ending   Account Value   (12/31/21)		Expenses   Paid During   Period2	Annualized Expense Ratio
Class A		$1,000.00		$1,006.20	$6.32		$1,018.90	$6.36		1.25%
Class C		1,000.00		1,001.70	10.09		1,015.12	10.16		2.00
Class R		1,000.00		1,004.30	7.58		1,017.64	7.63	��	1.50
Class Y		1,000.00		1,006.90	5.06		1,020.16	5.09		1.00
Class R5		1,000.00		1,007.00	5.01		1,020.21	5.04		0.99
Class R6		1,000.00		1,007.60	4.96		1,020.27	4.99		0.98

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

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

30                                   Invesco Income Advantage International Fund

Tax Information

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

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

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

Federal and State Income Tax
Qualified Dividend Income*	69.40%
Corporate Dividends Received Deduction*	7.45%
U.S. Treasury Obligations*	0.00%
Qualified Business Income*	0.00%
Business Interest Income*	4.90%
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

31                                   Invesco Income Advantage International Fund

Trustees and Officers

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

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

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

T-1                                   Invesco Income Advantage International Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson - 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	186	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	186	None

T-2                                   Invesco Income Advantage International Fund

Trustees and Officers–(continued)

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

T-3                                   Invesco Income Advantage International Fund

Trustees and Officers–(continued)

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

T-4                                   Invesco Income Advantage International Fund

Trustees and Officers–(continued)

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

T-5                                   Invesco Income Advantage International Fund

Trustees and Officers–(continued)

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6                                   Invesco Income Advantage International 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 portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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

SEC file number(s): 811-02699 and 002-57526                         Invesco Distributors, Inc. GLVEY-AR-1

Annual Report to Shareholders December 31, 2021

Invesco Income Allocation Fund

Nasdaq:

A: ALAAX ∎ C: CLIAX∎ R: RLIAX∎ Y: ALAYX∎ R5: ILAAX∎ R6: IIASX

2	Management’s Discussion
2	Performance Summary
3	Long-Term Fund Performance
5	Supplemental Information
7	Schedule of Investments
9	Financial Statements
12	Financial Highlights
13	Notes to Financial Statements
18	Report of Independent Registered Public Accounting Firm
19	Fund Expenses
20	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2021, Class A shares of Invesco Income Allocation Fund (the Fund), at net asset value (NAV), underperformed the Custom In-vesco Income Allocation Index, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.

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

Fund vs. Indexes

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

Class A Shares	7.56	%
Class C Shares	6.76
Class R Shares	7.20
Class Y Shares	7.74
Class R5 Shares	7.74
Class R6 Shares	7.83
S&P 500 Indexq (Broad Market Index)	28.71
Custom Invesco Income Allocation Index∎ (Style-Specific Index)	8.63
Lipper Mixed-Asset Target Allocation Conservative Funds Index¨ (Peer Group Index)	6.68
Source(s):q RIMES Technologies Corp.;∎ Invesco, RIMES Technologies Corp.; ¨Lipper Inc.

Market conditions and your Fund

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

    During the second quarter of 2021, global equity markets were again bolstered by the continued acceleration of vaccination rollouts and easing of COVID-19-related restrictions in most developed markets. In a reversal from the first quarter, growth stocks outperformed value stocks in most regions. Emerging market equities were led by Brazil which benefited from global tailwinds, while regulatory concerns weighed on Chinese equities.

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

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

slowing economic growth. Overall, developed market equities outperformed emerging market equities for the fiscal year.

    Strategic asset class exposures in the Fund are obtained through underlying representative mutual funds and exchange-traded funds. From an absolute performance perspective, strategic allocations to equity investments were the leading contributors to positive performance. Specifically, exposures to US and international low volatility equities, US value equities and US dividend equities were the leading contributors to positive absolute performance. An allocation to global real estate was accretive to absolute performance as well. Although absolute performance at the fixed income asset class level was positive, strategic allocations to underlying holdings in international and event-linked bonds were the leading detractors from absolute performance for the fiscal year.

    Relative to the Fund’s custom index, manager selection and style selection were the primary detractors from performance. Within the allocation to alternatives, Invesco Multi Asset Income Fund and Invesco Global Real Estate Income Fund were the primary detractors from relative performance results. Within equity, a relative underweight position versus the benchmark along with allocations to the Invesco Dividend Income Fund and Invesco S&P International Developed Low Volatility ETF hurt relative performance as well. Dividend and low volatility equity factors under-performed other factors such as growth, quality and value for the fiscal year.

    Conversely, a relative underweight position and style selection within the fixed income allocation were the leading contributors to relative Fund performance results. Within the allocation, the Invesco Income Fund and In-vesco Master Loan Fund were the leading contributors to relative performance. During

the fiscal year, short duration fixed income assets, meaningfully outperformed long duration fixed income assets and bank loans marginally outperformed high-yield fixed income. The Invesco Taxable Municipal Bond ETF and Invesco Variable Rate Preferred ETF contributed positively to relative performance for the fiscal year as well.

    Please note that some of the Fund’s underlying funds use derivatives, including futures and total return swaps, which may create economic leverage in the underlying funds. Therefore, some of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    We welcome new investors who joined the Fund during the fiscal year and we thank you for investing in Invesco Income Allocation Fund.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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

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

2                                   Invesco Income Allocation Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/11

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

3 Source: Lipper, Inc.

Past performance cannot guarantee future results.

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

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

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

3                                    Invesco Income Allocation Fund

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (10/31/05)	5.20	%
10 Years	5.59
5 Years	4.32
1 Year	1.66
Class C Shares
Inception (10/31/05)	5.18	%
10 Years	5.55
5 Years	4.71
1 Year	5.76
Class R Shares
Inception (10/31/05)	5.30	%
10 Years	5.93
5 Years	5.22
1 Year	7.20
Class Y Shares
Inception (10/3/08)	6.68	%
10 Years	6.45
5 Years	5.75
1 Year	7.74
Class R5 Shares
Inception (10/31/05)	5.83	%
10 Years	6.45
5 Years	5.75
1 Year	7.74
Class R6 Shares
10 Years	6.30	%
5 Years	5.72
1 Year	7.83

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

Supplemental Information

Invesco Income Allocation Fund’s investment objective is current income and, secondarily, growth of capital.

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

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

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

About indexes used in this report

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

∎ The Custom Invesco Income Allocation Index is composed of the following indexes: S&P 500^®, MSCI EAFE^®, FTSE NA-REIT Equity REITs and Bloomberg U.S. Universal. 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 considered representative of stocks of Europe, Australasia and the Far East and is computed using the net return, which withholds applicable taxes for non-resident investors. The FTSE NA-REIT Equity REITs Index is considered representative of US real estate investment trusts (REITs). The Bloomberg U.S. Universal Index is considered representative of USD-denominated, taxable bonds that are rated either 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.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

5 Invesco Income Allocation Fund

Fund Information

Portfolio Composition*

By fund type	% of total investments
Fixed Income Funds	57.34%
Equity Funds	23.72
Alternative Funds	17.15
Money Market Funds	1.79

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

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. Data presented here are as of December 31, 2021.

6                                    Invesco Income Allocation Fund

Schedule of Investments

December 31, 2021

Invesco Income Allocation Fund

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

	% of Net Assets 12/31/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 12/31/21		Value 12/31/21
Alternative Funds–17.31%
Invesco Global Real Estate Income Fund, Class R6		7.35	%	$	37,899,642	$	1,639,341	$	(4,852,510	)	$	6,109,340		$	238,980 $			925,479			4,099,380	$	41,034,793
Invesco Master Event-Linked Bond Fund, Class R6		-			8,715,180		223,800		(7,707,255	)		90,153			(1,321,878	)		214,052			-		-
Invesco Multi-Asset Income Fund, Class R6		9.96	%		52,716,176		4,894,314		(1,904,460	)		28,206			(119,958	)		3,347,402			5,709,885		55,614,278
Total Alternative Funds					99,330,998		6,757,455		(14,464,225	)		6,227,699			(1,202,856	)		4,486,933					96,649,071
Domestic Equity Funds–17.00%
Invesco Dividend Income Fund, Class R6		5.72	%		31,006,688		4,314,971		(6,906,283	)		2,368,870			2,598,867			699,730			1,245,955		31,946,296
Invesco S&P 500® Enhanced Value ETF		4.90	%		27,351,948		1,688,222		(9,372,674	)		6,958,575			742,870			664,288			616,061		27,368,941
Invesco S&P 500® High Dividend Low Volatility ETF(b)		6.38	%		33,071,377		2,157,337		(6,043,358	)		6,505,518			(108,084	)		1,243,279			785,839		35,582,790
Total Domestic Equity Funds					91,430,013		8,160,530		(22,322,315	)		15,832,963			3,233,653			2,607,297					94,898,027
Fixed Income Funds–57.91%
Invesco Core Plus Bond Fund, Class R6		12.31	%		79,748,854		7,648,552		(15,979,030	)		(2,542,734	)		522,475			1,563,441			6,224,302		68,716,297
Invesco Corporate Bond Fund, Class R6		2.49	%		19,031,740		1,970,534		(6,378,978	)		(998,422	)		528,052			466,995			1,818,049		13,871,716
Invesco Fundamental High Yield® Corporate Bond ETF		6.68	%		18,321,364		19,090,866		(103,859	)		(967	)		106			1,062,160			1,921,087		37,307,510
Invesco Income Fund, Class R6(c)		5.89	%		43,884,352		2,379,375		(13,817,256	)		(391,581	)		856,261			1,173,033			4,178,310		32,883,295
Invesco International Bond Fund, Class R6(c)		5.51	%		27,590,974		7,865,746		(910,388	)		(2,942,875	)		11,610			46,243			6,031,903		30,762,705
Invesco Master Loan Fund, Class R6		8.85	%		43,705,647		6,456,104		(2,545,915	)		1,724,726			37,070			2,102,764			3,071,455		49,377,632
Invesco Taxable Municipal Bond ETF		11.74	%		43,770,229		23,668,224		(1,693,029	)		(229,291	)		(1,871	)		1,565,866			1,987,690		65,514,262
Invesco Variable Rate Preferred ETF(b)		4.44	%		26,092,673		3,593,742		(4,876,834	)		(59,466	)		37,751			1,051,093			956,322		24,787,866
Total Fixed Income Funds					302,145,833		72,673,143		(46,305,289	)		(5,440,610	)		1,991,454			9,031,595					323,221,283
Foreign Equity Funds–6.95%
Invesco S&P International Developed Low Volatility ETF		6.95	%		31,484,312		6,237,574		(1,183,303	)		2,282,143			(27,360	)		1,122,874			1,215,331		38,793,366
Money Market Funds–0.88%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)		0.31	%		902,480		39,830,158		(39,025,226	)		-			-			258			1,707,412		1,707,412
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(d)		0.22	%		727,670		28,394,805		(27,872,870	)		(46	)		(23	)		109			1,249,287		1,249,536
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)		0.35	%		1,031,406		45,520,180		(44,600,258	)		-			-			110			1,951,328		1,951,328
Total Money Market Funds					2,661,556		113,745,143		(111,498,354	)		(46	)		(23	)		477					4,908,276
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $501,447,269)		100.05	%		527,052,712		207,573,845		(195,773,486	)		18,902,149			3,994,868			17,249,176					558,470,023
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.93%
Invesco Private Government Fund, 0.02%(d)(e)		0.28	%		1,328,312		119,046,126		(118,819,844	)		-			-			446	(f)		1,554,594		1,554,594
Invesco Private Prime Fund, 0.11%(d)(e)		0.65	%		1,992,468		203,941,671		(202,306,634	)		-			(119	)		6,433	(f)		3,626,661		3,627,386
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,181,980)		0.93	%		3,320,780		322,987,797		(321,126,478	)		-			(119	)		6,879					5,181,980
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $506,629,249)		100.98	%	$	530,373,492	$	530,561,642	$	(516,899,964	)	$	18,902,149		$	3,994,749	(g)(h)	$	17,256,055	(g)			$	563,652,003
OTHER ASSETS LESS LIABILITIES		(0.98	)%																				(5,497,225	)
NET ASSETS		100.00	%																			$	558,154,778

Investment Abbreviations:

ETF - Exchange-Traded Fund

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

7                                    Invesco Income Allocation 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)  All or a portion of this security was out on loan at December 31, 2021.

^(c)  Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

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

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

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

^(g)  Amounts exclude return of capital received from previously held underlying funds due to the timing of the determination of the character of dividends received.

^(h)  Includes capital gains distributions from affiliated underlying funds as follows:

Fund Name	Capital Gain
Invesco Core Plus Bond Fund	$	681,820
Invesco Corporate Bond Fund		281,210
Invesco Dividend Income Fund		1,436,817

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

8                                   Invesco Income Allocation Fund

Statement of Assets and Liabilities

December 31, 2021

Assets:
Investments in affiliated underlying funds, at value (Cost $506,629,249)*	$	563,652,003
Cash		78,505
Receivable for:
Dividends - affiliated underlying funds		7,939
Fund shares sold		589,236
Investment for trustee deferred compensation and retirement plans		44,965
Other assets		65,183
Total assets		564,437,831
Liabilities:
Payable for:
Fund shares reacquired		744,044
Collateral upon return of securities loaned		5,181,980
Accrued fees to affiliates		234,720
Accrued other operating expenses		68,849
Trustee deferred compensation and retirement plans		53,460
Total liabilities		6,283,053
Net assets applicable to shares outstanding	$	558,154,778
Net assets consist of:
Shares of beneficial interest	$	526,517,995
Distributable earnings		31,636,783
	$	558,154,778
Net Assets:
Class A	$	458,085,488
Class C	$	46,368,437
Class R	$	5,114,716
Class Y	$	48,311,149
Class R5	$	135,617
Class R6	$	139,371

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

Class A		38,701,972
Class C		3,912,924
Class R		431,844
Class Y		4,082,147
Class R5		11,461
Class R6		11,781
Class A: Net asset value per share	$	11.84
Maximum offering price per share (Net asset value of $11.84 ÷ 94.50%)	$	12.53
Class C: Net asset value and offering price per share	$	11.85
Class R: Net asset value and offering price per share	$	11.84
Class Y: Net asset value and offering price per share	$	11.83
Class R5: Net asset value and offering price per share	$	11.83
Class R6: Net asset value and offering price per share	$	11.83
*   At December 31, 2021, securities with an aggregate value of $5,076,368 were on loan to brokers.

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

9                                    Invesco Income Allocation Fund

Statement of Operations

For the year ended December 31, 2021

Investment income:
Dividends from affiliated underlying funds (includes securities lending income of $147,490)	$	17,045,737
Expenses:
Administrative services fees		75,230
Custodian fees		2,825
Distribution fees:
Class A		1,090,787
Class C		511,913
Class R		26,052
Transfer agent fees – A, C, R and Y		613,064
Transfer agent fees – R5		292
Transfer agent fees – R6		7
Trustees’ and officers’ fees and benefits		27,244
Registration and filing fees		110,244
Reports to shareholders		46,947
Professional services fees		40,069
Other		17,644
Total expenses		2,562,318
Less: Expenses reimbursed and/or expense offset arrangement(s)		(933,567	)
Net expenses		1,628,751
Net investment income		15,416,986

Realized and unrealized gain from:
Net realized gain from:
Net realized gain from affiliated underlying fund shares		1,946,121
Capital gain distributions from affiliated underlying fund shares		2,399,847
		4,345,968
Change in net unrealized appreciation of affiliated underlying fund shares		18,902,149
Net realized and unrealized gain		23,248,117
Net increase in net assets resulting from operations	$	38,665,103

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

10                                    Invesco Income Allocation Fund

Statement of Changes in Net Assets

For the years ended December 31, 2021 and 2020

	2021			2020
Operations:
Net investment income	$	15,416,986		$	19,086,996
Net realized gain (loss)		4,345,968			(18,441,132	)
Change in net unrealized appreciation		18,902,149			4,554,641
Net increase in net assets resulting from operations		38,665,103			5,200,505
Distributions to shareholders from distributable earnings:
Class A		(14,112,419	)		(17,233,903	)
Class C		(1,270,478	)		(2,343,323	)
Class R		(155,989	)		(228,781	)
Class Y		(1,678,129	)		(2,459,711	)
Class R5		(9,997	)		(51,483	)
Class R6		(357	)		(1,767	)
Total distributions from distributable earnings		(17,227,369	)		(22,318,968	)
Share transactions–net:
Class A		26,195,598			(8,976,301	)
Class C		(13,200,059	)		(18,020,034	)
Class R		(71,581	)		(1,602,387	)
Class Y		(3,018,631	)		(17,568,239	)
Class R5		(241,468	)		(1,212,217	)
Class R6		129,006			(173,604	)
Net increase (decrease) in net assets resulting from share transactions		9,792,865			(47,552,782	)
Net increase (decrease) in net assets		31,230,599			(64,671,245	)
Net assets:
Beginning of year		526,924,179			591,595,424
End of year	$	558,154,778		$	526,924,179

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

11                                    Invesco Income Allocation Fund

Financial Highlights

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

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(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
Year ended 12/31/21		$	11.37		$	0.34		$	0.51			$	0.85			$	(0.38	)		$	–			$	(0.38	)		$	11.84		7.56	%		$	458,085		0.25	%		0.42	%		2.90	%		16	%
Year ended 12/31/20			11.60			0.40			(0.17	)			0.23				(0.46	)			(0.00	)			(0.46	)			11.37		2.33				414,703		0.25			0.43			3.65			66
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
Class C
Year ended 12/31/21			11.38			0.25			0.51				0.76				(0.29	)			–				(0.29	)			11.85		6.76				46,368		1.00			1.17			2.15			16
Year ended 12/31/20			11.61			0.31			(0.16	)			0.15				(0.38	)			(0.00	)			(0.38	)			11.38		1.56				57,434		1.00			1.18			2.90			66
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
Class R
Year ended 12/31/21			11.38			0.31			0.50				0.81				(0.35	)			–				(0.35	)			11.84		7.20				5,115		0.50			0.67			2.65			16
Year ended 12/31/20			11.60			0.37			(0.16	)			0.21				(0.43	)			(0.00	)			(0.43	)			11.38		2.17				4,975		0.50			0.68			3.40			66
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
Class Y
Year ended 12/31/21			11.37			0.37			0.50				0.87				(0.41	)			–				(0.41	)			11.83		7.74				48,311		0.00			0.17			3.15			16
Year ended 12/31/20			11.60			0.42			(0.16	)			0.26				(0.49	)			(0.00	)			(0.49	)			11.37		2.59				49,435		0.00			0.18			3.90			66
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
Class R5
Year ended 12/31/21			11.37			0.37			0.50				0.87				(0.41	)			–				(0.41	)			11.83		7.74				136		0.00			0.16			3.15			16
Year ended 12/31/20			11.60			0.42			(0.16	)			0.26				(0.49	)			(0.00	)			(0.49	)			11.37		2.59				367		0.00			0.16			3.90			66
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
Class R6
Year ended 12/31/21			11.36			0.37			0.51				0.88				(0.41	)			–				(0.41	)			11.83		7.83				139		0.00			0.12			3.15			16
Year ended 12/31/20			11.60			0.45			(0.20	)			0.25				(0.49	)			(0.00	)			(0.49	)			11.36		2.50				10		0.00			0.14			3.90			66
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
Period ended 12/31/17(e)			11.42			0.31			0.28				0.59				(0.31	)			–				(0.31	)			11.70		5.25				10		0.00	(f)		0.17	(f)		3.57	(f)		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 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 0.45%, 0.51%, 0.52%, 0.56% and 0.54% for the years ended December 31, 2021, 2020, 2019, 2018 and 2017, respectively.

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

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

^(f)  Annualized.

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

12                                   Invesco Income Allocation Fund

Notes to Financial Statements

December 31, 2021

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 eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

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

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

A. Security Valuations – Securities 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 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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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 based on relative net assets of Class R5 and Class R6. 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, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated 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.

On September 29, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (the “Adviser” or “Invesco”) to serve as an affiliated securities lending agent for the Fund. Prior to September 29, 2021, the Bank of New York Mellon (“BNYM”) served as the sole securities lending agent for the Fund under the securities lending program. BNYM also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2021, fees paid to the Adviser were less than $500.

14                                   Invesco Income Allocation Fund

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Advisor 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 April 30, 2022, 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 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”). Effective May 1, 2022, the Adviser has contractually agreed, through at least June 30, 2022, 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 C, Class R, 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 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 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 expense reimbursement agreement, it will terminate on June 30, 2022. During its term, the expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement without approval of the Board of Trustees.

For the year ended December 31, 2021, the Adviser reimbursed fund level expenses of $320,017 and reimbursed class level expenses of $494,355, $58,193, $5,912, $54,604, $292 and $7 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

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

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2021, IDI advised the Fund that IDI retained $49,942 in front-end sales commissions from the sale of Class A shares and $34,071 and $1,389 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.

15                                   Invesco Income Allocation Fund

The following is a summary of the tiered valuation input levels, as of December 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3	Total
Investments in Securities
Affiliated Issuers	$	553,561,747	$	–	$–	$	553,561,747
Money Market Funds		4,908,276		5,181,980	–		10,090,256
Total Investments	$	558,470,023	$	5,181,980	$–	$	563,652,003

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended December 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $187.

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–Distributions to Shareholders and Tax Components of Net Assets

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

	2021		2020
Ordinary income*	$	17,227,369	$	22,318,968

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

Tax Components of Net Assets at Period-End:

	2021
Net unrealized appreciation – investments	$	47,666,818
Temporary book/tax differences		(31,114	)
Capital loss carryforward		(15,998,921	)
Shares of beneficial interest		526,517,995
Total net assets	$	558,154,778

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

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

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

The Fund has a capital loss carryforward as of December 31, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	5,065,669	$	10,933,252	$	15,998,921

* 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.

16                                   Invesco Income Allocation Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2021 was $93,828,702 and $84,275,132, 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	$	48,873,020
Aggregate unrealized (depreciation) of investments		(1,206,202	)
Net unrealized appreciation of investments	$	47,666,818

      Cost of investments for tax purposes is $515,985,185.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships, on December 31, 2021, undistributed net investment income was increased by $3,414,088, undistributed net realized gain (loss) was decreased by $3,237,823 and shares of beneficial interest was decreased by $176,265. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information

				Summary of Share Activity
	Year ended						Year ended
	December 31, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		9,211,409		$	107,654,588			10,661,132		$	115,770,513
Class C		245,475			2,872,403			1,320,398			14,501,896
Class R		133,067			1,548,725			130,524			1,409,579
Class Y		1,272,294			14,840,514			1,737,651			19,273,026
Class R5		6,857			79,769			37,815			420,649
Class R6		10,905			129,006			253			2,974
Issued as reinvestment of dividends:
Class A		997,757			11,646,372			1,339,276			14,335,296
Class C		88,026			1,027,923			179,027			1,916,020
Class R		13,347			155,849			21,364			228,449
Class Y		92,095			1,074,528			158,928			1,696,682
Class R5		817			9,524			4,841			50,923
Class R6		–			–			115			1,339
Automatic conversion of Class C shares to Class A shares:
Class A		286,043			3,335,367			527,533			5,814,811
Class C		(285,644	)		(3,335,367	)		(526,730	)		(5,814,811	)
Reacquired:
Class A		(8,270,318	)		(96,440,729	)		(13,502,917	)		(144,896,921	)
Class C		(1,180,531	)		(13,765,018	)		(2,676,938	)		(28,623,139	)
Class R		(151,892	)		(1,776,155	)		(304,614	)		(3,240,415	)
Class Y		(1,630,879	)		(18,933,673	)		(3,596,627	)		(38,537,947	)
Class R5		(28,467	)		(330,761	)		(157,973	)		(1,683,789	)
Class R6		–			–			(15,618	)		(177,917	)
Net increase (decrease) in share activity		810,361		$	9,792,865			(4,662,560	)	$	(47,552,782	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 64% 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.

17                                   Invesco Income Allocation Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Income Allocation Fund

Opinion on the Financial Statements

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

Basis for Opinion

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

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

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2022

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

18                                   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 July 1, 2021 through December 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio2
	Beginning     Account Value     (07/01/21)	Ending     Account Value     (12/31/21)1	Expenses     Paid During     Period2, 3	Ending     Account Value     (12/31/21)	Expenses     Paid During     Period2, 4
Class A	$1,000.00	$1,022.20	$1.27	$1,023.95	$1.28	0.25%
Class C	1,000.00	1,018.40	5.09	1,020.16	5.09	1.00
Class R	1,000.00	1,020.10	2.55	1,022.68	2.55	0.50
Class Y	1,000.00	1,022.70	0.00	1,025.21	0.00	0.00
Class R5	1,000.00	1,022.70	0.00	1,025.21	0.00	0.00
Class R6	1,000.00	1,023.50	0.00	1,025.21	0.00	0.00

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

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year. Effective May 1, 2022, the 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 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25%, and 1.25% 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 0.41%, 1.16%, 0.66%, 0.16%, 0.15%, and 0.08% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³  The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $2.06, $5.81, $3.31, $0.80, $0.75 and $0.40 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 half year are $2.06, $5.81, $3.31, $0.80, $0.75 and $0.40 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

19                                   Invesco Income Allocation Fund

Tax Information

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

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

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

Federal and State Income Tax
Qualified Dividend Income*	25.60	%
Corporate Dividends Received Deduction*	20.24	%
U.S. Treasury Obligations*	1.28	%
Qualified Business Income*	2.68	%
Business Interest Income*	40.50	%

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

20                                   Invesco Income Allocation Fund

Trustees and Officers

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

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

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

T-1                                   Invesco Income Allocation Fund

Trustees and Officers–(continued)

Name, Year of Birth and             Position(s)     Held with the Trust	Trustee             and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex   Overseen by Trustee	Other Directorship(s) Held by Trustee         During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	186	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler —1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management—Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	186	None

T-2                                    Invesco Income Allocation Fund

Trustees and Officers–(continued)

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

T-3                                    Invesco Income Allocation Fund

Trustees and Officers–(continued)

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

T-4                                    Invesco Income Allocation Fund

Trustees and Officers–(continued)

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

T-5                                    Invesco Income Allocation Fund

Trustees and Officers–(continued)

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

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6                                    Invesco Income Allocation 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 portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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

SEC file number(s): 811-02699 and 002-57526 Invesco Distributors, Inc. INCAL-AR-1

Annual Report to Shareholders December 31, 2021

Invesco International Diversified Fund

Nasdaq:

A: OIDAX ∎ C: OIDCX ∎ R: OIDNX ∎ Y: OIDYX ∎ R5: INDFX ∎ R6: OIDIX

2	Management’s Discussion
2	Performance Summary
3	Long-Term Fund Performance
5	Supplemental Information
7	Schedule of Investments
9	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
17	Report of Independent Registered Public Accounting Firm
18	Fund Expenses
19	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2021, Class A shares of Invesco International Diversified Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World ex USA Index.

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

Fund vs. Indexes

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

Class A Shares	3.89	%
Class C Shares	3.11
Class R Shares	3.62
Class Y Shares	4.17
Class R5 Shares	4.32
Class R6 Shares	4.31
MSCI All Country World ex USA Indexq	7.82
Source(s): qRIMES Technologies Corp.

Market conditions and your Fund

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

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

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

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

    During the year, the Fund’s portfolio consisted of four underlying mutual funds: In-vesco Oppenheimer International Growth Fund, Invesco Developing Markets Fund, In-vesco International Small-Mid Company Fund, and Invesco International Equity Fund. For the one-year period, three of the four underlying funds’ Class A shares at NAV produced positive absolute returns, led by Invesco International Small-Mid Company Fund, which returned 13.86%, followed by Invesco Oppen-heimer International Growth Fund which returned 10.57%, and Invesco International Equity Fund which returned 0.50%. The In-vesco Developing Markets Fund returned -7.50% for the one-year period.

    International Diversified Fund’s relative un-derperformance compared to the MSCI All Country World ex USA Index was driven mostly by stock selection in financials, consumer discretionary, and communication services. The Fund’s overweight allocation to consumer discretionary and underweight to financials also contributed negatively. The Fund’s relative performance during the period was hurt most by stock selection in China. An underweight allocation to Canada and stock selection in Japan were also contributed negatively. Stock selection in the industrials and health care sectors were the largest positive contributors to the Fund’s relative performance. An underweight allocation to real estate was also a positive contributor. Geographically, stock selection in Switzerland and Germany were positive contributors to relative Fund performance. Stock selection and an overweight allocation to Sweden also contributed positively.

    The Fund is designed to offer investors broad-based exposure to non-US equities with a single portfolio by combining four funds that have slightly varied individual mandates.

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

Portfolio manager(s):

George R. Evans

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

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

2                                   Invesco International Diversified Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/11

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

3                                   Invesco International Diversified Fund

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (9/27/05)	6.94	%
10 Years	9.06
5 Years	10.76
1 Year	-1.81
Class C Shares
Inception (9/27/05)	6.92	%
10 Years	9.03
5 Years	11.17
1 Year	2.16
Class R Shares
Inception (9/27/05)	7.01	%
10 Years	9.39
5 Years	11.73
1 Year	3.62
Class Y Shares
Inception (9/27/05)	7.63	%
10 Years	9.96
5 Years	12.32
1 Year	4.17
Class R5 Shares
10 Years	9.79	%
5 Years	12.25
1 Year	4.32
Class R6 Shares
Inception (8/28/12)	9.84	%
5 Years	12.48
1 Year	4.31

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 was subsequently renamed the Invesco International Diversified Fund (the Fund). Returns shown above, for periods ending on or 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 on or 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 International Diversified Fund

Supplemental Information

Invesco International Diversified Fund’s investment objective is to seek capital appreciation.

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

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

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

About indexes used in this report

∎ The MSCI All Country World ex USA^® Index 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.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

5                                    Invesco International Diversified Fund

Fund Information

Portfolio Composition

% of total investments
Invesco International Small-Mid Company Fund, Class R6	27.82	%
Invesco Developing Markets Fund, Class R6	27.16
Invesco International Equity Fund, Class R6	24.92
Invesco Oppenheimer International Growth Fund, Class R6	20.10

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

Data presented here are as of December 31, 2021.

6                                    Invesco International Diversified Fund

Schedule of Investments

December 31, 2021

Invesco International Diversified Fund

Schedule of Investments in Affiliated Issuers–98.92%^(a)

	% of Net Assets 12/31/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Dividend Income		Shares 12/31/21		Value 12/31/21
Foreign Equity Funds–98.92%
Invesco Developing Markets Fund, Class R6		26.86	%		$1,160,417,693		$335,689,192		$(182,191,754	)		$(160,432,897	)		$ 60,928,426		$ 6,222,260		24,681,062		$1,160,009,926
Invesco International Equity Fund, Class R6		24.66	%		1,159,740,497		116,292,669		(175,237,531	)		(49,746,505	)		42,509,301		16,231,395		43,188,123		1,064,587,231
Invesco International Small-Mid Company Fund, Class R6		27.52	%		1,164,625,319		308,996,272		(344,340,313	)		25,769,578			144,723,936		4,700,732		20,869,420		1,188,096,083
Invesco Oppenheimer International Growth Fund, Class R6		19.88	%		1,157,725,738		142,911,793		(445,681,884	)		(66,933,714	)		175,328,964		4,358,408		18,922,947		858,534,089
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $2,787,228,968)		98.92	%		$4,642,509,247		$903,889,926		$(1,147,451,482	)		$(251,343,538	)		$423,490,627(b)		$31,512,795				$4,271,227,329
OTHER ASSETS LESS LIABILITIES		1.08	%																		46,545,947
NET ASSETS		100.00	%																		$4,317,773,276

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) Includes capital gains distributions from affiliated underlying funds as follows:

Fund Name	Capital Gain
Invesco Developing Markets Fund		$	54,400,734
Invesco International Equity Fund			28,971,200
Invesco International Small-Mid Company Fund			111,678,709
Invesco Oppenheimer International Growth Fund			104,816,808

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

7                                    Invesco International Diversified Fund

Statement of Assets and Liabilities

December 31, 2021

Assets:
Investments in affiliated underlying funds, at value (Cost $2,787,228,968)	$	4,271,227,329
Cash		58,931,463
Receivable for:
Interest		60
Fund shares sold		2,609,365
Investment for trustee deferred compensation and retirement plans		203,619
Other assets		65,303
Total assets		4,333,037,139
Liabilities:
Payable for:
Fund shares reacquired		13,231,575
Accrued fees to affiliates		1,530,397
Accrued trustees’ and officers’ fees and benefits		26,317
Accrued other operating expenses		246,148
Trustee deferred compensation and retirement plans		229,426
Total liabilities		15,263,863
Net assets applicable to shares outstanding	$	4,317,773,276
Net assets consist of:
Shares of beneficial interest	$	2,641,324,548
Distributable earnings		1,676,448,728
	$	4,317,773,276

Net Assets:
Class A	$	1,337,605,271
Class C	$	164,886,145
Class R	$	179,362,414
Class Y	$	1,823,127,583
Class R5	$	73,226
Class R6	$	812,718,637
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		62,121,360
Class C		8,045,319
Class R		8,486,907
Class Y		83,533,260
Class R5		3,388
Class R6		37,039,697
Class A:
Net asset value per share	$	21.53
Maximum offering price per share (Net asset value of $21.53 ÷ 94.50%)	$	22.78
Class C:
Net asset value and offering price per share	$	20.49
Class R:
Net asset value and offering price per share	$	21.13
Class Y:
Net asset value and offering price per share	$	21.83
Class R5:
Net asset value and offering price per share	$	21.61
Class R6:
Net asset value and offering price per share	$	21.94

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

8                                    Invesco International Diversified Fund

Statement of Operations

For the year ended December 31, 2021

Investment income:
Dividends from affiliated underlying funds	$	31,512,795
Expenses:
Custodian fees		38,584
Distribution fees:
Class A		3,480,027
Class C		1,904,138
Class R		950,441
Transfer agent fees – A, C, R and Y		5,978,289
Transfer agent fees – R5		23
Transfer agent fees – R6		146,494
Trustees’ and officers’ fees and benefits		65,649
Registration and filing fees		147,301
Professional services fees		91,787
Other		(17,166	)
Total expenses		12,785,567
Less: Expense offset arrangement(s)		(2,977	)
Net expenses		12,782,590
Net investment income		18,730,205
Realized and unrealized gain (loss) from:
Net realized gain from:
Affiliated underlying fund shares		123,623,176
Capital gain distributions from affiliated underlying fund shares		299,867,451
	423,490,627

Change in net unrealized appreciation (depreciation) of affiliated underlying fund shares		(251,343,538	)
Net realized and unrealized gain		172,147,089
Net increase in net assets resulting from operations	$	190,877,294

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

9                                    Invesco International Diversified Fund

Statement of Changes in Net Assets

For the years ended December 31, 2021 and 2020

	2021			2020
Operations:
Net investment income	$	18,730,205		$	4,102,041
Net realized gain		423,490,627			164,792,898
Change in net unrealized appreciation (depreciation)		(251,343,538	)		562,462,953
Net increase in net assets resulting from operations		190,877,294			731,357,892
Distributions to shareholders from distributable earnings:
Class A		(98,881,156	)		(15,800,859	)
Class C		(12,098,183	)		(3,365,026	)
Class R		(12,997,978	)		(2,464,869	)
Class Y		(139,158,428	)		(25,924,974	)
Class R5		(6,642	)		(193	)
Class R6		(62,654,259	)		(11,897,497	)
Total distributions from distributable earnings		(325,796,646	)		(59,453,418	)
Share transactions–net:
Class A		(21,470,401	)		(102,008,137	)
Class C		(41,045,225	)		(103,115,139	)
Class R		(10,935,118	)		(21,704,429	)
Class Y		(142,025,694	)		(572,805,316	)
Class R5		54,174			2,640
Class R6		(5,182,975	)		(104,037,662	)
Net increase (decrease) in net assets resulting from share transactions		(220,605,239	)		(903,668,043	)
Net increase (decrease) in net assets		(355,524,591	)		(231,763,569	)
Net assets:
Beginning of year		4,673,297,867			4,905,061,436
End of year	$	4,317,773,276		$	4,673,297,867

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

10                                     Invesco International Diversified Fund

Financial Highlights

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

	Net asset value, beginning of period			Net investment income loss(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(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
Year ended 12/31/21		$	22.41		$	0.06			$	0.77			$	0.83			$	(0.11	)		$	(1.60	)		$	(1.71	)		$	21.53		3.89	%		$	1,337,605		0.42	%		0.42	%		0.26	%		20	%
Year ended 12/31/20			18.88			(0.01	)			3.79				3.78				(0.19	)			(0.06	)			(0.25	)			22.41		20.56				1,403,095		0.44			0.44			(0.04	)		12
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	(f)		0.44	(f)		1.16	(f)		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
Class C
Year ended 12/31/21			21.46			(0.11	)			0.74				0.63				–				(1.60	)			(1.60	)			20.49		3.11				164,886		1.17			1.17			(0.49	)		20
Year ended 12/31/20			18.24			(0.14	)			3.61				3.47				(0.19	)			(0.06	)			(0.25	)			21.46		19.58				211,223		1.19			1.19			(0.79	)		12
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	(f)		1.19	(f)		0.40	(f)		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
Class R
Year ended 12/31/21			22.02			0.00				0.76				0.76				(0.05	)			(1.60	)			(1.65	)			21.13		3.62				179,362		0.67			0.67			0.01			20
Year ended 12/31/20			18.61			(0.05	)			3.71				3.66				(0.19	)			(0.06	)			(0.25	)			22.02		20.21				196,106		0.69			0.69			(0.29	)		12
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	(f)		0.69	(f)		0.90	(f)		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
Class Y
Year ended 12/31/21			22.71			0.12				0.78				0.90				(0.18	)			(1.60	)			(1.78	)			21.83		4.17				1,823,128		0.17			0.17			0.51			20
Year ended 12/31/20			19.10			0.04				3.84				3.88				(0.21	)			(0.06	)			(0.27	)			22.71		20.83				2,019,871		0.19			0.19			0.21			12
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	(f)		0.19	(f)		1.43	(f)		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
Class R5
Year ended 12/31/21			22.50			0.15				0.78				0.93				(0.22	)			(1.60	)			(1.82	)			21.61		4.32				73		0.07			0.07			0.61			20
Year ended 12/31/20			18.93			0.07				3.80				3.87				(0.24	)			(0.06	)			(0.30	)			22.50		20.96				24		0.05			0.05			0.35			12
Period ended 12/31/19(g)			17.05			0.16				2.12				2.28				(0.18	)			(0.22	)			(0.40	)			18.93		13.42				11		0.07	(f)		0.07	(f)		1.52	(f)		5
Class R6
Year ended 12/31/21			22.82			0.16				0.78				0.94				(0.22	)			(1.60	)			(1.82	)			21.94		4.31				812,719		0.03			0.03			0.65			20
Year ended 12/31/20			19.19			0.07				3.86				3.93				(0.24	)			(0.06	)			(0.30	)			22.82		20.99				842,979		0.04			0.04			0.36			12
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	(f)		0.03	(f)		1.57	(f)		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

^(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 0.82% and 0.81% for the year ended December 31, 2021 and 2020, respectively.

^(d)  Does not include indirect expenses from affiliated fund fees and expenses of 0.80%, 0.83%, 0.83% and 0.70% for the eight months ended December 31, 2019, and the years ended April 30, 2019, 2018 and 2017, respectively.

^(e)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended ended December 31, 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)  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.

11                                    Invesco International Diversified Fund

Notes to Financial Statements

December 31, 2021

NOTE 1–Significant Accounting Policies

Invesco 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 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, or other unaffiliated advisers. The Adviser 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 eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

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

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

A. Security Valuations – Securities 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”).

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

12                                   Invesco International Diversified Fund

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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 – 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 based on relative net assets of Class R5 and Class R6. 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. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

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

NOTE 2-Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Advisor 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).

Effective June 1, 2021, the Adviser has contractually agreed, through at least June 30, 2022, 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 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to June 1, 2021, 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 (including prior fiscal year-end Acquired Fund Fees and Expenses of 0.81% 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. In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after 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 expense reimbursement agreement, it will terminate on June 30, 2022. During its term, the expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement without approval of the Board of Trustees. The Adviser did not reimburse expenses during the period under these limits.

13                                   Invesco International Diversified Fund

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

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

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class 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 year ended December 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2021, IDI advised the Fund that IDI retained $122,764 in front-end sales commissions from the sale of Class A shares and $8,487 and $5,961 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 December 31, 2021, 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 year ended December 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,977.

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.

14                                   Invesco International Diversified Fund

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

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

	2021		2020
Ordinary income*	$	55,500,292	$	46,327,073
Long-term capital gain		270,296,354		13,126,345
Total distributions	$	325,796,646	$	59,453,418

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

Tax Components of Net Assets at Period-End:

	2021
Undistributed ordinary income	$	14,350,172
Undistributed long-term capital gain		293,819,648
Net unrealized appreciation - investments		1,402,209,769
Temporary book/tax differences		(211,779	)
Capital loss carryforward		(33,719,082	)
Shares of beneficial interest		2,641,324,548
Total net assets	$	4,317,773,276

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

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

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

The Fund has a capital loss carryforward as of December 31, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	383,695	$	33,335,387	$	33,719,082

* 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 8-Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2021 was $903,889,926 and $1,147,451,482, 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	$	1,402,209,769
Aggregate unrealized (depreciation) of investments		-
Net unrealized appreciation of investments	$	1,402,209,769

      Cost of investments for tax purposes is $2,869,017,560.

NOTE 9-Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions, on December 31, 2021, undistributed net investment income was increased by $18,004,526 and undistributed net realized gain was decreased by $18,004,526. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10-Share Information

			Summary of Share Activity
	Year ended				Year ended
	December 31, 2021(a)				December 31, 2020
	Shares		Amount		Shares		Amount
Sold:
Class A		4,683,543	$	108,807,493		5,904,740	$	106,733,824
Class C		775,949		17,195,667		994,567		17,706,059
Class R		1,025,896		23,339,785		1,643,702		29,400,960
Class Y		12,819,441		301,468,306		20,659,967		377,200,357
Class R5		3,177		73,511		-		-
Class R6		6,933,043		164,001,791		9,700,827		176,892,445

15                                   Invesco International Diversified Fund

				Summary of Share Activity
	Year ended						Year ended
	December 31, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		4,363,527		$	91,459,528			914,079		$	14,588,913
Class C		569,107			11,359,379			200,786			3,084,069
Class R		630,030			12,966,001			156,260			2,454,893
Class Y		5,260,400			111,783,493			1,284,479			21,057,867
Class R5		102			2,155			-			-
Class R6		2,817,949			60,191,392			679,766			11,472,162
Automatic conversion of Class C shares to Class A shares:
Class A		1,330,763			30,886,743			2,661,976			53,645,081
Class C		(1,394,034	)		(30,886,743	)		(2,773,156	)		(53,645,081	)
Issued in connection with acquisitions:(b)
Class A		-			-			4,474,858			70,953,506
Class C		-			-			337,421			5,148,589
Class R		-			-			178,785			2,790,224
Class Y		-			-			340,734			5,470,330
Class R5		-			-			1,946			30,967
Class R6		-			-			71,883			1,160,426
Reacquired:
Class A		(10,866,190	)		(252,624,165	)		(19,120,675	)		(347,929,461	)
Class C		(1,746,279	)		(38,713,528	)		(4,403,551	)		(75,408,775	)
Class R		(2,073,729	)		(47,240,904	)		(3,155,072	)		(56,350,506	)
Class Y		(23,489,537	)		(555,277,493	)		(56,359,109	)		(976,533,870	)
Class R5		(939	)		(21,492	)		(1,485	)		(28,327	)
Class R6		(9,644,707	)		(229,376,158	)		(15,494,621	)		(293,562,695	)
Net increase (decrease) in share activity		(8,002,488	)	$	(220,605,239	)		(51,100,893	)	$	(903,668,043	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 38% 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 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 year ended December 31, 2020 assuming the reorganization had been completed on January 1, 2020, the beginning of the annual reporting period are as follows:

Net investment income	$	4,071,296
Net realized/unrealized gains		703,142,024
Change in net assets resulting from operations	$	707,213,320

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.

16                                   Invesco International Diversified Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco International Diversified Fund

Opinion on the Financial Statements

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

Financial Highlights

For the two years ended December 31, 2021 and the eight months ended December 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For the two years ended December 31, 2021 and the period May 24, 2019 (commencement date) through December 31, 2019 for Class R5.

The financial statements of Oppenheimer International Diversified Fund (subsequently renamed Invesco International Diversified Fund) as of and for the year ended April 30, 2019 and the financial highlights for each of the periods ended on or prior to April 30, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated June 25, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis,

evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2022

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

17                                   Invesco 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 July 1, 2021 through December 31, 2021.

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)		Annualized     Expense Ratio
	Beginning     Account Value     (07/01/21)	Ending     Account Value     (12/31/21)1	Expenses     Paid During     Period2	Ending     Account Value     (12/31/21)	Expenses     Paid During     Period2
Class A	$1,000.00	$982.70	$2.10	$1,023.09	$2.14	0.42%
Class C	1,000.00	978.70	5.84	1,019.31	5.96	1.17
Class R	1,000.00	981.40	3.35	1,021.83	3.41	0.67
Class Y	1,000.00	984.10	0.85	1,024.35	0.87	0.17
Class R5	1,000.00	984.50	0.35	1,024.85	0.36	0.07
Class R6	1,000.00	984.40	0.15	1,025.05	0.15	0.03

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

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

18                                   Invesco International Diversified Fund

Tax Information

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

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

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

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	270,296,354
Qualified Dividend Income*		72.86	%
Corporate Dividends Received Deduction*		2.06	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%

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

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$	26,929,127

19                                   Invesco International Diversified Fund

Trustees and Officers

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

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

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

T-1                                   Invesco International Diversified Fund

Trustees and Officers–(continued)

Name, Year of Birth and             Position(s)     Held with the Trust	Trustee             and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex   Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	186	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler –1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School—Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	186	None

T-2                                    Invesco International Diversified Fund

Trustees and Officers–(continued)

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

T-3                                    Invesco International Diversified Fund

Trustees and Officers–(continued)

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

T-4                                    Invesco International Diversified Fund

Trustees and Officers–(continued)

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

T-5                                    Invesco International Diversified Fund

Trustees and Officers–(continued)

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

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6                                    Invesco International Diversified 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 portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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

SEC file number(s): 811-02699 and 002-57526 Invesco Distributors, Inc. O-IDIV-AR-1

Annual Report to Shareholders December 31, 2021

Invesco Main Street Mid Cap Fund^®

Nasdaq:

A: OPMSX ∎ C: OPMCX ∎ R: OPMNX ∎ Y: OPMYX ∎ R5: MSMJX ∎ R6: OPMIX

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

Management’s Discussion of Fund Performance

Performance summary
For the year ended December 31, 2021, Class A shares of Invesco Main Street Mid Cap Fund® (the Fund), at net asset value (NAV), outperformed the Russell Midcap Index.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/20 to 12/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	23.02	%
Class C Shares	22.08
Class R Shares	22.73
Class Y Shares	23.31
Class R5 Shares	23.41
Class R6 Shares	23.50
Russell Midcap Index▼	22.58
Source(s): ▼RIMES Technologies Corp.

Market conditions and your Fund

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

    The US stock market once again hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the US gross domestic product (GDP) grew at a 6.4% annualized rate for the first quarter of 2021.² Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing in June through September,³ the Fed declined to raise interest rates at its September Federal Open Market Committee (FOMC) meeting. The US stock market saw continued volatility in August and a selloff through most of September due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs.

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

    During the fiscal year, stock selection in the industrials, consumer discretionary and consumer staples sectors were the largest contributors to the Fund’s performance versus its benchmark, the Russell Midcap Index. This was offset by weaker stock selection in the health care, energy and communication services sectors.

    The largest individual contributors to the Fund’s performance relative to the benchmark during the fiscal year included KLA, Evoqua Water Technologies, and BJ’s Wholesale Club Holdings. KLA experienced strong demand for its semiconductor equipment and management upgraded its view of demand for 2022.

    Evoqua Water Technologies performed well as investors focused on the company’s longer-term opportunities to benefit from potentially higher infrastructure spending. President Joe Biden’s administration proposed the American Jobs Plan, which

included significant funding for areas that could potentially benefit Evoqua, including a focus on upgrading and modernizing drinking water supplies and enhanced monitoring for harmful substances.

    BJ’s Wholesale Club Holdings reported better than expected sales during the fiscal year while seeing a strong renewal of new customers gained during the onset of the pandemic.

    The largest individual detractors from the Fund’s performance relative to the benchmark during the fiscal year included LHC, Zynga and Fiserv. LHC is a home health care services company and was under pressure due to concerns about labor shortages in health care positions and that COVID-19 was causing a lack of referrals from skilled nursing facilities.

    Zynga, an interactive entertainment company providing social game services, was under pressure after the rollout of the ATT (application tracking transparency) privacy framework from Apple that adversely impacted the acquisition of new users.

    Fiserv, a global fintech and payments company, was under pressure due to a more difficult competitive environment for the company’s merchant acquiring business. Additionally, there have been concerns that non-traditional banks will negatively impact the traditional money center banks and by extension, Fiserv may also be negatively impacted as a technology provider to traditional banks.

    We continue to maintain our discipline around valuation and focus on companies which we believe have competitive advantages and skilled management teams that are out-executing peers. We believe this disciplined approach is essential to generating attractive long-term performance.

    We thank you for your continued investment in Invesco Main Street Mid Cap Fund^®.

1 Source: Bloomberg LP

2 Source: US Bureau of Economic Analysis

3 Source: US Bureau of Labor Statistics

4 Source: Lipper Inc.

Portfolio manager(s):

Joy Budzinski

Belinda Cavazos - Lead

Kristen Ketner Pak

Magnus Krantz

Raman Vardharaj

Adam Weiner

Matthew P. Ziehl

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every

2 Invesco Main Street Mid Cap Fund^®

aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

3 Invesco Main Street Mid Cap Fund^®

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/11

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

4 Invesco Main Street Mid Cap Fund^®

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (8/2/99)	10.39	%
10 Years	12.00
5 Years	11.03
1 Year	16.26
Class C Shares
Inception (8/2/99)	10.38	%
10 Years	11.96
5 Years	11.45
1 Year	21.12
Class R Shares
Inception (3/1/01)	9.31	%
10 Years	12.34
5 Years	12.02
1 Year	22.73
Class Y Shares
Inception (8/2/99)	11.07	%
10 Years	12.94
5 Years	12.58
1 Year	23.31
Class R5 Shares
10 Years	12.74	%
5 Years	12.50
1 Year	23.41
Class R6 Shares
Inception (10/26/12)	12.97	%
5 Years	12.77
1 Year	23.50

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 was subsequently renamed the Invesco Main Street Mid Cap Fund (the Fund). Returns shown above, for periods ending on or 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 on or 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.

5 Invesco Main Street Mid Cap Fund^®

Supplemental Information

Invesco Main Street Mid Cap Fund’s^® investment objective is to seek capital appreciation.

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

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

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

About indexes used in this report

∎ The 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.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

6 Invesco Main Street Mid Cap Fund^®

Fund Information

Portfolio Composition

By sector	% of total net assets
Information Technology		17.20	%
Industrials		16.32
Consumer Discretionary		15.17
Health Care		11.38
Financials		10.70
Real Estate		7.77
Materials		5.36
Consumer Staples		4.51
Utilities		3.90
Energy		3.69
Communication Services		3.60
Money Market Funds Plus Other Assets Less Liabilities		0.40

Top 10 Equity Holdings*

		% of total net assets
1.	Alexandria Real Estate Equities, Inc.		2.44	%
2.	Keysight Technologies, Inc.		2.05
3.	Synopsys, Inc.		2.01
4.	Vulcan Materials Co.		1.87
5.	CACI International, Inc., Class A		1.83
6.	Duke Realty Corp.		1.81
7.	Hubbell, Inc.		1.77
8.	D.R. Horton, Inc.		1.71
9.	Raymond James Financial, Inc.		1.66
10.	Atmos Energy Corp.		1.62

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

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2021.

7 Invesco Main Street Mid Cap Fund^®

Schedule of Investments^(a)

December 31, 2021

	Shares		Value
Common Stocks & Other Equity Interests–99.60%
Aerospace & Defense–1.11%
Curtiss-Wright Corp.		242,807	$	33,670,047
Airlines–0.76%
Spirit Airlines, Inc.(b)(c)		1,062,331		23,211,932
Apparel Retail–1.10%
Ross Stores, Inc.		293,654		33,558,779
Apparel, Accessories & Luxury Goods–1.20%
Tapestry, Inc.		902,960		36,660,176
Application Software–7.80%
HubSpot, Inc.(b)(c)		27,994		18,452,245
Manhattan Associates, Inc.(b)		315,816		49,106,230
Paylocity Holding Corp.(b)		179,717		42,441,967
Pegasystems, Inc.(c)		210,176		23,501,880
Q2 Holdings, Inc.(b)(c)		268,075		21,295,878
Synopsys, Inc.(b)		165,719		61,067,451
Tyler Technologies, Inc.(b)		40,564		21,821,404
				237,687,055
Asset Management & Custody Banks–1.51%
Northern Trust Corp.		384,112		45,943,636
Auto Parts & Equipment–1.62%
Lear Corp.(c)		104,264		19,075,099
Visteon Corp.(b)		271,059		30,125,497
				49,200,596
Automotive Retail–2.37%
CarMax, Inc.(b)(c)		248,215		32,325,039
O’Reilly Automotive, Inc.(b)		56,389		39,823,604
				72,148,643
Biotechnology–0.83%
Seagen, Inc.(b)		163,790		25,321,934
Cable & Satellite–0.78%
Altice USA, Inc., Class A(b)(c)		1,464,920		23,702,406
Casinos & Gaming–0.89%
Caesars Entertainment, Inc.(b)		290,930		27,210,683
Construction & Engineering–0.80%
Valmont Industries, Inc.		96,648		24,210,324
Construction Materials–1.87%
Vulcan Materials Co.(c)		274,749		57,032,397
Data Processing & Outsourced Services–1.36%
Fiserv, Inc.(b)		399,319		41,445,319
Distillers & Vintners–1.33%
Constellation Brands, Inc., Class A		161,699		40,581,598
Drug Retail–0.65%
Walgreens Boots Alliance, Inc.(c)		378,375		19,736,040
Electric Utilities–0.99%
American Electric Power Co., Inc.		338,446		30,111,541

	Shares		Value
Electrical Components & Equipment–4.51%
Hubbell, Inc.		258,017	$	53,737,201
Regal Rexnord Corp.		203,178		34,576,832
Rockwell Automation, Inc.		140,719		49,089,823
				137,403,856
Electronic Equipment & Instruments–2.05%
Keysight Technologies, Inc.(b)		302,522		62,473,818
Environmental & Facilities Services–1.37%
Republic Services, Inc.		298,740		41,659,293
Fertilizers & Agricultural Chemicals–0.79%
Mosaic Co. (The)		612,345		24,059,035
Financial Exchanges & Data–0.70%
MarketAxess Holdings, Inc.		51,840		21,320,237
Food Distributors–1.39%
Sysco Corp.		538,615		42,308,208
Gas Utilities–1.62%
Atmos Energy Corp.(c)		472,070		49,458,774
General Merchandise Stores–1.14%
Dollar General Corp.		147,693		34,830,440
Health Care Equipment–0.51%
Boston Scientific Corp.(b)		363,866		15,457,028
Health Care Facilities–2.01%
Acadia Healthcare Co., Inc.(b)		429,884		26,093,959
Tenet Healthcare Corp.(b)		429,695		35,101,784
				61,195,743
Health Care Services–1.01%
LHC Group, Inc.(b)		223,775		30,708,643
Health Care Supplies–2.06%
Cooper Cos., Inc. (The)(c)		83,445		34,958,449
DENTSPLY SIRONA, Inc.		498,156		27,792,123
				62,750,572
Health Care Technology–0.78%
Veeva Systems, Inc., Class A(b)		93,454		23,875,628
Homebuilding–1.71%
D.R. Horton, Inc.		480,271		52,085,390
Hotels, Resorts & Cruise Lines–2.36%
Choice Hotels International, Inc.		243,094		37,920,233
Expedia Group, Inc.(b)		187,917		33,960,360
				71,880,593
Human Resource & Employment Services–1.94%
ASGN, Inc.(b)		300,930		37,134,762
Korn Ferry		289,614		21,932,468
				59,067,230
Hypermarkets & Super Centers–1.14%
BJ’s Wholesale Club Holdings, Inc.(b)		518,860		34,748,054

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

8 Invesco Main Street Mid Cap Fund^®

	Shares		Value
Industrial Machinery–2.62%
Evoqua Water Technologies Corp.(b)		653,671	$	30,559,119
Stanley Black & Decker, Inc.		261,094		49,247,551
				79,806,670
Industrial REITs–1.81%
Duke Realty Corp.		839,022		55,073,404
Insurance Brokers–1.60%
Arthur J. Gallagher & Co.		286,631		48,632,682
Interactive Home Entertainment–2.07%
Electronic Arts, Inc.		251,650		33,192,635
Zynga, Inc., Class A(b)(c)		4,683,029		29,971,386
				63,164,021
Internet & Direct Marketing Retail–0.99%
eBay, Inc.		453,629		30,166,328
Internet Services & Infrastructure–0.67%
MongoDB, Inc.(b)(c)		38,478		20,368,329
Investment Banking & Brokerage–1.66%
Raymond James Financial, Inc.		503,764		50,577,906
Leisure Products–0.40%
Peloton Interactive, Inc., Class A(b)(c)		343,397		12,279,877
Life Sciences Tools & Services–1.39%
Avantor, Inc.(b)(c)		1,001,495		42,202,999
Managed Health Care–1.21%
Centene Corp.(b)		238,404		19,644,489
Humana, Inc.		37,066		17,193,435
				36,837,924
Metal & Glass Containers–1.29%
Silgan Holdings, Inc.		920,356		39,428,051
Movies & Entertainment–0.75%
Endeavor Group Holdings, Inc., Class A(b)(c)		655,385		22,866,383
Multi-Utilities–1.29%
CMS Energy Corp.		603,325		39,246,291
Office REITs–2.44%
Alexandria Real Estate Equities, Inc.		332,651		74,167,867
Oil & Gas Equipment & Services–2.09%
Baker Hughes Co., Class A(c)		1,409,526		33,913,196
Schlumberger N.V.		996,109		29,833,464
				63,746,660
Oil & Gas Exploration & Production–1.02%
Chesapeake Energy Corp.(c)		479,886		30,962,245
Oil & Gas Storage & Transportation–0.58%
Magellan Midstream Partners L.P.		380,608		17,675,436
Pharmaceuticals–1.58%
Catalent, Inc.(b)		376,476		48,200,222
Property & Casualty Insurance–1.30%
Allstate Corp. (The)		336,742		39,617,696

	Shares		Value
Real Estate Services–0.70%
Zillow Group, Inc., Class C(b)(c)		331,390	$	21,159,252
Regional Banks–3.21%
First Citizens BancShares, Inc., Class A(c)		45,770		37,981,777
Texas Capital Bancshares, Inc.(b)		256,371		15,446,352
Webster Financial Corp.(c)		795,270		44,407,877
				97,836,006
Research & Consulting Services–3.22%
CACI International, Inc., Class A(b)		206,862		55,689,319
TransUnion		357,994		42,450,929
				98,140,248
Residential REITs–1.53%
American Homes 4 Rent, Class A		1,071,033		46,707,749
Semiconductor Equipment–2.54%
KLA Corp.		93,334		40,143,887
MKS Instruments, Inc.		213,526		37,189,823
				77,333,710
Semiconductors–1.45%
Microchip Technology, Inc.		508,276		44,250,509
Specialized REITs–1.30%
Lamar Advertising Co., Class A		325,250		39,452,825
Specialty Chemicals–1.40%
PPG Industries, Inc.		247,519		42,682,176
Specialty Stores–1.38%
Tractor Supply Co.(c)		175,633		41,906,034
Systems Software–1.33%
VMware, Inc., Class A		349,181		40,463,094
Thrifts & Mortgage Finance–0.72%
Rocket Cos., Inc., Class A		1,564,681		21,905,534
Total Common Stocks & Other Equity Interests (Cost $2,309,111,667)				3,033,573,776
Money Market Funds–0.39%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)		3,295,302		3,295,302
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(d)(e)		2,353,316		2,353,787
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e)		6,164,818		6,164,818
Total Money Market Funds (Cost $11,813,907)				11,813,907
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $2,320,925,574)				3,045,387,683
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–8.42%
Invesco Private Government Fund, 0.02%(d)(e)(f)		76,977,397		76,977,397

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

9 Invesco Main Street Mid Cap Fund^®

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 0.11%(d)(e)(f)		179,578,011	$	179,613,921
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $256,594,335)				256,591,318
TOTAL INVESTMENTS IN SECURITIES–108.41% (Cost $2,577,519,909)				3,301,979,001
OTHER ASSETS LESS LIABILITIES–(8.41)%				(256,172,836	)
NET ASSETS–100.00%			$	3,045,806,165

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

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

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

	Value December 31, 2020			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value December 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	4,209,834		$	215,106,234		$	(216,020,766)		$	-		$	-		$	3,295,302		$	1,595
Invesco Liquid Assets Portfolio, Institutional Class			3,005,518			153,647,298			(154,298,944)			301			(386)			2,353,787			637
Invesco Treasury Portfolio, Institutional Class			4,811,239			247,783,537			(246,429,958)			-			-			6,164,818			684
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			2,155,116			302,891,907			(228,069,626)			-			-			76,977,397			3,150*
Invesco Private Prime Fund			3,232,675			618,369,628			(441,977,306)			(3,017)			(8,059)			179,613,921			41,912*
Total		$	17,414,382		$	1,537,798,604		$	(1,286,796,600)		$	(2,716)		$	(8,445)		$	268,405,225		$	47,978

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

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

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

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

10 Invesco Main Street Mid Cap Fund^®

Statement of Assets and Liabilities

December 31, 2021

Assets:
Investments in unaffiliated securities, at value (Cost $ 2,309,111,667)*	$	3,033,573,776
Investments in affiliated money market funds, at value (Cost $ 268,408,242)		268,405,225
Cash		3,415,180
Receivable for:
Fund shares sold		920,375
Dividends		1,382,672
Investment for trustee deferred compensation and retirement plans		787,645
Other assets		53,594
Total assets		3,308,538,467
Liabilities:
Payable for:
Fund shares reacquired		3,466,949
Collateral upon return of securities loaned		256,594,335
Accrued fees to affiliates		1,606,606
Accrued other operating expenses		230,916
Trustee deferred compensation and retirement plans		833,496
Total liabilities		262,732,302
Net assets applicable to shares outstanding	$	3,045,806,165
Net assets consist of:
Shares of beneficial interest	$	2,301,097,423
Distributable earnings		744,708,742
	$	3,045,806,165

Net Assets:
Class A	$	2,217,084,714
Class C	$	97,387,553
Class R	$	184,311,678
Class Y	$	436,517,752
Class R5	$	17,283,816
Class R6	$	93,220,652
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		78,350,034
Class C		4,798,680
Class R		7,116,343
Class Y		13,698,010
Class R5		605,622
Class R6		2,925,949
Class A:
Net asset value per share	$	28.30
Maximum offering price per share (Net asset value of $28.30 ÷ 94.50%)	$	29.95
Class C:
Net asset value and offering price per share	$	20.29
Class R:
Net asset value and offering price per share	$	25.90
Class Y:
Net asset value and offering price per share	$	31.87
Class R5:
Net asset value and offering price per share	$	28.54
Class R6:
Net asset value and offering price per share	$	31.86

* At December 31, 2021, securities with an aggregate value of $246,308,735 were on loan to brokers.

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

11 Invesco Main Street Mid Cap Fund^®

Statement of Operations

For the year ended December 31, 2021

Investment income:
Dividends (net of foreign withholding taxes of $4,308)	$	27,443,437
Dividends from affiliated money market funds (includes securities lending income of $143,961)		146,877
Total investment income		27,590,314
Expenses:
Advisory fees		18,214,071
Administrative services fees		415,668
Distribution fees:
Class A		5,268,134
Class C		974,368
Class R		897,495
Transfer agent fees – A, C, R and Y		4,988,161
Transfer agent fees – R5		17,375
Transfer agent fees – R6		34,130
Trustees’ and officers’ fees and benefits		52,415
Registration and filing fees		114,916
Reports to shareholders		241
Professional services fees		126,309
Other		52,665
Total expenses		31,155,948
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(32,743	)
Net expenses		31,123,205
Net investment income (loss)		(3,532,891	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		547,878,678
Affiliated investment securities		(8,445	)
Foreign currencies		3
		547,870,236
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		54,445,494
Affiliated investment securities		(2,716	)
Foreign currencies		265
		54,443,043
Net realized and unrealized gain		602,313,279
Net increase in net assets resulting from operations	$	598,780,388

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

12 Invesco Main Street Mid Cap Fund^®

Statement of Changes in Net Assets

For the years ended December 31, 2021 and 2020

	2021			2020
Operations:
Net investment income (loss)	$	(3,532,891	)	$	6,122,683
Net realized gain		547,870,236			105,129,365
Change in net unrealized appreciation		54,443,043			232,995,720
Net increase in net assets resulting from operations		598,780,388			344,247,768
Distributions to shareholders from distributable earnings:
Class A		(355,543,435	)		(34,589,928	)
Class C		(20,334,419	)		(3,525,123	)
Class R		(31,376,253	)		(3,914,464	)
Class Y		(64,993,563	)		(9,035,832	)
Class R5		(2,762,491	)		(537	)
Class R6		(13,642,606	)		(1,554,864	)
Total distributions from distributable earnings		(488,652,767	)		(52,620,748	)
Share transactions–net:
Class A		193,467,001			378,528,057
Class C		8,056,833			(26,819,659	)
Class R		16,826,232			5,049,761
Class Y		18,436,527			(80,505,132	)
Class R5		2,020,487			10,554,570
Class R6		(58,471	)		12,032,558
Net increase in net assets resulting from share transactions		238,748,609			298,840,155
Net increase in net assets		348,876,230			590,467,175
Net assets:
Beginning of year		2,696,929,935			2,106,462,760
End of year	$	3,045,806,165		$	2,696,929,935

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

13 Invesco Main Street Mid Cap Fund^®

Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Year ended 12/31/21		$27.52		$(0.04	)		$6.20		$6.16		$(0.07	)		$(5.31	)		$(5.38	)		$28.30		23.02	%		$2,217,085		1.06	%		1.06	%		(0.13	)%		65	%
Year ended 12/31/20		26.13		0.06			2.06		2.12		–			(0.73	)		(0.73	)		27.52		9.13	(e)		1,946,102		1.10	(e)		1.11	(e)		0.27	(e)		76
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
Class C
Year ended 12/31/21		21.11		(0.21	)		4.70		4.49		–			(5.31	)		(5.31	)		20.29		22.08			97,388		1.81			1.81			(0.88	)		65
Year ended 12/31/20		20.41		(0.09	)		1.52		1.43		–			(0.73	)		(0.73	)		21.11		8.29			90,764		1.84			1.87			(0.47	)		76
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
Class R
Year ended 12/31/21		25.58		(0.11	)		5.75		5.64		(0.01	)		(5.31	)		(5.32	)		25.90		22.73			184,312		1.31			1.31			(0.38	)		65
Year ended 12/31/20		24.41		0.01			1.89		1.90		–			(0.73	)		(0.73	)		25.58		8.87			163,178		1.34			1.37			0.03			76
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
Class Y
Year ended 12/31/21		30.40		0.04			6.87		6.91		(0.13	)		(5.31	)		(5.44	)		31.87		23.31			436,518		0.81			0.81			0.12			65
Year ended 12/31/20		28.69		0.14			2.30		2.44		–			(0.73	)		(0.73	)		30.40		9.44			395,290		0.84			0.87			0.53			76
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
Class R5
Year ended 12/31/21		27.70		0.06			6.25		6.31		(0.16	)		(5.31	)		(5.47	)		28.54		23.41			17,284		0.74			0.74			0.19			65
Year ended 12/31/20		26.19		0.16			2.08		2.24		–			(0.73	)		(0.73	)		27.70		9.58			14,535		0.72			0.72			0.65			76
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
Year ended 12/31/21		30.38		0.09			6.87		6.96		(0.17	)		(5.31	)		(5.48	)		31.86		23.50			93,221		0.67			0.68			0.26			65
Year ended 12/31/20		28.63		0.18			2.30		2.48		–			(0.73	)		(0.73	)		30.38		9.60			87,060		0.67			0.69			0.70			76
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

^(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 and 2017, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2021, the portfolio turnover calculation excludes the value of securities purchased of $96,615,194 in connection with the acquisition of Invesco Endeavor Fund into the Fund. For the year ended December 31, 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)  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 year ended December 31, 2020.

^(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.

14 Invesco Main Street Mid Cap Fund^®

Notes to Financial Statements

December 31, 2021

NOTE 1–Significant Accounting Policies

Invesco 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 eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

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

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

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

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

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

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

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

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

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

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

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

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

15 Invesco 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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

16 Invesco Main Street Mid Cap Fund^®

transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

On September 29, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (the “Adviser” or “Invesco”) to serve as an affiliated securities lending agent for the Fund. Prior to September 29, 2021, the Bank of New York Mellon (“BNYM”) served as the sole securities lending agent for the Fund under the securities lending program. BNYM also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2021, the Fund paid the Adviser $610 in fees for securities lending agent services.

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

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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.

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets*	Rate
First $ 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.

For the year ended December 31, 2021, the effective advisory fee rate incurred by the Fund was 0.62%.

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 Fund.

Effective June 1, 2021, the Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to June 1, 2021, 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 R, Class Y, Class R5 and Class R6 shares to 1.10%, 1.84%, 1.34%, 0.84%, 072% and 0.67%, 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 reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary

17 Invesco Main Street Mid Cap Fund^®

or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. For the period June 1, 2021 through December 31, 2021, the Adviser did not waive and/or reimburse expenses under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2021, the Adviser waived advisory fees of $7,643 and reimbursed class level expenses of $0, $1,736, $3,168, $7,831, $0 and $8,117 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

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

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class 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 year ended December 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2021, IDI advised the Fund that IDI retained $151,822 in front-end sales commissions from the sale of Class A shares and $1,635 and $1,854 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended December 31, 2021, the Fund incurred $39,574 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of December 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	3,033,573,776	$	–		$–	$	3,033,573,776
Money Market Funds		11,813,907		256,591,318		–		268,405,225
Total Investments	$	3,045,387,683	$	256,591,318		$–	$	3,301,979,001

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended December 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,248.

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

18 Invesco Main Street Mid Cap 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–Distributions to Shareholders and Tax Components of Net Assets

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

	2021		2020
Ordinary income*	$	172,815,707	$	–
Long-term capital gain		315,837,060		52,620,748
Total distributions	$	488,652,767	$	52,620,748

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

Tax Components of Net Assets at Period-End:

	2021
Undistributed long-term capital gain	$	72,117,573
Net unrealized appreciation – investments		708,709,346
Net unrealized appreciation – foreign currencies		428
Temporary book/tax differences		(10,477,706	)
Capital loss carryforward		(25,640,899	)
Shares of beneficial interest		2,301,097,423
Total net assets	$	3,045,806,165

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

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

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

The Fund has a capital loss carryforward as of December 31, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total
Not subject to expiration	$	25,640,899	$–	$	25,640,899

* 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 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2021 was $1,677,123,799 and $2,042,065,853, 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	$775,027,976
Aggregate unrealized (depreciation) of investments	(66,318,630	)
Net unrealized appreciation of investments	$708,709,346

Cost of investments for tax purposes is $2,593,269,655.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of equalization, partnerships and net operating losses, on December 31, 2021, undistributed net investment income (loss) was decreased by $9,732,260, undistributed net realized gain was decreased by $23,617,794 and shares of beneficial interest was increased by $33,350,054. Further, as a result of tax deferrals acquired in the reorganization of Invesco Mid Cap Core Equity Fund into the Fund, undistributed net investment income (loss) was decreased by $214,792, undistributed net realized gain was decreased by $347 and shares of beneficial interest was increased by $215,139. These reclassifications had no effect on the net assets of the Fund.

19 Invesco Main Street Mid Cap Fund^®

NOTE 10–Share Information

	Summary of Share Activity
	Year ended						Year ended
	December 31, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		3,421,801		$	105,800,038			3,698,465		$	86,124,388
Class C		506,268			11,911,844			665,419			12,047,700
Class R		896,841			25,697,898			1,001,213			21,399,452
Class Y		1,590,184			54,444,030			3,103,689			77,249,330
Class R5		77,474			2,381,041			49,401			1,192,957
Class R6		845,789			28,855,197			665,398			17,126,585
Issued as reinvestment of dividends:
Class A		12,497,060			342,419,420			1,663,716			33,404,747
Class C		1,018,476			20,023,231			223,469			3,456,952
Class R		1,248,067			31,301,522			209,279			3,911,472
Class Y		1,811,130			55,873,364			367,016			8,125,743
Class R5		99,808			2,758,684			12			232
Class R6		423,479			13,060,088			69,895			1,544,682
Automatic conversion of Class C shares to Class A shares:
Class A		372,438			11,488,958			1,036,907			26,690,506
Class C		(489,453	)		(11,488,958	)		(1,347,639	)		(26,690,506	)
Issued in connection with acquisitions:(b)(c)
Class A		2,902,068			91,827,245			27,899,990			570,126,566
Class C		306,598			7,425,168			1,278,483			20,135,590
Class R		171,554			5,042,873			1,480,209			28,155,567
Class Y		242,109			8,468,470			1,581,831			35,642,900
Class R5		79,110			2,522,481			572,078			11,736,265
Class R6		32,587			1,139,863			1,083,493			24,374,640
Reacquired:
Class A		(11,562,288	)		(358,068,660	)		(14,327,992	)		(337,818,150	)
Class C		(842,550	)		(19,814,452	)		(1,970,524	)		(35,769,395	)
Class R		(1,578,093	)		(45,216,061	)		(2,266,686	)		(48,416,730	)
Class Y		(2,950,214	)		(100,349,337	)		(8,032,240	)		(201,523,105	)
Class R5		(175,522	)		(5,641,719	)		(97,157	)		(2,374,884	)
Class R6		(1,241,578	)		(43,113,619	)		(1,223,335	)		(31,013,349	)
Net increase in share activity		9,703,143		$	238,748,609			17,384,390		$	298,840,155

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 17% 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 April 23, 2021, the Fund acquired all the net assets of Invesco Endeavor Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on January 22, 2021. 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 3,734,026 shares of the Fund for 7,018,765 shares outstanding of the Target Fund as of the close of business on April 23, 2021. 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, April 23, 2021. The Target Fund’s net assets as of the close of business on April 23, 2021 of $116,426,100, including $20,639,418 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $2,979,176,587 and $3,095,602,688 immediately after the acquisition.

The pro forma results of operations for the year ended December 31, 2021 assuming the reorganization had been completed on January 1, 2021, the beginning of the annual reporting period are as follows:

Net investment income (loss)	$	(3,735,493	)
Net realized/unrealized gains		618,157,011
Change in net assets resulting from operations	$	614,421,518

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 April 24, 2021.

20 Invesco Main Street Mid Cap Fund^®

^(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 year ended December 31, 2020 assuming the reorganization had been completed on January 1, 2020, the beginning of the annual reporting period are as follows:

Net investment income	$	14,131,223
Net realized/unrealized gains		160,708,776
Change in net assets resulting from operations	$	174,839,999

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.

21 Invesco Main Street Mid Cap Fund^®

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Main Street Mid Cap Fund^®

Opinion on the Financial Statements

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

Financial Highlights

For the two years ended December 31, 2021, the six months ended December 31, 2019 and the year ended June 30, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For the two years ended December 31, 2021, the six months ended December 31, 2019 and the period May 24, 2019 (commencement date) through June 30, 2019 for Class R5.

