Aim Growth Series NCSRS Certified semi-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: 06/30/20

Item 1. Reports to Stockholders.



		Semiannual Report to Shareholders		June 30, 2020

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

LOGO


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

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

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

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

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders


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

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees


		Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.
All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Active Allocation Fund

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	–7.30	%
Class C Shares	–7.74
Class R Shares	–7.48
Class Y Shares	–7.26
Class R5 Shares	–7.24
Class R6 Shares	–7.24
Bloomberg Barclays Global Aggregate Bond Index, Hedged^▼ (Broad Market Index)	3.90
MSCI All Country World Index^▼(Broad Market Index)	–6.25
Custom Invesco Active Allocation Index^∎(Style-Specific Index)	–3.77
Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Bloomberg Barclays Global Aggregate Bond Index, Hedged tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar.
The MSCI All Country World Index (Net) is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Custom Invesco Active Allocation Index consists of 80% MSCI All Country World Index and 20% Bloomberg Barclays Global Aggregate Bond Index, Hedged. The composition of the index may change based on the Fund’s target asset allocation.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3 Invesco Active Allocation Fund


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (4/5/05)	4.12	%
10 Years	6.93
5 Years	3.15
1 Year	–6.23

Class C Shares
Inception (4/5/05)	3.99	%
10 Years	6.72
5 Years	3.55
1 Year	–2.45

Class R Shares
Inception (4/5/05)	4.27	%
10 Years	7.27
5 Years	4.08
1 Year	–1.04

Class Y Shares
Inception (4/5/05)	4.84	%
10 Years	7.82
5 Years	4.59
1 Year	–0.59

Class R5 Shares
10 Years	7.57	%
5 Years	4.39
1 Year	–0.54

Class R6 Shares
10 Years	7.57	%
5 Years	4.41
1 Year	–0.48

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

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

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

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

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

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

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

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

4 Invesco Active Allocation Fund

Liquidity Risk Management Program

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

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

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

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

∎

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

∎

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

∎

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

∎

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

∎

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

5 Invesco Active Allocation Fund

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Active Allocation Fund

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


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	06/30/20			12/31/19		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			06/30/20		06/30/20

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

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

6 Invesco Active Allocation Fund

Invesco Active Allocation Fund (continued)

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


	% of											Change in
	Net											Unrealized
	Assets			Value		Purchases			Proceeds			Appreciation			Realized			Dividend		Shares		Value
	06/30/20			12/31/19		at Cost			from Sales			(Depreciation)			Gain (Loss)			Income		06/30/20		06/30/20

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

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

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

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

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

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

7 Invesco Active Allocation Fund

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2020


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

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


Open Futures Contracts

Long Futures Contracts	Number of Contracts		Expiration Month	Notional Value			Value			Unrealized Appreciation (Depreciation)

Equity Risk

MSCI Emerging Market Index		440	September-2020	$	21,685,400		$	82,746			$ 82,746

Interest Rate Risk

Canada 10 Year Bonds		47	September-2020		5,325,236			(12,190	)		(12,190)

Euro OAT		63	September-2020		11,866,346			183,913			183,913

Euro-BTP		57	September-2020		9,214,000			149,742			149,742

Euro-BUND		34	September-2020		6,742,885			112,633			112,633

Japanese Bonds, 10 yr.		31	September-2020		43,625,376			(5,862	)		(5,862)

Long Gilt		77	September-2020		13,132,334			45,678			45,678

Subtotal								473,914			473,914

Subtotal–Long Futures Contracts								556,660			556,660

Short Futures Contracts

Equity Risk

E-Mini S&P 500 Index		11	September-2020		(1,699,610	)		(15,477	)		(15,477)

EURO STOXX 600 Index		200	September-2020		(4,032,240	)		29,722			29,722

Nikkei 225 Index		8	September-2020		(1,650,012	)		36,864			36,864

S&P/ASX 200 Index		8	September-2020		(813,214	)		(8,157	)		(8,157)

S&P/TSX 60 Index		6	September-2020		(820,713	)		(14,305	)		(14,305)

Subtotal–Short Futures Contracts								28,647			28,647

Total Futures Contracts							$	585,307			$585,307

Open Forward Foreign Currency Contracts

Contract to

Unrealized

Appreciation

Settlement

Date

Counterparty

Deliver

Receive

(Depreciation)

Currency Risk

09/15/2020

Bank Of America

JPY

150,600,000

USD

1,403,755

7,603

09/15/2020

Bank Of America

KRW

12,711,000,000

USD

10,581,918

9,002

09/15/2020

Bank Of America

USD

5,583,363

TRY

39,600,000

75,831

09/15/2020

Barclays Capital

TWD

146,840,000

USD

5,012,288

33,270

09/15/2020

Barclays Capital

USD

7,916,264

SEK

73,920,000

23,837

08/04/2020

JP Morgan Chase Bank

BRL

15,780,000

USD

2,969,906

72,934

09/15/2020

JP Morgan Chase Bank

CLP

5,022,000,000

USD

6,333,312

212,542

09/15/2020

JP Morgan Chase Bank

PLN

2,180,000

USD

552,148

999

09/15/2020

JP Morgan Chase Bank

USD

3,422,393

COP

12,972,000,000

8,021

09/15/2020

JP Morgan Chase Bank

USD

5,049,168

IDR

73,425,000,000

48,398

09/15/2020

JP Morgan Chase Bank

USD

4,948,370

SGD

6,905,000

7,463

09/15/2020

STANDARD CHARTERED BANK

MXN

5,300,000

USD

234,392

6,062

09/15/2020

STANDARD CHARTERED BANK

ZAR

32,435,000

USD

1,865,504

10,705

09/15/2020

UBS

GBP

5,560,000

USD

6,957,256

64,849

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

8 Invesco Active Allocation Fund


Open Forward Foreign Currency Contracts–(continued)

		Contract to						Unrealized
Settlement Date	Counterparty	Deliver			Receive			Appreciation (Depreciation)

09/15/2020	UBS		USD	1,517,345		HKD	11,770,000		$ 612

09/15/2020	UBS		USD	5,427,324		NOK	52,400,000		18,201

Subtotal–Appreciation									600,329


Currency Risk

08/04/2020	Bank Of America		USD	419,550		BRL	2,140,000		(26,678)

09/15/2020	Bank Of America		CHF	2,440,000		USD	2,569,925		(11,121)

09/15/2020	Bank Of America		CNY	116,700,000		USD	16,372,300		(64,745)

09/15/2020	Bank Of America		PHP	295,900,000		USD	5,859,406		(58,772)

09/15/2020	Bank Of America		THB	206,515,000		USD	6,638,753		(42,062)

09/15/2020	Bank Of America		USD	7,835,482		EUR	6,953,000		(10,901)

09/15/2020	Barclays Capital		CZK	136,130,000		USD	5,735,922		(5,201)

09/15/2020	Barclays Capital		INR	202,520,000		USD	2,643,002		(20,011)

09/15/2020	Barclays Capital		USD	5,320,417		MYR	22,765,000		(22,578)

09/15/2020	JP Morgan Chase Bank		CAD	50,000		USD	36,767		(68)

09/15/2020	JP Morgan Chase Bank		NZD	9,280,000		USD	5,960,739		(27,258)

09/15/2020	JP Morgan Chase Bank		USD	2,290,316		COP	8,648,000,000		(3,374)

09/15/2020	JP Morgan Chase Bank		USD	3,912,235		RUB	275,840,000		(68,740)

09/15/2020	UBS		AUD	8,870,000		USD	6,065,953		(56,820)

Subtotal–Depreciation									(418,329)

Total Forward Foreign Currency Contracts									$ 182,000

Abbreviations:


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

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

9 Invesco Active Allocation Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)


Assets:
Investments in affiliated underlying funds, at value (Cost $1,818,103,786)	$	2,087,632,092

Other investments:
Variation margin receivable – futures contracts		3,137,641

Unrealized appreciation on forward foreign currency contracts outstanding		600,329

Deposits with brokers:
Cash collateral – exchange-traded futures contracts		6,776,489

Cash collateral – OTC Derivatives		10,000

Receivable for:
Fund shares sold		398,916

Dividends - affiliated underlying funds		1,243,718

Investment for trustee deferred compensation and retirement plans		108,387

Other assets		109,446

Total assets		2,100,017,018


Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		418,329

Payable for:
Investments purchased - affiliated underlying funds		629,515

Dividends		888

Fund shares reacquired		1,495,699

Amount due custodian		994,633

Accrued fees to affiliates		1,392,503

Accrued trustees’ and officers’ fees and benefits		59,287

Accrued other operating expenses		104,388

Trustee deferred compensation and retirement plans		108,388

Total liabilities		5,203,630

Net assets applicable to shares outstanding	$	2,094,813,388


Net assets consist of:
Shares of beneficial interest	$	1,792,426,455

Distributable earnings		302,386,933

	$	2,094,813,388


Net Assets:
Class A	$	1,654,444,316

Class C	$	291,421,053

Class R	$	126,486,356

Class Y	$	22,442,631

Class R5	$	9,516

Class R6	$	9,516


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		121,785,775

Class C		22,007,986

Class R		9,374,872

Class Y		1,626,532

Class R5		700

Class R6		700

Class A:
Net asset value per share	$	13.58

Maximum offering price per share
(Net asset value of $13.58 ÷ 94.50%)	$	14.37

Class C:
Net asset value and offering price per share	$	13.24

Class R:
Net asset value and offering price per share	$	13.49

Class Y:
Net asset value and offering price per share	$	13.80

Class R5:
Net asset value and offering price per share	$	13.59

Class R6:
Net asset value and offering price per share	$	13.59

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

10 Invesco Active Allocation Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)


Investment income:
Dividends from affiliated underlying funds	$	12,722,236

Interest		39,969

Total investment income		12,762,205


Expenses:
Advisory fees		892,546

Administrative services fees		148,263

Custodian fees		5,745

Distribution fees:
Class A		1,950,080

Class C		1,478,976

Class R		307,607

Transfer agent fees – A, C, R and Y		1,521,185

Transfer agent fees – R5		4

Transfer agent fees – R6		2

Trustees’ and officers’ fees and benefits		9,408

Registration and filing fees		66,377

Reports to shareholders		60,935

Professional services fees		19,616

Other		10,235

Total expenses		6,470,979

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(429,791	)

Net expenses		6,041,188

Net investment income		6,721,017


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares		(3,975,455	)

Foreign currencies		505

Forward foreign currency contracts		(4,115,870	)

Futures contracts		556,549

		(7,534,271	)

Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		(180,017,460	)

Foreign currencies		(124,709	)

Forward foreign currency contracts		182,000

Futures contracts		1,484,806

		(178,475,363	)

Net realized and unrealized gain (loss)		(186,009,634	)

Net increase (decrease) in net assets resulting from operations	$	(179,288,617	)

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

11 Invesco Active Allocation Fund

Statement of Changes in Net Assets

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

(Unaudited)


	Six Months Ended			Eleven Months Ended			Year Ended
	June 30, 2020			December 31, 2019			January 31, 2019
Operations:
Net investment income	$	6,721,017		$	29,131,934		$	21,243,521

Net realized gain (loss)		(7,534,271	)		116,744,619			265,546,205

Change in net unrealized appreciation (depreciation)		(178,475,363	)		171,902,668			(481,632,282	)

Net increase (decrease) in net assets resulting from operations		(179,288,617	)		317,779,221			(194,842,556	)


Distributions to shareholders from distributable earnings:
Class A		–			(150,988,485	)		(27,862,215	)

Class C		–			(25,849,762	)		(4,583,299	)

Class R		–			(10,936,896	)		(1,804,076	)

Class Y		–			(2,161,056	)		(423,069	)

Class R5		–			(931	)		–

Class R6		–			(937	)		–

Total distributions from distributable earnings		–			(189,938,067	)		(34,672,659	)


Share transactions-net:
Class A		(73,615,347	)		139,389,450			(89,769,891	)

Class B		–			–			(12,190,697	)

Class C		(24,195,548	)		(174,364,705	)		(41,140,743	)

Class R		(2,921,445	)		7,505,547			2,511,712

Class Y		(1,756,089	)		613,789			(33,580,542	)

Class R5		–			10,000			–

Class R6		–			10,000			–

Net increase (decrease) in net assets resulting from share transactions		(102,488,429	)		(26,835,919	)		(174,170,161	)

Net increase (decrease) in net assets		(281,777,046	)		101,005,235			(403,685,376	)


Net assets:
Beginning of period		2,376,590,434			2,275,585,199			2,679,270,575

End of period	$	2,094,813,388		$	2,376,590,434		$	2,275,585,199

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

12 Invesco Active Allocation Fund

Financial Highlights

(Unaudited)

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


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

^(a)	Calculated using average shares outstanding.

^(b)

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

^(c)

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

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

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

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

^(g)	Annualized.

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

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

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

13 Invesco Active Allocation Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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.

14 Invesco Active Allocation Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

15 Invesco Active Allocation Fund

forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets*	Rate

First $3 billion		0.100%

Over $ 3 billion		0.080%

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

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

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (including estimated Acquired Fund Fees and Expenses of 0.65% and excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.57%, 1.32%, 0.82%, 0.31%, 0.26% and 0.21%, respectively, of the Fund’s average daily net assets (the “expense limits”). In addition, Invesco has contractually agreed to waive fees and/or reimburse certain Fund expenses at an annual rate of 0.04%, as calculated on the average daily net assets of the Fund. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

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

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

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

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

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

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

16 Invesco Active Allocation Fund

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

NOTE 3–Additional Valuation Information

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


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

The following is a summary of the tiered valuation input levels, as of June 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3		Total

Investments in Securities

Affiliated Issuers	$	2,076,483,110		$	–			$–	$	2,076,483,110

Money Market Funds		11,148,982			–			–		11,148,982

Total Investments in Securities		2,087,632,092			–			–		2,087,632,092


Other Investments - Assets*

Futures Contracts		641,298			–			–		641,298

Forward Foreign Currency Contracts		–			600,329			–		600,329

		641,298			600,329			–		1,241,627

Other Investments - Liabilities*

Futures Contracts		(55,991	)		–			–		(55,991	)

Forward Foreign Currency Contracts		–			(418,329	)		–		(418,329	)

		(55,991	)		(418,329	)		–		(474,320	)

Total Other Investments		585,307			182,000			–		767,307

Total Investments	$	2,088,217,399		$	182,000			$–	$	2,088,399,399

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

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


	Value
Derivative Assets	Currency Risk		Equity Risk			Interest Rate Risk			Total

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	-	$	149,332		$	491,966		$	641,298

Unrealized appreciation on forward foreign currency contracts outstanding		600,329		-			-			600,329

Total Derivative Assets		600,329		149,332			491,966			1,241,627

Derivatives not subject to master netting agreements		-		(149,332	)		(491,966	)		(641,298	)

Total Derivative Assets subject to master netting agreements	$	600,329	$	-		$	-		$	600,329

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

17 Invesco Active Allocation Fund


	Value
Derivative Liabilities	Currency Risk			Equity Risk			Interest Rate Risk			Total

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	-		$	(37,939	)	$	(18,052	)	$	(55,991	)

Unrealized depreciation on forward foreign currency contracts outstanding		(418,329	)		-			-			(418,329	)

Total Derivative Liabilities		(418,329	)		(37,939	)		(18,052	)		(474,320	)

Derivatives not subject to master netting agreements		-			37,939			18,052			55,991

Total Derivative Liabilities subject to master netting agreements	$	(418,329	)	$	-		$	-		$	(418,329	)

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

Offsetting Assets and Liabilities

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


	Financial Derivative Assets		Financial Derivative Liabilities				Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts		Net Value of Derivatives		Non-Cash	Cash	Net Amount

Bank Of America		$ 92,436	$	(214,279)	$	(121,843)	$-	$-	$	(121,843	)

Barclays Capital		57,107		(47,790)		9,317	-	-		9,317

JP Morgan Chase Bank		350,357		(99,440)		250,917	-	-		250,917

STANDARD CHARTERED BANK		16,767		-		16,767	-	-		16,767

UBS		83,662		(56,820)		26,842	-	-		26,842

Total		$ 600,329	$	(418,329)	$	182,000	$-	$-	$	182,000

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

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


	Location of Gain (Loss) on Statement of Operations
	Currency Risk			Equity Risk			Interest Rate Risk		Total

Realized Gain (Loss):

Forward foreign currency contracts	$	(4,115,870	)	$	-		$	-	$	(4,115,870	)

Futures contracts		-			(2,857,132	)		3,413,681		556,549

Change in Net Unrealized Appreciation:
Forward foreign currency contracts		182,000			-			-		182,000

Futures contracts		-			117,810			1,366,996		1,484,806

Total	$	(3,933,870	)	$	(2,739,322	)	$	4,780,677	$	(1,892,515	)

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


	Forward Foreign Currency Contracts		Futures Contracts

Average notional value	$	209,603,230	$	159,900,411

NOTE 5–Expense Offset Arrangement(s)

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

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

18 Invesco Active Allocation Fund

NOTE 7–Cash Balances

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

NOTE 8–Tax Information

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

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

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

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2020 was $115,062,543 and $216,410,976, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$282,833,247

Aggregate unrealized (depreciation) of investments	(47,567,533	)

Net unrealized appreciation of investments	$235,265,714

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

NOTE 10–Share Information


	Summary of Share Activity

	Six months ended June 30, 2020						Eleven Months Ended December 31, 2019						Year ended January 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount

Sold:
Class A		4,029,529		$	53,333,787			7,623,284		$	112,723,920			8,279,326		$	119,604,327

Class B^(a)		-			-			-			-			1,308			19,225

Class C		1,528,883			19,805,753			2,445,725			35,120,053			3,761,309			52,980,575

Class R		816,978			10,701,304			1,593,340			23,324,906			1,978,258			28,370,328

Class Y		269,192			3,538,669			685,665			10,255,782			1,172,064			17,257,200

Class R5^(b)		-			-			700			10,000			-			-

Class R6^(b)		-			-			700			10,000			-			-


Issued as reinvestment of dividends:
Class A		494			7,210			10,281,664			150,112,305			2,151,162			27,534,859

Class C		420			6,006			1,801,223			25,739,476			364,166			4,566,645

Class R		1,060			15,391			745,855			10,829,808			139,114			1,770,934

Class Y		-			-			142,312			2,107,634			32,182			417,075




Automatic conversion of Class C shares to Class A shares:
Class A		969,175			12,814,471			9,593,954			141,705,079			-			-

Class C		(992,565	)		(12,814,471	)		(9,828,656	)		(141,705,079	)		-			-


Reacquired:
Class A		(10,591,470	)		(139,770,815	)		(17,933,202	)		(265,151,904	)		(16,442,583	)		(236,909,077	)

Class B^(a)		-			-			-			-			(837,842	)		(12,209,922	)

Class C		(2,433,323	)		(31,192,836	)		(6,497,437	)		(93,519,155	)		(7,012,693	)		(98,687,963	)

Class R		(1,024,173	)		(13,638,140	)		(1,817,210	)		(26,649,167	)		(1,922,981	)		(27,629,550	)

Class Y		(401,803	)		(5,294,758	)		(787,214	)		(11,749,627	)		(3,606,532	)		(51,254,817	)

Net increase (decrease) in share activity		(7,827,603	)	$	(102,488,429	)		(1,949,297	)	$	(26,835,969	)		(11,943,742	)	$	(174,170,161	)

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

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

19 Invesco Active Allocation Fund

NOTE 11–Coronavirus (COVID-19) Pandemic

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

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

20 Invesco Active Allocation Fund

Calculating your ongoing Fund expenses

Example

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

Example

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

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

Hypothetical example for comparison purposes

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

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

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


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

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

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

21 Invesco Active Allocation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

The Board’s Evaluation Process

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

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

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

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

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

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

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

B.	Fund Investment Performance

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

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

C.	Advisory and Sub-Advisory Fees and Fund Expenses

22 Invesco Active Allocation Fund

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

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

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

D.	Economies of Scale and Breakpoints

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

E.	Profitability and Financial Resources

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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

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

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

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

23 Invesco Active Allocation Fund

LOGO

Go paperless with eDelivery

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

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

^∎

Fund reports and prospectuses

^∎

Quarterly statements

^∎

Daily confirmations

^∎

Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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


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


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



		Semiannual Report to Shareholders		June 30, 2020

		Invesco Balanced-Risk Retirement Funds
		Invesco Balanced-Risk Retirement Now Fund Invesco Balanced-Risk Retirement 2020 Fund Invesco Balanced-Risk Retirement 2030 Fund Invesco Balanced-Risk Retirement 2040 Fund Invesco Balanced-Risk Retirement 2050 Fund

LOGO

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

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Table of Contents


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

Fund Performance


Performance summary - Invesco Balanced-Risk Retirement Now Fund
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares			-2.56%
Class AX Shares			-2.45
Class C Shares			-2.82
Class CX Shares			-2.82
Class R Shares			-2.60
Class RX Shares			-2.61
Class Y Shares			-2.40
Class R5 Shares			-2.28
Class R6 Shares			-2.28
S&P 500 Index^▼(Broad Market Index)			-3.08
Custom Invesco Balanced-Risk Retirement Now Index^∎(Style-Specific Index)			0.40
Custom Invesco Balanced-Risk Allocation Broad Index^∎(Style-Specific Index)			1.88
Lipper Mixed-Asset Target Today Funds Index^◆ (Peer Group Index)			0.76
Source(s):^▼RIMES Technologies Corp.;^∎Invesco, RIMES Technologies Corp.; ^◆Lipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the US stock market. The Custom Invesco Balanced-Risk Allocation Broad Index is composed of 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index. The Custom Invesco Balanced-Risk Retirement Now Index is composed of the following indexes: MSCI World, Bloomberg Barclays U.S. Aggregate Bond and FTSE US 3-Month Treasury Bill Index. From January 31, 2007, to November 4, 2009, the index was composed of the Custom Independence Now Index, which included the following indexes: Russell 3000, MSCI EAFE, FTSE NAREIT Equity REITs, Bloomberg Barclays U.S. Universal and U.S. 3-Month Treasury Bill Index. From November 4, 2009, through November 30, 2009, the index was composed of the following indexes: MSCI World, JP Morgan Global Government Bond and U.S. 3-Month Treasury Bill Index. The composition of the index may change based on the Fund’s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective. The MSCI World Index^SMis considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg Barclays U.S. Aggregate Bond Index is considered representative of the US investment grade, fixed-rate bond market. The FTSE US 3-Month Treasury Bill Index is considered representative of three-month US Treasury bills. The Russell 3000^® Index is considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The MSCI EAFE^® Index is considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The FTSE NAREIT Equity REITs Index is considered representative of US real estate investment trusts (REITs). The Bloomberg Barclays U.S. Universal Index is considered representative of US dollar-denominated, taxable bonds that are rated either investment grade or below investment grade. The JP Morgan Global Government Bond Index tracks the performance of fixed-rate issuances from high-income countries. The U.S. 3-Month Treasury Bill Index is tracked by Lipper to provide performance of the three-month US Treasury bill.
The Lipper Mixed-Asset Target Today Funds Index is an unmanaged index considered representative of mixed-asset target today funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

3 Invesco Balanced-Risk Retirement Funds


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (1/31/07)	2.16	%
10 Years	2.94
5 Years	1.35
1 Year	-5.48

Class AX Shares
Inception (6/1/10)	2.99	%
10 Years	2.93
5 Years	1.35
1 Year	-5.49