The financial statements of Oppenheimer Main Street Mid Cap Fund^® (subsequently renamed Invesco Main Street Mid Cap Fund^®) as of and for the year ended June 30, 2018 and the financial highlights for each of the periods ended on or prior to June 30, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated August 24, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

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

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

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2022

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

22 Invesco 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 July 1, 2021 through December 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (07/01/21)	Ending     Account Value     (12/31/21)1	Expenses       Paid During       Period2	Ending     Account Value     (12/31/21)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$1,062.60	$5.35	$1,020.01	$5.24	1.03%
Class C	1,000.00	1,058.30	9.29	1,016.18	9.10	1.79
Class R	1,000.00	1,061.40	6.70	1,018.70	6.56	1.29
Class Y	1,000.00	1,063.80	4.06	1,021.27	3.97	0.78
Class R5	1,000.00	1,064.00	3.95	1,021.37	3.87	0.76
Class R6	1,000.00	1,064.40	3.43	1,021.88	3.36	0.66

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

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

23 Invesco Main Street Mid Cap Fund^®

Tax Information

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

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

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

Federal and State Income Tax
Long-Term Capital Gain Distributions	$349,195,060
Qualified Dividend Income*	17.65	%
Corporate Dividends Received Deduction*	17.38	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	1.37	%
Business Interest Income*	0.00	%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$166,218,467

24 Invesco Main Street Mid Cap Fund^®

Trustees and Officers

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

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

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

T-1 Invesco Main Street Mid Cap Fund^®

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson - 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	186	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	186	None

T-2 Invesco Main Street Mid Cap Fund^®

Trustees and Officers–(continued)

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

T-3 Invesco Main Street Mid Cap Fund^®

Trustees and Officers–(continued)

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

T-4 Invesco Main Street Mid Cap Fund^®

Trustees and Officers–(continued)

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

T-5 �� Invesco Main Street Mid Cap Fund^®

Trustees and Officers–(continued)

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

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco 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 portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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

SEC file number(s): 811-02699 and 002-57526                  Invesco Distributors, Inc. O-MSM-AR-1                                         

  Annual Report to Shareholders   December 31, 2021

Invesco Main Street Small Cap Fund^®

Nasdaq:

A: OSCAX ∎ C: OSCCX ∎ R: OSCNX ∎ Y: OSCYX ∎ R5: MNSQX ∎ R6: OSSIX

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

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2021, Class A shares of Invesco Main Street Small Cap Fund^® (the Fund), at net asset value (NAV), outperformed the Russell 2000 Index.

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

Fund vs. Indexes

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

Class A Shares	21.73	%
Class C Shares	20.81
Class R Shares	21.35
Class Y Shares	22.03
Class R5 Shares	22.08
Class R6 Shares	22.23
Russell 2000 Indexq	14.82
Source(s): qRIMES Technologies Corp.

Market conditions and your Fund

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

    The US stock market once again hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the US gross domestic product (GDP) grew at a 6.4% annualized rate for the first quarter of 2021.² Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing in June through September,³ the Fed declined to raise interest rates at its September Federal Open Market Committee (FOMC) meeting. The US stock market saw continued volatility in August and a selloff through most of September due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs.

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

    During the fiscal year, stock selection in the industrials, health care and financials sectors were the largest contributors to the Fund’s performance versus its benchmark, the Russell 2000 Index. This was partially offset by weaker stock selection in the information technology, energy and materials sectors.

    The largest individual contributors to the Fund’s performance relative to the benchmark during the fiscal year included Atkore, Zurn Water Solutions and Korn Ferry. Atkore benefited from strong price realization as PVC conduit industry-wide was in tight supply which drove earnings before interest, taxes, depreciation and amortization margins to a historically strong level. While some of the strengths may prove to be unsustainable, management is demonstrating superior execution by being prepared to reap the benefits from what we believe will be a much stronger market than anyone anticipated.

    Zurn Water Solutions, formerly known as Rexnord, outperformed after announcing and completing a spin-off of its Process and Motion Control Business (PMC) with the remaining water infrastructure platform that is now a stand-alone business.

    Korn Ferry experienced a strong rebound in revenues, new business bookings and earnings. Furthermore, the company achieved greater revenue synergies between business units and many cost cuts made during COVID-19 (in areas such as real estate and administrative functions) which we believe will be permanent.

    The largest individual detractors from the Fund’s performance relative to the benchmark during the fiscal year included LHC, Q2, and iRhythm Technologies. LHC was under pressure due to concerns about labor shortages in health care positions and that COVID-19 is causing a lack of referrals from skilled nursing facilities.

    Q2’s business momentum for new business wins was adversely impacted by an elongation of sales cycles associated with COVID-19-related delays on decision making. We believe the company’s value proposition for banks embarking on digital transformation remains intact and the softness in new business wins was temporary.

    iRhythm Technologies underperformed due to a surprise cut to Medicare reimbursement for its ambulatory cardiac monitor, which was announced in February 2021. The position was exited during the fiscal year.

    We continue to maintain our discipline around valuation and focus on companies which we believe have skilled management teams that are out-executing peers. We believe this disciplined approach is essential to generating attractive long-term performance.

    We thank you for your continued investment in Invesco Main Street Small Cap Fund^®.

1 Source: Bloomberg LP

2 Source: US Bureau of Economic Analysis

3 Source: US Bureau of Labor Statistics

4 Source: Lipper Inc.

Portfolio manager(s):

Joy Budzinski

Kristin Ketner Pak

Magnus Krantz

Raman Vardharaj

Adam Weiner - Lead

Matthew P. Ziehl - Lead

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every

2                                   Invesco Main Street Small Cap Fund®

aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

3                                   Invesco Main Street Small Cap Fund®

Your Fund’s Long-Term Performance

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

Fund and index data from 5/17/13

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

4                                   Invesco Main Street Small Cap Fund®

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (5/17/13)	11.23	%
5 Years	11.91
1 Year	15.03
Class C Shares
Inception (5/17/13)	11.14	%
5 Years	12.34
1 Year	19.81
Class R Shares
Inception (5/17/13)	11.62	%
5 Years	12.88
1 Year	21.35
Class Y Shares
Inception (5/17/13)	12.30	%
5 Years	13.51
1 Year	22.03
Class R5 Shares
Inception	12.07	%
5 Years	13.38
1 Year	22.08
Class R6 Shares
Inception (5/17/13)	12.43	%
5 Years	13.66
1 Year	22.23

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 was subsequently renamed the Invesco Main Street Small Cap Fund^® (the Fund). Returns shown above, for periods ending on or 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 on or 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.

5                                   Invesco Main Street Small Cap Fund®

Supplemental Information

Invesco Main Street Small Cap Fund’s^® investment objective is to seek capital appreciation.

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

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

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

About indexes used in this report

∎ The 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.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

6                                   Invesco Main Street Small Cap Fund®

Fund Information

Portfolio Composition

By sector	% of total net assets
Industrials	20.44%
Health Care	15.27
Financials	14.98
Information Technology	11.70
Consumer Discretionary	11.64
Materials	5.50
Consumer Staples	4.83
Real Estate	4.30
Utilities	4.06
Communication Services	3.81
Energy	2.28
Money Market Funds Plus Other Assets Less Liabilities	1.19

Top 10 Equity Holdings*

		% of total net assets
1.	Tenet Healthcare Corp.	2.09%
2.	Evoqua Water Technologies Corp.	1.97
3.	AutoNation, Inc.	1.89
4.	Ziff Davis, Inc.	1.88
5.	Azenta, Inc.	1.84
6.	National Storage Affiliates Trust	1.82
7.	Korn Ferry	1.81
8.	Stifel Financial Corp.	1.75
9.	Sterling Bancorp	1.71
10.	ASGN, Inc.	1.70

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

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2021.

7                                    Invesco Main Street Small Cap Fund®

Schedule of Investments^(a)

December 31, 2021

	Shares		Value
Common Stocks & Other Equity Interests–98.81%
Aerospace & Defense–1.08%
Curtiss-Wright Corp.		142,807	$        19,803,047
Air Freight & Logistics–0.78%
Hub Group, Inc., Class A(b)		168,663	14,208,171
Airlines–0.49%
Spirit Airlines, Inc.(b)		412,523	9,013,628
Alternative Carriers–0.94%
EchoStar Corp., Class A(b)		655,890	17,282,702
Aluminum–0.99%
Kaiser Aluminum Corp.(c)		192,213	18,056,489
Application Software–5.45%
Bottomline Technologies (DE), Inc.(b)		460,255	25,990,600
Consensus Cloud Solutions, Inc.(b)(c)		162,982	9,431,768
Envestnet, Inc.(b)(c)		143,225	11,363,472
Everbridge, Inc.(b)		71,666	4,825,272
Olo, Inc., Class A(b)(c)		323,738	6,736,988
Paycor HCM, Inc.(b)(c)		552,426	15,915,393
Q2 Holdings, Inc.(b)(c)		319,819	25,406,421
			99,669,914
Asset Management & Custody Banks–2.29%
Federated Hermes, Inc., Class B(c)		488,149	18,344,639
Focus Financial Partners, Inc., Class A(b)		393,493	23,499,402
			41,844,041
Auto Parts & Equipment–2.48%
Dorman Products, Inc.(b)		211,018	23,847,144
Visteon Corp.(b)		193,005	21,450,576
			45,297,720
Automotive Retail–3.22%
AutoNation, Inc.(b)		295,759	34,559,439
Monro, Inc.(c)		416,795	24,286,645
			58,846,084
Biotechnology–1.43%
ADC Therapeutics S.A. (Switzerland)(b)(c)		130,337	2,632,807
Avid Bioservices, Inc.(b)(c)		478,005	13,948,186
Twist Bioscience Corp.(b)		124,904	9,666,321
			26,247,314
Building Products–2.43%
Masonite International Corp.(b)(c)		171,939	20,280,205
Zurn Water Solutions Corp.		663,701	24,158,716
			44,438,921
Casinos & Gaming–0.53%
Boyd Gaming Corp.		146,720	9,620,430
Construction & Engineering–1.65%
Comfort Systems USA, Inc.		151,456	14,985,057
Valmont Industries, Inc.		60,586	15,176,793
			30,161,850

	Shares		Value
Construction Machinery & Heavy Trucks–0.55%
Allison Transmission Holdings, Inc.		278,616	$        10,127,692
Construction Materials–1.56%
Summit Materials, Inc., Class A(b)(c)		710,039	28,500,965
Data Processing & Outsourced Services–0.54%
Paya Holdings, Inc., Class A(b)(c)		1,559,394	9,886,558
Diversified Banks–0.72%
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		343,792	13,101,913
Diversified Metals & Mining–0.82%
Compass Minerals International, Inc.(c)		293,142	14,973,693
Electrical Components & Equipment–3.44%
Atkore, Inc.(b)(c)		258,464	28,738,612
EnerSys		178,314	14,097,505
Regal Rexnord Corp.		118,105	20,099,109
			62,935,226
Gas Utilities–2.76%
National Fuel Gas Co.		319,997	20,460,608
Northwest Natural Holding Co.(c)		317,000	15,463,260
Suburban Propane Partners L.P.		997,582	14,614,576
			50,538,444
Health Care Equipment–4.09%
AtriCure, Inc.(b)		311,847	21,682,722
CryoPort, Inc.(b)(c)		317,833	18,806,178
Heska Corp.(b)(c)		74,916	13,671,421
Tandem Diabetes Care, Inc.(b)(c)		136,771	20,586,771
			74,747,092
Health Care Facilities–3.57%
Acadia Healthcare Co., Inc.(b)		445,497	27,041,668
Tenet Healthcare Corp.(b)		468,115	38,240,314
			65,281,982
Health Care Services–2.40%
Addus HomeCare Corp.(b)(c)		217,209	20,311,213
LHC Group, Inc.(b)		172,029	23,607,540
			43,918,753
Health Care Supplies–0.66%
BioLife Solutions, Inc.(b)(c)		322,362	12,014,432
Health Care Technology–1.52%
Inspire Medical Systems, Inc.(b)		120,892	27,812,414
Homebuilding–2.02%
Skyline Champion Corp.(b)		84,729	6,691,896
TopBuild Corp.(b)(c)		109,904	30,323,613
			37,015,509
Hotel & Resort REITs–1.09%
DiamondRock Hospitality Co.(b)		2,067,387	19,867,589
Household Products–0.77%
Energizer Holdings, Inc.(c)		353,535	14,176,754

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

8                                    Invesco Main Street Small Cap Fund®

	Shares		Value
Human Resource & Employment Services–3.51%
ASGN, Inc.(b)		251,549	$     31,041,147
Korn Ferry		437,229	33,111,352
			64,152,499
Hypermarkets & Super Centers–1.48%
BJ’s Wholesale Club Holdings, Inc.(b)(c)		403,507	27,022,864
Industrial Machinery–3.12%
EnPro Industries, Inc.		191,080	21,032,176
Evoqua Water Technologies Corp.(b)(c)		771,200	36,053,600
			57,085,776
Interactive Home Entertainment–0.99%
Zynga, Inc., Class A(b)		2,818,793	18,040,275
Interactive Media & Services–1.88%
Ziff Davis, Inc.(b)(c)		310,447	34,416,154
Internet & Direct Marketing Retail–0.65%
Overstock.com, Inc.(b)		201,947	11,916,892
Investment Banking & Brokerage–1.75%
Stifel Financial Corp.		454,455	32,002,721
Leisure Facilities–0.82%
Cedar Fair L.P.(b)		298,693	14,952,572
Life Sciences Tools & Services–1.17%
Adaptive Biotechnologies Corp.(b)(c)		294,804	8,272,200
NeoGenomics, Inc.(b)(c)		386,579	13,190,076
			21,462,276
Metal & Glass Containers–0.74%
Silgan Holdings, Inc.		315,357	13,509,894
Multi-Utilities–1.30%
Avista Corp.		557,566	23,690,979
Office Services & Supplies–0.51%
ACCO Brands Corp.		1,130,689	9,339,491
Oil & Gas Equipment & Services–0.51%
NOV, Inc.(c)		684,469	9,274,555
Oil & Gas Exploration & Production–1.78%
Chesapeake Energy Corp.(c)		252,718	16,305,365
CNX Resources Corp.(b)(c)		1,177,730	16,193,788
			32,499,153
Packaged Foods & Meats–1.42%
Simply Good Foods Co. (The)(b)		624,433	25,957,680
Personal Products–1.16%
BellRing Brands, Inc., Class A(b)		742,916	21,195,393
Pharmaceuticals–0.42%
Collegium Pharmaceutical, Inc.(b)		413,750	7,728,850
Property & Casualty Insurance–0.88%
Definity Financial Corp. (Canada)(b)		691,550	16,144,094
Regional Banks–7.82%
BankUnited, Inc.(c)		499,788	21,146,030
Berkshire Hills Bancorp, Inc.		421,102	11,971,930
Cathay General Bancorp		418,380	17,986,156

	Shares		Value
Regional Banks–(continued)
FB Financial Corp.		227,820	$     9,983,072
Heritage Financial Corp.		405,591	9,912,644
OceanFirst Financial Corp.(c)		499,677	11,092,829
Pacific Premier Bancorp, Inc.		520,247	20,825,488
Silvergate Capital Corp., Class A(b)		60,553	8,973,955
Sterling Bancorp		1,210,190	31,210,800
			143,102,904
Research & Consulting Services–2.88%
CACI International, Inc., Class A(b)		87,694	23,608,102
KBR, Inc.(c)		608,616	28,982,294
			52,590,396
Restaurants–1.92%
Denny’s Corp.(b)(c)		1,115,271	17,844,336
Texas Roadhouse, Inc.		194,347	17,351,300
			35,195,636
Semiconductor Equipment–3.04%
Azenta, Inc.		326,657	33,681,603
MKS Instruments, Inc.		125,584	21,872,966
			55,554,569
Semiconductors–2.18%
Allegro MicroSystems, Inc. (Japan)(b)		368,624	13,336,816
Semtech Corp.(b)		297,442	26,451,517
			39,788,333
Specialized REITs–3.21%
Four Corners Property Trust, Inc.		865,159	25,444,327
National Storage Affiliates Trust		480,225	33,231,570
			58,675,897
Specialty Chemicals–1.40%
Amyris, Inc.(b)(c)		917,660	4,964,540
Diversey Holdings Ltd.(b)(c)		801,723	10,670,933
NewMarket Corp.		28,894	9,902,552
			25,538,025
Systems Software–0.49%
BlackBerry Ltd. (Canada)(b)		968,449	9,054,998
Thrifts & Mortgage Finance–1.51%
WSFS Financial Corp.		552,366	27,684,584
Total Common Stocks & Other Equity Interests (Cost $1,284,281,216)			1,806,966,787
Money Market Funds–1.35%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)		9,178,802	9,178,802
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(d)(e)		5,020,702	5,021,706
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e)		10,490,060	10,490,060
Total Money Market Funds (Cost $24,690,568)			24,690,568
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.16% (Cost $1,308,971,784)			1,831,657,355

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

9                                   Invesco Main Street Small Cap Fund®

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan Money Market Funds–10.23%
Invesco Private Government Fund, 0.02%(d)(e)(f)		56,111,634	$	56,111,634
Invesco Private Prime Fund, 0.11%(d)(e)(f)		130,900,966		130,927,142
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $187,047,457)				187,038,776
TOTAL INVESTMENTS IN SECURITIES–110.39% (Cost $1,496,019,241)				2,018,696,131
OTHER ASSETS LESS LIABILITIES–(10.39)%				(189,957,459	)
NET ASSETS–100.00%			$	1,828,738,672

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

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

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

	Value December 31, 2020		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value December 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$4,654,149	$	241,437,343	$	(236,912,690)	$	-	$	-		$9,178,802	$	2,623
Invesco Liquid Assets Portfolio, Institutional Class		3,322,991		170,920,880		(169,221,049)		175		(1,291)		5,021,706		907
Invesco Treasury Portfolio, Institutional Class		5,319,027		275,928,390		(270,757,357)		-		-		10,490,060		1,135
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		235,877,763		(179,766,129)		-		-		56,111,634		5,096*
Invesco Private Prime Fund		-		499,824,374		(368,873,998)		(8,681)		(14,553)		130,927,142		67,233*
Total		$13,296,167	$	1,423,988,750	$	(1,225,531,223)	$	(8,506)	$	(15,844)		$211,729,344	$	76,994

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

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

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

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

10                                   Invesco Main Street Small Cap Fund®

Statement of Assets and Liabilities

December 31, 2021

Assets:
Investments in unaffiliated securities, at value (Cost $ 1,284,281,216)*	$	1,806,966,787
Investments in affiliated money market funds, at value (Cost $ 211,738,025)		211,729,344
Receivable for:
Fund shares sold		1,807,929
Dividends		696,207
Investment for trustee deferred compensation and retirement plans		181,788
Other assets		51,268
Total assets		2,021,433,323
Liabilities:
Payable for:
Investments purchased		3,025,070
Fund shares reacquired		1,303,780
Amount due custodian		417,494
Collateral upon return of securities loaned		187,047,457
Accrued fees to affiliates		566,175
Accrued other operating expenses		142,842
Trustee deferred compensation and retirement plans		191,833
Total liabilities		192,694,651
Net assets applicable to shares outstanding	$	1,828,738,672
Net assets consist of:
Shares of beneficial interest	$	1,339,769,595
Distributable earnings		488,969,077
	$	1,828,738,672

Net Assets:
Class A	$	408,430,380
Class C	$	42,391,660
Class R	$	57,441,168
Class Y	$	566,298,655
Class R5	$	9,028,219
Class R6	$	745,148,590
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		19,387,139
Class C		2,154,168
Class R		2,787,819
Class Y		26,622,690
Class R5		426,581
Class R6		34,890,968
Class A:
Net asset value per share	$	21.07
Maximum offering price per share
(Net asset value of $21.07 ÷ 94.50%)	$	22.30
Class C:
Net asset value and offering price per share	$	19.68
Class R:
Net asset value and offering price per share	$	20.60
Class Y:
Net asset value and offering price per share	$	21.27
Class R5:
Net asset value and offering price per share	$	21.16
Class R6:
Net asset value and offering price per share	$	21.36

* At December 31, 2021, securities with an aggregate value of $181,389,991 were on loan to brokers.

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

11                                   Invesco Main Street Small Cap Fund®

Statement of Operations

For the year ended December 31, 2021

Investment income:
Dividends (net of foreign withholding taxes of $(439))	$	12,511,701
Dividends from affiliated money market funds (includes securities lending income of $105,689)		110,354
Total investment income		12,622,055
Expenses:
Advisory fees		9,782,700
Administrative services fees		213,892
Distribution fees:
Class A		816,094
Class C		411,334
Class R		245,878
Transfer agent fees – A, C, R and Y		1,639,736
Transfer agent fees – R5		9,931
Transfer agent fees – R6		80,539
Trustees’ and officers’ fees and benefits		35,083
Registration and filing fees		130,189
Professional services fees		46,920
Other		(43,061	)
Total expenses		13,369,235
Less: Fees waived and/or expense offset arrangement(s)		(9,947	)
Net expenses		13,359,288
Net investment income (loss)		(737,233	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (includes net gains from securities sold to affiliates of $9,580,162)		124,867,668
Affiliated investment securities		(15,844	)
Foreign currencies		(5,249	)
Futures contracts		(245,297	)
		124,601,278
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		136,096,751
Affiliated investment securities		(8,506	)
		136,088,245
Net realized and unrealized gain		260,689,523
Net increase in net assets resulting from operations	$	259,952,290

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

12                                   Invesco Main Street Small Cap Fund®

Statement of Changes in Net Assets

For the years ended December 31, 2021 and 2020

	2021			2020
Operations:
Net investment income (loss)	$	(737,233	)	$	2,073,963
Net realized gain		124,601,278			19,108,402
Change in net unrealized appreciation		136,088,245			176,245,310
Net increase in net assets resulting from operations		259,952,290			197,427,675
Distributions to shareholders from distributable earnings:
Class A		(27,017,539	)		(624,765	)
Class C		(3,266,415	)		(155,272	)
Class R		(4,024,137	)		(136,825	)
Class Y		(38,612,277	)		(1,883,402	)
Class R5		(555,583	)		(112	)
Class R6		(51,598,150	)		(6,044,559	)
Total distributions from distributable earnings		(125,074,101	)		(8,844,935	)
Share transactions–net:
Class A		234,669,141			(7,617,458	)
Class C		3,929,515			(7,760,565	)
Class R		20,256,163			1,266,713
Class Y		273,706,951			84,555,244
Class R5		9,486,247			–
Class R6		(46,718,953	)		309,097,730
Net increase in net assets resulting from share transactions		495,329,064			379,541,664
Net increase in net assets		630,207,253			568,124,404
Net assets:
Beginning of year		1,198,531,419			630,407,015
End of year	$	1,828,738,672		$	1,198,531,419

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

13                                   Invesco Main Street Small Cap Fund®

Financial Highlights

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Year ended 12/31/21		$	18.71		$	(0.06	)		$	4.06		$	4.00		$	(0.01	)		$	(1.63	)		$	(1.64	)		$	21.07		21.73	%		$	408,430		1.11	%		1.11	%		(0.28	)%		58	%
Year ended 12/31/20			15.68			0.01				3.10			3.11			-				(0.08	)			(0.08	)			18.71		19.82	(e)			158,769		1.20	(e)		1.23	(e)		0.03	(e)		43
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
Class C
Year ended 12/31/21			17.70			(0.21	)			3.83			3.62			(0.01	)			(1.63	)			(1.64	)			19.68		20.81				42,392		1.86			1.86			(1.03	)		58
Year ended 12/31/20			14.95			(0.10	)			2.93			2.83			-				(0.08	)			(0.08	)			17.70		18.92				34,635		1.94			1.99			(0.71	)		43
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
Class R
Year ended 12/31/21			18.37			(0.11	)			3.98			3.87			(0.01	)			(1.63	)			(1.64	)			20.60		21.42				57,441		1.36			1.36			(0.53	)		58
Year ended 12/31/20			15.45			(0.03	)			3.03			3.00			-				(0.08	)			(0.08	)			18.37		19.40				33,457		1.45			1.49			(0.22	)		43
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
Class Y
Year ended 12/31/21			18.83			(0.01	)			4.09			4.08			(0.01	)			(1.63	)			(1.64	)			21.27		22.03				566,299		0.86			0.86			(0.03	)		58
Year ended 12/31/20			15.79			0.05				3.13			3.18			(0.06	)			(0.08	)			(0.14	)			18.83		20.13				266,951		0.90			0.99			0.33			43
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
Class R5
Year ended 12/31/21			18.74			0.01				4.06			4.07			(0.02	)			(1.63	)			(1.65	)			21.16		22.08				9,028		0.77			0.77			0.06			58
Year ended 12/31/20			15.71			0.07				3.12			3.19			(0.08	)			(0.08	)			(0.16	)			18.74		20.30				13		0.77			0.77			0.46			43
Period ended 12/31/19(g)			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
Year ended 12/31/21			18.88			0.03				4.10			4.13			(0.02	)			(1.63	)			(1.65	)			21.36		22.23				745,149		0.68			0.68			0.15			58
Year ended 12/31/20			15.83			0.07				3.15			3.22			(0.09	)			(0.08	)			(0.17	)			18.88		20.31				704,706		0.77			0.77			0.46			43
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

^(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 and 2017, respectively.

(d) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2021, the portfolio turnover calculation excludes the value of securities purchased of $205,907,350 in connection with the acquisition of Invesco Select Companies Fund into the Fund.

^(e)  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 year ended December 31, 2020.

^(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.

14                                   Invesco Main Street Small Cap Fund®

Notes to Financial Statements

December 31, 2021

NOTE 1–Significant Accounting Policies

Invesco 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 eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

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

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

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

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

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

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

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

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

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

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

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

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

15                                   Invesco 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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

16                                   Invesco Main Street Small Cap Fund®

transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

On September 29, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (the “Adviser” or “Invesco”) to serve as an affiliated securities lending agent for the Fund. Prior to September 29, 2021, the Bank of New York Mellon (“BNYM”) served as the sole securities lending agent for the Fund under the securities lending program. BNYM also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2021, the Fund paid the Adviser $502 in fees for securities lending agent services.

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

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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.

N. 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.

O. 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.

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate*
First $ 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.

17                                   Invesco Main Street Small Cap Fund®

For the year ended December 31, 2021, the effective advisory fee rate incurred by the Fund was 0.64%.

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 Fund.

The Adviser has contractually agreed, through April 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.20%, 1.94%, 1.45%, 0.90%, 0.82% and 0.77%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective May 1, 2022 through at least June 30, 2022, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets. 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 June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2021, the Adviser waived advisory fees of $8,776.

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

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

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class 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 year ended December 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2021, IDI advised the Fund that IDI retained $96,084 in front-end sales commissions from the sale of Class A shares and $1,625 and $1,758 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended December 31, 2021, the Fund incurred $7,013 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.

18                                   Invesco Main Street Small Cap Fund®

    The following is a summary of the tiered valuation input levels, as of December 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	1,806,966,787	$	–		$–	$	1,806,966,787
Money Market Funds		24,690,568		187,038,776		–		211,729,344
Total Investments	$	1,831,657,355	$	187,038,776		$–	$	2,018,696,131

NOTE 4–Derivative Investments

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

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

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

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

	Location of Gain (Loss) on
	Statement of Operations
	Equity
	Risk
Realized Gain (Loss):
Futures contracts		$(245,297)

The table below summarizes the average notional value of derivatives held during the period.
	Futures
	Contracts
Average notional value		$39,764,100

NOTE 5–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended December 31, 2021, the Fund engaged in securities purchases of $1,225,346 and securities sales of $16,053,235, which resulted in net realized gains of $9,580,162.

NOTE 6–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended December 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,171.

NOTE 7–Trustees’ and Officers’ Fees and Benefits

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

NOTE 8–Cash Balances

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.

19                                   Invesco Main Street Small Cap Fund®

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2021 and 2020:
	2021		2020
Ordinary income*	$	70,469,063	$3,997,814
Long-term capital gain		54,605,038	4,847,121
Total distributions	$	125,074,101	$8,844,935

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

Tax Components of Net Assets at Period-End:

	2021
Undistributed ordinary income	$	765
Undistributed long-term capital gain		387,023
Net unrealized appreciation – investments		513,922,966
Temporary book/tax differences		(6,706,444	)
Capital loss carryforward		(18,635,233	)
Shares of beneficial interest		1,339,769,595
Total net assets	$	1,828,738,672

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

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

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

The Fund has a capital loss carryforward as of December 31, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term			Long-Term			Total
Not subject to expiration		$	–		$	18,635,233		$	18,635,233

* 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 10–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2021 was $848,618,615 and $769,581,613, 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	$	561,425,226
Aggregate unrealized (depreciation) of investments		(47,502,260	)
Net unrealized appreciation of investments	$	513,922,966

      Cost of investments for tax purposes is $1,504,773,165.

NOTE 11–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships, on December 31, 2021, undistributed net investment income (loss) was decreased by $2,562,427, undistributed net realized gain (loss) was increased by $2,614,536 and shares of beneficial interest was decreased by $52,109. Further, as a result of tax deferrals acquired in the reorganization of Invesco Select Companies Fund into the Fund, undistributed net investment income (loss) was decreased by $48,331, undistributed net realized gain (loss) was decreased by $38,502,778 and shares of beneficial interest was increased by $38,551,109. These reclassifications had no effect on the net assets of the Fund.

20                                   Invesco Main Street Small Cap Fund®

NOTE 12–Share Information

	Summary of Share Activity
	Year ended						Year ended
	December 31, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		2,905,027		$	62,049,295			2,221,278		$	31,936,309
Class C		418,569			8,454,536			526,239			7,230,303
Class R		731,812			15,373,505			450,994			6,491,029
Class Y		17,684,044			391,590,406			10,379,525			160,195,821
Class R5		355,448			7,756,867			-			-
Class R6		10,003,137			224,483,238			28,419,510			424,098,980
Issued as reinvestment of dividends:
Class A		1,286,142			26,189,851			33,565			610,270
Class C		166,709			3,189,249			8,848			152,267
Class R		201,440			4,022,839			7,653			136,688
Class Y		1,795,962			36,988,599			97,269			1,780,016
Class R5		27,237			554,263			-			-
Class R6		2,413,107			49,922,746			320,110			5,870,823
Automatic conversion of Class C shares to Class A shares:
Class A		164,128			3,496,397			199,559			3,404,848
Class C		(174,253	)		(3,496,397	)		(210,494	)		(3,404,848	)
Issued in connection with acquisitions:(b)
Class A		9,626,098			209,056,866			-			-
Class C		246,598			5,051,190			-			-
Class R		564,254			12,023,732			-			-
Class Y		2,013,436			44,060,733			-			-
Class R5		793,761			17,290,581			-			-
Class R6		76,583			1,680,846			-			-
Reacquired:
Class A		(3,082,179	)		(66,123,268	)		(3,015,263	)		(43,568,885	)
Class C		(460,267	)		(9,269,063	)		(874,894	)		(11,738,287	)
Class R		(530,697	)		(11,163,913	)		(379,667	)		(5,361,004	)
Class Y		(9,046,657	)		(198,932,787	)		(5,951,237	)		(77,420,593	)
Class R5		(750,585	)		(16,115,464	)		-			-
Class R6		(14,935,086	)		(322,805,783	)		(8,566,238	)		(120,872,073	)
Net increase in share activity		22,493,768		$	495,329,064			23,666,757		$	379,541,664

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 35% 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, 27% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)  After the close of business on April 23, 2021, the Fund acquired all the net assets of Invesco Select Companies Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on January 22, 2021. 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 13,320,730 shares of the Fund for 17,970,769 shares outstanding of the Target Fund as of the close of business on April 23, 2021. 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, April 23, 2021. The Target Fund’s net assets as of the close of business on April 23, 2021 of $289,163,948, including $79,421,792 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,250,800,438 and     $1,539,964,385 immediately after the acquisition.

    The pro forma results of operations for the year ended December 31, 2021 assuming the reorganization had been completed on January 1, 2021, the beginning of the annual reporting period are as follows:

Net investment income (loss)	$	(1,351,555	)
Net realized/unrealized gains		308,010,119
Change in net assets resulting from operations	$	306,658,564
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 April 24, 2021.

21                                   Invesco Main Street Small Cap Fund®

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Main Street Small Cap Fund^®

Opinion on the Financial Statements

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

Financial Highlights

For the two years ended December 31, 2021 and the eight months ended December 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For the two years ended December 31, 2021 and the period May 24, 2019 (commencement date) through December 31, 2019 for Class R5.

The financial statements of Invesco Oppenheimer Main Street Small Cap Fund^® (subsequently renamed Invesco Main Street Small Cap Fund^®) as of and for the year ended April 30, 2019 and the financial highlights for each of the periods ended on or prior to April 30, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated June 25, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

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

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

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2022

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

22                                   Invesco 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 July 1, 2021 through December 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (07/01/21)	Ending     Account Value     (12/31/21)1	Expenses     Paid During     Period2	Ending     Account Value     (12/31/21)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$1,036.90	$5.60	$1,019.71	$5.55	1.09%
Class C	1,000.00	1,032.80	9.43	1,015.93	9.35	1.84
Class R	1,000.00	1,035.30	6.87	1,018.45	6.82	1.34
Class Y	1,000.00	1,038.10	4.32	1,020.97	4.28	0.84
Class R5	1,000.00	1,038.20	4.06	1,021.22	4.02	0.79
Class R6	1,000.00	1,039.30	3.44	1,021.83	3.41	0.67

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

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

23                                   Invesco Main Street Small Cap Fund®

Tax Information

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

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

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

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	54,605,038
Qualified Dividend Income*		15.37	%
Corporate Dividends Received Deduction*		15.52	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		1.94	%
Business Interest Income*		0.00	%

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

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$	69,679,441

24                                   Invesco Main Street Small Cap Fund®

Trustees and Officers

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

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

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

T-1                                   Invesco Main Street Small Cap Fund®

Trustees and Officers–(continued)

Name, Year of Birth and             Position(s)     Held with the Trust	Trustee             and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex   Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Independent Trustees
Christopher L. Wilson - 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	186	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	186	None

T-2                                   Invesco Main Street Small Cap Fund®

Trustees and Officers–(continued)

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

T-3                                   Invesco Main Street Small Cap Fund®

Trustees and Officers–(continued)

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

T-4                                   Invesco Main Street Small Cap Fund®

Trustees and Officers–(continued)

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

T-5                                   Invesco Main Street Small Cap Fund®

Trustees and Officers–(continued)

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6                                   Invesco Main Street Small Cap Fund®

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

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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 number(s): 811-02699 and 002-57526 Invesco Distributors, Inc. O-MSS-AR-1

	Annual Report to Shareholders	December 31, 2021
	Invesco Peak Retirement™ Funds Invesco Peak Retirement™ Destination Fund Invesco Peak Retirement™ 2010 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

Table of Contents

Management’s Discussion	4
Performance Summary	4
Long-Term Fund Performance	17
Supplemental Information	43
Schedules of Investments	46
Financial Statements	70
Financial Highlights	86
Notes to Financial Statements	99
Report of Independent Registered Public Accounting Firm	114
Fund Expenses	115
Distribution Information	120
Tax Information	123
Trustees and Officers	T-1

2

Market in review

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

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

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

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

3 Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance

Performance summary - Invesco Peak Retirement™ Destination Fund For the year ended December 31, 2021, Class A shares of Invesco Peak Retirement™ Destination Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Peak Retirement Destination Benchmark.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/20 to 12/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	8.84	%
Class C Shares	8.08
Class R Shares	8.63
Class Y Shares	9.01
Class R5 Shares	9.01
Class R6 Shares	9.01
Bloomberg U.S. Aggregate Bond Indexq (Broad Market Index)	-1.54
Custom Invesco Peak Retirement Destination Benchmark∎ (Style-Specific Index)	5.07
Source(s): qRIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Strategic asset class exposures in the Fund are obtained through investment in underlying representative mutual funds and exchange-traded funds targeting a pre-defined date of retirement. From an absolute performance perspective, strategic allocations to equity investments were the leading contributors to positive performance during the fiscal year. Specifically, exposures to both US value style and high dividend, low volatility style stocks were the leading contributors to positive absolute performance. In contrast, strategic allocations to fixed income investments such as international and short-term government bonds produced negative returns and were the leading detractors from absolute performance.

    From a relative performance perspective, an underweight allocation to equities and style selection in international equity were the primary detractors from performance relative to the Fund’s style-specific benchmark. Within the allocation to international equities, the Invesco S&P International Developed Low Volatility ETF was the primary detractor. Although positive, returns for low volatility equities trailed other factors such as value, quality, and growth for the fiscal year. An

allocation to the Invesco International Bond Fund was also a detractor from relative performance results as inflation concerns and potential changes in monetary policy worried investors.

    Conversely, an underweight allocation, style and manager selection within the fixed income allocation were the leading contributors to relative performance results. Within the allocation, the Invesco Floating Rate ESG Fund and Invesco Income Fund were the leading contributors to relative performance. The Invesco Variable Rate Preferred ETF, Invesco Taxable Municipal Bond ETF and Invesco Short Duration Inflation Protected Fund were meaningful contributors to relative performance.

    Please note that the Fund and some of the Fund’s underlying funds may use derivatives, including futures and total return swaps, which may create economic leverage in the underlying funds. Therefore, some of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

Fund Nasdaq Symbols
Class A	PKTSX
Class C	PKTTX
Class R	PKTVX
Class Y	PKTUX
Class R5	PKTWX
Class R6	PKTZX

    Thank you for your continued investment in the Invesco Peak Retirement^™ Destination Fund.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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

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

4 Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance

Performance summary - Invesco Peak Retirement™ 2010 Fund Invesco Peak Retirement™ 2010 Fund (the Fund) incepted on April 30, 2021. From the Fund’s inception to the end of the reporting period on December 31, 2021, Class A shares of the Fund, at net asset value (NAV), underperformed the Custom Invesco Peak Retirement 2010 Benchmark.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Cumulative total returns, 4/30/21 to 12/31/21 at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	2.94	%
Class C Shares	2.47
Class R Shares	2.78
Class Y Shares	3.21
Class R5 Shares	3.21
Class R6 Shares	3.21
Bloomberg U.S. Aggregate Bond Indexq (Broad Market Index)	1.10
Custom Invesco Peak Retirement 2010 Benchmark∎ (Style-Specific Index)	4.41
Source(s): qRIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Strategic asset class exposures in the Fund are obtained through investment in underlying representative mutual funds and exchange-traded funds targeting a pre-defined date of retirement. From an absolute performance perspective, strategic allocations to equity and alternative investments were the leading contributors to positive performance during the fiscal year. Specifically, exposures to both US equity and global real estate were the leading contributors to positive absolute performance. In contrast, strategic allocations to international bonds and emerging market equities produced negative returns and were the leading detractors from absolute performance.

    From a relative performance perspective, an underweight allocation and style selection within equity were the primary detractors from performance relative to the Fund’s style-specific benchmark during the fiscal year. Within the allocation, the Invesco Developing Markets Fund and Invesco S&P International Developed Low Volatility ETF were the primary detractors from relative performance results. The Invesco S&P 500 High Dividend Low Volatility ETF in the US equity allocation also slightly detracted from

relative performance results as low volatility factor returns trailed other factors such as value, quality, and growth for the reporting period.

    Conversely, style selection within the fixed income allocation was the leading contributor to relative performance results during the fiscal year. Within the allocation, the Invesco High Yield Bond Factor ETF and Invesco Floating Rate ESG Fund were the leading contributors to relative performance. Exposure to riskier fixed income investments within the allocation benefited relative performance as the US high yield sector was the top performing sector within fixed income, posting positive returns, and narrowing spreads. The Invesco Income Fund, Invesco Short Duration Inflation Protected Fund and Invesco Taxable Municipal Bond ETF were meaningful contributors to relative performance as well.

    Please note that the Fund and some of the Fund’s underlying funds may use derivatives, including futures and total return swaps, which may create economic leverage in the underlying funds. Therefore, some of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However,

Fund Nasdaq Symbols
Class A	PKAFX
Class C	PKCFX
Class R	PEKRX
Class Y	PKYFX
Class R5	PEKMX
Class R6	PEKNX

derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Thank you for your continued investment in the Invesco Peak Retirement^™ 2010 Fund.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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

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

5 Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance

Performance summary - Invesco Peak Retirement™ 2015 Fund For the year ended December 31, 2021, Class A shares of Invesco Peak Retirement™ 2015 Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Peak Retirement 2015 Benchmark.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/20 to 12/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	8.37	%
Class C Shares	7.68
Class R Shares	8.20
Class Y Shares	8.68
Class R5 Shares	8.68
Class R6 Shares	8.68
Bloomberg U.S. Aggregate Bond Indexq (Broad Market Index)	-1.54
Custom Invesco Peak Retirement 2015 Benchmark∎ (Style-Specific Index)	5.52
Source(s): qRIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Strategic asset class exposures in the Fund are obtained through investment in underlying representative mutual funds and exchange-traded funds targeting a pre-defined date of retirement. From an absolute performance perspective, strategic allocations to US equity investments were the leading contributors to positive performance during the fiscal year. Specifically, exposures to both US value and low volatility style equities were the leading contributors to positive absolute performance. In contrast, strategic allocations to developing and emerging markets equities produced negative returns and were the leading detractors from absolute performance.

    From a relative performance perspective, style selection within the international and emerging markets equity allocations were the primary detractors from performance relative to the Fund’s style-specific benchmark during the fiscal year. Within the emerging markets allocation, Invesco Developing Markets Fund and Invesco Emerging Markets All Cap Fund were the primary detractors from relative performance results. The Invesco S&P International Developed Low Volatility ETF in the international equity allocation also detracted slightly from relative

performance results as low volatility factor returns trailed other factors such as value, quality, and growth for the fiscal year.

    Conversely, manager selection, style selection and an underweight allocation relative to the style-specific benchmark within the fixed income allocation were the leading contributors to relative performance results. Within the allocation, the Invesco Floating Rate ESG Fund and Invesco Income Fund were the leading contributors to relative performance. The Invesco Variable Rate Preferred ETF, Invesco Taxable Municipal Bond ETF and Invesco Short Duration Inflation Protected Fund were meaningful contributors to relative performance as well. Exposure to riskier fixed income investments within the allocation benefited relative performance as the high yield sector was the top performing sector within fixed income.

    Please note that the Fund and some of the Fund’s underlying funds may use derivatives, including futures and total return swaps, which may create economic leverage in the underlying funds. Therefore, some of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However,

Fund Nasdaq Symbols
Class A	PKTMX
Class C	PKTNX
Class R	PKTPX
Class Y	PKTOX
Class R5	PKTQX
Class R6	PKTRX

derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Thank you for your continued investment in the Invesco Peak Retirement^™ 2015 Fund.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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

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

6 Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance

Performance summary - Invesco Peak Retirement™ 2020 Fund For the year ended December 31, 2021, Class A shares of Invesco Peak Retirement™ 2020 Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Peak Retirement 2020 Benchmark.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/20 to 12/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	8.55	%
Class C Shares	7.79
Class R Shares	8.21
Class Y Shares	8.92
Class R5 Shares	8.82
Class R6 Shares	8.82
Bloomberg U.S. Aggregate Bond Indexq (Broad Market Index)	-1.54
Custom Invesco Peak Retirement 2020 Benchmark∎ (Style-Specific Index)	6.59
Source(s): qRIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Strategic asset class exposures in the Fund are obtained through investment in underlying representative mutual funds and exchange-traded funds targeting a pre-defined date of retirement. From an absolute performance perspective, strategic allocations to US equity investments were the leading contributors to positive performance during the fiscal year. Specifically, exposures to both multi-factor and managed volatility equities were the leading contributors to positive absolute performance. In contrast, strategic allocations to emerging markets equites were the leading detractors from absolute performance.

    From a relative performance perspective, manager selection and style selection within the emerging markets equity allocation were the primary detractors from performance relative to the Fund’s style-specific benchmark during the fiscal year. Within the allocation, the Invesco Developing Markets Fund and Invesco Emerging Markets All Cap Fund were the primary detractors from relative performance results. The Invesco International Small-Mid Company Fund and Invesco Main Street Small Cap Fund also detracted from relative performance results as large cap stocks outperformed small

cap stocks as investors favored continued large-cap corporate earnings surprises throughout the fiscal year.

    Conversely, style and manager selection within the fixed income allocation were the leading contributors to relative performance results during the fiscal year. Within the allocation, the Invesco Floating Rate ESG Fund, Invesco Taxable Municipal Bond ETF, and Invesco Income Fund were the leading contributors to relative performance. Exposure to riskier fixed income investments within the allocation benefited relative performance as the high yield sector was the top performing sector within fixed income. The Invesco Variable Rate Investment Grade ETF and Invesco Fundamental High Yield Corporate Bond ETF were meaningful contributors to relative performance as well.

    Please note that the Fund and some of the Fund’s underlying funds may use derivatives, including futures and total return swaps, which may create economic leverage in the underlying funds. Therefore, some of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of lever-

Fund Nasdaq Symbols
Class A	PKTGX
Class C	PKTHX
Class R	PKTJX
Class Y	PKTIX
Class R5	PKTKX
Class R6	PKTLX

age and may be less liquid than traditional securities.

    Thank you for your continued investment in the Invesco Peak Retirement^™ 2020 Fund.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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

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

7 Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance

Performance summary - Invesco Peak Retirement™ 2025 Fund
For the year ended December 31, 2021, Class A shares of Invesco Peak Retirement™ 2025 Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Peak Retirement 2025 Benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/20 to 12/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	9.53	%
Class C Shares	8.72
Class R Shares	9.24
Class Y Shares	9.80
Class R5 Shares	9.72
Class R6 Shares	9.71
Bloomberg U.S. Aggregate Bond Indexq (Broad Market Index)	-1.54
Custom Invesco Peak Retirement 2025 Benchmark∎ (Style-Specific Index)	7.81
Source(s): qRIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Strategic asset class exposures in the Fund are obtained through investment in underlying representative mutual funds and exchange-traded funds targeting a pre-defined date of retirement. From an absolute performance perspective, strategic allocations to equity investments were the leading contributors to positive performance during the fiscal year. Specifically, exposure to large-cap US equities were the leading contributors to positive absolute performance. Strategic allocations to fixed income and alternative investments also contributed to positive absolute performance. Exposures to both US floating rate bonds and global real estate were contributors to positive absolute performance. In contrast, strategic allocations to developing and emerging markets detracted from absolute performance.

    From a relative performance perspective, manager selection and style selection in developed and emerging market equities were the primary detractors from performance relative to the Fund’s style-specific benchmark during the fiscal year. Within the allocation, the Invesco Developing Markets Fund and Invesco Emerging Markets All Cap Fund Class were the primary detractors from relative

Fund Nasdaq Symbols
Class A	PKTAX
Class C	PKTBX
Class R	PKTDX
Class Y	PKTCX
Class R5	PKTEX
Class R6	PKTFX

performance results. Although positive, returns for international and emerging market equities lagged US equities for the fiscal year. An underweight allocation and manager selection in US equities detracted from relative results as well.

    Conversely, an underweight allocation, style and manager selection within the fixed income allocation were the leading contributors to relative performance results during the fiscal year. Within the allocation, the Invesco Floating Rate ESG Fund and Invesco Taxable Municipal Bond ETF were the leading contributors to relative performance as exposure to riskier fixed income investments within the allocation benefited relative performance. The Invesco Variable Rate Investment Grade ETF and Invesco Income Fund were meaningful contributors to relative performance as well.

    Please note that the Fund and some of the Fund’s underlying funds may use derivatives, including futures and total return swaps, which may create economic leverage in the underlying funds. Therefore, some of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage

and may be less liquid than traditional securities.

    Thank you for your continued investment in the Invesco Peak Retirement^™ 2025 Fund.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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

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

8 Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance

Performance summary - Invesco Peak Retirement™ 2030 Fund
For the year ended December 31, 2021, Class A shares of Invesco Peak Retirement™ 2030 Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Peak Retirement 2030 Benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/20 to 12/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	10.82	%
Class C Shares	9.85
Class R Shares	10.54
Class Y Shares	11.00
Class R5 Shares	11.00
Class R6 Shares	11.00
Bloomberg U.S. Aggregate Bond Index▼ (Broad Market Index)	-1.54
Custom Invesco Peak Retirement 2030 Benchmark∎ (Style-Specific Index)	10.56
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Strategic asset class exposures in the Fund are obtained through investment in underlying representative mutual funds and exchange-traded funds targeting a pre-defined date of retirement. From an absolute performance perspective, strategic allocations to equity investments were the leading contributors to positive performance during the fiscal year. Specifically, exposure to large-cap US equities were the leading contributors to positive absolute performance. Strategic allocations to fixed income and alternative investments also contributed to positive absolute performance. Exposures to both US municipal bonds and global real estate were contributors to positive absolute performance. In contrast, strategic allocations to developing and emerging markets detracted from absolute performance.

    From a relative performance perspective, manager selection and style selection in developed and emerging market equities were the primary detractors from performance relative to the Fund’s style-specific benchmark during the fiscal year. Within the allocation, the Invesco Developing Markets Fund and Invesco Emerging Markets All Cap Fund were the primary detractors from relative performance

Fund Nasdaq Symbols
Class A	PKKSX
Class C	PKKTX
Class R	PKKVX
Class Y	PKKUX
Class R5	PKKWX
Class R6	PKKZX

results. Although positive, returns for international and emerging market equities lagged US equities for the fiscal year. An underweight allocation and manager selection in US equities detracted from relative results as well.

    Conversely, an underweight allocation, style and manager selection within the fixed income allocation were the leading contributors to relative performance results. Within the allocation, the Invesco Floating Rate ESG Fund and Invesco Taxable Municipal Bond ETF were the leading contributors to relative performance as exposure to riskier fixed income investments within the allocation benefited relative performance. The Invesco Variable Rate Investment Grade ETF and Invesco Income Fund were meaningful contributors to relative performance as well.

    Please note that the Fund and some of the Fund’s underlying funds may use derivatives, including futures and total return swaps, which may create economic leverage in the underlying funds. Therefore, some of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage

and may be less liquid than traditional securities.

    Thank you for your continued investment in the Invesco Peak Retirement^™ 2030 Fund.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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

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

9 Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance

Performance summary - Invesco Peak Retirement™ 2035 Fund
For the year ended December 31, 2021, Class A shares of Invesco Peak Retirement™ 2035 Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Peak Retirement 2035 Benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/20 to 12/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	12.53	%
Class C Shares	11.71
Class R Shares	12.19
Class Y Shares	12.77
Class R5 Shares	12.68
Class R6 Shares	12.77
Bloomberg U.S. Aggregate Bond Indexq (Broad Market Index)	-1.54
Custom Invesco Peak Retirement 2035 Benchmark∎ (Style-Specific Index)	13.36
Source(s): qRIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Strategic asset class exposures in the Fund are obtained through investment in underlying representative mutual funds and exchange-traded funds targeting a pre-defined date of retirement. From an absolute performance perspective, strategic allocations to equity investments were the leading contributors to positive performance during the fiscal year. Specifically, exposure to large-cap US equities was the leading contributor to positive absolute performance. Strategic allocations to alternative investments also contributed to positive absolute performance. Exposure to global real estate was a positive absolute contributor to performance. In contrast, strategic allocations to developing and emerging markets detracted from absolute performance.

    From a relative performance perspective, manager selection and style selection in developed and emerging market equities were the primary detractors from performance relative to the Fund’s style-specific benchmark during the fiscal year. Within the allocation, the Invesco Developing Markets Fund and Invesco Emerging Markets All Cap Fund were the primary detractors from relative performance results. Although positive, returns

Fund Nasdaq Symbols
Class A	PKKMX
Class C	PKKNX
Class R	PKKPX
Class Y	PKKOX
Class R5	PKKQX
Class R6	PKKRX

for international and emerging market equities lagged US equities for the fiscal year. An underweight allocation and manager selection in US equities detracted from relative results as well.

    Conversely, an underweight allocation, style and manager selection within the fixed income allocation were the leading contributors to relative performance results. Within the allocation, the Invesco Variable Rate Investment Grade ETF and Invesco Taxable Municipal Bond ETF were the leading contributors to relative performance as exposure to riskier fixed income investments within the allocation benefited relative performance. The Invesco Fundamental High Yield Corporate Bond ETF and Invesco Floating Rate ESG Fund were contributors to positive relative performance as well.

    Please note that the Fund and some of the Fund’s underlying funds may use derivatives, including futures and total return swaps, which may create economic leverage in the underlying funds. Therefore, some of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage

and may be less liquid than traditional securities.

    Thank you for your continued investment in the Invesco Peak Retirement^™ 2035 Fund.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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

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

10 Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance

Performance summary - Invesco Peak Retirement™ 2040 Fund
For the year ended December 31, 2021, Class A shares of Invesco Peak Retirement™ 2040 Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Peak Retirement 2040 Benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/20 to 12/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	14.21	%
Class C Shares	13.28
Class R Shares	13.88
Class Y Shares	14.46
Class R5 Shares	14.37
Class R6 Shares	14.46
Bloomberg U.S. Aggregate Bond Indexq (Broad Market Index)	-1.54
Custom Invesco Peak Retirement 2040 Benchmark∎ (Style-Specific Index)	15.59
Source(s): qRIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Strategic asset class exposures in the Fund are obtained through investment in underlying representative mutual funds and exchange-traded funds targeting a pre-defined date of retirement. From an absolute performance perspective, strategic allocations to equity investments were the leading contributors to positive performance during the fiscal year. Specifically, exposure to large-cap US equities was the leading contributor to positive absolute performance. Strategic allocations to alternative investments also contributed to positive absolute performance. Exposure to global real estate was a positive absolute contributor performance. In contrast, strategic allocations to developing and emerging markets detracted from absolute performance.

    From a relative performance perspective, manager selection and style selection in developed and emerging market equities were the primary detractors from performance relative to the Fund’s style-specific benchmark during the fiscal year. Within the allocation, the Invesco Developing Markets Fund, Invesco Emerging Markets All Cap Fund and Invesco International Select Equity Fund were the primary detractors from relative

Fund Nasdaq Symbols
Class A	PKKGX
Class C	PKKHX
Class R	PKKJX
Class Y	PKKIX
Class R5	PKKKX
Class R6	PKKLX

performance results. Although positive, returns for international and emerging market equities lagged US equities for the fiscal year. An underweight allocation and manager selection in US equities detracted from relative results as well.

    Conversely, an underweight allocation, style and manager selection within the fixed income allocation were the leading contributors to relative performance results. Within the allocation, the Invesco Variable Rate Investment Grade ETF and Invesco Taxable Municipal Bond ETF were the leading contributors to relative performance as exposure to riskier fixed income investments within the allocation benefited relative performance. The Invesco Income Fund was a contributor to positive relative performance as well.

    Please note that the Fund and some of the Fund’s underlying funds may use derivatives, including futures and total return swaps, which may create economic leverage in the underlying funds. Therefore, some of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Thank you for your continued investment in the Invesco Peak Retirement^™ 2040 Fund.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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

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

11 Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance

Performance summary - Invesco Peak Retirement™ 2045 Fund
For the year ended December 31, 2021, Class A shares of Invesco Peak Retirement™ 2045 Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Peak Retirement 2045 Benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/20 to 12/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	15.64	%
Class C Shares	14.77
Class R Shares	15.29
Class Y Shares	15.91
Class R5 Shares	15.90
Class R6 Shares	15.91
Russell 3000 Indexq (Broad Market Index)	25.66
Custom Invesco Peak Retirement 2045 Benchmark∎ (Style-Specific Index)	17.29
Source(s): qRIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Strategic asset class exposures in the Fund are obtained through investment in underlying representative mutual funds and exchange-traded funds targeting a pre-defined date of retirement. From an absolute performance perspective, strategic allocations to equity investments were the leading contributors to positive performance during the fiscal year. Specifically, exposure to large-cap US equities was the leading contributor to positive absolute performance. In contrast, strategic allocations to developing and emerging markets detracted from absolute performance.

    From a relative performance perspective, manager selection and style selection equities were the primary detractors from performance relative to the Fund’s style-specific benchmark during the fiscal year. Within the emerging markets allocation, the Invesco Developing Markets Fund, Invesco Emerging Markets All Cap Fund and Invesco International Select Equity Fund were the primary detractors from relative performance results. Although positive, returns for international and emerging market equities lagged US equities for the fiscal year. An underweight allocation and manager selection

Fund Nasdaq Symbols
Class A	PKKAX
Class C	PKKBX
Class R	PKKDX
Class Y	PKKCX
Class R5	PKKEX
Class R6	PKKFX

in US equities detracted from relative results as well.

    Conversely, an underweight allocation and style selection in the fixed income allocation were the leading contributors to relative performance results. Within the allocation, the Invesco Variable Rate Investment Grade ETF and Invesco Taxable Municipal Bond ETF were the leading contributors to relative performance as exposure to riskier short duration fixed income within the allocation benefited relative performance. A relative underweight position to non-US developed equity contributed to positive relative performance as well.

    Please note that the Fund and some of the Fund’s underlying funds may use derivatives, including futures and total return swaps, which may create economic leverage in the underlying funds. Therefore, some of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Thank you for your continued investment in the Invesco Peak Retirement^™ 2045 Fund.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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

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

12 Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance

Performance summary - Invesco Peak Retirement™ 2050 Fund
For the year ended December 31, 2021, Class A shares of Invesco Peak Retirement™ 2050 Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Peak Retirement 2050 Benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/20 to 12/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	16.17	%
Class C Shares	15.31
Class R Shares	15.79
Class Y Shares	16.42
Class R5 Shares	16.42
Class R6 Shares	16.42
Russell 3000 Indexq (Broad Market Index)	25.66
Custom Invesco Peak Retirement 2050 Benchmark∎ (Style-Specific Index)	18.65
Source(s): qRIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Strategic asset class exposures in the Fund are obtained through investment in underlying representative mutual funds and exchange-traded funds targeting a pre-defined date of retirement. From an absolute performance perspective, strategic allocations to equity investments were the leading contributors to positive performance during the fiscal year. Specifically, exposure to large-cap US equities was the leading contributor to positive absolute performance. Allocation to US small- and mid-cap equities also contributed to positive absolute performance. In contrast, strategic allocations to developing and emerging markets equities and US fixed income detracted from absolute performance.

    From a relative performance perspective, manager selection and style selection within equities were the primary detractors from performance relative to the Fund’s style-specific benchmark during the fiscal year. Within the emerging markets allocation, the Invesco Developing Markets Fund, Invesco Emerging Markets All Cap Fund and Invesco International Select Equity Fund were the primary detractors from relative performance results. Although positive, returns for international and emerging market equities

Fund Nasdaq Symbols
Class A	PKRSX
Class C	PKRTX
Class R	PKRVX
Class Y	PKRUX
Class R5	PKRWX
Class R6	PKRZX

lagged US equities for the fiscal year. Within small- and mid-cap equities, the Invesco Discovery Mid Cap Growth Fund also contributed to underperformance. Lastly, an underweight allocation to and manager selection in US equities detracted from relative results.

    Conversely, an underweight allocation in fixed income was the leading contributor to relative performance results. In addition to the underweight allocation, outperformance in fixed income was also helped by the Invesco Variable Rate Investment Grade ETF, which was the leading contributor to relative performance. In equity, a relative underweight position to non-US developed equity contributed to positive relative performance and assisted by the Invesco RAFI Strategic Developed ex-US ETF which was the leading contributor to relative performance. The Invesco Russell 1000 Dynamic Multifactor ETF contributed to positive relative performance as well.

    Please note that the Fund and some of the Fund’s underlying funds may use derivatives, including futures and total return swaps, which may create economic leverage in the underlying funds. Therefore, some of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to

gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Thank you for your continued investment in the Invesco Peak Retirement^™ 2050 Fund.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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

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

13 Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance

Performance summary - Invesco Peak Retirement™ 2055 Fund
For the year ended December 31, 2021, Class A shares of Invesco Peak Retirement™ 2055 Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Peak Retirement 2055 Benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/20 to 12/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	16.32	%
Class C Shares	15.49
Class R Shares	16.01
Class Y Shares	16.50
Class R5 Shares	16.57
Class R6 Shares	16.57
Russell 3000 Indexq (Broad Market Index)	25.66
Custom Invesco Peak Retirement 2055 Benchmark∎ (Style-Specific Index)	19.35
Source(s): qRIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Strategic asset class exposures in the Fund are obtained through investment in underlying representative mutual funds and exchange-traded funds targeting a pre-defined date of retirement. From an absolute performance perspective, strategic allocations to equity investments were the leading contributors to positive performance during the fiscal year. Specifically, exposure to large-cap US equities was the leading contributor to positive absolute performance. Allocation to US small- and mid-cap equities also contributed to positive absolute performance. In contrast, strategic allocations to developing and emerging markets equities and US fixed income detracted from absolute performance.

    From a relative performance perspective, manager and style selection within equities were the primary detractors from performance relative to the Fund’s style-specific benchmark during the fiscal year. Within the international and emerging markets allocation, the Invesco Developing Markets Fund, Invesco Emerging Markets All Cap Fund and Invesco International Select Equity Fund were the primary detractors from relative performance results. Although positive, returns for international and emerging market

Fund Nasdaq Symbols
Class A	PKRMX
Class C	PKRNX
Class R	PKRPX
Class Y	PKROX
Class R5	PKRQX
Class R6	PKRRX

equities lagged US equities for the fiscal year. An underweight allocation and manager selection in US equities also detracted from relative results.

    Conversely, an underweight allocation in fixed income and underweight allocation in non-US developed equity were the leading contributors to relative performance results. In addition to the underweight allocation, outperformance in fixed income was also helped by the Invesco Variable Rate Investment Grade ETF, which was the leading contributor to relative performance. In the equity allocation, a relative underweight position to non-US developed equity contributed to positive relative performance and was assisted by the Invesco RAFI Strategic Developed ex-US ETF. The Invesco Russell 1000 Dynamic Multifactor ETF contributed to positive relative performance as well.

    Please note that the Fund and some of the Fund’s underlying funds may use derivatives, including futures and total return swaps, which may create economic leverage in the underlying funds. Therefore, some of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment

risks through the creation of leverage and may be less liquid than traditional securities.

    Thank you for your continued investment in the Invesco Peak Retirement^™ 2055 Fund.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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

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

14 Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance

Performance summary - Invesco Peak Retirement™ 2060 Fund For the year ended December 31, 2021, Class A shares of Invesco Peak Retirement™ 2060 Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Peak Retirement 2060 Benchmark.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/20 to 12/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	16.56	%
Class C Shares	15.71
Class R Shares	16.31
Class Y Shares	16.90
Class R5 Shares	16.80
Class R6 Shares	16.80
Russell 3000 Indexq (Broad Market Index)	25.66
Custom Invesco Peak Retirement 2060 Benchmark∎ (Style-Specific Index)	20.04
Source(s): qRIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Strategic asset class exposures in the Fund are obtained through investment in underlying representative mutual funds and exchange-traded funds targeting a pre-defined date of retirement. From an absolute performance perspective, strategic allocations to equity investments were the leading contributors to positive performance during the fiscal year. Specifically, exposure to large-cap US equities was the leading contributor to positive absolute performance. Allocation to US small- and mid-cap equities also contributed to positive absolute performance. In contrast, strategic allocations to developing and emerging markets equities and US fixed income detracted from absolute performance.

    From a relative performance perspective, manager and style selection within equities were the primary detractors from performance relative to the Fund’s style-specific benchmark during the fiscal year. Within the international and emerging markets allocation, the Invesco Developing Markets Fund, Invesco Emerging Markets All Cap Fund and Invesco International Select Equity Fund were the primary detractors from relative performance results. Within small- and mid-cap equities, the Invesco Discovery Mid Cap

Growth Fund contributed to Fund underperformance. An underweight allocation and manager selection in US equities also detracted from relative results.

    Conversely, an underweight allocation in non-US developed equity relative to the style-specific benchmark and style selection in US equity were the leading contributors to relative performance results. The relative underweight position to non-US developed equity was also helped by the Invesco RAFI Strategic Developed ex-US ETF which contributed to positive relative performance. Within the US-equity allocation the leading contributors to relative performance were the Invesco Russell 1000 Dynamic Multifactor ETF and Invesco S&P SmallCap Low Volatility ETF.

    Please note that the Fund and some of the Fund’s underlying funds may use derivatives, including futures and total return swaps, which may create economic leverage in the underlying funds. Therefore, some of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

Fund Nasdaq Symbols
Class A	PKRGX
Class C	PKRHX
Class R	PKRJX
Class Y	PKRIX
Class R5	PKRKX
Class R6	PKRLX

    Thank you for your continued investment in the Invesco Peak Retirement^™ 2060 Fund.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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

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

15 Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance

Performance summary - Invesco Peak Retirement™ 2065 Fund For the year ended December 31, 2021, Class A shares of Invesco Peak Retirement™ 2065 Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Peak Retirement 2065 Benchmark.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/20 to 12/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	16.55	%
Class C Shares	15.66
Class R Shares	16.26
Class Y Shares	16.83
Class R5 Shares	16.83
Class R6 Shares	16.83
Russell 3000 Indexq (Broad Market Index)	25.66
Custom Invesco Peak Retirement 2065 Benchmark∎ (Style-Specific Index)	20.04
Source(s): qRIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Strategic asset class exposures in the Fund are obtained through investment in underlying representative mutual funds and exchange-traded funds targeting a pre-defined date of retirement. From an absolute performance perspective, strategic allocations to equity investments were the leading contributors to positive performance during the fiscal year. Specifically, exposure to large-cap US equities was the leading contributor to positive absolute performance. Allocation to US small- and mid-cap equities also contributed to positive absolute performance. In contrast, strategic allocations to developing and emerging markets equities and US fixed income detracted from absolute performance.

    From a relative performance perspective, manager and style selection within equities were the primary detractors from performance relative to the Fund’s style-specific benchmark during the fiscal year. Within the international and emerging markets allocation, the Invesco Developing Markets Fund, Invesco Emerging Markets All Cap Fund and Invesco International Select Equity Fund were the primary detractors from relative performance results. Within small- and mid-cap equities, the Invesco Discovery Mid Cap

Growth Fund contributed to Fund underperformance. An underweight allocation and manager selection in US equities also detracted from relative results.

    Conversely, an underweight allocation in non-US developed equity relative to the style-specific benchmark and style selection in US equity were the leading contributors to relative performance results. The relative underweight position to non-US developed equity was also helped by the Invesco RAFI Strategic Developed ex-US ETF which contributed to positive relative performance. Within the US-equity allocation the leading contributors to relative performance were the Invesco Russell 1000 Dynamic Multifactor ETF and Invesco S&P SmallCap Low Volatility ETF.

    Please note that the Fund and some of the Fund’s underlying funds may use derivatives, including futures and total return swaps, which may create economic leverage in the underlying funds. Therefore, some of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

Fund Nasdaq Symbols
Class A	PKRAX
Class C	PKRBX
Class R	PKRDX
Class Y	PKRCX
Class R5	PKREX
Class R6	PKRFX

    Thank you for your continued investment in the Invesco Peak Retirement^™ 2065 Fund.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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

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

16 Invesco Peak Retirement^™ Funds

Invesco Peak Retirement^™ Destination Fund’s Long-Term Performance

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

Fund and index data from 12/29/17

1 Source: Invesco, RIMES Technologies

2 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

17 Invesco Peak Retirement^™ Funds

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	4.09	%
1 Year	2.86
Class C Shares
Inception (12/29/17)	4.80	%
1 Year	7.08
Class R Shares
Inception (12/29/17)	5.32	%
1 Year	8.63
Class Y Shares
Inception (12/29/17)	5.82	%
1 Year	9.01
Class R5 Shares
Inception (12/29/17)	5.82	%
1 Year	9.01
Class R6 Shares
Inception (12/29/17)	5.82	%
1 Year	9.01

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.

18 Invesco Peak Retirement^™ Funds

Invesco Peak Retirement^™ 2010 Fund’s Long-Term Performance

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

Fund and index data from 4/30/21

1 Source: Invesco, RIMES Technologies

2 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

19 Invesco Peak Retirement^™ Funds

Cumulative Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (4/30/21)	-2.71	%
Class C Shares
Inception (4/30/21)	1.47	%
Class R Shares
Inception (4/30/21)	2.78	%
Class Y Shares
Inception (4/30/21)	3.21	%
Class R5 Shares
Inception (4/30/21)	3.21	%
Class R6 Shares
Inception (4/30/21)	3.21	%

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.

20 Invesco Peak Retirement^™ Funds

Invesco Peak Retirement^™ 2015 Fund’s Long-Term Performance

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

Fund and index data from 12/29/17

1 Source: Invesco, RIMES Technologies

2 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

21 Invesco Peak Retirement^™ Funds

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	3.92	%
1 Year	2.44
Class C Shares
Inception (12/29/17)	4.63	%
1 Year	6.68
Class R Shares
Inception (12/29/17)	5.15	%
1 Year	8.20
Class Y Shares
Inception (12/29/17)	5.65	%
1 Year	8.68
Class R5 Shares
Inception (12/29/17)	5.65	%
1 Year	8.68
Class R6 Shares
Inception (12/29/17)	5.65	%
1 Year	8.68

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.

22 Invesco Peak Retirement^™ Funds

Invesco Peak Retirement^™ 2020 Fund’s Long-Term Performance

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

Fund and index data from 12/29/17

1 Source: Invesco, RIMES Technologies

2 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

23 Invesco Peak Retirement^™ Funds

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	4.76	%
1 Year	2.60
Class C Shares
Inception (12/29/17)	5.49	%
1 Year	6.79
Class R Shares
Inception (12/29/17)	5.97	%
1 Year	8.21
Class Y Shares
Inception (12/29/17)	6.54	%
1 Year	8.92
Class R5 Shares
Inception (12/29/17)	6.54	%
1 Year	8.82
Class R6 Shares
Inception (12/29/17)	6.54	%
1 Year	8.82

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.

24 Invesco Peak Retirement^™ Funds

Invesco Peak Retirement^™ 2025 Fund’s Long-Term Performance

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

Fund and index data from 12/29/17

1 Source: Invesco, RIMES Technologies

2 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

25 Invesco Peak Retirement^™ Funds

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	5.69	%
1 Year	3.55
Class C Shares
Inception (12/29/17)	6.38	%
1 Year	7.72
Class R Shares
Inception (12/29/17)	6.94	%
1 Year	9.24
Class Y Shares
Inception (12/29/17)	7.46	%
1 Year	9.80
Class R5 Shares
Inception (12/29/17)	7.41	%
1 Year	9.72
Class R6 Shares
Inception (12/29/17)	7.44	%
1 Year	9.71

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.

26 Invesco Peak Retirement^™ Funds

Invesco Peak Retirement^™ 2030 Fund’s Long-Term Performance

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

Fund and index data from 12/29/17

1 Source: Invesco, RIMES Technologies

2 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

27 Invesco Peak Retirement^™ Funds

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	6.16	%
1 Year	4.74
Class C Shares
Inception (12/29/17)	6.84	%
1 Year	8.85
Class R Shares
Inception (12/29/17)	7.39	%
1 Year	10.54
Class Y Shares
Inception (12/29/17)	7.93	%
1 Year	11.00
Class R5 Shares
Inception (12/29/17)	7.93	%
1 Year	11.00
Class R6 Shares
Inception (12/29/17)	7.93	%
1 Year	11.00

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.

28 Invesco Peak Retirement^™ Funds

Invesco Peak Retirement^™ 2035 Fund’s Long-Term Performance

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

Fund and index data from 12/29/17

1 Source: Invesco, RIMES Technologies

2 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

29 Invesco Peak Retirement^™ Funds

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	7.01	%
1 Year	6.35
Class C Shares
Inception (12/29/17)	7.70	%
1 Year	10.71
Class R Shares
Inception (12/29/17)	8.26	%
1 Year	12.19
Class Y Shares
Inception (12/29/17)	8.80	%
1 Year	12.77
Class R5 Shares
Inception (12/29/17)	8.78	%
1 Year	12.68
Class R6 Shares
Inception (12/29/17)	8.80	%
1 Year	12.77

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.

30 Invesco Peak Retirement^™ Funds

Invesco Peak Retirement^™ 2040 Fund’s Long-Term Performance

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

Fund and index data from 12/29/17

1 Source: Invesco, RIMES Technologies

2 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

31 Invesco Peak Retirement^™ Funds

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	7.44	%
1 Year	7.97
Class C Shares
Inception (12/29/17)	8.12	%
1 Year	12.28
Class R Shares
Inception (12/29/17)	8.63	%
1 Year	13.88
Class Y Shares
Inception (12/29/17)	9.22	%
1 Year	14.46
Class R5 Shares
Inception (12/29/17)	9.20	%
1 Year	14.37
Class R6 Shares
Inception (12/29/17)	9.22	%
1 Year	14.46

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.

32 Invesco Peak Retirement^™ Funds

Invesco Peak Retirement^™ 2045 Fund’s Long-Term Performance

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

Fund and index data from 12/29/17

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

33 Invesco Peak Retirement^™ Funds

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	7.95	%
1 Year	9.26
Class C Shares
Inception (12/29/17)	8.65	%
1 Year	13.77
Class R Shares
Inception (12/29/17)	9.19	%
1 Year	15.29
Class Y Shares
Inception (12/29/17)	9.74	%
1 Year	15.91
Class R5 Shares
Inception (12/29/17)	9.76	%
1 Year	15.90
Class R6 Shares
Inception (12/29/17)	9.74	%
1 Year	15.91

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.

34 Invesco Peak Retirement^™ Funds

Invesco Peak Retirement^™ 2050 Fund’s Long-Term Performance

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

Fund and index data from 12/29/17

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

35 Invesco Peak Retirement^™ Funds

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	8.38	%
1 Year	9.81
Class C Shares
Inception (12/29/17)	9.09	%
1 Year	14.31
Class R Shares
Inception (12/29/17)	9.55	%
1 Year	15.79
Class Y Shares
Inception (12/29/17)	10.17	%
1 Year	16.42
Class R5 Shares
Inception (12/29/17)	10.17	%
1 Year	16.42
Class R6 Shares
Inception (12/29/17)	10.17	%
1 Year	16.42

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.

36 Invesco Peak Retirement^™ Funds

Invesco Peak Retirement^™ 2055 Fund’s Long-Term Performance

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

Fund and index data from 12/29/17

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

37 Invesco Peak Retirement^™ Funds

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	8.82	%
1 Year	9.90
Class C Shares
Inception (12/29/17)	9.54	%
1 Year	14.49
Class R Shares
Inception (12/29/17)	10.04	%
1 Year	16.01
Class Y Shares
Inception (12/29/17)	10.59	%
1 Year	16.50
Class R5 Shares
Inception (12/29/17)	10.63	%
1 Year	16.57
Class R6 Shares
Inception (12/29/17)	10.63	%
1 Year	16.57

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.

38 Invesco Peak Retirement^™ Funds

Invesco Peak Retirement^™ 2060 Fund’s Long-Term Performance

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

Fund and index data from 12/29/17

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

39 Invesco Peak Retirement^™ Funds

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	8.58	%
1 Year	10.18
Class C Shares
Inception (12/29/17)	9.29	%
1 Year	14.71
Class R Shares
Inception (12/29/17)	9.81	%
1 Year	16.31
Class Y Shares
Inception (12/29/17)	10.41	%
1 Year	16.90
Class R5 Shares
Inception (12/29/17)	10.41	%
1 Year	16.80
Class R6 Shares
Inception (12/29/17)	10.41	%
1 Year	16.80

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.