Class C Shares
Inception (1/31/07)	2.03	%
10 Years	2.77
5 Years	1.77
1 Year	-1.65

Class CX Shares
Inception (6/1/10)	2.81	%
10 Years	2.77
5 Years	1.77
1 Year	-1.64

Class R Shares
Inception (1/31/07)	2.33	%
10 Years	3.26
5 Years	2.22
1 Year	-0.14

Class RX Shares
Inception (6/1/10)	3.30	%
10 Years	3.26
5 Years	2.24
1 Year	-0.28

Class Y Shares
Inception (10/3/08)	3.98	%
10 Years	3.78
5 Years	2.76
1 Year	0.28

Class R5 Shares
Inception (1/31/07)	2.85	%
10 Years	3.78
5 Years	2.76
1 Year	0.39

Class R6 Shares
10 Years	3.73
5 Years	2.75
1 Year	0.39

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

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

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

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

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

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

CX: VIRCX ∎ R: IANRX ∎ RX: VIRRX

Y: IANYX ∎ R5: IANIX ∎ R6: IANFX

4 Invesco Balanced-Risk Retirement Funds

Fund Performance


Performance summary - Invesco Balanced-Risk Retirement 2020 Fund
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares			-2.58%
Class AX Shares			-2.58
Class C Shares			-2.97
Class CX Shares			-2.97
Class R Shares			-2.70
Class RX Shares			-2.70
Class Y Shares			-2.47
Class R5 Shares			-2.46
Class R6 Shares			-2.46
S&P 500 Index^▼(Broad Market Index)			-3.08
Custom Invesco Balanced-Risk Retirement 2020 Index^∎(Style-Specific Index)			0.32
Custom Invesco Balanced-Risk Allocation Broad Index^∎(Style-Specific Index)			1.88
Lipper Mixed-Asset Target 2020 Funds Index^◆(Peer Group Index)			-0.72
Source(s): ^▼RIMES Technologies Corp.; ^⬛Invesco, RIMES Technologies Corp.; ^◆Lipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the US stock market.
The Custom Invesco Balanced-Risk Allocation Broad Index is composed of 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index.
The Custom Invesco Balanced-Risk Retirement 2020 Index is composed of the following indexes: MSCI World, Bloomberg Barclays U.S. Aggregate Bond and U.S. 3-Month Treasury Bill Index. From January 31, 2007, to November 4, 2009, the index was composed of the Custom Independence 2020 Index, which included the following indexes: Russell 3000, MSCI EAFE, FTSE NAREIT Equity REITs and Bloomberg Barclays U.S. Universal. From November 4, 2009, through November 30, 2009, the index was composed of the following indexes: MSCI World and JP Morgan Global Government Bond. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective. The MSCI World Index^SMis considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg Barclays U.S. Aggregate Bond Index is considered representative of the US investment grade, fixed-rate bond market. The Russell 3000^® Index is considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The MSCI EAFE^® Index is considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The FTSE NAREIT Equity REITs Index is considered representative of US real estate investment trusts (REITs). The Bloomberg Barclays U.S. Universal Index is considered representative of US dollar-denominated, taxable bonds that are rated either investment grade or below investment grade. The JP Morgan Global Government Bond Index tracks the performance of fixed-rate issuances from high-income countries. The U.S. 3-Month Treasury Bill Indexis tracked by Lipper to provide performance of the three-month US Treasury bill.
The Lipper Mixed-Asset Target 2020 Funds Index is an unmanaged index considered representative of mixed-asset target 2020 funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends,and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

5 Invesco Balanced-Risk Retirement Funds


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (1/31/07)	2.78	%
10 Years	4.40
5 Years	1.69
1 Year	-5.50

Class AX Shares
Inception (6/1/10)	4.49	%
10 Years	4.40	%
5 Years	1.69
1 Year	-5.50

Class C Shares
Inception (1/31/07)	2.64	%
10 Years	4.22
5 Years	2.08
1 Year	-1.72

Class CX Shares
Inception (6/1/10)	4.29	%
10 Years	4.22
5 Years	2.08
1 Year	-1.72

Class R Shares
Inception (1/31/07)	2.96	%
10 Years	4.74
5 Years	2.59
1 Year	-0.19

Class RX Shares
Inception (6/1/10)	4.81	%
10 Years	4.74
5 Years	2.59
1 Year	-0.19

Class Y Shares
Inception (10/3/08)	5.44	%
10 Years	5.25
5 Years	3.10
1 Year	0.18

Class R5 Shares
Inception (1/31/07)	3.48	%
10 Years	5.26
5 Years	3.10
1 Year	0.19

Class R6 Shares
10 Years	5.20	%
5 Years	3.08
1 Year	0.18

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

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

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

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

Y: AFTYX ∎ R5: AFTSX ∎ R6: VRCFX

6 Invesco Balanced-Risk Retirement Funds

Fund Performance


Performance summary - Invesco Balanced-Risk Retirement 2030 Fund
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares			-4.62%
Class AX Shares			-4.62
Class C Shares			-4.95
Class CX Shares			-5.06
Class R Shares			-4.78
Class RX Shares			-4.78
Class Y Shares			-4.49
Class R5 Shares			-4.47
Class R6 Shares			-4.47
S&P 500 Index^▼(Broad Market Index)			-3.08
Custom Invesco Balanced-Risk Retirement 2030 Index^⬛(Style-Specific Index)			-0.20
Custom Invesco Balanced-Risk Allocation Broad Index^⬛(Style-Specific Index)			1.88
Lipper Mixed-Asset Target 2030 Funds Index^◆(Peer Group Index)			-0.86
Source(s): ^▼RIMES Technologies Corp.; ^⬛Invesco, RIMES Technologies Corp.; ^◆Lipper Inc.

The S&P 500^® is an unmanaged index considered representative of the US stock market. The Custom Invesco Balanced-Risk Allocation Broad Index is composed of 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index. The Custom Invesco Balanced-Risk Retirement 2030 Index is composed of the following indexes: MSCI World and the Bloomberg Barclays U.S. Aggregate Bond. From January 31, 2007, to November 4, 2009, the index was composed of the Custom Independence 2030 Index, which included the following indexes: Russell 3000, MSCI EAFE, FTSE NAREIT Equity REITs and Bloomberg Barclays U.S. Universal. From November 4, 2009, through November 30, 2009, the index was composed of the following indexes: MSCI World and JP Morgan Global Government Bond. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective. The MSCI World Index^SMis considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg Barclays U.S. Aggregate Bond Index is considered representative of the US investment grade, fixed-rate bond market. The Russell 3000^® Index is considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The MSCI EAFE^® Index is considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The FTSE NAREIT Equity REITs Index is considered representative of US real estate investment trusts (REITs). The Bloomberg Barclays U.S. Universal Index is considered representative of US dollar-denominated, taxable bonds that are rated either investment grade or below investment grade. The JP Morgan Global Government Bond Index tracks the performance of fixed-rate issuances from high-income countries. The Lipper Mixed-Asset Target 2030 Funds Index is an unmanaged index considered representative of mixed-asset target 2030 funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

7 Invesco Balanced-Risk Retirement Funds


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (1/31/07)	2.81	%
10 Years	5.08
5 Years	2.42
1 Year	-6.50

Class AX Shares
Inception (6/1/10)	5.15	%
10 Years	5.09
5 Years	2.42
1 Year	-6.49

Class C Shares
Inception (1/31/07)	2.68	%
10 Years	4.89
5 Years	2.84
1 Year	-2.67

Class CX Shares
Inception (6/1/10)	4.96	%
10 Years	4.89
5 Years	2.84
1 Year	-2.79

Class R Shares
Inception (1/31/07)	2.98	%
10 Years	5.41
5 Years	3.33
1 Year	-1.29

Class RX Shares
Inception (6/1/10)	5.48	%
10 Years	5.42
5 Years	3.36
1 Year	-1.29

Class Y Shares
Inception (10/3/08)	5.95	%
10 Years	5.92
5 Years	3.84
1 Year	-0.79

Class R5 Shares
Inception (1/31/07)	3,51	%
10 Years	5.94
5 Years	3.82
1 Year	-0.79

Class R6 Shares
10 Years	5.88	%
5 Years	3.85
1 Year	-0.79

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

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

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

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

CX: VRECX ⬛ R: TNARX ⬛ RX: VRERX

Y: TNAYX ⬛ R5: TNAIX ⬛ R6: TNAFX

8 Invesco Balanced-Risk Retirement Funds

Fund Performance


Performance summary - Invesco Balanced-Risk Retirement 2040 Fund
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares			-5.26%
Class AX Shares			-5.26
Class C Shares			-5.63
Class CX Shares			-5.51
Class R Shares			-5.30
Class RX Shares			-5.43
Class Y Shares			-5.10
Class R5 Shares			-5.10
Class R6 Shares			-5.10
S&P 500 Index^▼(Broad Market Index)			-3.08
Custom Invesco Balanced-Risk Retirement 2040 Index^⬛(Style-Specific Index)			-0.85
Custom Invesco Balanced-Risk Allocation Broad Index^⬛(Style-Specific Index)			1.88
Lipper Mixed-Asset Target 2040 Funds Index^◆(Peer Group Index)			-3.90
Source(s): ^▼RIMES Technologies Corp.; ^⬛Invesco, RIMES Technologies Corp.; ^◆Lipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the US stock market. The Custom Invesco Balanced-Risk Allocation Broad Index is composed of 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index. The Custom Invesco Balanced-Risk Retirement 2040 Index is composed of the following indexes: MSCI World and Bloomberg Barclays U.S. Aggregate Bond. From January 31, 2007, to November 4, 2009, the index was composed of the Custom Independence 2040 Index, which included the following indexes: Russell 3000, MSCI EAFE, FTSE NAREIT Equity REITs and Bloomberg Barclays U.S. Universal. From November 4, 2009, through November 30, 2009, the index was composed of the following indexes: MSCI World and the JP Morgan Global Government Bond. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective. The MSCI World Index^SMis considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg Barclays U.S. Aggregate Bond Index is considered representative of the US investment grade, fixed-rate bond market. The Russell 3000^® Index is considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The MSCI EAFE^® Index is considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which with holds applicable taxes for non-resident investors. The FTSE NAREIT Equity REITs Index is considered representative of US real estate investment trusts (REITs). The Bloomberg Barclays U.S. Universal Index is considered representative of US dollar-denominated, taxable bonds that are rated either investment grade or below investment grade. The JP Morgan Global Government Bond Index tracks the performance of fixed-rate issuances from high-income countries. The Lipper Mixed-Asset Target 2040 Funds Index is an unmanaged index considered representative of mixed-asset target 2040 funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

9 Invesco Balanced-Risk Retirement Funds


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (1/31/07)	2.84	%
10 Years	5.43
5 Years	2.92
1 Year	-6.64

Class AX Shares
Inception (6/1/10)	5.50	%
10 Years	5.43
5 Years	2.92
1 Year	-6.65

Class C Shares
Inception (1/31/07)	2.69	%
10 Years	5.27
5 Years	3.37
1 Year	-2.95

Class CX Shares
Inception (6/1/10)	5.33	%
10 Years	5.26
5 Years	3.35
1 Year	-2.83

Class R Shares
Inception (1/31/07)	3.01	%
10 Years	5.78
5 Years	3.86
1 Year	-1.49

Class RX Shares
Inception (6/1/10)	5.84	%
10 Years	5.78
5 Years	3.83
1 Year	-1.49

Class Y Shares
Inception (10/3/08)	6.19	%
10 Years	6.30
5 Years	4.34
1 Year	-0.98

Class R5 Shares
Inception (1/31/07)	3.52	%
10 Years	6.29
5 Years	4.33
1 Year	-0.98

Class R6 Shares
10 Years	6.24	%
5 Years	4.33
1 Year	-0.99

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

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

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

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

CX: VRGCX ⬛ R: TNDRX ⬛ RX: VRGRX

Y: TNDYX ⬛ R5: TNDIX ⬛ R6: TNDFX

10 Invesco Balanced-Risk Retirement Funds

Fund Performance


Performance summary - Invesco Balanced-Risk Retirement 2050 Fund
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares			-5.64%
Class AX Shares			-5.64
Class C Shares			-6.04
Class CX Shares			-6.17
Class R Shares			-5.95
Class RX Shares			-5.82
Class Y Shares			-5.61
Class R5 Shares			-5.73
Class R6 Shares			-5.59
S&P 500 Index^▼(Broad Market Index)			-3.08
Custom Invesco Balanced-Risk Retirement 2050 Index^⬛(Style-Specific Index)			-1.50
Custom Invesco Balanced-Risk Allocation Broad Index^⬛(Style-Specific Index)			1.88
Lipper Mixed-Asset Target 2050 Funds Index^◆(Peer Group Index)			-4.96
Source(s): ^▼RIMES Technologies Corp.; ^⬛Invesco, RIMES Technologies Corp.; ^◆Lipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the US stock market. The Custom Invesco Balanced-Risk Allocation Broad Index is composed of 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index. The Custom Invesco Balanced-Risk Retirement 2050 Index is composed of the following indexes: MSCI World and Bloomberg Barclays U.S. Aggregate Bond. From January 31, 2007, to November 4, 2009, the index was composed of the Custom Independence 2050 Index, which included the following indexes: Russell 3000, MSCI EAFE, FTSE NAREIT Equity REITs and Bloomberg Barclays U.S. Universal. From November 4, 2009, through November 30, 2009, the index was composed of the following indexes: MSCI World and JP Morgan Global Government Bond. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective. The MSCI World Index^SMis considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors. TheBloomberg Barclays U.S. Aggregate Bond Index is considered representative of the US investment grade, fixed-rate bond market. The Russell 3000^® Index is considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The MSCI EAFE^® Index is considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The FTSE NAREIT Equity REITs Index is considered representative of US real estate investment trusts (REITs). The Bloomberg Barclays U.S. Universal Index is considered representative of US dollar-denominated, taxable bonds that are rated either investment grade or below investment grade. The JP Morgan Global Government Bond Index tracks the performance of fixed-rate issuances from high-income countries. The Lipper Mixed-Asset Target 2050 Funds Index is an unmanaged index considered representative of mixed-asset target 2050 funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends,and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

11 Invesco Balanced-Risk Retirement Funds


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (1/31/07)	2.91	%
10 Years	5.78
5 Years	3.40
1 Year	-6.60

Class AX Shares
Inception (6/1/10)	5.87	%
10 Years	5.79
5 Years	3.39
1 Year	-6.59

Class C Shares
Inception (1/31/07)	2.79	%
10 Years	5.62
5 Years	3.83
1 Year	-2.90

Class CX Shares
Inception (6/1/10)	5.68	%
10 Years	5.62
5 Years	3.81
1 Year	-3.04

Class R Shares
Inception (1/31/07)	3.08	%
10 Years	6.13
5 Years	4.31
1 Year	-1.60

Class RX Shares
Inception (6/1/10)	6.20	%
10 Years	6.14
5 Years	4.34
1 Year	-1.60

Class Y Shares
Inception (10/3/08)	6.42	%
10 Years	6.65
5 Years	4.83
1 Year	-1.09

Class R5 Shares
Inception (1/31/07)	3.58	%
10 Years	6.65
5 Years	4.80
1 Year	-1.09

Class R6 Shares
10 Years	6.59	%
5 Years	4.82
1 Year	-1.08

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

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

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

Invesco Balanced-Risk Retirement 2050 Fund

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

CX: VRICX ◾ R: TNERX ◾ RX: VRIRX

Y: TNEYX ◾ R5: TNEIX ◾ R6: TNEFX

12 Invesco Balanced-Risk Retirement Funds

Letters to Shareholders

LOGO

Bruce Crockett

Dear Fellow Shareholders:

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

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

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

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

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

LOGO

Andrew Schlossberg

Dear Shareholders:

This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.

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

In addition to the resources accessible on our website, you can obtain timely updates to help you

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

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

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

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

13 Invesco Balanced-Risk Retirement Funds

Liquidity Risk Management Program

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

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

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

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

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

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

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

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

14 Invesco Balanced-Risk Retirement Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Balanced-Risk Retirement Now Fund

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


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Alternative Funds-60.85%
Invesco Balanced-Risk Allocation Fund, Class R6		60.85	%	$	10,859,325	$	897,784	$	(743,752	)	$	(396,444	)	$	(39,420	)	$	–		1,044,175	$	10,577,493

Money Market Funds-39.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(b)		23.46	%		4,345,662		1,556,675		(1,824,477	)		–			–			15,402		4,077,860		4,077,860
Invesco Treasury Portfolio, Institutional Class, 0.08%^(b)		15.64	%		2,897,108		1,037,783		(1,216,318	)		–			–			9,691		2,718,573		2,718,573
Total Money Market Funds					7,242,770		2,594,458		(3,040,795	)		–			–			25,093				6,796,433
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $17,869,358)		99.95	%	$	18,102,095	$	3,492,242	$	(3,784,547	)	$	(396,444	)	$	(39,420	)	$	25,093			$	17,373,926
OTHER ASSETS LESS LIABILITIES		0.05	%																			8,832
NET ASSETS		100.00	%																		$	17,382,758

Notes to Schedule of Investments:

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

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

Invesco Balanced-Risk Retirement 2020 Fund

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


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Dividend Income		Shares 06/30/20		Value 06/30/20
Alternative Funds-60.65%
Invesco Balanced-Risk Allocation Fund, Class R6		60.65	%	$	27,764,912	$	1,961,297	$	(1,200,430	)	$	(1,207,455	)	$	19,213	$	–		2,698,671	$	27,337,537

Money Market Funds-39.64%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(b)		23.78	%		10,692,845		3,522,484		(3,495,818	)		–			–		38,213		10,719,511		10,719,511
Invesco Treasury Portfolio, Institutional Class, 0.08%^(b)		15.86	%		7,128,563		2,348,323		(2,330,545	)		–			–		24,049		7,146,341		7,146,341
Total Money Market Funds					17,821,408		5,870,807		(5,826,363	)		–			–		62,262				17,865,852
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $46,731,647)		100.29	%	$	45,586,320	$	7,832,104	$	(7,026,793	)	$	(1,207,455	)	$	19,213	$	62,262			$	45,203,389
OTHER ASSETS LESS LIABILITIES		(0.29	)%																		(130,812	)
NET ASSETS		100.00	%																	$	45,072,577

Notes to Schedule of Investments:

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

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

Invesco Balanced-Risk Retirement 2030 Fund

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


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

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

15 Invesco Balanced-Risk Retirement Funds

Schedule of Investments–(continued)

Invesco Balanced-Risk Retirement 2030 Fund (continued)

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


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20

Money Market Funds-1.93%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(b)		1.16	%	$	409,359	$	3,576,893	$	(3,331,819	)		$ –			$ –			$1,200		654,433	$	654,433

Invesco Treasury Portfolio, Institutional Class, 0.08%^(b)		0.77	%		272,906		2,384,595		(2,221,213	)		–			–			412		436,288		436,288

Total Money Market Funds					682,265		5,961,488		(5,553,032	)		–			–			1,612				1,090,721

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $61,707,351)		100.05	%	$	59,710,314	$	7,923,257	$	(8,238,643	)		$(2,447,944	)		$(253,936	)		$1,612			$	56,693,048

OTHER ASSETS LESS LIABILITIES		(0.05	)%																			(27,140	)

NET ASSETS		100.00	%																		$	56,665,908

Notes to Schedule of Investments:

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

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

Invesco Balanced-Risk Retirement 2040 Fund

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


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20

Alternative Funds-99.42%
Invesco Balanced-Risk Aggressive Allocation Fund		33.15	%	$	14,649,843	$	372,367	$	(1,056,510	)	$	(888,387	)	$	(27,563	)		$ –		1,765,866	$	13,049,750

Invesco Balanced-Risk Allocation Fund, Class R6		66.27	%		27,381,690		883,007		(938,266	)		(1,196,599	)		(40,201	)		–		2,575,482		26,089,631

Total Alternative Funds					42,031,533		1,255,374		(1,994,776	)		(2,084,986	)		(67,764	)		–				39,139,381


Money Market Funds-0.61%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(b)		0.37	%		260,783		1,566,905		(1,682,477	)		–			–			988		145,211		145,211

Invesco Treasury Portfolio, Institutional Class, 0.08%^(b)		0.24	%		173,855		1,044,603		(1,121,651	)		–			–			227		96,807		96,807

Total Money Market Funds					434,638		2,611,508		(2,804,128	)		–			–			1,215				242,018

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $47,639,100)		100.03	%	$	42,466,171	$	3,866,882	$	(4,798,904	)	$	(2,084,986	)	$	(67,764	)		$1,215			$	39,381,399

OTHER ASSETS LESS LIABILITIES		(0.03	)%																			(11,973	)

NET ASSETS		100.00	%																		$	39,369,426

Notes to Schedule of Investments:

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

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

Invesco Balanced-Risk Retirement 2050 Fund

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


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20

Alternative Funds-99.33%
Invesco Balanced-Risk Aggressive Allocation Fund		65.52	%		$21,749,785		$339,622		$(1,801,480	)		$(1,287,722	)		$(150,250	)		$–		2,550,738		$18,849,955

Invesco Balanced-Risk Allocation Fund, Class R6		33.81	%		10,500,081		431,679		(703,473	)		(458,118	)		(43,429	)		–		960,191		9,726,740

Total Alternative Funds					32,249,866		771,301		(2,504,953	)		(1,745,840	)		(193,679	)		–				28,576,695

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

16 Invesco Balanced-Risk Retirement Funds

Schedule of Investments–(continued)

Invesco Balanced-Risk Retirement 2050 Fund (continued)

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


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20


Money Market Funds-0.75%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(b)		0.45	%	$	128,322	$	1,366,952	$	(1,365,296	)		$ –			$ –			$2,256		129,978	$	129,978

Invesco Treasury Portfolio, Institutional Class, 0.08%^(b)		0.30	%		85,548		911,301		(910,197	)		–			–			253		86,652		86,652

Total Money Market Funds					213,870		2,278,253		(2,275,493	)		–			–			2,509				216,630

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $33,552,579)		100.08	%	$	32,463,736	$	3,049,554	$	(4,780,446	)		$(1,745,840	)		$(193,679	)		$2,509			$	28,793,325

OTHER ASSETS LESS LIABILITIES		(0.08	)%																			(22,819	)

NET ASSETS		100.00	%																		$	28,770,506

Notes to Schedule of Investments:

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

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

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

17 Invesco Balanced-Risk Retirement Funds

Portfolio Composition

June 30, 2020

(Unaudited)

Invesco Balanced-Risk Retirement Now Fund


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

Invesco Balanced-Risk Retirement 2020 Fund


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

Invesco Balanced-Risk Retirement 2030 Fund


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

Invesco Balanced-Risk Retirement 2040 Fund


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

Invesco Balanced-Risk Retirement 2050 Fund


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

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

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

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

18 Invesco Balanced-Risk Retirement Funds

Statements of Assets and Liabilities

June 30, 2020

(Unaudited)


	Invesco Balanced-Risk Retirement Now Fund			Invesco Balanced-Risk Retirement 2020 Fund			Invesco Balanced-Risk Retirement 2030 Fund			Invesco Balanced-Risk Retirement 2040 Fund			Invesco Balanced-Risk Retirement 2050 Fund

Assets:
Investments in affiliated underlying funds, at value	$	17,373,926		$	45,203,389		$	56,693,048		$	39,381,399		$	28,793,325

Receivable for:
Dividends - affiliated underlying funds		518			1,337			82			13			7

Fund shares sold		3,939			7,111			15,412			22,481			12,631

Investment for trustee deferred compensation and retirement plans		45,047			41,108			40,876			37,907			34,684

Other assets		63,287			64,199			64,000			63,391			62,984

Total assets		17,486,717			45,317,144			56,813,418			39,505,191			28,903,631


Liabilities:
Payable for:
Fund shares reacquired		545			115,032			1,777			3,131			21,123

Accrued fees to affiliates		24,671			43,564			52,632			45,900			38,394

Accrued trustees’ and officers’ fees and benefits		1,357			1,242			2,262			1,234			2,069

Accrued other operating expenses		31,407			41,648			47,970			46,520			36,034

Trustee deferred compensation and retirement plans		45,979			43,081			42,869			38,980			35,505

Total liabilities		103,959			244,567			147,510			135,765			133,125

Net assets applicable to shares outstanding	$	17,382,758		$	45,072,577		$	56,665,908		$	39,369,426		$	28,770,506


Net assets consist of:
Shares of beneficial interest	$	17,669,413		$	47,167,468		$	61,787,680		$	48,535,843		$	34,113,077

Distributable earnings (loss)		(286,655	)		(2,094,891	)		(5,121,772	)		(9,166,417	)		(5,342,571	)

	$	17,382,758		$	45,072,577		$	56,665,908		$	39,369,426		$	28,770,506

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

19 Invesco Balanced-Risk Retirement Funds

Statements of Assets and Liabilities–(continued)

June 30, 2020

(Unaudited)


	Invesco Balanced-Risk Retirement Now Fund		Invesco Balanced-Risk Retirement 2020 Fund		Invesco Balanced-Risk Retirement 2030 Fund		Invesco Balanced-Risk Retirement 2040 Fund		Invesco Balanced-Risk Retirement 2050 Fund
Net Assets:
Class A	$	8,942,868	$	27,737,669	$	37,049,688	$	24,393,089	$	18,421,225
Class AX	$	5,136,017	$	4,788,440	$	3,664,443	$	1,879,717	$	722,769
Class C	$	1,705,471	$	4,169,703	$	7,547,234	$	5,338,805	$	3,707,207
Class CX	$	59,893	$	109,679	$	49,415	$	30,547	$	116,305
Class R	$	1,198,545	$	4,259,189	$	6,828,810	$	6,840,393	$	3,806,184
Class RX	$	66,222	$	212,215	$	297,265	$	67,272	$	68,079
Class Y	$	255,076	$	3,775,134	$	1,088,975	$	782,200	$	1,824,368
Class R5	$	10,002	$	11,769	$	131,447	$	29,207	$	89,519
Class R6	$	8,664	$	8,779	$	8,631	$	8,196	$	14,850

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,118,822		3,195,471		4,490,676		3,301,888		2,563,099
Class AX		643,444		551,642		443,691		254,845		100,441
Class C		224,682		490,321		934,846		740,787		529,757
Class CX		7,893		12,903		6,123		4,245		16,633
Class R		152,501		493,169		835,465		934,928		535,099
Class RX		8,433		24,567		36,384		9,192		9,561
Class Y		31,363		434,732		131,192		105,204		252,004
Class R5		1,231		1,347		15,787		3,922		12,359
Class R6		1,066		1,004		1,036		1,100		2,046
Class A:
Net asset value per share	$	7.99	$	8.68	$	8.25	$	7.39	$	7.19
Maximum offering price per share (Net asset value ÷ 94.50%)	$	8.46	$	9.19	$	8.73	$	7.82	$	7.61
Class AX:
Net asset value per share	$	7.98	$	8.68	$	8.26	$	7.38	$	7.20
Maximum offering price per share (Net asset value ÷ 94.50%)	$	8.44	$	9.19	$	8.74	$	7.81	$	7.62
Class C:
Net asset value and offering price per share	$	7.59	$	8.50	$	8.07	$	7.21	$	7.00
Class CX:
Net asset value and offering price per share	$	7.59	$	8.50	$	8.07	$	7.20	$	6.99
Class R:
Net asset value and offering price per share	$	7.86	$	8.64	$	8.17	$	7.32	$	7.11
Class RX:
Net asset value and offering price per share	$	7.85	$	8.64	$	8.17	$	7.32	$	7.12
Class Y:
Net asset value and offering price per share	$	8.13	$	8.68	$	8.30	$	7.44	$	7.24
Class R5:
Net asset value and offering price per share	$	8.13	$	8.74	$	8.33	$	7.45	$	7.24
Class R6:
Net asset value and offering price per share	$	8.13	$	8.74	$	8.33	$	7.45	$	7.26
Cost of Investments in affiliated underlying funds	$	17,869,358	$	46,731,647	$	61,707,351	$	47,639,100	$	33,552,579

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

20 Invesco Balanced-Risk Retirement Funds

Statements of Operations

For the six months ended June 30, 2020

(Unaudited)


	Invesco Balanced-Risk Retirement Now Fund			Invesco Balanced-Risk Retirement 2020 Fund			Invesco Balanced-Risk Retirement 2030 Fund			Invesco Balanced-Risk Retirement 2040 Fund			Invesco Balanced-Risk Retirement 2050 Fund

Investment income:
Dividends from affiliated underlying funds	$	25,093		$	62,262		$	1,612		$	1,215		$	2,509


Expenses:
Administrative services fees		1,285			3,163			3,929			2,796			2,129

Custodian fees		720			745			732			718			613

Distribution fees:
Class A		10,474			34,536			44,253			29,898			22,442

Class AX		6,773			6,055			4,617			2,339			885

Class C		9,438			20,033			37,317			26,661			18,505

Class CX		531			1,014			364			211			578

Class R		3,024			10,549			17,468			16,788			10,397

Class RX		168			523			749			223			144

Transfer agent fees – A, AX, C, CX, R, RX and Y		17,041			41,461			58,034			50,811			50,785

Transfer agent fees – R5		5			6			29			13			33

Transfer agent fees – R6		4			4			2			4			7

Trustees’ and officers’ fees and benefits		6,832			6,639			7,810			6,623			7,584

Registration and filing fees		47,386			48,310			48,714			47,998			47,858

Reports to shareholders		9,479			12,925			12,479			11,393			10,359

Professional services fees		18,854			16,129			20,101			19,839			16,979

Other		9,607			10,390			11,053			10,295			10,271

Total expenses		141,621			212,482			267,651			226,610			199,569

Less: Expenses reimbursed and/or expense offset arrangement(s)		(111,212	)		(139,772	)		(162,883	)		(150,489	)		(146,618	)

Net expenses		30,409			72,710			104,768			76,121			52,951

Net investment income (loss)		(5,316	)		(10,448	)		(103,156	)		(74,906	)		(50,442	)


Realized and unrealized gain (loss) from:
Net realized gain (loss) on sales of affiliated underlying fund shares		(39,420	)		19,213			(253,936	)		(67,764	)		(193,679	)

Change in net unrealized appreciation (depreciation) of affiliated underlying fund shares		(396,444	)		(1,207,455	)		(2,447,944	)		(2,084,986	)		(1,745,840	)

Net realized and unrealized gain (loss)		(435,864	)		(1,188,242	)		(2,701,880	)		(2,152,750	)		(1,939,519	)

Net increase (decrease) in net assets resulting from operations	$	(441,180	)	$	(1,198,690	)	$	(2,805,036	)	$	(2,227,656	)	$	(1,989,961	)

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

21 Invesco Balanced-Risk Retirement Funds

Statements of Changes in Net Assets

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

(Unaudited)


	Invesco Balanced-Risk Retirement Now Fund						Invesco Balanced-Risk Retirement 2020 Fund
	June 30, 2020			December 31, 2019			June 30, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(5,316	)		$ 757,090		$	(10,448	)		$ 1,900,926

Net realized gain (loss)		(39,420	)		537,451			19,213			1,408,148

Change in net unrealized appreciation (depreciation)		(396,444	)		402,945			(1,207,455	)		1,068,456

Net increase (decrease) in net assets resulting from operations		(441,180	)		1,697,486			(1,198,690	)		4,377,530


Distributions to shareholders from distributable earnings:
Class A		–			(460,586	)		–			(1,451,734	)

Class AX		–			(331,956	)		–			(254,380	)

Class C		–			(112,013	)		–			(163,137	)

Class CX		–			(15,111	)		–			(16,176	)

Class R		–			(53,044	)		–			(201,097	)

Class RX		–			(3,832	)		–			(9,677	)

Class Y		–			(12,803	)		–			(103,165	)

Class R5		–			(593	)		–			(686	)

Class R6		–			(517	)		–			(512	)

Total distributions from distributable earnings		–			(990,455	)		–			(2,200,564	)


Share transactions–net:
Class A		751,257			(96,372	)		(1,070,373	)		376,056

Class AX		(783,860	)		(282,787	)		(253,185	)		(203,147	)

Class C		(328,151	)		(273,437	)		146,285			(1,338,347	)

Class CX		(168,258	)		(501,930	)		(265,030	)		(615,076	)

Class R		(164,297	)		(41,812	)		68,750			(523,639	)

Class RX		(2,434	)		(10,546	)		1,120			(66,759	)

Class Y		29,213			20,811			1,911,605			(126,446	)

Class R5		–			(92,456	)		–			(635,648	)

Class R6		–			–			–			(73,226	)

Net increase (decrease) in net assets resulting from share transactions		(666,530	)		(1,278,529	)		539,172			(3,206,232	)

Net increase (decrease) in net assets		(1,107,710	)		(571,498	)		(659,518	)		(1,029,266	)


Net assets:
Beginning of period		18,490,468			19,061,966			45,732,095			46,761,361

End of period	$	17,382,758			$18,490,468		$	45,072,577			$45,732,095

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

22 Invesco Balanced-Risk Retirement Funds

Statements of Changes in Net Assets–(continued)

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

(Unaudited)


	Invesco Balanced-Risk Retirement 2030 Fund						Invesco Balanced-Risk Retirement 2040 Fund
	June 30, 2020			December 31, 2019			June 30, 2020			December 31, 2019
Operations: Net investment income (loss)	$	(103,156)			$ 3,413,608		$	(74,906)			$ 2,700,045
Net realized gain (loss)		(253,936	)		2,365,707			(67,764	)		1,976,350
Change in net unrealized appreciation (depreciation)		(2,447,944	)		1,945,044			(2,084,986	)		1,743,671
Net increase (decrease) in net assets resulting from operations		(2,805,036	)		7,724,359			(2,227,656	)		6,420,066

Distributions to shareholders from distributable earnings:
Class A		–			(1,695,191	)		–			(1,497,325	)
Class AX		–			(180,994	)		–			(122,173	)
Class C		–			(315,576	)		–			(305,368	)
Class CX		–			(6,046	)		–			(3,221	)
Class R		–			(334,710	)		–			(412,015	)
Class RX		–			(13,509	)		–			(6,283	)
Class Y		–			(49,189	)		–			(52,466	)
Class R5		–			(6,501	)		–			(1,655	)
Class R6		–			(446	)		–			(548	)
Total distributions from distributable earnings		–			(2,602,162	)		–			(2,401,054	)

Share transactions–net:
Class A		628,088			3,740,084			(300,782	)		286,217
Class AX		(184,335	)		164,440			(120,329	)		50,243
Class C		(285,338	)		(2,148,505	)		(197,884	)		(633,825	)
Class CX		(55,633	)		(421,361	)		(24,900	)		(123,998	)
Class R		(651,706	)		665,355			(98,097	)		108,807
Class RX		(2,253	)		(98,387	)		(40,434	)		(90,396	)
Class Y		54,551			234,143			(50,128	)		76,857
Class R5		–			(648,861	)		3,484			(268,008	)
Class R6		–			–			–			–
Net increase (decrease) in net assets resulting from share transactions		(496,626	)		1,486,908			(829,070	)		(594,103	)
Net increase (decrease) in net assets		(3,301,662	)		6,609,105			(3,056,726	)		3,424,909

Net assets:
Beginning of period		59,967,570			53,358,465			42,426,152			39,001,243
End of period	$	56,665,908			$59,967,570		$	39,369,426			$42,426,152

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

23 Invesco Balanced-Risk Retirement Funds

Statements of Changes in Net Assets–(continued)

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

(Unaudited)


	Invesco Balanced-Risk Retirement 2050 Fund

	June 30, 2020			December 31, 2019

Operations:
Net investment income (loss)	$	(50,442	)		$ 2,304,239
Net realized gain (loss)		(193,679	)		1,550,346
Change in net unrealized appreciation (depreciation)		(1,745,840	)		1,464,034
Net increase (decrease) in net assets resulting from operations		(1,989,961	)		5,318,619

Distributions to shareholders from distributable earnings:
Class A		–			(1,274,595	)
Class AX		–			(52,939	)
Class C		–			(255,833	)
Class CX		–			(7,966	)
Class R		–			(295,552	)
Class RX		–			(4,073	)
Class Y		–			(204,197	)
Class R5		–			(4,272	)
Class R6		–			(1,057	)
Total distributions from distributable earnings		–			(2,100,484	)

Share transactions–net:
Class A		(170,364	)		1,119,582
Class AX		(38,749	)		3,836
Class C		(179,658	)		(723,869	)
Class CX		(4,121	)		(14,138	)
Class R		(447,462	)		(200,496	)
Class RX		11,104			(6,147	)
Class Y		(954,513	)		179,298
Class R5		28,830			(95,379	)
Class R6		697			3,505
Net increase (decrease) in net assets resulting from share transactions		(1,754,236	)		266,192
Net increase (decrease) in net assets		(3,744,197	)		3,484,327

Net assets:
Beginning of period		32,514,703			29,030,376
End of period	$	28,770,506			$32,514,703

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

24 Invesco Balanced-Risk Retirement Funds

Financial Highlights

(Unaudited)

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

Invesco Balanced-Risk Retirement Now Fund


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

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

25 Invesco Balanced-Risk Retirement Funds

Financial Highlights–(continued)

(Unaudited)


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

^(a)	Calculated using average shares outstanding.

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

^(c)

^(d)

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

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

Invesco Balanced-Risk Retirement 2020 Fund


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

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

26 Invesco Balanced-Risk Retirement Funds

Financial Highlights–(continued)

(Unaudited)


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

^(a)	Calculated using average shares outstanding.

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

^(c)

^(d)

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

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

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

27 Invesco Balanced-Risk Retirement Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Balanced-Risk Retirement 2030 Fund


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

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

28 Invesco Balanced-Risk Retirement Funds

Financial Highlights–(continued)

(Unaudited)


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

^(a)	Calculated using average shares outstanding.

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

^(c)

^(d)

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

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

Invesco Balanced-Risk Retirement 2040 Fund


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

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


29		Invesco Balanced-Risk Retirement Funds

Financial Highlights–(continued)

(Unaudited)


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

^(a)	Calculated using average shares outstanding.

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

^(c)

^(d)

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

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

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


30		Invesco Balanced-Risk Retirement Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Balanced-Risk Retirement 2050 Fund


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

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


31		Invesco Balanced-Risk Retirement Funds

Financial Highlights–(continued)

(Unaudited)


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

^(a)	Calculated using average shares outstanding.

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

^(c)

^(d)

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

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

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

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


32		Invesco Balanced-Risk Retirement Funds

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

AIM Growth Series (Invesco Growth Series) (the “Trust”) is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. The Funds covered in this report, each a series portfolio of the Trust, are Invesco Balanced-Risk Retirement Now Fund, Invesco Balanced-Risk Retirement 2020 Fund, Invesco Balanced-Risk Retirement 2030 Fund, Invesco Balanced-Risk Retirement 2040 Fund and Invesco Balanced-Risk Retirement 2050 Fund (collectively, the “Funds”). Information presented in these financial statements pertains only to the Funds. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

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

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

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

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

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


33		Invesco Balanced-Risk Retirement Funds

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

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.

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.

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

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.

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

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

Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, each Fund


34		Invesco Balanced-Risk Retirement Funds

monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

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.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

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

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


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

In determining Invesco’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of a Fund directly, but are fees and expenses, including management fees of the investment companies in which a Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues each Fund’s fee waiver agreement, it will terminate on April 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

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


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

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

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class AX, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares of each Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to each Fund’s Class A, Class AX, Class C, Class CX, Class R and Class RX shares (collectively, the “Plans”). Each Fund, pursuant

35 Invesco Balanced-Risk Retirement Funds

to the Plans, pays IDI compensation at the annual rate of 0.25% of the average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. Also, each Fund, pursuant to the Plans, reimburses IDI up to a maximum annual rate of 0.25% of each Fund’s average daily net assets of Class AX shares, 1.00% of the average daily net assets of each Fund’s Class CX shares and 0.50% of each Fund’s average daily net assets of Class RX shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund. For the six months ended June 30, 2020, expenses incurred under the Plans are shown in the Statements of Operations as Distribution fees.

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


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

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

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

NOTE 3–Additional Valuation Information


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

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

NOTE 4–Expense Offset Arrangement(s)

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


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

NOTE 5–Trustees’ and Officers’ Fees and Benefits


36		Invesco Balanced-Risk Retirement Funds

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

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

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

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

Short-Term

Long-Term

Fund

Not subject to
Expiration

Total

Invesco Balanced-Risk Retirement Now Fund

–

$ –

–

Invesco Balanced-Risk Retirement 2020 Fund

–

704,915

Invesco Balanced-Risk Retirement 2030 Fund

28,033

1,175,876

1,203,909

Invesco Balanced-Risk Retirement 2040 Fund

–

1,524,600

Invesco Balanced-Risk Retirement 2050 Fund

–

467,994

NOTE 8–Investment Transactions

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


					At June 30, 2020
	For the six months ended June 30, 2020*				Federal Tax Cost**		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
	Purchases		Sales		Federal Tax Cost**		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)

Invesco Balanced-Risk Retirement Now Fund	$	897,784	$	743,752		$17,885,192	$	(511,266	)	$	(511,266	)

Invesco Balanced-Risk Retirement 2020 Fund		1,961,297		1,200,430		46,830,067		(1,626,678	)		(1,626,678	)

Invesco Balanced-Risk Retirement 2030 Fund		1,961,769		2,685,611		62,034,368		(5,341,320	)		(5,341,320	)

Invesco Balanced-Risk Retirement 2040 Fund		1,255,374		1,994,776		48,007,353		(8,625,954	)		(8,625,954	)

Invesco Balanced-Risk Retirement 2050 Fund		771,301		2,504,953		34,368,943		(5,575,618	)		(5,575,618	)

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

**	Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


37		Invesco Balanced-Risk Retirement Funds

NOTE 9–Share Information

Invesco Balanced-Risk Retirement Now Fund


	Summary of Share Activity

	Six months ended June 30, 2020^(a)						Year ended December 31, 2019

	Shares			Amount			Shares			Amount

Sold:
Class A		238,098		$	1,852,595			114,545		$	963,865

Class AX		909			7,161			3,349			28,099

Class C		14,912			111,438			23,586			189,473

Class CX		24			181			63			497

Class R		19,142			149,537			76,692			623,377

Class RX		176			1,379			1,148			9,347

Class Y		10,776			88,479			5,152			43,692

Class R5		-			-			128			1,134


Issued as reinvestment of dividends:
Class A		-			-			51,848			425,152

Class AX		-			-			39,226			321,257

Class C		-			-			12,459			97,433

Class CX		-			-			1,547			12,081

Class R		-			-			6,510			52,539

Class RX		-			-			412			3,325

Class Y		-			-			1,473			12,273

Class R5		-			-			8			62


Automatic conversion of Class C shares to Class A shares:
Class A		18,435			144,000			38,041			311,854

Class AX		12,167			98,462			50,044			413,340

Class C		(19,393	)		(144,000	)		(39,769	)		(311,854	)

Class CX		(12,763	)		(98,462	)		(52,301	)		(413,340	)


Reacquired:
Class A		(156,626	)		(1,245,338	)		(215,514	)		(1,797,243	)

Class AX		(112,294	)		(889,483	)		(124,800	)		(1,045,483	)

Class C		(40,886	)		(295,589	)		(31,159	)		(248,489	)

Class CX		(9,427	)		(69,977	)		(12,532	)		(101,168	)

Class R		(39,406	)		(313,834	)		(86,492	)		(717,728	)

Class RX		(493	)		(3,813	)		(2,872	)		(23,218	)

Class Y		(7,318	)		(59,266	)		(4,033	)		(35,154	)

Class R5		-			-			(11,566	)		(93,652	)

Net increase (decrease) in share activity		(83,967	)	$	(666,530	)		(154,807	)	$	(1,278,529	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 18% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

38 Invesco Balanced-Risk Retirement Funds

NOTE 9–Share Information–(continued)

Invesco Balanced-Risk Retirement 2020 Fund


	Summary of Share Activity

	Six months ended June 30, 2020^(a)						Year ended December 31, 2019

	Shares			Amount			Shares			Amount

Sold:
Class A		316,152		$	2,682,129			536,566		$	4,850,297

Class AX		6,080			52,181			6,189			55,882

Class C		55,979			468,047			101,556			899,618

Class CX		1,165			9,600			1,793			15,851

Class R		112,076			945,165			142,713			1,288,612

Class RX		644			5,522			2,375			21,043

Class Y		257,874			2,214,857			90,460			827,448

Class R6		-			-			315			2,874


Issued as reinvestment of dividends:
Class A		-			-			158,164			1,409,238

Class AX		-			-			28,353			252,630

Class C		-			-			17,732			155,512

Class CX		-			-			1,847			16,176

Class R		-			-			22,646			201,097

Class RX		-			-			1,041			9,243

Class Y		-			-			11,296			100,645


Automatic conversion of Class C shares to Class A shares:
Class A		8,349			71,806			104,478			922,834

Class AX		22,016			191,467			55,967			504,015

Class C		(8,505	)		(71,806	)		(106,698	)		(922,834	)

Class CX		(22,431	)		(191,467	)		(57,235	)		(504,015	)


Reacquired:
Class A		(448,171	)		(3,824,308	)		(753,683	)		(6,806,313	)

Class AX		(58,333	)		(496,833	)		(114,110	)		(1,015,674	)

Class C		(29,984	)		(249,956	)		(167,193	)		(1,470,643	)

Class CX		(9,878	)		(83,163	)		(16,096	)		(143,088	)

Class R		(104,704	)		(876,415	)		(223,801	)		(2,013,348	)

Class RX		(517	)		(4,402	)		(11,052	)		(97,045	)

Class Y		(36,432	)		(303,252	)		(115,192	)		(1,054,539	)

Class R5		-			-			(73,278	)		(635,648	)

Class R6		-			-			(8,228	)		(76,100	)

Net increase (decrease) in share activity		61,380		$	539,172			(363,075	)	$	(3,206,232	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 11% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

39 Invesco Balanced-Risk Retirement Funds

NOTE 9–Share Information–(continued)