40 Invesco Peak Retirement^™ Funds

Invesco Peak Retirement^™ 2065 Fund’s Long-Term Performance

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

Fund and index data from 12/29/17

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

41 Invesco Peak Retirement^™ Funds

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	9.39	%
1 Year	10.17
Class C Shares
Inception (12/29/17)	9.79	%
1 Year	14.66
Class R Shares
Inception (12/29/17)	10.35	%
1 Year	16.26
Class Y Shares
Inception (12/29/17)	10.92	%
1 Year	16.83
Class R5 Shares
Inception (12/29/17)	10.92	%
1 Year	16.83
Class R6 Shares
Inception (12/29/17)	10.92	%
1 Year	16.83

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.

42 Invesco Peak Retirement^™ Funds

Supplemental Information

Each of the Peak Retirement Fund’s investment objective is total return over time, consistent with its strategic target allocation.

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

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

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

About indexes used in this report

∎ The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

∎ 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 Destination Benchmark, Custom Invesco Peak Retirement 2010 Benchmark, Custom Invesco Peak Retirement 2015 Benchmark and Custom Invesco Peak Retirement 2020 Benchmark were created by Invesco to serve as style-specific benchmarks for the Invesco Peak Retirement^™ Destination Fund, Invesco Peak Retirement^™ 2010 Fund, Invesco Peak Retirement^™ 2015 Fund and Invesco Peak Retirement^™ 2020 Fund, respectively. Each benchmark is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index, Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Treasury Bellwethers (3 Month) Index. The current composition of each benchmark will likely be altered in the future to better reflect each Fund’s objective.

∎ The Custom Invesco Peak Retirement 2025 Benchmark, Custom Invesco Peak Retirement 2030 Benchmark, Custom Invesco Peak Retirement 2035 Benchmark, Custom Invesco Peak Retirement 2040 Benchmark, Custom Invesco Peak Retirement 2045 Benchmark, Custom Invesco Peak Retirement 2050 Benchmark, Custom Invesco Peak Retirement 2055 Benchmark, Custom Invesco Peak Retirement 2060 Benchmark and Custom Invesco

Peak Retirement 2065 Benchmark were created by Invesco to serve as style-specific benchmarks for the 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, respectively. Each benchmark is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index and Bloomberg U.S. Aggregate Bond Index. The current composition of each benchmark will likely be altered in the future to better reflect each Fund’s objective.

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

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

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

43 Invesco Peak Retirement^™ Funds

Portfolio Composition*

Invesco Peak Retirement^™

Destination Fund

By fund type	% of total investments
Fixed Income Funds		56.18	%
Equity Funds		27.36
Alternative Funds		11.38
Money Market Funds		5.08

Invesco Peak Retirement^™ 2010

Fund

By fund type	% of total investments
Fixed Income Funds		54.65	%
Equity Funds		31.07
Alternative Funds		9.04
Money Market Funds		5.24

Invesco Peak Retirement^™ 2015

Fund

By fund type	% of total investments
Fixed Income Funds		52.26	%
Equity Funds		36.06
Alternative Funds		6.46
Money Market Funds		5.22

Invesco Peak Retirement^™ 2020

Fund

By fund type	% of total investments
Fixed Income Funds		48.27	%
Equity Funds		41.51
Alternative Funds		4.98
Money Market Funds		5.24

Invesco Peak Retirement^™ 2025

Fund

By fund type	% of total investments
Equity Funds		51.94	%
Fixed Income Funds		43.05
Alternative Funds		5.01

Invesco Peak Retirement^™ 2030

Fund

By fund type	% of total investments
Equity Funds		61.93	%
Fixed Income Funds		32.20
Alternative Funds		4.86
Money Market Funds		1.01

Invesco Peak Retirement^™ 2035

Fund

By fund type	% of total investments
Equity Funds		71.27	%
Fixed Income Funds		22.43
Alternative Funds		4.88
Money Market Funds		1.42

Invesco Peak Retirement^™ 2040

Fund

By fund type	% of total investments
Equity Funds		82.58	%
Fixed Income Funds		14.56
Alternative Funds		1.98
Money Market Funds		0.88

Invesco Peak Retirement^™ 2045

Fund

By fund type	% of total investments
Equity Funds		88.90	%
Fixed Income Funds		9.72
Money Market Funds		1.38

Invesco Peak Retirement^™ 2050

Fund

By fund type	% of total investments
Equity Funds		93.65	%
Fixed Income Funds		4.81
Money Market Funds		1.54

Invesco Peak Retirement^™ 2055

Fund

By fund type	% of total investments
Equity Funds		93.62	%
Fixed Income Funds		4.82
Money Market Funds		1.56

Invesco Peak Retirement^™ 2060

Fund

By fund type	% of total investments
Equity Funds		94.01	%
Fixed Income Funds		4.73
Money Market Funds		1.26

44 Invesco Peak Retirement^™ Funds

Portfolio Composition*–(continued)

Invesco Peak Retirement^™ 2065

Fund

By fund type	% of total investments
Equity Funds		94.84	%
Fixed Income Funds		5.00
Money Market Funds		0.16

* Based on the Schedule of Investments, which classifies each underlying fund

and other investments into broad asset classes based on their predominant investments.

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. Data presented here are as of December 31, 2021.

45 Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2021

Invesco Peak Retirement^™ Destination Fund

Schedule of Investments in Affiliated Issuers–100.33%^(a)

	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	12/31/21			12/31/20		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			12/31/21		12/31/21
Alternative Funds–11.42%
Invesco Global Real Estate Income Fund, Class R6		7.41	%	$	154,802	$	259,924	$	(89,080	)	$	30,516		$	16,657		$	7,675			37,245	$	372,819
Invesco Multi-Asset Income Fund, Class R6		4.01	%		101,507		136,665		(36,314	)		(2,136	)		1,897			10,674			20,700		201,619
Total Alternative Funds					256,309		396,589		(125,394	)		28,380			18,554			18,349					574,438
Domestic Equity Funds–19.42%
Invesco S&P 500® Enhanced Value ETF		8.59	%		205,696		257,543		(117,829	)		54,534			32,229			9,522			9,728		432,173
Invesco S&P 500® High Dividend Low Volatility ETF		10.83	%		244,834		360,112		(130,550	)		50,727			19,369			16,141			12,025		544,492
Total Domestic Equity Funds					450,530		617,655		(248,379	)		105,261			51,598			25,663					976,665
Fixed Income Funds–56.36%
Invesco Core Plus Bond Fund, Class R6		8.44	%		446,039		419,903		(421,904	)		(8,945	)		(6,474	)		9,441			38,445		424,429
Invesco Floating Rate ESG Fund, Class R6(b)		5.97	%		204,673		212,199		(120,488	)		129			3,837			11,143			41,254		300,333
Invesco Fundamental High Yield® Corporate Bond ETF		–			127,274		58,895		(184,832	)		(5,903	)		4,566			1,297			–		–
Invesco High Yield Bond Factor ETF		6.69	%		–		378,464		(40,189	)		(1,257	)		1,255			10,184			13,268		336,808
Invesco Income Fund, Class R6(b)		5.96	%		216,940		227,300		(145,136	)		(2,946	)		4,083			8,996			38,131		300,088
Invesco Intermediate Bond Factor Fund, Class R6		3.97	%		–		223,475		(24,652	)		663			77			2,664			18,393		199,563
Invesco International Bond Fund, Class R6(b)		5.51	%		179,221		229,379		(104,667	)		(23,723	)		3,219			752			54,351		277,190
Invesco Short Duration Inflation Protected Fund, Class R6(b)		4.48	%		113,585		150,787		(38,943	)		(1,968	)		2,117			9,394			20,783		225,495
Invesco Taxable Municipal Bond ETF		10.85	%		50,551		617,862		(133,554	)		10,136			691			10,369			16,556		545,686
Invesco Variable Rate Preferred ETF		4.49	%		229,839		197,073		(200,009	)		(8,811	)		7,671			9,461			8,710		225,763
Total Fixed Income Funds					1,568,122		2,715,337		(1,414,374	)		(42,625	)		21,042			73,701					2,835,355
Foreign Equity Funds–8.03%
Invesco S&P International Developed Low Volatility ETF		8.03	%		127,937		355,334		(99,342	)		12,671			7,475			11,169			12,659		404,075
Money Market Funds–5.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)		2.41	%		82,990		2,120,807		(2,082,360	)		–			–			31			121,437		121,437
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(c)		2.69	%		78,643		2,120,734		(2,064,300	)		4			(20	)		18			135,034		135,061
Total Money Market Funds					161,633		4,241,541		(4,146,660	)		4			(20	)		49					256,498
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $4,792,485)		100.33	%		2,564,531		8,326,456		(6,034,149	)		103,691			98,649			128,931					5,047,031
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 0.02%(c)		–			–		1,322,370		(1,322,370	)		–			–			7	(d)		–		–
Invesco Private Prime Fund, 0.11%(c)		–			–		2,357,335		(2,357,335	)		–			–			110	(d)		–		–
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		–		3,679,705		(3,679,705	)		–			–			117					–
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $4,792,485)		100.33	%	$	2,564,531	$	12,006,161	$	(9,713,854	)	$	103,691		$	98,649	(e)(f)	$	129,048	(e)			$	5,047,031
OTHER ASSETS LESS LIABILITIES		(0.33	)%																				(16,648	)
NET ASSETS		100.00	%																			$	5,030,383

Investment Abbreviations:

ETF - Exchange-Traded Fund

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

46 Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

December 31, 2021

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)  Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

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

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

^(e)  Amounts exclude return of capital received from previously held underlying funds due to the timing of the determination of the character of dividends received.

^(f) Includes capital gains distributions from affiliated underlying funds as follows:

Fund Name	Capital Gain
Invesco Core Plus Bond Fund	$4,190
Invesco High Yield Bond Factor ETF	1,465

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

47 Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2021

Invesco Peak Retirement^™ 2010 Fund

Schedule of Investments in Affiliated Issuers–100.00%^(a)

	% of									Change in
	Net									Unrealized
	Assets			Value	Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	12/31/21			04/30/21(b)	at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		12/31/21		12/31/21
Alternative Funds–9.04%
Invesco Global Real Estate Income Fund, Class R6		6.14	%	$–	$	32,774	$	–		$	1,715		$	–		$	475		3,445	$  34,489
Invesco Multi-Asset Income Fund, Class R6		2.90	%	–		16,342		–			(83	)		–			481		1,669	16,259
Total Alternative Funds				–		49,116		–			1,632			–			956			50,748
Domestic Equity Funds–22.12%
Invesco Main Street Small Cap Fund, Class R6		0.91	%	–		5,377		–			(256	)		301			2		240	5,121
Invesco S&P 500® Enhanced Value ETF		9.59	%	–		52,340		(1,039	)		2,559			(16	)		734		1,212	53,844
Invesco S&P 500® High Dividend Low Volatility ETF		11.62	%	–		66,404		(3,011	)		1,874			(18	)		1,029		1,441	65,249
Total Domestic Equity Funds				–		124,121		(4,050	)		4,177			267			1,765			124,214
Fixed Income Funds–54.65%
Invesco Core Plus Bond Fund, Class R6		8.45	%	–		49,668		(1,335	)		(814	)		419			481		4,300	47,477
Invesco Floating Rate ESG Fund, Class R6		6.00	%	–		33,790		–			(118	)		–			712		4,625	33,672
Invesco High Yield Bond Factor ETF		6.49	%	–		36,877		–			(399	)		152			716		1,437	36,478
Invesco Income Fund, Class R6		5.50	%	–		31,234		–			(345	)		–			446		3,925	30,889
Invesco Intermediate Bond Factor Fund, Class R6		3.83	%	–		21,619		–			(127	)		–			195		1,981	21,492
Invesco International Bond Fund, Class R6(c)		5.05	%	–		30,864		(1,172	)		(988	)		(94	)		130		5,560	28,349
Invesco Short Duration Inflation Protected Fund, Class R6		4.35	%	–		24,856		–			(450	)		–			902		2,249	24,406
Invesco Taxable Municipal Bond ETF		10.95	%	–		62,303		(1,051	)		271			(19	)		740		1,866	61,504
Invesco Variable Rate Preferred ETF		4.03	%	–		22,822		–			(194	)		–			425		873	22,628
Total Fixed Income Funds				–		314,033		(3,558	)		(3,164	)		458			4,747			306,895
Foreign Equity Funds–8.95%
Invesco Developing Markets Fund, Class R6		1.12	%	–		7,291		–			(987	)		298			34		134	6,304
Invesco S&P International Developed Low Volatility ETF		7.83	%	–		42,985		–			969			–			747		1,377	43,954
Total Foreign Equity Funds				–		50,276		–			(18	)		298			781			50,258
Money Market Funds–5.24%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)		1.83	%	–		151,251		(140,954	)		–			–			1		10,297	10,297
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(d)		1.31	%	–		108,036		(100,681	)		–			(2	)		–		7,352	7,353
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)		2.10	%	–		172,858		(161,090	)		–			–			–		11,768	11,768
Total Money Market Funds				–		432,145		(402,725	)		–			(2	)		1			29,418
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $558,906)		100.00	%	$–	$	969,691	$	(410,333	)	$	2,627		$	1,021	(e)	$	8,250			$561,533
OTHER ASSETS LESS LIABILITIES		0.00	%																	26
NET ASSETS		100.00	%																	$561,559

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)  Commencement date of April 30, 2021.

^(c)  Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

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

^(e)  Includes capital gains distributions from affiliated underlying funds as follows:

Fund Name	Capital Gain
Invesco Core Plus Bond Fund	$461
Invesco Developing Markets Fund	298
Invesco High Yield Bond Factor ETF	152
Invesco Main Street Small Cap Fund	301

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

48 Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2021

Invesco Peak Retirement^™ 2015 Fund

Schedule of Investments in Affiliated Issuers–100.33%^(a)

	% of									Change in
	Net									Unrealized
	Assets		Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	12/31/21		12/31/20		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			12/31/21		12/31/21
Alternative Funds–6.49%
Invesco Global Real Estate Income Fund, Class R6		4.51%	$	69,318	$	41,615	$	(48,612	)	$	9,571		$	2,523		$	1,768			7,434	$	74,415
Invesco Multi-Asset Income Fund, Class R6		1.98%		45,867		24,742		(37,643	)		770			(1,065	)		2,277			3,354		32,671
Total Alternative Funds				115,185		66,357		(86,255	)		10,341			1,458			4,045					107,086
Domestic Equity Funds–25.64%
Invesco Main Street Small Cap Fund, Class R6		3.32%		–		70,297		(16,168	)		279			3,882			38			2,562		54,735
Invesco S&P 500® Enhanced Value ETF		10.01%		92,733		102,854		(63,972	)		20,284			13,365			3,729			3,720		165,264
Invesco S&P 500® High Dividend Low Volatility ETF		12.31%		110,110		137,817		(71,178	)		12,435			14,123			6,498			4,490		203,307
Total Domestic Equity Funds				202,843		310,968		(151,318	)		32,998			31,370			10,265					423,306
Fixed Income Funds–52.43%
Invesco Core Plus Bond Fund, Class R6		8.44%		200,579		117,621		(171,895	)		(4,640	)		(985	)		3,426			12,620		139,327
Invesco Floating Rate ESG Fund, Class R6(b)		6.00%		92,082		68,246		(63,142	)		798			1,159			3,957			13,615		99,121
Invesco Fundamental High Yield® Corporate Bond ETF		–		57,251		9,838		(66,558	)		(3,507	)		2,976			518			–		–
Invesco High Yield Bond Factor ETF		6.21%		–		135,735		(33,025	)		(179	)		435			3,328			4,039		102,530
Invesco Income Fund, Class R6(b)		4.48%		97,562		57,668		(82,308	)		(4,693	)		5,814			2,651			9,400		73,977
Invesco Intermediate Bond Factor Fund, Class R6		3.91%		–		84,620		(20,605	)		379			134			922			5,947		64,528
Invesco International Bond Fund, Class R6(b)		4.50%		80,598		52,768		(50,629	)		(9,171	)		2,819			3			14,562		74,264
Invesco Short Duration Inflation Protected Fund, Class R6(b)		4.48%		51,475		50,172		(27,947	)		(1,149	)		1,453			3,059			6,817		73,961
Invesco Taxable Municipal Bond ETF		10.92%		22,780		228,720		(75,592	)		3,326			1,156			3,677			5,473		180,390
Invesco Variable Rate Preferred ETF		3.49%		103,333		47,702		(92,992	)		(6,471	)		6,022			2,950			2,222		57,594
Total Fixed Income Funds				705,660		853,090		(684,693	)		(25,307	)		20,983			24,491					865,692
Foreign Equity Funds–10.54%
Invesco Emerging Markets All Cap Fund, Class R6		1.49%		–		34,765		(7,322	)		(2,615	)		720			219			649		24,681
Invesco Developing Markets Fund, Class R6		1.51%		–		35,802		(7,798	)		(2,871	)		799			121			529		24,876
Invesco S&P International Developed Low Volatility ETF		7.54%		57,431		106,657		(46,438	)		7,143			(273	)		3,674			3,901		124,520
Total Foreign Equity Funds				57,431		177,224		(61,558	)		1,657			1,246			4,014					174,077
Money Market Funds–5.23%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)		2.62%		43,391		776,861		(776,898	)		–			–			12			43,354		43,354
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(c)		2.61%		31,598		776,861		(765,399	)		–			(9	)		6			43,043		43,051
Total Money Market Funds				74,989		1,553,722		(1,542,297	)		–			(9	)		18					86,405
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $1,580,268)		100.33%	$	1,156,108	$	2,961,361	$	(2,526,121	)	$	19,689		$	55,048	(d)(e)	$	42,833	(d)			$	1,656,566
OTHER ASSETS LESS LIABILITIES		(0.33)%																				(5,371	)
NET ASSETS		100.00%																			$	1,651,195

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)  Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

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

^(d)  Amounts exclude return of capital received from previously held underlying funds due to the timing of the determination of the character of dividends received.

^(e)  Includes capital gains distributions from affiliated underlying funds as follows:

Fund Name	Capital Gain
Invesco Core Plus Bond Fund	$	1,353
Invesco Emerging Markets All Cap Fund		867
Invesco Developing Markets Fund		1,056
Invesco High Yield Bond Factor ETF		436
Invesco Main Street Small Cap Fund		3,555

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

49 Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2021

Invesco Peak Retirement^™ 2020 Fund

Schedule of Investments in Affiliated Issuers–100.42%^(a)

	% of									Change in
	Net									Unrealized
	Assets		Value		Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	12/31/21		12/31/20		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		12/31/21		12/31/21
Alternative Funds–5.00%
Invesco Global Real Estate Income Fund, Class R6		3.03%	$	168,418	$	198,338	$	(36,550	)	$	51,820		$	817		$	8,136		38,246	$	382,843
Invesco Macro Allocation Strategy Fund, Class R6		0.98%		111,759		126,985		(106,229	)		(9,260	)		4,080			6,809		14,435		123,136
Invesco Multi-Asset Income Fund, Class R6		0.99%		–		133,589		(9,243	)		1,050			(45	)		5,352		12,870		125,351
Total Alternative Funds				280,177		458,912		(152,022	)		43,610			4,852			20,297				631,330
Domestic Equity Funds–29.70%
Invesco Main Street Small Cap Fund, Class R6		4.65%		–		663,496		(84,204	)		3,042			41,972			392		27,470		586,764
Invesco PureBetaSM MSCI USA ETF		4.95%		310,223		328,819		(135,093	)		99,184			21,505			5,926		12,975		624,487
Invesco Russell 1000 Dynamic Multifactor ETF		6.51%		308,742		506,344		(148,191	)		113,551			40,793			7,402		16,198		821,239
Invesco S&P 500® Enhanced Value ETF		3.01%		197,551		229,619		(133,260	)		52,783			33,147			8,403		8,550		379,840
Invesco S&P 500® High Dividend Low Volatility ETF		4.07%		253,477		313,570		(128,530	)		58,744			16,848			15,872		11,354		514,109
Invesco U.S. Managed Volatility Fund, Class R6		6.51%		421,983		497,566		(242,442	)		108,955			35,754			9,421		55,236		820,799
Total Domestic Equity Funds				1,491,976		2,539,414		(871,720	)		436,259			190,019			47,416				3,747,238
Fixed Income Funds–48.48%
Invesco Core Plus Bond Fund, Class R6		8.41%		1,009,363		1,013,860		(916,068	)		(25,955	)		(10,483	)	��	22,875		96,076		1,060,678
Invesco Floating Rate ESG Fund, Class R6(b)		4.98%		449,516		453,505		(282,463	)		5,365			2,854			23,041		86,367		628,753
Invesco Fundamental High Yield® Corporate Bond ETF		–		335,982		194,822		(526,766	)		(13,835	)		9,797			3,502		–		–
Invesco High Yield Bond Factor ETF		5.94%		–		816,161		(64,262	)		(1,690	)		2,404			22,129		29,524		749,467
Invesco Income Fund, Class R6(b)		1.48%		280,729		258,978		(357,118	)		(1,784	)		6,070			7,652		23,714		186,630
Invesco Intermediate Bond Factor Fund, Class R6		3.91%		–		544,857		(53,571	)		2,768			(333	)		6,536		45,504		493,721
Invesco International Bond Fund, Class R6(b)		2.98%		420,296		356,580		(346,742	)		(33,464	)		(10,763	)		637		73,619		375,455
Invesco Short Duration Inflation Protected Fund, Class R6		4.46%		–		634,243		(69,596	)		(1,383	)		(207	)		21,568		51,895		563,057
Invesco Taxable Municipal Bond ETF		10.89%		335,636		1,253,819		(225,820	)		5,726			3,983			28,020		41,667		1,373,344
Invesco Variable Rate Investment Grade ETF(b)		3.96%		419,707		454,487		(375,311	)		(101	)		725			3,646		19,926		499,346
Invesco Variable Rate Preferred ETF		1.47%		167,689		155,845		(136,328	)		(4,962	)		3,654			7,665		7,172		185,898
Total Fixed Income Funds				3,418,918		6,137,157		(3,354,045	)		(69,315	)		7,701			147,271				6,116,349
Foreign Equity Funds–11.98%
Invesco Emerging Markets All Cap Fund, Class R6		3.23%		–		479,578		(27,579	)		(44,576	)		13,940			3,634		10,696		407,005
Invesco Developing Markets Fund, Class R6		3.25%		–		490,119		(30,929	)		(48,761	)		16,842			1,998		8,719		409,798
Invesco International Small-Mid Company Fund, Class R6		1.54%		55,981		348,569		(208,588	)		4,681			10,194			692		3,415		194,395
Invesco RAFI™ Strategic Developed ex-US ETF		2.48%		55,796		512,020		(284,853	)		7,659			24,381			11,230		10,333		313,297
Invesco S&P International Developed Low Volatility ETF		1.48%		55,751		340,501		(220,228	)		7,888			3,426			6,527		5,869		187,338
Total Foreign Equity Funds				167,528		2,170,787		(772,177	)		(73,109	)		68,783			24,081				1,511,833
Money Market Funds–5.26%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)		2.53%		239,496		4,149,833		(4,069,860	)		–			–			70		319,469		319,469
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(c)		2.73%		264,218		4,149,415		(4,069,859	)		5			(26	)		46		343,684		343,753
Total Money Market Funds				503,714		8,299,248		(8,139,719	)		5			(26	)		116				663,222
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $12,073,518)		100.42%		5,862,313		19,605,518		(13,289,683	)		337,450			271,329			239,181				12,669,972

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

50 Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

December 31, 2021

Invesco Peak Retirement^™ 2020 Fund (continued)

Schedule of Investments in Affiliated Issuers–100.42%^(a)

	% of									Change in
	Net									Unrealized
	Assets		Value		Purchases		Proceeds			Appreciation		Realized			Dividend			Shares		Value
	12/31/21		12/31/20		at Cost		from Sales			(Depreciation)		Gain (Loss)			Income			12/31/21		12/31/21
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 0.02%(c)		–	$	–	$	2,635,346	$	(2,635,346	)	$	–	$	–		$	9	(d)		–	$	–
Invesco Private Prime Fund, 0.11%(c)		–		–		4,381,174		(4,381,174	)		–		–			135	(d)		–		–
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00%		–		7,016,520		(7,016,520	)		–		–			144					–
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $12,073,518)		100.42%	$	5,862,313	$	26,622,038	$	(20,306,203	)	$	337,450	$	271,329	(e)(f)	$	239,325	(e)			$	12,669,972
OTHER ASSETS LESS LIABILITIES		(0.42)%																			(53,565	)
NET ASSETS		100.00%																		$	12,616,407

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)  Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

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

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

^(e)  Amounts exclude return of capital received from previously held underlying funds due to the timing of the determination of the character of dividends received.

^(f)  Includes capital gains distributions from affiliated underlying funds as follows:

Fund Name	Capital Gain
Invesco Core Plus Bond Fund	$	10,039
Invesco Emerging Markets All Cap Fund		14,358
Invesco Developing Markets Fund		17,473
Invesco High Yield Bond Factor ETF		3,146
Invesco International Small-Mid Company Fund		16,442
Invesco Macro Allocation Strategy Fund		4,199
Invesco Main Street Small Cap Fund		37,542
Invesco PureBetaSM MSCI USA ETF		151
Invesco RAFI™ Strategic Developed ex-US ETF		1,706
Invesco U.S. Managed Volatility Fund		1,017

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

51 Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2021

Invesco Peak Retirement^™ 2025 Fund

Schedule of Investments in Affiliated Issuers–99.92%^(a)

	% of Net Assets 12/31/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 12/31/21		Value 12/31/21
Alternative Funds–5.01%
Invesco Global Real Estate Income Fund, Class R6		3.01	%	$	394,774	$	319,149	$	(68,431	)	$	92,964		$	2,127		$	15,198			73,985	$	740,583
Invesco Macro Allocation Strategy Fund, Class R6		2.00	%		261,590		292,376		(27,246	)		(33,142	)		16,033			27,224			57,775		492,821
Total Alternative Funds					656,364		611,525		(95,677	)		59,822			18,160			42,422					1,233,404
Domestic Equity Funds–36.90%
Invesco Discovery Mid Cap Growth Fund, Class R6		2.99	%		196,231		619,969		(90,811	)		(7,664	)		117,829			–			20,136		736,567
Invesco Main Street Small Cap Fund, Class R6		5.24	%		–		1,374,363		(80,453	)		(854	)		86,929			908			60,380		1,289,724
Invesco PureBetaSM MSCI USA ETF		5.99	%		787,877		589,676		(175,170	)		244,451			29,964			13,250			30,676		1,476,437
Invesco Russell 1000 Dynamic Multifactor ETF		8.73	%		992,773		1,033,094		(275,052	)		359,221			40,962			18,796			42,426		2,150,998
Invesco U.S. Managed Volatility Fund, Class R6		13.95	%		1,839,228		1,475,057		(443,874	)		503,714			66,788			41,614			231,253		3,436,423
Total Domestic Equity Funds					3,816,109		5,092,159		(1,065,360	)		1,098,868			342,472			74,568					9,090,149
Fixed Income Funds–43.02%
Invesco Core Plus Bond Fund, Class R6		7.01	%		2,420,961		1,358,670		(1,967,690	)		(38,949	)		(29,745	)		37,539			156,358		1,726,190
Invesco Floating Rate ESG Fund, Class R6(b)		4.03	%		1,182,541		742,527		(956,315	)		2,513			20,706			41,084			136,253		991,922
Invesco Fundamental High Yield® Corporate Bond ETF		–			916,363		137,538		(1,047,971	)		(48,357	)		42,427			4,377			–		–
Invesco High Yield Bond Factor ETF		4.99	%		–		1,296,237		(62,344	)		(4,340	)		4,667			34,747			48,411		1,228,913
Invesco Income Fund, Class R6(b)		2.00	%		655,215		378,627		(547,550	)		(8,383	)		16,110			16,968			62,712		493,541
Invesco Intermediate Bond Factor Fund, Class R6		3.51	%		–		899,673		(38,704	)		2,913			50			10,817			79,625		863,932
Invesco International Bond Fund, Class R6(b)		2.00	%		985,931		436,687		(848,889	)		(83,677	)		19,919			(1,209	)		96,756		493,458
Invesco Short Duration Inflation Protected Fund, Class R6		3.99	%		–		1,040,060		(49,587	)		(5,512	)		(476	)		38,779			90,736		984,485
Invesco Taxable Municipal Bond ETF		10.99	%		848,287		2,260,737		(405,403	)		(1,844	)		4,700			54,489			82,114		2,706,477
Invesco Variable Rate Investment Grade ETF(b)		4.50	%		1,109,306		772,238		(775,599	)		(2,310	)		4,652			7,726			44,204		1,107,752
Total Fixed Income Funds					8,118,604		9,322,994		(6,700,052	)		(187,946	)		83,010			245,317					10,596,670
Foreign Equity Funds–14.99%
Invesco Emerging Markets All Cap Fund, Class R6		4.00	%		–		1,160,303		(58,919	)		(112,768	)		32,843			9,221			25,887		985,018
Invesco Developing Markets Fund, Class R6		4.00	%		–		1,183,778		(64,617	)		(129,402	)		42,157			5,234			20,982		986,155
Invesco International Small-Mid Company Fund, Class R6		1.50	%		132,488		615,016		(373,746	)		7,806			20,018			1,374			6,481		368,952
Invesco PureBetaSM FTSE Developed ex-North America ETF		1.00	%		129,925		119,005		(15,082	)		7,693			4,338			4,572			8,379		245,879
Invesco RAFI™ Strategic Developed ex-US ETF		2.99	%		130,318		970,905		(422,957	)		11,793			52,407			24,746			24,353		738,383
Invesco S&P International Developed Low Volatility ETF		1.50	%		130,277		586,481		(369,563	)		17,585			4,407			12,235			11,566		369,187
Total Foreign Equity Funds					523,008		4,635,488		(1,304,884	)		(197,293	)		156,170			57,382					3,693,574
Money Market Funds–0.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)		0.00	%		72,621		3,970,003		(4,042,580	)		–			–			18			44		44
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(c)		–			51,635		2,818,937		(2,870,568	)		–			(4	)		7			–		–
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)		0.00	%		82,996		4,537,146		(4,620,092	)		–			–			7			50		50
Total Money Market Funds					207,252		11,326,086		(11,533,240	)		–			(4	)		32					94
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $23,013,711)		99.92	%		13,321,337		30,988,252		(20,699,213	)		773,451			599,808			419,721					24,613,891

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

52 Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

December 31, 2021

Invesco Peak Retirement^™ 2025 Fund (continued)

Schedule of Investments in Affiliated Issuers–99.92%^(a)

	% of Net Assets 12/31/21			Value 12/31/20			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)				Dividend Income				Shares 12/31/21		Value 12/31/21
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 0.02%(c)		–			$	–		$	2,254,173		$	(2,254,173	)		$	–		$	–			$	10	(d)		–		$	–
Invesco Private Prime Fund, 0.11%(c)		–				–			4,429,556			(4,429,556	)			–			–				139	(d)		–			–
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%			–			6,683,729			(6,683,729	)			–			–				149						–
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $23,013,711)		99.92	%		$	13,321,337		$	37,671,981		$	(27,382,942	)		$	773,451		$	599,808	(e)(f)		$	419,870	(e)				$	24,613,891
OTHER ASSETS LESS LIABILITIES		0.08	%																										19,595
NET ASSETS		100.00	%																									$	24,633,486

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)  Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

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

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

^(e)  Amounts exclude return of capital received from previously held underlying funds due to the timing of the determination of the character of dividends received.

^(f)  Includes capital gains distributions from affiliated underlying funds as follows:

Fund Name	Capital Gain
Invesco Core Plus Bond Fund	$	17,057
Invesco Emerging Markets All Cap Fund		36,441
Invesco Developing Markets Fund		45,761
Invesco Discovery Mid Cap Growth Fund		98,987
Invesco High Yield Bond Factor ETF		5,307
Invesco International Small-Mid Company Fund		32,630
Invesco Macro Allocation Strategy Fund		16,790
Invesco Main Street Small Cap Fund		90,261
Invesco PureBetaSM MSCI USA ETF		361
Invesco RAFI™ Strategic Developed ex-US ETF		4,083
Invesco U.S. Managed Volatility Fund		4,490

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

53 Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2021

Invesco Peak Retirement^™ 2030 Fund

Schedule of Investments in Affiliated Issuers–100.10%^(a)

	% of Net Assets 12/31/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 12/31/21		Value 12/31/21
Alternative Funds–4.87%
Invesco Global Real Estate Income Fund, Class R6		3.00	%	$	572,053	$	508,334	$	(39,155	)	$	167,625		$	(2,978	)	$	25,195		120,467	$ 1,205,879
Invesco Macro Allocation Strategy Fund, Class R6		1.87	%		379,611		439,016		(16,298	)		(51,208	)		24,916			41,309		87,991	750,559
Total Alternative Funds					951,664		947,350		(55,453	)		116,417			21,938			66,504			1,956,438
Domestic Equity Funds–44.52%
Invesco Discovery Mid Cap Growth Fund, Class R6		5.16	%		1,342,557		1,281,109		(583,481	)		9,191			291,123			–		56,747	2,075,781
Invesco Main Street Small Cap Fund, Class R6		5.16	%		–		2,174,536		(101,537	)		5,256			137,026			1,446		97,125	2,074,596
Invesco PureBetaSM MSCI USA ETF		5.93	%		1,149,485		1,024,622		(242,572	)		414,444			38,425			22,254		49,529	2,383,831
Invesco Russell 1000 Dynamic Multifactor ETF		11.76	%		1,430,121		2,918,855		(444,909	)		733,594			90,824			40,759		93,264	4,728,485
Invesco S&P SmallCap Low Volatility ETF		0.97	%		764,771		311,589		(824,296	)		39,067			98,242			5,968		7,475	389,373
Invesco U.S. Managed Volatility Fund, Class R6		15.54	%		2,962,309		2,802,996		(571,420	)		999,407			63,811			73,581		420,536	6,249,164
Total Domestic Equity Funds					7,649,243		10,513,707		(2,768,215	)		2,200,959			719,451			144,008			17,901,230
Fixed Income Funds–32.24%
Invesco Core Plus Bond Fund, Class R6		3.43	%		3,047,567		1,848,904		(3,414,243	)		(41,037	)		(49,416	)		37,310		124,840	1,378,230
Invesco Floating Rate ESG Fund, Class R6(b)		2.85	%		858,876		720,423		(450,704	)		16,729			1,073			44,329		157,468	1,146,365
Invesco Fundamental High Yield® Corporate Bond ETF		–			855,943		318,173		(1,166,367	)		(34,505	)		26,756			6,321		–	–
Invesco High Yield Bond Factor ETF		3.90	%		–		1,594,386		(19,636	)		(4,139	)		6,785			46,393		61,871	1,570,595
Invesco Income Fund, Class R6(b)		1.93	%		858,172		655,336		(744,768	)		2,186			6,115			26,373		98,654	776,409
Invesco Intermediate Bond Factor Fund, Class R6		2.96	%		–		1,207,334		(23,910	)		5,324			39			15,499		109,565	1,188,787
Invesco International Bond Fund, Class R6(b)		1.93	%		951,738		564,886		(645,624	)		(78,338	)		5,722			826		152,453	777,511
Invesco Short Duration Inflation Protected Fund, Class R6(b)		1.89	%		475,484		464,664		(182,502	)		(4,864	)		7,436			31,717		70,024	759,760
Invesco Taxable Municipal Bond ETF		9.49	%		950,060		3,242,473		(403,939	)		19,119			7,110			76,406		115,741	3,814,823
Invesco Variable Rate Investment Grade ETF(b)		3.86	%		1,520,716		1,325,437		(1,296,586	)		1,010			1,631			12,206		61,919	1,551,690
Total Fixed Income Funds					9,518,556		11,942,016		(8,348,279	)		(118,515	)		13,251			297,380			12,964,170
Foreign Equity Funds–17.48%
Invesco Emerging Markets All Cap Fund, Class R6		4.46	%		95,132		1,936,606		(25,639	)		(212,940	)		65,698			16,054		47,186	1,795,416
Invesco Developing Markets Fund, Class R6		4.22	%		–		1,990,162		(75,769	)		(216,181	)		77,575			8,812		36,144	1,698,746
Invesco International Select Equity Fund, Class R6		1.97	%		94,521		885,301		(27,244	)		(167,031	)		24,490			2,960		62,754	793,839
Invesco International Small-Mid Company Fund, Class R6		1.52	%		189,787		1,063,085		(638,659	)		19,801			26,441			2,111		10,720	610,297
Invesco PureBetaSM FTSE Developed ex-North America ETF(c)		0.96	%		190,210		191,679		(18,217	)		19,427			1,023			7,734		13,090	384,122
Invesco RAFI™ Strategic Developed ex-US ETF		2.90	%		189,517		1,528,247		(657,322	)		42,909			68,307			41,247		38,431	1,165,228
Invesco S&P International Developed Low Volatility ETF		1.45	%		189,387		990,044		(634,277	)		30,809			5,939			20,609		18,230	581,902
Total Foreign Equity Funds					948,554		8,585,124		(2,077,127	)		(483,206	)		269,473			99,527			7,029,550
Money Market Funds–0.99%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)		0.33	%		279,187		5,567,230		(5,713,238	)		–			–			30		133,179	133,179
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(d)		0.28	%		199,374		3,966,779		(4,053,712	)		–			(1	)		18		112,417	112,440
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)		0.38	%		319,071		6,362,547		(6,529,414	)		–			–			12		152,204	152,204
Total Money Market Funds					797,632		15,896,556		(16,296,364	)		–			(1	)		60			397,823
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $37,370,965)		100.10	%		19,865,649		47,884,753		(29,545,438	)		1,715,655			1,024,112			607,479			40,249,211

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

54 Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

December 31, 2021

Invesco Peak Retirement^™ 2030 Fund (continued)

Schedule of Investments in Affiliated Issuers–100.10%^(a)

	% of Net Assets 12/31/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Dividend Income			Shares 12/31/21		Value 12/31/21
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.02%
Invesco Private Government Fund, 0.02%(d)(e)		0.01		$	–	$	3,764,431	$	(3,761,773	)	$	–	$	–		$	14	(f)		2,658	$	2,658
Invesco Private Prime Fund, 0.11%(d)(e)		0.01	%		–		7,672,557		(7,666,215	)		–		(1	)		205	(f)		6,340		6,341
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,999)		0.02	%		–		11,436,988		(11,427,988	)		–		(1	)		219					8,999
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $37,379,964)		100.12	%	$	19,865,649	$	59,321,741	$	(40,973,426	)	$	1,715,655	$	1,024,111	(g)(h)	$	607,698	(g)			$	40,258,210
OTHER ASSETS LESS LIABILITIES		(0.12	)%																			(47,343	)
NET ASSETS		100.00	%																		$	40,210,867

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) Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

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

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

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

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

^(g) Amounts exclude return of capital received from previously held underlying funds due to the timing of the determination of the character of dividends received.

^(h) Includes capital gains distributions from affiliated underlying funds as follows:

Fund Name	Capital Gain
Invesco Core Plus Bond Fund	$	13,545
Invesco Emerging Markets All Cap Fund		63,441
Invesco Developing Markets Fund		77,041
Invesco Discovery Mid Cap Growth Fund		264,718
Invesco High Yield Bond Factor ETF		6,801
Invesco International Select Equity Fund		16,198
Invesco International Small-Mid Company Fund		50,158
Invesco Macro Allocation Strategy Fund		25,478
Invesco Main Street Small Cap Fund		140,685
Invesco PureBetaSM MSCI USA ETF		573
Invesco RAFI™ Strategic Developed ex-US ETF		6,430
Invesco U.S. Managed Volatility Fund		7,939

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

55 Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2021

Invesco Peak Retirement^™ 2035 Fund

Schedule of Investments in Affiliated Issuers–100.78%^(a)

	% of Net Assets 12/31/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 12/31/21		Value 12/31/21
Alternative Funds–4.92%
Invesco Global Real Estate Income Fund, Class R6		2.92	%	$	275,287	$	294,472	$	(14,350)		$	74,347		$	(220	)	$	12,269		62,891	$	629,536
Invesco Macro Allocation Strategy Fund, Class R6		2.00	%		182,666		284,195		(7,354	)		(28,705	)		13,552			22,168		50,490		430,682
Total Alternative Funds					457,953		578,667		(21,704	)		45,642			13,332			34,437				1,060,218
Domestic Equity Funds–51.31%
Invesco Discovery Mid Cap Growth Fund, Class R6		6.66	%		692,215		930,501		(206,717	)		(2,318	)		198,023			–		39,193		1,433,670
Invesco Main Street Small Cap Fund, Class R6		4.61	%		461,834		552,653		(85,352	)		54,563			70,574			623		46,442		992,003
Invesco PureBetaSM MSCI USA ETF		6.98	%		553,176		792,920		(88,969	)		233,134			13,861			12,112		31,244		1,503,774
Invesco Russell 1000 Dynamic Multifactor ETF		12.22	%		825,828		1,527,654		(125,022	)		379,529			23,696			20,223		51,907		2,631,685
Invesco S&P SmallCap Low Volatility ETF		3.00	%		321,968		271,130		(57,854	)		108,448			1,703			5,697		12,390		645,395
Invesco U.S. Managed Volatility Fund, Class R6		17.84	%		1,839,318		1,723,769		(294,661	)		543,220			35,530			44,503		258,571		3,842,374
Total Domestic Equity Funds					4,694,339		5,798,627		(858,575	)		1,316,576			343,387			83,158				11,048,901
Fixed Income Funds–22.60%
Invesco Core Plus Bond Fund, Class R6		2.99	%		870,904		567,872		(764,019	)		(19,370	)		(6,390	)		13,175		58,243		643,001
Invesco Floating Rate ESG Fund, Class R6(b)		0.95	%		229,726		114,579		(142,622	)		3,089			(745	)		6,777		28,023		204,005
Invesco Fundamental High Yield® Corporate Bond ETF		–			183,066		39,218		(220,891	)		(9,434	)		8,041			1,125		–		–
Invesco High Yield Bond Factor ETF		2.99	%		–		663,821		(16,872	)		(2,535	)		2,585			16,957		25,384		644,373
Invesco Income Fund, Class R6(b)		1.42	%		137,699		178,853		(9,094	)		(1,071	)		772			7,860		39,016		307,053
Invesco Intermediate Bond Factor Fund, Class R6		2.50	%		–		559,901		(21,518	)		900			(44	)		6,265		49,699		539,239
Invesco International Bond Fund, Class R6(b)		1.44	%		274,850		207,894		(142,507	)		(31,132	)		8,578			418		60,919		310,686
Invesco Short Duration Inflation Protected Fund, Class R6(b)		1.42	%		228,803		220,290		(143,793	)		(4,662	)		5,173			12,339		28,156		305,491
Invesco Taxable Municipal Bond ETF		5.97	%		640,051		888,342		(235,311	)		(15,813	)		8,105			25,047		38,998		1,285,374
Invesco Variable Rate Investment Grade ETF(b)		2.92	%		914,709		559,753		(847,516	)		(4,914	)		6,281			4,789		25,063		628,079
Total Fixed Income Funds					3,479,808		4,000,523		(2,544,143	)		(84,942	)		32,356			94,752				4,867,301
Foreign Equity Funds–20.52%
Invesco Emerging Markets All Cap Fund, Class R6		5.44	%		45,783		1,284,377		(23,551	)		(137,557	)		44,119			10,354		30,808		1,172,252
Invesco Developing Markets Fund, Class R6		5.28	%		46,538		1,265,234		(32,113	)		(148,840	)		54,807			5,519		24,199		1,137,371
Invesco International Select Equity Fund, Class R6		1.98	%		90,982		420,839		(6,036	)		(80,492	)		10,576			1,603		33,763		427,096
Invesco International Small-Mid Company Fund, Class R6		1.96	%		91,337		535,027		(202,412	)		4,776			29,764			1,575		7,396		421,070
Invesco PureBetaSM FTSE Developed ex-North America ETF		0.99	%		91,534		114,607		(1,950	)		8,109			(20	)		3,671		7,234		212,280
Invesco RAFI™ Strategic Developed ex-US ETF		2.93	%		91,179		790,091		(295,649	)		9,227			38,683			19,887		20,785		630,201
Invesco S&P International Developed Low Volatility ETF		1.94	%		91,140		507,348		(200,791	)		17,855			1,898			11,724		13,078		417,450
Total Foreign Equity Funds					548,493		4,917,523		(762,502	)		(326,922	)		179,827			54,333				4,417,720
Money Market Funds–1.43%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)		0.49	%		277,562		2,903,568		(3,075,082	)		–			–			15		106,048		106,048
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(c)		0.37	%		199,001		2,072,506		(2,191,510	)		–			17			8		79,998		80,014
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)		0.57	%		317,214		3,318,364		(3,514,380	)		–			–			6		121,198		121,198
Total Money Market Funds					793,777		8,294,438		(8,780,972	)		–			17			29				307,260
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $19,928,415)		100.78	%		9,974,370		23,589,778		(12,967,896	)		950,354			568,919			266,709				21,701,400

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

56 Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

December 31, 2021

Invesco Peak Retirement^™ 2035 Fund (continued)

Schedule of Investments in Affiliated Issuers–100.78%^(a)

	% of Net Assets 12/31/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Dividend Income			Shares 12/31/21		Value 12/31/21
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 0.02%(c)		–		$	–	$	1,266,982	$	(1,266,982	)	$	–	$	–		$	15	(d)		–	$	–
Invesco Private Prime Fund, 0.11%(c)		–			–		2,403,770		(2,403,750	)		–		(20	)		231	(d)		–		–
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		–		3,670,752		(3,670,732	)		–		(20	)		246					–
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $19,928,415)		100.78	%	$	9,974,370	$	27,260,530	$	(16,638,628	)		$950,354		$568,899	(e)(f)		$266,955	(e)				$21,701,400
OTHER ASSETS LESS LIABILITIES		(0.78	)%																			(168,240	)
NET ASSETS		100.00	%																			$21,533,160

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) Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

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

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

^(e) Amounts exclude return of capital received from previously held underlying funds due to the timing of the determination of the character of dividends received.

^(f) Includes capital gains distributions from affiliated underlying funds as follows:

Fund Name	Capital Gain
Invesco Core Plus Bond Fund	$	5,996
Invesco Emerging Markets All Cap Fund		40,919
Invesco Developing Markets Fund		48,255
Invesco Discovery Mid Cap Growth Fund		178,034
Invesco High Yield Bond Factor ETF		2,626
Invesco International Select Equity Fund		8,773
Invesco International Small-Mid Company Fund		37,422
Invesco Macro Allocation Strategy Fund		13,672
Invesco Main Street Small Cap Fund		62,269
Invesco PureBetaSM MSCI USA ETF		348
Invesco RAFI™ Strategic Developed ex-US ETF		3,330
Invesco U.S. Managed Volatility Fund		4,802

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

57 Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2021

Invesco Peak Retirement^™ 2040 Fund

Schedule of Investments in Affiliated Issuers–99.85%^(a)

	% of Net Assets 12/31/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 12/31/21		Value 12/31/21
Alternative Funds–1.98%
Invesco Global Real Estate Income Fund, Class R6		1.98	%	$	260,542	$	373,649	$	(202,130)		$	64,129		$	8,445		$	11,124		50,413	$	504,635
Invesco Macro Allocation Strategy Fund, Class R6		–			172,898		185,774		(354,291	)		(11,298	)		6,917			–		–		–
Total Alternative Funds					433,440		559,423		(556,421	)		52,831			15,362			11,124				504,635
Domestic Equity Funds–58.63%
Invesco Discovery Mid Cap Growth Fund, Class R6		9.06	%		873,503		1,712,071		(275,935	)		(39,897	)		348,220			–		63,274		2,314,564
Invesco Main Street Small Cap Fund, Class R6		5.51	%		524,530		924,876		(133,736	)		82,161			101,678			957		65,819		1,405,895
Invesco PureBetaSM MSCI USA ETF		9.87	%		698,080		1,747,679		(343,842	)		382,542			35,081			20,301		52,336		2,518,932
Invesco Russell 1000 Dynamic Multifactor ETF		13.35	%		1,042,436		2,071,967		(267,401	)		513,514			49,566			29,027		67,260		3,410,082
Invesco S&P SmallCap Low Volatility ETF		2.92	%		348,286		443,087		(186,104	)		123,960			16,960			7,529		14,325		746,189
Invesco U.S. Managed Volatility Fund, Class R6		17.92	%		1,566,781		2,679,002		(389,682	)		674,132			51,544			53,741		307,940		4,575,979
Total Domestic Equity Funds					5,053,616		9,578,682		(1,596,700	)		1,736,412			603,049			111,555				14,971,641
Fixed Income Funds–14.54%
Invesco Core Plus Bond Fund, Class R6		0.93	%		390,486		353,313		(491,425	)		(5,695	)		(7,626	)		5,930		21,442		236,716
Invesco High Yield Bond Factor ETF		1.90	%		–		516,495		(29,223	)		(1,372	)		2,036			14,061		19,139		485,844
Invesco Income Fund, Class R6(b)		0.92	%		217,228		247,997		(231,283	)		43			1,674			7,676		29,923		235,490
Invesco Intermediate Bond Factor Fund, Class R6		2.42	%		–		633,837		(19,623	)		2,704			37			7,791		56,862		616,955
Invesco International Bond Fund, Class R6(b)		0.98	%		173,447		188,248		(87,278	)		(23,747	)		4,886			582		49,023		250,019
Invesco Short Duration Inflation Protected Fund, Class R6(b)		–			129,933		139,089		(270,398	)		(2,879	)		4,390			507		–		–
Invesco Taxable Municipal Bond ETF		4.90	%		562,498		1,041,013		(349,240	)		(11,056	)		8,342			25,447		37,972		1,251,557
Invesco Variable Rate Investment Grade ETF(b)		2.49	%		865,728		731,814		(962,424	)		(613	)		1,032			4,630		25,353		635,346
Total Fixed Income Funds					2,339,320		3,851,806		(2,440,894	)		(42,615	)		14,771			66,624				3,711,927
Foreign Equity Funds–23.82%
Invesco Emerging Markets All Cap Fund, Class R6		5.77	%		87,360		1,577,889		(17,765	)		(179,949	)		57,214			13,259		38,695		1,472,347
Invesco Developing Markets Fund, Class R6		5.80	%		87,456		1,609,025		(18,873	)		(198,483	)		68,381			7,505		31,529		1,481,885
Invesco International Select Equity Fund, Class R6		2.46	%		86,072		763,860		(96,951	)		(132,365	)		20,096			2,401		49,611		627,575
Invesco International Small-Mid Company Fund, Class R6		1.99	%		173,397		611,659		(278,866	)		13,359			32,683			1,814		8,943		509,130
Invesco PureBetaSM FTSE Developed ex-North America ETF		2.94	%		129,952		640,641		(47,625	)		21,626			5,897			14,419		25,575		750,491
Invesco RAFI™ Strategic Developed ex-US ETF		2.94	%		172,615		926,402		(405,772	)		23,400			38,724			24,939		24,780		751,329
Invesco S&P International Developed Low Volatility ETF		1.92	%		129,407		641,864		(304,692	)		21,069			3,122			15,152		15,375		490,770
Total Foreign Equity Funds					866,259		6,771,340		(1,170,544	)		(431,343	)		226,117			79,489				6,083,527
Money Market Funds–0.88%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)		0.33	%		59,148		3,717,078		(3,691,608	)		–			–			20		84,618		84,618
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(c)		0.17	%		42,240		2,634,390		(2,632,891	)		–			–			10		43,730		43,739
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)		0.38	%		67,597		4,248,089		(4,218,980	)		–			–			8		96,706		96,706
Total Money Market Funds					168,985		10,599,557		(10,543,479	)		–			–			38				225,063
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $23,298,026)		99.85	%		8,861,620		31,360,808		(16,308,038	)		1,315,285			859,299			268,830				25,496,793

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

58 Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

December 31, 2021

Invesco Peak Retirement^™ 2040 Fund (continued)

Schedule of Investments in Affiliated Issuers–99.85%^(a)

	% of Net Assets 12/31/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Dividend Income			Shares 12/31/21		Value 12/31/21
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 0.02%(c)		–		$	–	$	2,351,336	$	(2,351,336	)	$	–	$	–		$	10	(d)		–	$	–
Invesco Private Prime Fund, 0.11%(c)		–			–		4,534,322		(4,534,322	)		–		–			153	(d)		–		–
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		–		6,885,658		(6,885,658	)		–		–			163					–
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $23,298,026)		99.85	%	$	8,861,620	$	38,246,466	$	(23,193,696	)	$	1,315,285	$	859,299	(e)(f)	$	268,993	(e)			$	25,496,793
OTHER ASSETS LESS LIABILITIES		0.15	%																			37,908
NET ASSETS		100.00	%																			$25,534,701

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) Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

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

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

^(e) Amounts exclude return of capital received from previously held underlying funds due to the timing of the determination of the character of dividends received.

^(f) Includes capital gains distributions from affiliated underlying funds as follows:

Fund Name	Capital Gain
Invesco Core Plus Bond Fund	$	2,337
Invesco Emerging Markets All Cap Fund		52,402
Invesco Developing Markets Fund		65,621
Invesco Discovery Mid Cap Growth Fund		303,398
Invesco High Yield Bond Factor ETF		2,092
Invesco International Select Equity Fund		13,137
Invesco International Small-Mid Company Fund		43,102
Invesco Main Street Small Cap Fund		93,614
Invesco PureBetaSM MSCI USA ETF		608
Invesco RAFI™ Strategic Developed ex-US ETF		4,040
Invesco U.S. Managed Volatility Fund		5,798

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

59 Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2021

Invesco Peak Retirement^™ 2045 Fund

Schedule of Investments in Affiliated Issuers–100.86%^(a)

	% of Net Assets 12/31/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 12/31/21		Value 12/31/21
Alternative Funds–0.00%
Invesco Global Real Estate Income Fund, Class R6		–		$	189,133	$	45,976	$	(245,996	)	$	(5,669	)	$	16,556		$	1,221			–	$	–
Domestic Equity Funds–64.07%
Invesco Discovery Mid Cap Growth Fund, Class R6		9.08	%		634,043		603,752		(316,329	)		(46,960	)		191,474			–			25,875		946,495
Invesco Main Street Small Cap Fund, Class R6		6.05	%		475,930		415,471		(336,351	)		15,563			101,264			435			29,523		630,619
Invesco PureBetaSM MSCI USA ETF		12.01	%		728,396		532,479		(244,731	)		168,331			66,564			10,874			25,987		1,250,754
Invesco Russell 1000 Dynamic Multifactor ETF		16.99	%		1,008,665		906,986		(470,137	)		194,610			130,016			14,833			34,914		1,770,140
Invesco S&P SmallCap Low Volatility ETF		2.98	%		316,020		111,862		(182,953	)		40,284			24,775			3,161			5,951		309,988
Invesco U.S. Managed Volatility Fund, Class R6		16.96	%		947,771		862,690		(337,527	)		233,444			63,263			19,954			118,943		1,767,488
Total Domestic Equity Funds					4,110,825		3,433,240		(1,888,028	)		605,272			577,356			49,257					6,675,484
Fixed Income Funds–9.80%
Invesco 1-30 Laddered Treasury ETF		–			314,511		58,086		(355,158	)		4,757			(22,196	)		441			–		–
Invesco High Yield Bond Factor ETF		1.44	%		–		170,194		(20,375	)		(305	)		773			4,202			5,897		149,695
Invesco Intermediate Bond Factor Fund, Class R6		2.50	%		–		297,041		(38,316	)		1,286			437			3,140			24,004		260,448
Invesco Taxable Municipal Bond ETF		3.96	%		188,471		393,315		(174,455	)		(731	)		5,861			7,671			12,514		412,461
Invesco Variable Rate Investment Grade ETF(b)		1.90	%		691,298		142,429		(635,771	)		(9,725	)		10,578			1,604			7,926		198,626
Total Fixed Income Funds					1,194,280		1,061,065		(1,224,075	)		(4,718	)		(4,547	)		17,058					1,021,230
Foreign Equity Funds–25.60%
Invesco Emerging Markets All Cap Fund, Class R6		6.27	%		94,089		724,800		(96,012	)		(87,429	)		39,889			5,563			17,171		653,355
Invesco Developing Markets Fund, Class R6		6.20	%		95,847		739,743		(114,072	)		(99,777	)		52,147			3,193			13,744		645,975
Invesco International Select Equity Fund, Class R6		2.43	%		93,759		275,285		(70,038	)		(72,127	)		31,724			956			20,029		253,368
Invesco International Small-Mid Company Fund, Class R6		1.91	%		156,834		192,830		(152,415	)		(1,433	)		20,782			748			3,493		198,838
Invesco PureBetaSM FTSE Developed ex-North America ETF		3.88	%		125,753		362,585		(103,850	)		5,019			15,333			8,088			13,796		404,840
Invesco RAFI™ Strategic Developed ex-US ETF		3.00	%		125,310		411,911		(258,688	)		(9,437	)		45,264			10,474			10,315		312,751
Invesco S&P International Developed Low Volatility ETF		1.91	%		125,238		207,676		(146,016	)		7,519			4,285			6,301			6,225		198,702
Total Foreign Equity Funds					816,830		2,914,830		(941,091	)		(257,665	)		209,424			35,323					2,667,829
Money Market Funds–1.39%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)		0.49	%		63,733		1,337,512		(1,350,662	)		–			–			7			50,583		50,583
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(c)		0.35	%		51,674		955,367		(970,394	)		–			–			4			36,639		36,647
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)		0.55	%		72,838		1,528,586		(1,543,615	)		–			–			3			57,809		57,809
Total Money Market Funds					188,245		3,821,465		(3,864,671	)		–			–			14					145,039
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $9,328,032)		100.86	%		6,499,313		11,276,576		(8,163,861	)		337,220			798,789			102,873					10,509,582
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 0.02%(c)		–			17,613		903,827		(921,440	)		–			–			4	(d)		–		–
Invesco Private Prime Fund, 0.11%(c)		–			24,883		1,873,584		(1,898,469	)		–			2			66	(d)		–		–
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		42,496		2,777,411		(2,819,909	)		–			2			70					–
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $9,328,032)		100.86	%	$	6,541,809	$	14,053,987	$	(10,983,770	)	$	337,220		$	798,791	(e)(f)	$	102,943	(e)			$	10,509,582
OTHER ASSETS LESS LIABILITIES		(0.86	)%																				(90,059	)
NET ASSETS		100.00	%																			$	10,419,523

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

60 Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

December 31, 2021

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) Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

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

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

^(e) Amounts exclude return of capital received from previously held underlying funds due to the timing of the determination of the character of dividends received.

^(f) Includes capital gains distributions from affiliated underlying funds as follows:

Fund Name	Capital Gain
Invesco Emerging Markets All Cap Fund	$	21,982
Invesco Developing Markets Fund		27,913
Invesco Discovery Mid Cap Growth Fund		119,485
Invesco High Yield Bond Factor ETF		592
Invesco International Select Equity Fund		5,235
Invesco International Small-Mid Company Fund		17,760
Invesco Main Street Small Cap Fund		41,258
Invesco PureBetaSM MSCI USA ETF		285
Invesco RAFI™ Strategic Developed ex-US ETF		1,609
Invesco U.S. Managed Volatility Fund		2,153

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

61 Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2021

Invesco Peak Retirement^™ 2050 Fund

Schedule of Investments in Affiliated Issuers–100.33%(a)

	% of Net Assets 12/31/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 12/31/21		Value 12/31/21
Alternative Funds–0.00%
Invesco Global Real Estate Income Fund, Class R6		–		$	116,870	$	147,774	$	(276,935	)	$	(3,220	)	$	15,511		$	1,375			–	$	–
Domestic Equity Funds–67.44%
Invesco Discovery Mid Cap Growth Fund, Class R6		8.06	%		588,788		1,283,430		(384,838	)		1,783			207,527			–			41,116		1,504,027
Invesco Main Street Small Cap Fund, Class R6		6.20	%		530,343		993,349		(465,500	)		70,409			105,697			805			54,125		1,156,101
Invesco PureBetaSM MSCI USA ETF(b)		14.93	%		823,412		1,594,242		(135,439	)		484,675			18,155			24,964			57,851		2,784,369
Invesco Russell 1000 Dynamic Multifactor ETF		18.90	%		1,001,554		2,367,792		(428,894	)		511,287			74,902			30,041			69,559		3,526,641
Invesco S&P SmallCap Low Volatility ETF		3.43	%		352,645		387,331		(222,752	)		113,470			8,971			6,519			12,280		639,665
Invesco U.S. Managed Volatility Fund, Class R6		15.92	%		762,760		1,840,756		(110,687	)		463,525			17,905			35,236			199,896		2,970,457
Total Domestic Equity Funds					4,059,502		8,466,900		(1,748,110	)		1,645,149			433,157			97,565					12,581,260
Fixed Income Funds–4.85%
Invesco 1-30 Laddered Treasury ETF		–			406,820		266,841		(642,250	)		5,367			(36,778	)		813			–		–
Invesco Intermediate Bond Factor Fund, Class R6		1.94	%		–		367,198		(6,437	)		1,547			(74	)		4,683			33,385		362,234
Invesco Taxable Municipal Bond ETF		1.94	%		–		364,493		(10,907	)		8,787			(176	)		6,422			10,989		362,197
Invesco Variable Rate Investment Grade ETF(c)		0.97	%		406,162		284,755		(510,419	)		(2,473	)		2,600			1,539			7,204		180,532
Total Fixed Income Funds					812,982		1,283,287		(1,170,013	)		13,228			(34,428	)		13,457					904,963
Foreign Equity Funds–26.92%
Invesco Emerging Markets All Cap Fund, Class R6		6.46	%		89,415		1,309,452		(46,132	)		(152,964	)		47,598			10,710			31,670		1,205,045
Invesco Developing Markets Fund, Class R6		6.44	%		89,524		1,357,917		(83,799	)		(180,475	)		71,904			6,244			25,542		1,200,482
Invesco International Select Equity Fund, Class R6		2.94	%		88,066		649,120		(75,946	)		(129,216	)		27,074			2,085			43,296		547,693
Invesco International Small-Mid Company Fund, Class R6		2.16	%		177,450		486,966		(262,742	)		11,006			27,514			1,537			7,091		403,682
Invesco PureBetaSM FTSE Developed ex-North America ETF		3.99	%		144,321		655,481		(84,417	)		28,472			2			14,797			25,349		743,859
Invesco RAFI™ Strategic Developed ex-US ETF		2.99	%		144,281		742,544		(376,682	)		8,140			43,167			18,991			18,419		558,464
Invesco S&P International Developed Low Volatility ETF		1.94	%		145,902		418,058		(222,582	)		19,003			1,432			11,279			11,335		361,813
Total Foreign Equity Funds					878,959		5,619,538		(1,152,300	)		(396,034	)		218,691			65,643					5,021,038
Money Market Funds–1.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)		0.39	%		23,967		2,962,484		(2,913,393	)		–			–			15			73,058		73,058
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(d)		0.28	%		17,117		2,113,015		(2,076,964	)		–			(5	)		8			53,152		53,163
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)		0.45	%		27,390		3,385,696		(3,329,592	)		–			–			6			83,494		83,494
Total Money Market Funds					68,474		8,461,195		(8,319,949	)		–			(5	)		29					209,715
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $16,723,410)		100.33	%		5,936,787		23,978,694		(12,667,307	)		1,259,123			632,926			178,069					18,716,976
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.42%
Invesco Private Government Fund, 0.02%(d)(e)		0.13	%		–		1,564,096		(1,540,459	)		–			–			6	(f)		23,637		23,637
Invesco Private Prime Fund, 0.11%(d)(e)		0.29	%		–		3,379,606		(3,324,443	)		(5	)		(5	)		99	(f)		55,142		55,153
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $78,795)		0.42	%		–		4,943,702		(4,864,902	)		(5	)		(5	)		105					78,790
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $16,802,205)		100.75	%	$	5,936,787	$	28,922,396	$	(17,532,209	)	$	1,259,118		$	632,921	(g)	$	178,174				$	18,795,766
OTHER ASSETS LESS LIABILITIES		(0.75	)%																				(140,546	)
NET ASSETS		100.00	%																			$	18,655,220

Investment Abbreviations:

ETF - Exchange-Traded Fund

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

62 Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

December 31, 2021

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

^(c)  Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

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

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

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

^(g)  Includes capital gains distributions from affiliated underlying funds as follows:

Fund Name	Capital Gain
Invesco Emerging Markets All Cap Fund	$	42,324
Invesco Developing Markets Fund		54,589
Invesco Discovery Mid Cap Growth Fund		192,663
Invesco International Select Equity Fund		11,405
Invesco International Small-Mid Company Fund		36,512
Invesco Main Street Small Cap Fund		78,197
Invesco PureBetaSM MSCI USA ETF		676
Invesco RAFI™ Strategic Developed ex-US ETF		2,986
Invesco U.S. Managed Volatility Fund		3,802

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

63 Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2021

Invesco Peak Retirement^™ 2055 Fund

Schedule of Investments in Affiliated Issuers–101.16%(a)

	% of Net Assets 12/31/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 12/31/21		Value 12/31/21
Domestic Equity Funds–67.70%
Invesco Discovery Mid Cap Growth Fund, Class R6		7.96	%	$	298,515	$	295,292	$	(119,891	)	$	(5,373	)	$	73,252		$	–			13,055	$	477,566
Invesco Main Street Small Cap Fund, Class R6		6.25	%		298,770		209,051		(168,353	)		2,022			58,957			253			17,554		374,943
Invesco PureBetaSM MSCI USA ETF		15.03	%		492,006		378,129		(125,408	)		141,722			15,087			7,671			18,727		901,330
Invesco Russell 1000 Dynamic Multifactor ETF		19.01	%		534,210		621,240		(203,161	)		142,253			46,056			8,946			22,497		1,140,598
Invesco S&P SmallCap Low Volatility ETF		3.46	%		208,304		90,656		(134,639	)		26,593			16,925			2,062			3,990		207,839
Invesco U.S. Managed Volatility Fund, Class R6		15.99	%		342,082		549,371		(75,473	)		134,530			9,782			11,359			64,540		959,066
Total Domestic Equity Funds					2,173,887		2,143,739		(826,925	)		441,747			220,059			30,291					4,061,342
Fixed Income Funds–4.88%
Invesco 1-30 Laddered Treasury ETF		–			190,037		35,610		(214,447	)		2,472			(13,672	)		290			–		–
Invesco Intermediate Bond Factor Fund, Class R6		2.00	%		–		119,361		–			391			–			1,410			11,037		119,752
Invesco Taxable Municipal Bond ETF		1.95	%		–		120,613		(6,078	)		2,430			10			1,922			3,549		116,975
Invesco Variable Rate Investment Grade ETF(b)		0.93	%		102,159		28,085		(74,235	)		(702	)		803			355			2,238		56,084
Total Fixed Income Funds					292,196		303,669		(294,760	)		4,591			(12,859	)		3,977					292,811
Foreign Equity Funds–27.00%
Invesco Emerging Markets All Cap Fund, Class R6		6.43	%		44,961		411,497		(25,622	)		(49,293	)		17,990			3,543			10,132		385,532
Invesco Developing Markets Fund, Class R6		6.48	%		60,062		417,990		(39,958	)		(56,938	)		25,199			1,999			8,274		388,876
Invesco International Select Equity Fund, Class R6		2.99	%		59,070		174,114		(20,281	)		(37,694	)		8,146			703			14,191		179,510
Invesco International Small-Mid Company Fund, Class R6		2.22	%		88,490		86,871		(43,635	)		2,563			10,386			498			2,333		132,839
Invesco PureBetaSM FTSE Developed ex-North America ETF		3.92	%		87,252		184,588		(46,439	)		8,708			1,177			4,439			8,018		235,286
Invesco RAFI™ Strategic Developed ex-US ETF		2.97	%		87,369		202,786		(128,481	)		(2,904	)		20,149			5,816			5,870		177,978
Invesco S&P International Developed Low Volatility ETF		1.99	%		73,416		98,792		(58,898	)		5,246			857			3,302			3,741		119,413
Total Foreign Equity Funds					500,620		1,576,638		(363,314	)		(130,312	)		83,904			20,300					1,619,434
Money Market Funds–1.58%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)		0.55	%		19,925		727,762		(714,491	)		–			–			4			33,196		33,196
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(c)		0.40	%		14,231		518,897		(509,415	)		–			(1	)		1			23,707		23,712
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)		0.63	%		22,771		831,729		(816,561	)		–			–			1			37,939		37,939
Total Money Market Funds					56,927		2,078,388		(2,040,467	)		–			(1	)		6					94,847
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $5,293,849)		101.16	%		3,023,630		6,102,434		(3,525,466	)		316,026			291,103			54,574					6,068,434
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 0.02%(c)		–			–		114,266		(114,266	)		–			–			1	(d)		–		–
Invesco Private Prime Fund, 0.11%(c)		–			–		264,600		(264,600	)		–			–			8	(d)		–		–
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		–		378,866		(378,866	)		–			–			9					–
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $5,293,849)		101.16	%	$	3,023,630	$	6,481,300	$	(3,904,332	)	$	316,026		$	291,103	(e)	$	54,583				$	6,068,434
OTHER ASSETS LESS LIABILITIES		(1.16	)%																				(69,410	)
NET ASSETS		100.00	%																			$	5,999,024

Investment Abbreviations:

ETF - Exchange-Traded Fund

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

64 Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

December 31, 2021

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)  Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

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

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

^(e)  Includes capital gains distributions from affiliated underlying funds as follows:

Fund Name	Capital Gain
Invesco Emerging Markets All Cap Fund	$	14,001
Invesco Developing Markets Fund		17,479
Invesco Discovery Mid Cap Growth Fund		64,229
Invesco International Select Equity Fund		3,845
Invesco International Small-Mid Company Fund		11,836
Invesco Main Street Small Cap Fund		25,504
Invesco PureBetaSM MSCI USA ETF		206
Invesco RAFI™ Strategic Developed ex-US ETF		941
Invesco U.S. Managed Volatility Fund		1,226

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

65 Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2021

Invesco Peak Retirement^™ 2060 Fund

Schedule of Investments in Affiliated Issuers–100.89%(a)

	% of Net Assets 12/31/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 12/31/21		Value 12/31/21
Domestic Equity Funds–67.94%
Invesco Discovery Mid Cap Growth Fund, Class R6		8.22	%	$	367,327	$	403,334	$	(127,955	)	$	(584	)	$	93,824		$	–			17,869	$	653,657
Invesco Main Street Small Cap Fund, Class R6		6.30	%		422,740		275,054		(242,021	)		21,584			56,201			332			23,459		501,079
Invesco PureBetaSM MSCI USA ETF		15.06	%		678,739		530,105		(231,638	)		209,839			10,324			10,979			24,872		1,197,089
Invesco Russell 1000 Dynamic Multifactor ETF		18.92	%		697,937		707,345		(159,654	)		240,492			18,097			12,466			29,669		1,504,217
Invesco S&P SmallCap Low Volatility ETF		3.45	%		293,206		145,626		(230,210	)		46,436			19,092			3,034			5,263		274,150
Invesco U.S. Managed Volatility Fund, Class R6		15.99	%		364,570		736,905		(25,918	)		192,324			5,063			14,758			85,556		1,271,352
Total Domestic Equity Funds					2,824,519		2,798,369		(1,017,396	)		710,091			202,601			41,569					5,401,544
Fixed Income Funds–4.77%
Invesco 1-30 Laddered Treasury ETF		–			145,265		88,629		(216,654	)		1,865			(19,105	)		489			–		–
Invesco Intermediate Bond Factor Fund, Class R6		1.91	%		–		151,200		–			643			–			1,920			13,995		151,843
Invesco Taxable Municipal Bond ETF		1.91	%		–		154,150		(5,812	)		3,393			50			2,634			4,605		151,781
Invesco Variable Rate Investment Grade ETF(b)		0.95	%		36,211		39,579		–			75			–			470			3,027		75,857
Total Fixed Income Funds					181,476		433,558		(222,466	)		5,976			(19,055	)		5,513					379,481
Foreign Equity Funds–26.91%
Invesco Emerging Markets All Cap Fund, Class R6		6.52	%		73,930		515,183		(10,669	)		(61,525	)		19,416			4,604			13,617		518,140
Invesco Developing Markets Fund, Class R6		6.45	%		74,424		511,958		(8,045	)		(66,666	)		23,800			2,567			10,916		513,027
Invesco International Select Equity Fund, Class R6		3.00	%		72,817		233,151		(22,966	)		(51,789	)		12,377			868			18,881		238,843
Invesco International Small-Mid Company Fund, Class R6		2.13	%		129,014		108,662		(70,663	)		4,522			12,894			636			2,974		169,327
Invesco PureBetaSM FTSE Developed ex-North America ETF		3.91	%		108,166		249,009		(59,304	)		12,999			(110	)		6,202			10,590		310,760
Invesco RAFI™ Strategic Developed ex-US ETF		2.99	%		108,491		280,361		(173,388	)		7,577			15,903			7,940			7,840		237,709
Invesco S&P International Developed Low Volatility ETF		1.91	%		90,480		134,408		(80,999	)		7,296			467			4,606			4,751		151,652
Total Foreign Equity Funds					657,322		2,032,732		(426,034	)		(147,586	)		84,747			27,423					2,139,458
Money Market Funds–1.27%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)		0.46	%		18,349		987,690		(969,824	)		–			–			6			36,215		36,215
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(c)		0.29	%		13,080		701,567		(691,184	)		–			(2	)		3			23,455		23,461
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)		0.52	%		20,971		1,128,789		(1,108,371	)		–			–			3			41,389		41,389
Total Money Market Funds					52,400		2,818,046		(2,769,379	)		–			(2	)		12					101,065
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $6,918,297)		100.89	%		3,715,717		8,082,705		(4,435,275	)		568,481			268,291			74,517					8,021,548
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 0.02%(c)		–			–		263,384		(263,384	)		–			–			3	(d)		–		–
Invesco Private Prime Fund, 0.11%(c)		–			–		393,577		(393,577	)		–			–			30	(d)		–		–
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		–		656,961		(656,961	)		–			–			33					–
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $6,918,297)		100.89	%	$	3,715,717	$	8,739,666	$	(5,092,236	)	$	568,481		$	268,291	(e)	$	74,550				$	8,021,548
OTHER ASSETS LESS LIABILITIES		(0.89	)%																				(70,766	)
NET ASSETS		100.00	%																			$	7,950,782

Investment Abbreviations:

ETF - Exchange-Traded Fund

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

66 Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

December 31, 2021

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)  Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

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

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

^(e)  Includes capital gains distributions from affiliated underlying funds as follows:

Fund Name	Capital Gain
Invesco Emerging Markets All Cap Fund	$	18,195
Invesco Developing Markets Fund		22,444
Invesco Discovery Mid Cap Growth Fund		82,289
Invesco International Select Equity Fund		4,747
Invesco International Small-Mid Company Fund		15,102
Invesco Main Street Small Cap Fund		32,479
Invesco PureBetaSM MSCI USA ETF		280
Invesco RAFI™ Strategic Developed ex-US ETF		1,235
Invesco U.S. Managed Volatility Fund		1,592

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

67 Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2021

Invesco Peak Retirement^™ 2065 Fund

Schedule of Investments in Affiliated Issuers–99.11%(a)