Invesco Balanced-Risk Retirement 2030 Fund


	Summary of Share Activity

	Six months ended June 30, 2020						Year ended December 31, 2019

	Shares			Amount			Shares			Amount

Sold:
Class A		550,380		$	4,459,057			1,055,524		$	9,088,834

Class AX		13,660			108,392			10,003			86,267

Class C		100,425			805,324			167,067			1,405,651

Class R		103,802			841,595			383,611			3,307,196

Class RX		2,438			19,552			38,879			327,725

Class Y		29,762			247,579			39,557			338,504

Class R5		-			-			19			151


Issued as reinvestment of dividends:
Class A		-			-			189,958			1,645,036

Class AX		-			-			19,971			173,147

Class C		-			-			36,703			311,974

Class CX		-			-			711			6,047

Class R		-			-			38,965			334,710

Class RX		-			-			1,486			12,768

Class Y		-			-			5,473			47,617

Class R5		-			-			677			5,909


Automatic conversion of Class C shares to Class A shares:
Class A		23,309			193,455			149,412			1,234,282

Class AX		6,858			55,457			42,200			361,551

Class C		(23,791	)		(193,455	)		(152,330	)		(1,234,282	)

Class CX		(6,999	)		(55,457	)		(43,118	)		(361,551	)


Reacquired:
Class A		(490,417	)		(4,024,424	)		(952,364	)		(8,228,068	)

Class AX		(43,936	)		(348,184	)		(54,183	)		(456,525	)

Class C		(111,419	)		(897,207	)		(317,213	)		(2,631,848	)

Class CX		(21	)		(176	)		(7,724	)		(65,857	)

Class R		(187,410	)		(1,493,301	)		(347,177	)		(2,976,551	)

Class RX		(2,672	)		(21,805	)		(51,197	)		(438,880	)

Class Y		(24,713	)		(193,028	)		(17,690	)		(151,978	)

Class R5		-			-			(81,155	)		(654,921	)

Net increase (decrease) in share activity		(60,744	)	$	(496,626	)		156,065		$	1,486,908

40 Invesco Balanced-Risk Retirement Funds

NOTE 9–Share Information–(continued)

Invesco Balanced-Risk Retirement 2040 Fund


	Summary of Share Activity

	Six months ended June 30, 2020						Year ended December 31, 2019

	Shares			Amount			Shares			Amount

Sold:
Class A		322,761		$	2,319,834			597,306		$	4,645,035

Class AX		2,442			17,794			5,145			39,634

Class C		74,346			522,316			148,778			1,133,824

Class CX		268			1,860			157			1,200

Class R		102,596			728,753			193,131			1,499,228

Class RX		1,661			11,959			4,145			31,882

Class Y		12,114			89,536			10,369			81,650

Class R5		492			3,536			1,288			10,015


Issued as reinvestment of dividends:
Class A		-			-			190,107			1,484,733

Class AX		-			-			15,469			120,661

Class C		-			-			39,839			304,765

Class CX		-			-			422			3,221

Class R		-			-			53,163			412,015

Class RX		-			-			743			5,757

Class Y		-			-			6,592			51,746

Class R5		-			-			114			898


Automatic conversion of Class C shares to Class A shares:
Class A		6,546			46,851			36,144			271,110

Class AX		3,135			21,945			16,261			128,203

Class C		(6,694	)		(46,851	)		(36,934	)		(271,110	)

Class CX		(3,209	)		(21,945	)		(16,665	)		(128,203	)


Reacquired:
Class A		(365,733	)		(2,667,467	)		(784,041	)		(6,114,661	)

Class AX		(22,014	)		(160,068	)		(31,424	)		(238,255	)

Class C		(95,105	)		(673,349	)		(238,131	)		(1,801,304	)

Class CX		(629	)		(4,815	)		(30	)		(216	)

Class R		(114,571	)		(826,850	)		(232,002	)		(1,802,436	)

Class RX		(7,098	)		(52,393	)		(17,297	)		(128,035	)

Class Y		(18,898	)		(139,664	)		(7,162	)		(56,539	)

Class R5		(7	)		(52	)		(38,551	)		(278,921	)

Net increase (decrease) in share activity		(107,597	)	$	(829,070	)		(83,064	)	$	(594,103	)

41 Invesco Balanced-Risk Retirement Funds

NOTE 9–Share Information–(continued)

Invesco Balanced-Risk Retirement 2050 Fund


	Summary of Share Activity

	Six months ended June 30, 2020^(a)						Year ended December 31, 2019

	Shares			Amount			Shares			Amount

Sold:
Class A		265,496		$	1,865,761			597,910		$	4,544,589

Class AX		1,695			11,891			7,318			54,482

Class C		73,428			503,165			126,221			935,979

Class CX		413			2,792			733			5,485

Class R		81,869			565,505			172,363			1,302,768

Class RX		5,201			34,469			2,696			20,436

Class Y		30,127			205,344			86,135			666,814

Class R5		4,275			29,033			3,371			25,845

Class R6		103			785			462			3,459


Issued as reinvestment of dividends:
Class A		-			-			166,121			1,269,162

Class AX		-			-			6,877			52,606

Class C		-			-			33,255			248,417

Class CX		-			-			1,068			7,966

Class R		-			-			39,043			295,552

Class RX		-			-			397			3,012

Class Y		-			-			26,207			201,531

Class R5		-			-			457			3,516

Class R6		-			-			57			442


Automatic conversion of Class C shares to Class A shares:
Class A		6,995			49,486			58,323			421,863

Class AX		929			6,517			3,682			27,516

Class C		(7,171	)		(49,486	)		(59,624	)		(421,863	)

Class CX		(955	)		(6,517	)		(3,774	)		(27,516	)


Reacquired:
Class A		(302,394	)		(2,085,611	)		(685,121	)		(5,116,032	)

Class AX		(7,921	)		(57,157	)		(16,907	)		(130,768	)

Class C		(91,205	)		(633,337	)		(202,576	)		(1,486,402	)

Class CX		(69	)		(396	)		(11	)		(73	)

Class R		(145,966	)		(1,012,967	)		(237,795	)		(1,798,816	)

Class RX		(4,036	)		(23,365	)		(4,077	)		(29,595	)

Class Y		(170,605	)		(1,159,857	)		(89,820	)		(689,047	)

Class R5		(29	)		(203	)		(17,766	)		(124,740	)

Class R6		(12	)		(88	)		(52	)		(396	)

Net increase (decrease) in share activity		(259,832	)	$	(1,754,236	)		15,173		$	266,192

^(a)

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

NOTE 10–Coronavirus (COVID-19) Pandemic

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

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

42 Invesco Balanced-Risk Retirement Funds

Calculating your ongoing Fund expenses

Example

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

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

Actual expenses

Hypothetical example for comparison purposes

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

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

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

Invesco Balanced-Risk Retirement Now Fund


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

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

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

43 Invesco Balanced-Risk Retirement Funds

Invesco Balanced-Risk Retirement 2020 Fund


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

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

Invesco Balanced-Risk Retirement 2030 Fund


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

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


44		Invesco Balanced-Risk Retirement Funds

Invesco Balanced-Risk Retirement 2040 Fund


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

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

Invesco Balanced-Risk Retirement 2050 Fund


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

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

45 Invesco Balanced-Risk Retirement Funds

Approval of Investment Advisory and Sub-Advisory Contracts

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

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

The Board’s Evaluation Process

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

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

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

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

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

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

B.	Fund Investment Performance

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

46 Invesco Balanced-Risk Retirement Funds

Invesco Balanced-Risk Retirement Now Fund

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

Invesco Balanced-Risk Retirement 2020 Fund

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

Invesco Balanced-Risk Retirement 2030 Fund

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

Invesco Balanced-Risk Retirement 2040 Fund

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

Invesco Balanced-Risk Retirement 2050 Fund

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

47 Invesco Balanced-Risk Retirement Funds

C.	Advisory and Sub-Advisory Fees and Fund Expenses

Invesco Balanced-Risk Retirement Now Fund

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

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

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

Invesco Balanced-Risk Retirement 2020 Fund

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

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

Invesco Balanced-Risk Retirement 2030 Fund

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

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

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

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

Invesco Balanced-Risk Retirement 2040 Fund

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

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

48 Invesco Balanced-Risk Retirement Funds

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

Invesco Balanced-Risk Retirement 2050 Fund

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

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

D.	Economies of Scale and Breakpoints

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

E.	Profitability and Financial Resources

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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

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

49 Invesco Balanced-Risk Retirement Funds

(This page intentionally left blank)

LOGO

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

Fund holdings and proxy voting information

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

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

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


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



		Semiannual Report to Shareholders		June 30, 2020

		Invesco Convertible Securities Fund
		Nasdaq:
		A: CNSAX ∎ C: CNSCX ∎ Y: CNSDX ∎ R5: CNSIX ∎ R6: CNSFX

LOGO


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

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

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders:

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

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

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders:

This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.

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

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

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

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Convertible Securities Fund

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	9.67	%
Class C Shares	9.24
Class Y Shares	9.80
Class R5 Shares	9.78
Class R6 Shares	9.87
ICE BofAML U.S. Convertible Index^▼ (Broad Market/Style-Specific Index)	7.25
Lipper Convertible Securities Funds Index^∎(Peer Group Index)	10.17

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

The ICE BofAML U.S. Convertible Index tracks the performance of US-dollar-denominated convertible securities that are not currently in bankruptcy and have total market values of more than $50 million at issuance. The Lipper Convertible Securities Funds Index is an unmanaged index considered representative of convertible securities funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3 Invesco Convertible Securities Fund


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (7/28/97)	6.83	%
10 Years	8.60
5 Years	6.40
1 Year	8.37

Class C Shares
Inception (7/28/97)	6.74	%
10 Years	8.44
5 Years	6.79
1 Year	12.84

Class Y Shares
Inception (7/28/97)	7.35	%
10 Years	9.48
5 Years	7.87
1 Year	14.94

Class R5 Shares
10 Years	9.51	%
5 Years	7.89
1 Year	14.96

Class R6 Shares
10 Years	9.51	%
5 Years	7.99
1 Year	15.08

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

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

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

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.

4 Invesco Convertible Securities Fund

Liquidity Risk Management Program

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

∎

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

∎

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

∎

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

∎

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

∎

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

5 Invesco Convertible Securities Fund

Schedule of Investments^(a)

June 30, 2020

(Unaudited)


	Principal Amount		Value

U.S. Dollar Denominated Bonds & Notes–78.50%

Airlines–1.45%
Southwest Airlines Co., Conv., 1.25%, 05/01/2025	$	13,713,000	$	16,538,303


Alternative Carriers–1.78%
GCI Liberty, Inc., Conv., 1.75%, 10/05/2023^(b)(c)		14,487,000		20,324,924


Apparel Retail–1.19%
American Eagle Outfitters, Inc., Conv., 3.75%, 04/15/2025^(b)		2,700,000		3,853,341

Burlington Stores, Inc., Conv., 2.25%, 04/15/2025^(b)		8,579,000		9,792,500

				13,645,841


Apparel, Accessories & Luxury Goods–0.18%
Under Armour, Inc., Conv., 1.50%, 06/01/2024^(b)		1,800,000		2,045,898


Application Software–15.67%
Alteryx, Inc., Conv., 1.00%, 08/01/2026^(b)		4,260,000		4,878,412

Atlassian, Inc., Conv., 0.63%, 05/01/2023		9,100,000		20,268,779

Coupa Software, Inc., Conv.,
0.13%, 06/15/2025		5,550,000		10,116,520

0.38%, 06/15/2026^(b)		4,030,000		4,673,835

Datadog, Inc., Conv., 0.13%, 06/15/2025^(b)		6,279,000		7,444,088

DocuSign, Inc., Conv., 0.50%, 09/15/2023		8,450,000		20,582,550

Envestnet, Inc., Conv., 1.75%, 06/01/2023		3,655,000		4,514,361

Five9, Inc., Conv., 0.50%, 06/01/2025^(b)		5,507,000		5,923,467

HubSpot, Inc., Conv., 0.38%, 06/01/2025^(b)		4,877,000		5,230,583

j2 Global, Inc., Conv., 1.75%, 11/01/2026^(b)		6,400,000		5,414,349

NICE Systems, Inc. (Israel), Conv., 1.25%, 01/15/2024		3,750,000		8,586,349

PagerDuty, Inc., Conv., 1.25%, 07/01/2025^(b)		4,464,000		4,430,520

Pluralsight, Inc., Conv., 0.38%, 03/01/2024		9,096,000		8,075,746

Q2 Holdings, Inc., Conv., 0.75%, 06/01/2026		7,200,000		8,211,791

RealPage, Inc., Conv.,
1.50%, 11/15/2022		1,484,000		2,394,714

1.50%, 05/15/2025		7,232,000		7,812,165

RingCentral, Inc., Conv., 0.00%, 03/01/2025^(b)(d)		9,900,000		10,649,340

Splunk, Inc., Conv.,
0.50%, 09/15/2023		9,400,000		13,571,020

1.13%, 06/15/2027^(b)		2,193,000		2,347,288



	Principal Amount		Value

Application Software–(continued)
Workday, Inc., Conv., 0.25%, 10/01/2022	$	8,500,000	$	11,725,633

Zendesk, Inc., Conv.,
0.25%, 03/15/2023		4,500,000		6,723,512

0.63%, 06/15/2025^(b)		5,300,000		5,680,135

				179,255,157


Automobile Manufacturers–2.83%
Tesla, Inc., Conv., 2.38%, 03/15/2022		7,605,000		25,215,896

Winnebago Industries, Inc., Conv., 1.50%, 04/01/2025^(b)		5,850,000		7,195,500

				32,411,396


Biotechnology–5.98%
BioMarin Pharmaceutical, Inc., Conv., 1.25%, 05/15/2027^(b)		12,825,000		14,989,502

Coherus Biosciences, Inc., Conv., 1.50%, 04/15/2026^(b)		2,800,000		3,134,882

Exact Sciences Corp., Conv., 0.38%, 03/15/2027		10,100,000		10,513,614

Halozyme Therapeutics, Inc., Conv., 1.25%, 12/01/2024^(b)		5,700,000		7,235,580

Insmed, Inc., Conv., 1.75%, 01/15/2025		6,000,000		5,861,250

Neurocrine Biosciences, Inc., Conv., 2.25%, 05/15/2024		11,000,000		18,399,997

Sarepta Therapeutics, Inc., Conv., 1.50%, 11/15/2024		3,600,000		8,271,000

				68,405,825


Broadcasting–0.47%
Liberty Media Corp., Conv., 2.25%, 12/01/2021^(b)(c)		5,275,000		5,389,117


Cable & Satellite–0.80%
DISH Network Corp., Conv., 3.38%, 08/15/2026		9,900,000		9,119,035


Casinos & Gaming–0.35%
Penn National Gaming, Inc., Conv., 2.75%, 05/15/2026		2,675,000		4,020,211


Communications Equipment–1.45%
Lumentum Holdings, Inc., Conv., 0.50%, 12/15/2026^(b)		8,550,000		9,020,250

Viavi Solutions, Inc., Conv., 1.75%, 06/01/2023		6,723,000		7,523,018

				16,543,268


Data Processing & Outsourced Services–1.54%
Square, Inc., Conv., 0.50%, 05/15/2023		11,859,000		17,667,622


Diversified Banks–0.25%
JPMorgan Chase Bank N.A., Conv., 0.13%, 01/01/2023^(b)		2,700,000		2,862,000

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

6 Invesco Convertible Securities Fund


	Principal Amount		Value

Education Services–1.05%
Chegg, Inc., Conv., 0.13%, 03/15/2025	$	8,450,000	$	11,991,817


Electric Utilities–1.85%
American Electric Power Co., Inc., Conv. Investment Units, 6.13%, 03/15/2022		227,488		11,012,694

Southern Co. (The), Conv. Investment Units, 6.75%, 08/01/2022		230,473		10,154,640

				21,167,334


Electronic Components–0.52%
II–VI, Inc., Conv., 0.25%, 09/01/2022		5,000,000		5,939,189


Health Care Equipment–3.51%
CONMED Corp., Conv., 2.63%, 02/01/2024		4,242,000		4,460,808

DexCom, Inc., Conv.,
0.75%, 12/01/2023		3,600,000		8,939,452

0.25%, 11/15/2025^(b)		6,930,000		7,129,163

Envista Holdings Corp., Conv., 2.38%, 06/01/2025^(b)		5,000,000		6,098,484

Insulet Corp., Conv., 0.38%, 09/01/2026^(b)		12,300,000		13,492,281

				40,120,188


Health Care Technology–1.16%
Livongo Health, Inc., Conv., 0.88%, 06/01/2025^(b)		2,700,000		3,225,620

Tabula Rasa HealthCare, Inc., Conv., 1.75%, 02/15/2026^(b)		2,640,000		2,714,877

Teladoc Health, Inc., Conv., 1.25%, 06/01/2027^(b)		6,650,000		7,380,578

				13,321,075


Homefurnishing Retail–0.66%
RH, Conv., 0.00%, 06/15/2023^(d)		5,350,000		7,498,341


Hotels, Resorts & Cruise Lines–1.08%
Carnival Corp., Conv., 5.75%, 04/01/2023^(b)		2,028,000		3,272,548

NCL Corp. Ltd., Conv., 6.00%, 05/15/2024^(b)		2,582,000		3,450,528

Royal Caribbean Cruises Ltd., Conv., 4.25%, 06/15/2023^(b)		5,971,000		5,582,885

				12,305,961


Interactive Home Entertainment–1.78%

Sea Ltd. (Taiwan), Conv.,
1.00%, 12/01/2024^(b)		3,725,000		8,038,091

2.38%, 12/01/2025^(b)		4,005,000		5,568,737

Zynga, Inc., Conv., 0.25%, 06/01/2024		5,250,000		6,810,468

				20,417,296


Interactive Media & Services–3.02%
Match Group Financeco, Inc., Conv., 0.88%, 10/01/2022^(b)		1,750,000		3,735,760

Snap, Inc., Conv., 0.75%, 08/01/2026^(b)		7,793,000		9,765,603


	Principal Amount		Value

Interactive Media & Services–(continued)
Twitter, Inc., Conv., 0.25%, 06/15/2024	$	6,500,000	$	6,139,530

Zillow Group, Inc., Conv.,
1.50%, 07/01/2023		3,600,000		3,749,379

2.75%, 05/15/2025		9,507,000		11,101,419

				34,491,691


Internet & Direct Marketing Retail–4.46%
Booking Holdings, Inc., Conv., 0.75%, 05/01/2025^(b)		10,104,000		12,532,163

Etsy, Inc., Conv., 0.13%, 10/01/2026^(b)		5,500,000		7,526,946

Match Group Financeco 2, Inc., Conv., 0.88%, 06/15/2026^(b)		11,350,000		13,998,320

MercadoLibre, Inc. (Argentina), Conv., 2.00%, 08/15/2028		4,500,000		10,307,308

Pinduoduo, Inc. (China), Conv., 0.00%, 10/01/2022^(b)(c)(d)		3,250,000		6,601,562

				50,966,299


Internet Services & Infrastructure–4.74%
Akamai Technologies, Inc., Conv., 0.13%, 05/01/2025		12,600,000		15,753,809

MongoDB, Inc., Conv., 0.25%, 01/15/2026^(b)		9,056,000		11,446,825

Okta, Inc., Conv., 0.13%, 09/01/2025^(b)		12,725,000		15,793,739

Twilio, Inc., Conv., 0.25%, 06/01/2023		3,600,000		11,187,977

				54,182,350


Investment Banking & Brokerage–0.83%
JPMorgan Chase Financial Co. LLC, Conv., 0.25%, 05/01/2023^(b)		9,850,000		9,542,187


IT Consulting & Other Services–0.63%
KBR, Inc., Conv., 2.50%, 11/01/2023		6,430,000		7,254,681


Leisure Products–0.39%
Callaway Golf Co., Conv., 2.75%, 05/01/2026^(b)		3,600,000		4,451,494


Life Sciences Tools & Services–1.82%
Illumina, Inc., Conv., 0.00%, 08/15/2023^(d)		10,840,000		11,880,209

Repligen Corp., Conv., 0.38%, 07/15/2024		7,119,000		8,956,414

				20,836,623


Multi-line Insurance–0.95%
AXA S.A. (France), Conv., 7.25%, 05/15/2021^(b)		11,845,000		10,860,384


Oil & Gas Exploration & Production–1.59%
CNX Resources Corp., Conv., 2.25%, 05/01/2026^(b)		6,300,000		5,812,792

Pioneer Natural Resources Co., Conv., 0.25%, 05/15/2025^(b)		10,486,000		12,423,675

				18,236,467


Pharmaceuticals–0.26%
Revance Therapeutics, Inc., Conv., 1.75%, 02/15/2027^(b)		3,050,000		2,988,504

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

7 Invesco Convertible Securities Fund


	Principal Amount		Value

Restaurants–0.18%
Bloomin’ Brands, Inc., Conv., 5.00%, 05/01/2025^(b)	$	1,800,000	$	2,063,335


Semiconductors–6.44%
Advanced Micro Devices, Inc., Conv., 2.13%, 09/01/2026		730,000		4,763,932

Cree, Inc., Conv., 1.75%, 05/01/2026^(b)		7,904,000		11,164,400

Inphi Corp., Conv., 0.75%, 04/15/2025^(b)		9,630,000		11,604,856

Microchip Technology, Inc., Conv., 1.63%, 02/15/2027		15,075,000		22,274,021

ON Semiconductor Corp., Conv., 1.00%, 12/01/2020		12,600,000		14,709,338

Silicon Laboratories, Inc., Conv., 0.63%, 06/15/2025^(b)		8,475,000		9,141,711

				73,658,258


Specialty Stores–0.91%
Dick’s Sporting Goods, Inc., Conv., 3.25%, 04/15/2025^(b)		3,600,000		5,000,993

National Vision Holdings, Inc., Conv., 2.50%, 05/15/2025^(b)		4,500,000		5,391,285

				10,392,278


Systems Software–5.61%
Cloudflare, Inc., Conv., 0.75%, 05/15/2025^(b)		4,462,000		5,399,020

CyberArk Software Ltd., Conv., 0.00%, 11/15/2024^(b)(d)		4,500,000		4,207,365

Palo Alto Networks, Inc., Conv., 0.75%, 07/01/2023		14,100,000		15,107,826

Rapid7, Inc., Conv., 2.25%, 05/01/2025^(b)		5,400,000		5,846,718

ServiceNow, Inc., Conv., 0.00%, 06/01/2022^(d)		7,600,000		22,788,406

Varonis Systems, Inc., Conv., 1.25%, 08/15/2025^(b)		1,785,000		2,086,979

Zscaler, Inc., Conv., 0.13%, 07/01/2025^(b)		8,508,000		8,732,700

				64,169,014


Technology Hardware, Storage & Peripherals–0.58%
Western Digital Corp., Conv., 1.50%, 02/01/2024		7,000,000		6,615,238


Trucking–0.54%
Lyft, Inc., Conv., 1.50%, 05/15/2025^(b)		5,600,000		6,214,046

Total U.S. Dollar Denominated Bonds & Notes (Cost $730,983,859)				897,912,647


	Shares

Preferred Stocks–17.97%
Auto Parts & Equipment–0.56%
Aptiv PLC, 5.50%, Series A, Conv. Pfd.		62,266		6,399,699


Diversified Banks–3.77%
Bank of America Corp., 7.25%, Series L, Conv. Pfd.		16,200		21,743,640

Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd.		16,500		21,400,500

				43,144,140


	Shares		Value

Electric Utilities–1.26%
NextEra Energy, Inc., 5.28%, Conv. Pfd.		295,011	$	12,523,217