	% of Net Assets 12/31/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 12/31/21		Value 12/31/21
Domestic Equity Funds–67.00%
Invesco Discovery Mid Cap Growth Fund, Class R6		7.90	%	$	281,865	$	298,836	$	(118,635	)	$	(390	)	$	69,509		$	–			12,812	$	468,662
Invesco Main Street Small Cap Fund, Class R6		6.18	%		324,431		231,485		(221,810	)		776			55,248			240			17,149		366,309
Invesco PureBetaSM MSCI USA ETF		14.85	%		520,902		421,897		(222,049	)		146,248			13,797			8,061			18,296		880,586
Invesco Russell 1000 Dynamic Multifactor ETF		18.80	%		532,462		634,495		(238,707	)		142,751			43,385			9,226			21,980		1,114,386
Invesco S&P SmallCap Low Volatility ETF		3.47	%		224,803		111,714		(178,110	)		24,966			22,174			2,213			3,946		205,547
Invesco U.S. Managed Volatility Fund, Class R6		15.80	%		280,896		625,197		(111,923	)		131,300			12,694			10,849			63,055		936,993
Total Domestic Equity Funds					2,165,359		2,323,624		(1,091,234	)		445,651			216,807			30,589					3,972,483
Fixed Income Funds–4.96%
Invesco 1-30 Laddered Treasury ETF		–			112,138		53,285		(153,503	)		1,404			(13,324	)		331			–		–
Invesco Intermediate Bond Factor Fund, Class R6		1.99	%		–		121,531		(4,183	)		467			(42	)		1,427			10,855		117,773
Invesco Taxable Municipal Bond ETF		1.98	%		–		128,191		(13,246	)		2,484			(25	)		1,961			3,562		117,404
Invesco Variable Rate Investment Grade ETF(b)		0.99	%		27,939		30,736		–			47			–			337			2,343		58,716
Total Fixed Income Funds					140,077		333,743		(170,932	)		4,402			(13,391	)		4,056					293,893
Foreign Equity Funds–26.99%
Invesco Emerging Markets All Cap Fund, Class R6		6.44	%		56,969		424,147		(55,957	)		(47,215	)		17,068			3,310			10,038		381,932
Invesco Developing Markets Fund, Class R6		6.45	%		57,015		439,997		(65,863	)		(55,092	)		23,116			1,929			8,134		382,309
Invesco International Select Equity Fund, Class R6		2.97	%		56,116		176,347		(22,417	)		(40,132	)		9,787			673			13,915		176,022
Invesco International Small-Mid Company Fund, Class R6		2.22	%		98,293		89,145		(57,289	)		3,638			9,531			475			2,319		132,031
Invesco PureBetaSM FTSE Developed ex-North America ETF		3.96	%		83,844		188,873		(48,053	)		9,791			185			4,544			7,996		234,640
Invesco RAFI™ Strategic Developed ex-US ETF		2.97	%		83,558		202,787		(126,054	)		(1,736	)		18,542			5,875			5,810		176,159
Invesco S&P International Developed Low Volatility ETF		1.98	%		69,727		104,703		(63,379	)		5,612			803			3,350			3,680		117,466
Total Foreign Equity Funds					505,522		1,625,999		(439,012	)		(125,134	)		79,032			20,156					1,600,559
Money Market Funds–0.16%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)		–			13,231		823,892		(837,123	)		–			–			3			–		–
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(c)		0.16	%		15,189		588,494		(593,987	)		–			(5	)		4			9,689		9,691
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)		–			15,122		941,591		(956,713	)		–			–			1			–		–
Total Money Market Funds					43,542		2,353,977		(2,387,823	)		–			(5	)		8					9,691
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $5,138,685)		99.11	%		2,854,500		6,637,343		(4,089,001	)		324,919			282,443			54,809					5,876,626
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 0.02%(c)		–			–		93,535		(93,535	)		–			–			1	(d)		–		–
Invesco Private Prime Fund, 0.11%(c)		–			–		217,035		(217,035	)		–			–			8	(d)		–		–
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		–		310,570		(310,570	)		–			–			9					–
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $5,138,685)		99.11	%	$	2,854,500	$	6,947,913	$	(4,399,571	)	$	324,919		$	282,443	(e)	$	54,818				$	5,876,626
OTHER ASSETS LESS LIABILITIES		0.89	%																				52,770
NET ASSETS		100.00	%																			$	5,929,396

Investment Abbreviations:

ETF - Exchange-Traded Fund

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

68 Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

December 31, 2021

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)  Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

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

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

^(e)  Includes capital gains distributions from affiliated underlying funds as follows:

Fund Name	Capital Gain
Invesco Emerging Markets All Cap Fund	$	13,080
Invesco Developing Markets Fund		16,864
Invesco Discovery Mid Cap Growth Fund		62,523
Invesco International Select Equity Fund		3,679
Invesco International Small-Mid Company Fund		11,287
Invesco Main Street Small Cap Fund		23,821
Invesco PureBetaSM MSCI USA ETF		209
Invesco RAFI™ Strategic Developed ex-US ETF		938
Invesco U.S. Managed Volatility Fund		1,171

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

69 Invesco Peak Retirement^™ Funds

Statements of Assets and Liabilities

December 31, 2021

	Invesco Peak Retirement™ Destination Fund		Invesco Peak Retirement™ 2010 Fund		Invesco Peak Retirement™ 2015 Fund		Invesco Peak Retirement™ 2020 Fund		Invesco Peak Retirement™ 2025 Fund		Invesco Peak Retirement™ 2030 Fund
Assets:
Investments in affiliated underlying funds, at value1	$	5,047,031	$	561,533	$	1,656,566	$	12,669,972	$	24,613,891	$	40,258,210
Cash		–		–		–		1,857		–		47,030
Receivable for:
Investments sold - affiliated underlying funds		–		–		–		–		361,059		–
Dividends - affiliated underlying funds		60		531		2		178		2		232
Fund shares sold		77,700		–		1,096		4,663		13,078		108,791
Investment for trustee deferred compensation and retirement plans		21,413		3,986		21,406		21,432		21,471		21,502
Other assets		55,597		31,421		51,557		53,978		53,056		54,775
Total assets		5,201,801		597,471		1,730,627		12,752,080		25,062,557		40,490,540
Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		–		–		–		–		50,157		109,588
Fund shares reacquired		77,700		–		–		–		71,857		10,400
Amount due custodian		–		–		–		–		156,193		–
Collateral upon return of securities loaned		–		–		–		–		–		8,999
Accrued fees to affiliates		48,375		1,853		34,770		88,099		101,055		102,892
Accrued trustees’ and officers’ fees and benefits		792		115		857		1,267		1,803		1,329
Accrued other operating expenses		23,138		29,958		22,399		24,875		26,535		24,963
Trustee deferred compensation and retirement plans		21,413		3,986		21,406		21,432		21,471		21,502
Total liabilities		171,418		35,912		79,432		135,673		429,071		279,673
Net assets applicable to shares outstanding	$	5,030,383	$	561,559	$	1,651,195	$	12,616,407	$	24,633,486	$	40,210,867
Net assets consist of:
Shares of beneficial interest	$	4,807,461	$	558,669	$	1,588,008	$	11,939,031	$	22,799,877	$	36,854,869
Distributable earnings		222,922		2,890		63,187		677,376		1,833,609		3,355,998
	$	5,030,383	$	561,559	$	1,651,195	$	12,616,407	$	24,633,486	$	40,210,867

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

70 Invesco Peak Retirement^™ Funds

Statements of Assets and Liabilities–(continued)

December 31, 2021

	Invesco Peak Retirement™ Destination Fund		Invesco Peak Retirement™ 2010 Fund		Invesco Peak Retirement™ 2015 Fund		Invesco Peak Retirement™ 2020 Fund		Invesco Peak Retirement™ 2025 Fund		Invesco Peak Retirement™ 2030 Fund
Net Assets:
Class A	$	4,286,198	$	253,587	$	888,021	$	8,512,873	$	18,813,724	$	26,085,223
Class C	$	179,786	$	23,846	$	130,838	$	1,698,265	$	2,836,403	$	5,600,989
Class R	$	219,390	$	10,145	$	160,529	$	2,158,114	$	2,776,123	$	8,166,675
Class Y	$	42,708	$	10,156	$	42,903	$	117,025	$	184,143	$	334,680
Class R5	$	106,756	$	10,156	$	107,240	$	115,534	$	11,939	$	12,049
Class R6	$	195,545	$	253,669	$	321,664	$	14,596	$	11,154	$	11,251
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		401,870		25,021		83,135		741,557		1,577,358		2,127,709
Class C		16,856		2,356		12,310		148,897		240,850		462,025
Class R		20,549		1,001		15,066		188,567		233,450		668,988
Class Y		4,001		1,001		4,001		10,134		15,363		27,157
Class R5		10,001		1,001		10,001		10,001		997		978
Class R6		18,319		25,001		30,001		1,264		931		913
Class A:
Net asset value per share	$	10.67	$	10.13	$	10.68	$	11.48	$	11.93	$	12.26
Maximum offering price per share (Net asset value ÷ 94.50%)	$	11.29	$	10.72	$	11.30	$	12.15	$	12.62	$	12.97
Class C:
Net asset value and offering price per share	$	10.67	$	10.12	$	10.63	$	11.41	$	11.78	$	12.12
Class R:
Net asset value and offering price per share	$	10.68	$	10.13	$	10.66	$	11.44	$	11.89	$	12.21
Class Y:
Net asset value and offering price per share	$	10.67	$	10.15	$	10.72	$	11.55	$	11.99	$	12.32
Class R5:
Net asset value and offering price per share	$	10.67	$	10.15	$	10.72	$	11.55	$	11.97	$	12.32
Class R6:
Net asset value and offering price per share	$	10.67	$	10.15	$	10.72	$	11.55	$	11.98	$	12.32
Cost of Investments in affiliated underlying funds	$	4,792,485	$	558,906	$	1,580,268	$	12,073,518	$	23,013,711	$	37,379,964
1 Includes securities on loan with an aggregate value of:	$	–	$	–	$	–	$	–	$	–	$	8,804

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

71 Invesco Peak Retirement^™ Funds

Statements of Assets and Liabilities–(continued)

December 31, 2021

	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
Assets:
Investments in affiliated underlying funds, at value1	$	21,701,400	$	25,496,793	$	10,509,582		$	18,795,766	$	6,068,434	$	8,021,548
Cash		15,448		14,576		20,608			14,200		1,243		1,864
Receivable for:
Investments sold - affiliated underlying funds		–		–		–			–		–		–
Dividends - affiliated underlying funds		3		169		2			403		1		1
Fund shares sold		77,231		151,249		58,506			96,501		17,432		20,795
Investment for trustee deferred compensation and retirement plans		21,453		21,457		21,432			21,443		21,415		21,420
Other assets		53,065		53,553		52,469			53,299		51,800		51,700
Total assets		21,868,600		25,737,797		10,662,599			18,981,612		6,160,325		8,117,328
Liabilities:							��
Payable for:
Investments purchased - affiliated underlying funds		194,190		27,992		107,712			110,621		60,575		57,634
Fund shares reacquired		–		43,333		–			10,823		–		–
Amount due custodian		–		–		–			–		–		–
Collateral upon return of securities loaned		–		–		–			78,795		–		–
Accrued fees to affiliates		92,708		83,896		87,664			81,245		53,268		62,950
Accrued trustees’ and officers’ fees and benefits		1,679		1,352		860			1,339		852		851
Accrued other operating expenses		25,410		25,066		25,408			22,126		25,191		23,691
Trustee deferred compensation and retirement plans		21,453		21,457		21,432			21,443		21,415		21,420
Total liabilities		335,440		203,096		243,076			326,392		161,301		166,546
Net assets applicable to shares outstanding	$	21,533,160	$	25,534,701	$	10,419,523		$	18,655,220	$	5,999,024	$	7,950,782
Net assets consist of:
Shares of beneficial interest	$	19,421,184	$	22,904,320	$	8,981,129		$	16,222,925	$	5,053,686	$	6,682,968
Distributable earnings		2,111,976		2,630,381		1,438,394			2,432,295		945,338		1,267,814
	$	21,533,160	$	25,534,701	$	10,419,523		$	18,655,220	$	5,999,024	$	7,950,782

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

72 Invesco Peak Retirement^™ Funds

Statements of Assets and Liabilities–(continued)

December 31, 2021

	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
Net Assets:
Class A	$	11,726,295	$	15,049,902	$	5,396,968	$	10,208,471	$	3,206,307	$	4,219,734
Class C	$	3,848,928	$	3,117,477	$	2,033,381	$	3,058,584	$	1,005,513	$	739,003
Class R	$	4,916,018	$	6,583,088	$	2,631,639	$	4,830,592	$	1,207,343	$	2,362,404
Class Y	$	1,018,674	$	760,929	$	198,610	$	262,045	$	88,917	$	159,296
Class R5	$	12,075	$	12,126	$	28,052	$	135,197	$	134,902	$	136,034
Class R6	$	11,170	$	11,179	$	130,873	$	160,331	$	356,042	$	334,311
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		922,796		1,168,810		426,944		758,524		238,602		311,584
Class C		306,214		244,633		163,322		230,538		75,790		55,237
Class R		388,620		514,298		209,322		361,722		90,342		175,374
Class Y		79,781		58,822		15,653		19,382		6,600		11,710
Class R5		946		938		2,209		10,001		10,001		10,001
Class R6		875		864		10,314		11,859		26,399		24,582
Class A:
Net asset value per share	$	12.71	$	12.88	$	12.64	$	13.46	$	13.44	$	13.54
Maximum offering price per share (Net asset value ÷ 94.50%)	$	13.45	$	13.63	$	13.38	$	14.24	$	14.22	$	14.33
Class C:
Net asset value and offering price per share	$	12.57	$	12.74	$	12.45	$	13.27	$	13.27	$	13.38
Class R:
Net asset value and offering price per share	$	12.65	$	12.80	$	12.57	$	13.35	$	13.36	$	13.47
Class Y:
Net asset value and offering price per share	$	12.77	$	12.94	$	12.69	$	13.52	$	13.47	$	13.60
Class R5:
Net asset value and offering price per share	$	12.76	$	12.93	$	12.70	$	13.52	$	13.49	$	13.60
Class R6:
Net asset value and offering price per share	$	12.77	$	12.94	$	12.69	$	13.52	$	13.49	$	13.60
Cost of Investments in affiliated underlying funds	$	19,928,415	$	23,298,026	$	9,328,032	$	16,802,205	$	5,293,849	$	6,918,297
1 Includes securities on loan with an aggregate value of:	$	–	$	–	$	–	$	77,008	$	–	$	–

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

73 Invesco Peak Retirement^™ Funds

Statements of Assets and Liabilities–(continued)

December 31, 2021

	Invesco Peak Retirement™ 2065 Fund
Assets:
Investments in affiliated underlying funds, at value	$	5,876,626
Receivable for:
Investments sold - affiliated underlying funds		76,233
Dividends - affiliated underlying funds		1
Fund shares sold		52,915
Investment for trustee deferred compensation and retirement plans		21,414
Other assets		51,755
Total assets		6,078,944
Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		40,938
Amount due custodian		11,487
Accrued fees to affiliates		49,426
Accrued trustees’ and officers’ fees and benefits		776
Accrued other operating expenses		25,507
Trustee deferred compensation and retirement plans		21,414
Total liabilities		149,548
Net assets applicable to shares outstanding	$	5,929,396
Net assets consist of:
Shares of beneficial interest	$	5,018,412
Distributable earnings		910,984
	$	5,929,396

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

74 Invesco Peak Retirement^™ Funds

Statements of Assets and Liabilities—(continued)

December 31, 2021

	Invesco Peak Retirement™ 2065 Fund
Net Assets:
Class A	$	3,509,694
Class C	$	867,367
Class R	$	668,749
Class Y	$	409,704
Class R5	$	136,703
Class R6	$	337,179
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		254,750
Class C		64,643
Class R		49,349
Class Y		29,974
Class R5		10,001
Class R6		24,671
Class A:
Net asset value per share	$	13.78
Maximum offering price per share (Net asset value ÷ 94.50%)	$	14.58
Class C:
Net asset value and offering price per share	$	13.42
Class R:
Net asset value and offering price per share	$	13.55
Class Y:
Net asset value and offering price per share	$	13.67
Class R5:
Net asset value and offering price per share	$	13.67
Class R6:
Net asset value and offering price per share	$	13.67
Cost of Investments in affiliated underlying funds	$	5,138,685

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

75 Invesco Peak Retirement^™ Funds

Statements of Operations

For the year ended December 31, 2021

	Invesco Peak Retirement™ Destination Fund			Invesco Peak Retirement™ 2010 Fund 1			Invesco Peak Retirement™ 2015 Fund			Invesco Peak Retirement™ 2020 Fund			Invesco Peak Retirement™ 2025 Fund			Invesco Peak Retirement™ 2030 Fund
Investment income:
Dividends from affiliated underlying funds	$	128,257		$	8,250		$	42,362		$	239,067		$	419,441		$	607,434
Securities lending income		1,635			—			—			2,453			4,110			5,813
Total investment income		129,892			8,250			42,362			241,520			423,551			613,247
Expenses:
Administrative services fees		595			32			232			1,475			2,889			4,758
Custodian fees		1,747			671			1,672			2,404			3,068			2,835
Distribution fees:
Class A		8,709			144			1,891			15,978			37,785			55,293
Class C		1,780			72			1,238			17,154			26,312			47,218
Class R		617			34			780			9,879			10,462			32,281
Transfer agent fees – A, C, R and Y		3,744			898			1,593			9,524			18,716			39,220
Transfer agent fees – R5		16			3			15			16			5			5
				��
Transfer agent fees – R6		42			64			45			32			21			19
Trustees’ and officers’ fees and benefits		21,894			12,038			21,930			22,422			24,693			22,337
Registration and filing fees		93,046			73,933			90,234			91,626			92,437			95,103
Reports to shareholders		—			19,390			2,644			2,062			4,347			5,423
Professional services fees		33,287			27,496			33,420			35,000			37,319			34,381
Other		(7,307)			5,184			9,367			8,449			8,633			8,695
Total expenses		158,170			139,959			165,061			216,021			266,687			347,568
Less: Fees waived and/or expenses reimbursed		(145,132	)		(139,454	)		(160,074	)		(165,695	)		(180,317	)		(195,322	)
Net expenses		13,038			505			4,987			50,326			86,370			152,246
Net investment income		116,854			7,745			37,375			191,194			337,181			461,001
Realized and unrealized gain from:
Net realized gain (loss) from:
Affiliated underlying fund shares		93,668			(191	)		48,252			165,370			247,920			351,150
Capital gain distributions from affiliated underlying fund shares		5,655			1,212			7,267			106,073			352,168			673,007
		99,323			1,021			55,519			271,443			600,088			1,024,157
Change in net unrealized appreciation of affiliated underlying fund shares		103,691			2,627			19,689			337,450			773,451			1,715,655
Net realized and unrealized gain		203,014			3,648			75,208			608,893			1,373,539			2,739,812
Net increase in net assets resulting from operations	$	319,868		$	11,393		$	112,583		$	800,087		$	1,710,720		$	3,200,813

¹ For the period April 30, 2021 (commencement date) through December 31, 2021.

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

76 Invesco Peak Retirement^™ Funds

Statements of Operations–(continued)

For the year ended December 31, 2021

	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
Investment income:
Dividends from affiliated underlying funds	$	266,667		$	268,793		$	102,847		$	178,069		$	54,574		$	74,517
Securities lending income		7,407			4,269			1,468			3,653			297			2,654
Total investment income		274,074			273,062			104,315			181,722			54,871			77,171
Expenses:
Administrative services fees		2,312			2,780			1,281			2,118			650			893
Custodian fees		2,926			3,222			3,181			3,099			2,763			2,702
Distribution fees:
Class A		22,035			28,808			10,985			20,597			6,196			7,938
Class C		30,862			25,610			16,731			25,356			7,201			5,133
Class R		15,564			25,762			10,114			18,345			4,058			10,072
Transfer agent fees – A, C, R and Y		23,531			36,978			20,388			41,504			18,915			22,750
Transfer agent fees – R5		5			4			5			18			18			15
Transfer agent fees – R6		16			20			46			41			50			40
Trustees’ and officers’ fees and benefits		22,933			22,574			22,092			22,524			21,965			21,965
Registration and filing fees		91,625			95,110			90,915			94,456			90,486			90,493
Reports to shareholders		5,200			5,315			3,571			4,792			3,774			2,636
Professional services fees		35,542			36,688			35,562			33,427			35,353			33,264
Other		8,898			8,629			8,875			8,607			8,898			8,603
Total expenses		261,449			291,500			223,746			274,884			200,327			206,504
Less: Fees waived and/or expenses reimbursed		(184,524	)		(197,129	)		(178,784	)		(197,980	)		(178,929	)		(177,856	)
Net expenses		76,925			94,371			44,962			76,904			21,398			28,648
Net investment income		197,149			178,691			59,353			104,818			33,473			48,523
Realized and unrealized gain from:
Net realized gain (loss) from:
Affiliated underlying fund shares		162,515			273,187			560,543			209,772			151,836			89,928
Capital gain distributions from affiliated underlying fund shares		406,446			586,149			238,272			423,154			139,267			178,363
		568,961			859,336			798,815			632,926			291,103			268,291
Change in net unrealized appreciation of affiliated underlying fund shares		950,355			1,315,285			337,220			1,259,118			316,026			568,481
Net realized and unrealized gain		1,519,316			2,174,621			1,136,035			1,892,044			607,129			836,772
Net increase in net assets resulting from operations	$	1,716,465		$	2,353,312		$	1,195,388		$	1,996,862		$	640,602		$	885,295

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

77 Invesco Peak Retirement^™ Funds

Schedule of Operations–(continued)

For the year ended December 31, 2021

	Invesco Peak Retirement™ 2065 Fund
Investment income:
Dividends from affiliated underlying funds	$	54,809
Securities lending income		296
Total investment income		55,105
Expenses:
Administrative services fees		659
Custodian fees		2,528
Distribution fees:
Class A		6,820
Class C		5,651
Class R		2,739
Transfer agent fees – A, C, R and Y		16,336
Transfer agent fees – R5		21
Transfer agent fees – R6		60
Trustees’ and officers’ fees and benefits		21,888
Registration and filing fees		90,947
Reports to shareholders		5,036
Professional services fees		35,185
Other		9,260
Total expenses		197,130
Less: Fees waived and/or expenses reimbursed		(177,851	)
Net expenses		19,279
Net investment income		35,826
Realized and unrealized gain from:
Net realized gain (loss) from:
Affiliated underlying fund shares		148,871
Capital gain distributions from affiliated underlying fund shares		133,572
		282,443
Change in net unrealized appreciation of affiliated underlying fund shares		324,919
Net realized and unrealized gain		607,362
Net increase in net assets resulting from operations	$	643,188

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

78 Invesco Peak Retirement^™ Funds

Statements of Changes in Net Assets

For the years ended December 31, 2021 and 2020

	Invesco Peak Retirement™ Destination Fund						Invesco Peak Retirement™ 2010 Fund 1
	2021			2020			2021
Operations:
Net investment income	$	116,854		$	44,069		$	7,745
Net realized gain (loss)		99,323			(88,970	)		1,021
Change in net unrealized appreciation		103,691			135,828			2,627
Net increase in net assets resulting from operations		319,868			90,927			11,393
Distributions to shareholders from distributable earnings:
Class A		(122,091	)		(36,281	)		(3,991	)
Class C		(4,689	)		(2,934	)		(293	)
Class R		(4,481	)		(905	)		(147	)
Class Y		(1,533	)		(1,599	)		(170	)
Class R5		(3,830	)		(3,997	)		(170	)
Class R6		(10,099	)		(11,989	)		(4,234	)
Total distributions from distributable earnings		(146,723	)		(57,705	)		(9,005	)
Share transactions–net:
Class A		2,200,144			1,429,657			255,454
Class C		52,186			26,264			23,677
Class R		174,752			29,548			10,010
Class Y		–			–			10,010
Class R5		–			–			10,010
Class R6		(125,000	)		–			250,010
Net increase in net assets resulting from share transactions		2,302,082			1,485,469			559,171
Net increase in net assets		2,475,227			1,518,691			561,559
Net assets:
Beginning of year		2,555,156			1,036,465			–
End of year	$	5,030,383		$	2,555,156		$	561,559

¹ For the period April 30, 2021 (commencement date) through December 31, 2021.

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

79 Invesco Peak Retirement^™ Funds

Statements of Changes in Net Assets–(continued)

For the years ended December 31, 2021 and 2020

	Invesco Peak						Invesco Peak
	Retirement™ 2015 Fund						Retirement™ 2020 Fund
	2021			2020			2021			2020
Operations:
Net investment income	$	37,375		$	25,066		$	191,194		$	59,554
Net realized gain (loss)		55,519			(19,396	)		271,443			(51,165	)
Change in net unrealized appreciation		19,689			40,660			337,450			222,537
Net increase in net assets resulting from operations		112,583			46,330			800,087			230,926
Distributions to shareholders from distributable earnings:
Class A		(42,807	)		(14,738	)		(213,028	)		(47,046	)
Class C		(4,266	)		(1,320	)		(31,885	)		(11,952	)
Class R		(7,309	)		(3,150	)		(49,260	)		(19,539	)
Class Y		(2,263	)		(1,255	)		(3,278	)		(1,985	)
Class R5		(5,656	)		(3,137	)		(3,290	)		(2,383	)
Class R6		(16,965	)		(9,411	)		(415	)		(7,149	)
Total distributions from distributable earnings		(79,266	)		(33,011	)		(301,156	)		(90,054	)
Share transactions–net:
Class A		354,103			334,858			5,145,005			2,294,180
Class C		79,853			38,044			687,349			574,072
Class R		33,255			109,050			992,508			624,557
Class Y		–			–			18,996			44,950
Class R5		–			–			–			–
Class R6		–			–			(342,261	)		–
Net increase in net assets resulting from share transactions		467,211			481,952			6,501,597			3,537,759
Net increase in net assets		500,528			495,271			7,000,528			3,678,631
Net assets:
Beginning of year		1,150,667			655,396			5,615,879			1,937,248
End of year	$	1,651,195		$	1,150,667		$	12,616,407		$	5,615,879

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

80 Invesco Peak Retirement^™ Funds

Statements of Changes in Net Assets–(continued)

For the years ended December 31, 2021 and 2020

	Invesco Peak Retirement™ 2025 Fund						Invesco Peak Retirement™ 2030 Fund
	2021			2020			2021			2020
Operations:
Net investment income	$	337,181		$	164,356		$	461,001		$	160,094
Net realized gain (loss)		600,088			125,232			1,024,157			100,584
Change in net unrealized appreciation		773,451			745,465			1,715,655			1,063,917
Net increase in net assets resulting from operations		1,710,720			1,035,053			3,200,813			1,324,595
Distributions to shareholders from distributable earnings:
Class A		(583,246	)		(192,405	)		(685,743	)		(210,015	)
Class C		(68,321	)		(40,019	)		(113,045	)		(23,564	)
Class R		(78,006	)		(26,346	)		(195,139	)		(40,621	)
Class Y		(5,978	)		(3,518	)		(8,986	)		(3,609	)
Class R5		(400	)		(2,701	)		(354	)		(2,132	)
Class R6		(373	)		(8,103	)		(330	)		(6,396	)
Total distributions from distributable earnings		(736,324	)		(273,092	)		(1,003,597	)		(286,337	)
Share transactions–net:
Class A		8,885,404			5,353,035			10,496,539			11,048,753
Class C		620,530			1,244,213			3,261,560			1,378,114
Class R		1,274,847			755,667			5,212,127			1,727,838
Class Y		58,095			50,177			152,458			(13,909	)
Class R5		(11,500	)		(90,000	)		(13,200	)		(90,000	)
Class R6		(241,000	)		(100,000	)		(247,800	)		(100,000	)
Net increase in net assets resulting from share transactions		10,586,376			7,213,092			18,861,684			13,950,796
Net increase in net assets		11,560,772			7,975,053			21,058,900			14,989,054
Net assets:
Beginning of year		13,072,714			5,097,661			19,151,967			4,162,913
End of year	$	24,633,486		$	13,072,714		$	40,210,867		$	19,151,967

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

81 Invesco Peak Retirement^™ Funds

Statements of Changes in Net Assets–(continued)

For the years ended December 31, 2021 and 2020

	Invesco Peak Retirement™ 2035 Fund						Invesco Peak Retirement™ 2040 Fund
	2021			2020			2021			2020
Operations:
Net investment income	$	197,149		$	78,736		$	178,691		$	62,182
Net realized gain (loss)		568,961			23,953			859,336			40,992
Change in net unrealized appreciation		950,355			725,851			1,315,285			810,720
Net increase in net assets resulting from operations		1,716,465			828,540			2,353,312			913,894
Distributions to shareholders from distributable earnings:
Class A		(238,266	)		(67,323	)		(380,303	)		(54,736	)
Class C		(57,018	)		(26,366	)		(61,528	)		(11,573	)
Class R		(87,421	)		(25,108	)		(152,803	)		(29,867	)
Class Y		(22,894	)		(15,875	)		(20,701	)		(8,777	)
Class R5		(279	)		(2,403	)		(341	)		(1,792	)
Class R6		(258	)		(7,209	)		(315	)		(5,376	)
Total distributions from distributable earnings		(406,136	)		(144,284	)		(615,991	)		(112,121	)
Share transactions–net:
Class A		6,842,713			2,610,475			9,845,398			2,331,666
Class C		1,297,132			1,526,916			1,690,961			868,438
Class R		2,778,093			962,908			3,635,819			2,012,032
Class Y		181,478			360,421			148,539			394,245
Class R5		(15,300	)		(90,000	)		(15,800	)		(90,012	)
Class R6		(255,600	)		(100,000	)		(259,627	)		(99,928	)
Net increase in net assets resulting from share transactions		10,828,516			5,270,720			15,045,290			5,416,441
Net increase in net assets		12,138,845			5,954,976			16,782,611			6,218,214
Net assets:
Beginning of year		9,394,315			3,439,339			8,752,090			2,533,876
End of year	$	21,533,160		$	9,394,315		$	25,534,701		$	8,752,090

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

82 Invesco Peak Retirement^™ Funds

Statements of Changes in Net Assets–(continued)

For the years ended December 31, 2021 and 2020

	Invesco Peak Retirement™ 2045 Fund						Invesco Peak Retirement™ 2050 Fund
	2021			2020			2021			2020
Operations:
Net investment income	$	59,353		$	42,088		$	104,818		$	33,899
Net realized gain (loss)		798,815			(9,309	)		632,926			(70,021	)
Change in net unrealized appreciation		337,220			760,172			1,259,118			654,226
Net increase in net assets resulting from operations		1,195,388			792,951			1,996,862			618,104
Distributions to shareholders from distributable earnings:
Class A		(302,919	)		(44,340	)		(130,266	)		(33,610	)
Class C		(109,043	)		(9,187	)		(20,742	)		(11,007	)
Class R		(146,818	)		(15,155	)		(50,988	)		(14,585	)
Class Y		(9,954	)		(1,940	)		(3,548	)		(3,074	)
Class R5		(1,836	)		(1,742	)		(2,009	)		(1,821	)
Class R6		(8,574	)		(5,226	)		(2,383	)		(5,463	)
Total distributions from distributable earnings		(579,144	)		(77,590	)		(209,936	)		(69,560	)
Share transactions–net:
Class A		1,504,835			2,278,005			6,370,678			1,695,359
Class C		868,924			337,665			1,613,084			761,173
Class R		1,056,939			928,426			3,198,334			671,009
Class Y		90,962			28,905			25,547			5,309
Class R5		–			(90,000	)		–			–
Class R6		(151,323	)		(100,000	)		(252,177	)		–
Net increase in net assets resulting from share transactions		3,370,337			3,383,001			10,955,466			3,132,850
Net increase in net assets		3,986,581			4,098,362			12,742,392			3,681,394
Net assets:
Beginning of year		6,432,942			2,334,580			5,912,828			2,231,434
End of year	$	10,419,523		$	6,432,942		$	18,655,220		$	5,912,828

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

83 Invesco Peak Retirement^™ Funds

Statements of Changes in Net Assets–(continued)

For the years ended December 31, 2021 and 2020

	Invesco Peak Retirement™ 2055 Fund						Invesco Peak Retirement™ 2060 Fund
	2021			2020			2021			2020
Operations:
Net investment income	$	33,473		$	18,493		$	48,523		$	21,342
Net realized gain (loss)		291,103			(30,618	)		268,291			(68,252	)
Change in net unrealized appreciation		316,026			428,832			568,481			487,027
Net increase in net assets resulting from operations		640,602			416,707			885,295			440,117
Distributions to shareholders from distributable earnings:
Class A		(66,088	)		(19,179	)		(45,493	)		(22,923	)
Class C		(14,818	)		(3,539	)		(3,877	)		(2,623	)
Class R		(22,001	)		(5,592	)		(21,456	)		(8,635	)
Class Y		(1,616	)		(766	)		(2,068	)		(1,198	)
Class R5		(3,165	)		(1,665	)		(1,789	)		(1,535	)
Class R6		(8,355	)		(4,995	)		(4,398	)		(4,605	)
Total distributions from distributable earnings		(116,043	)		(35,736	)		(79,081	)		(41,519	)
Share transactions–net:
Class A		1,380,513			950,639			1,828,671			1,261,729
Class C		466,789			328,952			353,917			226,322
Class R		634,653			273,613			1,294,374			501,029
Class Y		24,729			(14,720	)		50,517			41,143
Class R5		–			–			–			–
Class R6		(50,468	)		–			(75,705	)		–
Net increase in net assets resulting from share transactions		2,456,216			1,538,484			3,451,774			2,030,223
Net increase in net assets		2,980,775			1,919,455			4,257,988			2,428,821
Net assets:
Beginning of year		3,018,249			1,098,794			3,692,794			1,263,973
End of year	$	5,999,024		$	3,018,249		$	7,950,782		$	3,692,794

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

84 Invesco Peak Retirement^™ Funds

Statements of Changes in Net Assets–(continued)

For the years ended December 31, 2021 and 2020

	Invesco Peak Retirement™ 2065 Fund
	2021			2020
Operations:
Net investment income	$	35,826		$	16,856
Net realized gain (loss)		282,443			(5,307	)
Change in net unrealized appreciation		324,919			383,808
Net increase in net assets resulting from operations		643,188			395,357
Distributions to shareholders from distributable earnings:
Class A		(75,209	)		(21,168	)
Class C		(14,232	)		(3,134	)
Class R		(13,144	)		(4,030	)
Class Y		(8,069	)		(3,880	)
Class R5		(3,303	)		(1,836	)
Class R6		(8,149	)		(5,508	)
Total distributions from distributable earnings		(122,106	)		(39,556	)
Share transactions–net:
Class A		1,672,785			1,096,179
Class C		507,429			199,554
Class R		302,528			189,869
Class Y		172,572			154,951
Class R6		(75,693	)		–
Net increase in net assets resulting from share transactions		2,579,621			1,640,553
Net increase in net assets		3,100,703			1,996,354
Net assets:
Beginning of year		2,828,693			832,339
End of year	$	5,929,396		$	2,828,693

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

85 Invesco Peak Retirement^™ Funds

Financial Highlights

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

Invesco Peak Retirement^™ Destination 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
Year ended 12/31/21		$	10.14		$	0.29		$	0.60			$	0.89			$	(0.31	)		$	(0.05	)		$	(0.36	)		$	10.67		8.84	%		$	4,286		0.30	%		3.73	%		2.77	%		48	%
Year ended 12/31/20			10.17			0.30			0.05				0.35				(0.37	)			(0.01	)			(0.38	)			10.14		3.71				1,948		0.35			11.12			3.11			130
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(f)			10.00			0.34			(0.72	)			(0.38	)			(0.35	)			–				(0.35	)			9.27		(3.90	)			38		0.37	(g)		52.02	(g)		3.47	(g)		4
Class C
Year ended 12/31/21			10.14			0.21			0.60				0.81				(0.23	)			(0.05	)			(0.28	)			10.67		8.08				180		1.05			4.48			2.02			48
Year ended 12/31/20			10.16			0.23			0.06				0.29				(0.30	)			(0.01	)			(0.31	)			10.14		3.03				119		1.10			11.87			2.36			130
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(f)			10.00			0.26			(0.71	)			(0.45	)			(0.28	)			–				(0.28	)			9.27		(4.56	)			9		1.12	(g)		52.77	(g)		2.72	(g)		4
Class R
Year ended 12/31/21			10.14			0.27			0.59				0.86				(0.27	)			(0.05	)			(0.32	)			10.68		8.63				219		0.55			3.98			2.52			48
Year ended 12/31/20			10.17			0.28			0.05				0.33				(0.35	)			(0.01	)			(0.36	)			10.14		3.45				42		0.60			11.37			2.86			130
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(f)			10.00			0.31			(0.72	)			(0.41	)			(0.32	)			–				(0.32	)			9.27		(4.12	)			9		0.62	(g)		52.27	(g)		3.22	(g)		4
Class Y
Year ended 12/31/21			10.15			0.32			0.58				0.90				(0.33	)			(0.05	)			(0.38	)			10.67		9.01				43		0.05			3.48			3.02			48
Year ended 12/31/20			10.17			0.32			0.06				0.38				(0.39	)			(0.01	)			(0.40	)			10.15		4.07				41		0.10			10.87			3.36			130
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(f)			10.00			0.36			(0.71	)			(0.35	)			(0.37	)			–				(0.37	)			9.28		(3.57	)			37		0.12	(g)		51.77	(g)		3.72	(g)		4
Class R5
Year ended 12/31/21			10.15			0.32			0.58				0.90				(0.33	)			(0.05	)			(0.38	)			10.67		9.01				107		0.05			3.39			3.02			48
Year ended 12/31/20			10.17			0.32			0.06				0.38				(0.39	)			(0.01	)			(0.40	)			10.15		4.07				101		0.10			10.73			3.36			130
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(f)			10.00			0.36			(0.71	)			(0.35	)			(0.37	)			–				(0.37	)			9.28		(3.57	)			93		0.12	(g)		51.22	(g)		3.72	(g)		4
Class R6
Year ended 12/31/21			10.14			0.32			0.59				0.91				(0.33	)			(0.05	)			(0.38	)			10.67		9.11				196		0.05			3.39			3.02			48
Year ended 12/31/20			10.17			0.32			0.05				0.37				(0.39	)			(0.01	)			(0.40	)			10.14		3.97				304		0.10			10.73			3.45			130
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(f)			10.00			0.36			(0.71	)			(0.35	)			(0.37	)			–				(0.37	)			9.28		(3.57	)			278		0.12	(g)		51.22	(g)		3.72	(g)		4

^(a)  Calculated using average shares outstanding.

^(b)  Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income 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 Funds bear indirectly is included in the Fund’s total return.

Estimated acquired fund fees from underlying funds were 0.46%, 0.50%, 0.47% and 0.44% for the years ended December 31, 2021, 2020, 2019 and 2018, respectively.

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

^(f)  Commencement date of January 3, 2018.

^(g)  Annualized.

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

86 Invesco Peak Retirement^™ Funds

Financial Highlights–(continued)

Invesco Peak Retirement^™ 2010 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				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
Period ended 12/31/21(f)		$	10.00		$	0.19		$	0.10		$	0.29		$	(0.16	)		$	10.13		2.94	%		$	254		0.35	%(g)		55.68	%(g)		2.86	%(g)		2	%
Class C
Period ended 12/31/21(f)			10.00			0.14			0.11			0.25			(0.13	)			10.12		2.47				24		1.10	(g)		56.43	(g)		2.11	(g)		2
Class R
Period ended 12/31/21(f)			10.00			0.18			0.10			0.28			(0.15	)			10.13		2.78				10		0.60	(g)		55.93	(g)		2.61	(g)		2
Class Y
Period ended 12/31/21(f)			10.00			0.21			0.11			0.32			(0.17	)			10.15		3.21				10		0.10	(g)		55.43	(g)		3.11	(g)		2
Class R5
Period ended 12/31/21(f)			10.00			0.21			0.11			0.32			(0.17	)			10.15		3.21				10		0.10	(g)		54.32	(g)		3.11	(g)		2
Class R6
Period ended 12/31/21(f)			10.00			0.21			0.11			0.32			(0.17	)			10.15		3.21				254		0.10	(g)		54.32	(g)		3.11	(g)		2

^(a)  Calculated using average shares outstanding.

^(b)  Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income 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 Funds indirectly bear a pro rata share of the fees and expenses of the underlying funds in which they invest. Because the underlying funds have varied expenses and fee levels and the Funds may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Funds will vary. 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 funds the Funds invests in. The effect of the estimated underlying fund expenses that the Funds bear indirectly is included in the Funds’ total return. Estimated acquired fund fees from underlying funds were 0.39%.

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

^(f)  Commencement date of April 30, 2021.

^(g)  Annualized.

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

87 Invesco Peak Retirement^™ Funds

Financial Highlights–(continued)

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
Year ended 12/31/21		$	10.36		$	0.27		$	0.59			$	0.86			$	(0.30	)		$	(0.24	)		$	(0.54	)		$	10.68		8.37	%		$	888		0.32	%		10.91	%		2.47	%		69	%
Year ended 12/31/20			10.30			0.31			0.05				0.36				(0.30	)			(0.00	)			(0.30	)			10.36		3.53				520		0.36			18.52			3.13			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(f)			10.00			0.31			(0.68	)			(0.37	)			(0.28	)			–				(0.28	)			9.35		(3.73	)			121		0.38	(g)		45.25	(g)		3.11	(g)		5
Class C
Year ended 12/31/21			10.29			0.19			0.60				0.79				(0.21	)			(0.24	)			(0.45	)			10.63		7.68				131		1.07			11.66			1.72			69
Year ended 12/31/20			10.28			0.23			0.05				0.28				(0.27	)			(0.00	)			(0.27	)			10.29		2.81				50		1.11			19.27			2.38			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(f)			10.00			0.23			(0.67	)			(0.44	)			(0.26	)			–				(0.26	)			9.30		(4.42	)			109		1.13	(g)		46.00	(g)		2.36	(g)		5
Class R
Year ended 12/31/21			10.33			0.24			0.60				0.84				(0.27	)			(0.24	)			(0.51	)			10.66		8.20				161		0.57			11.16			2.22			69
Year ended 12/31/20			10.28			0.29			0.05				0.34				(0.29	)			(0.00	)			(0.29	)			10.33		3.37				123		0.61			18.77			2.88			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(f)			10.00			0.28			(0.67	)			(0.39	)			(0.27	)			–				(0.27	)			9.34		(3.90	)			9		0.63	(g)		45.50	(g)		2.86	(g)		5
Class Y
Year ended 12/31/21			10.39			0.30			0.60				0.90				(0.33	)			(0.24	)			(0.57	)			10.72		8.68				43		0.07			10.66			2.72			69
Year ended 12/31/20			10.31			0.33			0.06				0.39				(0.31	)			(0.00	)			(0.31	)			10.39		3.84				42		0.11			18.27			3.38			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(f)			10.00			0.33			(0.67	)			(0.34	)			(0.29	)			–				(0.29	)			9.37		(3.41	)			37		0.13	(g)		45.00	(g)		3.36	(g)		5
Class R5
Year ended 12/31/21			10.39			0.30			0.60				0.90				(0.33	)			(0.24	)			(0.57	)			10.72		8.68				107		0.07			10.52			2.72			69
Year ended 12/31/20			10.31			0.33			0.06				0.39				(0.31	)			(0.00	)			(0.31	)			10.39		3.84				104		0.11			18.09			3.38			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			23.23			3.79			68
Period ended 12/31/18(f)			10.00			0.33			(0.67	)			(0.34	)			(0.29	)			–				(0.29	)			9.37		(3.41	)			94		0.13	(g)		44.65	(g)		3.36	(g)		5
Class R6
Year ended 12/31/21			10.39			0.30			0.60				0.90				(0.33	)			(0.24	)			(0.57	)			10.72		8.68				322		0.07			10.52			2.72			69
Year ended 12/31/20			10.31			0.33			0.06				0.39				(0.31	)			(0.00	)			(0.31	)			10.39		3.84				312		0.11			18.09			3.38			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(f)			10.00			0.33			(0.67	)			(0.34	)			(0.29	)			–				(0.29	)			9.37		(3.41	)			281		0.13	(g)		44.65	(g)		3.36	(g)		5

^(a)  Calculated using average shares outstanding.

^(b) Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income 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 Funds bear indirectly is included in the Fund’s total return.

Estimated acquired fund fees from underlying funds were 0.43%, 0.47%, 0.46% and 0.41% for the years ended December 31, 2021, 2020, 2019 and 2018, respectively.

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

^(f)  Commencement date of January 3, 2018.

^(g) Annualized.

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

88 Invesco Peak Retirement^™ Funds

Financial Highlights–(continued)

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
Year ended 12/31/21		$	10.86		$	0.22		$	0.70			$	0.92			$	(0.24	)		$	(0.06	)		$	(0.30	)		$	11.48		8.55	%		$	8,513		0.32	%		1.88	%		1.96	%		51	%
Year ended 12/31/20			10.35			0.25			0.48				0.73				(0.20	)			(0.02	)			(0.22	)			10.86		7.12				3,105		0.38			6.05			2.46			78
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(f)			10.00			0.27			(0.62	)			(0.35	)			(0.25	)			(0.01	)			(0.26	)			9.39		(3.52	)			227		0.40	(g)		40.02	(g)		2.74	(g)		5
Class C
Year ended 12/31/21			10.79			0.14			0.70				0.84				(0.16	)			(0.06	)			(0.22	)			11.41		7.79				1,698		1.07			2.63			1.21			51
Year ended 12/31/20			10.30			0.17			0.49				0.66				(0.15	)			(0.02	)			(0.17	)			10.79		6.47				919		1.13			6.80			1.71			78
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(f)			10.00			0.19			(0.62	)			(0.43	)			(0.18	)			(0.01	)			(0.19	)			9.38		(4.27	)			115		1.15	(g)		40.77	(g)		1.99	(g)		5
Class R
Year ended 12/31/21			10.83			0.19			0.70				0.89				(0.22	)			(0.06	)			(0.28	)			11.44		8.21				2,158		0.57			2.13			1.71			51
Year ended 12/31/20			10.33			0.22			0.49				0.71				(0.19	)			(0.02	)			(0.21	)			10.83		6.88				1,063		0.63			6.30			2.21			78
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(f)			10.00			0.25			(0.62	)			(0.37	)			(0.23	)			(0.01	)			(0.24	)			9.39		(3.75	)			9		0.65	(g)		40.27	(g)		2.49	(g)		5
Class Y
Year ended 12/31/21			10.92			0.25			0.71				0.96				(0.27	)			(0.06	)			(0.33	)			11.55		8.82				117		0.07			1.63			2.21			51
Year ended 12/31/20			10.38			0.28			0.50				0.78				(0.22	)			(0.02	)			(0.24	)			10.92		7.52				92		0.13			5.80			2.71			78
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(f)			10.00			0.30			(0.61	)			(0.31	)			(0.27	)			(0.01	)			(0.28	)			9.41		(3.18	)			38		0.15	(g)		39.77	(g)		2.99	(g)		5
Class R5
Year ended 12/31/21			10.92			0.25			0.71				0.96				(0.27	)			(0.06	)			(0.33	)			11.55		8.82				116		0.07			1.55			2.21			51
Year ended 12/31/20			10.38			0.28			0.50				0.78				(0.22	)			(0.02	)			(0.24	)			10.92		7.52				109		0.13			5.68			2.71			78
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(f)			10.00			0.30			(0.61	)			(0.31	)			(0.27	)			(0.01	)			(0.28	)			9.41		(3.18	)			94		0.15	(g)		39.51	(g)		2.99	(g)		5
Class R6
Year ended 12/31/21			10.92			0.25			0.71				0.96				(0.27	)			(0.06	)			(0.33	)			11.55		8.82				15		0.07			1.55			2.21			51
Year ended 12/31/20			10.38			0.28			0.50				0.78				(0.22	)			(0.02	)			(0.24	)			10.92		7.52				328		0.13			5.68			2.71			78
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(f)			10.00			0.30			(0.61	)			(0.31	)			(0.27	)			(0.01	)			(0.28	)			9.41		(3.18	)			282		0.15	(g)		39.51	(g)		2.99	(g)		5

^(a) Calculated using average shares outstanding.

^(b) Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income 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 Funds bear indirectly is included in the Fund’s total return.

Estimated acquired fund fees from underlying funds were 0.44%, 0.46%, 0.44% and 0.41% for the years ended December 31, 2021, 2020, 2019 and 2018, respectively.

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

^(f) Commencement date of January 3, 2018.

^(g) Annualized.

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

89 Invesco Peak Retirement^™ Funds

Financial Highlights–(continued)

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
Year ended 12/31/21		$	11.24		$	0.21		$	0.86			$	1.07			$	(0.25	)		$	(0.13	)		$	(0.38	)		$	11.93		9.53	%		$	18,814		0.31	%		1.20	%		1.79	%		46	%
Year ended 12/31/20			10.46			0.25			0.79				1.04				(0.23	)			(0.03	)			(0.26	)			11.24		9.91				9,224		0.37			2.27			2.34			81
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(f)			10.00			0.25			(0.68	)			(0.43	)			(0.22	)			–				(0.22	)			9.35		(4.24	)			375		0.40	(g)		37.07	(g)		2.55	(g)		10
Class C
Year ended 12/31/21			11.11			0.12			0.84				0.96				(0.16	)			(0.13	)			(0.29	)			11.78		8.72				2,836		1.06			1.95			1.04			46
Year ended 12/31/20			10.37			0.16			0.79				0.95				(0.18	)			(0.03	)			(0.21	)			11.11		9.16				2,068		1.12			3.02			1.59			81
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(f)			10.00			0.18			(0.67	)			(0.49	)			(0.18	)			–				(0.18	)			9.33		(4.92	)			91		1.15	(g)		37.82	(g)		1.80	(g)		10
Class R
Year ended 12/31/21			11.21			0.18			0.85				1.03				(0.22	)			(0.13	)			(0.35	)			11.89		9.24				2,776		0.56			1.45			1.54			46
Year ended 12/31/20			10.44			0.22			0.79				1.01				(0.21	)			(0.03	)			(0.24	)			11.21		9.67				1,405		0.62			2.52			2.09			81
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(f)			10.00			0.23			(0.67	)			(0.44	)			(0.21	)			–				(0.21	)			9.35		(4.41	)			9		0.65	(g)		37.32	(g)		2.30	(g)		10
Class Y
Year ended 12/31/21			11.29			0.24			0.86				1.10				(0.27	)			(0.13	)			(0.40	)			11.99		9.80				184		0.06			0.95			2.04			46
Year ended 12/31/20			10.49			0.27			0.80				1.07				(0.24	)			(0.03	)			(0.27	)			11.29		10.22				116		0.12			2.02			2.59			81
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(f)			10.00			0.28			(0.67	)			(0.39	)			(0.24	)			–				(0.24	)			9.37		(3.91	)			37		0.15	(g)		36.82	(g)		2.80	(g)		10
Class R5
Year ended 12/31/21			11.28			0.24			0.85				1.09				(0.27	)			(0.13	)			(0.40	)			11.97		9.72				12		0.06			0.88			2.04			46
Year ended 12/31/20			10.49			0.27			0.79				1.06				(0.24	)			(0.03	)			(0.27	)			11.28		10.13				22		0.12			1.89			2.59			81
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(f)			10.00			0.28			(0.67	)			(0.39	)			(0.24	)			–				(0.24	)			9.37		(3.91	)			94		0.15	(g)		36.55	(g)		2.80	(g)		10
Class R6
Year ended 12/31/21			11.29			0.24			0.85				1.09				(0.27	)			(0.13	)			(0.40	)			11.98		9.71				11		0.06			0.88			2.04			46
Year ended 12/31/20			10.49			0.27			0.80				1.07				(0.24	)			(0.03	)			(0.27	)			11.29		10.22				238		0.12			1.89			2.59			81
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(f)			10.00			0.28			(0.67	)			(0.39	)			(0.24	)			–				(0.24	)			9.37		(3.91	)			281		0.15	(g)		36.55	(g)		2.80	(g)		10

^(a) Calculated using average shares outstanding.

^(b) Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income 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 Funds bear indirectly is included in the Fund’s total return.

Estimated acquired fund fees from underlying funds were 0.45%, 0.46%, 0.45% and 0.39% for the years ended December 31, 2021, 2020, 2019 and 2018, respectively.

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

^(f) Commencement date of January 3, 2018.

^(g) Annualized.

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

90 Invesco Peak Retirement^™ Funds

Financial Highlights–(continued)

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
Year ended 12/31/21		$	11.37		$	0.18		$	1.05			$	1.23			$	(0.23	)		$	(0.11	)		$	(0.34	)		$	12.26		10.82	%		$	26,085		0.30	%		0.88	%		1.52	%		40	%
Year ended 12/31/20			10.51			0.21			0.85				1.06				(0.18	)			(0.02	)			(0.20	)			11.37		10.11				14,133		0.37			2.11			2.03			55
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(f)			10.00			0.23			(0.78	)			(0.55	)			(0.20	)			–				(0.20	)			9.25		(5.47	)			375		0.40	(g)		41.47	(g)		2.40	(g)		5
Class C
Year ended 12/31/21			11.27			0.09			1.02				1.11				(0.15	)			(0.11	)			(0.26	)			12.12		9.85				5,601		1.05			1.63			0.77			40
Year ended 12/31/20			10.44			0.13			0.86				0.99				(0.14	)			(0.02	)			(0.16	)			11.27		9.46				2,041		1.12			2.86			1.28			55
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(f)			10.00			0.16			(0.79	)			(0.63	)			(0.13	)			–				(0.13	)			9.24		(6.24	)			11		1.15	(g)		42.22	(g)		1.65	(g)		5
Class R
Year ended 12/31/21			11.33			0.15			1.04				1.19				(0.20	)			(0.11	)			(0.31	)			12.21		10.54				8,167		0.55			1.13			1.27			40
Year ended 12/31/20			10.48			0.18			0.86				1.04				(0.17	)			(0.02	)			(0.19	)			11.33		9.90				2,549		0.62			2.36			1.78			55
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(f)			10.00			0.21			(0.78	)			(0.57	)			(0.18	)			–				(0.18	)			9.25		(5.71	)			34		0.65	(g)		41.72	(g)		2.15	(g)		5
Class Y
Year ended 12/31/21			11.43			0.22			1.03				1.25				(0.25	)			(0.11	)			(0.36	)			12.32		11.00				335		0.05			0.63			1.77			40
Year ended 12/31/20			10.54			0.24			0.86				1.10				(0.19	)			(0.02	)			(0.21	)			11.43		10.49				164		0.12			1.86			2.28			55
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(f)			10.00			0.26			(0.79	)			(0.53	)			(0.21	)			–				(0.21	)			9.26		(5.28	)			37		0.15	(g)		41.22	(g)		2.65	(g)		5
Class R5
Year ended 12/31/21			11.43			0.21			1.04				1.25				(0.25	)			(0.11	)			(0.36	)			12.32		11.00				12		0.05			0.53			1.77			40
Year ended 12/31/20			10.54			0.24			0.86				1.10				(0.19	)			(0.02	)			(0.21	)			11.43		10.49				24		0.12			1.71			2.28			55
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(f)			10.00			0.26			(0.79	)			(0.53	)			(0.21	)			–				(0.21	)			9.26		(5.28	)			93		0.15	(g)		40.89	(g)		2.65	(g)		5
Class R6
Year ended 12/31/21			11.43			0.21			1.04				1.25				(0.25	)			(0.11	)			(0.36	)			12.32		11.00				11		0.05			0.53			1.77			40
Year ended 12/31/20			10.54			0.24			0.86				1.10				(0.19	)			(0.02	)			(0.21	)			11.43		10.49				242		0.12			1.71			2.28			55
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(f)			10.00			0.26			(0.79	)			(0.53	)			(0.21	)			–				(0.21	)			9.26		(5.28	)			278		0.15	(g)		40.89	(g)		2.65	(g)		5

^(a) Calculated using average shares outstanding.

^(b) Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income 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 Funds bear indirectly is included in the Fund’s total return.

Estimated acquired fund fees from underlying funds were 0.46%, 0.45%, 0.45% and 0.39% for the years ended December 31, 2021, 2020, 2019 and 2018, respectively.

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

^(f) Commencement date of January 3, 2018.

^(g) Annualized.

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

91 Invesco Peak Retirement^™ Funds

Financial Highlights–(continued)

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
Year ended 12/31/21		$	11.54		$	0.17		$	1.27			$	1.44			$	(0.22	)		$	(0.05	)		$	(0.27	)		$	12.71		12.53	%		$	11,726		0.30	%		1.45	%		1.40	%		26	%
Year ended 12/31/20			10.53			0.17			1.06				1.23				(0.18	)			(0.04	)			(0.22	)			11.54		11.72				4,187		0.39			3.04			1.63			78
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(f)			10.00			0.21			(0.87	)			(0.66	)			(0.21	)			(0.01	)			(0.22	)			9.12		(6.66	)			127		0.41	(g)		47.00	(g)		2.09	(g)		6
Class C
Year ended 12/31/21			11.43			0.08			1.25				1.33				(0.14	)			(0.05	)			(0.19	)			12.57		11.71				3,849		1.05			2.20			0.65			26
Year ended 12/31/20			10.46			0.09			1.04				1.13				(0.12	)			(0.04	)			(0.16	)			11.43		10.85				2,287		1.14			3.79			0.88			78
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(f)			10.00			0.13			(0.86	)			(0.73	)			(0.15	)			(0.01	)			(0.16	)			9.11		(7.35	)			84		1.16	(g)		47.75	(g)		1.34	(g)		6
Class R
Year ended 12/31/21			11.50			0.14			1.26				1.40				(0.20	)			(0.05	)			(0.25	)			12.65		12.19				4,916		0.55			1.70			1.15			26
Year ended 12/31/20			10.50			0.14			1.06				1.20				(0.16	)			(0.04	)			(0.20	)			11.50		11.46				1,897		0.64			3.29			1.38			78
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(f)			10.00			0.18			(0.86	)			(0.68	)			(0.20	)			(0.01	)			(0.21	)			9.11		(6.86	)			65		0.66	(g)		47.25	(g)		1.84	(g)		6
Class Y
Year ended 12/31/21			11.59			0.21			1.26				1.47				(0.24	)			(0.05	)			(0.29	)			12.77		12.77				1,019		0.05			1.20			1.65			26
Year ended 12/31/20			10.56			0.20			1.07				1.27				(0.20	)			(0.04	)			(0.24	)			11.59		12.05				752		0.14			2.79			1.88			78
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(f)			10.00			0.23			(0.86	)			(0.63	)			(0.22	)			(0.01	)			(0.23	)			9.14		(6.33	)			37		0.16	(g)		46.75	(g)		2.34	(g)		6
Class R5
Year ended 12/31/21			11.59			0.20			1.26				1.46				(0.24	)			(0.05	)			(0.29	)			12.76		12.68				12		0.05			1.06			1.65			26
Year ended 12/31/20			10.56			0.20			1.07				1.27				(0.20	)			(0.04	)			(0.24	)			11.59		12.05				25		0.14			2.56			1.88			78
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(f)			10.00			0.23			(0.86	)			(0.63	)			(0.22	)			(0.01	)			(0.23	)			9.14		(6.33	)			91		0.16	(g)		46.29	(g)		2.34	(g)		6
Class R6
Year ended 12/31/21			11.59			0.20			1.27				1.47				(0.24	)			(0.05	)			(0.29	)			12.77		12.77				11		0.05			1.06			1.65			26
Year ended 12/31/20			10.56			0.20			1.07				1.27				(0.20	)			(0.04	)			(0.24	)			11.59		12.05				247		0.14			2.56			1.88			78
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(f)			10.00			0.23			(0.87	)			(0.64	)			(0.22	)			(0.01	)			(0.23	)			9.13		(6.44	)			274		0.16	(g)		46.29	(g)		2.34	(g)		6

^(a) Calculated using average shares outstanding.

^(b) Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income 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 Funds bear indirectly is included in the Fund’s total return.

Estimated acquired fund fees from underlying funds were 0.46%, 0.44%, 0.44% and 0.38% for the years ended December 31, 2021, 2020, 2019 and 2018, respectively.

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

^(f) Commencement date of January 3, 2018.

^(g) Annualized.

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

92 Invesco Peak Retirement^™ Funds

Financial Highlights–(continued)

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
Year ended 12/31/21		$	11.58		$	0.13		$	1.51			$	1.64			$	(0.19	)		$	(0.15	)		$	(0.34	)		$	12.88		14.21	%		$	15,050		0.32	%		1.31	%		1.04	%		29	%
Year ended 12/31/20			10.50			0.16			1.09				1.25				(0.12	)			(0.05	)			(0.17	)			11.58		11.87				4,222		0.40			3.74			1.51			80
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(f)			10.00			0.20			(0.97	)			(0.77	)			(0.19	)			(0.01	)			(0.20	)			9.03		(7.72	)			278		0.40	(g)		47.00	(g)		2.06	(g)		5
Class C
Year ended 12/31/21			11.48			0.04			1.48				1.52				(0.11	)			(0.15	)			(0.26	)			12.74		13.28				3,117		1.07			2.06			0.29			29
Year ended 12/31/20			10.45			0.08			1.08				1.16				(0.08	)			(0.05	)			(0.13	)			11.48		11.06				1,189		1.15			4.49			0.76			80
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(f)			10.00			0.13			(0.98	)			(0.85	)			(0.11	)			(0.01	)			(0.12	)			9.03		(8.47	)			9		1.15	(g)		47.75	(g)		1.31	(g)		5
Class R
Year ended 12/31/21			11.52			0.10			1.49				1.59				(0.16	)			(0.15	)			(0.31	)			12.80		13.88				6,583		0.57			1.56			0.79			29
Year ended 12/31/20			10.48			0.13			1.07				1.20				(0.11	)			(0.05	)			(0.16	)			11.52		11.40				2,521		0.65			3.99			1.26			80
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(f)			10.00			0.18			(0.98	)			(0.80	)			(0.16	)			(0.01	)			(0.17	)			9.03		(7.97	)			9		0.65	(g)		47.25	(g)		1.81	(g)		5
Class Y
Year ended 12/31/21			11.63			0.16			1.51				1.67				(0.21	)			(0.15	)			(0.36	)			12.94		14.46				761		0.07			1.06			1.29			29
Year ended 12/31/20			10.54			0.19			1.08				1.27				(0.13	)			(0.05	)			(0.18	)			11.63		12.06				547		0.15			3.49			1.76			80
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(f)			10.00			0.23			(0.97	)			(0.74	)			(0.20	)			(0.01	)			(0.21	)			9.05		(7.42	)			36		0.15	(g)		46.75	(g)		2.31	(g)		5
Class R5
Year ended 12/31/21			11.63			0.15			1.51				1.66				(0.21	)			(0.15	)			(0.36	)			12.93		14.37				12		0.07			0.89			1.29			29
Year ended 12/31/20			10.54			0.18			1.09				1.27				(0.13	)			(0.05	)			(0.18	)			11.63		12.06				25		0.15			3.16			1.76			80
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(f)			10.00			0.23			(0.97	)			(0.74	)			(0.20	)			(0.01	)			(0.21	)			9.05		(7.42	)			90		0.15	(g)		46.29	(g)		2.31	(g)		5
Class R6
Year ended 12/31/21			11.63			0.16			1.51				1.67				(0.21	)			(0.15	)			(0.36	)			12.94		14.46				11		0.07			0.89			1.29			29
Year ended 12/31/20			10.54			0.18			1.09				1.27				(0.13	)			(0.05	)			(0.18	)			11.63		12.06				248		0.15			3.16			1.76			80
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(f)			10.00			0.23			(0.97	)			(0.74	)			(0.20	)			(0.01	)			(0.21	)			9.05		(7.42	)			271		0.15	(g)		46.29	(g)		2.31	(g)		5

^(a) Calculated using average shares outstanding.

^(b) Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income 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 Funds bear indirectly is included in the Fund’s total return.

Estimated acquired fund fees from underlying funds were 0.44%, 0.43%, 0.43% and 0.36% for the years ended December 31, 2021, 2020, 2019 and 2018, respectively.

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

^(f) Commencement date of January 3, 2018.

^(g) Annualized.

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

93 Invesco Peak Retirement^™ Funds

Financial Highlights–(continued)

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
Year ended 12/31/21		$	11.64		$	0.11		$	1.69			$	1.80			$	(0.20	)		$	(0.60	)		$	(0.80	)		$	12.64		15.64	%		$	5,397		0.34	%		2.45	%		0.89	%		51	%
Year ended 12/31/20			10.65			0.13			1.02				1.15				(0.10	)			(0.06	)			(0.16	)			11.64		10.80				3,544		0.41			4.59			1.28			86
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(f)			10.00			0.18			(0.97	)			(0.79	)			(0.19	)			(0.02	)			(0.21	)			9.00		(7.90	)			142		0.41	(g)		44.98	(g)		1.84	(g)		3
Class C
Year ended 12/31/21			11.49			0.02			1.66				1.68				(0.12	)			(0.60	)			(0.72	)			12.45		14.77				2,033		1.09			3.20			0.14			51
Year ended 12/31/20			10.53			0.05			1.01				1.06				(0.04	)			(0.06	)			(0.10	)			11.49		10.06				1,062		1.16			5.34			0.53			86
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(f)			10.00			0.11			(0.99	)			(0.88	)			(0.16	)			(0.02	)			(0.18	)			8.94		(8.73	)			70		1.16	(g)		45.73	(g)		1.09	(g)		3
Class R
Year ended 12/31/21			11.59			0.08			1.67				1.75				(0.17	)			(0.60	)			(0.77	)			12.57		15.29				2,632		0.59			2.70			0.64			51
Year ended 12/31/20			10.61			0.11			1.01				1.12				(0.08	)			(0.06	)			(0.14	)			11.59		10.57				1,451		0.66			4.84			1.03			86
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(f)			10.00			0.16			(0.97	)			(0.81	)			(0.18	)			(0.02	)			(0.20	)			8.99		(8.09	)			37		0.66	(g)		45.23	(g)		1.59	(g)		3
Class Y
Year ended 12/31/21			11.68			0.15			1.69				1.84				(0.23	)			(0.60	)			(0.83	)			12.69		15.91				199		0.09			2.20			1.14			51
Year ended 12/31/20			10.67			0.16			1.02				1.18				(0.11	)			(0.06	)			(0.17	)			11.68		11.12				100		0.16			4.34			1.53			86
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(f)			10.00			0.21			(0.98	)			(0.77	)			(0.20	)			(0.02	)			(0.22	)			9.01		(7.65	)			36		0.16	(g)		44.73	(g)		2.09	(g)		3
Class R5
Year ended 12/31/21			11.69			0.15			1.69				1.84				(0.23	)			(0.60	)			(0.83	)			12.70		15.90				28		0.09			1.97			1.14			51
Year ended 12/31/20			10.67			0.16			1.03				1.19				(0.11	)			(0.06	)			(0.17	)			11.69		11.21				26		0.16			4.00			1.53			86
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(f)			10.00			0.21			(0.98	)			(0.77	)			(0.20	)			(0.02	)			(0.22	)			9.01		(7.65	)			90		0.16	(g)		44.37	(g)		2.09	(g)		3
Class R6
Year ended 12/31/21			11.68			0.15			1.69				1.84				(0.23	)			(0.60	)			(0.83	)			12.69		15.91				131		0.09			1.97			1.14			51
Year ended 12/31/20			10.67			0.16			1.02				1.18				(0.11	)			(0.06	)			(0.17	)			11.68		11.12				249		0.16			4.00			1.53			86
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(f)			10.00			0.21			(0.98	)			(0.77	)			(0.20	)			(0.02	)			(0.22	)			9.01		(7.65	)			270		0.16	(g)		44.37	(g)		2.09	(g)		3

^(a)  Calculated using average shares outstanding.

^(b) Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income 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 Funds bear indirectly is included in the Fund’s total return.

Estimated acquired fund fees from underlying funds were 0.43%, 0.42%, 0.42% and 0.35% for the years ended December 31, 2021, 2020, 2019 and 2018, respectively.

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

^(f) Commencement date of January 3, 2018.

^(g) Annualized.

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

94 Invesco Peak Retirement^™ Funds

Financial Highlights–(continued)

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
Year ended 12/31/21		$	11.74		$	0.11		$	1.78			$	1.89			$	(0.17	)		$	(0.00	)		$	(0.17	)		$	13.46		16.17	%		$	10,208		0.34	%		1.64	%		0.86	%		29	%
Year ended 12/31/20			10.71			0.12			1.08				1.20				(0.10	)			(0.07	)			(0.17	)			11.74		11.19				2,855		0.41			5.23			1.22			87
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(f)			10.00			0.20			(1.01	)			(0.81	)			(0.16	)			(0.01	)			(0.17	)			9.02		(8.04	)			222		0.40	(g)		45.97	(g)		2.07	(g)		10
Class C
Year ended 12/31/21			11.59			0.01			1.76				1.77				(0.09	)			(0.00	)			(0.09	)			13.27		15.31				3,059		1.09			2.39			0.11			29
Year ended 12/31/20			10.62			0.05			1.05				1.10				(0.06	)			(0.07	)			(0.13	)			11.59		10.31				1,141		1.16			5.98			0.47			87
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(f)			10.00			0.13			(1.01	)			(0.88	)			(0.15	)			(0.01	)			(0.16	)			8.96		(8.82	)			108		1.15	(g)		46.72	(g)		1.32	(g)		10
Class R
Year ended 12/31/21			11.66			0.08			1.75				1.83				(0.14	)			(0.00	)			(0.14	)			13.35		15.79				4,831		0.59			1.89			0.61			29
Year ended 12/31/20			10.66			0.10			1.05				1.15				(0.08	)			(0.07	)			(0.15	)			11.66		10.81				1,244		0.66			5.48			0.97			87
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(f)			10.00			0.18			(1.01	)			(0.83	)			(0.16	)			(0.01	)			(0.17	)			9.00		(8.32	)			43		0.65	(g)		46.22	(g)		1.82	(g)		10
Class Y
Year ended 12/31/21			11.79			0.14			1.79				1.93				(0.20	)			(0.00	)			(0.20	)			13.52		16.42				262		0.09			1.39			1.11			29
Year ended 12/31/20			10.74			0.15			1.09				1.24				(0.12	)			(0.07	)			(0.19	)			11.79		11.49				201		0.16			4.98			1.47			87
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(f)			10.00			0.23			(1.02	)			(0.79	)			(0.17	)			(0.01	)			(0.18	)			9.03		(7.88	)			47		0.15	(g)		45.72	(g)		2.32	(g)		10
Class R5
Year ended 12/31/21			11.79			0.14			1.79				1.93				(0.20	)			(0.00	)			(0.20	)			13.52		16.42				135		0.09			1.12			1.11			29
Year ended 12/31/20			10.74			0.15			1.09				1.24				(0.12	)			(0.07	)			(0.19	)			11.79		11.49				118		0.16			4.45			1.47			87
Year ended 12/31/19			9.03			0.25			1.85				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(f)			10.00			0.23			(1.02	)			(0.79	)			(0.17	)			(0.01	)			(0.18	)			9.03		(7.88	)			90		0.15	(g)		45.18	(g)		2.32	(g)		10
Class R6
Year ended 12/31/21			11.79			0.14			1.79				1.93				(0.20	)			(0.00	)			(0.20	)			13.52		16.42				160		0.09			1.12			1.11			29
Year ended 12/31/20			10.74			0.15			1.09				1.24				(0.12	)			(0.07	)			(0.19	)			11.79		11.50				354		0.16			4.45			1.47			87
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(f)			10.00			0.23			(1.02	)			(0.79	)			(0.17	)			(0.01	)			(0.18	)			9.03		(7.88	)			271		0.15	(g)		45.18	(g)		2.32	(g)		10

^(a)  Calculated using average shares outstanding.

^(b) Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income 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 Funds bear indirectly is included in the Fund’s total return.

Estimated acquired fund fees from underlying funds were 0.43%, 0.42%, 0.41% and 0.36% for the years ended December 31, 2021, 2020, 2019 and 2018, respectively.

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

^(f) Commencement date of January 3, 2018.

^(g) Annualized.

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

95 Invesco Peak Retirement^™ Funds

Financial Highlights–(continued)

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
Year ended 12/31/21		$	11.81		$	0.11		$	1.81			$	1.92			$	(0.19	)		$	(0.10	)		$	(0.29	)		$	13.44		16.32	%		$	3,206		0.34	%		4.27	%		0.85	%		33	%
Year ended 12/31/20			10.62			0.12			1.22				1.34				(0.09	)			(0.06	)			(0.15	)			11.81		12.66				1,549		0.42			9.21			1.13			86
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(f)			10.00			0.16			(1.02	)			(0.86	)			(0.19	)			(0.01	)			(0.20	)			8.94		(8.59	)			53		0.42	(g)		49.71	(g)		1.63	(g)		6
Class C
Year ended 12/31/21			11.68			0.01			1.80				1.81				(0.12	)			(0.10	)			(0.22	)			13.27		15.49				1,006		1.09			5.02			0.10			33
Year ended 12/31/20			10.55			0.04			1.20				1.24				(0.05	)			(0.06	)			(0.11	)			11.68		11.78				457		1.17			9.96			0.38			86
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(f)			10.00			0.09			(1.03	)			(0.94	)			(0.15	)			(0.01	)			(0.16	)			8.90		(9.40	)			23		1.17	(g)		50.46	(g)		0.88	(g)		6
Class R
Year ended 12/31/21			11.75			0.08			1.80				1.88				(0.17	)			(0.10	)			(0.27	)			13.36		16.01				1,207		0.59			4.52			0.60			33
Year ended 12/31/20			10.58			0.09			1.21				1.30				(0.07	)			(0.06	)			(0.13	)			11.75		12.38				483		0.67			9.46			0.88			86
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(f)			10.00			0.14			(1.03	)			(0.89	)			(0.17	)			(0.01	)			(0.18	)			8.93		(8.86	)			9		0.67	(g)		49.96	(g)		1.38	(g)		6
Class Y
Year ended 12/31/21			11.84			0.14			1.81				1.95				(0.22	)			(0.10	)			(0.32	)			13.47		16.50				89		0.09			4.02			1.10			33
Year ended 12/31/20			10.64			0.14			1.22				1.36				(0.10	)			(0.06	)			(0.16	)			11.84		12.87				55		0.17			8.96			1.38			86
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(f)			10.00			0.19			(1.03	)			(0.84	)			(0.21	)			(0.01	)			(0.22	)			8.94		(8.40	)			36		0.17	(g)		49.46	(g)		1.88	(g)		6
Class R5
Year ended 12/31/21			11.85			0.14			1.82				1.96				(0.22	)			(0.10	)			(0.32	)			13.49		16.57				135		0.09			3.57			1.10			33
Year ended 12/31/20			10.64			0.14			1.23				1.37				(0.10	)			(0.06	)			(0.16	)			11.85		12.96				118		0.17			8.15			1.38			86
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(f)			10.00			0.19			(1.03	)			(0.84	)			(0.21	)			(0.01	)			(0.22	)			8.94		(8.40	)			89		0.17	(g)		48.81	(g)		1.88	(g)		6
Class R6
Year ended 12/31/21			11.85			0.14			1.82				1.96				(0.22	)			(0.10	)			(0.32	)			13.49		16.57				356		0.09			3.57			1.10			33
Year ended 12/31/20			10.64			0.14			1.23				1.37				(0.10	)			(0.06	)			(0.16	)			11.85		12.96				355		0.17			8.15			1.38			86
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(f)			10.00			0.19			(1.03	)			(0.84	)			(0.21	)			(0.01	)			(0.22	)			8.94		(8.40	)			268		0.17	(g)		48.81	(g)		1.88	(g)		6

^(a) Calculated using average shares outstanding.

^(b) Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income 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 Funds bear indirectly is included in the Fund’s total return.

Estimated acquired fund fees from underlying funds were 0.43%, 0.44%, 0.40% and 0.35% for the years ended December 31, 2021, 2020, 2019 and 2018, respectively.

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

^(f) Commencement date of January 3, 2018.

^(g) Annualized.

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

96 Invesco Peak Retirement^™ Funds

Financial Highlights–(continued)

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
Year ended 12/31/21		$	11.75		$	0.11		$	1.83			$	1.94			$	(0.15	)		$	–			$	(0.15	)		$	13.54		16.56	%		$	4,220		0.33	%		3.17	%		0.89	%		27	%
Year ended 12/31/20			10.72			0.12			1.05				1.17				(0.07	)			(0.07	)			(0.14	)			11.75		10.94				1,988		0.43			8.43			1.17			86
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(f)			10.00			0.16			(1.05	)			(0.89	)			(0.18	)			(0.02	)			(0.20	)			8.91		(8.87	)			48		0.42	(g)		51.11	(g)		1.57	(g)		6
Class C
Year ended 12/31/21			11.63			0.02			1.81				1.83				(0.08	)			–				(0.08	)			13.38		15.71				739		1.08			3.92			0.14			27
Year ended 12/31/20			10.65			0.04			1.04				1.08				(0.03	)			(0.07	)			(0.10	)			11.63		10.15				321		1.18			9.18			0.42			86
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(f)			10.00			0.08			(1.05	)			(0.97	)			(0.12	)			(0.02	)			(0.14	)			8.89		(9.66	)			12		1.17	(g)		51.86	(g)		0.82	(g)		6
Class R
Year ended 12/31/21			11.70			0.08			1.81				1.89				(0.12	)			–				(0.12	)			13.47		16.22				2,362		0.58			3.42			0.64			27
Year ended 12/31/20			10.69			0.09			1.05				1.14				(0.06	)			(0.07	)			(0.13	)			11.70		10.64				819		0.68			8.68			0.92			86
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(f)			10.00			0.13			(1.05	)			(0.92	)			(0.16	)			(0.02	)			(0.18	)			8.90		(9.18	)			10		0.67	(g)		51.36	(g)		1.32	(g)		6
Class Y
Year ended 12/31/21			11.80			0.15			1.83				1.98				(0.18	)			–				(0.18	)			13.60		16.80				159		0.08			2.92			1.14			27
Year ended 12/31/20			10.74			0.14			1.07				1.21				(0.08	)			(0.07	)			(0.15	)			11.80		11.32				93		0.18			8.18			1.42			86
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(f)			10.00			0.18			(1.05	)			(0.87	)			(0.20	)			(0.02	)			(0.22	)			8.91		(8.66	)			36		0.17	(g)		50.86	(g)		1.82	(g)		6
Class R5
Year ended 12/31/21			11.80			0.15			1.83				1.98				(0.18	)			–				(0.18	)			13.60		16.80				136		0.08			2.54			1.14			27
Year ended 12/31/20			10.74			0.14			1.07				1.21				(0.08	)			(0.07	)			(0.15	)			11.80		11.32				118		0.18			7.36			1.42			86
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(f)			10.00			0.18			(1.05	)			(0.87	)			(0.20	)			(0.02	)			(0.22	)			8.91		(8.66	)			89		0.17	(g)		50.20	(g)		1.82	(g)		6
Class R6
Year ended 12/31/21			11.80			0.15			1.83				1.98				(0.18	)			–				(0.18	)			13.60		16.80				334		0.08			2.54			1.14			27
Year ended 12/31/20			10.74			0.14			1.07				1.21				(0.08	)			(0.07	)			(0.15	)			11.80		11.32				354		0.18			7.36			1.42			86
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(f)			10.00			0.18			(1.05	)			(0.87	)			(0.20	)			(0.02	)			(0.22	)			8.91		(8.66	)			267		0.17	(g)		50.20	(g)		1.82	(g)		6

^(a) Calculated using average shares outstanding.

^(b) Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income 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 Funds bear indirectly is included in the Fund’s total return.

Estimated acquired fund fees from underlying funds were 0.43%, 0.41%, 0.40% and 0.35% for the years ended December 31, 2021, 2020, 2019 and 2018, respectively.

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

^(f) Commencement date of January 3, 2018.

^(g) Annualized.

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

97 Invesco Peak Retirement^™ Funds

Financial Highlights–(continued)

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
Year ended 12/31/21		$	12.09		$	0.11		$	1.89			$	2.00			$	(0.17	)		$	(0.14	)		$	(0.31	)		$	13.78		16.55	%		$	3,510		0.34	%		4.22	%		0.85	%		37	%
Year ended 12/31/20			10.79			0.13			1.34				1.47				(0.12	)			(0.05	)			(0.17	)			12.09		13.66				1,536		0.42			11.26			1.21			82
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(f)			10.00			0.16			(0.98	)			(0.82	)			(0.18	)			–				(0.18	)			9.00		(8.15	)			49		0.42	(g)		48.89	(g)		1.56	(g)		165
Class C
Year ended 12/31/21			11.81			0.01			1.84				1.85				(0.10	)			(0.14	)			(0.24	)			13.42		15.66				867		1.09			4.97			0.10			37
Year ended 12/31/20			10.60			0.05			1.30				1.35				(0.09	)			(0.05	)			(0.14	)			11.81		12.72				299		1.17			12.01			0.46			82
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(f)			10.00			0.08			(1.05	)			(0.97	)			(0.15	)			–				(0.15	)			8.88		(9.69	)			24		1.17	(g)		49.64	(g)		0.81	(g)		165
Class R
Year ended 12/31/21			11.90			0.08			1.85				1.93				(0.14	)			(0.14	)			(0.28	)			13.55		16.26				669		0.59			4.47			0.60			37
Year ended 12/31/20			10.65			0.10			1.31				1.41				(0.11	)			(0.05	)			(0.16	)			11.90		13.25				309		0.67			11.51			0.96			82
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(f)			10.00			0.13			(1.06	)			(0.93	)			(0.17	)			–				(0.17	)			8.90		(9.29	)			9		0.67	(g)		49.14	(g)		1.31	(g)		165
Class Y
Year ended 12/31/21			11.99			0.15			1.87				2.02				(0.20	)			(0.14	)			(0.34	)			13.67		16.83				410		0.09			3.97			1.10			37
Year ended 12/31/20			10.70			0.15			1.32				1.47				(0.13	)			(0.05	)			(0.18	)			11.99		13.80				205		0.17			11.01			1.46			82
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(f)			10.00			0.18			(1.05	)			(0.87	)			(0.21	)			–				(0.21	)			8.92		(8.72	)			36		0.17	(g)		48.64	(g)		1.81	(g)		165
Class R5
Year ended 12/31/21			11.99			0.15			1.87				2.02				(0.20	)			(0.14	)			(0.34	)			13.67		16.83				137		0.09			3.59			1.10			37
Year ended 12/31/20			10.70			0.15			1.32				1.47				(0.13	)			(0.05	)			(0.18	)			11.99		13.80				120		0.17			10.12			1.46			82
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(f)			10.00			0.18			(1.05	)			(0.87	)			(0.21	)			–				(0.21	)			8.92		(8.72	)			89		0.17	(g)		48.08	(g)		1.81	(g)		165
Class R6
Year ended 12/31/21			11.99			0.15			1.87				2.02				(0.20	)			(0.14	)			(0.34	)			13.67		16.83				337		0.09			3.59			1.10			37
Year ended 12/31/20			10.70			0.15			1.32				1.47				(0.13	)			(0.05	)			(0.18	)			11.99		13.80				360		0.17			10.12			1.46			82
Year ended 12/31/19			8.92			0.23			1.98				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(f)			10.00			0.18			(1.05	)			(0.87	)			(0.21	)			–				(0.21	)			8.92		(8.72	)			268		0.17	(g)		48.08	(g)		1.81	(g)		165

^(a) Calculated using average shares outstanding.

^(b) Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income 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 Funds bear indirectly is included in the Fund’s total return.

Estimated acquired fund fees from underlying funds were 0.43%, 0.45%, 0.39% and 0.38% for the years ended December 31, 2021, 2020, 2019 and 2018, respectively.

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

^(f) Commencement date of January 3, 2018.

^(g) Annualized.

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

98 Invesco Peak Retirement^™ Funds

Notes to Financial Statements

December 31, 2021

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^™ Destination Fund (formerly Invesco Peak Retirement^™ Now Fund), Invesco Peak Retirement^™ 2010 Fund (commenced investment operations on April 30, 2021), 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 eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

    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

99 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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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^™ Destination Fund generally declares and pays dividends from net investment income, if any, monthly. Invesco Peak Retirement^™ 2010 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 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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

F. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the

100 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, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the 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.

On September 29, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (the “Adviser” or “Invesco”) to serve as an affiliated securities lending agent for each Fund. Prior to September 29, 2021, the Bank of New York Mellon (“BNYM”) served as the sole securities lending agent for each Fund under the securities lending program. BNYM also continues to serve as a lending agent. To the extent each Fund utilizes the Adviser as an affiliated securities lending agent, each Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2021, except for Invesco Peak RetirementTM Destination Fund, there were no securities lending transactions with the Adviser. For Invesco Peak RetirementTM Destination Fund, fees paid to the Adviser were less than $500.

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

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

J. Other Risks – Certain of the underlying funds are non-diversified and can invest a greater portion of their 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.

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).

    Effective April 30, 2021, Invesco has contractually agreed, through at least April 30, 2023, to reimburse expenses to the extent necessary to limit total annual fund operating expenses after expense reimbursement (including estimated prior fiscal year-end Acquired Fund Fees and Expenses

101 Invesco Peak Retirement^™ Funds

and excluding certain items 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™ Destination Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.46%
Invesco Peak Retirement™ 2010 Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.39%
Invesco Peak Retirement™ 2015 Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.43%
Invesco Peak Retirement™ 2020 Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.44%
Invesco Peak Retirement™ 2025 Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.45%
Invesco Peak Retirement™ 2030 Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.46%
Invesco Peak Retirement™ 2035 Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.46%
Invesco Peak Retirement™ 2040 Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.44%
Invesco Peak Retirement™ 2045 Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.43%
Invesco Peak Retirement™ 2050 Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.43%
Invesco Peak Retirement™ 2055 Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.43%
Invesco Peak Retirement™ 2060 Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.43%
Invesco Peak Retirement™ 2065 Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.43%

    Prior to April 30, 2021, Invesco had contractually agreed to reimburse expenses to the extent necessary to limit total annual fund operating expenses after expense reimbursement (including prior estimated fiscal year-end Acquired Fund Fees and Expenses and excluding certain items 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:

	Class A	Class C	Class R	Class Y	Class R5	Class R6	Acquired Fund Fees and Expenses
Invesco Peak Retirement™ Destination 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, 2023. 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.

102 Invesco Peak Retirement^™ Funds

    For the year ended December 31, 2021 (for the period April 30, 2021 (commencement date) through December 31, 2021, for Invesco Peak RetirementTM 2010 Fund), the Adviser waived advisory fees and reimbursed the following expenses:

	Fund Level			Class A			Class C			Class R			Class Y			Class R5			Class R6
Invesco Peak Retirement™ Destination Fund		$	141,330		$	3,408		$	177		$	117		$	42		$	15		$	43
Invesco Peak Retirement™ 2010 Fund			138,489			660			82			78			78			3			64
Invesco Peak Retirement™ 2015 Fund			158,420			1,116			179			233			65			16			45
Invesco Peak Retirement™ 2020 Fund			156,123			6,006			1,589			1,825			104			16			32
Invesco Peak Retirement™ 2025 Fund			161,576			14,148			2,458			1,954			156			3			22
Invesco Peak Retirement™ 2030 Fund			156,078			25,830			5,488			7,573			329			3			21
Invesco Peak Retirement™ 2035 Fund			160,972			13,018			4,558			4,598			1,356			3			19
Invesco Peak Retirement™ 2040 Fund			160,127			21,402			4,757			9,569			1,250			4			20
Invesco Peak Retirement™ 2045 Fund			158,345			10,902			4,151			5,018			317			5			46
Invesco Peak Retirement™ 2050 Fund			156,418			23,264			7,160			10,360			719			18			41
Invesco Peak Retirement™ 2055 Fund			159,945			11,484			3,337			3,761			334			18			50
Invesco Peak Retirement™ 2060 Fund			155,051			12,291			1,984			7,990			484			15			41
Invesco Peak Retirement™ 2065 Fund			161,434			10,823			2,242			2,174			1,097			21			60

    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 year ended December 31, 2021 (for the period April 30, 2021 (commencement date) through December 31, 2021, for Invesco Peak RetirementTM 2010 Fund), 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 year ended December 31, 2021 (for the period April 30, 2021 (commencement date) through December 31, 2021, for Invesco Peak RetirementTM 2010 Fund), 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 year ended December 31, 2021 (for the period April 30, 2021 (commencement date) through December 31, 2021, for Invesco Peak RetirementTM 2010 Fund), 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 redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2021 (for the period April 30, 2021 (commencement date) through June 30, 2021, for Invesco Peak RetirementTM 2010 Fund), 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 Charge
				Class A			Class C
Invesco Peak Retirement™ Destination Fund		$	3,822		$	0		$	0
Invesco Peak Retirement™ 2015 Fund			760			0			0
Invesco Peak Retirement™ 2020 Fund			4,289			0			0
Invesco Peak Retirement™ 2025 Fund			9,747			0			37
Invesco Peak Retirement™ 2030 Fund			27,119			0			1
Invesco Peak Retirement™ 2035 Fund			23,188			0			0
Invesco Peak Retirement™ 2040 Fund			23,253			0			0
Invesco Peak Retirement™ 2045 Fund			11,389			0			0
Invesco Peak Retirement™ 2050 Fund			18,210			0			113
Invesco Peak Retirement™ 2055 Fund			9,601			0			0
Invesco Peak Retirement™ 2060 Fund			10,144			0			0
Invesco Peak Retirement™ 2065 Fund			6,541			0			2

    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.

103 Invesco Peak Retirement^™ Funds

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 Funds listed below, as of December 31, 2021, 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		$39,851,388		$         –		$–		$39,851,388
Money Market Funds		397,823		8,999		–		406,822
Total Investments		$40,249,211		$ 8,999		$–		$40,258,210

Invesco Peak Retirement™ 2050 Fund	Level 1		Level 2		Level 3		Total
Investments in Securities
Affiliated Issuers		$18,507,261		$         –		$–		$18,507,261
Money Market Funds		209,715		78,790		–		288,505
Total Investments		$18,716,976		$78,790		$–		$18,795,766

NOTE 4–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 5–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. The Funds may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Funds’ total assets, or when any borrowings from an Invesco Fund are outstanding.

104 Invesco Peak Retirement^™ Funds

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

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

	December 31, 2021						December 31, 2020
	Ordinary income*		Long-term capital gains		Total distributions		Ordinary Income		Long-Term Capital Gains		Total distributions
Invesco Peak Retirement™ Destination Fund	$	122,682	$	24,041	$	146,723	$	56,408	$	1,297	$	57,705
Invesco Peak Retirement™ 2010 Fund		8,633		372		9,005		–		–		–
Invesco Peak Retirement™ 2015 Fund		46,261		33,005		79,266		33,011		–		33,011
Invesco Peak Retirement™ 2020 Fund		237,109		64,047		301,156		81,769		8,285		90,054
Invesco Peak Retirement™ 2025 Fund		534,139		202,185		736,324		245,070		28,022		273,092
Invesco Peak Retirement™ 2030 Fund		750,392		253,205		1,003,597		256,905		29,432		286,337
Invesco Peak Retirement™ 2035 Fund		324,018		82,118		406,136		114,821		29,463		144,284
Invesco Peak Retirement™ 2040 Fund		350,263		265,728		615,991		80,055		32,066		112,121
Invesco Peak Retirement™ 2045 Fund		156,127		423,017		579,144		46,039		31,551		77,590
Invesco Peak Retirement™ 2050 Fund		205,143		4,793		209,936		40,810		28,750		69,560
Invesco Peak Retirement™ 2055 Fund		74,041		42,002		116,043		20,831		14,905		35,736
Invesco Peak Retirement™ 2060 Fund		79,081		–		79,081		20,645		20,874		41,519
Invesco Peak Retirement™ 2065 Fund		87,074		35,032		122,106		27,719		11,837		39,556

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

Tax Components of Net Assets at Period-End:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Net unrealized Appreciation Investments		Temporary Book/Tax Differences			Capital Loss Carryforward			Shares of Beneficial Interest		Total Net Assets
Invesco Peak Retirement™ Destination Fund	$	2,899	$	23,017	$	209,453	$	(7,048)		$	(5,399	)	$	4,807,461	$	5,030,383
Invesco Peak Retirement™ 2010 Fund		–		434		2,456		–			–			558,669		561,559
Invesco Peak Retirement™ 2015 Fund		662		2,864		66,498		(6,837	)		–			1,588,008		1,651,195
Invesco Peak Retirement™ 2020 Fund		950		122,029		561,568		(7,171	)		–			11,939,031		12,616,407
Invesco Peak Retirement™ 2025 Fund		–		309,002		1,531,793		(7,186	)		–			22,799,877		24,633,486
Invesco Peak Retirement™ 2030 Fund		–		531,977		2,831,226		(7,205	)		–			36,854,869		40,210,867
Invesco Peak Retirement™ 2035 Fund		664		364,400		1,754,096		(7,184	)		–			19,421,184		21,533,160
Invesco Peak Retirement™ 2040 Fund		–		466,826		2,170,738		(7,183	)		–			22,904,320		25,534,701
Invesco Peak Retirement™ 2045 Fund		2,550		273,617		1,169,398		(7,171	)		–			8,981,129		10,419,523
Invesco Peak Retirement™ 2050 Fund		108		483,352		1,956,010		(7,175	)		–			16,222,925		18,655,220
Invesco Peak Retirement™ 2055 Fund		188		189,724		762,586		(7,160	)		–			5,053,686		5,999,024
Invesco Peak Retirement™ 2060 Fund		20,842		162,992		1,091,148		(7,168	)		–			6,682,968		7,950,782
Invesco Peak Retirement™ 2065 Fund		77		192,322		725,735		(7,150	)		–			5,018,412		5,929,396

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Funds’ net unrealized appreciation (depreciation) differences are attributable primarily to wash sales.

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the 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.

105 Invesco Peak Retirement^™ Funds

The Fund has a capital loss carryforward as of December 31, 2021, as follows:

	Short-Term			Long-Term
Fund	Not subject to Expiration			Not subject to Expiration			Total*
Invesco Peak Retirement™ Destination Fund		$	–		$	5,399		$	5,399

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

NOTE 7–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 December 31, 2021
	For the year ended December 31, 2021*				Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation
	Purchases		Sales
Invesco Peak Retirement™ Destination Fund	$	4,084,915	$	1,887,489	$	4,837,578	$	225,940	$	(16,487	)	$	209,453
Invesco Peak Retirement™ 2010 Fund1		537,546		7,608		559,077		7,216		(4,760	)		2,456
Invesco Peak Retirement™ 2015 Fund		1,407,639		983,824		1,590,068		74,582		(8,084	)		66,498
Invesco Peak Retirement™ 2020 Fund		11,306,270		5,149,964		12,108,404		684,585		(123,017	)		561,568
Invesco Peak Retirement™ 2025 Fund		19,662,166		9,165,973		23,082,098		1,830,731		(298,938	)		1,531,793
Invesco Peak Retirement™ 2030 Fund		31,988,197		13,249,074		37,426,984		3,456,401		(625,175	)		2,831,226
Invesco Peak Retirement™ 2035 Fund		15,295,340		4,186,924		19,947,304		2,117,396		(363,300	)		1,754,096
Invesco Peak Retirement™ 2040 Fund		20,761,251		5,764,559		23,326,055		2,641,332		(470,594	)		2,170,738
Invesco Peak Retirement™ 2045 Fund		7,455,111		4,299,190		9,340,184		1,360,378		(190,980	)		1,169,398
Invesco Peak Retirement™ 2050 Fund		15,517,499		4,347,358		16,839,756		2,362,421		(406,411	)		1,956,010
Invesco Peak Retirement™ 2055 Fund		4,024,046		1,484,999		5,305,848		867,632		(105,046	)		762,586
Invesco Peak Retirement™ 2060 Fund		5,264,659		1,665,896		6,930,400		1,226,955		(135,807	)		1,091,148
Invesco Peak Retirement™ 2065 Fund		4,283,366		1,701,178		5,150,891		834,256		(108,521	)		725,735

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

¹  For the period April 30, 2021 (commencement date) through December 31, 2021.

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions from underlying funds, on December 31, 2021, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and shares of beneficial interest. These reclassifications had no effect on the net assets or the distributable earnings of each Fund.

	Undistributed Net Investment Income			Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
Invesco Peak Retirement™ Destination Fund		$	2,454		$	(2,434)			$	(20	)
Invesco Peak Retirement™ 2010 Fund			1,260			(758	)			(502	)
Invesco Peak Retirement™ 2015 Fund			2,004			(1,992	)			(12	)
Invesco Peak Retirement™ 2020 Fund			33,366			(33,366	)			–
Invesco Peak Retirement™ 2025 Fund			98,746			(98,746	)			–
Invesco Peak Retirement™ 2030 Fund			168,213			(168,213	)			–
Invesco Peak Retirement™ 2035 Fund			89,047			(89,047	)			–
Invesco Peak Retirement™ 2040 Fund			111,220			(111,194	)			(26	)
Invesco Peak Retirement™ 2045 Fund			44,980			(44,975	)			(5	)
Invesco Peak Retirement™ 2050 Fund			82,071			(82,059	)			(12	)
Invesco Peak Retirement™ 2055 Fund			27,257			(27,257	)			–

106 Invesco Peak Retirement^™ Funds

	Undistributed Net Investment Income			Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
Invesco Peak Retirement™ 2060 Fund		$	34,499		$	(34,499	)		$	–
Invesco Peak Retirement™ 2065 Fund			24,947			(24,947	)			–

NOTE 9–Share Information

Invesco Peak Retirement^™ Destination Fund

	Summary of Share Activity
	Year ended December 31, 2021(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		287,746		$	3,022,564			268,479		$	2,588,824
Class C		17,345			182,670			10,514			106,005
Class R		26,283			279,655			3,052			28,995
Issued as reinvestment of dividends:
Class A		11,422			120,511			3,550			34,197
Class C		418			4,407			272			2,594
Class R		393			4,155			56			553
Automatic conversion of Class C shares to Class A shares:
Class A		140			1,475			1,764			17,786
Class C		(140	)		(1,475	)		(1,763	)		(17,786	)
Reacquired:
Class A		(89,647	)		(944,406	)		(129,390	)		(1,211,150	)
Class C		(12,482	)		(133,416	)		(6,413	)		(64,549	)
Class R		(10,236	)		(109,058	)		-			-
Class R6		(11,682	)		(125,000	)		-			-
Net increase in share activity		219,560		$	2,302,082			150,121		$	1,485,469

^(a) 54% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

Invesco Peak Retirement^™ 2010 Fund

	Summary of Share Activity
	December 31, 2021(a)(b)
	Shares		Amount
Sold:
Class A		24,639	$	251,624
Class C		2,339		23,510
Class R		1,001		10,010
Class Y		1,001		10,010
Class R5		1,001		10,010
Class R6		25,001		250,010
Issued as reinvestment of dividends:
Class A		382		3,830
Class C		17		167
Net increase in share activity		55,381	$	559,171

^(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.

In addition, 54% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)  Commencement date of April 30, 2021.

107 Invesco Peak Retirement^™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement^™ 2015 Fund

	Summary of Share Activity
	Year ended December 31, 2021(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		68,043		$	741,763			43,650		$	435,348
Class C		28,190			306,720			3,772			37,001
Class R		8,835			95,776			10,625			106,195
Issued as reinvestment of dividends:
Class A		3,852			40,643			1,316			13,530
Class C		364			3,821			102			1,043
Class R		646			6,798			279			2,855
Automatic conversion of Class C shares to Class A shares:
Class A		922			10,261			-			-
Class C		(934	)		(10,261	)		-			-
Reacquired:
Class A		(39,940	)		(438,564	)		(12,297	)		(114,020	)
Class C		(20,185	)		(220,427	)		-			-
Class R		(6,320	)		(69,319	)		-			-
Net increase in share activity		43,473		$	467,211			47,447		$	481,952

^(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.

In addition, 57% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

Invesco Peak Retirement^™ 2020 Fund

	Summary of Share Activity
	Year ended December 31, 2021(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		533,426		$	6,043,745			229,331		$	2,437,301
Class C		95,057			1,045,403			70,284			719,764
Class R		150,317			1,678,241			112,859			1,153,439
Class Y		1,537			17,035			4,329			43,918
Issued as reinvestment of dividends:
Class A		18,786			213,028			4,285			46,145
Class C		2,810			31,667			1,100			11,776
Class R		4,331			48,983			1,800			19,330
Class Y		172			1,961			95			1,032
Automatic conversion of Class C shares to Class A shares:
Class A		7,661			87,768			15,193			156,191
Class C		(7,740	)		(87,768	)		(15,325	)		(156,191	)

108 Invesco Peak Retirement^™ Funds

NOTE 9–Share Information–(continued)

	Summary of Share Activity
	Year ended December 31, 2021(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(104,276	)	$	(1,199,536	)		(36,052	)	$	(345,457	)
Class C		(26,453	)		(301,953	)		(124	)		(1,277	)
Class R		(64,204	)		(734,716	)		(57,346	)		(548,212	)
Class R6		(28,737	)		(342,261	)		-			-
Net increase in share activity		582,687		$	6,501,597			330,429		$	3,537,759

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 7% 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, 9% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

Invesco Peak Retirement^™ 2025 Fund

	Summary of Share Activity
	Year ended December 31, 2021(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		936,855		$	11,027,656			627,738		$	6,648,132
Class C		126,798			1,468,708			163,236			1,713,237
Class R		104,175			1,229,086			123,867			1,288,885
Class Y		8,957			105,146			7,504			80,616
Issued as reinvestment of dividends:
Class A		49,245			579,616			17,180			191,386
Class C		5,802			67,418			3,616			39,811
Class R		6,620			77,655			2,350			26,108
Class Y		441			5,210			198			2,212
Automatic conversion of Class C shares to Class A shares:
Class A		15,320			182,337			31,942			357,851
Class C		(15,558	)		(182,337	)		(32,361	)		(357,851	)
Reacquired:
Class A		(244,578	)		(2,904,205	)		(177,432	)		(1,844,334	)
Class C		(62,282	)		(733,259	)		(13,910	)		(150,984	)
Class R		(2,687	)		(31,894	)		(56,632	)		(559,326	)
Class Y		(4,341	)		(52,261	)		(2,918	)		(32,651	)
Class R5		(961	)		(11,500	)		(8,043	)		(90,000	)
Class R6		(20,133	)		(241,000	)		(8,937	)		(100,000	)
Net increase in share activity		903,673		$	10,586,376			677,398		$	7,213,092

^(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.

In addition, 3% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

109 Invesco Peak Retirement^™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement^™ 2030 Fund

	Summary of Share Activity
	Year ended December 31, 2021						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		1,267,273		$	15,024,463			1,053,914		$	11,408,515
Class C		374,875			4,380,285			175,736			1,900,095
Class R		463,758			5,448,870			189,959			1,998,432
Class Y		12,218			144,818			1,769			18,142
Issued as reinvestment of dividends:
Class A		56,690			684,250			18,563			209,209
Class C		9,462			112,977			2,096			23,408
Class R		16,234			195,139			3,601			40,435
Class Y		707			8,575			243			2,756
Automatic conversion of Class C shares to Class A shares:
Class A		18,599			226,201			7,061			78,600
Class C		(18,844	)		(226,201	)		(7,125	)		(78,600	)
Reacquired:
Class A		(457,395	)		(5,438,375	)		(61,387	)		(647,571	)
Class C		(84,561	)		(1,005,501	)		(44,300	)		(466,789	)
Class R		(35,907	)		(431,882	)		(30,743	)		(311,029	)
Class Y		(77	)		(935	)		(3,090	)		(34,807	)
Class R5		(1,079	)		(13,200	)		(7,944	)		(90,000	)
Class R6		(20,262	)		(247,800	)		(8,826	)		(100,000	)
Net increase in share activity		1,601,691		$	18,861,684			1,289,527		$	13,950,796

Invesco Peak Retirement^™ 2035 Fund

	Summary of Share Activity
	Year ended December 31, 2021(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		610,463		$	7,484,095			264,421		$	2,821,056
Class C		126,124			1,545,591			178,740			1,905,240
Class R		239,264			2,971,399			123,871			1,323,563
Class Y		16,994			208,177			34,162			378,173
Issued as reinvestment of dividends:
Class A		19,092			238,266			5,799			66,285
Class C		4,617			57,018			2,313			26,201
Class R		7,033			87,421			2,188			24,906
Class Y		1,798			22,546			1,299			14,913
Automatic conversion of Class C shares to Class A shares:
Class A		12,620			158,218			7,223			81,710
Class C		(12,795	)		(158,218	)		(7,294	)		(81,710	)
Reacquired:
Class A		(82,233	)		(1,037,866	)		(34,640	)		(358,576	)
Class C		(11,741	)		(147,259	)		(29,978	)		(322,815	)
Class R		(22,644	)		(280,727	)		(39,546	)		(385,561	)
Class Y		(3,915	)		(49,245	)		(2,845	)		(32,665	)
Class R5		(1,222	)		(15,300	)		(7,833	)		(90,000	)
Class R6		(20,415	)		(255,600	)		(8,711	)		(100,000	)
Net increase in share activity		883,040		$	10,828,516			489,169		$	5,270,720

^(a)  4% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

110 Invesco Peak Retirement^™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement^™ 2040 Fund

	Summary of Share Activity
	Year ended December 31, 2021						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		886,005		$	10,848,723			260,854		$	2,773,561
Class C		170,342			2,055,178			92,370			926,105
Class R		390,361			4,833,194			193,947			2,048,463
Class Y		13,435			167,851			40,134			418,412
Issued as reinvestment of dividends:
Class A		30,069			379,474			4,691			53,761
Class C		4,927			61,533			1,008			11,449
Class R		12,176			152,803			2,606			29,713
Class Y		1,605			20,358			701			8,060
Automatic conversion of Class C shares to Class A shares:
Class A		4,143			52,599			504			5,792
Class C		(4,194	)		(52,599	)		(509	)		(5,792	)
Reacquired:
Class A		(116,019	)		(1,435,398	)		(47,836	)		(501,448	)
Class C		(30,004	)		(373,151	)		(6,386	)		(63,324	)
Class R		(107,107	)		(1,350,178	)		(6,392	)		(66,144	)
Class Y		(3,288	)		(39,670	)		(2,815	)		(32,227	)
Class R5		(1,244	)		(15,800	)		(7,819	)		(90,012	)
Class R6		(20,449	)		(259,627	)		(8,688	)		(99,928	)
Net increase in share activity		1,230,758		$	15,045,290			516,370		$	5,416,441

Invesco Peak Retirement^™ 2045 Fund

	Summary of Share Activity
	Year ended December 31, 2021(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		257,600		$	3,259,252			233,505		$	2,418,417
Class C		72,925			897,218			45,163			442,845
Class R		86,707			1,096,317			110,280			1,098,710
Class Y		6,403			82,707			7,194			69,803
Issued as reinvestment of dividends:
Class A		23,898			295,863			3,611			41,525
Class C		8,938			109,043			800			9,077
Class R		11,917			146,818			1,311			15,015
Class Y		714			8,871			108			1,243
Automatic conversion of Class C shares to Class A shares:
Class A		2,545			32,296			6,114			68,946
Class C		(2,587	)		(32,296	)		(6,195	)		(68,946	)
Reacquired:
Class A		(161,483	)		(2,082,576	)		(24,830	)		(250,883	)
Class C		(8,434	)		(105,041	)		(4,142	)		(45,311	)
Class R		(14,503	)		(186,196	)		(18,471	)		(185,299	)
Class Y		(48	)		(616	)		(3,748	)		(42,141	)
Class R5		-			-			(7,792	)		(90,000	)
Class R6		(11,029	)		(151,323	)		(8,658	)		(100,000	)
Net increase in share activity		273,563		$	3,370,337			334,250		$	3,383,001

^(a)  3% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

111 Invesco Peak Retirement^™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement^™ 2050 Fund

	Summary of Share Activity
	Year ended December 31, 2021(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		648,608		$	8,086,472			201,720		$	2,133,718
Class C		161,328			1,984,096			90,090			948,963
Class R		299,811			3,765,549			93,804			936,321
Class Y		5,474			69,409			2,869			30,241
Issued as reinvestment of dividends:
Class A		9,783			128,866			2,835			32,855
Class C		1,598			20,740			926			10,596
Class R		3,901			50,988			1,254			14,434
Class Y		252			3,330			201			2,345
Automatic conversion of Class C shares to Class A shares:
Class A		2,640			34,573			838			9,781
Class C		(2,683	)		(34,573	)		(848	)		(9,781	)
Reacquired:
Class A		(145,744	)		(1,879,233	)		(47,416	)		(480,995	)
Class C		(28,122	)		(357,179	)		(17,870	)		(188,605	)
Class R		(48,680	)		(618,203	)		(28,974	)		(279,746	)
Class Y		(3,422	)		(47,192	)		(2,581	)		(27,277	)
Class R6		(18,142	)		(252,177	)		-			-
Net increase in share activity		886,602		$	10,955,466			296,848		$	3,132,850

^(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.

Invesco Peak Retirement^™ 2055 Fund

	Summary of Share Activity
	Year ended December 31, 2021(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		149,323		$	1,931,182			104,797		$	1,054,937
Class C		43,738			559,379			35,173			365,083
Class R		52,487			679,343			26,573			268,615
Class Y		4,146			53,924			635			6,614
Issued as reinvestment of dividends:
Class A		4,997			65,707			1,668			19,179
Class C		1,142			14,818			297			3,428
Class R		1,682			22,001			470			5,453
Class Y		27			350			9			99
Reacquired:
Class A		(46,880	)		(616,376	)		(11,243	)		(123,477	)
Class C		(8,199	)		(107,408	)		(3,756	)		(39,559	)
Class R		(4,959	)		(66,691	)		(43	)		(455	)
Class Y		(2,199	)		(29,545	)		(2,027	)		(21,433	)
Class R6		(3,602	)		(50,468	)		-			-
Net increase in share activity		191,703		$	2,456,216			152,553		$	1,538,484

^(a)  9% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

112 Invesco Peak Retirement^™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement^™ 2060 Fund

	Summary of Share Activity
	Year ended December 31, 2021(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		166,305		$	2,138,893			127,508		$	1,356,110
Class C		32,745			420,275			22,596			229,218
Class R		108,213			1,331,952			54,716			506,785
Class Y		3,755			49,190			3,806			40,584
Issued as reinvestment of dividends:
Class A		3,430			45,452			1,931			22,359
Class C		296			3,877			220			2,523
Class R		1,628			21,456			739			8,508
Class Y		102			1,352			50			584
Reacquired:
Class A		(27,307	)		(355,674	)		(12,698	)		(116,740	)
Class C		(5,403	)		(70,235	)		(503	)		(5,419	)
Class R		(4,452	)		(59,034	)		(1,651	)		(14,264	)
Class Y		(2	)		(25	)		(2	)		(25	)
Class R6		(5,419	)		(75,705	)		-			-
Net increase in share activity		273,891		$	3,451,774			196,712		$	2,030,223

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 16% 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.

Invesco Peak Retirement^™ 2065 Fund

	Summary of Share Activity
	Year ended December 31, 2021(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		168,581		$	2,214,268			114,916		$	1,174,946
Class C		43,780			565,831			22,693			237,206
Class R		32,716			427,699			18,749			187,713
Class Y		21,860			296,681			17,131			202,178
Issued as reinvestment of dividends:
Class A		5,389			72,647			1,717			20,441
Class C		1,084			14,227			261			3,036
Class R		970			12,865			330			3,871
Class Y		505			6,748			241			2,848
Reacquired:
Class A		(46,262	)		(614,130	)		(9,643	)		(99,208	)
Class C		(5,559	)		(72,629	)		(4,268	)		(40,688	)
Class R		(10,269	)		(138,036	)		(165	)		(1,715	)
Class Y		(9,524	)		(130,857	)		(4,240	)		(50,075	)
Class R6		(5,330	)		(75,693	)		-			-
Net increase in share activity		197,941		$	2,579,621			157,722		$	1,640,553

^(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, 9% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

113 Invesco Peak Retirement^™ Funds

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Peak Retirement^™ Destination Fund, Invesco Peak Retirement^™ 2010 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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Peak Retirement^™ Destination Fund, Invesco Peak Retirement^™ 2010 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 (thirteen of the funds constituting AIM Growth Series (Invesco Growth Series), hereafter collectively referred to as the “Funds”) as of December 31, 2021, the related statements of operations and changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below(collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2021, the results of each of their operations and the changes in each of their net assets for each of the periods indicated in the table below and each of the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

Invesco Peak Retirement^™ Destination 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: statements of operations for the year ended December 31, 2021 and statements of changes in net assets for each of the two years in the period ended December 31, 2021 and each of the financial highlights for each of the three years in the period ended December 31, 2021 and for the period January 3, 2018 (commencement date) through December 31, 2018.

Invesco Peak Retirement^™ 2010 Fund: statements of operations and changes in net assets and the financial highlights for the period April 30, 2021 (commencement date) through December 31, 2021.

Basis for Opinions

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

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

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2022

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

114 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 July 1, 2021 through December 31, 2021.

    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^™ Destination Fund

Invesco Peak     Retirement™     Destination Fund	Beginning Account Value (07/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (12/31/21)1	Expenses Paid During Period2	Ending Account Value (12/31/21)	Expenses Paid During Period2
Class A	$1,000.00	$1,021.60	$1.43	$1,023.79	$1.43	0.28%
Class C	1,000.00	1,018.20	5.24	1,020.01	5.24	1.03
Class R	1,000.00	1,020.80	2.70	1,022.53	2.70	0.53
Class Y	1,000.00	1,021.90	0.15	1,025.05	0.15	0.03
Class R5	1,000.00	1,021.90	0.15	1,025.05	0.15	0.03
Class R6	1,000.00	1,021.90	0.15	1,025.05	0.15	0.03

¹  The actual ending account value is based on the actual total return of the Funds for the period July 1, 2021 through December 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on 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 184/365 to reflect the most recent fiscal half year.

115 Invesco Peak Retirement^™ Funds

Invesco Peak Retirement^™ 2010 Fund

Invesco Peak     Retirement™ 2010     Fund	Beginning Account Value (07/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (12/31/21)1	Expenses Paid During Period2	Ending Account Value (12/31/21)	Expenses Paid During Period2
Class A	$1,000.00	$1,018.20	$1.78	$1,023.44	$1.79	0.35%
Class C	1,000.00	1,015.50	5.59	1,019.66	5.60	1.10
Class R	1,000.00	1,017.70	3.05	1,022.18	3.06	0.60
Class Y	1,000.00	1,020.90	0.51	1,024.70	0.51	0.10
Class R5	1,000.00	1,020.90	0.51	1,024.70	0.51	0.10
Class R6	1,000.00	1,020.90	0.51	1,024.70	0.51	0.10

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

²  Actual expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 245 (as of close of business April 30, 2021 (commencement date) through December 31, 2021)/365. Because the Fund has 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.

Invesco Peak Retirement^™ 2015 Fund

Invesco Peak     Retirement™ 2015     Fund	Beginning Account Value (07/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (12/31/21)1	Expenses Paid During Period2	Ending Account Value (12/31/21)	Expenses Paid During Period2
Class A	$1,000.00	$1,017.90	$1.58	$1,023.64	$1.58	0.31%
Class C	1,000.00	1,014.70	5.38	1,019.86	5.40	1.06
Class R	1,000.00	1,018.00	2.85	1,022.38	2.85	0.56
Class Y	1,000.00	1,019.20	0.31	1,024.90	0.31	0.06
Class R5	1,000.00	1,019.20	0.31	1,024.90	0.31	0.06
Class R6	1,000.00	1,019.20	0.31	1,024.90	0.31	0.06

¹  The actual ending account value is based on the actual total return of the Funds for the period July 1, 2021 through December 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on 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 184/365 to reflect the most recent fiscal half year.

Invesco Peak Retirement^™ 2020 Fund

Invesco Peak     Retirement™ 2020     Fund	Beginning Account Value (07/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (12/31/21)1	Expenses Paid During Period2	Ending Account Value (12/31/21)	Expenses Paid During Period2
Class A	$1,000.00	$1,021.50	$1.53	$1,023.69	$1.53	0.30%
Class C	1,000.00	1,018.40	5.34	1,019.91	5.35	1.05
Class R	1,000.00	1,020.00	2.80	1,022.43	2.80	0.55
Class Y	1,000.00	1,022.60	0.25	1,024.95	0.26	0.05
Class R5	1,000.00	1,022.60	0.25	1,024.95	0.26	0.05
Class R6	1,000.00	1,022.60	0.25	1,024.95	0.26	0.05

¹  The actual ending account value is based on the actual total return of the Funds for the period July 1, 2021 through December 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on 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 184/365 to reflect the most recent fiscal half year.

116 Invesco Peak Retirement^™ Funds

Invesco Peak Retirement^™ 2025 Fund

Invesco Peak     Retirement™ 2025     Fund	Beginning Account Value (07/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (12/31/21)1	Expenses Paid During Period2	Ending Account Value (12/31/21)	Expenses Paid During Period2
Class A	$1,000.00	$1,028.50	$1.48	$1,023.74	$1.48	0.29%
Class C	1,000.00	1,024.50	5.31	1,019.96	5.30	1.04
Class R	1,000.00	1,026.50	2.76	1,022.48	2.75	0.54
Class Y	1,000.00	1,029.60	0.20	1,025.00	0.20	0.04
Class R5	1,000.00	1,029.60	0.20	1,025.00	0.20	0.04
Class R6	1,000.00	1,029.60	0.20	1,025.00	0.20	0.04

¹  The actual ending account value is based on the actual total return of the Funds for the period July 1, 2021 through December 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on 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 184/365 to reflect the most recent fiscal half year.

Invesco Peak Retirement^™ 2030 Fund

Invesco Peak     Retirement™ 2030     Fund	Beginning Account Value (07/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (12/31/21)1	Expenses Paid During Period2	Ending Account Value (12/31/21)	Expenses Paid During Period2
Class A	$1,000.00	$1,030.30	$1.43	$1,023.79	$1.43	0.28%
Class C	1,000.00	1,025.70	5.26	1,020.01	5.24	1.03
Class R	1,000.00	1,029.10	2.71	1,022.53	2.70	0.53
Class Y	1,000.00	1,031.50	0.15	1,025.05	0.15	0.03
Class R5	1,000.00	1,031.50	0.15	1,025.05	0.15	0.03
Class R6	1,000.00	1,031.50	0.15	1,025.05	0.15	0.03

¹  The actual ending account value is based on the actual total return of the Funds for the period July 1, 2021 through December 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on 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 184/365 to reflect the most recent fiscal half year.

Invesco Peak Retirement^™ 2035 Fund

Invesco Peak     Retirement™ 2035     Fund	Beginning Account Value (07/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (12/31/21)1	Expenses Paid During Period2	Ending Account Value (12/31/21)	Expenses Paid During Period2
Class A	$1,000.00	$1,036.40	$1.44	$1,023.79	$1.43	0.28%
Class C	1,000.00	1,032.30	5.28	1,020.01	5.24	1.03
Class R	1,000.00	1,034.60	2.72	1,022.53	2.70	0.53
Class Y	1,000.00	1,037.30	0.15	1,025.05	0.15	0.03
Class R5	1,000.00	1,036.50	0.15	1,025.05	0.15	0.03
Class R6	1,000.00	1,037.30	0.15	1,025.05	0.15	0.03

¹  The actual ending account value is based on the actual total return of the Funds for the period July 1, 2021 through December 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on 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 184/365 to reflect the most recent fiscal half year.

117 Invesco Peak Retirement^™ Funds

Invesco Peak Retirement^™ 2040 Fund

Invesco Peak     Retirement™ 2040     Fund	Beginning Account Value (07/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (12/31/21)1	Expenses Paid During Period2	Ending Account Value (12/31/21)	Expenses Paid During Period2
Class A	$1,000.00	$1,039.80	$1.54	$1,023.69	$1.53	0.30%
Class C	1,000.00	1,034.60	5.38	1,019.91	5.35	1.05
Class R	1,000.00	1,037.90	2.83	1,022.43	2.80	0.55
Class Y	1,000.00	1,040.80	0.26	1,024.95	0.26	0.05
Class R5	1,000.00	1,040.00	0.26	1,024.95	0.26	0.05
Class R6	1,000.00	1,040.80	0.26	1,024.95	0.26	0.05

¹  The actual ending account value is based on the actual total return of the Funds for the period July 1, 2021 through December 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on 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 184/365 to reflect the most recent fiscal half year.

Invesco Peak Retirement^™ 2045 Fund

Invesco Peak     Retirement™ 2045     Fund	Beginning Account Value (07/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (12/31/21)1	Expenses Paid During Period2	Ending Account Value (12/31/21)	Expenses Paid During Period2
Class A	$1,000.00	$1,041.00	$1.59	$1,023.64	$1.58	0.31%
Class C	1,000.00	1,037.50	5.44	1,019.86	5.40	1.06
Class R	1,000.00	1,039.90	2.88	1,022.38	2.85	0.56
Class Y	1,000.00	1,043.10	0.31	1,024.90	0.31	0.06
Class R5	1,000.00	1,042.20	0.31	1,024.90	0.31	0.06
Class R6	1,000.00	1,042.20	0.31	1,024.90	0.31	0.06

¹  The actual ending account value is based on the actual total return of the Funds for the period July 1, 2021 through December 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on 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 184/365 to reflect the most recent fiscal half year.

Invesco Peak Retirement^™ 2050 Fund

Invesco Peak     Retirement™ 2050     Fund	Beginning Account Value (07/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (12/31/21)1	Expenses Paid During Period2	Ending Account Value (12/31/21)	Expenses Paid During Period2
Class A	$1,000.00	$1,043.40	$1.60	$1,023.64	$1.58	0.31%
Class C	1,000.00	1,040.00	5.45	1,019.86	5.40	1.06
Class R	1,000.00	1,041.70	2.88	1,022.38	2.85	0.56
Class Y	1,000.00	1,044.50	0.31	1,024.90	0.31	0.06
Class R5	1,000.00	1,044.50	0.31	1,024.90	0.31	0.06
Class R6	1,000.00	1,045.30	0.31	1,024.90	0.31	0.06

¹  The actual ending account value is based on the actual total return of the Funds for the period July 1, 2021 through December 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on 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 184/365 to reflect the most recent fiscal half year.

118 Invesco Peak Retirement^™ Funds

Invesco Peak Retirement^™ 2055 Fund

Invesco Peak     Retirement™ 2055     Fund	Beginning Account Value (07/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (12/31/21)1	Expenses Paid During Period2	Ending Account Value (12/31/21)	Expenses Paid During Period2
Class A	$1,000.00	$1,043.10	$1.60	$1,023.64	$1.58	0.31%
Class C	1,000.00	1,039.30	5.45	1,019.86	5.40	1.06
Class R	1,000.00	1,040.60	2.88	1,022.38	2.85	0.56
Class Y	1,000.00	1,043.40	0.31	1,024.90	0.31	0.06
Class R5	1,000.00	1,044.10	0.31	1,024.90	0.31	0.06
Class R6	1,000.00	1,044.10	0.31	1,024.90	0.31	0.06

¹  The actual ending account value is based on the actual total return of the Funds for the period July 1, 2021 through December 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on 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 184/365 to reflect the most recent fiscal half year.

Invesco Peak Retirement^™ 2060 Fund

Invesco Peak     Retirement™ 2060     Fund	Beginning Account Value (07/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (12/31/21)1	Expenses Paid During Period2	Ending Account Value (12/31/21)	Expenses Paid During Period2
Class A	$1,000.00	$1,043.10	$1.60	$1,023.64	$1.58	0.31%
Class C	1,000.00	1,040.00	5.45	1,019.86	5.40	1.06
Class R	1,000.00	1,041.90	2.88	1,022.38	2.85	0.56
Class Y	1,000.00	1,044.90	0.31	1,024.90	0.31	0.06
Class R5	1,000.00	1,044.90	0.31	1,024.90	0.31	0.06
Class R6	1,000.00	1,045.00	0.31	1,024.90	0.31	0.06

¹  The actual ending account value is based on the actual total return of the Funds for the period July 1, 2021 through December 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on 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 184/365 to reflect the most recent fiscal half year.

Invesco Peak Retirement^™ 2065 Fund

Invesco Peak     Retirement™ 2065     Fund	Beginning Account Value (07/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (12/31/21)1	Expenses Paid During Period2	Ending Account Value (12/31/21)	Expenses Paid During Period2
Class A	$1,000.00	$1,043.00	$1.60	$1,023.64	$1.58	0.31%
Class C	1,000.00	1,039.50	5.45	1,019.86	5.40	1.06
Class R	1,000.00	1,041.80	2.88	1,022.38	2.85	0.56
Class Y	1,000.00	1,043.80	0.31	1,024.90	0.31	0.06
Class R5	1,000.00	1,044.60	0.31	1,024.90	0.31	0.06
Class R6	1,000.00	1,044.60	0.31	1,024.90	0.31	0.06

¹  The actual ending account value is based on the actual total return of the Funds for the period July 1, 2021 through December 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on 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 184/365 to reflect the most recent fiscal half year.

119 Invesco Peak Retirement^™ Funds

Distribution Information

Shareholders were sent a notice from each Fund that set forth an estimate on a per share basis of the source or sources from which the distribution was paid in December of 2021. Subsequently, certain of these estimates have been corrected. Listed below is a written statement of the sources of this distribution for each Fund impacted, as corrected, on a generally accepted accounting principles (“GAAP”) basis.

Invesco Peak Retirement^™ 2010 Fund

		Net Income	Gain from Sale of Securities	Return of Principal	Total Distribution
12/21/2021	Class A	$0.1461	$0.0000	$0.0159	$0.1620
12/21/2021	Class C	$0.1092	$0.0000	$0.0159	$0.1251
12/21/2021	Class R	$0.1309	$0.0000	$0.0159	$0.1468
12/21/2021	Class Y	$0.1535	$0.0000	$0.0159	$0.1694
12/21/2021	Class R5	$0.1535	$0.0000	$0.0159	$0.1694
12/21/2021	Class R6	$0.1535	$0.0000	$0.0159	$0.1694
Invesco Peak Retirement™ 2015 Fund
		Net Income	Gain from Sale of Securities	Return of Principal	Total Distribution
12/21/2021	Class A	$0.2730	$0.2380	$0.0296	$0.5406
12/21/2021	Class C	$0.1773	$0.2380	$0.0296	$0.4449
12/21/2021	Class R	$0.2434	$0.2380	$0.0296	$0.5110
12/21/2021	Class Y	$0.2979	$0.2380	$0.0296	$0.5655
12/21/2021	Class R5	$0.2979	$0.2380	$0.0296	$0.5655
12/21/2021	Class R6	$0.2979	$0.2380	$0.0296	$0.5655
Invesco Peak Retirement™ 2020 Fund
		Net Income	Gain from Sale of Securities	Return of Principal	Total Distribution
12/21/2021	Class A	$0.2382	$0.0613	$0.0053	$0.3048
12/21/2021	Class C	$0.1511	$0.0613	$0.0053	$0.2177
12/21/2021	Class R	$0.2098	$0.0613	$0.0053	$0.2764
12/21/2021	Class Y	$0.2624	$0.0613	$0.0053	$0.3290
12/21/2021	Class R5	$0.2624	$0.0613	$0.0053	$0.3290
12/21/2021	Class R6	$0.2624	$0.0613	$0.0053	$0.3290
Invesco Peak Retirement™ 2025 Fund
		Net Income	Gain from Sale of Securities	Return of Principal	Total Distribution
12/21/2021	Class A	$0.2429	$0.0935	$0.0400	$0.3764
12/21/2021	Class C	$0.1610	$0.0935	$0.0400	$0.2945
12/21/2021	Class R	$0.2173	$0.0935	$0.0400	$0.3508
12/21/2021	Class Y	$0.2671	$0.0935	$0.0400	$0.4006
12/21/2021	Class R5	$0.2671	$0.0935	$0.0400	$0.4006
12/21/2021	Class R6	$0.2671	$0.0935	$0.0400	$0.4006
Invesco Peak Retirement™ 2030 Fund
		Net Income	Gain from Sale of Securities	Return of Principal	Total Distribution
12/21/2021	Class A	$0.2247	$0.0860	$0.0244	$0.3351
12/21/2021	Class C	$0.1461	$0.0860	$0.0244	$0.2565
12/21/2021	Class R	$0.1990	$0.0860	$0.0244	$0.3094
12/21/2021	Class Y	$0.2510	$0.0860	$0.0244	$0.3614
12/21/2021	Class R5	$0.2510	$0.0860	$0.0244	$0.3614
12/21/2021	Class R6	$0.2510	$0.0860	$0.0244	$0.3614

120 Invesco Peak Retirement^™ Funds

Invesco Peak Retirement^™ 2035 Fund

		Net Income	Gain from Sale of Securities	Return of Principal	Total Distribution
12/21/2021	Class A	$0.2165	$0.0512	$0.0032	$0.2709
12/21/2021	Class C	$0.1411	$0.0512	$0.0032	$0.1955
12/21/2021	Class R	$0.1931	$0.0512	$0.0032	$0.2475
12/21/2021	Class Y	$0.2405	$0.0512	$0.0032	$0.2949
12/21/2021	Class R5	$0.2405	$0.0512	$0.0032	$0.2949
12/21/2021	Class R6	$0.2405	$0.0512	$0.0032	$0.2949
Invesco Peak Retirement™ 2040 Fund
		Net Income	Gain from Sale of Securities	Return of Principal	Total Distribution
12/21/2021	Class A	$0.1860	$0.1395	$0.0133	$0.3388
12/21/2021	Class C	$0.1068	$0.1395	$0.0133	$0.2596
12/21/2021	Class R	$0.1599	$0.1395	$0.0133	$0.3127
12/21/2021	Class Y	$0.2114	$0.1395	$0.0133	$0.3642
12/21/2021	Class R5	$0.2114	$0.1395	$0.0133	$0.3642
12/21/2021	Class R6	$0.2114	$0.1395	$0.0133	$0.3642
Invesco Peak Retirement™ 2045 Fund
		Net Income	Gain from Sale of Securities	Return of Principal	Total Distribution
12/21/2021	Class A	$0.1961	$0.6029	$0.0045	$0.8035
12/21/2021	Class C	$0.1148	$0.6029	$0.0045	$0.7222
12/21/2021	Class R	$0.1694	$0.6029	$0.0045	$0.7768
12/21/2021	Class Y	$0.2239	$0.6029	$0.0045	$0.8313
12/21/2021	Class R5	$0.2239	$0.6029	$0.0045	$0.8313
12/21/2021	Class R6	$0.2239	$0.6029	$0.0045	$0.8313
Invesco Peak Retirement™ 2050 Fund
		Net Income	Gain from Sale of Securities	Return of Principal	Total Distribution
12/21/2021	Class A	$0.1661	$0.0037	$0.0043	$0.1741
12/21/2021	Class C	$0.0841	$0.0037	$0.0043	$0.0921
12/21/2021	Class R	$0.1395	$0.0037	$0.0043	$0.1475
12/21/2021	Class Y	$0.1929	$0.0037	$0.0043	$0.2009
12/21/2021	Class R5	$0.1929	$0.0037	$0.0043	$0.2009
12/21/2021	Class R6	$0.1929	$0.0037	$0.0043	$0.2009
Invesco Peak Retirement™ 2055 Fund
		Net Income	Gain from Sale of Securities	Return of Principal	Total Distribution
12/21/2021	Class A	$0.1751	$0.0999	$0.0157	$0.2907
12/21/2021	Class C	$0.0994	$0.0999	$0.0157	$0.2150
12/21/2021	Class R	$0.1505	$0.0999	$0.0157	$0.2661
12/21/2021	Class Y	$0.2009	$0.0999	$0.0157	$0.3165
12/21/2021	Class R5	$0.2009	$0.0999	$0.0157	$0.3165
12/21/2021	Class R6	$0.2009	$0.0999	$0.0157	$0.3165

121 Invesco Peak Retirement^™ Funds

Invesco Peak Retirement™ 2060 Fund
		Net Income	Gain from Sale of Securities	Return of Principal	Total Distribution
12/21/2021	Class A	$0.1522	$0.0000	$0.0000	$0.1522
12/21/2021	Class C	$0.0757	$0.0000	$0.0000	$0.0757
12/21/2021	Class R	$0.1244	$0.0000	$0.0000	$0.1244
12/21/2021	Class Y	$0.1789	$0.0000	$0.0000	$0.1789
12/21/2021	Class R5	$0.1789	$0.0000	$0.0000	$0.1789
12/21/2021	Class R6	$0.1789	$0.0000	$0.0000	$0.1789
Invesco Peak Retirement™ 2065 Fund
		Net Income	Gain from Sale of Securities	Return of Principal	Total Distribution
12/21/2021	Class A	$0.1590	$0.1352	$0.0097	$0.3039
12/21/2021	Class C	$0.0889	$0.1352	$0.0097	$0.2338
12/21/2021	Class R	$0.1339	$0.1352	$0.0097	$0.2788
12/21/2021	Class Y	$0.1854	$0.1352	$0.0097	$0.3303
12/21/2021	Class R5	$0.1854	$0.1352	$0.0097	$0.3303
12/21/2021	Class R6	$0.1854	$0.1352	$0.0097	$0.3303

Please note that the information in the preceding charts is for financial accounting purposes only. Shareholders should be aware that the tax treatment of distributions likely differs from GAAP treatment. Form 1099-DIV for the calendar year will report distributions for U.S. federal income tax purposes. This notice is sent to comply with certain U.S. Securities and Exchange Commission requirements.

122 Invesco Peak Retirement^™ Funds

Tax Information

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

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement. The Funds designate the following amounts or, if subsequently determined to be different, the maximum amount allowable for their fiscal year ended December 31, 2021:

Federal and State Income Tax

	Long-Term Capital Gain Distributions			Qualified Dividend Income*		Corporate Dividends Received Deduction*		U.S. Treasury Obligations*		Qualified Business Income*		Business Interest Income*
Invesco Peak Retirement™ Destination Fund		$	24,041		28.08%		21.46%		8.98%		3.12%		48.68%
Invesco Peak Retirement™ 2010 Fund			372		27.18%		23.50%		11.11%		3.20%		51.20%
Invesco Peak Retirement™ 2015 Fund			33,005		33.50%		27.16%		7.74%		2.78%		47.49%
Invesco Peak Retirement™ 2020 Fund			64,047		26.69%		17.20%		10.36%		1.72%		48.73%
Invesco Peak Retirement™ 2025 Fund			202,185		17.25%		7.48%		8.10%		1.35%		38.94%
Invesco Peak Retirement™ 2030 Fund			253,205		22.37%		10.38%		5.05%		1.62%		31.96%
Invesco Peak Retirement™ 2035 Fund			82,118		30.54%		14.28%		4.62%		1.80%		24.80%
Invesco Peak Retirement™ 2040 Fund			265,728		40.02%		19.69%		0.81%		1.77%		15.94%
Invesco Peak Retirement™ 2045 Fund			423,017		45.01%		24.80%		0.77%		1.26%		9.60%
Invesco Peak Retirement™ 2050 Fund			4,793		63.32%		34.99%		0.94%		1.20%		4.66%
Invesco Peak Retirement™ 2055 Fund			42,002		55.04%		30.38%		0.85%		1.09%		4.99%
Invesco Peak Retirement™ 2060 Fund			-		58.50%		33.75%		1.20%		1.17%		4.50%
Invesco Peak Retirement™ 2065 Fund			35,032		42.66%		22.81%		0.77%		0.00%		3.79%

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

Non-Resident Alien Shareholders
	Short-Term Capital
	Gain Distributions
Invesco Peak Retirement™ 2015 Fund	$   968
Invesco Peak Retirement™ 2025 Fund	61,846
Invesco Peak Retirement™ 2030 Fund	89,377
Invesco Peak Retirement™ 2040 Fund	20,252
Invesco Peak Retirement™ 2045 Fund	23,396
Invesco Peak Retirement™ 2065 Fund	20,137

123 Invesco Peak Retirement^™ Funds

Trustees and Officers

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

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

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

T-1 Invesco Peak Retirement^™ Funds

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee                 During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	186	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School—Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management—Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	186	None

T-2 Invesco Peak Retirement^™ Funds

Trustees and Officers–(continued)

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

T-3 Invesco Peak Retirement^™ Funds

Trustees and Officers–(continued)

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

T-4 Invesco Peak Retirement^™ Funds

Trustees and Officers–(continued)

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

T-5 Invesco Peak Retirement^™ Funds

Trustees and Officers–(continued)

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

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Peak 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 portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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

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

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

SEC file number(s): 811-02699 and 002-57526 Invesco Distributors, Inc. PR-AR-1

  Annual Report to Shareholders December 31, 2021

Invesco Quality Income Fund

Nasdaq:

A: VKMGX ∎ C: VUSCX ∎ R: VUSRX ∎ Y: VUSIX ∎ R5: VUSJX ∎ R6: VUSSX

2	Management’s Discussion
2	Performance Summary
3	Long-Term Fund Performance
5	Supplemental Information
7	Schedule of Investments
14	Financial Statements
17	Financial Highlights
18	Notes to Financial Statements
25	Report of Independent Registered Public Accounting Firm
26	Fund Expenses
27	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2021, Class A shares of Invesco Quality Income Fund (the Fund), at net asset value (NAV), underperformed the Bloomberg U.S. Mortgage-Backed Securities Index, the Fund’s broad market/style-specific benchmark.

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

Fund vs. Indexes

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

Class A Shares	-1.72	%
Class C Shares	-2.51
Class R Shares	-2.00
Class Y Shares	-1.44
Class R5 Shares	-1.45
Class R6 Shares	-1.38
Bloomberg U.S. Mortgage-Backed Securities Index▼ (Broad Market/Style-Specific Index)	-1.04
Source(s): ▼RIMES Technologies Corp.

Market conditions and your Fund

Similar to 2020, 2021 was dominated by the coronavirus (COVID-19) pandemic. Vaccination levels rose in the US, initially causing infection rates to decrease and enabling the economy to re-open. However, the US faced significant headwinds in the form of the Delta variant mid-year, and eventually, the highly infectious Omicron variant towards the end of 2021. Prior to year-end, the Omicron variant was spreading at a rapid pace, with uncertainty on the implications to return-to-work policies, schools, and thus overall consumption. Nevertheless, global demand was relatively resilient as yields were increasingly attractive on a nominal and relative basis.

    The US Federal Reserve (the Fed) maintained accommodative monetary policy throughout the fiscal year and showed a commitment to low rates by keeping the federal funds target range at 0.00% to 0.25% throughout the year.¹ For nearly the entirety of 2021, the Fed also maintained its asset purchases (quantitative easing) at a level of at least $120 billion per month and remained on hold until there had been evidence of progress made towards its dual mandate.¹ In November, the Federal Open Market Committee began its tapering of asset purchases and later announced in December that it would taper at a pace that was faster than had been previously anticipated. This caused markets to anticipate the start of the Fed hiking cycle and the potential for more persistent inflation than previously thought.

    The yield curve steepened significantly to begin the year but flattened sharply mid-year and then again to end the year as the market began to price in an active tightening policy. The two-year Treasury yield increased from 0.13% to 0.73%, the five-year yield increased from 0.36% to 1.26% and the 10-year yield increased from 0.93% to 1.52%.²

Yields moved notably higher amid ongoing economic growth, increased inflation risks, and the likelihood of the Federal Reserve raising short rates more aggressively in 2022. Despite significant movement during the year, the yield curve as measured by the yield differential of the two-year Treasury yield versus the 10-year Treasury yield, ended the year at 79 basis points, only 1 basis point flatter than the previous fiscal year.²

    Excess returns for agency mortgage-backed securities (MBS) as represented by the Bloomberg U.S. Mortgage-Backed Securities Index ended the fiscal year at -0.68%, making 2021 the worst year of negative excess return for the index since 2011.² Agency MBS underperformance was mainly caused by the market factoring in a more rapid retreat of Fed purchases. High quality structured credit sectors such as non-agency MBS (RMBS), commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS) generated positive excess return for the period.

    Given this market backdrop, Class A shares of Invesco Quality Income Fund, at NAV, generated a negative return and underperformed its style-specific index, the Bloomberg U.S. Mortgage-Backed Securities Index. The Fund’s security selection within 30-year fixed rate MBS lower coupons was a significant contributor to relative Fund performance for the fiscal year. Duration and yield curve positioning proved to be the largest detractor from relative performance for the period.

    During the fiscal year, the Fund used active duration and yield curve positioning for risk management and for generating returns. Duration measures a portfolio’s price sensitivity to interest rate changes, with a shorter-duration portfolio tending to be less sensitive to these changes. Buying and selling US Treasury futures contracts was an important tool we used for the management of interest rate

risk and to maintain our targeted portfolio duration.

    We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. This risk may be greater in the current market environment because interest rates are at or near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We are monitoring interest rates, and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise, markets may experience increased volatility, which may affect the value and/or liquidity of certain investments.

    We thank you for your continued investment in Invesco Quality Income Fund.

1 Source: US Federal Reserve

2 Source: Bloomberg LP

Portfolio manager(s):

Mario Clemente

Clint Dudley

Brian Norris

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

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

2                                   Invesco Quality Income Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/11

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

3                                   Invesco Quality Income Fund

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (5/31/84)	5.77%
10 Years	1.99
5 Years	1.38
1 Year	-5.90
Class C Shares
Inception (8/13/93)	3.76%
10 Years	1.82
5 Years	1.51
1 Year	-3.47
Class R Shares
10 Years	2.16%
5 Years	1.98
1 Year	-2.00
Class Y Shares
Inception (9/25/06)	3.34%
10 Years	2.70
5 Years	2.53
1 Year	-1.44
Class R5 Shares
Inception (6/1/10)	3.00%
10 Years	2.74
5 Years	2.58
1 Year	-1.45
Class R6 Shares
10 Years	2.62%
5 Years	2.63
1 Year	-1.38

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 Class A shares at net asset value, restated to reflect the higher 12b-1 fees applicable to Class R shares.

    Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of the 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

Supplemental Information

Invesco Quality Income Fund’s investment objective is to provide a high level of current income, with liquidity and safety of principal.

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

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

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

About indexes used in this report

∎ The Bloomberg 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.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

5                                   Invesco Quality Income Fund

Fund Information

Portfolio Composition

By security type	% of total investments
U.S. Government Sponsored Agency Mortgage- Backed Securities	76.24%
Asset-Backed Securities	7.14
Certificates of Deposit	6.10
Commercial Paper	6.09
U.S. Treasury Securities	3.66
Security types each less than 1% portfolio	0.02
Money Market Funds	0.75

Top Five Debt Issuers*

		% of total net assets
1.	Federal National Mortgage Association	55.84%
2.	Federal Home Loan Mortgage Corp.	17.53
3.	Uniform Mortgage-Backed Securities	14.77
4.	Government National Mortgage Association	10.94
5.	U.S. Treasury	5.03

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

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2021.