PG&E Corp., 5.50%, Conv. Pfd.		20,062		1,925,952

				14,449,169


Health Care Equipment–3.22%
Becton, Dickinson and Co., 6.00%, Series B, Conv. Pfd.		89,214		4,746,185

Boston Scientific Corp., 5.50%, Series A, Conv. Pfd.		117,781		12,330,493

Danaher Corp., 4.75%, Series A, Conv. Pfd.		15,900		19,825,233

				36,901,911


Industrial Machinery–2.46%
Fortive Corp., 5.00%, Series A, $50.00 Conv. Pfd.		14,400		12,401,424

Stanley Black & Decker, Inc., 5.25%, Conv. Pfd.		175,400		15,694,792

				28,096,216


Internet & Direct Marketing Retail–1.01%
2020 Cash Mandatory Exchangeable Trust, 5.25%, Conv. Pfd.^(b)		5,400		5,521,770

2020 Mandatory Exchangeable Trust, 6.50%, Conv. Pfd.^(b)		5,400		5,992,920

				11,514,690


Life Sciences Tools & Services–0.94%
Avantor, Inc., 6.25%, Series A, Conv. Pfd.		187,412		10,757,449


Multi-line Insurance–1.08%
Assurant, Inc., 6.50%, Series D, Conv. Pfd.		118,600		12,339,144


Multi–Utilities–0.74%
DTE Energy Co., 6.25%, Conv. Pfd.		110,130		4,660,701

Sempra Energy, 6.00%, Series A, Conv. Pfd.		38,800		3,791,924

				8,452,625


Semiconductors–1.97%
Broadcom, Inc., 8.00%, Series A, Conv. Pfd.		20,240		22,554,444


Water Utilities–0.96%
Essential Utilities, Inc., 6.00%, Conv. Pfd.		193,600		10,946,144

Total Preferred Stocks (Cost $196,305,257)				205,555,631


Money Market Funds–3.46%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(e)(f)		13,440,275		13,440,275

Invesco Liquid Assets Portfolio, Institutional Class, 0.39%^(e)(f)		10,725,016		10,732,524

Invesco Treasury Portfolio, Institutional Class, 0.08%^(e)(f)		15,360,315		15,360,315

Total Money Market Funds (Cost $39,527,215)				39,533,114

TOTAL INVESTMENTS IN SECURITIES–99.93% (Cost $966,816,331)				1,143,001,392

OTHER ASSETS LESS LIABILITIES–0.07%				778,825

NET ASSETS–100.00%			$	1,143,780,217

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

8 Invesco Convertible Securities Fund

Investment Abbreviations:

Conv. – Convertible

Pfd. – Preferred

Notes to Schedule of Investments:

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

^(b)

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

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

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

^(e)

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


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

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

Portfolio Composition

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


Information Technology			39.15%

Health Care			16.90

Consumer Discretionary			14.84

Communication Services			7.85

Financials			6.88

Utilities			4.81

Industrials			4.45

Energy			1.59

Money Market Funds Plus Other Assets Less Liabilities			3.53

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

9 Invesco Convertible Securities Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)


Assets:
Investments in securities, at value (Cost $927,289,116)	$	1,103,468,278

Investments in affiliated money market funds, at value (Cost $39,527,215)		39,533,114

Receivable for:
Investments sold		7,955,183

Fund shares sold		1,601,715

Dividends		726,462

Interest		1,530,813

Investment for trustee deferred compensation and retirement plans		119,057

Other assets		70,830

Total assets		1,155,005,452


Liabilities:
Payable for:
Investments purchased		9,389,738

Fund shares reacquired		1,136,672

Accrued fees to affiliates		400,778

Accrued trustees’ and officers’ fees and benefits		2,116

Accrued other operating expenses		117,724

Trustee deferred compensation and retirement plans		178,207

Total liabilities		11,225,235

Net assets applicable to shares outstanding	$	1,143,780,217


Net assets consist of:
Shares of beneficial interest	$	885,764,505

Distributable earnings		258,015,712

	$	1,143,780,217


Net Assets:
Class A	$	499,218,961

Class C	$	64,843,107

Class Y	$	534,147,569

Class R5	$	1,332,539

Class R6	$	44,238,041


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

Class A		18,620,821

Class C		2,431,085

Class Y		19,894,439

Class R5		49,696

Class R6		1,649,467

Class A:
Net asset value per share	$	26.81

Maximum offering price per share (Net asset value of $26.81 ÷ 94.50%)	$	28.37

Class C:
Net asset value and offering price per share	$	26.67

Class Y:
Net asset value and offering price per share	$	26.85

Class R5:
Net asset value and offering price per share	$	26.81

Class R6:
Net asset value and offering price per share	$	26.82

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

10 Invesco Convertible Securities Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)


Investment income:
Dividends	$	6,689,297

Interest		3,666,415

Dividends from affiliated money market funds		110,187

Total investment income		10,465,899


Expenses:
Advisory fees		2,725,789

Administrative services fees		81,072

Custodian fees		4,054

Distribution fees:
Class A		533,167

Class C		303,802

Transfer agent fees — A, C and Y		653,550

Transfer agent fees — R5		611

Transfer agent fees — R6		3,851

Trustees’ and officers’ fees and benefits		10,616

Registration and filing fees		41,620

Reports to shareholders		27,499

Professional services fees		22,224

Other		7,289

Total expenses		4,415,144

Less: Fees waived and/or expense offset arrangement(s)		(18,207	)

Net expenses		4,396,937

Net investment income		6,068,962


Realized and unrealized gain from:
Net realized gain from investment securities		76,644,430

Change in net unrealized appreciation of investment securities		14,484,417

Net realized and unrealized gain		91,128,847

Net increase in net assets resulting from operations	$	97,197,809

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

11 Invesco Convertible Securities Fund

Statement of Changes in Net Assets

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

(Unaudited)


	June 30, 2020			December 31, 2019

Operations:

Net investment income	$	6,068,962		$	14,123,198

Net realized gain		76,644,430			66,256,693

Change in net unrealized appreciation		14,484,417			146,260,379

Net increase in net assets resulting from operations		97,197,809			226,640,270


Distributions to shareholders from distributable earnings:

Class A		(3,422,430	)		(24,949,209	)

Class C		(223,777	)		(3,092,918	)

Class Y		(4,426,276	)		(31,816,123	)

Class R5		(11,114	)		(73,708	)

Class R6		(382,188	)		(2,498,671	)

Total distributions from distributable earnings		(8,465,785	)		(62,430,629	)


Share transactions-net:

Class A		(13,546,172	)		3,813,021

Class C		(5,996,961	)		(26,924,130	)

Class Y		(88,940,740	)		(85,099,088	)

Class R5		(101,556	)		89,359

Class R6		(1,509,687	)		(12,300,832	)

Net increase (decrease) in net assets resulting from share transactions		(110,095,116	)		(120,421,670	)

Net increase (decrease) in net assets		(21,363,092	)		43,787,971


Net assets:

Beginning of period		1,165,143,309			1,121,355,338

End of period	$	1,143,780,217		$	1,165,143,309

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

12 Invesco Convertible Securities Fund

Financial Highlights

(Unaudited)

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


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

^(a)	Calculated using average shares outstanding.

^(b)

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

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

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

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

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

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

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

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

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

13 Invesco Convertible Securities Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

14 Invesco Convertible Securities Fund

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

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

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.

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.

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

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

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

NOTE 2 – Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate
First $ 750 million		0.520%
Next $250 million		0.470%
Next $500 million		0.420%
Next $500 million		0.395%
Next $1 billion		0.370%
Over $3 billion		0.345%

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

15 Invesco Convertible Securities Fund

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

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.25%, 1.25% and 1.25%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

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

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

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

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

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $28,417 in front-end sales commissions from the sale of Class A shares and $249 and $2,281 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	–	$	897,912,647		$–	$	897,912,647
Preferred Stocks		205,555,631		–		–		205,555,631
Money Market Funds		39,533,114		–		–		39,533,114
Total Investments	$	245,088,745	$	897,912,647		$–	$	1,143,001,392

NOTE 4–Expense Offset Arrangement(s)

16 Invesco Convertible Securities Fund

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Tax Information

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

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2020 was $424,584,018 and $535,477,953, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	189,608,174

Aggregate unrealized (depreciation) of investments		(15,882,670	)

Net unrealized appreciation of investments	$	173,725,504

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

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended June 30, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class A		1,002,635		$	24,903,886			1,875,565		$	45,048,199

Class C		202,552			4,891,610			269,090			6,491,808

Class Y		3,410,490			80,903,633			6,453,977			155,621,382

Class R5		2,589			64,933			5,673			138,324

Class R6		198,392			4,908,017			239,622			5,785,582


Issued as reinvestment of dividends:
Class A		118,732			2,751,590			854,735			20,795,311

Class C		7,658			176,427			109,379			2,645,873

Class Y		132,255			3,051,715			974,250			23,737,536

Class R5		476			10,992			2,995			72,919

Class R6		12,113			280,572			71,400			1,738,433


Automatic conversion of Class C shares to Class A shares:
Class A		75,936			1,886,686			774,427			18,122,374

Class C		(76,398	)		(1,886,686	)		(778,739	)		(18,122,374	)

17 Invesco Convertible Securities Fund


	Summary of Share Activity

	Six months ended June 30, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount


Reacquired:
Class A		(1,795,911	)	$	(43,088,334	)		(3,312,705	)	$	(80,152,863	)

Class C		(379,604	)		(9,178,312	)		(749,298	)		(17,939,437	)

Class Y		(7,233,961	)		(172,896,088	)		(11,044,825	)		(264,458,006	)

Class R5		(7,493	)		(177,481	)		(4,984	)		(121,884	)

Class R6		(284,565	)		(6,698,276	)		(823,133	)		(19,824,847	)

Net increase (decrease) in share activity		(4,614,104	)	$	(110,095,116	)		(5,082,571	)	$	(120,421,670	)

^(a)

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

NOTE 10–Coronavirus (COVID-19) Pandemic

18 Invesco Convertible Securities Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

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


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

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

19 Invesco Convertible Securities Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

The Board’s Evaluation Process

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

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

B.	Fund Investment Performance

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

20 Invesco Convertible Securities Fund

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

D.	Economies of Scale and Breakpoints

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

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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

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

21 Invesco Convertible Securities Fund

(This page intentionally left blank)

LOGO

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

Fund holdings and proxy voting information

LOGO

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



		Semiannual Report to Shareholders		June 30, 2020

		Invesco Global Low Volatility Equity Yield Fund
		Nasdaq: A: GTNDX ⬛ C: GNDCX ⬛ R: GTNRX ⬛ Y: GTNYX ⬛ R5: GNDIX ⬛ R6: GNDSX

LOGO


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

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

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders


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

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees


		Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.
All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Global Low Volatility Equity Yield Fund

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-11.98	%
Class C Shares	-12.30
Class R Shares	-12.09
Class Y Shares	-11.83
Class R5 Shares	-11.85
Class R6 Shares	-11.85
MSCI World Index^q(Broad Market Index)	-5.77
Custom Invesco Global Low Volatility Equity Yield Index^∎ (Style-Specific Index)	-4.92
Lipper Global Equity Income Funds Index^¨ (Peer Group Index)	-13.16
Source(s): ^qRIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.; ^¨Lipper Inc.

The MSCI World Index (Net) is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Custom Invesco Global Low Volatility Equity Yield Index is composed of the MSCI World Index through February 23, 2017 and the MSCI World 100% Hedged to USD Index thereafter. The MSCI World Index and MSCI World 100% Hedged to USD Index are considered representative of stocks of developed countries. The latter is 100% hedged to the USD. Both indexes are computed using the net return, which withholds applicable taxes for non-residents investors.
The Lipper Global Equity Income Funds Index is an unmanaged Index considered representative of global equity income funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

3 Invesco Global Low Volatility Equity Yield Fund


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (9/15/97)	4.70	%
10 Years	5.64
5 Years	0.08
1 Year	-11.80

Class C Shares
Inception (1/2/98)	4.90	%
10 Years	5.43
5 Years	0.45
1 Year	-8.38

Class R Shares
Inception (10/31/05)	2.88	%
10 Years	5.96
5 Years	0.97
1 Year	-6.91

Class Y Shares
Inception (10/3/08)	4.72	%
10 Years	6.49
5 Years	1.48
1 Year	-6.41

Class R5 Shares
Inception (4/30/04)	4.56	%
10 Years	6.72
5 Years	1.59
1 Year	-6.38

Class R6 Shares
10 Years	6.37	%
5 Years	1.47
1 Year	-6.38

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

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

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

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

4 Invesco Global Low Volatility Equity Yield Fund

Liquidity Risk Management Program

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

^∎

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

^∎

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

^∎

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

^∎

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

^∎

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

5 Invesco Global Low Volatility Equity Yield Fund

Schedule of Investments

June 30, 2020

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–98.75%
Australia–12.12%
AGL Energy Ltd.		14,642	$	172,689
Aurizon Holdings Ltd.		206,067		701,603
BHP Group Ltd.		27,180		674,520
Coca-Cola Amatil Ltd.		93,181		558,568
Coles Group Ltd.		19,356		229,929
CSL Ltd.		2,428		481,358
Fortescue Metals Group Ltd.		66,165		634,867
JB Hi-Fi Ltd.		24,097		718,598
Magellan Financial Group Ltd.		17,331		705,427
Metcash Ltd.		136,324		255,989
Newcrest Mining Ltd.		10,809		240,989
Rio Tinto Ltd.		10,018		679,303
Rio Tinto PLC		4,109		231,213
Telstra Corp. Ltd.		334,195		723,455
Wesfarmers Ltd.		18,722		581,500
Woolworths Group Ltd.		30,856		795,714
				8,385,722

Belgium–0.17%
Colruyt S.A.		2,200		120,974

Canada–8.17%
B2Gold Corp.		77,084		438,339
BCE, Inc.		16,465		686,688
Emera, Inc.		14,541		572,172
Franco-Nevada Corp.		1,696		236,923
George Weston Ltd.		1,697		124,312
Gibson Energy, Inc.		14,327		222,989
Hydro One Ltd.^(a)		35,109		660,233
Kinross Gold Corp.^(b)		33,158		239,355
Loblaw Cos. Ltd.		4,900		238,611
Metro, Inc.		5,117		211,072
National Bank of Canada		4,925		223,178
Northland Power, Inc.		22,426		561,311
Open Text Corp.		9,958		422,863
Quebecor, Inc., Class B		32,100		689,715
Tourmaline Oil Corp.		14,581		127,487
				5,655,248

China–0.31%
BOC Hong Kong Holdings Ltd.		66,500		211,142

Denmark–2.03%
Carlsberg A/S, Class B		5,635		744,383
Coloplast A/S, Class B		2,185		338,738
Pandora A/S		5,957		323,386
				1,406,507

Egypt–0.83%
Centamin PLC		253,375		576,622

Finland–0.51%
Elisa OYJ		3,357		204,055
Orion OYJ, Class B		3,099		149,826
				353,881


	Shares		Value
France–0.22%
Sanofi		1,469	$	149,455

Germany–2.66%
HelloFresh SE^(b)		4,828		256,315
Merck KGaA		6,595		764,555
RWE AG		19,033		665,848
Telefonica Deutschland Holding AG		51,500		151,910
				1,838,628

Hong Kong–3.31%
CK Asset Holdings Ltd.		113,500		674,924
CK Hutchison Holdings Ltd.		47,000		301,295
CLP Holdings Ltd.		19,500		190,959
Hang Seng Bank Ltd.		10,900		184,039
HKT Trust & HKT Ltd.		124,000		182,266
Kerry Properties Ltd.		207,500		536,098
WH Group Ltd.		254,500		218,408
				2,287,989

Israel–1.01%
Teva Pharmaceutical Industries Ltd., ADR^(b)		56,449		696,016

Italy–2.24%
Azimut Holding S.p.A.		33,510		571,563
DiaSorin S.p.A.		1,460		279,281
Enel S.p.A.		81,145		699,078
				1,549,922

Japan–7.67%
Dai Nippon Printing Co. Ltd.		28,500		652,766
ENEOS Holdings, Inc.		94,600		335,186
Haseko Corp.		12,600		158,688
Japan Post Holdings Co. Ltd.		46,900		333,505
Japan Tobacco, Inc.		30,200		560,326
KDDI Corp.		14,400		431,753
Mitsui & Co. Ltd.		45,500		672,808
NTT DOCOMO, Inc.		21,600		576,211
Ono Pharmaceutical Co. Ltd.		9,200		267,604
Sekisui House Ltd.		36,900		702,494
Toppan Printing Co. Ltd.		23,200		386,756
West Japan Railway Co.		4,100		229,899
				5,307,996

Jordan–0.85%
Hikma Pharmaceuticals PLC		21,454		589,686

Netherlands–3.27%
ASM International N.V.		2,688		414,564
Koninklijke Ahold Delhaize N.V.		23,598		642,604
Koninklijke KPN N.V.		211,375		559,844
Wolters Kluwer N.V.		8,291		646,784
				2,263,796

New Zealand–1.81%
a2 Milk Co. Ltd.^(b)		24,521		316,412
Contact Energy Ltd.		179,123		729,862

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

6 Invesco Global Low Volatility Equity Yield Fund


	Shares		Value
New Zealand–(continued)
Fisher & Paykel Healthcare Corp. Ltd.		9,117	$	206,716
				1,252,990

Norway–1.01%
Orkla ASA		79,895		700,311

Portugal–0.21%
Jeronimo Martins SGPS S.A.		8,185		143,206

Singapore–0.37%
Singapore Telecommunications Ltd.		146,000		258,194

Spain–0.47%
Endesa S.A.		13,086		322,077

Sweden–3.05%
Atlas Copco AB, Class A		6,664		281,794
Atlas Copco AB, Class B		8,870		327,545
Essity AB, Class B		13,980		451,334
Getinge AB, Class B		9,377		173,793
Hennes & Mauritz AB, Class B		9,523		137,700
Skanska AB, Class B		14,333		291,067
Swedish Match AB		6,392		448,813
				2,112,046

Switzerland–3.76%
Barry Callebaut AG		67		127,694
LafargeHolcim Ltd.^(b)		3,726		162,968
Logitech International S.A.		10,817		705,314
Novartis AG		8,886		772,110
Roche Holding AG		1,800		623,217
VAT Group AG^(a)		1,147		209,116
				2,600,419

United Kingdom–3.96%
Avast PLC^(a)		22,771		148,938
British American Tobacco PLC		15,959		613,168
GlaxoSmithKline PLC		35,682		722,987
Imperial Brands PLC		25,204		479,963
Tate & Lyle PLC		72,131		596,089
WM Morrison Supermarkets PLC		76,244		179,866
				2,741,011

United States–38.74%
AbbVie, Inc.		7,258		712,590
Amdocs Ltd.		5,175		315,054
Amgen, Inc.		2,642		623,142
Arrow Electronics, Inc.^(b)		2,407		165,337
AT&T, Inc.		20,350		615,180
Best Buy Co., Inc.		7,295		636,635
Biogen, Inc.^(b)		1,943		519,850
Camden Property Trust REIT		3,970		362,143
Campbell Soup Co.		11,543		572,879
Cardinal Health, Inc.		11,778		614,694
CenturyLink, Inc.		53,160		533,195
Charter Communications, Inc., Class A^(b)		281		143,321
Citrix Systems, Inc.		4,143		612,791


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

Money Market Funds–0.47%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(c)(d)		112,827		112,827
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%^(c)(d)		80,340		80,397
Invesco Treasury Portfolio, Institutional Class, 0.08%^(c)(d)		128,946		128,945
Total Money Market Funds (Cost $322,169)				322,169
TOTAL INVESTMENTS IN SECURITIES–99.22% (Cost $68,734,905)				68,654,478
OTHER ASSETS LESS LIABILITIES–0.78%				539,778
NET ASSETS–100.00%			$	69,194,256

Investment Abbreviations:

REIT – Real Estate Investment Trust

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

7 Invesco Global Low Volatility Equity Yield Fund

Notes to Schedule of Investments:

^(a)

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

^(b)	Non-income producing security.

^(c)


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

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

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2020


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


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

Open Forward Foreign Currency Contracts

Unrealized

Settlement

Contract to

Appreciation

Date

Counterparty

Deliver

Receive

(Depreciation)

Currency Risk

07/17/2020

Goldman Sachs International

AUD

687,074

USD

478,156

3,964

07/17/2020

Goldman Sachs International

USD

576,401

SEK

5,371,395

141

07/17/2020

State Street Bank and Trust Co.

AUD

11,660,677

USD

8,066,157

18,413

07/17/2020

State Street Bank and Trust Co.

CAD

8,091,778

USD

6,005,614

45,006

07/17/2020

State Street Bank and Trust Co.

DKK

9,174,890

USD

1,387,888

4,169

07/17/2020

State Street Bank and Trust Co.

EUR

6,202,073

USD

6,994,313

24,065

07/17/2020

State Street Bank and Trust Co.

GBP

3,603,109

USD

4,556,077

91,041

07/17/2020

State Street Bank and Trust Co.