6                                    Invesco Quality Income Fund

Schedule of Investments

December 31, 2021

	Principal Amount		Value
U.S. Government Sponsored Agency Mortgage-Backed Securities–104.79%
Collateralized Mortgage Obligations–5.71%
Fannie Mae ACES, IO, 0.20%, 12/25/2022(a)	$	54,474,754	$            57,008
Fannie Mae Grantor Trust, 7.00%, 01/19/2039(b)		142,689	152,604
Fannie Mae Interest STRIPS, IO, 7.50%, 05/25/2023 to 01/25/2032(c)		244,246	18,528
6.50%, 10/25/2024 to 02/25/2033(c)		1,519,965	244,173
7.00%, 02/25/2028(c)		297,068	33,992
8.00%, 05/25/2030(c)		328,004	73,669
6.00%, 02/25/2033 to 09/25/2035(a)(c)		1,853,728	303,396
5.50%, 11/25/2033 to 06/25/2035(c)		842,710	139,089
PO, 0.00%, 09/25/2032(d)		51,322	47,903
Fannie Mae REMICs, 3.50%, 09/25/2023 to 08/25/2042(c)		1,932,824	242,547
4.00%, 07/25/2024 to 08/25/2047(c)		1,522,297	1,106,585
2.50%, 12/25/2025 to 10/25/2026		927,419	950,883
5.50%, 12/25/2025 to 07/25/2046(c)		867,983	546,037
7.00%, 03/18/2027 to 05/25/2033(c)		587,773	385,181
6.50%, 10/25/2028 to 05/25/2033(c)		168,539	167,317
1.10% (1 mo. USD LIBOR + 1.00%), 12/25/2031 to 12/25/2032(e)		449,269	458,805
1.10% (1 mo. USD LIBOR + 1.00%), 03/18/2032 to 12/18/2032(e)		387,196	395,334
0.60% (1 mo. USD LIBOR + 0.50%), 08/25/2032 to 06/25/2046(e)		1,394,281	1,410,572
0.60% (1 mo. USD LIBOR + 0.50%), 10/18/2032(e)		41,166	41,433
0.50% (1 mo. USD LIBOR + 0.40%), 03/25/2033 to 03/25/2042(e)		245,459	247,462
0.44% (1 mo. USD LIBOR + 0.34%), 06/25/2035(e)		1,006,835	1,013,288
0.45% (1 mo. USD LIBOR + 0.35%), 08/25/2035 to 10/25/2035(e)		934,773	940,752
24.19% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036(e)		156,767	240,848
23.83% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036(e)		223,824	341,318
1.04% (1 mo. USD LIBOR + 0.94%), 06/25/2037(e)		829,686	835,926

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
0.55% (1 mo. USD LIBOR + 0.45%), 08/25/2037(e)	$	366,126	$	371,004
2.75%, 01/25/2039		685,802		689,386
6.61%, 06/25/2039(b)		419,033		487,129
5.00%, 04/25/2040 to 09/25/2047(c)(e)		2,536,169		745,987
2.00%, 05/25/2044 to 03/25/2051(c)		7,394,275		1,519,346
IO, 6.60% (6.70% - (1.00 x 1 mo. USD LIBOR)), 02/25/2024 to 05/25/2035(c)(e)		798,578		126,394
3.00%, 10/25/2026 to 07/25/2045(c)		13,249,313		7,971,854
8.00%, 08/18/2027 to 09/18/2027(c)		255,017		33,341
0.75%, 10/25/2031(c)		4,354		82
7.80% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031(c)(e)		93,676		17,711
7.80% (7.90% - (1.00 x 1 mo. USD LIBOR)), 12/18/2031(c)(e)		87,295		14,242
7.85% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032(c)(e)		63,836		11,448
7.90% (8.00% - (1.00 x 1 mo. USD LIBOR)), 03/18/2032(c)(e)		148,418		30,315
8.00% (8.10% - (1.00 x 1 mo. USD LIBOR)), 03/25/2032 to 04/25/2032(c)(e)		201,348		41,295
6.90% (7.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032 to 08/25/2032(c)(e)		315,905		50,733
7.70% (7.80% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032(c)(e)		72,111		14,185
7.90% (8.00% - (1.00 x 1 mo. USD LIBOR)), 07/25/2032 to 09/25/2032(c)(e)		463,088		96,528
8.00% (8.10% - (1.00 x 1 mo. USD LIBOR)), 12/18/2032(c)(e)		284,304		51,814
8.15% (8.25% - (1.00 x 1 mo. USD LIBOR)), 02/25/2033 to 05/25/2033(c)(e)		373,317		85,249
6.00%, 05/25/2033(c)		19,453		3,770
5.95% (6.05% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035 to 07/25/2038(c)(e)		1,072,059		159,771
6.65% (6.75% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035(c)(e)		64,525		9,881
6.50% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035(c)(e)		232,096		32,392
6.55% (6.65% - (1.00 x 1 mo. USD LIBOR)), 03/25/2039(c)(e)		1,499,297		65,799
6.45% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041(c)(e)		190,534		30,055
6.05% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042(c)(e)		502,167		99,940
4.50%, 02/25/2043(c)		442,736		70,335
1.51%, 02/25/2056(a)		6,626,548		399,581

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 Multifamily Structured Pass-Through Ctfs., Series KC02, Class X1, IO, 1.91%, 03/25/2024(a)	$	251,827,410	$	1,693,917
Series KC03, Class X1, IO, 0.63%, 11/25/2024(a)		22,114,078		263,140
0.52%, 09/25/2025(b)		58,955,994		999,416
Series K734, Class X1, IO, 0.65%, 02/25/2026(a)		16,865,798		390,929
Series K735, Class X1, IO, 1.10%, 05/25/2026(a)		15,826,676		585,521
Series K093, Class X1, IO, 0.95%, 05/25/2029(a)		13,246,174		817,270
Series Q004, Class AFL, 0.82%(12 mo. MTA Rate + 0.74%), 05/25/2044(e)		482,150		481,798
Freddie Mac REMICs, 5.00%, 09/15/2023		77,156		79,008
2.00%, 12/15/2023		357,468		361,352
1.60% (COFI + 1.37%), 03/15/2024(e)		87,463		88,515
2.50%, 07/15/2024 to 07/15/2038(c)		2,373,083		1,371,729
4.00%, 10/15/2024 to 03/15/2045(c)		790,342		425,774
3.50%, 11/15/2025 to 05/15/2032		1,043,917		1,091,158
3.00%, 04/15/2026 to 05/15/2040(c)		6,523,930		947,963
1.50%, 08/15/2027		5,999,344		6,003,198
6.95%, 03/15/2028		163,211		181,052
6.50%, 08/15/2028 to 03/15/2032		1,550,270		1,723,746
0.71% (1 mo. USD LIBOR + 0.60%), 01/15/2029 to 12/15/2032(e)		107,701		109,054
6.00%, 01/15/2029 to 04/15/2029		248,255		275,174
0.46% (1 mo. USD LIBOR + 0.35%), 02/15/2029(e)		137,133		134,353
1.00% (1 mo. USD LIBOR + 0.90%), 03/15/2029(e)		154,547		157,091
0.51% (1 mo. USD LIBOR + 0.40%), 06/15/2029 to 01/15/2033(e)		192,287		193,472
0.76% (1 mo. USD LIBOR + 0.65%), 07/15/2029(e)		35,322		35,636
8.00%, 03/15/2030		72,001		84,188
1.06% (1 mo. USD LIBOR + 0.95%), 08/15/2031(e)		106,958		109,525
0.61% (1 mo. USD LIBOR + 0.50%), 02/15/2032 to 03/15/2032(e)		314,677		316,838
1.11% (1 mo. USD LIBOR + 1.00%), 02/15/2032 to 03/15/2032(e)		210,762		215,536
0.66% (1 mo. USD LIBOR + 0.55%), 03/15/2032 to 10/15/2036(e)		557,500		566,578
24.35% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035(e)		28,665		45,228
0.41% (1 mo. USD LIBOR + 0.30%), 03/15/2036(e)		1,581,079		1,589,870

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
0.56% (1 mo. USD LIBOR + 0.45%), 07/15/2037(e)	$	91,714	$	92,940
0.59% (1 mo. USD LIBOR + 0.50%), 03/15/2042(e)		142,173		144,473
IO, 5.89% (6.00% - (1.00 x 1 mo. USD LIBOR)), 03/15/2024 to 04/15/2038(c)(e)		401,341		24,085
7.54% (7.65% - (1.00 x 1 mo. USD LIBOR)), 07/15/2026(c)(e)		28,161		2,377
8.59% (8.70% - (1.00 x 1 mo. USD LIBOR)), 07/17/2028(c)(e)		73,574		4,787
7.99% (8.10% - (1.00 x 1 mo. USD LIBOR)), 06/15/2029 to 09/15/2029(c)(e)		203,915		30,772
6.59% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035(c)(e)		893,754		121,784
6.64% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035(c)(e)		151,688		20,435
6.61% (6.72% - (1.00 x 1 mo. USD LIBOR)), 05/15/2035(c)(e)		241,917		32,260
6.89% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037(c)(e)		20,828		4,162
5.96% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038(c)(e)		1,112,357		183,691
1.75%, 02/15/2039(a)		2,810,684		168,101
6.14% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039(c)(e)		278,822		44,157
5.99% (6.10% - (1.00 x 1 mo. USD LIBOR)), 01/15/2044(c)(e)		343,741		37,533
Freddie Mac Seasoned Loans Structured Transaction, Series 2019-1, Class A2, 3.50%, 05/25/2029		2,000,000		2,118,531
Freddie Mac STRIPS, IO, 3.00%, 12/15/2027(c)		587,957		34,012
3.27%, 12/15/2027(a)		143,899		7,420
6.50%, 02/01/2028(c)		37,971		4,818
7.00%, 09/01/2029(c)		282,558		45,716
7.50%, 12/15/2029(c)		19,763		3,441
8.00%, 06/15/2031(c)		505,659		109,432
6.00%, 12/15/2032(c)		103,326		15,205
0.00%, 12/01/2031 to 03/01/2032(d)		271,173		254,817
0.61%(1 mo. USD LIBOR + 0.50%), 05/15/2036(e)		704,711		714,904
Freddie Mac Structured Pass-Through Ctfs., 6.50%, 02/25/2043(e)		1,361,625		1,598,548
Freddie Mac Whole Loan Securities Trust, Series 2015-SC02, Class 1A, 3.00%, 09/25/2045		312,466		312,651
				51,093,298

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

8                                   Invesco Quality Income Fund

	Principal Amount		Value
Federal Home Loan Mortgage Corp. (FHLMC)–17.53%
6.50%, 04/01/2022 to 04/01/2034	$	706,385	$          776,747
9.00%, 08/01/2022 to 05/01/2025		4,887	5,204
6.00%, 10/01/2022 to 10/01/2029		292,705	324,973
5.50%, 01/01/2024 to 12/01/2036		144,400	158,675
2.50%, 02/01/2031 to 10/01/2051		21,917,639	22,529,279
8.50%, 03/01/2031 to 08/01/2031		135,961	156,051
7.00%, 10/01/2031 to 10/01/2037		227,771	257,325
7.50%, 01/01/2032 to 08/01/2037		6,210,158	7,084,666
3.00%, 02/01/2032 to 05/01/2050		41,641,710	43,856,365
8.00%, 08/01/2032		88,567	101,084
5.00%, 01/01/2037 to 06/01/2040		2,074,169	2,351,992
4.50%, 05/01/2038 to 11/01/2049		7,078,850	7,813,771
5.35%, 07/01/2038 to 10/17/2038		1,207,902	1,341,931
5.80%, 10/01/2038 to 01/20/2039		603,696	669,304
5.45%, 11/25/2038		1,141,387	1,266,866
4.00%, 06/01/2042 to 07/01/2049		22,497,055	24,613,148
3.50%, 09/01/2045 to 05/01/2050		22,881,549	24,583,550
2.00%, 12/01/2051 to 01/01/2052		18,900,323	18,894,243
			156,785,174
Federal National Mortgage Association (FNMA)–55.84%
6.00%, 01/01/2022 to 05/01/2040		2,205,868	2,457,205
5.50%, 02/01/2022 to 04/01/2038		3,950,971	4,409,698
5.00%, 06/01/2022 to 01/01/2041		2,873,688	3,225,860
2.00%, 03/01/2023 to 01/01/2052		61,000,813	61,706,483
4.50%, 04/01/2023 to 07/01/2044		5,043,546	5,540,907
7.00%, 07/01/2023 to 01/01/2036		1,715,492	1,920,071
6.50%, 08/01/2023 to 11/01/2038		3,053,613	3,399,954
0.38%, 08/25/2025		4,000,000	3,892,059
0.50%, 11/07/2025		17,000,000	16,592,789
1.88%, 09/24/2026		5,358,000	5,507,883
7.50%, 02/01/2027 to 08/01/2037		2,452,959	2,784,728
3.59%, 10/01/2028		9,586,000	10,713,279
3.79%, 11/01/2028		10,962,000	12,374,954
3.00%, 02/01/2029 to 06/01/2051		70,456,531	74,349,236
9.50%, 04/01/2030		9,873	10,738
8.50%, 07/01/2032 to 10/01/2032		199,186	236,945

	Principal Amount		Value
Federal National Mortgage Association (FNMA)–(continued)
5.63%, 08/01/2032	$	75,053	$            78,072
8.00%, 04/01/2033		206,759	244,804
3.50%, 11/01/2034 to 05/01/2050		53,917,236	57,803,372
2.50%, 03/01/2035 to 11/01/2051		28,225,989	29,022,787
5.45%, 01/01/2038		253,755	269,462
4.00%, 02/01/2042 to 03/01/2050		45,902,410	50,054,732
TBA, 2.50%, 01/01/2052(f)		112,675,000	114,964,254
3.00%, 01/01/2052 to 02/01/2052(f)		36,700,000	37,982,043
			499,542,315
Government National Mortgage Association (GNMA)–10.94%
7.00%, 11/15/2022 to 01/20/2030		209,193	222,709
9.00%, 02/15/2023		60	60
6.50%, 01/15/2024 to 10/15/2028		34,119	37,498
3.00%, 12/16/2025 to 02/20/2050		3,236,382	3,364,928
6.00%, 06/15/2028 to 04/20/2029		110,722	122,632
7.50%, 06/15/2028 to 08/15/2028		146,184	149,243
8.00%, 09/15/2028		4,112	4,129
5.50%, 05/15/2033 to 10/15/2034		348,278	394,617
4.77%, 07/17/2033		78,267	79,557
7.13%, 11/20/2033(b)		1,401,915	1,579,647
5.00%, 11/20/2037		361,790	388,796
5.90%, 01/20/2039(b)		948,092	1,086,116
4.51%, 07/20/2041(b)		954,114	1,045,364
1.92%, 09/20/2041		787,907	815,537
0.55% (1 mo. USD LIBOR + 0.45%), 07/20/2044(e)		574,352	577,815
3.50%, 05/20/2046 to 06/20/2050		17,239,394	18,169,514
4.00%, 02/20/2048 to 03/20/2050		5,413,497	5,802,448
IO, 6.54% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041(c)(e)		1,551,237	221,297
4.50%, 09/16/2047(c)		886,881	129,008
6.09% (6.20% - (1.00 x 1 mo. USD LIBOR)), 10/16/2047(c)(e)		830,569	138,982
TBA, 2.00%, 01/01/2052(f)		30,284,000	30,559,778
2.50%, 01/01/2052(f)		23,848,000	24,423,679
Series 2020-137, Class A, 1.50%, 04/16/2062		8,738,804	8,548,237
			97,861,591

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

9                                   Invesco Quality Income Fund

	Principal Amount		Value
Uniform Mortgage-Backed Securities–14.77%
TBA, 1.50%, 01/01/2037(f)	$	17,200,000	$     17,247,371
2.00%, 01/01/2037 to 01/01/2052(f)		114,849,000	114,899,765
			132,147,136
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $953,208,678)			937,429,514
Asset-Backed Securities–9.81%
Adjustable Rate Mortgage Trust, Series 2005-7, Class 2A21, 0.77%, 10/25/2035(b)		194,284	178,742
Agate Bay Mortgage Trust, Series 2015-2, Class B1, 3.66%, 03/25/2045(b)(g)		1,832,524	1,847,235
Banc of America Funding Trust, Series 2006-3, Class 5A5, 5.50%, 03/25/2036		32,964	32,612
Series 2006-A, Class 1A1, 2.60%, 02/20/2036(b)		274,878	276,996
Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-1, Class 2A1, 2.89%, 03/25/2035(b)		955,725	958,863
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.50%, 01/15/2051(a)		17,444,192	429,028
BINOM Securitization Trust, Series 2021-INV1, Class A1, 2.03%, 06/25/2056(b)(g)		4,285,000	4,300,351
BX Commercial Mortgage Trust, Series 2018-BIOA, Class C, 1.23% (1 mo. USD LIBOR + 1.12%), 03/15/2037(e)(g)		6,291,319	6,279,530
CCG Receivables Trust, Series 2019-1, Class B, 3.22%, 09/14/2026(g)		1,400,000	1,424,380
Series 2019-1, Class C, 3.57%, 09/14/2026(g)		340,000	347,005
Series 2019-2, Class C, 2.89%, 03/15/2027(g)		405,000	410,602
CD Mortgage Trust, Series 2017- CD6, Class XA, IO, 0.92%, 11/13/2050(a)		7,297,644	264,722
Chase Mortgage Finance Corp., Series 2016-2, Class M4, 3.75%, 12/25/2045(b)(g)		1,846,142	1,858,171
Series 2016-SH1, Class M3, 3.75%, 04/25/2045(b)(g)		1,608,435	1,620,721
Chase Mortgage Finance Trust, Series 2005-A1, Class 3A1, 2.90%, 12/25/2035(b)		16,027	15,447
Series 2007-A2, Class 2A1, 2.36%, 06/25/2035(b)		277,249	281,874
Series 2007-A2, Class 2A4, 2.36%, 06/25/2035(b)		256,119	258,717
Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class XA, IO, 1.00%, 11/10/2046(a)		5,020,712	75,330
Series 2017-C4, Class XA, IO, 1.08%, 10/12/2050(a)		19,437,854	853,411

	Principal Amount		Value
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A4, 1.85%, 08/25/2034(b)	$	65,133	$            64,027
Series 2005-11, Class A2A, 2.47% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035(e)		609,402	621,902
Series 2006-AR2, Class 1A2, 2.56%, 03/25/2036(b)		17,438	16,913
COMM Mortgage Trust, Series 2013-LC13, Class XA, IO, 1.00%, 08/10/2046(a)		19,476,290	259,539
Series 2015-CR24, Class XA, IO, 0.75%, 08/10/2048(a)		39,498,557	926,581
Commonbond Student Loan Trust, Series 2018-CGS, Class A1, 3.87%, 02/25/2046(g)		1,209,297	1,239,754
Countrywide Home Loans Mortgage Pass-Through Trust, Series 2004-29, Class 1A1, 0.64% (1 mo. USD LIBOR + 0.54%), 02/25/2035(e)		210,713	207,237
Credit Suisse Mortgage Capital Trust, Series 2013-7, Class B1, 3.53%, 08/25/2043(b)(g)		1,740,422	1,755,876
Credit Suisse Mortgage Loan Trust, Series 2015-1, Class A9, 3.50%, 05/25/2045(b)(g)		412,464	414,262
CSFB Mortgage-Backed Pass-Through Ctfs., Series 2004-AR5, Class 5A1, 2.74%, 06/25/2034(b)		457,602	475,395
Dell Equipment Finance Trust, Series 2019-2, Class D, 2.48%, 04/22/2025(g)		875,000	880,319
Deutsche Mortgage Securities, Inc. Re-REMIC Trust Ctfs., Series 2007-WM1, Class A1, 3.10%, 06/27/2037(b)(g)		1,764,074	1,783,486
Galton Funding Mortgage Trust, Series 2018-1, Class A33, 3.50%, 11/25/2057(b)(g)		568,542	571,848
GMACM Mortgage Loan Trust, Series 2005-AR3, Class 2A1, 2.96%, 06/19/2035(b)		685,166	697,690
GSAA Home Equity Trust, Series 2007-7, Class A4, 0.64% (1 mo. USD LIBOR + 0.54%), 07/25/2037(e)		33,811	33,712
GSR Mortgage Loan Trust, Series 2004-12, Class 3A6, 1.46%, 12/25/2034(b)		261,605	265,095
Series 2005-AR, Class 6A1, 3.02%, 07/25/2035(b)		150,048	155,657
Invitation Homes Trust, Series 2018-SFR3, Class B, 1.26% (1 mo. USD LIBOR + 1.15%), 07/17/2037(e)(g)		1,250,941	1,251,617
Series 2018-SFR4, Class C, 1.51% (1 mo. USD LIBOR + 1.40%), 01/17/2038(e)(g)		4,228,805	4,238,353

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

10                                   Invesco Quality Income Fund

	Principal Amount		Value
JP Morgan Mortgage Trust, Series 2005-A1, Class 3A1, 2.59%, 02/25/2035(b)	$	516,195	$          510,590
Series 2005-A3, Class 6A5, 2.73%, 06/25/2035(b)		309,259	318,130
Series 2014-1, Class 1A17, 0.79%, 01/25/2044(b)(g)		876,719	883,707
Series 2015-3, Class A3, 3.50%, 05/25/2045(b)(g)		873,299	882,530
Series 2017-5, Class A1, 3.06%, 10/26/2048(b)(g)		1,093,121	1,119,995
Series 2019-INV2, Class A15, 3.50%, 02/25/2050(b)(g)		235,806	238,330
Luminent Mortgage Trust, Series 2006-1, Class A1, 0.82% (1 mo. USD LIBOR + 0.72%), 04/25/2036(e)		33,813	30,890
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A2, 2.62%, 04/21/2034(b)		136,961	139,643
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 3A, 2.15%, 11/25/2035(b)		262,959	264,582
Series 2005-A, Class A1, 0.56% (1 mo. USD LIBOR + 0.46%), 03/25/2030(e)		345,746	336,618
Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.78%, 12/15/2050(a)		6,686,758	254,574
Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061(b)(g)		7,758,812	7,736,917
PRKCM Trust, Series 2021-AFC2, Class A1, 2.07%, 11/25/2056(b)(g)		8,909,929	8,893,439
Progress Residential Trust, Series 2020-SFR1, Class C, 2.18%, 04/17/2037(g)		2,500,000	2,486,249
Residential Accredit Loans, Inc. Trust, Series 2006-QO2, Class A2, 0.64% (1 mo. USD LIBOR + 0.54%), 02/25/2046(e)		41,843	11,843
Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		37,718	35,899
Sapphire Aviation Finance II Ltd., Series 2020-1A, Class B, 4.34%, 03/15/2040(g)		5,610,803	4,986,671
SGR Residential Mortgage Trust, Series 2021-2, Class A1, 1.74%, 12/25/2061(b)(g)		8,449,100	8,390,953
Shellpoint Asset Funding Trust, Series 2013-1, Class A3, 3.75%, 07/25/2043(b)(g)		491,715	492,688
Starwood Mortgage Residential Trust, Series 2021-6, Class A1, 1.92%, 11/25/2066(b)(g)		4,994,174	4,992,150
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-13, Class A2, 0.40% (1 mo. USD LIBOR + 0.30%), 09/25/2034(e)		283,713	272,621
Series 2004-20, Class 3A1, 2.94%, 01/25/2035(b)		70,999	72,098

	Principal Amount		Value
Structured Asset Mortgage Investments II Trust, Series 2005-AR2, Class 2A1, 0.56% (1 mo. USD LIBOR + 0.46%), 05/25/2045(e)	$	610,834	$          593,970
Structured Asset Sec Mortgage Pass-Through Ctfs., Series 2002-21A, Class B1II, 2.16%, 11/25/2032(b)		80,239	80,662
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 0.99%, 11/15/2050(a)		12,744,010	515,421
Vendee Mortgage Trust, Series 1999-3, Class IO, 0.00%, 10/15/2029(b)		5,516,135	6
Series 2001-3, Class IO, 0.00%, 10/15/2031(b)		2,521,820	3
Series 2002-2, Class IO, 0.02%, 01/15/2032(b)		6,823,933	4,696
Series 2002-3, Class IO, 0.31%, 08/15/2032(b)		8,469,504	65,554
Series 2003-1, Class IO, 0.11%, 11/15/2032(b)		13,499,827	38,404
Verus Securitization Trust, Series 2019-INV3, Class A2, 2.95%, 11/25/2059(b)(g)		1,955,301	1,996,693
WaMu Mortgage Pass-Through Ctfs. Trust, Series 2003-AR10, Class A7, 2.49%, 10/25/2033(b)		162,711	164,807
Series 2007-HY2, Class 2A1, 2.81%, 11/25/2036(b)		50,199	47,584
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, IO, 0.88%, 12/15/2050(a)		9,261,347	422,360
Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051(g)		2,892,750	2,951,467
Total Asset-Backed Securities (Cost $89,368,500)			87,805,744
Certificates of Deposit–8.38%
Diversified Banks–5.59%
Norinchukin Bank (Japan), 0.27% (SOFR + 0.22%), 06/16/2022(e)		25,000,000	25,001,389
Royal Bank of Canada (Canada), 0.25% (SOFR + 0.20%), 11/10/2022(e)		25,000,000	24,989,330
			49,990,719
Regional Banks–2.79%
Svenska Handelsbanken AB (Sweden), 0.28% (SOFR + 0.23%), 11/30/2022(e)		25,000,000	24,992,821
Total Certificates of Deposit (Cost $75,000,000)			74,983,540
Commercial Paper–8.37%
Diversified Banks–2.80%
Toronto-Dominion Bank (The) (Canada), 0.24%(SOFR + 0.19%), 11/15/2022		25,000,000	25,003,286
Diversified Capital Markets–2.79%
UBS AG (Switzerland), 0.28%(SOFR + 0.23%), 11/16/2022(g)		25,000,000	24,998,925

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

11                                   Invesco Quality Income Fund

	Principal Amount		Value
Investment Banking & Brokerage–2.78%
Goldman Sachs International, 0.45%, 11/10/2022(g)	$	25,000,000	$	24,895,115
Total Commercial Paper (Cost $74,902,188)				74,897,326
U.S. Treasury Securities–5.03%
U.S. Treasury Bills–0.30%
0.05%, 02/17/2022(h)(i)		2,652,000		2,651,839
U.S. Treasury Floating Rate Notes–3.02%
0.12%, 04/30/2023(e)		16,000,000		16,001,659
0.11%, 07/31/2023(e)		11,000,000		11,002,470
				27,004,129
U.S. Treasury Notes–1.71%
1.13%, 02/28/2027		2,000,000		1,984,688
0.50%, 10/31/2027		14,000,000		13,326,250
				15,310,938
Total U.S. Treasury Securities (Cost $45,113,667)				44,966,906

	Principal Amount		Value
Agency Credit Risk Transfer Notes–0.03%
Fannie Mae Connecticut Avenue Securities, Series 2015-C03, Class 2M2, 5.10% (1 mo. USD LIBOR + 5.00%), 07/25/2025 (Cost $231,333)(e)	$	239,413	$	240,274
	Shares
Money Market Funds–1.04%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(j)(k) (Cost $9,273,851)		9,273,851		9,273,851
TOTAL INVESTMENTS IN SECURITIES–137.45% (Cost $1,247,098,217)				1,229,597,155
OTHER ASSETS LESS LIABILITIES–(37.45)%				(334,997,726	)
NET ASSETS–100.00%			$	894,599,429

Investment Abbreviations:
ACES	– Automatically Convertible Extendable Security
COFI	– Cost of Funds Index
Ctfs.	– Certificates
IO	– Interest Only
LIBOR	– London Interbank Offered Rate
MTA	– Moving Treasury Average
PO	– Principal Only
REMICs	– Real Estate Mortgage Investment Conduits
SOFR	– Secured Overnight Financing Rate
STRIPS	– Separately Traded Registered Interest and Principal Security
TBA	– To Be Announced
USD	– U.S. Dollar

Notes to Schedule of Investments:

^(a)  Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. 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 December 31, 2021.

^(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 December 31, 2021.

^(c)  Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

^(d)  Zero coupon bond issued at a discount.

^(e)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2021. (f) Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1J.

^(g)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at December 31, 2021 was $126,169,339, which represented 14.10% of the Fund’s Net Assets.

^(h) All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1I.

⁽ⁱ⁾  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

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

	Value December 31, 2020		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value December 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$11,733,420	$	316,209,797	$	(318,669,366)	$	-	$	-		$9,273,851	$	(3,698	)
Invesco Liquid Assets Portfolio, Institutional Class		8,380,092		91,976,402		(100,357,307)		838		(25)		-		419
Invesco Treasury Portfolio, Institutional Class		13,409,570		147,024,183		(160,433,753)		-		-		-		336

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

12                                   Invesco Quality Income Fund

	Value December 31, 2020		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value December 31, 2021		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	$	-	$	39,095,226	$	(39,095,226)	$	-	$	-	$	-	$	44	*
Invesco Private Prime Fund		-		88,522,003		(88,522,003)		-		-		-		895	*
Total	$	33,523,082	$	682,827,611	$	(707,077,655)	$	838	$	(25)	$	9,273,851	$	(2,004	)

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

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

	Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury Long Bonds		14		March-2022	$	2,246,125		$	(24,938	)	$	(24,938	)
Short Futures Contracts
Interest Rate Risk
U.S. Treasury 2 Year Notes		81		March-2022		(17,671,922	)		10,125			10,125
U.S. Treasury 5 Year Notes		437		March-2022		(52,866,758	)		(203,836	)		(203,836	)
U.S. Treasury 10 Year Notes		258		March-2022		(33,660,937	)		(319,562	)		(319,562	)
U.S. Treasury 10 Year Ultra Notes		60		March-2022		(8,786,250	)		(107,969	)		(107,969	)
U.S. Treasury Ultra Bonds		7		March-2022		(1,379,875	)		(13,414	)		(13,414	)
Subtotal–Short Futures Contracts									(634,656	)		(634,656	)
Total Futures Contracts								$	(659,594	)	$	(659,594	)

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

December 31, 2021

Assets:
Investments in unaffiliated securities, at value (Cost $ 1,237,824,366)	$1,220,323,304
Investments in affiliated money market funds, at value (Cost $ 9,273,851)	9,273,851
Deposits with brokers:
Cash collateral - OTC Derivatives	325,000
Receivable for:
Investments sold	82,518,263
Fund shares sold	291,827
Dividends	115
Interest	2,054,851
Principal paydowns	1,635
Investment for trustee deferred compensation and retirement plans	279,307
Other assets	48,934
Total assets	1,315,117,087
Liabilities:
Other investments:
Variation margin payable - futures contracts	69,632
Payable for:
Investments purchased	417,224,966
Dividends	355,404
Fund shares reacquired	1,634,413
Amount due custodian	237,697
Accrued fees to affiliates	475,888
Accrued trustees’ and officers’ fees and benefits	131
Accrued other operating expenses	228,426
Trustee deferred compensation and retirement plans	291,101
Total liabilities	420,517,658
Net assets applicable to shares outstanding	$894,599,429
Net assets consist of:
Shares of beneficial interest	$995,428,598
Distributable earnings (loss)	(100,829,169)
	$894,599,429

Net Assets:
Class A	$697,347,131
Class C	$  32,752,059
Class R	$  24,551,254
Class Y	$106,018,654
Class R5	$       488,513
Class R6	$  33,441,818
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A	61,412,429
Class C	2,902,818
Class R	2,163,903
Class Y	9,301,160
Class R5	42,967
Class R6	2,933,637
Class A:
Net asset value per share	$         11.36
Maximum offering price per share (Net asset value of $11.36 ÷ 95.75%)	$         11.86
Class C:
Net asset value and offering price per share	$         11.28
Class R:
Net asset value and offering price per share	$         11.35
Class Y:
Net asset value and offering price per share	$         11.40
Class R5:
Net asset value and offering price per share	$         11.37
Class R6:
Net asset value and offering price per share	$         11.40

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 year ended December 31, 2021

Investment income:
Interest	$	14,254,583
Dividends from affiliated money market funds (includes securities lending income of $ 1,895)		(1,048	)
Total investment income		14,253,535
Expenses:
Advisory fees		4,111,114
Administrative services fees		147,340
Custodian fees		106,826
Distribution fees:
Class A		1,841,235
Class C		419,111
Class R		129,372
Transfer agent fees – A, C, R and Y		1,450,725
Transfer agent fees – R5		459
Transfer agent fees – R6		12,325
Trustees’ and officers’ fees and benefits		37,678
Registration and filing fees		121,956
Reports to shareholders		118,317
Professional services fees		93,138
Other		42,335
Total expenses		8,631,931
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(243,894	)
Net expenses		8,388,037
Net investment income		5,865,498
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(93,773	)
Affiliated investment securities		(25	)
Futures contracts		3,715,945
		3,622,147
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(24,570,303	)
Affiliated investment securities		838
Futures contracts		(841,111	)
		(25,410,576	)
Net realized and unrealized gain (loss)		(21,788,429	)
Net increase (decrease) in net assets resulting from operations	$	(15,922,931	)

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 years ended December 31, 2021 and 2020

	2021			2020
Operations:
Net investment income	$	5,865,498		$	22,097,562
Net realized gain		3,622,147			37,148,453
Change in net unrealized appreciation (depreciation)		(25,410,576	)		(6,951,444	)
Net increase (decrease) in net assets resulting from operations		(15,922,931	)		52,294,571
Distributions to shareholders from distributable earnings:
Class A		(23,336,759	)		(23,122,916	)
Class C		(980,466	)		(1,332,187	)
Class R		(725,039	)		(591,176	)
Class Y		(5,164,083	)		(6,224,427	)
Class R5		(15,287	)		(2,818,925	)
Class R6		(1,152,084	)		(2,473,646	)
Total distributions from distributable earnings		(31,373,718	)		(36,563,277	)
Share transactions–net:
Class A		(84,007,942	)		505,809,357
Class C		(19,118,430	)		44,527,497
Class R		(2,029,383	)		27,566,316
Class Y		(72,778,157	)		162,698,345
Class R5		114,913			(133,687,327	)
Class R6		2,041,712			8,997,464
Net increase (decrease) in net assets resulting from share transactions		(175,777,287	)		615,911,652
Net increase (decrease) in net assets		(223,073,936	)		631,642,946
Net assets:
Beginning of year		1,117,673,365			486,030,419
End of year	$	894,599,429		$	1,117,673,365

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

16                                   Invesco Quality Income Fund

Financial Highlights

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Year ended 12/31/21		$	11.90		$	0.07			$	(0.25	)		$	(0.18	)		$	(0.36	)		$	11.36		(1.55	)%(d)		$	697,347		0.84	%(d)		0.86	%(d)		0.57	%(d)		401	%
Year ended 12/31/20			11.72			0.26				0.36				0.62				(0.44	)			11.90		5.33	(d)			816,715		0.83	(d)		0.85	(d)		2.15	(d)		979
Year ended 12/31/19			11.48			0.35				0.33				0.68				(0.44	)			11.72		5.97	(e)			301,996		0.92	(e)		0.92	(e)		3.04	(e)		448
Year ended 12/31/18			11.95			0.36				(0.38	)			(0.02	)			(0.45	)			11.48		(0.15	)(e)			308,880		0.94	(e)		0.94	(e)		3.10	(e)		416
Year ended 12/31/17			12.11			0.26				(0.02	)			0.24				(0.40	)			11.95		1.98	(e)			353,256		0.96	(e)		0.96	(e)		2.15	(e)		516
Class C
Year ended 12/31/21			11.82			(0.02	)			(0.25	)			(0.27	)			(0.27	)			11.28		(2.35	)(d)			32,752		1.62	(d)		1.62	(d)		(0.21	)(d)		401
Year ended 12/31/20			11.64			0.16				0.37				0.53				(0.35	)			11.82		4.57	(d)			53,821		1.60	(d)		1.60	(d)		1.38	(d)		979
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
Class R
Year ended 12/31/21			11.89			0.03				(0.25	)			(0.22	)			(0.32	)			11.35		(1.84	)			24,551		1.12			1.12			0.29			401
Period ended 12/31/20(f)			11.79			0.14				0.21				0.35				(0.25	)			11.89		2.99				27,785		1.10	(g)		1.10	(g)		1.88	(g)		979
Class Y
Year ended 12/31/21			11.95			0.10				(0.26	)			(0.16	)			(0.39	)			11.40		(1.35	)			106,019		0.57			0.62			0.84			401
Year ended 12/31/20			11.77			0.29				0.36				0.65				(0.47	)			11.95		5.59				185,925		0.52			0.61			2.46			979
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
Class R5
Year ended 12/31/21			11.91			0.10				(0.25	)			(0.15	)			(0.39	)			11.37		(1.29	)			489		0.56			0.57			0.85			401
Year ended 12/31/20			11.76			0.30				0.33				0.63				(0.48	)			11.91		5.42				395		0.46			0.46			2.52			979
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
Class R6
Year ended 12/31/21			11.95			0.11				(0.26	)			(0.15	)			(0.40	)			11.40		(1.30	)			33,442		0.51			0.51			0.90			401
Year ended 12/31/20			11.77			0.30				0.36				0.66				(0.48	)			11.95		5.69				33,032		0.46			0.46			2.52			979
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(f)			12.14			0.23				(0.04	)			0.19				(0.33	)			12.00		1.61				10		0.58	(g)		0.58	(g)		2.53	(g)		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 year ended December 31, 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% and 0.99% for Class A and Class C shares for the years ended December 31, 2021 and 2020, respectively.

^(e)  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 years ended December 31, 2019, 2018 and 2017, respectively.

^(f)  Commencement date of May 15, 2020 and April 4, 2017 for Class R and Class R6 shares, respectively.

^(g)  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

December 31, 2021

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 eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

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

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

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

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses

18                                   Invesco Quality Income Fund

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.

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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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

I. 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

19                                   Invesco Quality Income Fund

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.

J. 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 borrowings.

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.

L. 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. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 100 million	0.4700	%
Next $150 million	0.4400	%
Next $250 million	0.4125	%
Next $2 billion	0.3825	%
Next $2.5 billion	0.3800	%
Next $2.5 billion	0.3650	%
Next $2.5 billion	0.3400	%
Next $2.5 billion	0.2950	%
Over $12.5 billion	0.2700	%

For the year ended December 31, 2021, the effective advisory fee rate incurred by the Fund was 0.41%.

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 June 1, 2021, the Adviser has contractually agreed, through at least June 30, 2022, 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 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to June 1, 2021, 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 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 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 June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2021, the Adviser waived advisory fees of $3,207 and reimbursed class level expenses of $163,881, $0, $0, $74,013, $41 and $1,214 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended December 31, 2021, expenses incurred under the agreement are shown in the

20                                   Invesco Quality Income Fund

Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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

    The Trust has entered into master distribution agreements with Invesco Distributors, Inc.(“IDI”) to serve as the distributor for the Class A, Class C, Class 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 (collectively the “Plan”). The Fund, pursuant to the Plans, 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, up to a maximum annual rate of 1.00% of the average daily net assets of Class C shares and up to a maximum annual rate of 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 Plan 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.

    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 year ended December 31, 2021, 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 year ended December 31, 2021, IDI advised the Fund that IDI retained $48,110 in front-end sales commissions from the sale of Class A shares and $28,116 and $4,285 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

    The following is a summary of the tiered valuation input levels, as of December 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2		Level 3		Total
Investments in Securities
U.S. Government Sponsored Agency Mortgage-Backed Securities	$	-		$	937,429,514		$-	$	937,429,514
Asset-Backed Securities		-			87,805,744		-		87,805,744
Certificates of Deposit		-			74,983,540		-		74,983,540
Commercial Paper		-			74,897,326		-		74,897,326
U.S. Treasury Securities		-			44,966,906		-		44,966,906
Agency Credit Risk Transfer Notes		-			240,274		-		240,274
Money Market Funds		9,273,851			-		-		9,273,851
Total Investments in Securities		9,273,851			1,220,323,304		-		1,229,597,155
Other Investments – Assets
Futures Contracts*		10,125			-		-		10,125
Other Investments – Liabilities
Futures Contracts*		(669,719	)		-		-		(669,719	)
Total Other Investments		(659,594	)		-		-		(659,594	)
Total Investments	$	8,614,257		$	1,220,323,304		$-	$	1,228,937,561

* 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

21                                   Invesco Quality Income Fund

close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2021:

	Value
Derivative Assets	Interest Rate Risk
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	10,125
Derivatives not subject to master netting agreements		(10,125	)
Total Derivative Assets subject to master netting agreements	$	-
	Value
Derivative Liabilities	Interest Rate Risk
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(669,719	)
Derivatives not subject to master netting agreements		669,719
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 year ended December 31, 2021

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

	Location of Gain (Loss) on Statement of Operations
	Interest Rate Risk
Realized Gain:
Futures contracts	$	3,715,945
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(841,111	)
Total	$	2,874,834

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

	Futures Contracts
Average notional value	$212,484,078

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 year ended December 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,538.

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.

22                                   Invesco Quality Income Fund

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

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

	2021		2020
Ordinary income*	$	31,373,718	$	36,563,277

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

Tax Components of Net Assets at Period-End:

	2021
Undistributed ordinary income	$	447,069
Net unrealized appreciation (depreciation) – investments		(17,650,160	)
Temporary book/tax differences		(246,469	)
Capital loss carryforward		(83,379,609	)
Shares of beneficial interest		995,428,598
Total net assets	$	894,599,429

    The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, amortization and accretion on debt securities and derivative instruments.

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

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

    The Fund has a capital loss carryforward as of December 31, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total
Not subject to expiration	$	33,407,443	$49,972,166	$	83,379,609

* 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. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2021 was $37,684,811 and $118,333,635, 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	$	8,654,927
Aggregate unrealized (depreciation) of investments		(26,305,087	)
Net unrealized appreciation (depreciation) of investments	$	(17,650,160	)

    Cost of investments for tax purposes is $1,246,587,721.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of dollar rolls and paydowns, on December 31, 2021, undistributed net investment income was increased by $20,853,712 and undistributed net realized gain (loss) was decreased by $20,853,712. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

NOTE 11–Share Information

			Summary of Share Activity
	Year ended				Year ended
	December 31, 2021(a)				December 31, 2020
	Shares		Amount		Shares		Amount
Sold:
Class A		5,247,785	$	61,226,557		9,608,985	$	113,931,060
Class C		442,265		5,135,542		1,543,605		18,182,166
Class R(b)		457,434		5,336,274		268,172		3,174,177
Class Y		4,240,157		49,957,902		8,221,237		97,658,153
Class R5		9,444		110,786		1,004,337		11,838,726
Class R6		2,160,441		25,243,150		985,393		11,740,401

23                                    Invesco Quality Income Fund

				Summary of Share Activity
	Year ended						Year ended
	December 31, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		1,707,161		$	19,856,606			1,598,746		$	19,010,511
Class C		72,652			840,995			92,700			1,096,373
Class R(b)		61,299			712,320			48,868			581,505
Class Y		298,525			3,490,500			406,157			4,852,030
Class R5		1,271			14,775			225,459			2,674,292
Class R6		79,035			922,272			167,169			1,993,591
Automatic conversion of Class C shares to Class A shares:
Class A		490,064			5,712,148			1,231,595			14,657,324
Class C		(493,153	)		(5,712,148	)		(1,239,080	)		(14,657,324	)
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		(14,665,238	)		(170,803,253	)		(18,559,225	)		(220,089,276	)
Class C		(1,671,452	)		(19,382,819	)		(1,522,712	)		(17,959,375	)
Class R(b)		(691,970	)		(8,077,977	)		(363,024	)		(4,320,636	)
Class Y		(10,800,066	)		(126,226,559	)		(21,712,815	)		(258,743,355	)
Class R5		(916	)		(10,648	)		(12,476,505	)		(148,210,540	)
Class R6		(2,070,983	)		(24,123,710	)		(13,264,473	)		(158,444,735	)
Net increase (decrease) in share activity		(15,126,245	)	$	(175,777,287	)		52,467,409		$	615,911,652

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 16% 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 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. 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 year ended December 31, 2020 assuming the reorganization had been completed on January 1, 2020, the beginning of the annual reporting period are as follows:

Net investment income	$	29,401,833
Net realized/unrealized gains		52,565,798
Change in net assets resulting from operations	$	81,967,631

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.

24                                   Invesco Quality Income Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Quality Income Fund

Opinion on the Financial Statements

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

Basis for Opinion

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

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

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2022

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

25                                    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 July 1, 2021 through December 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

			ACTUAL			HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/21)		Ending Account Value (12/31/21)1		Expenses Paid During Period2	Ending Account Value (12/31/21)		Expenses Paid During Period2	Annualized Expense Ratio
Class A		$1,000.00		$993.60	$4.42		$1,020.77	$4.48		0.88%
Class C		1,000.00		988.70	8.22		1,016.94	8.34		1.64
Class R		1,000.00		992.20	5.72		1,019.46	5.80		1.14
Class Y		1,000.00		994.00	3.22		1,021.98	3.26		0.64
Class R5		1,000.00		994.10	2.97		1,022.23	3.01		0.59
Class R6		1,000.00		994.50	2.61		1,022.58	2.65		0.52

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

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

26                                   Invesco Quality Income Fund

Tax Information

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

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

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

Federal and State Income Tax
Qualified Dividend Income*	0.00%
Corporate Dividends Received Deduction*	0.00%
U.S. Treasury Obligations*	1.65%
Qualified Business Income*	0.00%
Business Interest Income*	98.73%
*  The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

27                                    Invesco Quality Income Fund

Trustees and Officers

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

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

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

T-1                                   Invesco Quality Income Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	186	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler –1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	186	None

T-2                                   Invesco Quality Income Fund

Trustees and Officers–(continued)

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

T-3                                   Invesco Quality Income Fund

Trustees and Officers–(continued)

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

T-4                                   Invesco Quality Income Fund

Trustees and Officers–(continued)

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

T-5                                   Invesco Quality Income Fund

Trustees and Officers–(continued)

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

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

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6                                   Invesco Quality Income Fund

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

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

SEC file number(s): 811-02699 and 002-57526                         Invesco Distributors, Inc. VK-QINC-AR-1

Annual Report to Shareholders December 31, 2021

Invesco Select Risk: Conservative Investor Fund

Nasdaq:

A: OACIX ∎ C: OCCIX ∎ R: ONCIX ∎ Y: OYCIX ∎ R5: PXCIX ∎ R6: PXCCX

2	Management’s Discussion
2	Performance Summary
3	Long-Term Fund Performance
5	Supplemental Information
7	Schedule of Investments
9	Financial Statements
12	Financial Highlights
13	Notes to Financial Statements
18	Report of Independent Registered Public Accounting Firm
19	Fund Expenses
20	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2021, Class A shares of Invesco Select Risk: Conservative Investor Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Select Risk: Conservative Investor Index, the Fund’s style-specific benchmark.

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

Fund vs. Indexes

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

Class A Shares	3.11	%
Class C Shares	2.41
Class R Shares	2.84
Class Y Shares	3.38
Class R5 Shares	3.38
Class R6 Shares	3.37
Bloomberg Global Aggregate Index, Hedgedq	-1.39
Custom Invesco Select Risk: Conservative Investor Index∎	2.41
MSCI All Country World Indexq	18.54
Source(s): qRIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

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

    During the second quarter of 2021, global equity markets were again bolstered by the continued acceleration of vaccination rollouts and easing of COVID-19-related restrictions in most developed markets. In a reversal from the first quarter, growth stocks outperformed value stocks in most regions. Emerging market equities were led by Brazil which benefited from global tailwinds, while regulatory concerns weighed on Chinese equities.

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

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

tightening and slowing economic growth. Overall, developed market equities outperformed emerging market equities for the fiscal year.

    Strategic asset class exposures in the Fund are obtained through investments in underlying representative mutual funds and exchange-traded funds targeting a predefined level of risk. From an absolute performance perspective, strategic allocations to US equity and alternative investments, like real estate, were the leading contributors to positive performance. Specifically, within US equity, exposures to low volatility, growth and value equities were the leading contributors to positive absolute performance. Strategic allocations to global real estate also meaningfully contributed to absolute performance. In contrast, strategic allocations to emerging market equity produced negative returns and were the leading detractors from absolute performance.

    Relative to the Fund’s custom index, manager selection and an underweight allocation to equity were the leading detractors from relative performance results. Within the allocation to equity, the Invesco International Select Equity Fund and Invesco Developing Markets Fund were the leading detractors from relative performance. These Funds delivered negative returns in 2021 and substantially underperformed broader equities as uncertainty around inflation and regulatory concerns in China muted investors’ risk appetite. An underweight allocation to equity relative to the Custom Invesco Select Risk: Conservative Investor Index also detracted from relative performance results.

    Conversely, style selection within the allocations to US equities and fixed income benefited relative performance. Within the fixed income allocation, the Invesco Master Loan Fund, Invesco 1-30 Laddered Treasury ETF

and Invesco Taxable Municipal Bond ETF were the top contributors to relative performance. Select holdings within the allocation to US equities also contributed to relative performance results. Invesco S&P 500^® Pure Value ETF, Invesco Russell 1000 Dynamic Multifactor ETF and Invesco S&P 500^® Pure Growth ETF all posted gains during the fiscal year and were meaningful contributors to relative results.

    Please note that the Fund and some of the Fund’s underlying funds may use derivatives, including futures and total return swaps, which may create economic leverage in the underlying funds. Therefore, some of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    It has been our privilege to oversee Invesco Select Risk: Conservative Investor Fund and we thank you for your continued investment.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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

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

2                                   Invesco Select Risk: Conservative Investor Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/11

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

3                                   Invesco Select Risk: Conservative Investor Fund

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (4/5/05)	2.61	%
10 Years	4.48
5 Years	4.54
1 Year	-2.53
Class C Shares
Inception (4/5/05)	2.56	%
10 Years	4.44
5 Years	4.97
1 Year	1.43
Class R Shares
Inception (4/5/05)	2.67	%
10 Years	4.81
5 Years	5.46
1 Year	2.84
Class Y Shares
Inception (4/5/05)	3.24	%
10 Years	5.34
5 Years	6.00
1 Year	3.38
Class R5 Shares
10 Years	5.16	%
5 Years	5.91
1 Year	3.38
Class R6 Shares
10 Years	5.16	%
5 Years	5.91
1 Year	3.37

Effective May 24, 2019, Class A, Class C, Class R and Class Y shares of the Oppen-heimer 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. Returns shown above, for periods ending on or 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 on or 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 on or 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 re-

flect 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

Supplemental Information

Invesco Select Risk: Conservative Investor Fund’s investment objective is to seek total return.

∎ Unless otherwise stated, information presented in this report is as of December 31, 2021, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ The Bloomberg Global Aggregate 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 Global Aggregate Index, Hedged.

∎ The MSCI All Country World Index 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 Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

5                                   Invesco Select Risk: Conservative Investor Fund

Fund Information

Portfolio Composition*

By fund type	% of total investments
Fixed Income Funds		75.65	%
Equity Funds		18.54
Alternative Funds		5.28
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.

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. Data presented here are as of December 31, 2021.

6                                    Invesco Select Risk: Conservative Investor Fund

Schedule of Investments

December 31, 2021

Invesco Select Risk: Conservative Investor Fund

Schedule of Investments in Affiliated Issuers–99.60%^(a)

	% of Net Assets 12/31/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 12/31/21		Value 12/31/21
Alternative Funds–5.26%
Invesco Fundamental Alternatives Fund, Class R6		-		$	13,986,535	$	-	$	(14,154,114	)	$	(16,558	) $		184,137		$	-		-	$	-
Invesco Global Real Estate Income Fund, Class R6		2.01	%		10,227,659		977,702		(3,461,008	)		1,293,293			453,741			239,156		948,191		9,491,387
Invesco Macro Allocation Strategy Fund, Class R6		3.25	%		14,661,433		5,632,050		(4,012,128	)		(952,511	)		593,818			851,356		1,805,108		15,397,574
Invesco Master Event-Linked Bond Fund, Class R6		-			3,960,574		101,705		(3,502,539	)		1,018,436			(1,578,176	)		97,359		-		-
Total Alternative Funds					42,836,201		6,711,457		(25,129,789	)		1,342,660			(346,480	)		1,187,871				24,888,961
Domestic Equity Funds–10.91%
Invesco Discovery Mid Cap Growth Fund, Class R6		1.95	%		10,845,900		2,048,473		(4,281,940	)		(148,108	)		1,998,872			-		252,094		9,221,620
Invesco Main Street Small Cap Fund, Class R6		1.51	%		-		9,506,870		(2,282,940	)		(103,390	)		568,650			6,211		334,119		7,136,773
Invesco Russell 1000 Dynamic Multifactor ETF		1.77	%		18,608,499		208,330		(13,995,579	)		(1,863,928	)		5,397,582			121,660		164,791		8,354,904
Invesco S&P 500® Low Volatility ETF		1.98	%		11,341,029		-		(4,075,351	)		1,525,672			570,468			178,484		136,410		9,361,818
Invesco S&P 500® Pure Growth ETF		2.47	%		19,781,494		300,259		(12,143,779	)		1,133,300			2,629,868			653		55,503		11,701,142
Invesco S&P 500® Pure Value ETF		1.23	%		18,173,537		374,767		(17,188,643	)		(1,236,195	)		5,713,753			197,785		72,216		5,837,219
Total Domestic Equity Funds					78,750,459		12,438,699		(53,968,232	)		(692,649	)		16,879,193			504,793				51,613,476
Fixed Income Funds–75.34%
Invesco 1-30 Laddered Treasury ETF		11.81	%		-		70,386,389		(16,594,174	)		1,727,292			365,232			558,655		1,528,576		55,884,739
Invesco Core Plus Bond Fund, Class R6		17.39	%		115,621,032		6,013,182		(35,834,737	)		(2,363,249	)		(332,006	)		2,028,894		7,453,964		82,291,759
Invesco Fundamental High Yield® Corporate Bond ETF		6.46	%		35,190,716		5,770,875		(10,375,921	)		(164,669	)		167,538			1,144,398		1,575,105		30,588,539
Invesco Income Fund, Class R6(b)		3.73	%		29,738,894		1,068,521		(13,529,100	)		(930,376	)		1,313,398			723,762		2,241,690		17,642,100
Invesco International Bond Fund, Class R6		6.88	%		77,383,125		5,978,879		(43,374,219	)		(9,184,537	)		2,994,734			159,638		6,383,464		32,555,668
Invesco Master Loan Fund, Class R6		7.71	%		46,707,873		1,821,427		(13,666,994	)		2,834,836			(1,239,489	)		1,788,493		2,267,789		36,457,653
Invesco Taxable Municipal Bond ETF		13.94	%		74,498,238		10,193,760		(17,769,322	)		(714,407	)		(274,854	)		1,886,665		2,000,407		65,933,415
Invesco Variable Rate Investment Grade ETF		7.42	%		45,693,665		935,846		(11,636,235	)		(2,249	)		137,129			312,813		1,401,762		35,128,156
Total Fixed Income Funds					424,833,543		102,168,879		(162,780,702	)		(8,797,359	)		3,131,682			8,603,318				356,482,029
Foreign Equity Funds–7.56%
Invesco Developing Markets Fund, Class R6		2.40	%		-		16,405,287		(3,396,787	)		(1,775,484	)		659,347			61,400		241,608		11,355,550
Invesco Global Infrastructure Fund, Class R6		0.77	%		4,152,129		74,947		(1,210,003	)		475,451			170,312			74,947		283,282		3,662,836
Invesco International Select Equity Fund, Class R6		2.41	%		11,772,020		4,576,643		(2,575,945	)		(2,446,183	)		329,750			45,735		901,661		11,406,016
Invesco S&P International Developed Low Volatility ETF		1.98	%		11,519,699		151,526		(2,986,296	)		414,680			248,801			321,730		292,870		9,348,410
Total Foreign Equity Funds					27,443,848		21,208,403		(10,169,031	)		(3,331,536	)		1,408,210			503,812				35,772,812
Money Market Funds–0.53%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)		0.15	%		1,233,888		46,417,753		(46,926,430	)		-			-			238		725,211		725,211
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(c)		0.20	%		1,651,899		33,071,774		(33,783,798	)		85			(228	)		197		939,544		939,732
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)		0.18	%		1,410,158		53,048,860		(53,630,205	)		-			-			102		828,813		828,813
Total Money Market Funds					4,295,945		132,538,387		(134,340,433	)		85			(228	)		537				2,493,756
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $454,018,019)		99.60	%	$	578,159,996	$	275,065,825	$	(386,388,187	)	$	(11,478,799	)(d)	$	21,072,377	(d)(e)	$	10,800,331			$	471,251,034
OTHER ASSETS LESS LIABILITIES		0.40	%																			1,904,846
NET ASSETS		100.00	%																		$	473,155,880

Investment Abbreviations:

ETF - Exchange-Traded Fund

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                                   Invesco Select Risk: Conservative 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) Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

^(c) The rate shown is the 7-day SEC standardized yield as of December 31, 2021.

^(d) Amounts exclude return of capital received from previously held underlying funds due to the timing of the determination of the character of dividends received.

(e) Includes capital gains distributions from affiliated underlying funds as follows:

Fund Name	Capital Gain
Invesco Core Plus Bond Fund	$	812,464
Invesco Developing Markets Fund		536,813
Invesco Discovery Mid Cap Growth Fund		1,241,577
Invesco International Select Equity Fund		250,269
Invesco Macro Allocation Strategy Fund		525,088
Invesco Main Street Small Cap Fund		552,417

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month	Notional Value		Value		Unrealized Appreciation (Depreciation)
Equity Risk
E-Mini S&P 500 Index		5	March-2022	$	1,189,625		$ 24,815	$	24,815
Interest Rate Risk
Canada 10 Year Bonds		45	March-2022		5,073,639		151,547		151,547
EURO-BTP		54	March-2022		9,038,025		(170,297)		(170,297	)
Euro Bund		32	March-2022		6,243,350		(104,924)		(104,924	)
EURO-OAT		59	March-2022		10,959,026		(190,095)		(190,095	)
Japan 10 Year Bonds		29	March-2022		38,217,074		(100,843)		(100,843	)
Long Gilt		72	March-2022		12,172,204		63,346		63,346
Subtotal							(351,266)		(351,266	)
Total Futures Contracts							$(326,451)	$	(326,451	)

^(a) Futures contracts collateralized by $959,699 cash held with Merrill Lynch International, the futures commission merchant.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                                   Invesco Select Risk: Conservative Investor Fund

Statement of Assets and Liabilities

December 31, 2021

Assets:
Investments in affiliated underlying funds, at value (Cost $454,018,019)	$	471,251,034
Other investments:
Variation margin receivable – futures contracts		186,130
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		959,699
Cash		16,315
Receivable for:
Investments sold - affiliated underlying funds		1,541,290
Dividends - affiliated underlying funds		39
Fund shares sold		487,607
Investment for trustee deferred compensation and retirement plans		41,812
Other assets		42,893
Total assets		474,526,819

Liabilities:
Payable for:
Fund shares reacquired		1,043,510
Accrued fees to affiliates		241,352
Accrued trustees’ and officers’ fees and benefits		6,125
Accrued other operating expenses		38,140
Trustee deferred compensation and retirement plans		41,812
Total liabilities		1,370,939
Net assets applicable to shares outstanding	$	473,155,880
Net assets consist of:
Shares of beneficial interest	$	450,839,657
Distributable earnings		22,316,223
	$	473,155,880

Net Assets:
Class A	$	357,004,310
Class C	$	59,280,653
Class R	$	49,057,014
Class Y	$	7,785,193
Class R5	$	10,392
Class R6	$	18,318

Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A	36,116,497
Class C	6,064,582
Class R	4,974,215
Class Y	784,259
Class R5	1,053
Class R6	1,855

Class A:
Net asset value per share	$	9.88
Maximum offering price per share (Net asset value of $9.88 ÷ 94.50%)	$	10.46
Class C:
Net asset value and offering price per share	$	9.77
Class R:
Net asset value and offering price per share	$	9.86
Class Y:
Net asset value and offering price per share	$	9.93
Class R5:
Net asset value and offering price per share	$	9.87
Class R6:
Net asset value and offering price per share	$	9.87

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                                    Invesco Select Risk: Conservative Investor Fund

Statement of Operations

For the year ended December 31, 2021

Investment income:
Dividends from affiliated underlying funds	$	10,800,331
Expenses:
Custodian fees		8,681
Distribution fees:
Class A		982,143
Class C		637,745
Class R		247,998
Transfer agent fees – A, C, R and Y		668,158
Transfer agent fees – R5		10
Transfer agent fees – R6		17
Trustees’ and officers’ fees and benefits		28,696
Registration and filing fees		97,386
Professional services fees		49,655
Other		60,055
Total expenses		2,780,544
Less: Expenses reimbursed and/or expense offset arrangement(s)		(240,904	)
Net expenses		2,539,640
Net investment income		8,260,691

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares		17,511,760
Foreign currencies		39
Futures contracts		(711,466	)
Capital gain distributions from affiliated underlying fund shares		3,918,627
		20,718,960
Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		(11,814,850	)
Foreign currencies		(64,158	)
Futures contracts		(579,107	)
		(12,458,115	)
Net realized and unrealized gain		8,260,845
Net increase in net assets resulting from operations	$	16,521,536

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                                    Invesco Select Risk: Conservative Investor Fund

Statement of Changes in Net Assets

For the years ended December 31, 2021 and 2020

	2021			2020
Operations:
Net investment income	$	8,260,691		$	9,317,781
Net realized gain		20,718,960			30,134,961
Change in net unrealized appreciation (depreciation)		(12,458,115	)		2,686,700
Net increase in net assets resulting from operations		16,521,536			42,139,442
Distributions to shareholders from distributable earnings:
Class A		(16,015,519	)		(9,106,360	)
Class C		(2,221,005	)		(1,084,172	)
Class R		(2,048,476	)		(956,249	)
Class Y		(364,777	)		(206,906	)
Class R5		(523	)		(251	)
Class R6		(895	)		(251	)
Total distributions from distributable earnings		(20,651,195	)		(11,354,189	)
Share transactions–net:
Class A		(91,535,827	)		12,699,579
Class C		(8,582,614	)		(24,711,856	)
Class R		(1,783,064	)		(173,607	)
Class Y		(982,778	)		152,309
Class R6		8,132			—
Net increase (decrease) in net assets resulting from share transactions		(102,876,151	)		(12,033,575	)
Net increase (decrease) in net assets		(107,005,810	)		18,751,678

Net assets:
Beginning of year		580,161,690		561,410,012
End of year	$	473,155,880	$	580,161,690

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                                    Invesco Select Risk: Conservative Investor Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(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
Year ended 12/31/21		$	10.03		$	0.17		$	0.14			$	0.31			$	(0.35	)		$	(0.11	)		$	(0.46	)		$	9.88		3.11	%(f)		$	357,004		0.37	%(f)		0.42	%(f)		1.68	%(f)		27	%
Year ended 12/31/20			9.46			0.18			0.60				0.78				(0.21	)			-				(0.21	)			10.03		8.29	(f)			451,258		0.33	(f)		0.43	(f)		1.85	(f)		80
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
Class C
Year ended 12/31/21			9.92			0.09			0.14				0.23				(0.27	)			(0.11	)			(0.38	)			9.77		2.31				59,281		1.13			1.18			0.92			27
Year ended 12/31/20			9.35			0.10			0.61				0.71				(0.14	)			-				(0.14	)			9.92		7.55				68,581		1.09			1.19			1.09			80
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
Class R
Year ended 12/31/21			10.01			0.14			0.14				0.28				(0.32	)			(0.11	)			(0.43	)			9.86		2.84				49,057		0.63			0.68			1.42			27
Year ended 12/31/20			9.44			0.15			0.61				0.76				(0.19	)			-				(0.19	)			10.01		8.03				51,481		0.59			0.69			1.59			80
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
Class Y
Year ended 12/31/21			10.08			0.20			0.14				0.34				(0.38	)			(0.11	)			(0.49	)			9.93		3.38				7,785		0.13			0.18			1.92			27
Year ended 12/31/20			9.49			0.20			0.63				0.83				(0.24	)			-				(0.24	)			10.08		8.71				8,821		0.09			0.19			2.09			80
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
Class R5
Year ended 12/31/21			10.03			0.20			0.14				0.34				(0.39	)			(0.11	)			(0.50	)			9.87		3.38				10		0.10			0.15			1.95			27
Year ended 12/31/20			9.45			0.20			0.62				0.82				(0.24	)			-				(0.24	)			10.03		8.67				11		0.04			0.14			2.14			80
Period ended 12/31/19(h)			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
Year ended 12/31/21			10.03			0.20			0.14				0.34				(0.39	)			(0.11	)			(0.50	)			9.87		3.37				18		0.10			0.15			1.95			27
Year ended 12/31/20			9.45			0.20			0.62				0.82				(0.24	)			-				(0.24	)			10.03		8.67				11		0.04			0.14			2.14			80
Period ended 12/31/19(h)			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 0.47% and 0.55% for the years ended December 31, 2021 and 2020, respectively.

^(d)  Does not include indirect expenses from affiliated fund fees and expenses of 0.46%, 0.48%, 0.53% and 0.54% for the eleven months ended December 31, 2019, and for the years ended January 31, 2019, 2018 and 2017, respectively.

^(e)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the years ended December 31, 2021 and 2020, respectively.

^(g)  Annualized.

^(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 Select Risk: Conservative Investor Fund

Notes to Financial Statements

December 31, 2021

NOTE 1–Significant Accounting Policies

Invesco Select Risk: 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 eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities 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 revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or

13                                   Invesco Select Risk: Conservative Investor 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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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 based on relative net assets of Class R5 and Class R6. 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 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

14                                   Invesco Select Risk: Conservative Investor Fund

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.

M. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

    The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Advisor 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 April 30, 2022, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (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 the Fund’s average daily net assets (the “expense limits”). Effective May 1, 2022, the Adviser has contractually agreed, through at least April 30, 2023, 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 C, Class R, Class Y, Class R5 and Class R6 shares to 0.50%, 1.25%, 0.75%, 0.25%, 0.25%, and 0.25%, respectively, of the Fund’s average daily net assets. Prior to May 31, 2021, Invesco had contractually agreed to waive fees and/or reimburse certain Fund expenses at an annual rate of 0.10% of the Fund’s average daily net assets. In determining the Adviser’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, 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 expense reimbursement agreement, it will terminate on April 30, 2023. During its term, the expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement without approval of the Board of Trustees.

For the year ended December 31, 2021, the Adviser reimbursed class level expenses of $188,217, $27,333, $20,501, $3,929, $4 and $7 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended December 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2021, IDI advised the Fund that IDI retained $62,827 in front-end sales commissions from the sale of Class A shares and $9,019 and $1,870 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

15                                   Invesco Select Risk: Conservative Investor Fund

available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1-	Prices are determined using quoted prices in an active market for identical assets.
Level 2-	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3-	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2		Level 3		Total
Investments in Securities
Affiliated Issuers		$468,757,278			$–		$–		$468,757,278
Money Market Funds		2,493,756			–		–		2,493,756
Total Investments in Securities		471,251,034			–		–		471,251,034
Other Investments - Assets*
Futures Contracts		239,708			–		–		239,708
Other Investments - Liabilities*
Futures Contracts		(566,159	)		–		–		(566,159	)
Total Other Investments		(326,451	)		–		–		(326,451	)
Total Investments		$470,924,583			$–		$–		$470,924,583

* 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 December 31, 2021:

	Value
Derivative Assets	Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	24,815		$	214,893		$	239,708
Derivatives not subject to master netting agreements		(24,815	)		(214,893	)		(239,708	)
Total Derivative Assets subject to master netting agreements	$	-		$	-		$	-

	Value
Derivative Liabilities	Equity Risk		Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	-	$	(566,159	)	$	(566,159	)
Derivatives not subject to master netting agreements		-		566,159			566,159
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 year ended December 31, 2021

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Statement of Operations
	Equity Risk		Interest Rate Risk			Total
Realized Gain (Loss): Futures contracts	$	260,610	$	(972,076	)	$	(711,466	)

16                                    Invesco Select Risk: Conservative Investor Fund

	Location of Gain (Loss) on
	Statement of Operations
	Equity		Interest
	Risk		Rate Risk			Total
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts	$	1,274	$	(580,381	)	$	(579,107	)
Total	$	261,884	$	(1,552,457	)	$	(1,290,573	)

The table below summarizes the average notional value of derivatives held during the period.

	Futures
	Contracts
Average notional value	$	86,078,721

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 year ended December 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $913.

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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2021 and 2020:

	2021		2020
Ordinary income*	$	20,651,195	$	11,354,189

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2021
Undistributed ordinary income	$	4,603,813
Net unrealized appreciation – investments		17,774,626
Net unrealized appreciation (depreciation) – foreign currencies		(24,158	)
Temporary book/tax differences		(38,058	)
Shares of beneficial interest		450,839,657
Total net assets	$	473,155,880

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, derivative instruments and partnerships.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2021.

17                                   Invesco Select Risk: Conservative Investor Fund

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2021 was $142,527,438 and $252,047,755, 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	$	24,504,819
Aggregate unrealized (depreciation) of investments		(6,730,193	)
Net unrealized appreciation of investments	$	17,774,626

      Cost of investments for tax purposes is $ 453,149,957.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, distributions and partnerships, on December 31, 2021, undistributed net investment income was increased by $2,267,282, undistributed net realized gain was decreased by $2,220,479 and shares of beneficial interest was decreased by $46,803. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information

					Summary of Share Activity
	Year ended							Year ended
	December 31, 2020(a)							December 31, 2020
	Shares				Amount			Shares			Amount
Sold:
Class A		8,829,161			$	90,142,169			6,943,913		$	65,709,180
Class C		1,312,657				13,172,393			1,930,745			17,728,957
Class R		940,856				9,573,909			1,377,592			12,870,672
Class Y		328,551				3,353,031			239,075			2,224,344
Class R6		765				7,770			-			-
Issued as reinvestment of dividends:				��
Class A		1,575,051				15,482,752			890,069			8,874,077
Class C		224,018				2,179,692			108,600			1,070,611
Class R		208,786				2,048,191			96,031			955,442
Class Y		32,815				323,891			18,560			185,785
Class R6		38				374			-			-
Automatic conversion of Class C shares to Class A shares:
Class A		771,456				7,832,170			1,736,145			16,974,667
Class C		(782,269	)			(7,832,170	)		(1,757,261	)		(16,974,667	)
Reacquired:
Class A		(20,030,567	)			(204,992,918	)		(8,510,124	)		(78,858,345	)
Class C		(1,602,165	)			(16,102,529	)		(2,879,745	)		(26,536,757	)
Class R		(1,318,513	)			(13,405,164	)		(1,525,369	)		(13,999,721	)
Class Y		(452,556	)			(4,659,700	)		(244,843	)		(2,257,820	)
Class R6		(1	)			(12	)		-			-
Net increase (decrease) in share activity		(9,961,917	)		$	(102,876,151	)		(1,576,612	)	$	(12,033,575	)

^(a) There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 7% 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.

18                                   Invesco Select Risk: Conservative Investor Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Select Risk: Conservative Investor Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Select Risk: Conservative Investor Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021 and the financial highlights for each of the periods indicated in the    table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For the two years ended December 31, 2021 and the eleven months ended December 31, 2019 for Class A, Class C, Class R and Class Y.

For the two years ended December 31, 2021 and the period May 24, 2019 (commencement date) through December 31, 2019 for Class R5 and Class R6.

The financial statements of Oppenheimer Portfolio Series Conservative Investor Fund (subsequently renamed Invesco Select Risk: Conservative Investor Fund) as of and for the year ended January 31, 2019 and the financial highlights for each of the periods ended on or prior to January 31, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated March 25, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2022

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

19                                   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 July 1, 2021 through December 31, 2021.

    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)		Annualized     Expense Ratio
	Beginning     Account Value     (07/01/21)	Ending     Account Value     (12/31/21)1	Expenses Paid During Period2	Ending     Account Value     (12/31/21)	Expenses     Paid During     Period2
Class A	$1,000.00	$1,007.00	$2.02	$1,023.19	$2.04	0.40%
Class C	1,000.00	1,003.90	5.86	1,019.36	5.90	1.16
Class R	1,000.00	1,005.30	3.34	1,021.88	3.36	0.66
Class Y	1,000.00	1,008.70	0.81	1,024.40	0.82	0.16
Class R5	1,000.00	1,007.70	0.76	1,024.45	0.77	0.15
Class R6	1,000.00	1,007.60	0.76	1,024.45	0.77	0.15

¹ The actual ending account value is based on the actual total return of the Fund for the period July 1, 2021 through December 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

20                                   Invesco Select Risk: Conservative Investor Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2021:

Federal and State Income Tax
Qualified Dividend Income*	8.10	%
Corporate Dividends Received Deduction*	5.31	%
U.S. Treasury Obligations*	3.24	%
Qualified Business Income*	0.00	%
Business Interest Income*	47.48	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$5,023,951

21                                    Invesco Select Risk: Conservative Investor Fund

Trustees and Officers

The address of each trustee and officer is AIM Growth Series (Invesco Growth Series) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee             and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex   Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	186	None

¹ Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1                                   Invesco Select Risk: Conservative Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee             and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex   Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	186	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler —1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	186	None

T-2                                    Invesco Select Risk: Conservative Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee             and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex   Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds

T-3                                    Invesco Select Risk: Conservative Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and             Position(s)     Held with the Trust	Trustee             and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex   Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4                                    Invesco Select Risk: Conservative Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and             Position(s)     Held with the Trust	Trustee             and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex   Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Officers-(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5                                    Invesco Select Risk: Conservative Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and             Position(s)     Held with the Trust	Trustee             and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex   Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Officers-(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6                                    Invesco Select Risk: 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 portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-02699 and 002-57526 Invesco Distributors, Inc. O-OPSCI-AR-1

Annual Report to Shareholders December 31, 2021

Invesco Select Risk: Growth Investor Fund

Nasdaq:

A: AADAX ∎ C: AADCX ∎ R: AADRX ∎ S: AADSX ∎ Y: AADYX ∎ R5: AADIX ∎ R6: AAESX

2	Management’s Discussion
2	Performance Summary
3	Long-Term Fund Performance
5	Supplemental Information
7	Schedule of Investments
9	Financial Statements
12	Financial Highlights
13	Notes to Financial Statements
18	Report of Independent Registered Public Accounting Firm
19	Fund Expenses
20	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2021, Class A shares of Invesco Select Risk: Growth Investor Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Select Risk: Growth Investor Index, the Fund’s style-specific benchmark.

    Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 12/31/20 to 12/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	13.55	%
Class C Shares	12.64
Class R Shares	13.24
Class S Shares	13.62
Class Y Shares	13.82
Class R5 Shares	13.84
Class R6 Shares	13.95
Bloomberg Global Aggregate Index, Hedgedq	-1.39
Custom Invesco Select Risk: Growth Investor Index∎	14.36
MSCI All Country World Indexq	18.54
Source(s): qRIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Global equity markets ended the first quarter of 2021 in positive territory amid concerns about rising bond yields and inflation, with value stocks outperforming growth stocks. The successful rollout of coronavirus (COVID-19) vaccinations in the US and UK benefited equity markets. However, even regions facing slower rollouts, including the Eurozone and Japan, performed well, driven by a rebound in global demand for goods.

    During the second quarter of 2021, global equity markets were again bolstered by the continued acceleration of vaccination rollouts and easing of COVID-19-related restrictions in most developed markets. In a reversal from the first quarter, growth stocks outperformed value stocks in most regions. Emerging market equities were led by Brazil which benefited from global tailwinds, while regulatory concerns weighed on Chinese equities.

    Developed global equity markets were flat in the third quarter of 2021 amid concerns about rising inflation, supply disruptions and the economic growth rate. Emerging market equities declined during the quarter, primarily due to weak performance from Chinese equities, which were affected by significant regulatory changes in the private tutoring industry, increased regulation in the technology sector and the potential default of a large Chinese property developer.

    Most developed global equity markets ended the fourth quarter of 2021 in positive territory despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the quarter, resulting in higher costs for companies and consumers. Emerging market equities declined due to COVID-19 concerns and

China’s ongoing regulatory tightening and slowing economic growth. Overall, developed market equities outperformed emerging market equities for the fiscal year.

    Strategic asset class exposures in the Fund are obtained through underlying representative mutual funds and exchange-traded funds targeting a pre-defined level of risk. From an absolute Fund performance perspective, strategic allocations to the US and international equities produced positive performance and led results. Exposure to large-, mid- and small-cap US equities were the leading contributors to positive absolute performance. In contrast, strategic allocations to emerging markets equities produced negative returns and were the leading detractors from absolute performance.

    From a relative performance perspective, manager selection and an underweight allocation to equities was the leading detractor from relative Fund performance results. Within the allocation to equity, the Invesco International Select Equity Fund, Invesco Developing Markets Fund and Invesco Emerging Markets All Cap Fund were the leading detractors from relative performance. The Funds delivered negative total returns for the fiscal year and underperformed broader equities as inflation concerns and uncertainty around the Chinese regulatory regime and property market hurt many stocks in the underlying portfolio. The Invesco Macro Allocation Strategy Fund also detracted slightly from relative Fund performance.

    Conversely, style selection in US equity and an underweight allocation to fixed income contributed to relative Fund performance results. The Invesco S&P SmallCap Low Volatility ETF and Invesco Russell 1000 Dynamic Multifactor ETF each posted strong gains for the fiscal year and were the best contributors

to relative performance. The Invesco S&P 500 Pure Growth ETF also was a notable contributor, as growth stocks generally outperformed most of the other equity factors. The Fund was underweight in fixed income relative to the benchmark throughout the fiscal year, which also bolstered relative to performance.

    Please note that the Fund and some of the Fund’s underlying funds may use derivatives, including futures and total return swaps, which may create economic leverage in the underlying funds. Therefore, some of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    It has been our privilege to oversee Invesco Select Risk: Growth Investor Fund, and we thank you for your continued investment.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

2                                   Invesco Select Risk: Growth Investor Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/11

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

3                                   Invesco Select Risk: Growth Investor Fund

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (4/30/04)	6.43	%
10 Years	8.24
5 Years	8.98
1 Year	7.31
Class C Shares
Inception (4/30/04)	6.42	%
10 Years	8.18
5 Years	9.40
1 Year	11.64
Class R Shares
Inception (4/30/04)	6.51	%
10 Years	8.57
5 Years	9.94
1 Year	13.24
Class S Shares
Inception (9/25/09)	8.74	%
10 Years	8.95
5 Years	10.33
1 Year	13.62
Class Y Shares
Inception (10/3/08)	8.39	%
10 Years	9.11
5 Years	10.48
1 Year	13.82
Class R5 Shares
Inception (4/30/04)	7.12	%
10 Years	9.21
5 Years	10.58
1 Year	13.84
Class R6 Shares
10 Years	9.03	%
5 Years	10.57
1 Year	13.95

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

Supplemental Information

Invesco Select Risk: Growth Investor Fund’s investment objective is long-term growth of capital consistent with a higher level of risk relative to the broad stock market.

∎ Unless otherwise stated, information presented in this report is as of December 31, 2021, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ The Bloomberg Global Aggregate 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: Growth Investor Index is composed of 80% MSCI All Country World Index and 20% Bloomberg Global Aggregate Index, Hedged.

∎ The MSCI All Country World Index 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.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

5                                    Invesco Select Risk: Growth Investor Fund

Fund Information

Portfolio Composition*

By fund type	% of total investments
Equity Funds	78.32%
Fixed Income Funds	15.60
Alternative Funds	5.02
Money Market Funds	1.06

* Based on the Schedule of Investments, which classifies each underlying fund and other investments into broad asset classes based on their predominant investments.

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. Data presented here are as of December 31, 2021.

6                                    Invesco Select Risk: Growth Investor Fund

Schedule of Investments

December 31, 2021

Invesco Select Risk: Growth Investor Fund

Schedule of Investments in Affiliated Issuers–100.02%^(a)

	% of Net Assets 12/31/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 12/31/21		Value 12/31/21
Alternative Funds–5.06%
Invesco Fundamental Alternatives Fund, Class R6		-		$	26,253,146	$	-	$	(26,567,719	)	$	(128,416)		$	442,989		$	-		-	$	-
Invesco Global Real Estate Income Fund, Class R6		1.85	%		21,319,927		977,314		(4,683,164	)		3,094,736			288,194			486,831		2,097,603		20,997,007
Invesco Macro Allocation Strategy Fund, Class R6		3.21	%		26,774,908		12,057,557		-			(2,314,954	)		1,245,319			2,019,110		4,281,068		36,517,511
Invesco Master Event-Linked Bond Fund, Class R6		-			7,013,706		180,108		(6,202,560	)		92,606			(1,083,860	)		172,262		-		-
Total Alternative Funds					81,361,687		13,214,979		(37,453,443	)		743,972			892,642			2,678,203				57,514,518
Domestic Equity Funds–43.00%
Invesco Discovery Mid Cap Growth Fund, Class R6		8.83	%		74,682,050		38,279,253		(15,653,713	)		1,809,081			14,804,601			-		2,744,757		100,403,223
Invesco Main Street Small Cap Fund, Class R6		8.28	%		106,213,845		9,739,449		(37,039,130	)		4,567,606			17,250,266			71,315		4,408,507		94,165,710
Invesco Russell 1000 Dynamic Multifactor ETF		7.19	%		83,006,379		-		(21,672,738	)		13,948,532			6,476,192			865,668		1,612,591		81,758,365
Invesco S&P 500® Low Volatility ETF(b)		6.47	%		68,334,182		1,935,986		(11,248,741	)		13,030,267			1,545,883			1,234,064		1,072,382		73,597,577
Invesco S&P 500® Pure Growth ETF		4.74	%		63,275,332		3,032,977		(27,010,188	)		6,463,170			8,222,332			2,416		256,065		53,983,623
Invesco S&P SmallCap Low Volatility ETF		7.49	%		99,963,901		-		(38,215,946	)		14,247,621			9,226,425			1,023,075		1,636,053		85,222,001
Total Domestic Equity Funds					495,475,689		52,987,665		(150,840,456	)		54,066,277			57,525,699			3,196,538				489,130,499
Fixed Income Funds–15.70%
Invesco 1-30 Laddered Treasury ETF		1.99	%		-		22,036,362		(105,387	)		699,466			89			208,002		618,997		22,630,530
Invesco Core Plus Bond Fund, Class R6		7.35	%		83,929,791		7,794,190		(5,090,750	)		(2,818,642	)		578,617			1,861,527		7,569,578		83,568,140
Invesco Income Fund, Class R6(c)		1.71	%		20,003,647		3,927,296		(4,608,178	)		131,767			60,247			661,505		2,477,911		19,501,163
Invesco Taxable Municipal Bond ETF(b)		3.69	%		30,296,027		12,124,629		(198,010	)		(275,207	)		(7,421	)		1,026,703		1,272,452		41,940,018
Invesco Variable Rate Investment Grade ETF(c)		0.96	%		11,457,290		411,950		(936,740	)		32,357			1,103			84,934		437,512		10,964,051
Total Fixed Income Funds					145,686,755		46,294,427		(10,939,065	)		(2,230,259	)		632,635			3,842,671				178,603,902
Foreign Equity Funds–35.80%
Invesco Emerging Markets All Cap Fund, Class R6		3.16	%		24,340,678		16,548,230		(763,024	)		(4,228,041	)		1,325,950			323,847		944,651		35,943,960
Invesco Developing Markets Fund, Class R6		5.15	%		24,573,836		44,368,029		(2,532,046	)		(8,008,494	)		2,705,350			296,970		1,244,900		58,510,292
Invesco Global Fund, Class R6		11.02	%		112,903,781		20,373,411		(18,277,917	)		8,088,934			10,507,901			-		995,694		125,308,070
Invesco Global Infrastructure Fund, Class R6		1.04	%		10,650,372		220,090		(794,212	)		1,710,000			56,396			220,090		915,905		11,842,646
Invesco International Select Equity Fund, Class R6		3.48	%		36,786,039		10,795,547		(439,568	)		(7,621,228	)		854,337			148,958		3,127,273		39,560,007
Invesco International Small-Mid Company Fund, Class R6		3.84	%		38,065,912		7,709,108		(3,625,137	)		1,351,958			4,147,127			165,715		767,820		43,711,969
Invesco RAFI™ Strategic Developed ex-US ETF		2.85	%		31,318,591		-		(2,442,680	)		3,139,610			589,196			1,151,735		1,069,363		32,423,086
Invesco S&P Emerging Markets Low Volatility ETF		2.26	%		24,273,124		-		(1,179,221	)		2,538,253			106,681			1,126,656		1,038,275		25,738,837
Invesco S&P International Developed Low Volatility ETF		3.00	%		31,490,580		609,277		-			2,057,033			-			1,022,117		1,070,078		34,156,890
Total Foreign Equity Funds					334,402,913		100,623,692		(30,053,805	)		(971,975	)		20,292,938			4,456,088				407,195,757
Money Market Funds–0.46%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)		0.16	%		2,496,991		37,044,909		(37,721,720	)		-			-			399		1,820,180		1,820,180

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                                    Invesco Select Risk: Growth Investor Fund

Invesco Select Risk: Growth Investor Fund (continued)

Schedule of Investments in Affiliated Issuers–100.02%^(a)

	% of Net Assets 12/31/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Dividend Income			Shares 12/31/21		Value 12/31/21
Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(d)		0.12	%	$	1,856,660	$	26,422,638		$(26,910,507)		$	32	$	(71	) $		191			1,368,478	$	1,368,752
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)		0.18	%		2,853,704		42,337,038		(43,110,537	)		-		-			169			2,080,205		2,080,205
Total Money Market Funds					7,207,355		105,804,585		(107,742,764	)		32		(71	)		759					5,269,137
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $938,676,516)		100.02	%		1,064,134,399		318,925,348		(337,029,533	)		51,608,047		79,343,843			14,174,259					1,137,713,813
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.60%
Invesco Private Government Fund, 0.02%(d)(e)		0.18	%		4,087,142		107,426,792		(109,464,992	)		-		-			446	(f)		2,048,942		2,048,942
Invesco Private Prime Fund, 0.11%(d)(e)		0.42	%		6,130,713		218,062,261		(219,412,618	)		-		509			5,800	(f)		4,779,909		4,780,865
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,829,807)		0.60	%		10,217,855		325,489,053		(328,877,610	)		-		509			6,246					6,829,807
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $945,506,323)		100.62	%	$	1,074,352,254	$	644,414,401	$	(665,907,143	)	$	51,608,047	$	79,344,352	(g)(h)	$	14,180,505	(g)			$	1,144,543,620
OTHER ASSETS LESS LIABILITIES		(0.62	)%																			(7,099,357	)
NET ASSETS		100.00	%																		$	1,137,444,263

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) All or a portion of this security was out on loan at December 31, 2021.