JPY

569,677,422

USD

5,278,129

1,186

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

8 Invesco Global Low Volatility Equity Yield Fund


Open Forward Foreign Currency Contracts–(continued)
								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
07/17/2020	State Street Bank and Trust Co.		NOK	8,416,889		USD	899,498	$	24,989
07/17/2020	State Street Bank and Trust Co.		NZD	1,101,631		USD	713,657		2,734
07/17/2020	State Street Bank and Trust Co.		SEK	23,473,815		USD	2,532,573		12,996
07/17/2020	State Street Bank and Trust Co.		SGD	899,846		USD	645,935		217
07/17/2020	State Street Bank and Trust Co.		USD	36,558		NZD	56,807		101
Subtotal–Appreciation									229,022

Currency Risk
07/17/2020	Goldman Sachs International		CHF	504,794		USD	532,262		(759	)
07/17/2020	Goldman Sachs International		USD	690,999		CAD	936,664		(1,028	)
07/17/2020	Goldman Sachs International		USD	681,544		EUR	603,581		(3,205	)
07/17/2020	Goldman Sachs International		USD	484,019		GBP	385,336		(6,504	)
07/17/2020	Goldman Sachs International		USD	198,710		NOK	1,906,165		(661	)
07/17/2020	Goldman Sachs International		USD	381,340		SGD	530,421		(716	)
07/17/2020	State Street Bank and Trust Co.		CHF	1,879,403		USD	1,971,998		(12,499	)
07/17/2020	State Street Bank and Trust Co.		USD	476,969		AUD	690,000		(758	)
Subtotal–Depreciation									(26,130	)
Total Forward Foreign Currency Contracts								$	202,892

Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – British Pound Sterling

JPY – Japanese Yen

NOK – Norwegian Krone

NZD – New Zealand Dollar

SEK – Swedish Krona

SGD – Singapore Dollar

USD – U.S. Dollar

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

9 Invesco Global Low Volatility Equity Yield Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)


Assets:
Investments in securities, at value (Cost $68,412,736)	$	68,332,309

Investments in affiliated money market funds, at value (Cost $322,169)		322,169

Other investments:
Variation margin receivable – futures contracts		26,841

Unrealized appreciation on forward foreign currency contracts outstanding		229,022

Foreign currencies, at value (Cost $412,031)		413,203

Receivable for:
Fund shares sold		5,852

Dividends		199,506

Investment for trustee deferred compensation and retirement plans		83,292

Other assets		32,715

Total assets		69,644,909


Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		26,130

Payable for:
Fund shares reacquired		198,407

Accrued fees to affiliates		52,032

Accrued trustees’ and officers’ fees and benefits		1,574

Accrued other operating expenses		81,664

Trustee deferred compensation and retirement plans		90,846

Total liabilities		450,653

Net assets applicable to shares outstanding	$	69,194,256


Net assets consist of:
Shares of beneficial interest	$	81,866,684

Distributable earnings (loss)		(12,672,428	)

	$	69,194,256


Net Assets:
Class A	$	62,311,551

Class C	$	2,015,804

Class R	$	1,289,399

Class Y	$	1,942,803

Class R5	$	503,492

Class R6	$	1,131,207


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		5,112,975

Class C		174,923

Class R		105,625

Class Y		159,050

Class R5		40,853

Class R6		91,773

Class A:
Net asset value per share	$	12.19

Maximum offering price per share (Net asset value of $12.19 ÷ 94.50%)	$	12.90

Class C:
Net asset value and offering price per share	$	11.52

Class R:
Net asset value and offering price per share	$	12.21

Class Y:
Net asset value and offering price per share	$	12.22

Class R5:
Net asset value and offering price per share	$	12.32

Class R6:
Net asset value and offering price per share	$	12.33

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

10 Invesco Global Low Volatility Equity Yield Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $75,804)		$	1,227,010

Dividends from affiliated money market funds			5,208

Total investment income			1,232,218


Expenses:
Advisory fees			292,085

Administrative services fees			5,904

Custodian fees			5,752

Distribution fees:
Class A			81,445

Class C			11,559

Class R			3,739

Transfer agent fees – A, C, R and Y			78,875

Transfer agent fees – R5			260

Transfer agent fees – R6			636

Trustees’ and officers’ fees and benefits			7,080

Registration and filing fees			33,588

Reports to shareholders			15,771

Professional services fees			28,446

Other			7,301

Total expenses			572,441

Less: Expenses reimbursed and/or expense offset arrangement(s)			(1,344	)

Net expenses			571,097

Net investment income	��		661,121


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities			(6,258,295	)

Foreign currencies			(21,889	)

Forward foreign currency contracts			116,191

Futures contracts			(194,003	)

			(6,357,996	)

Change in net unrealized appreciation (depreciation) of:
Investment securities			(5,339,441	)

Foreign currencies			(9,164	)

Forward foreign currency contracts			850,262

Futures contracts			(2,788	)

			(4,501,131	)

Net realized and unrealized gain (loss)			(10,859,127	)

Net increase (decrease) in net assets resulting from operations		$	(10,198,006	)

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

11 Invesco Global Low Volatility Equity Yield Fund

Statement of Changes in Net Assets

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

(Unaudited)


	June 30,			December 31,
	2020			2019

Operations:
Net investment income	$	661,121		$	1,853,544

Net realized gain (loss)		(6,357,996	)		(478,228	)

Change in net unrealized appreciation (depreciation)		(4,501,131	)		12,113,363

Net increase (decrease) in net assets resulting from operations		(10,198,006	)		13,488,679


Distributions to shareholders from distributable earnings:
Class A		(825,891	)		(1,602,720	)

Class C		(19,980	)		(43,721	)

Class R		(16,141	)		(32,277	)

Class Y		(29,548	)		(63,499	)

Class R5		(7,600	)		(14,732	)

Class R6		(18,538	)		(38,444	)

Total distributions from distributable earnings		(917,698	)		(1,795,393	)


Share transactions–net:
Class A		(2,849,862	)		(5,363,314	)

Class C		(399,318	)		(4,650,579	)

Class R		(269,318	)		343,614

Class Y		(512,738	)		380,379

Class R5		(8,314	)		16,705

Class R6		(163,800	)		(198,876	)

Net increase (decrease) in net assets resulting from share transactions		(4,203,350	)		(9,472,071	)

Net increase (decrease) in net assets		(15,319,054	)		2,221,215


Net assets:
Beginning of period		84,513,310			82,292,095

End of period	$	69,194,256		$	84,513,310

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

12 Invesco Global Low Volatility Equity Yield Fund

Financial Highlights

(Unaudited)

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


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

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $65,488, $2,323, $1,503, $2,307, $522 and $1,279 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)

Net investment income per share and the ratio of net investment income to average net assets includes significant dividends received during the year ended December 31, 2018. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.23 and 1.73%, $0.12 and 0.98%, $0.20 and 1.48%, $0.27 and 1.98%, $0.29 and 2.11% and $0.29 and 2.12% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

^(g)	Annualized.

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

13 Invesco Global Low Volatility Equity Yield Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

The	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.

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

14 Invesco Global Low Volatility Equity Yield Fund

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

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

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.

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.

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.

15 Invesco Global Low Volatility Equity Yield Fund

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate
First $250 million		0.800	%
Next $250 million		0.780	%
Next $500 million		0.760	%
Next $1.5 billion		0.740	%
Next $2.5 billion		0.720	%
Next $2.5 billion		0.700	%
Next $2.5 billion		0.680	%
Over $10 billion		0.660	%

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

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

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

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

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

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

16 Invesco Global Low Volatility Equity Yield Fund

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2			Level 3		Total

Investments in Securities

Australia	$	–	$	8,385,722			$–	$	8,385,722

Belgium		–		120,974			–		120,974

Canada		5,655,248		–			–		5,655,248

China		–		211,142			–		211,142

Denmark		–		1,406,507			–		1,406,507

Egypt		–		576,622			–		576,622

Finland		–		353,881			–		353,881

France		–		149,455			–		149,455

Germany		–		1,838,628			–		1,838,628

Hong Kong		–		2,287,989			–		2,287,989

Israel		696,016		–			–		696,016

Italy		–		1,549,922			–		1,549,922

Japan		–		5,307,996			–		5,307,996

Jordan		–		589,686			–		589,686

Netherlands		–		2,263,796			–		2,263,796

New Zealand		–		1,252,990			–		1,252,990

Norway		–		700,311			–		700,311

Portugal		–		143,206			–		143,206

Singapore		–		258,194			–		258,194

Spain		–		322,077			–		322,077

Sweden		–		2,112,046			–		2,112,046

Switzerland		–		2,600,419			–		2,600,419

United Kingdom		–		2,741,011			–		2,741,011

United States		26,808,471		–			–		26,808,471

Money Market Funds		322,169		–			–		322,169

Total Investments in Securities		33,481,904		35,172,574			–		68,654,478


Other Investments - Assets*

Forward Foreign Currency Contracts		–		229,022			–		229,022

Futures Contracts		9,435		–			–		9,435

		9,435		229,022			–		238,457

Other Investments - Liabilities*

Forward Foreign Currency Contracts		–		(26,130	)		–		(26,130	)

Total Other Investments		9,435		202,892			–		212,327

Total Investments	$	33,491,339	$	35,375,466			$–	$	68,866,805

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

17 Invesco Global Low Volatility Equity Yield Fund

Value of Derivative Investments at Period-End

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


	Value

Derivative Assets	Currency Risk		Equity Risk			Total

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	-	$	9,435		$	9,435

Unrealized appreciation on forward foreign currency contracts outstanding		229,022		-			229,022

Total Derivative Assets		229,022		9,435			238,457

Derivatives not subject to master netting agreements		-		(9,435	)		(9,435	)

Total Derivative Assets subject to master netting agreements	$	229,022	$	-		$	229,022


	Value

Derivative Liabilities	Currency Risk			Equity Risk		Total

Unrealized depreciation on forward foreign currency contracts outstanding	$	(26,130	)	$	-	$	(26,130	)

Derivatives not subject to master netting agreements		-			-		-

Total Derivative Liabilities subject to master netting agreements	$	(26,130	)	$	-	$	(26,130	)

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

Offsetting Assets and Liabilities

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


	Financial		Financial
	Derivative		Derivative					Collateral
	Assets		Liabilities					(Received)/Pledged
	Forward Foreign		Forward Foreign		Net Value of					Net
Counterparty	Currency Contracts		Currency Contracts		Derivatives			Non-Cash	Cash	Amount

Goldman Sachs International	$	4,105	$	(12,873)	$	(8,768	)	$–	$–	$	(8,768	)

State Street Bank & Trust Co.		224,917		(13,257)		211,660		–	–		211,660

Total	$	229,022	$	(26,130)	$	202,892		$–	$–	$	202,892

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

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


	Location of Gain (Loss) on
	Statement of Operations
	Currency		Equity
	Risk		Risk			Total

Realized Gain (Loss):
Forward foreign currency contracts	$	116,191	$	-		$	116,191

Futures contracts		-		(194,003	)		(194,003	)

Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		850,262		-			850,262

Futures contracts		-		(2,788	)		(2,788	)

Total	$	966,453	$	(196,791	)	$	769,662

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


	Forward
	Foreign Currency		Futures
	Contracts		Contracts

Average notional value	$	44,888,127	$	1,129,552

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

18 Invesco Global Low Volatility Equity Yield Fund

invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

NOTE 8–Tax Information

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

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


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

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2020 was $27,790,939 and $30,532,666, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	5,709,596

Aggregate unrealized (depreciation) of investments		(5,106,627	)

Net unrealized appreciation of investments	$	602,969

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

NOTE 10–Share Information


	Summary of Share Activity

	Six months ended June 30, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class A		128,764		$	1,502,596			215,597		$	2,877,206

Class C		5,399			63,694			26,338			332,269

Class R		8,567			103,302			64,252			836,438

Class Y		5,196			67,045			98,609			1,299,008

Class R5		1,066			13,594			3,322			44,991

Class R6		9,375			122,600			25,306			343,860


Issued as reinvestment of dividends:
Class A		68,549			753,781			107,958			1,469,267

Class C		1,685			17,407			3,071			39,463

Class R		1,472			16,141			2,364			32,277

Class Y		2,308			25,413			4,085			55,810

Class R5		682			7,600			1,071			14,732

Class R6		1,509			16,789			2,578			35,471


Automatic conversion of Class C shares to Class A shares:
Class A		10,855			127,748			247,801			3,222,054

Class C		(11,487	)		(127,748	)		(262,179	)		(3,222,054	)

19 �� Invesco Global Low Volatility Equity Yield Fund


	Summary of Share Activity

	Six months ended June 30, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount

Reacquired:
Class A		(431,491	)	$	(5,233,987	)		(965,689	)	$	(12,931,841	)

Class C		(30,277	)		(352,671	)		(144,094	)		(1,800,257	)

Class R		(33,692	)		(388,761	)		(39,574	)		(525,101	)

Class Y		(55,269	)		(605,196	)		(72,697	)		(974,439	)

Class R5		(2,690	)		(29,508	)		(3,148	)		(43,018	)

Class R6		(24,275	)		(303,189	)		(42,506	)		(578,207	)

Net increase (decrease) in share activity		(343,754	)	$	(4,203,350	)		(727,535	)	$	(9,472,071	)

^(a)

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

NOTE 11–Coronavirus (COVID-19) Pandemic

20 Invesco Global Low Volatility Equity Yield Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

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


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

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

21 Invesco Global Low Volatility Equity Yield Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

The Board’s Evaluation Process

sessions with the Senior Officer and with independent legal counsel.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

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

B.	Fund Investment Performance

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

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

22 Invesco Global Low Volatility Equity Yield Fund

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

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

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

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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

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

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

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

23 Invesco Global Low Volatility Equity Yield Fund

LOGO

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

Fund holdings and proxy voting information

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


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


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



		Semiannual Report to Shareholders		June 30, 2020

		Invesco Income Allocation Fund

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

LOGO


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

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

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders:

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

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

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders:

This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.

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

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

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Income Allocation Fund

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-6.85	%
Class C Shares	-7.11
Class R Shares	-6.96
Class Y Shares	-6.73
Class R5 Shares	-6.64
Class R6 Shares	-6.73
S&P 500 Index^▼(Broad Market Index)	-3.08
Custom Invesco Income Allocation Index^∎(Style-Specific Index)	2.32
Lipper Mixed-Asset Target Allocation Conservative Funds Index^◆(Peer Group Index)	-1.19

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

The S&P 500^® Index is an unmanaged index considered representative of the US stock market.
The Custom Invesco Income Allocation Index is composed of the following: the S&P 500 Index, MSCI EAFE Index, FTSE NAREIT Equity REITs Index and Bloomberg Barclays U.S. Universal Index. The composition of the index may change based on the Fund’s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The FTSE NAREIT Equity REITs Index is an unmanaged index considered representative of US real estate investment trusts. The Bloomberg Barclays U.S. Universal Index is an unmanaged index comprising US dollar-denominated taxable bonds that are rated investment grade or below investment grade.
The Lipper Mixed-Asset Target Allocation Conservative Funds Index is an unmanaged index considered representative of mixed-asset target allocation conservative funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

3 Invesco Income Allocation Fund


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (10/31/05)	4.55	%
10 Years	5.13
5 Years	2.44
1 Year	-7.99

Class C Shares
Inception (10/31/05)	4.42	%
10 Years	4.93
5 Years	2.85
1 Year	-4.23

Class R Shares
Inception (10/31/05)	4.70	%
10 Years	5.46
5 Years	3.35
1 Year	-2.84

Class Y Shares
Inception (10/3/08)	6.02	%
10 Years	5.98
5 Years	3.87
1 Year	-2.35

Class R5 Shares
Inception (10/31/05)	5.23	%
10 Years	5.99
5 Years	3.87
1 Year	-2.26

Class R6 Shares
10 Years	5.79	%
5 Years	3.76
1 Year	-2.35

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

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

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

4 Invesco Income Allocation Fund

Liquidity Risk Management Program

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

∎

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

∎

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

∎

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

∎

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

∎

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

5 Invesco Income Allocation Fund

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Income Allocation Fund

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


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	06/30/20			12/31/19		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		06/30/20		06/30/20

Alternative Funds-18.63%
Alerian MLP ETF^(b)(c)		1.08	%	$	–	$	10,304,841	$	(2,757,641	)	$	64,313		$	(1,998,047	)	$	350,929		227,450	$	5,613,466

Invesco Global Real Estate Income Fund, Class R6		4.91	%		29,531,636		4,709,427		(4,201,560	)		(3,730,102	)		(835,542	)		430,546		3,347,419		25,473,859

Invesco Multi-Asset Income Fund, Class R6		9.95	%		58,764,283		8,208,675		(6,311,120	)		(7,458,544	)		(1,632,801	)		1,624,576		5,629,967		51,570,493

Invesco S&P High Income Infrastructure ETF		–			23,639,691		125,174		(23,916,420	)		(1,781,592	)		1,933,147			–		–		–

iShares Global Infrastructure ETF^(b)		2.69	%		–		20,029,201		(2,718,956	)		(2,350,778	)		(1,015,436	)		159,692		364,169		13,944,031

Total Alternative Funds					111,935,610		43,377,318		(39,905,697	)		(15,256,703	)		(3,548,679	)		2,565,743				96,601,849

Domestic Equity Funds-16.54%
Invesco Dividend Income Fund, Class R6		8.28	%		50,186,524		6,517,923		(7,636,347	)		(5,233,072	)		(890,776	)		681,404		2,093,820		42,944,252

Invesco S&P 500^® Enhanced Value ETF		5.82	%		35,532,260		12,616,175		(8,164,581	)		(7,458,149	)		(2,321,043	)		537,373		1,083,381		30,204,662

Invesco S&P 500^® High Dividend Low Volatility ETF		2.44	%		14,766,077		3,600,652		(2,112,438	)		(2,991,374	)		(632,632	)		356,336		383,666		12,630,285

Total Domestic Equity Funds					100,484,861		22,734,750		(17,913,366	)		(15,682,595	)		(3,844,451	)		1,575,113				85,779,199

Fixed Income Funds-59.01%
Invesco Core Plus Bond Fund, Class R6		14.62	%		85,058,522		4,413,148		(16,436,417	)		2,832,813			(84,442	)		799,409		6,641,860		75,783,624

Invesco Corporate Bond Fund, Class R6		3.87	%		21,989,612		382,115		(2,555,049	)		318,612			(75,626	)		385,932		2,588,344		20,059,664

Invesco Emerging Markets Sovereign Debt ETF^(c)		3.59	%		20,669,380		2,131,957		(2,178,179	)		(1,569,876	)		(428,703	)		507,273		695,466		18,624,579

Invesco Floating Rate Fund, Class R6		8.74	%		51,842,393		3,125,090		(5,465,444	)		(3,226,814	)		(968,902	)		1,140,537		6,712,048		45,306,323

Invesco High Yield Fund, Class R6		6.81	%		39,702,748		3,097,303		(3,395,890	)		(3,342,615	)		(764,940	)		1,253,671		9,591,469		35,296,606

Invesco Quality Income Fund, Class R5		11.87	%		69,045,392		8,695,466		(16,801,363	)		1,667,163			(1,042,745	)		1,299,014		5,169,094		61,563,913

Invesco Taxable Municipal Bond ETF		3.55	%		20,514,971		1,154,546		(4,026,292	)		695,248			54,728			328,003		558,894		18,393,201

Invesco Variable Rate Preferred ETF		5.96	%		35,182,113		3,662,626		(4,719,064	)		(2,347,498	)		(849,429	)		736,969		1,320,049		30,928,748

Total Fixed Income Funds					344,005,131		26,662,251		(55,577,698	)		(4,972,967	)		(4,160,059	)		6,450,808				305,956,658

Foreign Equity Funds-5.50%
Invesco S&P International Developed Low Volatility ETF		5.50	%		32,202,183		5,855,671		(3,397,860	)		(5,070,922	)		(1,066,183	)		449,094		1,033,438		28,522,889

Money Market Funds-0.40%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(d)		0.13	%		1,955,994		30,506,398		(31,783,509	)		–			–			4,698		678,883		678,883

Invesco Liquid Assets Portfolio, Institutional Class, 0.39%^(d)		0.12	%		1,222,970		22,710,059		(23,334,300	)		103			(3,008	)		4,484		595,407		595,824

Invesco Treasury Portfolio, Institutional Class, 0.08%^(d)		0.15	%		2,235,422		34,864,454		(36,324,010	)		–			–			5,228		775,866		775,866

Total Money Market Funds					5,414,386		88,080,911		(91,441,819	)		103			(3,008	)		14,410				2,050,573

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $526,328,288)		100.08	%		594,042,171		186,710,901		(208,236,440	)		(40,983,084	)		(12,622,380	)		11,055,168				518,911,168

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

6 Invesco Income Allocation Fund

Invesco Income Allocation Fund (continued)

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


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	06/30/20			12/31/19		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		06/30/20		06/30/20

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.43%
Invesco Government & Agency Portfolio, Institutional Class		–		$	–	$	96,564,793	$	(96,564,793	)	$	–		$	–		$	30,373		–	$	–

Invesco Private Government Fund, 0.05%^(d)(e)		1.82	%		–		67,262,811		(57,811,955	)		–			–			444		9,450,856		9,450,856

Invesco Private Prime Fund, 0.11%^(d)(e)		0.61	%		–		12,487,325		(9,337,965	)		162			763			148		3,149,655		3,150,285

Invesco Liquid Assets Portfolio, Institutional Class		–			–		26,589,506		(26,585,803	)		–			(3,703	)		12,229		–		–

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,600,979)		2.43	%		–		202,904,435		(190,300,516	)		162			(2,940	)		43,194				12,601,141

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $538,929,267)		102.51	%	$	594,042,171	$	389,615,336	$	(398,536,956	)	$	(40,982,922	)	$	(12,625,320	)	$	11,098,362			$	531,512,309

OTHER ASSETS LESS LIABILITIES		(2.51	)%																			(13,026,633	)

NET ASSETS		100.00	%																		$	518,485,676

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

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

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

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

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

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

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2020


Fixed Income Funds			57.56%

Equity Funds			21.51

Alternative Funds			18.17

Money Market Funds			2.76

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

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

7 Invesco Income Allocation Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)


Assets:
Investments in affiliated underlying funds, at value (Cost $517,085,305)*	$	511,954,812

Investments in unaffiliated underlying funds, at value (Cost $21,843,962)		19,557,497

Cash		394,738

Receivable for:
Fund shares sold		541,298

Dividends - affiliated underlying funds		866,998

Investment for trustee deferred compensation and retirement plans		51,807

Other assets		60,396

Total assets		533,427,546


Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		814,474

Fund shares reacquired		1,123,510

Collateral upon return of securities loaned		12,600,979

Accrued fees to affiliates		251,932

Accrued trustees’ and officers’ fees and benefits		1,628

Accrued other operating expenses		90,494

Trustee deferred compensation and retirement plans		58,853

Total liabilities		14,941,870

Net assets applicable to shares outstanding	$	518,485,676


Net assets consist of:
Shares of beneficial interest	$	547,193,873

Distributable earnings (loss)		(28,708,197	)

	$	518,485,676


Net Assets:
Class A	$	396,539,304

Class C	$	65,827,342

Class R	$	5,649,200

Class Y	$	49,721,309

Class R5	$	739,270

Class R6	$	9,251


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		37,541,540

Class C		6,224,050

Class R		534,416

Class Y		4,707,841

Class R5		69,972

Class R6		876

Class A:
Net asset value per share	$	10.56

Maximum offering price per share (Net asset value of $10.56 ÷ 94.50%)	$	11.17

Class C:
Net asset value and offering price per share	$	10.58

Class R:
Net asset value and offering price per share	$	10.57

Class Y:
Net asset value and offering price per share	$	10.56

Class R5:
Net asset value and offering price per share	$	10.57

Class R6:
Net asset value and offering price per share	$	10.56

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

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

8 Invesco Income Allocation Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)


Investment income:
Dividends from affiliated underlying funds (includes securities lending income of $ 43,194)	$	10,587,741

Dividends from unaffiliated underlying funds		510,621

Total investment income		11,098,362


Expenses:
Administrative services fees		41,946

Custodian fees		1,068

Distribution fees:
Class A		504,823

Class C		351,497

Class R		15,241

Transfer agent fees – A, C, R and Y		291,677

Transfer agent fees – R5		790

Transfer agent fees – R6		23

Trustees’ and officers’ fees and benefits		9,318

Registration and filing fees		58,901

Reports to shareholders		18,115

Professional services fees		13,213

Other		5,071

Total expenses		1,311,683

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(440,122	)

Net expenses		871,561

Net investment income		10,226,801


Realized and unrealized gain (loss) from:
Net realized (loss) from:
Affiliated underlying fund shares		(9,611,757	)

Unaffiliated underlying fund shares		(3,013,483	)

		(12,625,240	)

Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		(38,696,457	)

Unaffiliated underlying fund shares		(2,286,465	)

		(40,982,922	)

Net realized and unrealized gain (loss)		(53,608,162	)

Net increase (decrease) in net assets resulting from operations	$	(43,381,361	)

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

9 Invesco Income Allocation Fund

Statement of Changes in Net Assets

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

(Unaudited)


	June 30, 2020			December 31, 2019

Operations:
Net investment income	$	10,226,801		$	22,852,766

Net realized gain (loss)		(12,625,240	)		13,295,429

Change in net unrealized appreciation (depreciation)		(40,982,922	)		38,867,482

Net increase (decrease) in net assets resulting from operations		(43,381,361	)		75,015,677


Distributions to shareholders from distributable earnings:
Class A		(9,121,834	)		(26,674,202	)

Class C		(1,322,836	)		(4,556,744	)

Class R		(129,905	)		(484,873	)

Class Y		(1,403,397	)		(4,643,584	)

Class R5		(38,351	)		(137,650	)

Class R6		(1,561	)		(11,990	)

Total distributions from distributable earnings		(12,017,884	)		(36,509,043	)


Share transactions-net:
Class A		2,516,731			83,912,549

Class C		(5,048,287	)		(38,519,905	)

Class R		(562,030	)		(2,412,111	)

Class Y		(13,649,458	)		8,437,377

Class R5		(793,855	)		(235,925	)

Class R6		(173,604	)		30,921

Net increase (decrease) in net assets resulting from share transactions		(17,710,503	)		51,212,906

Net increase (decrease) in net assets		(73,109,748	)		89,719,540


Net assets:
Beginning of period		591,595,424			501,875,884

End of period	$	518,485,676		$	591,595,424

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

10 Invesco Income Allocation Fund

Financial Highlights

(Unaudited)

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


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

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

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

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

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

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

^(g)	Annualized.