^(c)  Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

^(d)  The rate shown is the 7-day SEC standardized yield as of December 31, 2021.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1H.

^(f)  Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(g)  Amounts exclude return of capital received from previously held underlying funds due to the timing of the determination of the character of dividends received.

^(h)  Includes capital gains distributions from affiliated underlying funds as follows:

Fund Name	Capital Gain
Invesco Emerging Markets All Cap Fund	$	1,279,833
Invesco Developing Markets Fund		2,596,383
Invesco Discovery Mid Cap Growth Fund		13,518,049
Invesco Global Fund		8,288,040
Invesco International Select Equity Fund		815,120
Invesco International Small-Mid Company Fund		3,936,999
Invesco Main Street Small Cap Fund		6,566,326
Invesco RAFI™ Strategic Developed ex-US ETF		181,631
Invesco Core Plus Bond Fund		825,066
Invesco Macro Allocation Strategy Fund		1,245,319

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

December 31, 2021

Assets:
Investments in affiliated underlying funds, at value (Cost $945,506,323)*	$	1,144,543,620
Cash		244,467
Receivable for:
Dividends - affiliated underlying funds		17,670
Fund shares sold		329,729
Investment for trustee deferred compensation and retirement plans		174,256
Other assets		51,574
Total assets		1,145,361,316
Liabilities:
Payable for:
Fund shares reacquired		153,856
Collateral upon return of securities loaned		6,829,807
Accrued fees to affiliates		614,792
Accrued other operating expenses		128,570
Trustee deferred compensation and retirement plans		190,028
Total liabilities		7,917,053
Net assets applicable to shares outstanding	$	1,137,444,263
Net assets consist of:
Shares of beneficial interest	$	895,882,368
Distributable earnings		241,561,895
	$	1,137,444,263

Net Assets:
Class A	$	1,017,510,859
Class C	$	54,150,697
Class R	$	26,032,072
Class S	$	24,254,134
Class Y	$	14,853,574
Class R5	$	49,064
Class R6	$	593,863
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		60,398,109
Class C		3,258,096
Class R		1,549,407
Class S		1,441,733
Class Y		884,506
Class R5		2,898
Class R6		35,073
Class A:
Net asset value per share	$	16.85
Maximum offering price per share (Net asset value of $16.85 ÷ 94.50%)	$	17.83
Class C:
Net asset value and offering price per share	$	16.62
Class R:
Net asset value and offering price per share	$	16.80
Class S:
Net asset value and offering price per share	$	16.82
Class Y:
Net asset value and offering price per share	$	16.79
Class R5:
Net asset value and offering price per share	$	16.93
Class R6:
Net asset value and offering price per share	$	16.93

* At December 31, 2021, securities with an aggregate value of $5,406,802 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 year ended December 31, 2021

Investment income:
Dividends from affiliated underlying funds (includes securities lending income of $ 151,796)	$	14,313,122
Expenses:
Administrative services fees		165,044
Custodian fees		834
Distribution fees:
Class A		2,494,533
Class C		565,131
Class R		120,689
Class S		36,832
Transfer agent fees – A, C, R, S and Y		1,671,586
Transfer agent fees – R5		144
Trustees’ and officers’ fees and benefits		33,798
Registration and filing fees		135,309
Reports to shareholders		108,614
Professional services fees		45,598
Other		23,995
Total expenses		5,402,107
Less: Expense offset arrangement(s)		(1,500	)
Net expenses		5,400,607
Net investment income		8,912,515
Realized and unrealized gain from:
Net realized gain from:
Affiliated underlying fund shares		40,104,010
Capital gain distributions from affiliated underlying fund shares		39,252,766
		79,356,776
Change in net unrealized appreciation of affiliated underlying fund shares		51,608,047
Net realized and unrealized gain		130,964,823
Net increase in net assets resulting from operations	$	139,877,338

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 years ended December 31, 2021 and 2020

	2021			2020
Operations:
Net investment income	$	8,912,515		$	8,170,687
Net realized gain		79,356,776			96,705,341
Change in net unrealized appreciation		51,608,047			7,345,082
Net increase in net assets resulting from operations		139,877,338			112,221,110
Distributions to shareholders from distributable earnings:
Class A		(60,863,717	)		(98,165,277	)
Class C		(2,894,317	)		(6,815,985	)
Class R		(1,476,979	)		(2,169,184	)
Class S		(1,492,207	)		(2,486,920	)
Class Y		(918,692	)		(1,144,725	)
Class R5		(3,107	)		(48,255	)
Class R6		(38,398	)		(61,584	)
Total distributions from distributable earnings		(67,687,417	)		(110,891,930	)
Share transactions–net:
Class A		5,099,523			56,275,195
Class C		(7,933,298	)		(14,377,780	)
Class R		3,156,194			672,313
Class S		(1,001,865	)		837,895
Class Y		3,587,352			494,302
Class R5		(434,271	)		455,236
Class R6		(226,919	)		531,649
Net increase in net assets resulting from share transactions		2,246,716			44,888,810
Net increase in net assets		74,436,637			46,217,990
Net assets:
Beginning of year		1,063,007,626			1,016,789,636
End of year	$	1,137,444,263		$	1,063,007,626

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                                     Invesco Select Risk: Growth Investor Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income(a)(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
Year ended 12/31/21		$	15.80		$	0.14		$	1.98			$	2.12			$	(0.25	)		$	(0.82	)		$	(1.07	)		$	16.85		13.55	%		$	1,017,511		0.45	%		0.45	%		0.83	%		19	%
Year ended 12/31/20			15.79			0.14			1.71				1.85				(0.27	)			(1.57	)			(1.84	)			15.80		11.87				948,121		0.47			0.47			0.92			90
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
Class C
Year ended 12/31/21			15.60			0.01			1.95				1.96				(0.12	)			(0.82	)			(0.94	)			16.62		12.64				54,151		1.20			1.20			0.08			19
Year ended 12/31/20			15.64			0.02			1.70				1.72				(0.19	)			(1.57	)			(1.76	)			15.60		11.09				58,187		1.22			1.22			0.17			90
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
Class R
Year ended 12/31/21			15.76			0.10			1.97				2.07				(0.21	)			(0.82	)			(1.03	)			16.80		13.24				26,032		0.70			0.70			0.58			19
Year ended 12/31/20			15.75			0.10			1.71				1.81				(0.23	)			(1.57	)			(1.80	)			15.76		11.64				21,447		0.72			0.72			0.67			90
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
Class S
Year ended 12/31/21			15.78			0.16			1.97				2.13				(0.27	)			(0.82	)			(1.09	)			16.82		13.62				24,254		0.35			0.35			0.93			19
Year ended 12/31/20			15.77			0.15			1.72				1.87				(0.29	)			(1.57	)			(1.86	)			15.78		11.98				23,627		0.37			0.37			1.02			90
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
Class Y
Year ended 12/31/21			15.75			0.19			1.97				2.16				(0.30	)			(0.82	)			(1.12	)			16.79		13.82				14,854		0.20			0.20			1.08			19
Year ended 12/31/20			15.74			0.17			1.72				1.89				(0.31	)			(1.57	)			(1.88	)			15.75		12.16				10,589		0.22			0.22			1.17			90
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
Class R5
Year ended 12/31/21			15.88			0.19			1.99				2.18				(0.31	)			(0.82	)			(1.13	)			16.93		13.84				49		0.14			0.14			1.14			19
Year ended 12/31/20			15.86			0.19			1.72				1.91				(0.32	)			(1.57	)			(1.89	)			15.88		12.20				453		0.14			0.14			1.25			90
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
Class R6
Year ended 12/31/21			15.88			0.22			1.97				2.19				(0.32	)			(0.82	)			(1.14	)			16.93		13.95				594		0.05			0.05			1.23			19
Year ended 12/31/20			15.85			0.19			1.73				1.92				(0.32	)			(1.57	)			(1.89	)			15.88		12.27				584		0.14			0.14			1.25			90
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
Period ended 12/31/17(f)			14.84			0.19			1.43				1.62				(0.35	)			–				(0.35	)			16.11		10.94				11		0.20	(g)		0.20	(g)		1.67	(g)		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 were 0.54%, 0.58%, 0.58%, 0.55% and 0.58% for the years ended December 31, 2021, 2020, 2019, 2018 and 2017, respectively.

^(e)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)  Commencement date of April 4, 2017.

^(g) 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

December 31, 2021

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, or other unaffiliated advisers. The Adviser 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 eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations - Securities 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.

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 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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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 based on relative net assets of Class R5 and Class R6. 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, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated 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.

On September 29, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (the “Adviser” or “Invesco”) to serve as an affiliated securities lending agent for the Fund. Prior to September 29, 2021, the Bank of New York Mellon (“BNYM”) served as the sole securities lending agent for the Fund under the securities lending program. BNYM also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2021, the Fund paid the Adviser $1,019 in fees for securities lending agent services.

I. Other Risks - Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small

14                                   Invesco Select Risk: Growth Investor Fund

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.

J. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Advisor 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 June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class 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 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, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended December 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class 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 year ended December 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2021, IDI advised the Fund that IDI retained $130,500 in front-end sales commissions from the sale of Class A shares and $24,123 and $2,206 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.

15                                    Invesco Select Risk: Growth Investor Fund

The following is a summary of the tiered valuation input levels, as of December 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3	Total
Investments in Securities
Affiliated Issuers	$	1,132,444,676	$	-	$-	$	1,132,444,676
Money Market Funds		5,269,137		6,829,807	-		12,098,944
Total Investments	$	1,137,713,813	$	6,829,807	$-	$	1,144,543,620

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended December 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,500.

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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2021 and 2020:

	2021		2020
Ordinary income*	$	44,545,753	$	27,610,614
Long-term capital gain		23,141,664		83,281,316
Total distributions	$	67,687,417	$	110,891,930

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2021
Undistributed ordinary income	$	7,101,172
Undistributed long-term capital gain		36,459,427
Net unrealized appreciation - investments		198,112,686
Temporary book/tax differences		(111,390	)
Shares of beneficial interest		895,882,368
Total net assets	$	1,137,444,263

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and partnerships.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2021.

16                                   Invesco Select Risk: Growth Investor Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2021 was $213,120,763 and $229,286,769, 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	$	203,113,840
Aggregate unrealized (depreciation) of investments		(5,001,154	)
Net unrealized appreciation of investments	$	198,112,686

      Cost of investments for tax purposes is $946,430,934.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions, on December 31, 2021, undistributed net investment income was increased by $7,331,363 and undistributed net realized gain was decreased by $7,331,363. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10–Share Information

	Summary of Share Activity
	Year ended						Year ended
	December 31, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		5,767,516		$	98,495,471			7,550,400		$	110,421,587
Class C		532,000			8,906,676			828,152			11,874,273
Class R		330,716			5,633,671			312,909			4,787,434
Class S		28,658			494,736			30,727			452,683
Class Y		360,974			6,177,497			199,589			3,030,442
Class R5		282			4,937			23,476			408,705
Class R6		197,960			3,408,627			33,318			488,312
Issued as reinvestment of dividends:
Class A		3,565,205			58,897,268			6,097,767			95,125,208
Class C		174,949			2,851,658			435,577			6,707,887
Class R		89,676			1,476,971			139,404			2,169,128
Class S		90,463			1,491,736			159,561			2,485,964
Class Y		49,021			806,880			67,938			1,056,429
Class R5		128			2,127			2,974			46,608
Class R6		2,127			35,307			3,849			60,309
Automatic conversion of Class C shares to Class A shares:
Class A		327,512			5,552,372			915,737			14,081,303
Class C		(332,773	)		(5,552,372	)		(927,951	)		(14,081,303	)
Reacquired:
Class A		(9,263,372	)		(157,845,588	)		(10,927,493	)		(163,352,903	)
Class C		(846,822	)		(14,139,260	)		(1,275,880	)		(18,878,637	)
Class R		(231,663	)		(3,954,448	)		(404,933	)		(6,284,249	)
Class S		(174,571	)		(2,988,337	)		(138,260	)		(2,100,752	)
Class Y		(197,595	)		(3,397,025	)		(245,418	)		(3,592,569	)
Class R5		(26,029	)		(441,335	)		(5	)		(77	)
Class R6		(201,811	)		(3,670,853	)		(1,045	)		(16,972	)
Net increase in share activity		242,551		$	2,246,716			2,880,393		$	44,888,810

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 32% 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.

17                                   Invesco Select Risk: Growth Investor Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Select Risk: Growth Investor Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Select Risk: Growth Investor Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2022

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

18                                   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 July 1, 2021 through December 31, 2021.

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, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
	Beginning     Account Value     (07/01/21)	Ending     Account Value     (12/31/21)1	Expenses     Paid During     Period2	Ending     Account Value     (12/31/21)	Expenses     Paid During     Period2
Class A	$1,000.00	$1,035.30	$2.21	$1,023.04	$2.19	0.43%
Class C	1,000.00	1,030.60	6.04	1,019.26	6.01	1.18
Class R	1,000.00	1,033.40	3.49	1,021.78	3.47	0.68
Class S	1,000.00	1,035.20	1.69	1,023.54	1.68	0.33
Class Y	1,000.00	1,036.20	0.92	1,024.30	0.92	0.18
Class R5	1,000.00	1,036.00	1.23	1,024.00	1.22	0.24
Class R6	1,000.00	1,036.90	0.21	1,025.00	0.20	0.04

¹ The actual ending account value is based on the actual total return of the Fund for the period July 1, 2021 through December 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

19                                   Invesco Select Risk: Growth Investor Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2021:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	23,141,664
Qualified Dividend Income*		19.98	%
Corporate Dividends Received Deduction*		11.51	%
U.S. Treasury Obligations*		0.70	%
Qualified Business Income*		1.27	%
Business Interest Income*		9.53	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$	28,924,889

20                                   Invesco Select Risk: Growth Investor Fund

Trustees and Officers

The address of each trustee and officer is AIM Growth Series (Invesco Growth Series) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified.    Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and             Position(s)     Held with the Trust	Trustee             and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex   Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	186	None

¹ Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1                                   Invesco Select Risk: Growth Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and             Position(s)     Held with the Trust	Trustee             and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex   Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	186	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler —1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	186	None

T-2                                    Invesco Select Risk: Growth Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and             Position(s)     Held with the Trust	Trustee             and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex   Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds

T-3                                    Invesco Select Risk: Growth Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and             Position(s)     Held with the Trust	Trustee             and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex   Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4                                    Invesco Select Risk: Growth Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and             Position(s)     Held with the Trust	Trustee             and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex   Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey -1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes- 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5                                    Invesco Select Risk: Growth Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and             Position(s)     Held with the Trust	Trustee             and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex   Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaste zr - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6                                    Invesco Select Risk: Growth Investor Fund

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Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-02699 and 002-57526 Invesco Distributors, Inc. GAL-AR-1

  Annual Report to Shareholders   December 31, 2021

Invesco Select Risk: High Growth Investor Fund

Nasdaq:

A: OAAIX ∎ C: OCAIX ∎ R: ONAIX ∎ Y: OYAIX ∎ R5: PXQIX ∎ R6: PXGGX

2	Management’s Discussion
2	Performance Summary
3	Long-Term Fund Performance
5	Supplemental Information
7	Schedule of Investments
9	Financial Statements
12	Financial Highlights
13	Notes to Financial Statements
19	Report of Independent Registered Public Accounting Firm
20	Fund Expenses
21	Distribution Information
22	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the year ended December 31, 2021, Class A shares of Invesco Select Risk: High Growth Investor Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Select Risk: High Growth Investor Index, the Fund’s style-specific benchmark.   Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/20 to 12/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	15.06	%
Class C Shares	14.22
Class R Shares	14.79
Class Y Shares	15.37
Class R5 Shares	15.48
Class R6 Shares	15.48
Bloomberg Global Aggregate Index, Hedged▼	-1.39
Custom Invesco Select Risk: High Growth Investor Index∎	16.44
MSCI All Country World Index▼	18.54
Source(s):▼ RIMES Technologies Corp.;∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Global equity markets ended the first quarter of 2021 in positive territory amid concerns about rising bond yields and inflation, with value stocks outperforming growth stocks. The successful rollout of coronavirus (COVID-19) vaccinations in the US and UK benefited equity markets. However, even regions facing slower rollouts, including the Eurozone and Japan, performed well, driven by a rebound in global demand for goods.

    During the second quarter of 2021, global equity markets were again bolstered by the continued acceleration of vaccination rollouts and easing of COVID-19-related restrictions in most developed markets. In a reversal from the first quarter, growth stocks outperformed value stocks in most regions. Emerging market equities were led by Brazil which benefited from global tailwinds, while regulatory concerns weighed on Chinese equities.

    Developed global equity markets were flat in the third quarter of 2021 amid concerns about rising inflation, supply chain disruptions and the economic growth rate. Emerging market equities declined during the quarter, primarily due to weak performance from Chinese equities, which were affected by significant regulatory changes in the private tutoring industry, increased regulation in the technology sector and the potential default of a large Chinese property developer.

    Most developed global equity markets ended the fourth quarter of 2021 in positive territory despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the quarter, resulting in higher costs for companies and consumers. Emerging market equities declined due to COVID-19 concerns and China’s ongoing regulatory tightening and

slowing economic growth. Overall, developed market equities outperformed emerging market equities for the fiscal year.

    Strategic asset class exposures in the Fund are obtained through underlying representative mutual funds and exchange-traded funds targeting a pre-defined level of risk. From an absolute performance perspective, strategic allocations to US equity were the leading contributors to positive performance. Specifically, within US equity, exposures to large-, mid-, small-cap and low volatility equities were the leading contributors to positive absolute performance. Strategic allocations to global real estate also contributed to absolute performance. In contrast, strategic allocations to emerging market equity produced negative total returns and were the leading detractors from absolute performance.

    Relative to the Fund’s custom index, style and manager selection in allocation to equity were the leading detractors from relative performance results. Within the allocation to equity, the Invesco International Select Equity Fund, Invesco Developing Markets Fund and Invesco Emerging Markets All Cap Fund were the leading detractors from relative performance. These Funds delivered negative total returns in 2021 and substantially underperformed broader equities as uncertainty around inflation and regulatory concerns in China muted investors’ risk appetite. An allocation to Invesco Macro Allocation Strategy Fund also detracted from relative performance results for the fiscal year.

    Conversely, style selection within the allocation to US equities and an underweight allocation to fixed income relative to the custom benchmark benefited relative performance. Within the equity allocation, the Invesco S&P 500^® Pure Value ETF, Invesco Russell 1000 Dynamic Multifactor ETF and Invesco S&P 500^® Pure Growth ETF were the top

contributors to relative performance. US equities performed well as many companies continuously beat earnings expectations throughout the fiscal year. The Invesco Main Street Small Cap Fund^® posted a positive return and was also a meaningful contributor to relative performance results.

    Please note that the Fund and some of the Fund’s underlying funds may use derivatives, including futures and total return swaps, which may create economic leverage in the underlying funds. Therefore, some of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    It has been our privilege to oversee Invesco Select Risk: High Growth Investor Fund and we thank you for your continued investment.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

2                     Invesco Select Risk: High Growth Investor Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/11

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

3                     Invesco Select Risk: High Growth Investor Fund

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (4/5/05)	7.28	%
10 Years	10.41
5 Years	11.19
1 Year	8.76
Class C Shares
Inception (4/5/05)	7.25	%
10 Years	10.37
5 Years	11.61
1 Year	13.22
Class R Shares
Inception (4/5/05)	7.40	%
10 Years	10.76
5 Years	12.17
1 Year	14.79
Class Y Shares
Inception (4/5/05)	8.00	%
10 Years	11.33
5 Years	12.74
1 Year	15.37
Class R5 Shares
10 Years	11.13	%
5 Years	12.64
1 Year	15.48
Class R6 Shares
10 Years	11.14	%
5 Years	12.67
1 Year	15.48

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. Returns shown above, for periods ending on or 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 on or 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 on or 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

Supplemental Information

Invesco Select Risk: High Growth Investor Fund’s investment objective is to seek total return.

∎ Unless otherwise stated, information presented in this report is as of December 31, 2021, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ The MSCI All Country World Index 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: High Growth Investor Index is composed of 90% MSCI All Country World Index and 10% Bloomberg Global Aggregate Index, Hedged.

∎ The Bloomberg Global Aggregate Index, Hedged tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar.

∎ The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎ A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

5                     Invesco Select Risk: High Growth Investor Fund

Fund Information

Portfolio Composition*

By fund type	% of total investments
Equity Funds	88.14%
Fixed Income Funds	6.06
Alternative Funds	5.03
Money Market Funds	0.77

* Based on the Schedule of Investments, which classifies each underlying fund and other investments into broad asset classes based on their predominant investments.

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. Data presented here are as of December 31, 2021.

6                     Invesco Select Risk: High Growth Investor Fund

Invesco Select Risk: High Growth Investor Fund

Schedule of Investments in Affiliated Issuers-99.92%^(a)

	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	12/31/21			12/31/20		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		12/31/21		12/31/21
Alternative Funds-5.03%
Invesco Fundamental Alternatives Fund, Class R6		-		$	21,834,962	$	-	$	(22,096,590	)	$	(316,092	)	$	577,720		$	-		-	$	-
Invesco Global Real Estate Income Fund, Class R6		1.81	%		15,380,602		728,839		(1,782,724	)		2,408,455			263,993			382,631		1,698,219		16,999,165
Invesco Macro Allocation Strategy Fund, Class R6		3.22	%		22,256,704		11,188,186		(1,188,647	)		(1,937,219	)		1,057,446			1,677,642		3,557,064		30,341,757
Invesco Master Event-Linked Bond Fund, Class R6		-			5,904,235		151,617		(5,221,401	)		298,381			(1,132,832	)		145,020		-		-
Total Alternative Funds					65,376,503		12,068,642		(30,289,362	)		453,525			766,327			2,205,293				47,340,922
Domestic Equity Funds-48.76%
Invesco Discovery Mid Cap Growth Fund, Class R6		9.79	%		81,843,124		26,939,744		(20,455,434	)		2,137,487			14,040,755			-		2,517,903		92,104,894
Invesco Main Street Small Cap Fund, Class R6		9.75	%		90,532,074		10,135,111		(21,206,610	)		7,527,166			11,395,020			72,560		4,294,561		91,731,825
Invesco Russell 1000 Dynamic Multifactor ETF(b)		8.30	%		74,583,341		209,179		(15,714,842	)		12,836,919			6,211,872			801,517		1,540,956		78,126,469
Invesco S&P 500® Low Volatility ETF		6.69	%		57,445,636		3,798,806		(10,579,026	)		11,180,174			1,126,690			1,021,190		917,562		62,972,280
Invesco S&P 500® Pure Growth ETF		5.14	%		71,910,948		882,909		(38,627,915	)		6,158,750			8,020,761			2,308		229,321		48,345,453
Invesco S&P SmallCap Low Volatility ETF		9.09	%		89,689,478		845,434		(27,022,627	)		15,755,336			6,342,190			990,906		1,643,498		85,609,811
Total Domestic Equity Funds					466,004,601		42,811,183		(133,606,454	)		55,595,832			47,137,288			2,888,481				458,890,732
Fixed Income Funds-6.06%
Invesco 1-30 Laddered Treasury ETF		2.03	%		-		19,925,274		(1,453,061	)		567,702			47,257			171,277		522,078		19,087,172
Invesco Core Plus Bond Fund, Class R6		4.03	%		34,915,561		7,388,036		(3,140,895	)		(1,115,130	)		252,047			811,964		3,435,252		37,925,185
Total Fixed Income Funds					34,915,561		27,313,310		(4,593,956	)		(547,428	)		299,304			983,241				57,012,357
Foreign Equity Funds-39.43%
Invesco Emerging Markets All Cap Fund, Class R6		3.40	%		22,586,038		14,584,922		(1,370,547	)		(3,884,575	)		1,233,961			303,169		839,729		31,951,687
Invesco Developing Markets Fund, Class R6		4.96	%		25,536,696		32,403,493		(4,814,106	)		(6,547,362	)		2,273,684			252,223		992,495		46,647,242
Invesco Global Fund, Class R6		11.81	%		109,949,148		8,199,085		(16,300,644	)		5,571,842			11,098,276			-		883,314		111,165,102
Invesco Global Infrastructure Fund, Class R6		1.03	%		8,782,910		215,908		(735,172	)		1,419,287			57,917			181,885		753,353		9,740,850
Invesco International Select Equity Fund, Class R6		3.94	%		35,378,992		10,035,336		(970,320	)		(7,355,219	)		802,961			148,673		2,931,082		37,078,186
Invesco International Small-Mid Company Fund, Class R6		4.32	%		37,153,996		7,158,409		(5,225,754	)		1,142,444			4,124,110			154,252		714,711		40,688,519
Invesco RAFI™ Strategic Developed ex-US ETF		3.95	%		35,592,803		1,256,532		(3,732,710	)		3,154,298			1,106,523			1,295,779		1,225,898		37,169,227
Invesco S&P Emerging Markets Low Volatility ETF		2.48	%		22,312,856		154,566		(1,571,658	)		2,234,054			230,791			1,030,133		942,340		23,360,609
Invesco S&P International Developed Low Volatility ETF		3.54	%		29,619,863		3,570,311		(1,939,714	)		1,977,591			61,094			995,367		1,042,893		33,289,145
Total Foreign Equity Funds					326,913,302		77,578,562		(36,660,625	)		(2,287,640	)		20,989,317			4,361,481				371,090,567
Money Market Funds-0.64%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)		0.21	%		2,052,347		29,137,356		(29,205,733	)		-			-			348		1,983,970		1,983,970
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(c)		0.19	%		1,945,044		20,812,397		(20,975,566	)		(20	)		(37	)		230		1,781,462		1,781,818
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)		0.24	%		2,345,539		33,299,835		(33,377,980	)		-			-			146		2,267,394		2,267,394
Total Money Market Funds					6,342,930		83,249,588		(83,559,279	)		(20	)		(37	)		724				6,033,182
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $701,705,942)		99.92	%		899,552,897		243,021,285		(288,709,676	)		53,214,269			69,192,199			10,439,220				940,367,760

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                     Invesco Select Risk: High Growth Investor Fund

Invesco Select Risk: High Growth Investor Fund (continued)

Schedule of Investments in Affiliated Issuers-99.92%^(a)

	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation		Realized			Dividend			Shares		Value
	12/31/21			12/31/20		at Cost		from Sales			(Depreciation)		Gain (Loss)			Income			12/31/21		12/31/21
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.13%
Invesco Private Government Fund, 0.02%(c)(d)		0.04	%	$	-	$	20,208,495	$	(19,833,723	)	$	-	$	-		$	65	(e)		374,772	$	374,772
Invesco Private Prime Fund, 0.11%(c)(d)		0.09	%		-		47,127,537		(46,249,899	)		-		(3,171	)		797	(e)		874,292		874,467
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,249,239)		0.13	%		-		67,336,032		(66,083,622	)		-		(3,171	)		862					1,249,239
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $702,955,181)		100.05	%	$	899,552,897	$	310,357,317	$	(354,793,298	)	$	53,214,269	$	69,189,028	(f)(g)	$	10,440,082	(f)			$	941,616,999
OTHER ASSETS LESS LIABILITIES		(0.05	)%																			(491,713	)
NET ASSETS		100.00	%																		$	941,125,286

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)  All or a portion of this security was out on loan at December 31, 2021.

^(c) The rate shown is the 7-day SEC standardized yield as of December 31, 2021.

^(d)  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.

^(e)  Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(f)  Amounts exclude return of capital received from previously held underlying funds due to the timing of the determination of the character of dividends received.

^(g) Includes capital gains distributions from affiliated underlying funds as follows:

Fund Name	Capital Gain
Invesco Core Plus Bond Fund	$	374,434
Invesco Emerging Markets All Cap Fund		1,198,112
Invesco Developing Markets Fund		2,205,163
Invesco Discovery Mid Cap Growth Fund		12,400,782
Invesco Global Fund		7,352,605
Invesco International Select Equity Fund		813,564
Invesco International Small-Mid Company Fund		3,664,686
Invesco Macro Allocation Strategy Fund		1,034,713
Invesco Main Street Small Cap Fund		6,650,936
Invesco RAFI™ Strategic Developed ex-US ETF		208,219

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value		Unrealized Appreciation
Equity Risk
E-Mini S&P 500 Index		27		March-2022	$	6,423,975	$	134,000	$	134,000
MSCI Emerging Markets Index		6		March-2022		367,890		3,258		3,258
Nikkei 225 Index		1		March-2022		250,195		1,387		1,387
S&P/ASX 200 Index		1		March-2022		133,633		1,672		1,672
S&P/TSX 60 Index		1		March-2022		202,522		3,452		3,452
STOXX Europe 600 Index		28		March-2022		775,432		28,453		28,453
Total Futures Contracts							$	172,222	$	172,222

^(a) Futures contracts collateralized by $451,516 cash held with Merrill Lynch International, the futures commission merchant.

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 Assets and Liabilities

December 31, 2021

Assets:
Investments in affiliated underlying funds, at value (Cost $702,955,181)*	$	941,616,999
Other investments:
Variation margin receivable – futures contracts		116,418
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		451,516
Cash		234,466
Receivable for:
Dividends - affiliated underlying funds		7,244
Fund shares sold		716,082
Investment for trustee deferred compensation and retirement plans		52,948
Other assets		43,143
Total assets		943,238,816
Liabilities:
Payable for:
Fund shares reacquired		350,912
Collateral upon return of securities loaned		1,249,239
Accrued fees to affiliates		399,765
Accrued trustees’ and officers’ fees and benefits		8,744
Accrued other operating expenses		51,922
Trustee deferred compensation and retirement plans		52,948
Total liabilities		2,113,530
Net assets applicable to shares outstanding	$	941,125,286
Net assets consist of:
Shares of beneficial interest	$	670,309,116
Distributable earnings		270,816,170
	$	941,125,286

Net Assets:
Class A	$	736,133,955
Class C	$	104,723,040
Class R	$	87,346,422
Class Y	$	12,552,877
Class R5	$	9,688
Class R6	$	359,304
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		45,682,326
Class C		6,777,582
Class R		5,428,056
Class Y		772,851
Class R5		602
Class R6		22,333
Class A:
Net asset value per share	$	16.11
Maximum offering price per share (Net asset value of $16.11 ÷ 94.50%)	$	17.05
Class C:
Net asset value and offering price per share	$	15.45
Class R:
Net asset value and offering price per share	$	16.09
Class Y:
Net asset value and offering price per share	$	16.24
Class R5:
Net asset value and offering price per share	$	16.09
Class R6:
Net asset value and offering price per share	$	16.09

* At December 31, 2021, security with a value of $1,221,870 was on loan to brokers.

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 Operations

For the year ended December 31, 2021

Investment income:
Dividends from affiliated underlying funds (includes securities lending income of $ 20,622)	$	9,475,582
Interest		129
Total investment income		9,475,711
Expenses:
Custodian fees		6,358
Distribution fees:
Class A		1,775,824
Class C		1,056,222
Class R		419,520
Transfer agent fees – A, C, R and Y		1,236,526
Transfer agent fees – R5		4
Transfer agent fees – R6		127
Trustees’ and officers’ fees and benefits		31,385
Registration and filing fees		102,487
Professional services fees		45,629
Other		(18,370	)
Total expenses		4,655,712
Less: Expense offset arrangement(s)		(1,884	)
Net expenses		4,653,828
Net investment income		4,821,883
Realized and unrealized gain (loss) from:
Net realized gain from:
Affiliated underlying fund shares		34,309,352
Foreign currencies		60
Futures contracts		1,638,907
Capital gain distributions from affiliated underlying fund shares		35,903,214
		71,851,533
Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		53,214,269
Foreign currencies		(20,515	)
Futures contracts		11,448
		53,205,202
Net realized and unrealized gain		125,056,735
Net increase in net assets resulting from operations	$	129,878,618

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                     Invesco Select Risk: High Growth Investor Fund

Statement of Changes in Net Assets

For the years ended December 31, 2021 and 2020

	2021			2020
Operations:
Net investment income	$	4,821,883		$	3,935,927
Net realized gain		71,851,533			130,790,648
Change in net unrealized appreciation (depreciation)		53,205,202			(31,977,679	)
Net increase in net assets resulting from operations		129,878,618			102,748,896
Distributions to shareholders from distributable earnings:
Class A		(48,416,741	)		(112,443,328	)
Class C		(6,414,634	)		(19,858,674	)
Class R		(5,533,480	)		(12,611,632	)
Class Y		(857,944	)		(2,208,552	)
Class R5		(719	)		(1,793	)
Class R6		(26,643	)		(1,798	)
Total distributions from distributable earnings		(61,250,161	)		(147,125,777	)
Share transactions–net:
Class A		(20,803,215	)		77,539,560
Class C		(7,769,991	)		(15,195,137	)
Class R		3,374,905			14,635,149
Class Y		(1,378,039	)		(7,472,987	)
Class R6		342,426			12
Net increase (decrease) in net assets resulting from share transactions		(26,233,914	)		69,506,597
Net increase in net assets		42,394,543			25,129,716
Net assets:
Beginning of year		898,730,743			873,601,027
End of year	$	941,125,286		$	898,730,743

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                     Invesco Select Risk: High Growth Investor Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(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
Year ended 12/31/21		$	15.01		$	0.10			$	2.14			$	2.24			$	(0.28	)		$	(0.86	)		$	(1.14	)		$	16.11		15.06	%(f)		$	736,134		0.39	%(f)		0.39	%(f)		0.62	%(f)		17	%
Year ended 12/31/20			15.84			0.09				2.01				2.10				(0.10	)			(2.83	)			(2.93	)			15.01		13.52	(f)			702,842		0.42	(f)		0.42	(f)		0.62	(f)		70
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
Class C
Year ended 12/31/21			14.43			(0.02	)			2.05				2.03				(0.15	)			(0.86	)			(1.01	)			15.45		14.22				104,723		1.15			1.15			(0.14	)		17
Year ended 12/31/20			15.37			(0.02	)			1.93				1.91				(0.02	)			(2.83	)			(2.85	)			14.43		12.66				104,858		1.18			1.18			(0.14	)		70
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
Class R
Year ended 12/31/21			14.99			0.06				2.13				2.19				(0.23	)			(0.86	)			(1.09	)			16.09		14.79				87,346		0.65			0.65			0.36			17
Year ended 12/31/20			15.83			0.05				2.00				2.05				(0.06	)			(2.83	)			(2.89	)			14.99		13.22				78,109		0.68			0.68			0.36			70
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
Class Y
Year ended 12/31/21			15.12			0.14				2.16				2.30				(0.32	)			(0.86	)			(1.18	)			16.24		15.37				12,553		0.15			0.15			0.86			17
Year ended 12/31/20			15.93			0.13				2.03				2.16				(0.14	)			(2.83	)			(2.97	)			15.12		13.82				12,904		0.18			0.18			0.86			70
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
Class R5
Year ended 12/31/21			14.99			0.16				2.13				2.29				(0.33	)			(0.86	)			(1.19	)			16.09		15.48				10		0.06			0.06			0.95			17
Year ended 12/31/20			15.82			0.14				2.01				2.15				(0.15	)			(2.83	)			(2.98	)			14.99		13.83				9		0.14			0.14			0.90			70
Period ended 12/31/19(h)			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
Year ended 12/31/21			14.99			0.16				2.13				2.29				(0.33	)			(0.86	)			(1.19	)			16.09		15.48				359		0.06			0.06			0.95			17
Year ended 12/31/20			15.82			0.14				2.01				2.15				(0.15	)			(2.83	)			(2.98	)			14.99		13.87				9		0.10			0.14			0.94			70
Period ended 12/31/19(h)			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 0.55% and 0.64% for the years ended December 31, 2021 and 2020, respectively.

(d) Does not include indirect expenses from affiliated fund fees and expenses of 0.67%, 0.71%, 0.70% and 0.70% or the eleven months ended December 31, 2019, and for the years ended January 31, 2019, 2018 and 2017, respectively.

(e) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

(f) The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the years ended December 31, 2021 and 2020, respectively.

(g) Annualized.

(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 Select Risk: High Growth Investor Fund

Notes to Financial Statements

December 31, 2021

NOTE 1–Significant Accounting Policies

Invesco Select Risk: High 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 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 eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities 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 revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or

13                     Invesco Select Risk: High Growth Investor 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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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 based on relative net assets of Class R5 and Class R6. 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, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated 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.

On September 29, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (the “Adviser” or “Invesco”) to serve as an affiliated securities lending agent for the Fund. Prior to September 29, 2021, the Bank of New York Mellon (“BNYM”) served as the sole securities lending agent for the Fund under the securities lending program. BNYM also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2021, the Fund paid the Adviser $984 in fees for securities lending agent services.

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,

14                     Invesco Select Risk: High Growth Investor Fund

interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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 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.

N. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Advisor 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 April 30, 2022, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (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 the Fund’s average daily net assets (the “expense limits”). Effective May 1, 2022, the Adviser has contractually agreed, through at least April 30, 2023, 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 C, Class R, Class Y, Class R5 and Class R6 shares to 0.45%, 1.20%, 0.70%, 0.20%, 0.20%, and 0.20%, respectively, of the Fund’s average daily net assets. In determining the Adviser’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, 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 expense reimbursement agreement, it will terminate on April 30, 2023. During its term, the expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement 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 year ended December 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to

15                     Invesco Select Risk: High Growth Investor Fund

intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

    Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2021, IDI advised the Fund that IDI retained $138,052 in front-end sales commissions from the sale of Class A shares and $5,874 and $3,446 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 December 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Affiliated Issuers	$	934,334,578	$	–		$–	$	934,334,578
Money Market Funds		6,033,182		1,249,239		–		7,282,421
Total Investments in Securities		940,367,760		1,249,239		–		941,616,999
Other Investments - Assets*
Futures Contracts		172,222		–		–		172,222
Total Investments	$	940,539,982	$	1,249,239		$–	$	941,789,221

* Unrealized appreciation.

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2021:

	Value
	Equity
Derivative Assets	Risk
Unrealized appreciation on futures contracts – Exchange-Traded(a)		$  172,222
Derivatives not subject to master netting agreements		(172,222)
Total Derivative Assets subject to master netting agreements		$             -

^(a) The daily variation margin receivable at period-end is recorded in the Statement of Assets and Liabilities.

16                     Invesco Select Risk: High Growth Investor Fund

Effect of Derivative Investments for the year ended December 31, 2021

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain on
	Statement of Operations
	Equity
	Risk
Realized Gain:
Futures contracts		$1,638,907
Change in Net Unrealized Appreciation:
Futures contracts		11,448
Total		$1,650,355

The table below summarizes the average notional value of derivatives held during the period.

	Futures
	Contracts
Average notional value	$	7,474,689

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 year ended December 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,884.

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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2021 and 2020:

	2021		2020
Ordinary income*	$	34,162,974	$	4,401,012
Long-term capital gain		27,087,187		142,724,765
Total distributions	$	61,250,161	$	147,125,777

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2021
Undistributed ordinary income	$	562,745
Undistributed long-term capital gain		33,034,899
Net unrealized appreciation – investments		237,287,593
Net unrealized appreciation (depreciation) – foreign currencies		(17,957	)
Temporary book/tax differences		(51,110	)
Shares of beneficial interest		670,309,116
Total net assets	$	941,125,286

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, derivative instruments and partnerships.

17                     Invesco Select Risk: High Growth Investor Fund

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2021.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2021 was $159,771,697 and $205,150,396, 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	$	241,227,247
Aggregate unrealized (depreciation) of investments		(3,939,654	)
Net unrealized appreciation of investments	$	237,287,593

Cost of investments for tax purposes is $704,501,628.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of return of capital and distributions, on December 31, 2021, undistributed net investment income was increased by $8,441,615, undistributed net realized gain was decreased by $8,101,001 and shares of beneficial interest was decreased by $340,614. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended December 31, 2021						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		3,768,609		$	61,352,978			3,766,213		$	55,731,468
Class C		1,005,459			15,743,648			1,172,018			16,664,301
Class R		939,898			15,314,471			1,013,843			15,038,771
Class Y		264,687			4,366,110			295,588			4,450,502
Class R6		22,296			352,221			1			10
Issued as reinvestment of dividends:
Class A		3,028,393			47,727,446			7,476,052			110,643,287
Class C		421,757			6,372,745			1,385,200			19,711,412
Class R		350,594			5,518,320			852,647			12,604,454
Class Y		46,943			745,454			132,110			1,968,440
Class R6		1,648			25,924			-			2
Automatic conversion of Class C shares to Class A shares:
Class A		668,770			10,916,017			1,600,717			23,715,740
Class C		(697,889	)		(10,916,017	)		(1,661,206	)		(23,715,740	)
Reacquired:
Class A		(8,607,620	)		(140,799,656	)		(7,535,932	)		(112,550,935	)
Class C		(1,217,054	)		(18,970,367	)		(1,935,574	)		(27,855,110	)
Class R		(1,073,025	)		(17,457,886	)		(865,742	)		(13,008,076	)
Class Y		(392,338	)		(6,489,603	)		(938,427	)		(13,891,929	)
Class R6		(2,214	)		(35,719	)		-			-
Net increase (decrease) in share activity		(1,471,086	)	$	(26,233,914	)		4,757,508		$	69,506,597

18                     Invesco Select Risk: High Growth Investor Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Select Risk: High Growth Investor Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Select Risk: High Growth Investor Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For the two years ended December 31, 2021 and the eleven months ended December 31, 2019 for Class A, Class C, Class R and Class Y.

For the two years ended December 31, 2021 and the period May 24, 2019 (commencement date) through December 31, 2019 for Class R5 and Class R6.

The financial statements of Oppenheimer Portfolio Series Growth Investor Fund (subsequently renamed Invesco Select Risk: High Growth Investor Fund) as of and for the year ended January 31, 2019 and the financial highlights for each of the periods ended on or prior to January 31, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated March 25, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2022

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

19                     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 management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2021 through December 31, 2021.

    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   (07/01/21)		Ending   Account Value   (12/31/21)1		Expenses   Paid During   Period2		Ending   Account Value   (12/31/21)		Expenses   Paid During   Period2		Annualized Expense Ratio
Class A		$1,000.00		$1,040.40		$1.85		$1,023.39		$1.84		0.36%
Class C		1,000.00		1,036.60		5.75		1,019.56		5.70		1.12
Class R		1,000.00		1,039.10		3.19		1,022.08		3.16		0.62
Class Y		1,000.00		1,042.00		0.62		1,024.60		0.61		0.12
Class R5		1,000.00		1,042.20		0.26		1,024.95		0.26		0.05
Class R6		1,000.00		1,042.20		0.26		1,024.95		0.26		0.05

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2021 through December 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

20                     Invesco Select Risk: High Growth Investor Fund

Distribution Information

    The following table sets forth on a per share basis the distribution that was paid in December 2021. Included in the table is a written statement of the sources of the distribution on a GAAP basis.

		Gain from
	Net Income	Sale of Securities	Return of Principal	Total Distribution
12/21/2021         Class A	$0.2605	$0.8374	$0.0379		$1.1358
12/21/2021         Class C	$0.1340	$0.8374	$0.0379		$1.0093
12/21/2021         Class R	$0.2173	$0.8374	$0.0379		$1.0926
12/21/2021         Class Y	$0.3014	$0.8374	$0.0379		$1.1767
12/21/2021         Class R5	$0.3185	$0.8374	$0.0379		$1.1938
12/21/2021         Class R6	$0.3185	$0.8374	$0.0379		$1.1938

    Please note that the information in the preceding chart is for financial accounting purposes only. Shareholders should be aware that the tax treatment of distributions likely differs from GAAP treatment. Form 1099-DIV for the calendar year will report distributions for U.S. federal income tax purposes. This notice is sent to comply with certain U.S. Securities and Exchange Commission requirements.

21                     Invesco Select Risk: High Growth Investor Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

    The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

    The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2021:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	27,087,187
Qualified Dividend Income*		24.69	%
Corporate Dividends Received Deduction*		14.55	%
U.S. Treasury Obligations*		0.64	%
Qualified Business Income*		0.00	%
Business Interest Income*		2.65	%
*  The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$	20,007,145

22                     Invesco Select Risk: High Growth Investor Fund

Trustees and Officers

The address of each trustee and officer is AIM Growth Series (Invesco Growth Series) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business  Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	186	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1                     Invesco Select Risk: High Growth Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	186	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	186	None

T-2                     Invesco Select Risk: High Growth Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution  Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds

T-3                     Invesco Select Risk: High Growth Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4                     Invesco Select Risk: High Growth Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes- 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5                     Invesco Select Risk: High Growth Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6                     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

∎ Quarterly statements

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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 portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-02699 and 002-57526                 Invesco Distributors, Inc. O-OPSGI-AR-1                                         

Annual Report to Shareholders December 31, 2021

Invesco Select Risk: Moderate Investor Fund

Nasdaq:

A: OAMIX ∎ C: OCMIX ∎ R: ONMIX ∎ S: PXMSX ∎ Y: OYMIX ∎ R5: PXMQX ∎ R6: PXMMX

2	Management’s Discussion
2	Performance Summary
3	Long-Term Fund Performance
5	Supplemental Information
7	Schedule of Investments
10	Financial Statements
13	Financial Highlights
14	Notes to Financial Statements
21	Report of Independent Registered Public Accounting Firm
22	Fund Expenses
23	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the year ended December 31, 2021, Class A shares of Invesco Select Risk: Moderate Investor Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Select Risk: Moderate Investor Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/20 to 12/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	10.11%
Class C Shares	9.33
Class R Shares	9.92
Class S Shares	10.22
Class Y Shares	10.40
Class R5 Shares	10.53
Class R6 Shares	10.53
Bloomberg Global Aggregate Index, Hedged▼	-1.39
Custom Invesco Select Risk: Moderate Investor Index∎	10.30
MSCI All Country World Index▼	18.54
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Global equity markets ended the first quarter of 2021 in positive territory amid concerns about rising bond yields and inflation, with value stocks outperforming growth stocks. The successful rollout of coronavirus (COVID-19) vaccinations in the US and UK benefited equity markets. However, even regions facing slower rollouts, including the Eurozone and Japan, performed well, driven by a rebound in global demand for goods.

During the second quarter of 2021, global equity markets were again bolstered by the continued acceleration of vaccination rollouts and easing of COVID-19-related restrictions in most developed markets. In a reversal from the first quarter, growth stocks outperformed value stocks in most regions. Emerging market equities were led by Brazil which benefited from global tailwinds, while regulatory concerns weighed on Chinese equities.

Developed global equity markets were flat in the third quarter of 2021 amid concerns about rising inflation, supply chain disruptions and the economic growth rate. Emerging market equities declined during the quarter, primarily due to weak performance from Chinese equities, which were affected by significant regulatory changes in the private tutoring industry, increased regulation in the technology sector and the potential default of a large Chinese property developer.

Most developed global equity markets ended the fourth quarter of 2021 in positive territory despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the quarter, resulting in higher costs for companies and consumers. Emerging market equities declined due to COVID-19 concerns and

China’s ongoing regulatory tightening and slowing economic growth. Overall, developed market equities outperformed emerging market equities for the fiscal year.

Strategic asset class exposures in the Fund are obtained through underlying representative mutual funds and exchange-traded funds targeting a pre-defined level of risk. From an absolute performance perspective, strategic allocations to US and international developed equity were the leading contributors to positive performance. Specifically, within US equity, exposures to large-, mid-, small-cap and low volatility equities were the leading contributors to positive absolute performance. Strategic allocations to global real estate also contributed to absolute performance. In contrast, strategic allocations to emerging market equity produced negative total returns and were the leading detractors from absolute performance.

Relative to the Fund’s custom index, style and manager selection in the allocation to emerging markets equity were the leading detractors from relative performance results. Within the allocation the Invesco International Select Equity Fund, Invesco Developing Markets Fund and Invesco Emerging Markets All Cap Fund were the leading detractors from relative performance. These funds delivered negative total returns in 2021 and substantially underperformed broader equities as uncertainty around inflation and regulatory concerns in China muted investors’ risk appetite. An allocation to Invesco S&P International Developed Low Volatility ETF also detracted from relative performance results for the fiscal year.

Conversely, style selection within the allocation to US equities and an underweight allocation to fixed income relative to the custom benchmark benefited relative performance.

Within the equity allocation, the Invesco S&P SmallCap Low Volatility ETF, Invesco Russell 1000 Dynamic Multifactor ETF and Invesco S&P 500^® Pure Growth ETF were the top contributors to relative performance. US equities performed well as many companies continuously beat earnings expectations throughout the fiscal year. The Invesco Main Street Small Cap Fund^® posted a positive return and was also a meaningful contributor to relative performance results.

Please note that the Fund and some of the Fund’s underlying funds may use derivatives, including futures and total return swaps, which may create economic leverage in the underlying funds. Therefore, some of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

It has been our privilege to oversee Invesco Select Risk: Moderate Investor Fund and we thank you for your continued investment.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

2                     Invesco Select Risk: Moderate Investor Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/11

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

3                     Invesco Select Risk: Moderate Investor Fund

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (4/5/05)	4.69%
10 Years	7.63
5 Years	8.33
1 Year	4.02
Class C Shares
Inception (4/5/05)	4.65%
10 Years	7.59
5 Years	8.75
1 Year	8.33
Class R Shares
Inception (4/5/05)	4.77%
10 Years	7.96
5 Years	9.29
1 Year	9.92
Class S Shares
10 Years	8.27%
5 Years	9.62
1 Year	10.22
Class Y Shares
Inception (4/5/05)	5.34%
10 Years	8.50
5 Years	9.85
1 Year	10.40
Class R5 Shares
10 Years	8.34%
5 Years	9.77
1 Year	10.53
Class R6 Shares
10 Years	8.35%
5 Years	9.78
1 Year	10.53

Effective May 24, 2019, Class A, Class C, Class R and Class Y shares of the Oppen-heimer 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. Returns shown above, for periods ending on or 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 above 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 R5 shares incepted on May 24, 2019. Performance shown on or 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 on or 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

Supplemental Information

Invesco Select Risk: Moderate Investor Fund’s investment objective is to seek total return.

∎ Unless otherwise stated, information presented in this report is as of December 31, 2021, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ The Bloomberg Global Aggregate 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: Moderate Investor Index is composed of 60% MSCI All Country World Index and 40% Bloomberg Global Aggregate Index, Hedged.

∎ The MSCI All Country World Index 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.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

5                     Invesco Select Risk: Moderate Investor Fund

Fund Information

Portfolio Composition*

By fund type	% of total investments
Equity Funds		59.14%
Fixed Income Funds		35.26
Alternative Funds		5.06
Money Market Funds		0.54
*  Based on the Schedule of Investments, which classifies each underlying fund and other investments into broad asset classes based on their predominant investments. The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. Data presented here are as of December 31, 2021.

6                     Invesco Select Risk: Moderate Investor Fund

Invesco Select Risk: Moderate Investor Fund

Schedule of Investments in Affiliated Issuers–99.92%^(a)

	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	12/31/21			12/31/20		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			12/31/21		12/31/21
Alternative Funds–5.06%
Invesco Fundamental Alternatives Fund, Class R6		–		$	56,470,899	$	–	$	(57,147,546	)	$	(287,369	)	$	964,016		$	–			–	$	–
Invesco Global Real Estate Income Fund, Class R6		1.83	%		39,778,266		954,726		(6,073,240	)		6,281,959			408,849			954,726			4,130,925		41,350,560
Invesco Macro Allocation Strategy Fund, Class R6		3.23	%		57,561,657		24,885,725		(4,983,329	)		(4,589,400	)		2,573,448			4,034,073			8,553,344		72,960,020
Invesco Master Event-Linked Bond Fund, Class R6		–			15,354,307		394,289		(13,578,565	)		2,060,257			(4,230,288	)		377,072			–		–
Total Alternative Funds					169,165,129		26,234,740		(81,782,680	)		3,465,447			(283,975	)		5,365,871					114,310,580
Domestic Equity Funds–32.19%
Invesco Discovery Mid Cap Growth Fund, Class R6		7.33	%		163,541,574		37,982,153		(45,096,397	)		1,073,106			29,729,123			–			4,528,478		165,651,740
Invesco Main Street Small Cap Fund, Class R6		5.05	%		200,028,292		14,427,665		(129,335,044	)		(10,108,571	)		47,029,818			89,038			5,335,847		113,973,690
Invesco Russell 1000 Dynamic Multifactor ETF		4.99	%		127,858,252		1,473,560		(65,614,452	)		31,912,806			16,975,396			1,234,091			2,221,017		112,605,562
Invesco S&P 500® Low Volatility ETF		5.01	%		114,284,157		4,953,600		(29,519,041	)		19,525,726			3,817,306			1,955,148			1,647,410		113,061,748
Invesco S&P 500® Pure Growth ETF		3.98	%		115,469,143		–		(50,853,210	)		12,701,293			12,585,276			4,362			426,442		89,902,502
Invesco S&P 500® Pure Value ETF		2.06	%		–		48,725,747		(5,777,821	)		3,438,802			252,667			666,767			577,006		46,639,395
Invesco S&P SmallCap Low Volatility ETF		3.77	%		190,416,805		–		(141,877,051	)		1,796,315			34,761,593			1,348,973			1,633,666		85,097,662
Total Domestic Equity Funds					911,598,223		107,562,725		(468,073,016	)		60,339,477			145,151,179			5,298,379					726,932,299
Fixed Income Funds–35.24%
Invesco 1-30 Laddered Treasury ETF		5.51	%		–		139,584,605		(19,456,993	)		3,849,063			555,825			1,210,537			3,406,250		124,532,500
Invesco Core Plus Bond Fund, Class R6		7.87	%		342,025,626		21,544,668		(156,753,762	)		(22,210,944	)		(5,157,062)			4,820,439			16,095,485		177,694,157
Invesco Fundamental High Yield® Corporate Bond ETF		3.46	%		–		82,163,578		(4,170,310	)		40,194			23,480			1,939,489			4,019,410		78,056,942
Invesco Income Fund, Class R6(b)		2.00	%		70,686,423		5,811,265		(32,237,775	)		(879,964	)		1,741,812			1,744,973			5,727,578		45,076,036
Invesco International Bond Fund, Class R6(b)		2.96	%		83,427,711		6,755,122		(13,315,203	)		(6,726,560	)		324,147			(1,399,876	)		13,111,085		66,866,532
Invesco Master Loan Fund, Class R6		3.17	%		47,743,181		30,246,311		(8,845,030	)		2,990,505			(550,207)			3,052,027			4,452,813		71,584,760
Invesco Taxable Municipal Bond ETF		7.30	%		151,142,821		36,369,157		(20,730,643	)		(1,738,658	)		(217,166)			4,377,206			5,000,774		164,825,511
Invesco Variable Rate Investment Grade ETF(b)		2.97	%		80,402,701		4,995,452		(18,525,066	)		109,795			119,822			549,210			2,677,089		67,087,850
Total Fixed Income Funds					775,428,463		327,470,158		(274,034,782	)		(24,566,569	)		(3,159,349	)		16,294,005					795,724,288
Foreign Equity Funds–26.89%
Invesco Emerging Markets All Cap Fund, Class R6		3.18	%		34,762,248		52,660,740		(6,886,273	)		(8,923,075	)		2,772,859			658,797			1,886,543		71,782,953
Invesco Developing Markets Fund, Class R6		3.94	%		44,952,427		69,869,154		(13,880,785	)		(12,370,346	)		4,477,425			459,752			1,894,218		89,028,299
Invesco Global Fund, Class R6		7.96	%		175,663,810		28,388,733		(40,259,741	)		8,805,911			18,894,243			–			1,428,919		179,829,393
Invesco Global Infrastructure Fund, Class R6		1.05	%		23,265,598		452,084		(3,860,663	)		3,415,401			302,993			452,084			1,823,311		23,575,413
Invesco International Select Equity Fund, Class R6		3.00	%		45,749,690		39,610,471		(3,482,297	)		(14,411,815	)		1,667,461			258,650			5,353,212		67,718,134
Invesco International Small-Mid Company Fund, Class R6		2.52	%		47,633,263		16,982,499		(10,260,217	)		1,774,279			5,955,282			215,921			1,000,445		56,955,320
Invesco RAFI™ Strategic Developed ex-US ETF		1.44	%		22,877,239		10,698,052		(3,696,087	)		2,473,611			431,366			1,117,607			1,075,249		32,601,550

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–99.92%^(a)

	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	12/31/21			12/31/20		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			12/31/21		12/31/21
Invesco S&P Emerging Markets Low Volatility ETF		1.77	%	$	–	$	41,183,624	$	(2,894,380	)	$	1,629,351		$	69,138		$	1,495,709			1,613,059	$     39,987,733
Invesco S&P International Developed Low Volatility ETF		2.03	%		44,841,738		848,514		(2,674,123	)		2,711,655			137,617			1,403,262			1,436,886	45,865,401
Total Foreign Equity Funds					439,746,013		260,693,871		(87,894,566	)		(14,895,028	)		34,708,384			6,061,782				607,344,196
Money Market Funds–0.54%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)		0.19	%		4,765,370		173,512,237		(173,986,085	)		–			–			1,107			4,291,522	4,291,522
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(c)		0.13	%		3,499,368		123,899,981		(124,486,905	)		111			(266	)		375			2,911,706	2,912,289
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)		0.22	%		5,446,137		198,299,699		(198,841,240	)		–			–			468			4,904,596	4,904,596
Total Money Market Funds					13,710,875		495,711,917		(497,314,230	)		111			(266	)		1,950				12,108,407
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $1,911,919,118)		99.92	%		2,309,648,703		1,217,673,411		(1,409,099,274	)		24,343,438			176,415,973			33,021,987				2,256,419,770
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 0.02%(c)(d)		–			–		56,415,259		(56,415,259	)		–			–			149	(e)		–	–
Invesco Private Prime Fund, 0.11%(c)(d)		–			–		131,632,422		(131,632,422	)		–			–			1,831	(e)		–	–
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		–		188,047,681		(188,047,681	)		–			–			1,980				–
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $1,911,919,118)		99.92	%	$	2,309,648,703	$	1,405,721,092	$	(1,597,146,955	)	$	24,343,438		$	176,415,973	(f)(g)	$	33,023,967	(f)			$2,256,419,770
OTHER ASSETS LESS LIABILITIES		0.08	%																			1,880,453
NET ASSETS		100.00	%																			$2,258,300,223

Investment Abbreviations:

ETF - Exchange-Traded Fund

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                     Invesco Select Risk: Moderate 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)  Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

^(c)  The rate shown is the 7-day SEC standardized yield as of December 31, 2021.

^(d)  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.

^(e)  Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(f)  Amounts exclude return of capital received from previously held underlying funds due to the timing of the determination of the character of dividends received.

^(g)  Includes capital gains distributions from affiliated underlying funds as follows:

Fund Name	Capital Gain
Invesco Core Plus Bond Fund	$	1,754,369
Invesco Emerging Markets All Cap Fund		2,603,546
Invesco Developing Markets Fund		4,019,576
Invesco Discovery Mid Cap Growth Fund		21,577,819
Invesco Global Fund		11,663,563
Invesco International Select Equity Fund		1,415,376
Invesco International Small-Mid Company Fund		5,129,786
Invesco Macro Allocation Strategy Fund		2,488,081
Invesco Main Street Small Cap Fund		8,068,470
Invesco RAFI™ Strategic Developed ex-US ETF		182,631

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts	Expiration Month	Notional Value		Value			Unrealized Appreciation (Depreciation)
Equity Risk
E-Mini S&P 500 Index	45	March-2022	$	10,706,625	$	223,334			$  223,334
MSCI Emerging Markets Index	6	March-2022		367,890		3,258			3,258
Nikkei 225 Index	1	March-2022		250,195		1,387			1,387
S&P/ASX 200 Index	1	March-2022		133,633		1,671			1,671
S&P/TSX 60 Index	1	March-2022		202,522		3,453			3,453
STOXX Europe 600 Index	23	March-2022		636,962		23,372			23,372
Subtotal						256,475			256,475
Interest Rate Risk
Canada 10 Year Bonds	69	March-2022		7,779,580		232,373			232,373
EURO-BTP	83	March-2022		13,891,779		(261,753	)		(261,753	)
Euro Bund	49	March-2022		9,560,129		(160,665	)		(160,665	)
EURO-OAT	92	March-2022		17,088,652		(296,420	)		(296,420	)
Japan 10 Year Bonds	45	March-2022		59,302,356		(156,481	)		(156,481	)
Long Gilt	111	March-2022		18,765,481		97,659			97,659
Subtotal						(545,287	)		(545,287	)
Total Futures Contracts					$	(288,812	)		$(288,812	)

^(a) Futures contracts collateralized by $2,053,823 cash held with Merrill Lynch International, the futures commission merchant.

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

December 31, 2021

Assets:
Investments in affiliated underlying funds, at value (Cost $1,911,919,118)	$2,256,419,770
Other investments:
Variation margin receivable – futures contracts	431,122
Deposits with brokers:
Cash collateral – exchange-traded futures contracts	2,053,823
Cash	257,471
Receivable for:
Dividends - affiliated underlying funds	17,965
Fund shares sold	1,312,850
Investment for trustee deferred compensation and retirement plans	210,436
Other assets	61,504
Total assets	2,260,764,941
Liabilities:
Payable for:
Fund shares reacquired	996,357
Accrued fees to affiliates	1,063,429
Accrued trustees’ and officers’ fees and benefits	15,951
Accrued other operating expenses	159,775
Trustee deferred compensation and retirement plans	229,206
Total liabilities	2,464,718
Net assets applicable to shares outstanding	$2,258,300,223
Net assets consist of:
Shares of beneficial interest	$1,857,092,013
Distributable earnings	401,208,210
	$2,258,300,223

Net Assets:
Class A	$1,801,505,633
Class C	$   233,536,311
Class R	$   161,076,205
Class S	$     26,025,316
Class Y	$     33,378,466
Class R5	$            10,943
Class R6	$       2,767,349
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A	148,220,448
Class C	19,718,331
Class R	13,368,806
Class S	2,140,039
Class Y	2,724,259
Class R5	901
Class R6	227,733
Class A:
Net asset value per share	$              12.15
Maximum offering price per share (Net asset value of $12.15 ÷ 94.50%)	$              12.86
Class C:
Net asset value and offering price per share	$              11.84
Class R:
Net asset value and offering price per share	$              12.05
Class S:
Net asset value and offering price per share	$              12.16
Class Y:
Net asset value and offering price per share	$              12.25
Class R5:
Net asset value and offering price per share	$              12.15
Class R6:
Net asset value and offering price per share	$              12.15

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 year ended December 31, 2021

Investment income:
Dividends from affiliated underlying funds (includes securities lending income of $ 57,601)	$	31,368,458
Interest		374
Total investment income		31,368,832
Expenses:
Custodian fees		60,295
Distribution fees:
Class A		4,472,049
Class C		2,445,854
Class R		780,632
Class S		39,665
Transfer agent fees – A, C, R, S and Y		2,861,199
Transfer agent fees – R5		1
Transfer agent fees – R6		182
Trustees’ and officers’ fees and benefits		49,052
Registration and filing fees		140,002
Professional services fees		81,052
Other		54,728
Total expenses		10,984,711
Less: Expenses reimbursed and/or expense offset arrangement(s)		(685,329	)
Net expenses		10,299,382
Net investment income		21,069,450
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares		119,312,478
Foreign currencies		(55	)
Futures contracts		1,046,161
Capital gain distributions from affiliated underlying fund shares		58,903,217
		179,261,801
Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		24,343,438
Foreign currencies		(110,825	)
Futures contracts		(884,746	)
		23,347,867
Net realized and unrealized gain		202,609,668
Net increase in net assets resulting from operations	$	223,679,118

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 years ended December 31, 2021 and 2020

	2021			2020
Operations:
Net investment income		$     21,069,450			$     24,438,550
Net realized gain		179,261,801			228,568,227
Change in net unrealized appreciation		23,347,867			62,436,351
Net increase in net assets resulting from operations		223,679,118			315,443,128
Distributions to shareholders from distributable earnings:
Class A		(136,177,573	)		(167,706,820	)
Class C		(16,475,705	)		(27,946,505	)
Class R		(11,831,434	)		(14,777,296	)
Class S		(1,988,500	)		(2,009,347	)
Class Y		(2,599,430	)		(2,737,032	)
Class R5		(940	)		(2,300	)
Class R6		(218,480	)		(167,945	)
Total distributions from distributable earnings		(169,292,062	)		(215,347,245	)
Share transactions–net:
Class A		(94,480,858	)		607,909,174
Class C		(22,648,712	)		(28,203,400	)
Class R		4,777,137			19,823,192
Class S		(913,586	)		22,527,739
Class Y		3,774,344			9,423,010
Class R5		–			(1,109	)
Class R6		608,688			1,984,738
Net increase (decrease) in net assets resulting from share transactions		(108,882,987	)		633,463,344
Net increase (decrease) in net assets		(54,495,931	)		733,559,227
Net assets:
Beginning of year		2,312,796,154			1,579,236,927
End of year		$2,258,300,223			$2,312,796,154

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                     Invesco Select Risk: Moderate Investor Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(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
Year ended 12/31/21		$11.95		$0.13		$1.06			$1.19			$(0.26	)		$(0.73	)		$(0.99	)		$12.15		10.11	%(f)		$1,801,506		0.35	%(f)		0.38	%(f)		1.01	%(f)		32	%
Year ended 12/31/20		11.96		0.16		1.14			1.30			(0.18	)		(1.13	)		(1.31	)		11.95		11.67	(f)		1,851,149		0.31	(f)		0.38	(f)		1.42	(f)		88
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
Class C
Year ended 12/31/21		11.66		0.03		1.04			1.07			(0.16	)		(0.73	)		(0.89	)		11.84		9.33			233,536		1.11			1.14			0.25			32
Year ended 12/31/20		11.72		0.07		1.09			1.16			(0.09	)		(1.13	)		(1.22	)		11.66		10.70			250,605		1.08			1.15			0.65			88
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
Class R
Year ended 12/31/21		11.85		0.09		1.07			1.16			(0.23	)		(0.73	)		(0.96	)		12.05		9.92			161,076		0.61			0.64			0.75			32
Year ended 12/31/20		11.88		0.13		1.12			1.25			(0.15	)		(1.13	)		(1.28	)		11.85		11.32			153,448		0.58			0.65			1.15			88
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
Class S
Year ended 12/31/21		11.96		0.14		1.07			1.21			(0.28	)		(0.73	)		(1.01	)		12.16		10.22			26,025		0.26			0.29			1.10			32
Period ended 12/31/20(h)		10.46		0.11		2.38			2.49			(0.19	)		(0.80	)		(0.99	)		11.96		23.86			26,339		0.23	(g)		0.30	(g)		1.50	(g)		88
Class Y
Year ended 12/31/21		12.04		0.16		1.08			1.24			(0.30	)		(0.73	)		(1.03	)		12.25		10.40			33,378		0.11			0.14			1.25			32
Year ended 12/31/20		12.03		0.19		1.15			1.34			(0.20	)		(1.13	)		(1.33	)		12.04		11.97			29,097		0.08			0.15			1.65			88
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
Class R5
Year ended 12/31/21		11.95		0.17		1.07			1.24			(0.31	)		(0.73	)		(1.04	)		12.15		10.53			11		0.00			0.03			1.36			32
Year ended 12/31/20		11.95		0.20		1.14			1.34			(0.21	)		(1.13	)		(1.34	)		11.95		12.04			11		0.00			0.07			1.73			88
Period ended 12/31/19(i)		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
Year ended 12/31/21		11.95		0.17		1.07			1.24			(0.31	)		(0.73	)		(1.04	)		12.15		10.53			2,767		0.00			0.03			1.36			32
Year ended 12/31/20		11.95		0.20		1.14			1.34			(0.21	)		(1.13	)		(1.34	)		11.95		12.04			2,147		(0.01	)		0.06			1.74			88
Period ended 12/31/19(i)		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 0.52% and 0.58% for the years ended December 31, 2021 and 2020, respectively.

^(d)  Does not include indirect expenses from affiliated fund fees and expenses of 0.56%, 0.57%, 0.58% and 0.59% for the eleven months ended December 31, 2019, and for the years ended January 31, 2019, 2018 and 2017, respectively.

^(e)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $597,759,006 in connection with the acquisition of Invesco Moderate Allocation Fund into the Fund.

^(f)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% and 0.23% for the years ended ended December 31, 2021 and 2020, respectively.

^(g)  Annualized.

^(h)  Commencement date of May 15, 2020.

⁽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 Select Risk: Moderate Investor Fund

Notes to Financial Statements

December 31, 2021

NOTE 1–Significant Accounting Policies

Invesco Select Risk: 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 eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities 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

14                     Invesco Select Risk: Moderate 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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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 based on relative net assets of Class R5 and Class R6. 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, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated 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.

On September 29, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (the “Adviser” or “Invesco”) to serve as an affiliated securities lending agent for the Fund. Prior to September 29, 2021, the Bank of New York Mellon (“BNYM”) served as the sole securities lending agent for the Fund under the securities lending program. BNYM also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2021, the Fund paid the Adviser $1,820 in fees for securities lending agent services.

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)

15                     Invesco Select Risk: Moderate Investor Fund

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 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.

N. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Advisor 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 April 30, 2022, to reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after 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 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”). Prior to May 31, 2021, Invesco had contractually agreed to waive fees and/or reimburse certain Fund expenses at an annual rate of 0.07% of the Fund’s average daily net assets. Effective May 1, 2022, the Adviser has contractually agreed, through at least April 30, 2023, 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 C, Class R, Class S, Class Y, Class R5 and Class R6 shares to 0.47%, 1.22%, 0.72%, 0.37%, 0.22%, 0.22% and 0.22%, respectively, of the Fund’s average daily net assets In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after 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 expense reimbursement agreement, it will terminate on April 30, 2023. During its term, the expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

    For the year ended December 31, 2021, the Adviser reimbursed class level expenses of $547,670, $72,254, $44,754, $7,628, $8,906, $3 and $582 of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6, respectively.

    The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended December 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company

16                     Invesco Select Risk: Moderate Investor 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 year ended December 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

    The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class 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 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, Class R and Class S Plan, pays IDI compensation at the annual rate of 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 year ended December 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

    Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2021, IDI advised the Fund that IDI retained $253,205 in front-end sales commissions from the sale of Class A shares and $30,883 and $5,579 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 December 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2		Level 3		Total
Investments in Securities
Affiliated Issuers	$	2,244,311,363			$–		$–	$	2,244,311,363
Money Market Funds		12,108,407			–		–		12,108,407
Total Investments in Securities		2,256,419,770			–		–		2,256,419,770
Other Investments - Assets*
Futures Contracts		586,507			–		–		586,507
Other Investments - Liabilities*
Futures Contracts		(875,319	)		–		–		(875,319	)
Total Other Investments		(288,812	)		–		–		(288,812	)
Total Investments	$	2,256,130,958			$–		$–	$	2,256,130,958

* 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 Select Risk: Moderate Investor 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 December 31, 2021:

	Value
Derivative Assets	Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	256,475		$	330,032		$	586,507
Derivatives not subject to master netting agreements		(256,475	)		(330,032	)		(586,507	)
Total Derivative Assets subject to master netting agreements	$	-		$	-		$	-
	Value
Derivative Liabilities	Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	-		$	(875,319	)	$	(875,319	)
Derivatives not subject to master netting agreements		-			875,319			875,319
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 year ended December 31, 2021

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Statement of Operations
	Equity Risk		Interest Rate Risk			Total
Realized Gain (Loss): Futures contracts	$	2,608,005	$	(1,561,844	)	$	1,046,161
Change in Net Unrealized Appreciation (Depreciation): Futures contracts		13,421		(898,167	)		(884,746	)
Total	$	2,621,426	$	(2,460,011	)	$	161,415

	Futures Contracts
Average notional value	$	142,692,542

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 year ended December 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,532.

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.

18                     Invesco Select Risk: Moderate Investor Fund

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2021 and 2020:

	2021		2020
Ordinary income*	$	131,795,360	$	32,526,982
Long-term capital gain		37,496,702		182,820,263
Total distributions	$	169,292,062	$	215,347,245

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2021
Undistributed ordinary income	$	3,589,073
Undistributed long-term capital gain		58,773,276
Net unrealized appreciation – investments		339,070,589
Net unrealized appreciation (depreciation) – foreign currencies		(48,539	)
Temporary book/tax differences		(176,189	)
Shares of beneficial interest		1,857,092,013
Total net assets	$	2,258,300,223

    The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and partnership transactions.

    The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Fund does not have a capital loss carryforward as of December 31, 2021.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2021 was $721,961,494 and $911,785,044, 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	$	357,665,570
Aggregate unrealized (depreciation) of investments		(18,594,981	)
Net unrealized appreciation of investments	$	339,070,589

    Cost of investments for tax purposes is $1,917,060,369.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of return of capital, distributions and partnership transactions, on December 31, 2021, undistributed net investment income was increased by $10,161,705, undistributed net realized gain was decreased by $10,533,142 and shares of beneficial interest was increased by $371,437. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended December 31, 2021(a)				Year ended December 31, 2020
	Shares		Amount		Shares		Amount
Sold:
Class A		15,093,559	$	190,917,093		12,306,657	$	141,286,967
Class C		2,887,900		35,544,182		3,213,962		35,533,014
Class R		2,305,611		28,896,248		2,162,762		24,351,230
Class S(b)		60,610		764,835		31,041		358,310
Class Y		1,001,438		12,750,740		726,444		8,365,822
Class R6		89,751		1,138,355		154,631		1,717,397

19                     Invesco Select Risk: Moderate Investor Fund

	Summary of Share Activity
	Year ended						Year ended
	December 31, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		11,037,840		$	132,122,928			14,248,854		$	163,587,050
Class C		1,403,294			16,376,440			2,497,418			27,674,819
Class R		994,955			11,810,122			1,307,147			14,757,039
Class S(b)		165,907			1,987,564			169,406			2,005,763
Class Y		192,790			2,326,981			220,885			2,557,765
Class R6		18,175			217,551			14,032			165,996
Automatic conversion of Class C shares to Class A shares:
Class A		2,113,154			26,639,254			5,444,591			63,656,237
Class C		(2,171,681	)		(26,639,254	)		(5,578,307	)		(63,656,237	)
Issued in connection with acquisitions:(c)
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(b)		-			-			2,184,197			22,270,081
Class Y		-			-			777,850			7,986,783
Class R5		-			-			1,178			12,020
Class R6		-			-			11,444			116,719
Reacquired:
Class A		(34,931,431	)		(444,160,133	)		(24,200,196	)		(274,987,036	)
Class C		(3,888,057	)		(47,930,080	)		(7,083,974	)		(78,802,868	)
Class R		(2,877,307	)		(35,929,233	)		(2,995,581	)		(33,536,720	)
Class S(b)		(289,355	)		(3,665,985	)		(181,767	)		(2,106,415	)
Class Y		(886,805	)		(11,303,377	)		(840,076	)		(9,487,360	)
Class R5		-			-			(1,108	)		(13,129	)
Class R6		(59,833	)		(747,218	)		(1,298	)		(15,374	)
Net increase (decrease) in share activity		(7,739,485	)	$	(108,882,987	)		61,578,212		$	633,463,344

^(a) There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 9% 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) 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 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 59,962,688 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 $610,051,074, including $12,599,534 of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,330,094,502 and $1,940,145,576 immediately after the acquisition.

The pro forma results of operations for the year ended December 31, 2020 assuming the reorganization had been completed on January 1, 2020, the beginning of the annual reporting period are as follows:

Net investment income	$	26,617,483
Net realized/unrealized gains		195,167,232
Change in net assets resulting from operations	$	221,784,715

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.

20                     Invesco Select Risk: Moderate Investor Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Select Risk: Moderate Investor Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Select Risk: Moderate Investor Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For the two years ended December 31, 2021 and the eleven months ended December 31, 2019 for Class A, Class C, Class R and Class Y.

For the two years ended December 31, 2021 and the period May 24, 2019 (commencement date) through December 31, 2019 for Class R5 and Class R6.

For the year ended December 31, 2021 and the period May 15, 2020 (commencement date) through December 31, 2020 for Class S.

The financial statements of Oppenheimer Portfolio Series Moderate Investor Fund (subsequently renamed Invesco Select Risk: Moderate Investor Fund) as of and for the year ended January 31, 2019 and the financial highlights for each of the periods ended on or prior to January 31, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated March 25, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2022

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

21                     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 July 1, 2021 through December 31, 2021.

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 (07/01/21)		Ending Account Value (12/31/21)1		Expenses Paid During Period2	Ending Account Value (12/31/21)		Expenses Paid During Period2	Annualized Expense Ratio
Class A		$1,000.00		$1,025.60	$1.89		$1,023.34	$1.89		0.37%
Class C		1,000.00		1,021.40	5.76		1,019.51	5.75		1.13
Class R		1,000.00		1,024.80	3.22		1,022.03	3.21		0.63
Class S		1,000.00		1,025.90	1.43		1,023.79	1.43		0.28
Class Y		1,000.00		1,026.50	0.66		1,024.55	0.66		0.13
Class R5		1,000.00		1,027.10	0.20		1,025.00	0.20		0.04
Class R6		1,000.00		1,027.10	0.20		1,025.00	0.20		0.04

¹ The actual ending account value is based on the actual total return of the Fund for the period July 1, 2021 through December 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

22                     Invesco Select Risk: Moderate Investor Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2021:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	37,496,702
Qualified Dividend Income*		10.65%
Corporate Dividends Received Deduction*		6.46%
U.S. Treasury Obligations*		1.12%
Qualified Business Income*		0.00%
Business Interest Income*		14.82%
*  The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$	88,478,660

23                     Invesco Select Risk: Moderate Investor Fund

Trustees and Officers

The address of each trustee and officer is AIM Growth Series (Invesco Growth Series) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 — 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	186	None

1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1                    Invesco Select Risk: Moderate Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	186	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler —1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	186	None

T-2                    Invesco Select Risk: Moderate Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds

T-3                    Invesco Select Risk: Moderate Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4                    Invesco Select Risk: Moderate Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5                    Invesco Select Risk: Moderate Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster — 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6                    Invesco Select Risk: Moderate 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

∎ Quarterly statements

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-02699 and 002-57526                         Invesco Distributors, Inc. O-OPSMI-AR-1

Annual Report to Shareholders December 31, 2021

Invesco Select Risk: Moderately Conservative Investor Fund

Nasdaq:

A: CAAMX ∎ C: CACMX ∎ R: CMARX ∎ S: CMASX ∎ Y: CAAYX ∎ R5: CMAIX ∎ R6: CNSSX

2	Management’s Discussion
2	Performance Summary
3	Long-Term Fund Performance
5	Supplemental Information
7	Schedule of Investments
9	Financial Statements
12	Financial Highlights
13	Notes to Financial Statements
18	Report of Independent Registered Public Accounting Firm
19	Fund Expenses
20	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary
For the year ended December 31, 2021, Class A shares of Invesco Select
Risk: Moderately Conservative Investor Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Select Risk: Moderately Conservative Index.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/20 to 12/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	7.26	%
Class C Shares	6.53
Class R Shares	7.02
Class S Shares	7.46
Class Y Shares	7.63
Class R5 Shares	7.65
Class R6 Shares	7.56
Bloomberg Global Aggregate Index, Hedged▼	-1.39
Custom Invesco Select Risk: Moderately Conservative Index∎	6.29
MSCI All Country World Index▼	18.54
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Global equity markets ended the first quarter of 2021 in positive territory amid concerns about rising bond yields and inflation, with value stocks outperforming growth stocks. The successful rollout of coronavirus (COVID-19) vaccinations in the US and UK benefited equity markets. However, even regions facing slower rollouts, including the Eurozone and Japan, performed well, driven by a rebound in global demand for goods.

    During the second quarter of 2021, global equity markets were again bolstered by the continued acceleration of vaccination rollouts and easing of COVID-19-related restrictions in most developed markets. In a reversal from the first quarter, growth stocks outperformed value stocks in most regions. Emerging market equities were led by Brazil which benefited from global tailwinds, while regulatory concerns weighed on Chinese equities.

    Developed global equity markets were flat in the third quarter of 2021 amid concerns about rising inflation, supply disruptions and the economic growth rate. Emerging market equities declined during the quarter, primarily due to weak performance from Chinese equities, which were affected by significant regulatory changes in the private tutoring industry, increased regulation in the technology sector and the potential default of a large Chinese property developer.

    Most developed global equity markets ended the fourth quarter of 2021 in positive territory despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the quarter, resulting in higher costs for companies and consumers. Emerging market equities declined due to COVID-19 concerns and China’s ongoing regulatory tightening and

slowing economic growth. Overall, developed market equities outperformed emerging market equities for the fiscal year.

    Strategic asset class exposures in the Fund are obtained through underlying representative mutual funds and exchange-traded funds targeting a pre-defined level of risk. From an absolute performance perspective, strategic allocations to equity and alternatives posted positive results for the fiscal year. Within equities, exposure to US large-cap equities was the leading contributor to positive absolute performance. In alternatives, exposures to global real estate and global infrastructure were positive contributors to performance as well. In contrast, exposure to fixed income, specifically international bonds, within the allocation detracted from absolute Fund performance.

    From a relative performance perspective, style and manager selection in the allocation to non-US equities were the leading detractors from relative Fund performance results. Within the allocation to non-US equities, the Invesco International Select Equity Fund and Invesco Developing Markets Fund were the leading detractors to relative performance. The Funds delivered negative total returns for the fiscal year and underperformed broader equities as inflation concerns and uncertainty around the Chinese regulatory regime and property market hurt many underlying holdings in the portfolio. An allocation to the Invesco International Bond Fund detracted from relative performance as well.

    Conversely, style selection in equity and an underweight allocation to fixed income were the leading contributors to relative Fund performance results. Within the fixed income allocation, the Invesco 1-30 Laddered Treasury ETF, Invesco Taxable Municipal Bond ETF and Invesco Income Fund were the leading contributors to relative performance. In fixed

income, short-duration assets outperformed long-duration assets during the fiscal year. Within the equity allocation, the Invesco S&P 500 Pure Value ETF and the Invesco Russell 1000 Dynamic Multifactor ETF were the leading contributors to relative performance. US large cap equities performed well as companies continued to post earning bests throughout the fiscal year.

  �� Please note that the Fund and some of the Fund’s underlying funds may use derivatives, including futures and total return swaps, which may create economic leverage in the underlying funds. Therefore, some of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    It has been our privilege to oversee Invesco Select Risk: Moderately Conservative Investor Fund and we thank you for your continued investment.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

2 Invesco Select Risk: Moderately Conservative Investor Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/11

1  Source: RIMES Technologies Corp.

2  Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

3 Invesco Select Risk: Moderately Conservative Investor Fund

Average Annual Total Returns

As of 12/31/21, including maximum applicable sales charges

Class A Shares
Inception (4/29/05)	4.74	%
10 Years	5.32
5 Years	5.65
1 Year	1.37
Class C Shares
Inception (4/29/05)	4.73	%
10 Years	5.27
5 Years	6.05
1 Year	5.53
Class R Shares
Inception (4/29/05)	4.84	%
10 Years	5.65
5 Years	6.59
1 Year	7.02
Class S Shares
Inception (6/3/11)	5.71	%
10 Years	6.02
5 Years	6.98
1 Year	7.46
Class Y Shares
Inception (10/3/08)	6.32	%
10 Years	6.18
5 Years	7.13
1 Year	7.63
Class R5 Shares
Inception (4/29/05)	5.39	%
10 Years	6.23
5 Years	7.17
1 Year	7.65
Class R6 Shares
10 Years	6.05	%
5 Years	7.14
1 Year	7.56

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

Supplemental Information

Invesco Select Risk: Moderately Conservative Investor Fund’s investment objective is total return consistent with a lower level of risk relative to the broad stock market.

∎ Unless otherwise stated, information presented in this report is as of December 31, 2021, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ The Bloomberg Global Aggregate 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: Moderately Conservative Index is composed of 40% MSCI All Country World Index and 60% Bloomberg Global Aggregate Index, Hedged.

∎ The MSCI All Country World Index 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.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

5 Invesco Select Risk: Moderately Conservative Investor Fund

Fund Information

Portfolio Composition*

By fund type	% of total investments
Fixed Income Funds		54.96	%
Equity Funds		38.21
Alternative Funds		4.93
Money Market Funds		1.90

* Based on the Schedule of Investments, which classifies each underlying fund and other investments into broad asset classes based on their predominant investments.

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. Data presented here are as of December 31, 2021.

6 Invesco Select Risk: Moderately Conservative Investor Fund

Schedule of Investments

December 31, 2021

Invesco Select Risk: Moderately Conservative Investor Fund

Schedule of Investments in Affiliated Issuers–100.15%^(a)

	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	12/31/21			12/31/20		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		12/31/21		12/31/21
Alternative Funds-4.99%
Invesco Fundamental Alternatives Fund, Class R6		–		$	8,762,959	$	–	$	(8,867,955	)	$	(37,443	)	$	142,439		$	–		–	$	–
Invesco Global Real Estate Income Fund, Class R6		1.79	%		6,288,773		265,999		(792,211	)		1,016,365			53,267			156,722		682,537		6,832,193
Invesco Macro Allocation Strategy Fund, Class R6		3.20	%		8,724,998		4,255,374		–			(774,672	)		416,238			674,872		1,430,914		12,205,700
Invesco Master Event-Linked Bond Fund, Class R6		–			2,331,045		59,860		(2,061,456	)		32,382			(361,831	)		57,254		–		–
Total Alternative Funds					26,107,775		4,581,233		(11,721,622	)		236,632			250,113			888,848				19,037,893
Domestic Equity Funds-19.53%
Invesco Discovery Mid Cap Growth Fund, Class R6		4.35	%		12,452,772		6,648,958		(3,126,940	)		299,438			2,561,713			–		453,823		16,600,843
Invesco Main Street Small Cap Fund, Class R6		1.48	%		15,925,952		407,386		(12,989,532	)		(1,681,795	)		4,365,540			4,331		263,319		5,624,496
Invesco Russell 1000 Dynamic Multifactor ETF		4.24	%		15,474,557		1,056,257		(4,349,142	)		2,897,606			1,075,263			165,730		318,630		16,154,541
Invesco S&P 500® Low Volatility ETF		2.36	%		7,948,167		156,107		(786,708	)		1,618,587			70,642			141,838		131,237		9,006,795
Invesco S&P 500® Pure Growth ETF		3.64	%		15,817,896		970,233		(6,804,746	)		1,782,695			2,112,835			635		65,833		13,878,913
Invesco S&P 500® Pure Value ETF		1.96	%		13,634,840		254,083		(9,862,553	)		291,131			3,172,045			194,576		92,658		7,489,546
Invesco S&P SmallCap Low Volatility ETF		1.50	%		8,726,915		–		(4,847,351	)		687,951			1,167,073			76,063		110,090		5,734,588
Total Domestic Equity Funds					89,981,099		9,493,024		(42,766,972	)		5,895,613			14,525,111			583,173				74,489,722
Fixed Income Funds-55.67%
Invesco 1-30 Laddered Treasury ETF		9.92	%		–		38,679,654		(2,027,095	)		1,131,295			46,460			337,782		1,034,746		37,830,314
Invesco Core Plus Bond Fund, Class R6		13.58	%		58,845,474		5,930,047		(10,925,151	)		(1,861,426	)		321,774			1,162,569		4,691,966		51,799,306
Invesco Fundamental High Yield® Corporate Bond ETF(b)		4.50	%		10,640,523		6,522,390		–			(7,071	)		–			498,699		883,411		17,155,842
Invesco Income Fund, Class R6(c)		2.73	%		14,078,260		1,129,029		(4,965,205	)		(108,367	)		270,368			370,686		1,320,818		10,394,838
Invesco International Bond Fund, Class R6(c)		5.57	%		32,770,710		5,896,140		(13,845,905	)		(2,675,917	)		(194,657	)		–		4,160,789		21,220,026
Invesco Master Loan Fund, Class R6		4.46	%		13,561,377		2,868,191		–			577,970			–			703,420		1,057,926		17,007,538
Invesco Taxable Municipal Bond ETF(b)		11.94	%		38,317,769		8,799,989		(1,062,812	)		(534,263	)		(10,670	)		1,124,182		1,380,765		45,510,013
Invesco Variable Rate Investment Grade ETF(c)		2.97	%		19,080,890		1,660,115		(9,451,944	)		93,372			(28,952	)		87,376		452,399		11,337,119
Total Fixed Income Funds					187,295,003		71,485,555		(42,278,112	)		(3,384,407	)		404,323			4,284,714				212,254,996
Foreign Equity Funds-19.16%
Invesco Developing Markets Fund, Class R6		3.44	%		–		15,477,876		(421,006	)		(1,956,957	)		594,614			67,580		278,802		13,103,674
Invesco Global Fund, Class R6		7.51	%		16,050,989		14,190,296		(3,348,211	)		1,477,824			2,152,367			–		227,490		28,629,662
Invesco Global Infrastructure Fund, Class R6		1.06	%		3,461,890		74,209		(90,676	)		578,849			4,055			74,209		311,549		4,028,327
Invesco International Select Equity Fund, Class R6		2.44	%		6,869,278		4,370,962		–			(1,926,364	)		204,364			37,346		736,275		9,313,876
Invesco International Small-Mid Company Fund, Class R6		1.76	%		6,528,605		814,732		(881,566	)		148,123			730,187			25,527		118,279		6,733,606
Invesco RAFI™ Strategic Developed ex-US ETF		0.97	%		3,462,908		128,325		(284,743	)		328,453			84,819			128,663		122,000		3,699,040
Invesco S&P International Developed Low Volatility ETF		1.98	%		6,853,705		254,528		(15,672	)		450,444			107			222,943		236,313		7,543,112
Total Foreign Equity Funds					43,227,375		35,310,928		(5,041,874	)		(899,628	)		3,770,513			556,268				73,051,297
Money Market Funds-0.80%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)		0.29	%		564,111		28,759,623		(28,198,371	)		–			–			219		1,125,363		1,125,363

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7 Invesco Select Risk: Moderately Conservative Investor Fund

Invesco Select Risk: Moderately Conservative Investor Fund (continued)

Schedule of Investments in Affiliated Issuers–100.15%^(a)

	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation		Realized			Dividend			Shares		Value
	12/31/21			12/31/20		at Cost		from Sales			(Depreciation)		Gain (Loss)			Income			12/31/21		12/31/21
Money Market Funds-(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(d)		0.17	%	$	402,778	$	20,483,152	$	(20,245,991	)	$	–	$	(69	)	$	74			639,742	$	639,870
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)		0.34	%		644,699		32,868,140		(32,226,710	)		–		–			93			1,286,129		1,286,129
Total Money Market Funds					1,611,588		82,110,915		(80,671,072	)		–		(69	)		386					3,051,362
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $345,318,856)		100.15	%		348,222,840		202,981,655		(182,479,652	)		1,848,210		18,949,991			6,313,389					381,885,270
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.13%
Invesco Private Government Fund, 0.02%(d)(e)		0.35	%		1,186,189		75,418,721		(75,298,830	)		–		–			186	(f)		1,306,080		1,306,080
Invesco Private Prime Fund, 0.11%(d)(e)		0.78	%		1,779,284		138,886,649		(137,687,509	)		–		224			2,543	(f)		2,978,052		2,978,648
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,284,728)		1.13	%		2,965,473		214,305,370		(212,986,339	)		–		224			2,729					4,284,728
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $349,603,584)		101.28	%	$	351,188,313	$	417,287,025	$	(395,465,991	)	$	1,848,210	$	18,950,215	(g)(h)	$	6,316,118	(g)			$	386,169,998
OTHER ASSETS LESS LIABILITIES		(1.28	)%																			(4,869,136	)
NET ASSETS		100.00	%																		$	381,300,862

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.

^(b)  All or a portion of this security was out on loan at December 31, 2021.

^(c)  Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

^(d)  The rate shown is the 7-day SEC standardized yield as of December 31, 2021.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1H.

^(f)  Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(g)  Amounts exclude return of capital received from previously held underlying funds due to the timing of the determination of the character of dividends received.

^(h) Includes capital gains distributions from affiliated underlying funds as follows:

Fund Name	Capital Gain
Invesco Core Plus Bond Fund	$	511,412
Invesco Developing Markets Fund		590,853
Invesco Discovery Mid Cap Growth Fund		2,235,098
Invesco Global Fund		1,893,603
Invesco International Select Equity Fund		204,364
Invesco International Small-Mid Company Fund		606,475
Invesco Macro Allocation Strategy Fund		416,238
Invesco Main Street Small Cap Fund		403,055
Invesco RAFI™ Strategic Developed ex-US ETF		20,722

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 Assets and Liabilities

December 31, 2021

Assets:
Investments in affiliated underlying funds, at value
(Cost $349,603,584)*	$	386,169,998
Cash		26,501
Receivable for:
Investments sold - affiliated underlying funds		999,822
Dividends - affiliated underlying funds		2,953
Fund shares sold		636,248
Investment for trustee deferred compensation and retirement plans		61,862
Other assets		37,956
Total assets		387,935,340
Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		1,552,370
Fund shares reacquired		534,447
Collateral upon return of securities loaned		4,284,728
Accrued fees to affiliates		139,126
Accrued other operating expenses		53,821
Trustee deferred compensation and retirement plans		69,986
Total liabilities		6,634,478
Net assets applicable to shares outstanding	$	381,300,862
Net assets consist of:
Shares of beneficial interest	$	340,206,565
Distributable earnings		41,094,297
	$	381,300,862

Net Assets:
Class A	$	331,991,653
Class C	$	24,758,273
Class R	$	10,020,234
Class S	$	2,008,636
Class Y	$	12,371,801
Class R5	$	109,365
Class R6	$	40,900
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		27,821,813
Class C		2,099,566
Class R		843,551
Class S		168,117
Class Y		1,038,292
Class R5		9,123
Class R6		3,413
Class A:
Net asset value per share	$	11.93
Maximum offering price per share (Net asset value of $11.93 ÷ 94.50%)	$	12.62
Class C:
Net asset value and offering price per share	$	11.79
Class R:
Net asset value and offering price per share	$	11.88
Class S:
Net asset value and offering price per share	$	11.95
Class Y:
Net asset value and offering price per share	$	11.92
Class R5:
Net asset value and offering price per share	$	11.99
Class R6:
Net asset value and offering price per share	$	11.98

* At December 31, 2021, securities with an aggregate value of $4,182,755 were on loan to brokers.

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 Operations

For the year ended December 31, 2021

Investment income:
Dividends from affiliated underlying funds (includes securities lending income of $ 94,459)	$	6,218,135
Expenses:
Administrative services fees		51,646
Custodian fees		1,521
Distribution fees:
Class A		794,660
Class C		256,784
Class R		46,428
Class S		3,122
Transfer agent fees – A, C, R, S and Y		441,142
Transfer agent fees – R5		52
Transfer agent fees – R6		23
Trustees’ and officers’ fees and benefits		25,845
Registration and filing fees		118,425
Reports to shareholders		24,486
Professional services fees		34,844
Other		14,069
Total expenses		1,813,047
Less: Expense offset arrangement(s)		(344	)
Net expenses		1,812,703
Net investment income		4,405,432
Realized and unrealized gain from:
Net realized gain from:
Affiliated underlying fund shares		12,255,310
Capital gain distributions from affiliated underlying fund shares		6,881,820
		19,137,130
Change in net unrealized appreciation of affiliated underlying fund shares		1,848,210
Net realized and unrealized gain		20,985,340
Net increase in net assets resulting from operations	$	25,390,772

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Select Risk: Moderately Conservative Investor Fund

Statement of Changes in Net Assets

For the years ended December 31, 2021 and 2020

	2021			2020
Operations:
Net investment income	$	4,405,432		$	5,524,222
Net realized gain		19,137,130			21,688,403
Change in net unrealized appreciation		1,848,210			5,910,939
Net increase in net assets resulting from operations		25,390,772			33,123,564
Distributions to shareholders from distributable earnings:
Class A		(15,934,233	)		(21,872,346	)
Class C		(1,040,411	)		(2,167,211	)
Class R		(452,945	)		(585,735	)
Class S		(101,131	)		(150,207	)
Class Y		(630,289	)		(887,160	)
Class R5		(5,184	)		(901	)
Class R6		(1,886	)		(958	)
Total distributions from distributable earnings		(18,166,079	)		(25,664,518	)
Share transactions-net:
Class A		25,701,760			36,640,278
Class C		(3,419,010	)		(6,076,705	)
Class R		1,979,083			(33,169	)
Class S		(49,735	)		95,392
Class Y		1,775,486			(244,232	)
Class R5		99,654			–
Class R6		28,671			2,007
Net increase in net assets resulting from share transactions		26,115,909			30,383,571
Net increase in net assets		33,340,602			37,842,617
Net assets:
Beginning of year		347,960,260			310,117,643
End of year	$	381,300,862		$	347,960,260

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Select Risk: Moderately Conservative Investor Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)(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
Year ended 12/31/21		$11.69		$0.15		$ 0.69			$ 0.84			$(0.23	)		$(0.37	)		$(0.60	)		$11.93		7.26	%		$331,992		0.44	%		0.44	%		1.25	%		28	%
Year ended 12/31/20		11.47		0.20		0.94			1.14			(0.27	)		(0.65	)		(0.92	)		11.69		10.23			300,116		0.47			0.47			1.81			86
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
Class C
Year ended 12/31/21		11.55		0.06		0.68			0.74			(0.13	)		(0.37	)		(0.50	)		11.79		6.53			24,758		1.19			1.19			0.50			28
Year ended 12/31/20		11.34		0.12		0.92			1.04			(0.18	)		(0.65	)		(0.83	)		11.55		9.40			27,569		1.22			1.22			1.06			86
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
Class R
Year ended 12/31/21		11.64		0.12		0.69			0.81			(0.20	)		(0.37	)		(0.57	)		11.88		7.02			10,020		0.69			0.69			1.00			28
Year ended 12/31/20		11.42		0.18		0.93			1.11			(0.24	)		(0.65	)		(0.89	)		11.64		9.99			7,877		0.72			0.72			1.56			86
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
Class S
Year ended 12/31/21		11.70		0.16		0.70			0.86			(0.24	)		(0.37	)		(0.61	)		11.95		7.46			2,009		0.34			0.34			1.35			28
Year ended 12/31/20		11.48		0.22		0.93			1.15			(0.28	)		(0.65	)		(0.93	)		11.70		10.33			2,012		0.37			0.37			1.91			86
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
Class Y
Year ended 12/31/21		11.67		0.18		0.70			0.88			(0.26	)		(0.37	)		(0.63	)		11.92		7.63			12,372		0.19			0.19			1.50			28
Year ended 12/31/20		11.45		0.23		0.93			1.16			(0.29	)		(0.65	)		(0.94	)		11.67		10.52			10,363		0.22			0.22			2.06			86
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
Class R5
Year ended 12/31/21		11.74		0.19		0.69			0.88			(0.26	)		(0.37	)		(0.63	)		11.99		7.65			109		0.15			0.15			1.54			28
Year ended 12/31/20		11.52		0.24		0.93			1.17			(0.30	)		(0.65	)		(0.95	)		11.74		10.51			11		0.19			0.19			2.09			86
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
Class R6
Year ended 12/31/21		11.74		0.19		0.68			0.87			(0.26	)		(0.37	)		(0.63	)		11.98		7.56			41		0.15			0.15			1.54			28
Year ended 12/31/20		11.52		0.24		0.93			1.17			(0.30	)		(0.65	)		(0.95	)		11.74		10.51			12		0.19			0.19			2.09			86
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
Period ended 12/31/17(f)		11.40		0.21		0.40			0.61			(0.31	)		(0.03	)		(0.34	)		11.67		5.38			10		0.24	(g)		0.24	(g)		2.40	(g)		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 0.49%, 0.51%, 0.51%, 0.53% and 0.53% for the years ended December 31, 2021, 2020, 2019, 2018, and 2017, respectively.

^(e)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)  Commencement date of April 4, 2017.

^(g)  Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco Select Risk: Moderately Conservative Investor Fund

Notes to Financial Statements

December 31, 2021

NOTE 1–Significant Accounting Policies

Invesco Select Risk: Moderately 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 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, or other unaffiliated advisers. The Adviser 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 eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities 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.

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: Moderately Conservative Investor Fund

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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 based on relative net assets of Class R5 and Class R6. 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, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated 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.

On September 29, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (the “Adviser” or “Invesco”) to serve as an affiliated securities lending agent for the Fund. Prior to September 29, 2021, the Bank of New York Mellon (“BNYM”) served as the sole securities lending agent for the Fund under the securities lending program. BNYM also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2021, fees paid to the Adviser were less than $500.

I. Other Risks – Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small

14 Invesco Select Risk: Moderately Conservative Investor Fund

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.

J. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Advisor 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 June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class 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 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, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended December 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class 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 year ended December 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2021, IDI advised the Fund that IDI retained $40,044 in front-end sales commissions from the sale of Class A shares and $9,527 and $1,387 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.

15 Invesco Select Risk: Moderately Conservative Investor Fund

The following is a summary of the tiered valuation input levels, as of December 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Affiliated Issuers	$	378,833,908	$	–		$–	$	378,833,908
Money Market Funds		3,051,362		4,284,728		–		7,336,090
Total Investments	$	381,885,270	$	4,284,728		$–	$	386,169,998

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended December 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $344.

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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2021 and 2020:

	2021		2020
Ordinary income*	$	16,251,362	$	9,943,578
Long-term capital gain		1,914,717		15,720,940
Total distributions	$	18,166,079	$	25,664,518

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2021
Undistributed ordinary income	$	281,306
Undistributed long-term capital gain		6,973,178
Net unrealized appreciation – investments		33,881,101
Temporary book/tax differences		(41,288	)
Shares of beneficial interest		340,206,565
Total net assets	$	381,300,862

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and partnerships.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2021.

16 Invesco Select Risk: Moderately Conservative Investor Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2021 was $120,870,740 and $101,808,580, 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	$36,942,765
Aggregate unrealized (depreciation) of investments	(3,061,664	)
Net unrealized appreciation of investments	$33,881,101

Cost of investments for tax purposes is $352,288,897.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions, return of capital and partnerships, on December 31, 2021, undistributed net investment income was increased by $2,999,852 and undistributed net realized gain was decreased by $2,999,852. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10–Share Information

	Summary of Share Activity
	Year ended						Year ended
	December 31, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		5,446,631		$	65,972,089			7,150,515		$	79,261,386
Class C		492,238			5,862,630			935,799			10,302,259
Class R		345,361			4,149,561			188,716			2,113,106
Class S		4,800			59,558			911			10,200
Class Y		389,216			4,682,496			959,243			9,919,696
Class R5		9,308			113,682			-			-
Class R6		2,398			29,180			169			1,940
Issued as reinvestment of dividends:
Class A		1,259,071			14,963,129			1,797,699			20,504,825
Class C		84,391			989,281			183,186			2,071,420
Class R		38,102			450,409			51,200			581,822
Class S		8,495			101,131			13,163			150,207
Class Y		45,779			543,603			75,326			851,051
Class R5		383			4,579			-			-
Class R6		111			1,328			11			125
Automatic conversion of Class C shares to Class A shares:
Class A		225,877			2,728,054			602,958			6,891,827
Class C		(228,581	)		(2,728,054	)		(609,825	)		(6,891,827	)
Reacquired:
Class A		(4,789,672	)		(57,961,512	)		(6,345,708	)		(70,017,760	)
Class C		(634,657	)		(7,542,867	)		(1,057,023	)		(11,558,557	)
Class R		(216,817	)		(2,620,887	)		(243,931	)		(2,728,097	)
Class S		(17,072	)		(210,424	)		(5,694	)		(65,015	)
Class Y		(284,740	)		(3,450,613	)		(972,216	)		(11,014,979	)
Class R5		(1,517	)		(18,607	)		-			-
Class R6		(151	)		(1,837	)		(5	)		(58	)
Net increase in share activity		2,178,954		$	26,115,909			2,724,494		$	30,383,571

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 42% 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.

17 Invesco Select Risk: Moderately Conservative Investor Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Select Risk: Moderately Conservative Investor Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Select Risk: Moderately Conservative Investor Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2022

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

18 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 July 1, 2021 through December 31, 2021.

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, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (07/01/21)	Ending     Account Value     (12/31/21)1	Expenses       Paid During       Period2	Ending     Account Value     (12/31/21)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$1,018.10	$2.24	$1,022.99	$2.24	0.44%
Class C	1,000.00	1,014.40	6.04	1,019.21	6.06	1.19
Class R	1,000.00	1,016.90	3.51	1,021.73	3.52	0.69
Class S	1,000.00	1,018.60	1.73	1,023.49	1.73	0.34
Class Y	1,000.00	1,020.20	0.97	1,024.25	0.97	0.19
Class R5	1,000.00	1,019.70	0.71	1,024.50	0.71	0.14
Class R6	1,000.00	1,019.70	0.71	1,024.50	0.71	0.14

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2021 through December 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

19 Invesco Select Risk: Moderately Conservative Investor Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2021:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$1,914,717
Qualified Dividend Income*	7.59	%
Corporate Dividends Received Deduction*	4.16	%
U.S. Treasury Obligations*	2.47	%
Qualified Business Income*	0.00	%
Business Interest Income*	20.52	%
*   The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$10,393,965

20 Invesco Select Risk: Moderately Conservative Investor Fund

Trustees and Officers

The address of each trustee and officer is AIM Growth Series (Invesco Growth Series) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	186	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Select Risk: Moderately Conservative Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	186	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	186	None

T-2 Invesco Select Risk: Moderately Conservative Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds

T-3 Invesco Select Risk: Moderately Conservative Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Select Risk: Moderately Conservative Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Select Risk: Moderately Conservative Investor Fund

Trustees and Officers–(continued)

Name, Year of Birth and     Position(s)     Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers—(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster — 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC	N/A	N/A
		Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Select Risk: Moderately Conservative Investor Fund

(This page intentionally left blank)

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Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-02699 and 002-57526                 Invesco Distributors, Inc. CAL-AR-1                                         

  Annual Report to Shareholders   December 31, 2021

Invesco Small Cap Growth Fund

Nasdaq:

A: GTSAX ∎ C: GTSDX ∎ R: GTSRX ∎ Y: GTSYX ∎ Investor: GTSIX ∎ R5: GTSVX ∎ R6: GTSFX

2	Management’s Discussion
2	Performance Summary
4	Long-Term Fund Performance
6	Supplemental Information
8	Schedule of Investments
11	Financial Statements
14	Financial Highlights
15	Notes to Financial Statements
21	Report of Independent Registered Public Accounting Firm
22	Fund Expenses
23	Tax Information
T-1	Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2021, Class A shares of Invesco Small Cap Growth Fund (the Fund), at net asset value (NAV), outperformed the Russell 2000 Growth Index, the Fund’s style-specific benchmark.

    Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 12/31/20 to 12/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	7.33	%
Class C Shares	6.55
Class R Shares	7.07
Class Y Shares	7.61
Investor Class Shares	7.43
Class R5 Shares	7.71
Class R6 Shares	7.80
S&P 500 Indexq (Broad Market Index)	28.71
Russell 2000 Growth Indexq (Style-Specific Index)	2.83
Lipper Small-Cap Growth Funds Index∎ (Peer Group Index)	11.22
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

US political unrest and rising coronavirus (COVID-19) infection rates marked the start of the first quarter of 2021. Additionally, retail investors bid up select stocks like GameStop and AMC Theaters, ultimately causing a sharp selloff in late January. Corporate earnings generally beat expectations, but market volatility rose during the quarter as investors worried about rising bond yields and inflation. Despite the US Federal Reserve’s (the Fed’s) commitment to an accommodative policy, the 10-year US Treasury yield rose from 0.92% at the end of 2020 to 1.75%¹ at the end of March 2021. Approval of a third COVID-19 vaccine boosted investors’ optimism for faster economic recovery. Although March saw increased volatility with consecutive down days in the US stock market, stocks continued to hit all-time highs through April 2021.

    The US stock market once again hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the US gross domestic product (GDP) grew at a 6.4% annualized rate for the first quarter of 2021.² Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing in June through September,³ the Fed declined to raise interest rates at its September Federal Open Market Committee (FOMC) meeting. The US stock market saw continued volatility in August and a selloff through most of September

due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs.

    Equity markets were volatile in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic related supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil (West Texas Intermediate) rose to nearly $85 per barrel in October,¹ causing higher gas prices for consumers and pushing energy stocks higher. The CPI report for November increased 0.8%, resulting in a 6.8% increase over the last 12 months, the highest since 1982.³ The Fed announced a faster pace of “tapering” at its December meeting to combat inflation, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron strain reporting milder symptoms, stocks rallied at year-end and the S&P 500 Index returned 28.71%⁴ for the calendar year.

    Given this environment, the Fund produced a positive return and outperformed its style-specific benchmark, the Russell 2000 Growth Index, during the fiscal year. Relative contributors to performance during the fiscal year included stock selection and active over/ underweights in the health care, industrials and communication services sectors. Not having exposure in the utilities sector also contributed to relative performance. Health care sector performance contributed the most with several life sciences tools and services and biotechnology companies posting strong gains despite the rotation to value in 2021 that broadly put pressure on names within this space. Alternatively, the leading detractor

from relative Fund performance was stock selection in the information technology (IT) sector, although the portfolio’s overweight positioning within the sector helped offset some of the negative results. The IT sector broadly faced headwinds during the fiscal year for several reasons including investor concerns about higher interest rates, supply chain disruptions, especially in the semiconductor space, as well as difficult comparisons relative to 2020 when the pandemic pulled forward significant future growth, as companies increasingly spent on new software and other technology upgrades to enable a work-from-home environment. Stock selection and an underweight in the consumer staples sector also detracted from relative performance.

    The leading contributor to portfolio performance on an absolute and relative basis was Plug Power, which develops hydrogen fuel cell systems to replace conventional batteries in electric-powered vehicles and other equipment. Early in the fiscal year, the company benefited from an announced joint venture to build a hydrogen plant in Asia, as well as a joint venture to manufacture hydrogen fuel cells in Europe for the light commercial vehicle market. These announcements were well received by investors as Europe and Asia represent brand new markets for Plug Power. After capturing significant performance in this business, we sold our position during the fiscal year due to market cap concerns.

    Another leading absolute contributor during the fiscal year was Bill.com. The software company consistently posted stellar quarterly earnings reports with strong growth and operating metrics that significantly exceeded expectations. Bill.com has largely benefited from demand for the digital transformation of processes and payments, which was already on the rise and has now been accelerated due to the pandemic induced challenges. We exited our position with Bill.com during the fiscal year.

    Builders FirstSource manufactures and supplies building materials and was among the leading absolute and relative contributors to outperformance during the fiscal year. Despite the challenging environment due to COVID-19 that included labor shortages and supply chain disruptions, Builders FirstSource managed the environment incredibly well delivering earnings that beat estimates and raising forward guidance early in the fiscal year. The building materials company also benefited from rising lumber prices as supply chains struggled to keep up with the strong demand for construction materials.

    The leading absolute detractor during the fiscal year was Twist Bioscience. The synthetic DNA manufacturer is a promising early-stage company with an array of applications for its technology. As with most early-stage, higher multiple companies, Twist Bioscience experienced volatility during the fiscal year as investors repositioned portfolios to hedge against the backdrop of increasing inflation

2                                   Invesco Small Cap Growth Fund

and higher interest rates. Despite these headwinds, Twist Bioscience continues to execute well from a fundamental perspective delivering consensus beating earnings and improving forward guidance.

    Danimer Scientific manufactures biodegradable plastics for consumer goods and was among the leading detractors from relative performance for the fiscal year. Danimer Scientific is in the process of expanding its capacity, and so far, has executed well. Additionally, Danimer Scientific announced an acquisition of a company called Novomer (not a fund holding). While the acquisition makes strategic sense long-term, it also means that Danimer Scientific will now need to raise additional capital to complete funding of its growth plans, which was not well received by investors.

    Cloud-based banking solutions provider, Q2 was also among the leading detractors during the fiscal year following underwhelming quarterly reports due in large part to less than expected bookings growth, which is a leading indicator of revenue growth. Additionally, as with many software companies during the fiscal year, concerns about interest rates and difficult comparisons from the previous fiscal year also weighed on investor sentiment and ultimately stock performance.

    We wish to remind you that all positioning changes are based on bottom-up stock selection, while disciplined portfolio construction acts as a risk control and ensures alignment with small-cap market sector exposure with modest over- and underweights. The portfolio tends to have higher quality and larger market cap biases relative to its style-specific benchmark. Structural underweights include real estate investment trusts and pharma/biotech. To manage the risk of binary events, companies with either Phase III clinical data showing proven efficacy, or an existing revenue stream are preferred. Relative to the style-specific benchmark, the Fund’s largest sector overweights are in industrials, IT and materials. The largest sector underweights are in consumer staples, real estate, energy, communication services and financials.

    We are observing high single-digit nominal GDP and sales growth and see inflation limiting profit margins and earnings growth. We expect the Fed to raise rates in 2022 in an effort to offset inflationary pressures. In this environment, at the margin, we are seeking high quality, stable and larger size small-cap growth companies that we believe market conditions will favor in the coming months. We continue to believe that digitization in technology and innovation in health care will drive secular growth.

    Thank you for your commitment to the Invesco Small Cap Growth Fund and for sharing our long-term investment horizon.

1 Source: Bloomberg LP

2 Source: US Bureau of Economic Analysis

3 Source: US Bureau of Labor Statistics

4 Source: Lipper Inc.

Portfolio manager(s):

Juan Hartsfield - Lead

Clay Manley

Justin Sander

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

3                                   Invesco Small Cap Growth Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/11

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4                                   Invesco Small Cap Growth Fund

Average Annual Total Returns
As of 12/31/21, including maximum applicable sales charges
Class A Shares
Inception (10/18/95)	11.71	%
10 Years	15.92
5 Years	17.60
1 Year	1.43
Class C Shares
Inception (5/3/99)	10.40	%
10 Years	15.87
5 Years	18.05
1 Year	6.06
Class R Shares
Inception (6/3/02)	10.90	%
10 Years	16.29
5 Years	18.64
1 Year	7.07
Class Y Shares
Inception (10/3/08)	15.21	%
10 Years	16.87
5 Years	19.24
1 Year	7.61
Investor Class Shares
Inception (4/7/06)	11.41	%
10 Years	16.60
5 Years	18.99
1 Year	7.43
Class R5 Shares
Inception (3/15/02)	11.04	%
10 Years	17.02
5 Years	19.38
1 Year	7.71
Class R6 Shares
10 Years	17.08	%
5 Years	19.48
1 Year	7.80

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, 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.

5                                   Invesco Small Cap Growth Fund

Supplemental Information

Invesco Small Cap Growth Fund’s investment objective is long-term growth of capital.

∎ Unless otherwise stated, information presented in this report is as of December 31, 2021, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎ The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

∎ The Russell 2000^® 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.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

6                                   Invesco Small Cap Growth Fund

Fund Information

Portfolio Composition

By sector	% of total net assets
Information Technology	26.42%
Health Care	24.90
Industrials	20.35
Consumer Discretionary	14.78
Materials	4.20
Financials	3.88
Other Sectors, Each Less than 2% of Net Assets	3.47
Money Market Funds Plus Other Assets Less Liabilities	2.00

Top 10 Equity Holdings*

		% of total net assets
1.	Lattice Semiconductor Corp.	2.10%
2.	Kornit Digital Ltd.	1.43
3.	Builders FirstSource, Inc.	1.38
4.	Saia, Inc.	1.37
5.	Syneos Health, Inc.	1.37
6.	Ambarella, Inc.	1.35
7.	LPL Financial Holdings, Inc.	1.34
8.	Silicon Laboratories, Inc.	1.30
9.	Natera, Inc.	1.30
10.	Evoqua Water Technologies Corp.	1.27

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2021.

7                                    Invesco Small Cap Growth Fund

Schedule of Investments^(a)

December 31, 2021

	Shares			Value
Common Stocks & Other Equity Interests–98.00%
Air Freight & Logistics–0.88%
GXO Logistics, Inc.(b)		388,499		$	35,287,364
Alternative Carriers–0.88%
Iridium Communications, Inc.(b)(c)		858,945			35,465,839
Apparel, Accessories & Luxury Goods–0.72%
Kontoor Brands, Inc.		564,417			28,926,371
Application Software–11.03%
Altair Engineering, Inc., Class A(b)(c)		469,261			36,283,260
Avalara, Inc.(b)(c)		197,176			25,457,393
Black Knight, Inc.(b)(c)		346,544			28,725,032
Blackline, Inc.(b)(c)		401,327			41,553,398
Cerence, Inc.(b)		270,111			20,701,307
Duck Creek Technologies, Inc.(b)		706,291			21,266,422
Five9, Inc.(b)		213,946			29,379,065
Guidewire Software, Inc.(b)(c)		292,298			33,184,592
LivePerson, Inc.(b)(c)		532,030			19,004,112
Matterport, Inc.(b)(c)		392,068			8,092,283
Olo, Inc., Class A(b)(c)		1,184,228			24,643,785
Pegasystems, Inc.(c)		282,337			31,570,923
Q2 Holdings, Inc.(b)(c)		463,132			36,791,206
Smartsheet, Inc., Class A(b)		447,368			34,648,652
Sprout Social, Inc., Class A(b)		250,206			22,691,182
Workiva, Inc.(b)(c)		236,061			30,803,600
					444,796,212
Auto Parts & Equipment–1.78%
Fox Factory Holding Corp.(b)(c)		271,849	��		46,241,515
Visteon Corp.(b)(c)		230,371			25,603,433
					71,844,948
Biotechnology–8.90%
Abcam PLC (United Kingdom)(b)		1,414,030			33,169,792
ALX Oncology Holdings, Inc.(b)(c)		288,728			6,204,765
Ascendis Pharma A/S, ADR (Denmark)(b)		172,126			23,156,111
CareDx, Inc.(b)		864,743			39,328,512
ChemoCentryx, Inc.(b)(c)		545,370			19,856,922
Fate Therapeutics, Inc.(b)(c)		391,377			22,899,468
Halozyme Therapeutics, Inc.(b)(c)		889,647			35,772,706
Intellia Therapeutics, Inc.(b)(c)		159,568			18,867,320
Iovance Biotherapeutics, Inc.(b)(c)		688,821			13,149,593
Kodiak Sciences, Inc.(b)		252,700			21,423,906
Mirati Therapeutics, Inc.(b)(c)		156,608			22,972,828
Natera, Inc.(b)(c)		559,060			52,210,613
TG Therapeutics, Inc.(b)(c)		639,968			12,159,392
Twist Bioscience Corp.(b)		484,924			37,528,268
					358,700,196
Building Products–2.46%
Builders FirstSource, Inc.(b)		648,950			55,621,505
Trex Co., Inc.(b)(c)		321,983			43,477,364
					99,098,869
Casinos & Gaming–1.22%
Caesars Entertainment, Inc.(b)(c)		272,440			25,481,313

	Shares		Value
Casinos & Gaming–(continued)
Penn National Gaming, Inc.(b)(c)		457,113	$	23,701,309
				49,182,622
Communications Equipment–0.86%
Calix, Inc.(b)		434,564		34,752,083
Construction & Engineering–2.65%
AECOM(b)		548,521		42,428,099
Construction Partners, Inc.(b)		930,005		27,351,447
Valmont Industries, Inc.		148,733		37,257,617
				107,037,163
Construction Machinery & Heavy Trucks–0.66%
Terex Corp.		601,202		26,422,828
Construction Materials–0.85%
Eagle Materials, Inc.		206,705		34,408,114
Consumer Electronics–0.58%
Sonos, Inc.(b)		780,796		23,267,721
Consumer Finance–0.23%
LendingTree, Inc.(b)(c)		77,143		9,457,732
Data Processing & Outsourced Services–0.71%
Flywire Corp.(b)(c)		748,526		28,488,900
Distributors–1.04%
Pool Corp.		73,786		41,762,876
Diversified Support Services–0.54%
IAA, Inc.(b)		427,940		21,662,323
Electrical Components & Equipment–2.10%
Shoals Technologies Group, Inc., Class A(b)(c)		1,025,848		24,928,107
Stem, Inc.(b)(c)		867,224		16,451,239
Vicor Corp.(b)		342,293		43,464,365
				84,843,711
Electronic Components–0.91%
Littelfuse, Inc.		116,510		36,663,367
Electronic Manufacturing Services–0.75%
Fabrinet (Thailand)(b)		253,704		30,056,313
Environmental & Facilities Services–0.90%
Clean Harbors, Inc.(b)		362,536		36,170,217
Financial Exchanges & Data–1.52%
Bakkt Holdings, Inc.(b)(c)		1,572,213		13,379,533
Morningstar, Inc.		139,593		47,739,410
				61,118,943
Food Distributors–0.65%
Performance Food Group Co.(b)(c)		573,837		26,333,380
Health Care Equipment–8.07%
AtriCure, Inc.(b)		550,431		38,271,468
CONMED Corp.(c)		251,121		35,598,913
CryoPort, Inc.(b)(c)		599,107		35,449,161

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                                   Invesco Small Cap Growth Fund

	Shares		Value
Health Care Equipment–(continued)
Inari Medical, Inc.(b)(c)		390,587	$	35,648,876
Insulet Corp.(b)		97,786		26,017,921
iRhythm Technologies, Inc.(b)(c)		336,751		39,632,225
Masimo Corp.(b)		126,417		37,012,369
Mesa Laboratories, Inc.(c)		100,477		32,965,499
Tandem Diabetes Care, Inc.(b)(c)		296,281		44,596,216
				325,192,648
Health Care Services–1.10%
Amedisys, Inc.(b)(c)		122,787		19,876,759
LHC Group, Inc.(b)(c)		178,207		24,455,347
				44,332,106
Health Care Technology–0.35%
Schrodinger, Inc.(b)(c)		408,608		14,231,817
Home Improvement Retail–0.82%
Floor & Decor Holdings, Inc., Class A(b)		254,091		33,034,371
Homebuilding–0.94%
Installed Building Products, Inc.(c)		270,813		37,837,992
Homefurnishing Retail–0.61%
RH(b)(c)		45,768		24,528,902
Hotels, Resorts & Cruise Lines–0.90%
Marriott Vacations Worldwide Corp.		214,842		36,304,001
Human Resource & Employment Services–0.91%
ASGN, Inc.(b)		297,750		36,742,350
Industrial Machinery–4.80%
Evoqua Water Technologies Corp.(b)		1,096,304		51,252,212
Kennametal, Inc.		747,036		26,826,063
Kornit Digital Ltd. (Israel)(b)		378,549		57,634,085
Nordson Corp.		122,553		31,284,104
Timken Co. (The)		383,976		26,605,697
				193,602,161
Industrial REITs–0.92%
EastGroup Properties, Inc.		163,308		37,209,728
Insurance Brokers–0.79%
BRP Group, Inc., Class A(b)(c)		887,888		32,061,636
Internet & Direct Marketing Retail–1.63%
Overstock.com, Inc.(b)		527,511		31,128,424
Shutterstock, Inc.		312,513		34,651,441
				65,779,865
Internet Services & Infrastructure–0.23%
BigCommerce Holdings, Inc., Series 1(b)(c)		263,025		9,303,194
Investment Banking & Brokerage–1.34%
LPL Financial Holdings, Inc.		336,828		53,922,794
Leisure Facilities–0.85%
Planet Fitness, Inc., Class A(b)(c)		376,783		34,129,004
Life Sciences Tools & Services–6.05%
Adaptive Biotechnologies Corp.(b)(c)		429,087		12,040,181
Berkeley Lights, Inc.(b)		1,290,420		23,459,836
Maravai LifeSciences Holdings, Inc., Class A(b)		519,370		21,761,603

	Shares		Value
Life Sciences Tools & Services–(continued)
NanoString Technologies, Inc.(b)(c)		736,253	$	31,091,964
NeoGenomics, Inc.(b)(c)		827,913		28,248,391
Pacific Biosciences of California, Inc.(b)(c)		1,282,310		26,236,063
Repligen Corp.(b)(c)		173,479		45,944,178
Syneos Health, Inc.(b)		536,804		55,119,035
				243,901,251
Motorcycle Manufacturers–0.61%
Harley-Davidson, Inc.		654,980		24,686,196
Oil & Gas Equipment & Services–0.27%
Aspen Aerogels, Inc.(b)(c)		215,635		10,736,467
Paper Packaging–0.56%
Ranpak Holdings Corp.(b)(c)		596,738		22,425,414
Personal Products–0.74%
Beauty Health Co. (The)(b)(c)		1,240,043		29,959,439
Pharmaceuticals–0.43%
Arvinas, Inc.(b)(c)		212,079		17,420,169
Research & Consulting Services–0.48%
Clarivate PLC(b)(c)		830,751		19,539,263
Restaurants–1.66%
Texas Roadhouse, Inc.		339,128		30,277,348
Wingstop, Inc.(c)		212,854		36,781,171
				67,058,519
Semiconductors–9.43%
Allegro MicroSystems, Inc. (Japan)(b)(c)		1,161,190		42,011,854
Ambarella, Inc.(b)		268,651		54,506,601
Impinj, Inc.(b)		347,692		30,840,281
Lattice Semiconductor Corp.(b)		1,099,550		84,731,323
MACOM Technology Solutions Holdings, Inc.(b)		502,231		39,324,687
Power Integrations, Inc.(c)		393,762		36,576,552
Semtech Corp.(b)(c)		450,222		40,038,243
Silicon Laboratories, Inc.(b)(c)		253,583		52,344,603
				380,374,144
Specialty Chemicals–2.10%
Axalta Coating Systems Ltd.(b)		847,593		28,072,280
Danimer Scientific, Inc.(b)		1,313,460		11,190,679
Element Solutions, Inc.		1,869,720		45,396,802
				84,659,761
Specialty Stores–1.43%
Five Below, Inc.(b)(c)		149,812		30,994,604
National Vision Holdings, Inc.(b)(c)		558,515		26,803,135
				57,797,739
Steel–0.69%
Cleveland-Cliffs, Inc.(b)(c)		1,271,745		27,685,889
Systems Software–2.50%
KnowBe4, Inc., Class A(b)(c)		1,269,214		29,115,769
Qualys, Inc.(b)(c)		271,724		37,285,967
Rapid7, Inc.(b)(c)		290,660		34,207,776
				100,609,512
Trading Companies & Distributors–1.88%
SiteOne Landscape Supply, Inc.(b)		161,885		39,221,498

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                                   Invesco Small Cap Growth Fund

	Shares		Value
Trading Companies & Distributors–(continued)
WESCO International, Inc.(b)		278,763	$	36,682,423
				75,903,921
Trucking–2.09%
Lyft, Inc., Class A(b)(c)		679,849		29,049,948
Saia, Inc.(b)		163,916		55,244,609
				84,294,557
Total Common Stocks & Other Equity Interests (Cost $2,682,806,892)				3,951,012,902
Money Market Funds–2.26%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)		32,241,983		32,241,983
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(d)(e)		22,053,229		22,057,639
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e)		36,847,981		36,847,981
Total Money Market Funds (Cost $91,147,603)				91,147,603
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–100.26% (Cost $2,773,954,495)				4,042,160,505

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–17.04%
Invesco Private Government Fund, 0.02%(d)(e)(f)		206,465,256	$	206,465,257
Invesco Private Prime Fund, 0.11%(d)(e)(f)		480,447,101		480,543,174
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $687,055,100)				687,008,431
TOTAL INVESTMENTS IN SECURITIES–117.30% (Cost $3,461,009,595)				4,729,168,936
OTHER ASSETS LESS LIABILITIES–(17.30)%				(697,357,082	)
NET ASSETS–100.00%			$	4,031,811,854

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at December 31, 2021.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2021.

	Value December 31, 2020		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value December 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 15,693,873		$    334,552,237		$    (318,004,127)		$            -		$             -		$   32,241,983		$     7,347
Invesco Liquid Assets Portfolio, Institutional Class		11,034,856		238,039,614		(227,016,340)		1,085		(1,576)		22,057,639		3,113
Invesco Treasury Portfolio, Institutional Class		17,935,855		382,345,414		(363,433,288)		-		-		36,847,981		3,073
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		10,705,412		960,039,911		(764,280,066)		-		-		206,465,257		22,475	*
Invesco Private Prime Fund		16,058,118		1,816,509,725		(1,351,927,126)		(46,669)		(50,874)		480,543,174		307,781	*
Total		$ 71,428,114		$3,731,486,901		$ (3,024,660,947)		$ (45,584)		$ (52,450)		$ 778,156,034		$ 343,789

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of December 31, 2021.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                                   Invesco Small Cap Growth Fund

Statement of Assets and Liabilities

December 31, 2021

Assets:
Investments in unaffiliated securities, at value (Cost $2,682,806,892)*	$	3,951,012,902
Investments in affiliated money market funds, at value (Cost $778,202,703)		778,156,034
Foreign currencies, at value (Cost $158)		162
Receivable for:
Fund shares sold		2,228,521
Dividends		2,697,074
Investment for trustee deferred compensation and retirement plans		452,358
Other assets		70,027
Total assets		4,734,617,078
Liabilities:
Payable for:
Fund shares reacquired		11,195,456
Amount due custodian		2,215,805
Collateral upon return of securities loaned		687,055,100
Accrued fees to affiliates		1,628,309
Accrued other operating expenses		208,988
Trustee deferred compensation and retirement plans		501,566
Total liabilities		702,805,224
Net assets applicable to shares outstanding	$	4,031,811,854
Net assets consist of:
Shares of beneficial interest	$	2,698,647,297
Distributable earnings		1,333,164,557
	$	4,031,811,854

Net Assets:
Class A	$	988,306,899
Class C	$	15,850,281
Class R	$	112,216,955
Class Y	$	274,782,410
Investor Class	$	246,960,786
Class R5	$	1,445,167,588
Class R6	$	948,526,935
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		27,201,979
Class C		1,282,134
Class R		3,671,204
Class Y		7,026,655
Investor Class		6,161,100
Class R5		31,199,242
Class R6		20,207,201
Class A:
Net asset value per share	$	36.33
Maximum offering price per share (Net asset value of $36.33 ÷ 94.50%)	$	38.44
Class C:
Net asset value and offering price per share	$	12.36
Class R:
Net asset value and offering price per share	$	30.57
Class Y:
Net asset value and offering price per share	$	39.11
Investor Class:
Net asset value and offering price per share	$	40.08
Class R5:
Net asset value and offering price per share	$	46.32
Class R6:
Net asset value and offering price per share	$	46.94

* At December 31, 2021, securities with an aggregate value of $666,328,334 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                                   Invesco Small Cap Growth Fund

Statement of Operations

For the year ended December 31, 2021

Investment income:
Dividends	$	5,949,283
Dividends from affiliated money market funds (includes securities lending income of $6,139,932)		6,153,465
Total investment income		12,102,748
Expenses:
Advisory fees		28,403,172
Administrative services fees		623,747
Custodian fees		6,042
Distribution fees:
Class A		2,636,877
Class C		184,023
Class R		641,380
Investor Class		417,188
Transfer agent fees – A, C, R, Y and Investor		3,569,371
Transfer agent fees – R5		1,595,695
Transfer agent fees – R6		131,591
Trustees’ and officers’ fees and benefits		61,837
Registration and filing fees		136,434
Reports to shareholders		74,441
Professional services fees		80,917
Other		61,695
Total expenses		38,624,410
Less: Fees waived and/or expense offset arrangement(s)		(27,470	)
Net expenses		38,596,940
Net investment income (loss)		(26,494,192	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (includes net gains from securities sold to affiliates of $6,408,130)		1,001,922,030
Affiliated investment securities		(52,450	)
Foreign currencies		1,845
		1,001,871,425
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(665,995,784	)
Affiliated investment securities		(45,584	)
		(666,041,368	)
Net realized and unrealized gain		335,830,057
Net increase in net assets resulting from operations	$	309,335,865

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                                   Invesco Small Cap Growth Fund

Statement of Changes in Net Assets

For the years ended December 31, 2021 and 2020

	2021			2020
Operations:
Net investment income (loss)	$	(26,494,192	)	$	(19,592,534	)
Net realized gain		1,001,871,425			549,241,982
Change in net unrealized appreciation (depreciation)		(666,041,368	)		1,020,165,111
Net increase in net assets resulting from operations		309,335,865			1,549,814,559
Distributions to shareholders from distributable earnings:
Class A		(275,936,062	)		(121,472,394	)
Class C		(8,582,087	)		(4,405,456	)
Class R		(35,223,437	)		(19,932,931	)
Class Y		(73,341,959	)		(35,770,358	)
Investor Class		(64,327,342	)		(29,742,893	)
Class R5		(335,205,984	)		(166,195,355	)
Class R6		(217,106,044	)		(87,388,759	)
Total distributions from distributable earnings		(1,009,722,915	)		(464,908,146	)
Share transactions–net:
Class A		140,560,393			257,693,946
Class C		1,528,656			12,033,163
Class R		1,007,244			(13,120,849	)
Class Y		24,362,032			4,202,122
Investor Class		43,079,148			(108,497	)
Class R5		99,863,661			28,634,139
Class R6		263,617,470			103,653,891
Net increase in net assets resulting from share transactions		574,018,604			392,987,915
Net increase (decrease) in net assets		(126,368,446	)		1,477,894,328
Net assets:
Beginning of year		4,158,180,300			2,680,285,972
End of year	$	4,031,811,854		$	4,158,180,300

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13                                   Invesco Small Cap Growth Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income			Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Year ended 12/31/21		$	47.78		$	(0.43	)		$	3.12			$	2.69			$	-		$	(14.14	)		$	(14.14	)		$	36.33		7.33	%		$	988,307		1.14	%		1.14	%		(0.86	)%		35	%
Year ended 12/31/20			35.35			(0.35	)			19.40				19.05				-			(6.62	)			(6.62	)			47.78		57.00				1,047,921		1.15			1.15			(0.90	)		51
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
Class C
Year ended 12/31/21			25.63			(0.41	)			1.28				0.87				-			(14.14	)			(14.14	)			12.36		6.55	(d)			15,850		1.86	(d)		1.86	(d)		(1.58	)(d)		35
Year ended 12/31/20			21.39			(0.38	)			11.24				10.86				-			(6.62	)			(6.62	)			25.63		55.86	(d)			21,567		1.87	(d)		1.87	(d)		(1.62	)(d)		51
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
Class R
Year ended 12/31/21			42.52			(0.50	)			2.69				2.19				-			(14.14	)			(14.14	)			30.57		7.07				112,217		1.39			1.39			(1.11	)		35
Year ended 12/31/20			32.08			(0.39	)			17.45				17.06				-			(6.62	)			(6.62	)			42.52		56.59				137,020		1.40			1.40			(1.15	)		51
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
Class Y
Year ended 12/31/21			50.24			(0.32	)			3.33				3.01				-			(14.14	)			(14.14	)			39.11		7.61				274,782		0.89			0.89			(0.61	)		35
Year ended 12/31/20			36.83			(0.26	)			20.29				20.03				-			(6.62	)			(6.62	)			50.24		57.38				301,301		0.90			0.90			(0.65	)		51
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
Investor Class
Year ended 12/31/21			51.24			(0.42	)			3.40				2.98				-			(14.14	)			(14.14	)			40.08		7.41	(e)			246,961		1.05	(e)		1.05	(e)		(0.77	)(e)		35
Year ended 12/31/20			37.52			(0.33	)			20.67				20.34				-			(6.62	)			(6.62	)			51.24		57.11	(e)			249,837		1.07	(e)		1.07	(e)		(0.82	)(e)		51
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
Class R5
Year ended 12/31/21			56.89			(0.31	)			3.88				3.57				-			(14.14	)			(14.14	)			46.32		7.71				1,445,168		0.79			0.79			(0.51	)		35
Year ended 12/31/20			41.01			(0.24	)			22.74				22.50				-			(6.62	)			(6.62	)			56.89		57.56				1,564,134		0.80			0.80			(0.55	)		51
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
Class R6
Year ended 12/31/21			57.42			(0.26	)			3.92				3.66				-			(14.14	)			(14.14	)			46.94		7.80				948,527		0.70			0.70			(0.42	)		35
Year ended 12/31/20			41.31			(0.20	)			22.93				22.73				-			(6.62	)			(6.62	)			57.42		57.70				836,400		0.71			0.71			(0.46	)		51
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

^(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 year ended December 31, 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)  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 0.97% and 0.97% for Class C for the years ended December 31, 2021 and 2020, respectively.

^(e)  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 0.16% and 0.17% for Investor Class for the years ended December 31, 2021 and 2020, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14                                   Invesco Small Cap Growth Fund

Notes to Financial Statements

December 31, 2021

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 eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

15                                   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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

On September 29, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (the “Adviser” or “Invesco”) to serve as an affiliated securities lending agent for the Fund. Prior to September 29, 2021, the Bank of New York Mellon (“BNYM”) served as the sole securities lending agent for the Fund under the securities lending program. BNYM also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2021, the Fund paid the Adviser $18,735 in fees for securities lending agent services.

J. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

16                                   Invesco Small Cap Growth Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 500 million	0.725%
Next $500 million	0.700%
Next $500 million	0.675%
Over $1.5 billion	0.650%

For the year ended December 31, 2021, the effective advisory fee rate incurred by the Fund was 0.67%.

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 June 1, 2021, the Adviser has contractually agreed, through at least June 30, 2022, 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 (the “expense limits”). Prior to June 1, 2021, 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 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. 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 June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2021, the Adviser waived advisory fees of $26,604.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended December 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc.(“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plan”). The Fund, pursuant to the Plans, 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 and up to a maximum annual rate of 1.00% of the average daily net assets of Class C shares and up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The Fund pursuant to the Class R Plan, pays IDI compensation at the annual rate of 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 Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2021, IDI advised the Fund that IDI retained $31,769 in front-end sales commissions from the sale of Class A shares and $1,218 and $316 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended December 31, 2021, the Fund incurred $3,137 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.

17                                   Invesco Small Cap Growth 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.

The following is a summary of the tiered valuation input levels, as of December 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$3,917,843,110		$ 33,169,792		$–	$3,951,012,902
Money Market Funds		91,147,603		687,008,431		–	778,156,034
Total Investments		$4,008,990,713		$720,178,223		$–	$4,729,168,936

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended December 31, 2021, the Fund engaged in securities sales of $39,821,747, which resulted in net realized gains of $6,408,130.

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 year ended December 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $866.

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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2021 and 2020:
	2021		2020
Ordinary income*	$	224,331,378	$ 24,532,395
Long-term capital gain		785,391,537	440,375,751
Total distributions	$	1,009,722,915	$464,908,146

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:

	2021
Undistributed ordinary income	$	9,326,675
Undistributed long-term capital gain		59,445,601
Net unrealized appreciation – investments		1,264,691,062
Net unrealized appreciation – foreign currencies		4
Temporary book/tax differences		(298,785	)
Shares of beneficial interest		2,698,647,297
Total net assets	$	4,031,811,854

18                                    Invesco Small Cap Growth Fund

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2021.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2021 was $1,459,411,587 and $1,937,694,676, 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	$	1,516,984,145
Aggregate unrealized (depreciation) of investments		(252,293,083	)
Net unrealized appreciation of investments	$	1,264,691,062

      Cost of investments for tax purposes is $3,464,477,874.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of equalization and net operating losses, on December 31, 2021, undistributed net investment income (loss) was increased by $26,601,394, undistributed net realized gain was decreased by $68,133,394 and shares of beneficial interest was increased by $41,532,000. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information

	Summary of Share Activity
	Year ended						Year ended
	December 31, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		2,304,765		$	116,462,004			2,173,321		$	86,144,742
Class C		48,052			1,275,128			54,726			1,288,336
Class R		357,189			15,726,335			562,947			18,878,122
Class Y		801,374			42,195,873			1,018,273			39,071,805
Investor Class		234,809			12,299,844			204,702			8,229,201
Class R5		4,331,136			261,926,783			5,075,207			234,959,892
Class R6		4,687,715			284,661,030			4,351,175			177,806,234
Issued as reinvestment of dividends:
Class A		7,840,075			269,306,056			2,737,720			118,718,343
Class C		709,116			8,289,565			174,861			4,255,009
Class R		1,218,527			35,215,428			532,373			19,932,227
Class Y		1,831,659			67,716,421			749,904			33,332,188
Investor Class		1,605,616			60,836,805			631,449			28,435,177
Class R5		7,565,468			331,291,845			3,288,852			164,586,658
Class R6		4,873,813			216,251,105			1,722,246			87,260,651
Automatic conversion of Class C shares to Class A shares:
Class A		55,274			2,785,916			93,012			4,152,970
Class C		(106,937	)		(2,785,916	)		(167,758	)		(4,152,970	)
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

19                                    Invesco Small Cap Growth Fund

	Summary of Share Activity
	Year ended						Year ended
	December 31, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(4,929,239	)	$	(247,993,583	)		(6,795,027	)	$	(260,070,206	)
Class C		(209,712	)		(5,250,121	)		(208,779	)		(4,797,402	)
Class R		(1,127,142	)		(49,934,519	)		(1,560,589	)		(51,931,198	)
Class Y		(1,603,134	)		(85,550,262	)		(2,852,817	)		(107,780,562	)
Investor Class		(555,577	)		(30,057,501	)		(948,030	)		(36,772,875	)
Class R5		(8,191,619	)		(493,354,967	)		(9,263,733	)		(377,932,107	)
Class R6		(3,921,753	)		(237,294,665	)		(4,890,696	)		(212,588,874	)
Net increase in share activity		17,819,475		$	574,018,604			9,801,144		$	392,987,915

^(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 year ended December 31, 2020 assuming the reorganization had been completed on January 1, 2020, the beginning of the annual reporting period are as follows:

Net investment income	$	(21,265,401	)
Net realized/unrealized gains		1,537,391,174
Change in net assets resulting from operations	$	1,516,125,773
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.

20                                   Invesco Small Cap Growth Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Small Cap Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Small Cap Growth Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021 and the financial highlights for each of the five years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2022

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

21                                   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 July 1, 2021 through December 31, 2021.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (07/01/21)	Ending     Account Value     (12/31/21)1	Expenses     Paid During     Period2	Ending     Account Value     (12/31/21)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$985.50	$5.71	$1,019.46	$5.80	1.14%
Class C	1,000.00	981.60	9.44	1,015.68	9.60	1.89
Class R	1,000.00	984.30	6.95	1,018.20	7.07	1.39
Class Y	1,000.00	986.80	4.46	1,020.72	4.53	0.89
Investor Class	1,000.00	985.90	5.06	1,020.11	5.14	1.01
Class R5	1,000.00	987.00	4.06	1,021.12	4.13	0.81
Class R6	1,000.00	987.50	3.61	1,021.58	3.67	0.72

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2021 through December 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

22                                   Invesco Small Cap Growth Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

    The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

    The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2021:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$826,923,537
Qualified Dividend Income*	5.54%
Corporate Dividends Received Deduction*	5.53%
U.S. Treasury Obligations*	0.00%
Qualified Business Income*	0.00%
Business Interest Income*	0.00%
*  The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$224,331,378

23                                   Invesco Small Cap Growth Fund

Trustees and Officers

The address of each trustee and officer is AIM Growth Series (Invesco Growth Series) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and             Position(s)     Held with the Trust	Trustee         and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex     Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Interested Trustee
Martin L. Flanagan1 – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	186	None

¹ Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1                                   Invesco Small Cap Growth Fund

Trustees and Officers–(continued)

Name, Year of Birth and             Position(s)     Held with the Trust	Trustee         and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex     Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1957 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	186	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); and President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management – Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	186	None

T-2                                   Invesco Small Cap Growth Fund

Trustees and Officers–(continued)

Name, Year of Birth and             Position(s)     Held with the Trust	Trustee         and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex     Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds

T-3                                   Invesco Small Cap Growth Fund

Trustees and Officers–(continued)

Name, Year of Birth and             Position(s)     Held with the Trust	Trustee         and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex     Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4                                   Invesco Small Cap Growth Fund

Trustees and Officers–(continued)

Name, Year of Birth and             Position(s)     Held with the Trust	Trustee         and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex     Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5                                   Invesco Small Cap Growth Fund

Trustees and Officers–(continued)

Name, Year of Birth and             Position(s)     Held with the Trust	Trustee         and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex     Overseen by Trustee	Other Directorship(s) Held by Trustee             During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President  Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC  Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678
Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6                                   Invesco Small Cap Growth Fund

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number(s): 811-02699 and 002-57526 Invesco Distributors, Inc. SCG-AR-1

ITEM 2. CODE OF ETHICS.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are Cynthia Hostetler, Anthony J. LaCava, Jr., Robert C. Troccoli and James Vaughn. Cynthia Hostetler, Anthony J. LaCava, Jr., Robert C. Troccoli and James Vaughn are “independent” within the meaning of that term as used in Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PricewaterhouseCoopers LLC (“PwC”) billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.

	Fees Billed for Services Rendered to the Registrant for fiscal year end 2021		Fees Billed for Services Rendered to the Registrant for fiscal year end 2020
Audit Fees	$	554,425	$	769,812
Audit-Related Fees(1)	$	0	$	54,700
Tax Fees(2)	$	516,414	$	466,938
All Other Fees	$	0	$	0
Total Fees	$	1,070,839	$	1,291,450

(1) Audit-Related Fees for the fiscal year ended December 31, 2020 includes fees billed for reviewing regulatory filings.

(2) Tax Fees for the fiscal years ended December 31, 2021 and December 31, 2020 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Advisers, Inc. (“Invesco”), the Registrant’s adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Invesco Affiliates”) aggregate fees for pre-approved non-audit services rendered to Invesco and Invesco Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Invesco Affiliates that were required to be pre-approved.

	Fees Billed for Non-Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2021 That Were Required to be Pre-Approved by the Registrant’s Audit Committee		Fees Billed for Non-Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2020 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees(1)	$	801,000	$	701,000
Tax Fees	$	0	$	0
All Other Fees	$	0	$	0
Total Fees	$	801,000	$	701,000

(1) Audit-Related Fees for the fiscal years ended 2021 and 2020 include fees billed related to reviewing controls at a service organization.

(e)(1)

PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES

POLICIES AND PROCEDURES

As adopted by the Audit Committees

of the Invesco Funds (the “Funds”)

Last Amended March 29, 2017

I. Statement of Principles

The Audit Committees (the “Audit Committee”) of the Boards of Trustees of the Funds (the “Board”) have adopted these policies and procedures (the “Procedures”) with respect to the pre-approval of audit and non-audit services to be provided by the Funds’ independent auditor (the “Auditor”) to the Funds, and to the Funds’ investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, “Service Affiliates”).

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a “Service Affiliate’s Covered Engagement”).

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approve audit and non-audit services for the Funds and a Service Affiliate’s Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and other organizations and regulatory bodies applicable to the Funds (“Applicable Rules”).¹ They address both general pre-approvals without consideration of specific case-by-case services (“general pre-approvals”) and pre-approvals on a case-by-case basis (“specific pre-approvals”). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.

II. Pre-Approval of Fund Audit Services

The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor’s qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

III. General and Specific Pre-Approval of Non-Audit Fund Services

The Audit Committee will consider, at least annually, the list of General Pre-Approved Non-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee’s review and approval of General Pre-Approved Non-Audit Services, the Funds’ Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

IV. Non-Audit Service Types

The Audit Committee may provide either general or specific pre-approval of audit-related, tax or other services, each as described in more detail below.

¹  Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE.

a. Audit-Related Services

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

b. Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Each request to provide tax services under either the general or specific pre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

c. Other Services

The Audit Committee may pre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor. Appendix I includes a list of services that the Auditor is prohibited from performing by the SEC rules. Appendix I also includes a list of services that would impair the Auditor’s independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements.

V. Pre-Approval of Service Affiliate’s Covered Engagements

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a “Service Affiliate’s Covered Engagement”.

The Audit Committee may provide either general or specific pre-approval of any Service Affiliate’s Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence

of the Auditor with respect to the Funds. Any Service Affiliate’s Covered Engagements that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.

Each request for specific pre-approval by the Audit Committee of a Service Affiliate’s Covered Engagement must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds’ Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds. The Funds’ Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds.

VI. Pre-Approved Fee Levels or Established Amounts

Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate’s Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approval by the Audit Committee before payment of any additional fees is made.

VII. Delegation

The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approve audit and non-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate’s Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case by case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate’s Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

VIII. Compliance with Procedures

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds’ Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds’ Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.

IX. Amendments to Procedures

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

Appendix I

Non-Audit Services That May Impair the Auditor’s Independence

The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

• Management functions;

• Human resources;

• Broker-dealer, investment adviser, or investment banking services ;

• Legal services;

• Expert services unrelated to the audit;

• Any service or product provided for a contingent fee or a commission;

• Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance;

• Tax services for persons in financial reporting oversight roles at the Fund; and

• Any other service that the Public Company Oversight Board determines by regulation is impermissible.

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements:

• Bookkeeping or other services related to the accounting records or financial statements of the audit client;

• Financial information systems design and implementation;

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

• Actuarial services; and

• Internal audit outsourcing services.

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $5,931,000 for the fiscal year ended December 31, 2021 and $6,219,000 for the fiscal year ended December 31, 2020. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $7,248,414 for the fiscal year ended December 31, 2021 and $7,386,938 for the fiscal year ended December 31, 2020.

PwC provided audit services to the Investment Company complex of approximately $30 million.

(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC’s independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11. CONTROLS AND PROCEDURES.

(a) As of February 10, 2022, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of February 10, 2022, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

13(a) (1)	Code of Ethics.
13(a) (2)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 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:	March 3, 2022

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	March 3, 2022
By:	/s/ Adrien Deberghes
	Adrien Deberghes
	Principal Financial Officer
Date:	March 3, 2022