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

11 Invesco Income Allocation Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is current income and, secondarily, growth of capital.

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

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

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.

12 Invesco Income Allocation Fund

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

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.

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

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

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

13 Invesco Income Allocation Fund

“Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least April 30, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.25%, 1.00%, 0.50%, 0.00%, 0.00% and 0.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the six months ended June 30, 2020, the Adviser waived advisory fees of $147,086 and reimbursed class level expenses of $218,492, $38,033, $3,298, $31,853, $790 and $24 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $36,413 in front-end sales commissions from the sale of Class A shares and $20,332 and $1,205 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

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

NOTE 3–Additional Valuation Information

Level 1 -

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

Level 2 -

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

Level 3 -

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


	Level 1			Level 2			Level 3			Total
Investments in Securities
Affiliated Issuers		$	497,303,098		$	–		$	–		$497,303,098
Unaffiliated Issuers			19,557,497			–			–		19,557,497
Money Market Funds			2,050,573			12,601,141			–		14,651,714
Total Investments		$	518,911,168		$	12,601,141		$	–		$531,512,309

NOTE 4–Expense Offset Arrangement(s)

14 Invesco Income Allocation Fund

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

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

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2020 was $98,629,990 and $116,344,402, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	16,417,656

Aggregate unrealized (depreciation) of investments		(31,739,595	)

Net unrealized appreciation (depreciation) of investments	$	(15,321,939	)

Cost of investments for tax purposes is $546,834,248.

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended June 30, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class A		6,664,923		$	71,865,265			8,492,067		$	98,580,604

Class C		1,051,425			11,530,239			1,907,647			22,063,370

Class R		76,486			817,968			182,554			2,114,866

Class Y		1,033,564			11,549,624			2,616,846			29,881,840

Class R5		31,180			348,350			20,360			234,314

Class R6		253			2,974			3,078			35,624


Issued as reinvestment of dividends:
Class A		728,689			7,617,172			1,999,930			23,046,014

Class C		103,511			1,083,877			334,217			3,851,900

Class R		12,382			129,608			42,126			484,872

Class Y		95,894			1,004,040			316,702			3,646,482

Class R5		3,666			38,060			11,873			136,739

Class R6		115			1,339			977			11,254


Automatic conversion of Class C shares to Class A shares:
Class A		83,217			900,259			3,840,610			42,657,750

Class C		(83,112	)		(900,259	)		(3,837,119	)		(42,657,750	)

15 Invesco Income Allocation Fund


	Summary of Share Activity

	Six months ended June 30, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount


Reacquired:
Class A		(7,387,346	)	$	(77,865,965	)		(6,973,058	)	$	(80,371,819	)

Class C		(1,597,615	)		(16,762,144	)		(1,896,143	)		(21,777,425	)

Class R		(144,500	)		(1,509,606	)		(433,219	)		(5,011,849	)

Class Y		(2,470,302	)		(26,203,122	)		(2,181,035	)		(25,090,945	)

Class R5		(112,445	)		(1,180,265	)		(52,463	)		(606,978	)

Class R6		(15,618	)		(177,917	)		(1,378	)		(15,957	)

Net increase (decrease) in share activity		(1,925,633	)	$	(17,710,503	)		4,394,572		$	51,212,906

^(a)

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

NOTE 10–Coronavirus (COVID-19) Pandemic

16 Invesco Income Allocation Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

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


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/20)	Ending Account Value (06/30/20)¹	Expenses Paid During Period²	Ending Account Value (06/30/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$931.50	$1.20	$1,023.62	$1.26	0.25%
Class C	1,000.00	928.90	4.80	1,019.89	5.02	1.00
Class R	1,000.00	931.20	2.40	1,022.38	2.51	0.50
Class Y	1,000.00	932.70	0.00	1,024.86	0.00	0.00
Class R5	1,000.00	933.60	0.00	1,024.86	0.00	0.00
Class R6	1,000.00	932.70	0.00	1,024.86	0.00	0.00

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

17 Invesco Income Allocation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

The Board’s Evaluation Process

sessions with the Senior Officer and with independent legal counsel.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

B.	Fund Investment Performance

C.	Advisory and Sub-Advisory Fees and Fund Expenses

18 Invesco Income Allocation Fund

percentage of average daily net assets for each class of the Fund.

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

D.	Economies of Scale and Breakpoints

The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates

that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

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

19 Invesco Income Allocation Fund

LOGO

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

Fund holdings and proxy voting information

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


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



		Semiannual Report to Shareholders		June 30, 2020

		Invesco Small Cap Growth Fund
		Nasdaq:
		A: GTSAX ∎ C: GTSDX ∎ R: GTSRX ∎ Y: GTSYX ∎ Investor: GTSIX ∎ R5: GTSVX ∎ R6: GTSFX

LOGO



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

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

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders

LOGO

Dear Fellow Shareholders:

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

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

LOGO

Dear Shareholders:

This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.

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

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

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Small Cap Growth Fund

Fund Performance


Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	5.34	%
Class C Shares	4.93
Class R Shares	5.19
Class Y Shares	5.48
Investor Class Shares	5.38
Class R5 Shares	5.55
Class R6 Shares	5.59
S&P 500 Index^▼(Broad Market Index)	–3.08
Russell 2000 Growth Index^▼(Style-Specific Index)	–3.06
Lipper Small-Cap Growth Funds Index ∎ (Peer Group Index)	1.87

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

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

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

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

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

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

For more information about your Fund

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

3 Invesco Small Cap Growth Fund


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (10/18/95)	10.35	%
10 Years	13.30
5 Years	7.17
1 Year	3.00

Class C Shares
Inception (5/3/99)	8.65	%
10 Years	13.09
5 Years	7.57
1 Year	7.27

Class R Shares
Inception (6/3/02)	9.01	%
10 Years	13.65
5 Years	8.12
1 Year	8.72

Class Y Shares
Inception (10/3/08)	12.68	%
10 Years	14.23
5 Years	8.66
1 Year	9.28

Investor Class Shares
Inception (4/7/06)	9.02	%
10 Years	13.95
5 Years	8.41
1 Year	9.06

Class R5 Shares
Inception (3/15/02)	9.13	%
10 Years	14.39
5 Years	8.79
1 Year	9.40

Class R6 Shares
10 Years	14.36	%
5 Years	8.90
1 Year	9.51

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

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

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

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

4 Invesco Small Cap Growth Fund

Liquidity Risk Management Program

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

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

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

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

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

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

5 Invesco Small Cap Growth Fund

Schedule of Investments^(a)

June 30, 2020

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–99.03%
Aerospace & Defense–1.81%
Aerojet Rocketdyne Holdings, Inc.^(b)		394,285	$	15,629,457

Cubic Corp.		389,263		18,696,302

Mercury Systems, Inc.^(b)		241,118		18,966,342

				53,292,101


Alternative Carriers–1.41%
Cogent Communications Holdings, Inc.		226,997		17,560,488

Iridium Communications, Inc.^(b)		939,361		23,897,344

				41,457,832


Application Software–14.18%
Anaplan, Inc.^(b)		462,618		20,961,222

Avalara, Inc.^(b)		156,085		20,773,353

Bill.Com Holdings, Inc.^(b)		301,807		27,226,009

Blackline, Inc.^(b)		434,775		36,047,195

Fair Isaac Corp.^(b)		72,190		30,178,308

Five9, Inc.^(b)		233,976		25,894,124

Guidewire Software, Inc.^(b)		211,407		23,434,466

HubSpot, Inc.^(b)		151,185		33,918,355

LivePerson, Inc.^(b)		581,838		24,105,548

Nuance Communications, Inc.^(b)		1,017,618		25,750,824

Pegasystems, Inc.		308,769		31,238,160

Q2 Holdings, Inc.^(b)		506,489		43,451,691

RealPage, Inc.^(b)		426,833		27,748,413

Smartsheet, Inc., Class A^(b)		392,546		19,988,442

Zendesk, Inc.^(b)		295,160		26,130,515

				416,846,625


Auto Parts & Equipment–1.28%
Fox Factory Holding Corp.^(b)		310,161		25,622,400

Visteon Corp.^(b)		175,184		12,000,104

				37,622,504


Biotechnology–7.88%
Abcam PLC (United Kingdom)		1,286,768		21,234,986

Agios Pharmaceuticals, Inc.^(b)		363,194		19,423,615

CareDx, Inc.^(b)		931,348		32,997,660

Halozyme Therapeutics, Inc.^(b)		972,936		26,084,414

Heron Therapeutics, Inc.^(b)		801,249		11,786,373

Immunomedics, Inc.^(b)		424,625		15,048,710

Iovance Biotherapeutics, Inc.^(b)		346,227		9,503,931

Natera, Inc.^(b)		602,119		30,021,654

Neurocrine Biosciences, Inc.^(b)		219,374		26,763,628

Sage Therapeutics, Inc.^(b)		301,573		12,539,405

Twist Bioscience Corp.^(b)		580,471		26,295,336

				231,699,712


Brewers–0.85%
Boston Beer Co., Inc. (The), Class A^(b)		46,695		25,058,872


Building Products–2.22%
Armstrong World Industries, Inc.		218,658		17,046,578

Builders FirstSource, Inc.^(b)		1,237,339		25,612,917

Trex Co., Inc.^(b)		173,391		22,552,967

				65,212,462


	Shares		Value

Casinos & Gaming–2.36%
Eldorado Resorts, Inc.^(b)(c)		998,993	$	40,019,660

Penn National Gaming, Inc.^(b)		956,080		29,198,683

				69,218,343


Construction & Engineering–0.77%
AECOM^(b)		599,874		22,543,265


Construction Materials–0.59%
Martin Marietta Materials, Inc.		84,120		17,376,668


Consumer Finance–0.83%
LendingTree, Inc.^(b)(c)		84,363		24,425,619


Data Processing & Outsourced Services–0.63%
Black Knight, Inc.^(b)		253,055		18,361,671


Distributors–0.75%
Pool Corp.		80,693		21,938,006


Diversified Support Services–0.80%
IAA, Inc.^(b)		468,003		18,050,876

KAR Auction Services, Inc.		403,514		5,552,352

				23,603,228


Education Services–1.44%
Bright Horizons Family Solutions, Inc.^(b)		202,942		23,784,803

Strategic Education, Inc.		121,162		18,616,541

				42,401,344


Electrical Components & Equipment–0.76%
Generac Holdings, Inc.^(b)		182,882		22,298,802


Electronic Components–1.59%
II-VI, Inc.^(b)		483,819		22,845,933

Littelfuse, Inc.		139,392		23,784,457

				46,630,390


Electronic Equipment & Instruments–1.68%
OSI Systems, Inc.^(b)		85,023		6,346,117

Trimble, Inc.^(b)		502,994		21,724,311

Zebra Technologies Corp., Class A^(b)		82,846		21,204,433

				49,274,861


Electronic Manufacturing Services–1.50%
Fabrinet (Thailand)^(b)		348,157		21,731,960

IPG Photonics Corp.^(b)		139,684		22,403,917

				44,135,877


Environmental & Facilities Services–0.81%
Clean Harbors, Inc.^(b)		396,476		23,780,631


Financial Exchanges & Data–0.73%
Morningstar, Inc.		152,662		21,520,762


Footwear–0.43%
Steven Madden Ltd.		509,087		12,569,358


General Merchandise Stores–0.92%
Ollie’s Bargain Outlet Holdings, Inc.^(b)		277,740		27,121,311

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

6 Invesco Small Cap Growth Fund


	Shares		Value

Health Care Equipment–8.52%
AtriCure, Inc.^(b)		601,962	$	27,058,192

CONMED Corp.		274,630		19,770,614

CryoPort, Inc.^(b)(c)		563,609		17,049,172

Insulet Corp.^(b)		106,940		20,774,164

iRhythm Technologies, Inc.^(b)		242,818		28,140,178

Masimo Corp.^(b)		138,251		31,519,846

Mesa Laboratories, Inc.		92,073		19,961,426

Nevro Corp.^(b)		173,938		20,780,373

Penumbra, Inc.^(b)		153,790		27,500,728

Tandem Diabetes Care, Inc.^(b)		382,526		37,839,472

				250,394,165


Health Care Services–1.89%
Chemed Corp.		48,053		21,675,267

LHC Group, Inc.^(b)		194,890		33,973,225

				55,648,492


Home Improvement Retail–0.92%
Floor & Decor Holdings, Inc., Class A^(b)		469,756		27,081,433


Human Resource & Employment Services–0.16%
ASGN, Inc.^(b)		70,488		4,700,140


Industrial Machinery–4.19%
Evoqua Water Technologies Corp.^(b)		1,198,940		22,300,284

Kennametal, Inc.		504,076		14,472,022

Kornit Digital Ltd. (Israel)^(b)		413,989		22,098,734

Nordson Corp.		134,027		25,426,262

Timken Co. (The)		419,923		19,102,297

Welbilt, Inc.^(b)		3,260,441		19,856,086

				123,255,685


Industrial REITs–0.72%
EastGroup Properties, Inc.		178,596		21,183,272


Insurance Brokers–1.15%
eHealth, Inc.^(b)		282,506		27,753,389

Goosehead Insurance, Inc., Class A^(b)		79,879		6,003,706

				33,757,095


Internet & Direct Marketing Retail–1.59%
Etsy, Inc.^(b)		440,180		46,760,321


Investment Banking & Brokerage–0.98%
LPL Financial Holdings, Inc.		368,361		28,879,502


Leisure Facilities–0.67%
Planet Fitness, Inc., Class A^(b)		326,907		19,800,757


Life Sciences Tools & Services–9.60%
10X Genomics, Inc., Class A^(b)		310,522		27,732,720

Adaptive Biotechnologies Corp.^(b)		462,138		22,358,236

Avantor, Inc.^(b)		1,530,001		26,010,017

Bio-Techne Corp.		173,019		45,689,127

Bruker Corp.		491,645		20,000,119

NeoGenomics, Inc.^(b)		835,849		25,894,602

PRA Health Sciences, Inc.^(b)		248,072		24,134,925

Repligen Corp.^(b)		452,844		55,976,047

Syneos Health, Inc.^(b)		587,059		34,196,187

				281,991,980


Pharmaceuticals–3.00%
Catalent, Inc.(b)		720,631		52,822,252


	Shares		Value

Pharmaceuticals–(continued)
Horizon Therapeutics PLC^(b)		636,236	$	35,361,997

				88,184,249


Regional Banks–0.84%
SVB Financial Group^(b)		114,382		24,652,752


Research & Consulting Services–0.69%
Clarivate PLC (United Kingdom)^(b)		908,530		20,287,475


Restaurants–3.23%
Dunkin’ Brands Group, Inc.		289,158		18,861,776

Texas Roadhouse, Inc.^(b)		409,372		21,520,686

Wendy’s Co. (The)		1,014,505		22,095,919

Wingstop, Inc.		232,781		32,349,576

				94,827,957


Semiconductor Equipment–1.57%
Enphase Energy, Inc.^(b)		483,217		22,986,633

MKS Instruments, Inc.		203,905		23,090,202

				46,076,835


Semiconductors–5.73%
Cree, Inc.^(b)		372,459		22,045,848

Lattice Semiconductor Corp.^(b)		1,262,503		35,842,460

Monolithic Power Systems, Inc.		96,266		22,815,042

Power Integrations, Inc.		227,789		26,908,715

Semtech Corp.^(b)		577,837		30,174,648

Silicon Laboratories, Inc.^(b)		306,637		30,746,492

				168,533,205


Specialized REITs–0.63%
CoreSite Realty Corp.		152,149		18,419,158


Specialty Chemicals–1.47%
Axalta Coating Systems Ltd.^(b)		926,944		20,902,587

Element Solutions, Inc.^(b)		2,044,766		22,185,711

				43,088,298


Specialty Stores–0.75%
Five Below, Inc.^(b)		205,512		21,971,288


Systems Software–1.76%
Cloudflare, Inc., Class A^(b)(c)		725,573		26,084,349

Qualys, Inc.^(b)		245,830		25,571,237

				51,655,586


Trading Companies & Distributors–0.89%
SiteOne Landscape Supply, Inc.^(b)		230,189		26,234,640


Trucking–1.86%
Knight-Swift Transportation Holdings, Inc.		345,513		14,411,347

Lyft, Inc., Class A^(b)		743,497		24,542,836

Old Dominion Freight Line, Inc.		92,724		15,725,063

				54,679,246

Total Common Stocks & Other Equity Interests (Cost $2,051,581,091)				2,910,453,775


Money Market Funds–0.78%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(d)(e)		9,332,511		9,332,511

Invesco Liquid Assets Portfolio, Institutional Class, 0.39%^(d)(e)		2,984,373		2,986,462

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

7 Invesco Small Cap Growth Fund


	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.08%^(d)(e)		10,665,727		$ 10,665,726

Total Money Market Funds (Cost $22,982,537)				22,984,699

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)–99.81% (Cost $2,074,563,628)				2,933,438,474

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.89%
Invesco Private Government Fund, 0.05%^(d)(e)(f)		41,568,274		41,568,274


	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		13,853,320		$ 13,856,091

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $55,424,021)				55,424,365

TOTAL INVESTMENTS IN SECURITIES–101.70% (Cost $2,129,987,649)				2,988,862,839

OTHER ASSETS LESS LIABILITIES–(1.70)%				(49,837,452	)

NET ASSETS–100.00%				$2,939,025,387


Investment Abbreviations:
REIT – Real Estate Investment Trust
Notes to Schedule of Investments:
^(a)		Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the
		exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
^(b)		Non-income producing security.
^(c)		All or a portion of this security was out on loan at June 30, 2020.
^(d)		Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common
		control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2020.


	Value December 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value June 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$14,321,738		$164,828,131	$	(169,817,358	)		$ -		$ -		$ 9,332,511		$ 46,908
Invesco Liquid Assets Portfolio, Institutional Class		10,432,285		117,063,012		(124,514,658	)		2,120		3,703		2,986,462		47,807
Invesco Treasury Portfolio, Institutional Class		16,367,700		188,375,007		(194,076,981	)		-		-		10,665,726		50,610
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		3,245,144		59,557,771		(62,802,915	)		-		-		-		11,120
Invesco Liquid Assets Portfolio, Institutional Class		1,081,714		14,162,662		(15,244,426	)		50		-		-		4,162
Invesco Private Government Fund		-		131,809,474		(90,241,200	)		-		-		41,568,274		1,276
Invesco Private Prime Fund		-		24,294,493		(10,438,402	)		-		-		13,856,091		520
Total		$45,448,581		$700,090,550	$	(667,135,940	)		$2,170		$3,703		$78,409,064		$162,403

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

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

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2020


Health Care	30.89	%

Information Technology	28.63

Industrials	14.97

Consumer Discretionary	14.34

Financials	4.53

Materials	2.06

Other Sectors, Each Less than 2% of Net Assets	3.61

Money Market Funds Plus Other Assets Less Liabilities	0.97

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

8 Invesco Small Cap Growth Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)


Assets:
Investments in securities, at value (Cost $2,051,581,091)*	$	2,910,453,775
Investments in affiliated money market funds, at value (Cost $78,406,558)		78,409,064
Foreign currencies, at value (Cost $151)		149
Receivable for:
Investments sold		22,459,173
Fund shares sold		3,203,257
Dividends		437,188
Investment for trustee deferred compensation and retirement plans		449,445
Other assets		75,273
Total assets		3,015,487,324

Liabilities:
Payable for:
Investments purchased		13,275,900
Fund shares reacquired		5,796,380
Collateral upon return of securities loaned		55,424,021
Accrued fees to affiliates		1,107,583
Accrued trustees’ and officers’ fees and benefits		5,127
Accrued other operating expenses		352,521
Trustee deferred compensation and retirement plans		500,405
Total liabilities		76,461,937
Net assets applicable to shares outstanding	$	2,939,025,387

Net assets consist of:
Shares of beneficial interest	$	1,871,106,074
Distributable earnings		1,067,919,313
	$	2,939,025,387


Net Assets:
Class A	$	790,401,474
Class C	$	19,612,107
Class R	$	105,346,505
Class Y	$	226,672,111
Investor Class	$	179,583,311
Class R5	$	1,044,045,464
Class R6	$	573,364,415

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		22,080,928
Class C		933,802
Class R		3,261,149
Class Y		6,060,546
Investor Class		4,714,066
Class R5		24,955,394
Class R6		13,595,963
Class A:
Net asset value per share	$	35.80
Maximum offering price per share (Net asset value of $35.80 ÷ 94.50%)	$	37.88
Class C:
Net asset value and offering price per share	$	21.00
Class R:
Net asset value and offering price per share	$	32.30
Class Y:
Net asset value and offering price per share	$	37.40
Investor Class:
Net asset value and offering price per share	$	38.10
Class R5:
Net asset value and offering price per share	$	41.84
Class R6:
Net asset value and offering price per share	$	42.17

*	At June 30, 2020, securities with an aggregate value of $54,102,711 were on loan to brokers.

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

9 Invesco Small Cap Growth Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)


Investment income:
Dividends	$	3,483,743
Dividends from affiliated money market funds (includes securities lending income of $44,207)		189,532
Total investment income		3,673,275

Expenses:
Advisory fees		8,433,410
Administrative services fees		178,633
Custodian fees		8,799
Distribution fees:
Class A		637,930
Class C		34,080
Class R		256,076
Investor Class		155,092
Transfer agent fees – A, C, R, Y and Investor		1,078,258
Transfer agent fees – R5		506,171
Transfer agent fees – R6		7,939
Trustees’ and officers’ fees and benefits		17,847
Registration and filing fees		57,019
Reports to shareholders		24,508
Professional services fees		27,155
Other		9,820
Total expenses		11,432,737
Less: Fees waived and/or expense offset arrangement(s)		(21,870	)
Net expenses		11,410,867
Net investment income (loss)		(7,737,592	)

Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities (includes net gains (losses) from securities sold to affiliates of $(242,051))		218,535,305
Foreign currencies		8,584
		218,543,889
Change in net unrealized appreciation (depreciation) of:
Investment securities		(55,160,412	)
Foreign currencies		(2	)
		(55,160,414	)
Net realized and unrealized gain		163,383,475
Net increase in net assets resulting from operations	$	155,645,883

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

10 Invesco Small Cap Growth Fund

Statement of Changes in Net Assets

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

(Unaudited)


	June 30, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(7,737,592	)	$	(20,955	)
Net realized gain		218,543,889			261,921,105
Change in net unrealized appreciation (depreciation)		(55,160,414	)		343,205,260
Net increase in net assets resulting from operations		155,645,883			605,105,410

Distributions to shareholders from distributable earnings:
Class A		(15,653,386	)		(41,933,366	)
Class C		(182,218	)		(481,347	)
Class R		(4,159,898	)		(10,963,880	)
Class Y		(6,472,161	)		(17,314,411	)
Investor Class		(5,903,523	)		(14,708,662	)
Class R5		(31,483,394	)		(88,761,002	)
Class R6		(15,898,917	)		(33,338,530	)
Total distributions from distributable earnings		(79,753,497	)		(207,501,198	)

Share transactions–net:
Class A		254,347,951			(76,589,928	)
Class C		14,364,599			(8,486,256	)
Class R		(13,273,085	)		(22,952,784	)
Class Y		3,420,584			(32,027,696	)
Investor Class		(9,640,779	)		(6,394,254	)
Class R5		(114,505,113	)		(226,919,801	)
Class R6		48,132,872			86,927,944
Net increase (decrease) in net assets resulting from share transactions		182,847,029			(286,442,775	)
Net increase in net assets		258,739,415			111,161,437

Net assets:
Beginning of period		2,680,285,972			2,569,124,535
End of period	$	2,939,025,387		$	2,680,285,972

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

11 Invesco Small Cap Growth Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(c)
Class A
Six months ended 06/30/20		$	35.35		$	(0.15	)		$	1.87			$	1.72			$	–			$	(1.27	)		$	(1.27	)		$	35.80		5.37	%		$	790,401		1.18	%^(d)		1.18	%^(d)		(0.88	)%^(d)		35	%
Year ended 12/31/19			31.02			(0.09	)			7.59				7.50				–				(3.17	)			(3.17	)			35.35		24.32				499,603		1.17			1.17			(0.25	)		31
Year ended 12/31/18			37.31			(0.18	)			(3.08	)			(3.26	)			–				(3.03	)			(3.03	)			31.02		(9.04	)			502,315		1.18			1.18			(0.47	)		21
Year ended 12/31/17			32.66			(0.17	)			8.26				8.09				–				(3.44	)			(3.44	)			37.31		24.91				617,955		1.20			1.20			(0.48	)		21
Year ended 12/31/16			32.03			0.00				3.68				3.68				–				(3.05	)			(3.05	)			32.66		11.30				596,972		1.22			1.22			(0.01	)		26
Year ended 12/31/15			35.95			(0.16	)			(0.52	)			(0.68	)			–				(3.24	)			(3.24	)			32.03		(1.84	)			645,968		1.20			1.20			(0.43	)		30
Class C
Six months ended 06/30/20			21.39			(0.16	)			1.04				0.88				–				(1.27	)			(1.27	)			21.00		4.93				19,612		1.90	^(d)		1.90	^(d)		(1.60	)^(d)		35
Year ended 12/31/19			19.95			(0.23	)			4.84				4.61				–				(3.17	)			(3.17	)			21.39		23.32				3,686		1.92			1.92			(1.00	)		31
Year ended 12/31/18			25.33			(0.32	)			(2.03	)			(2.35	)			–				(3.03	)			(3.03	)			19.95		(9.72	)			11,053		1.93			1.93			(1.22	)		21
Year ended 12/31/17			23.24			(0.31	)			5.84				5.53				–				(3.44	)			(3.44	)			25.33		23.99				14,502		1.95			1.95			(1.23	)		21
Year ended 12/31/16			23.74			(0.18	)			2.73				2.55				–				(3.05	)			(3.05	)			23.24		10.49				14,878		1.97			1.97			(0.76	)		26
Year ended 12/31/15			27.71			(0.34	)			(0.39	)			(0.73	)			–				(3.24	)			(3.24	)			23.74		(2.57	)			16,858		1.95			1.95			(1.18	)		30
Class R
Six months ended 06/30/20			32.08			(0.17	)			1.66				1.49				–				(1.27	)			(1.27	)			32.30		5.19				105,347		1.43	^(d)		1.43	^(d)		(1.13	)^(d)		35
Year ended 12/31/19			28.46			(0.17	)			6.96				6.79				–				(3.17	)			(3.17	)			32.08		24.01				118,302		1.42			1.42			(0.50	)		31
Year ended 12/31/18			34.58			(0.26	)			(2.83	)			(3.09	)			–				(3.03	)			(3.03	)			28.46		(9.27	)			124,450		1.43			1.43			(0.72	)		21
Year ended 12/31/17			30.55			(0.25	)			7.72				7.47				–				(3.44	)			(3.44	)			34.58		24.60				135,751		1.45			1.45			(0.73	)		21
Year ended 12/31/16			30.21			(0.08	)			3.47				3.39				–				(3.05	)			(3.05	)			30.55		11.02				112,318		1.47			1.47			(0.26	)		26
Year ended 12/31/15			34.18			(0.24	)			(0.49	)			(0.73	)			–				(3.24	)			(3.24	)			30.21		(2.08	)			103,249		1.45			1.45			(0.68	)		30
Class Y
Six months ended 06/30/20			36.83			(0.11	)			1.95				1.84				–				(1.27	)			(1.27	)			37.40		5.48				226,672		0.93	^(d)		0.93	^(d)		(0.63	)		35
Year ended 12/31/19			32.14			(0.00	)			7.86				7.86				–				(3.17	)			(3.17	)			36.83		24.59				217,477		0.92			0.92			0.00			31
Year ended 12/31/18			38.43			(0.08	)			(3.18	)			(3.26	)			–				(3.03	)			(3.03	)			32.14		(8.77	)			216,750		0.93			0.93			(0.22	)		21
Year ended 12/31/17			33.48			(0.08	)			8.47				8.39				0.00				(3.44	)			(3.44	)			38.43		25.22				208,233		0.95			0.95			(0.23	)		21
Year ended 12/31/16			32.76			0.08				3.77				3.85				(0.08	)			(3.05	)			(3.13	)			33.48		11.56				163,662		0.97			0.97			0.24			26
Year ended 12/31/15			36.60			(0.07	)			(0.53	)			(0.60	)			–				(3.24	)			(3.24	)			32.76		(1.59	)			149,745		0.95			0.95			(0.18	)		30
Investor Class
Six months ended 06/30/20			37.52			(0.14	)			1.99				1.85				–				(1.27	)			(1.27	)			38.10		4.93				179,583		1.11	^(d)		1.11	^(d)		(0.81	)^(d)		35
Year ended 12/31/19			32.76			(0.08	)			8.01				7.93				–				(3.17	)			(3.17	)			37.52		24.34				187,171		1.13			1.13			(0.21	)		31
Year ended 12/31/18			39.21			(0.19	)			(3.23	)			(3.42	)			–				(3.03	)			(3.03	)			32.76		(9.01	)			168,567		1.18			1.18			(0.47	)		21
Year ended 12/31/17			34.18			(0.17	)			8.64				8.47				–				(3.44	)			(3.44	)			39.21		24.91				241,104		1.19			1.19			(0.47	)		21
Year ended 12/31/16			33.40			0.00				3.83				3.83				–				(3.05	)			(3.05	)			34.18		11.29				226,995		1.22			1.22			(0.01	)		26
Year ended 12/31/15			37.34			(0.16	)			(0.54	)			(0.70	)			–				(3.24	)			(3.24	)			33.40		(1.82	)			231,853		1.20			1.20			(0.43	)		30
Class R5
Six months ended 06/30/20			41.01			(0.10	)			2.20				2.10				–				(1.27	)			(1.27	)			41.84		5.55				1,044,045		0.81	^(d)		0.81	^(d)		(0.51	)^(d)		35
Year ended 12/31/19			35.45			0.05				8.68				8.73				–				(3.17	)			(3.17	)			41.01		24.75				1,156,887		0.80			0.80			0.12			31
Year ended 12/31/18			42.02			(0.04	)			(3.50	)			(3.54	)			–				(3.03	)			(3.03	)			35.45		(8.69	)			1,192,199		0.81			0.81			(0.10	)		21
Year ended 12/31/17			36.29			(0.04	)			9.22				9.18				0.00				(3.44	)			(3.44	)			42.02		25.41				1,292,036		0.82			0.82			(0.10	)		21
Year ended 12/31/16			35.28			0.14				4.05				4.19				(0.13	)			(3.05	)			(3.18	)			36.29		11.70				1,037,098		0.83			0.83			0.38			26
Year ended 12/31/15			39.10			(0.02	)			(0.56	)			(0.58	)			–				(3.24	)			(3.24	)			35.28		(1.43	)			987,791		0.82			0.82			(0.05	)		30
Class R6
Six months ended 06/30/20			41.31			(0.08	)			2.21				2.13				–				(1.27	)			(1.27	)			42.17		5.59				573,364		0.71	^(d)		0.71	^(d)		(0.41	)^(d)		35
Year ended 12/31/19			35.66			0.09				8.73				8.82				–				(3.17	)			(3.17	)			41.31		24.86				497,160		0.71			0.71			0.21			31
Year ended 12/31/18			42.20			0.00				(3.51	)			(3.51	)			–				(3.03	)			(3.03	)			35.66		(8.58	)			353,791		0.71			0.71			0.00			21
Year ended 12/31/17			36.41			0.00				9.23				9.23				0.00				(3.44	)			(3.44	)			42.20		25.49				303,737		0.73			0.73			(0.01	)		21
Year ended 12/31/16			35.37			0.17				4.08				4.25				(0.16	)			(3.05	)			(3.21	)			36.41		11.85				198,752		0.73			0.73			0.48			26
Year ended 12/31/15			39.17			0.02				(0.58	)			(0.56	)			–				(3.24	)			(3.24	)			35.37		(1.38	)			172,477		0.73			0.73			0.04			30

^(a)	Based on average shares outstanding.

^(b)

^(c)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the six months ended June 30, 2020, the portfolio turnover calculation excludes the value of securities purchased of $331,583,749 and sold of $4,662,552 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Small Cap Discovery Fund into the Fund.

^(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $513,963, $7,101, $103,093, $195,793 , $168,931 , $1,018,706 and $486,182 for Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

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

12 Invesco Small Cap Growth Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

Effective as of the close of business on March 18, 2002, the Fund’s shares were offered on a limited basis to certain investors.

The 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.

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

13 Invesco Small Cap Growth Fund

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

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.

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

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate
First $500 million		0.725%
Next $500 million		0.700%
Next $500 million		0.675%
Over $1.5 billion		0.650%

For the six months ended June 30, 2020, the effective advisory fee rate incurred by the Fund was 0.68%.

14 Invesco Small Cap Growth Fund

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

Effective May 15, 2020, the Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 1.19%, 1.94%, 1.44%, 0.94%, 1.19%, 0.80% and 0.71%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to May 15, 2020, the Adviser has contractually agreed, through at least June 30, 2020, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the six months ended June 30, 2020, the Adviser waived advisory fees of $20,468.

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

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $5,757 in front-end sales commissions from the sale of Class A shares and $0 and $96 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended June 30, 2020, the Fund incurred $7,210 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

Level 1 -

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

Level 2 -

Level 3 -


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$2,889,218,789		$21,234,986		$–		$2,910,453,775
Money Market Funds		22,984,699		55,424,365		–		78,409,064
Total Investments		$2,912,203,488		$76,659,351		$–		$2,988,862,839

15 Invesco Small Cap Growth Fund

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2020, the Fund engaged in securities purchases of $5,661,781 and securities sales of $3,823,795, which resulted in net realized gains (losses) of $(242,051).

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

NOTE 8–Tax Information

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

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2020 was $833,031,630 and $1,145,410,884, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	964,404,667
Aggregate unrealized (depreciation) of investments		(106,966,951	)
Net unrealized appreciation of investments	$	857,437,716

Cost of investments for tax purposes is $2,131,425,123.

NOTE 10–Share Information


	Summary of Share Activity
	Six months ended June 30, 2020^(a)				Year ended December 31, 2019
	Shares		Amount		Shares		Amount
Sold:
Class A		778,861	$	25,696,980		1,110,808	$	39,619,273
Class C		14,341		283,071		32,681		722,737
Class R		276,130		7,716,016		335,732		11,016,083
Class Y		547,092		18,189,142		1,193,838		44,555,320
Investor Class		109,012		3,740,112		248,467		9,565,526
Class R5		1,847,063		69,725,364		2,654,103		109,105,337
Class R6		2,644,936		89,964,558		3,530,822		146,780,734

16 Invesco Small Cap Growth Fund


	Summary of Share Activity
	Six months ended June 30, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		489,009		$	15,345,102			1,180,204		$	41,094,683
Class C		9,174			169,171			20,965			441,950
Class R		146,833			4,159,777			346,949			10,963,579
Class Y		187,182			6,135,814			451,828			16,392,315
Investor Class		169,221			5,651,970			379,831			14,038,549
Class R5		851,567			31,218,460			2,147,323			86,730,395
Class R6		429,923			15,885,672			818,701			33,304,761

Automatic conversion of Class C shares to Class A shares:
Class A		14,140			484,789			205,882			7,069,218
Class C		(23,957	)		(484,789	)		(320,371	)		(7,069,218	)

Issued in connection with acquisitions:^(b)
Class A		9,588,764			308,748,097			-			-
Class C		816,233			15,440,190			-			-
Class Y		1,176,671			39,578,691			-			-
Class R5		186,572			7,019,696			-			-
Class R6		1,349,565			51,175,880			-			-

Reacquired:
Class A		(2,923,160	)		(95,927,017	)		(4,554,462	)		(164,373,102	)
Class C		(54,321	)		(1,043,044	)		(114,926	)		(2,581,725	)
Class R		(849,713	)		(25,148,878	)		(1,366,955	)		(44,932,446	)
Class Y		(1,755,124	)		(60,483,063	)		(2,485,658	)		(92,975,331	)
Investor Class		(552,298	)		(19,032,861	)		(785,721	)		(29,998,329	)
Class R5		(6,137,167	)		(222,468,633	)		(10,223,168	)		(422,755,533	)
Class R6		(2,863,597	)		(108,893,238	)		(2,236,888	)		(93,157,551	)
Net increase (decrease) in share activity		6,472,952		$	182,847,029			(7,430,015	)	$	(286,442,775	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 30% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)

After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco Small Cap Discovery Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 13,117,805 shares of the Fund for 58,177,945 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $421,962,554, including $65,734,630 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $2,310,397,609 and $2,732,360,163 immediately after the acquisition.

The pro forma results of operations for the six months ended June 30, 2020 assuming the reorganization had been completed on January 1, 2020, the beginning of the annual reporting period are as follows:


Net investment income (loss)	$	(9,410,459	)
Net realized/unrealized gains		131,367,556
Change in net assets resulting from operations	$	121,957,097

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since May 16, 2020.

NOTE 11–Coronavirus (COVID-19) Pandemic

17 Invesco Small Cap Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

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


	Beginning Account Value (01/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (01/01/20)	Ending Account Value (06/30/20)¹	Expenses Paid During Period²	Ending Account Value (06/30/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,053.40	$6.02	$1,019.00	$5.92	1.18%
Class C	1,000.00	1,049.30	9.68	1,015.42	9.52	1.90
Class R	1,000.00	1,051.90	7.30	1,017.75	7.17	1.43
Class Y	1,000.00	1,054.80	4.75	1,020.24	4.67	0.93
Investor Class	1,000.00	1,053.80	5.67	1,019.34	5.57	1.11
Class R5	1,000.00	1,055.50	4.14	1,020.84	4.07	0.81
Class R6	1,000.00	1,055.90	3.63	1,021.33	3.57	0.71

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

18 Invesco Small Cap Growth Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

The Board’s Evaluation Process

The Board’s Investments Committee has established

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

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

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Russell 2000^® Growth Index. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and and reasonably comparable to the performance of the Index for the three and five year periods. The Board noted that the Fund’s high quality bias and underweight exposure to and stock selection in certain sectors and capitalization sizes detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

19 Invesco Small Cap Growth Fund

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/ waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2019.

D.	Economies of Scale and Breakpoints

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

E.	Profitability and Financial Resources

financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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

under the federal securities laws and consistent with best execution obligations.

20 Invesco Small Cap Growth Fund

(This page intentionally left blank)

LOGO

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

Fund holdings and proxy voting information


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



		Semiannual Report to Shareholders		June 30, 2020

		Invesco Quality Income Fund
		Nasdaq: A: VKMGX ⬛ C: VUSCX ⬛ R: VUSRX ⬛ Y: VUSIX ⬛ R5: VUSJX ⬛ R6: VUSSX

LOGO


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

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

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders


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

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees


Andrew Schlossberg		Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where
you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.
All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Quality Income Fund

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	3.16	%
Class C Shares	2.87
Class R Shares	2.92
Class Y Shares	3.28
Class R5 Shares	3.35
Class R6 Shares	3.34
Bloomberg Barclays US Mortgage-Backed Securities Index^q(Broad Market/Style-Specific Index)	3.50
Source(s): ^qRIMES Technologies Corp.

The Bloomberg Barclays U.S. Mortgage-Backed Securities Index represents mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae and Freddie Mac.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

3 Invesco Quality Income Fund


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (5/31/84)	6.00	%
10 Years	2.54
5 Years	1.98
1 Year	0.46

Class C Shares
Inception (8/13/93)	3.90	%
10 Years	2.22
5 Years	2.12
1 Year	3.22

Class R Shares
10 Years	2.71	%
5 Years	2.58
1 Year	4.53

Class Y Shares
Inception (9/25/06)	3.65	%
10 Years	3.24
5 Years	3.12
1 Year	5.16

Class R5 Shares
Inception (6/1/10)	3.39	%
10 Years	3.31
5 Years	3.25
1 Year	5.30

Class R6 Shares
10 Years	3.12	%
5 Years	3.14
1 Year	5.30

Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, Van Kampen U.S. Mortgage Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class C and Class Y shares, respectively, of Invesco Van Kampen U.S. Mortgage Fund (renamed Invesco U.S. Mortgage Fund and subsequently Invesco Quality Income Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C and Class Y shares are those for Class A, Class C and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R shares incepted on May 15, 2020. Performance shown prior to that date is that of the Fund’s and the predecessor fund’s Class A shares at net asset value, restated to reflect the higher 12b-1 fees applicable to Class R shares.

Class R5 shares incepted on June 1, 2010. Performance shown prior to that date is that of the Fund’s and the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of the Fund’s and the predecessor

fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

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.

4 Invesco Quality Income Fund

Liquidity Risk Management Program

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

^∎

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

^∎

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

^∎

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

^∎

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

^∎

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

5 Invesco Quality Income Fund

Schedule of Investments

June 30, 2020

(Unaudited)


	Principal Amount		Value
U.S. Government Sponsored Agency Mortgage-Backed Securities–145.68%
Collateralized Mortgage Obligations–13.79%
Fannie Mae ACES, 0.38%, 12/25/2022	$	106,952,497	$	508,260

2.76% (1 mo. USD LIBOR + 0.59%), 09/25/2023^(a)		877,018		879,156

1.12% (1 mo. USD LIBOR + 0.40%), 10/25/2024^(a)		1,775,965		1,775,605

2.07%, 04/25/2026		1,012,483		1,049,338

Fannie Mae Grantor Trust, 7.50%, 01/19/2039^(b)		191,141		209,829

Fannie Mae Interest STRIPS, IO, 7.50%, 05/25/2023 to 01/25/2032		536,319		54,782

6.50%, 10/25/2024 to 02/25/2033		2,202,244		441,062

7.00%, 02/25/2028		444,193		71,859

8.00%, 05/25/2030		453,101		98,659

6.00%, 02/25/2033 to 09/25/2035		2,617,375		506,885

5.50%, 11/25/2033 to 06/25/2035		1,205,496		224,049

PO, 0.00%, 09/25/2032^(c)		72,729		68,465

Fannie Mae REMICs, 3.00%, 12/25/2020 to 08/25/2037		15,223,881		5,441,457

8.50%, 09/25/2021		557		565

3.50%, 02/25/2022 to 03/25/2043		4,595,415		2,152,799

4.50%, 12/25/2022 to 02/25/2043		616,579		111,763

5.00%, 04/25/2023 to 09/25/2047		4,990,355		1,328,977

4.00%, 07/25/2024 to 08/25/2047		8,343,440		6,561,074

2.50%, 12/25/2025 to 10/25/2026		1,991,232		2,055,691

7.00%, 03/18/2027 to 05/25/2033		887,111		623,557

6.50%, 10/25/2028 to 05/25/2033		271,418		281,554

1.18%, 12/25/2031 to 12/25/2032		637,446		647,786

1.19%, 03/18/2032 to 12/18/2032		554,208		562,836

0.68%, 08/25/2032 to 06/25/2046		1,841,403		1,849,323

0.67%, 09/25/2032		118,041		116,763

0.69% (1 mo. USD LIBOR + 0.50%), 10/18/2032^(a)		57,921		57,999

0.58%, 03/25/2033 to 03/25/2042		401,332		401,090

13.73% (1 mo. USD LIBOR + 14.10%), 12/25/2033^(a)		11,186		11,561

0.52% (1 mo. USD LIBOR + 0.34%), 06/25/2035^(a)		1,466,219		1,464,147


	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
0.53%, 08/25/2035 to 10/25/2035	$	1,474,815	$	1,476,174

23.89% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036^(a)		216,784		366,743

23.52%, 06/25/2036		165,127		273,863

23.52% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036^(a)		166,096		275,557

1.12% (1 mo. USD LIBOR + 0.94%), 06/25/2037^(a)		943,775		962,358

0.63% (1 mo. USD LIBOR + 0.45%), 08/25/2037^(a)		385,197		386,355

2.75%, 01/25/2039		2,652,823		2,685,330

6.60%, 06/25/2039^(b)		611,619		732,806

1.50%, 01/25/2040		3,312,178		3,330,785

2.00%, 01/25/2040 to 05/25/2044		2,845,178		2,892,837

IO, 6.52%, 02/25/2024 to 05/25/2035		1,170,961		225,858

5.50%, 10/25/2024 to 07/25/2046		1,733,232		1,329,869

8.00%, 08/18/2027 to 09/18/2027		403,250		72,931

0.75%, 10/25/2031		6,324		136

7.72% (7.90% - 1 mo. USD LIBOR), 11/25/2031^(a)		138,426		30,380

7.71% (7.90% - 1 mo. USD LIBOR), 12/18/2031^(a)		135,420		26,378

7.77% (1 mo. USD LIBOR + 7.95%), 01/25/2032^(a)		95,858		20,345

7.81% (8.00% - 1 mo. USD LIBOR), 03/18/2032^(a)		206,515		48,352

7.92%, 03/25/2032 to 04/25/2032		284,859		66,694

6.82%, 04/25/2032 to 08/25/2032		450,570		90,403

7.62% (7.80% - 1 mo. USD LIBOR), 04/25/2032^(a)		103,635		23,105

7.82%, 07/25/2032 to 09/25/2032		650,293		150,850

7.91%, 12/18/2032		406,099		86,923

8.07%, 02/25/2033 to 05/25/2033		532,826		129,499

6.00%, 05/25/2033		25,295		5,062

5.87%, 03/25/2035 to 07/25/2038		1,492,607		285,381

6.57% (6.75% - 1 mo. USD LIBOR), 03/25/2035^(a)		95,656		16,913

6.42% (1 mo. USD LIBOR + 6.60%), 05/25/2035^(a)		326,689		55,578

6.47% (1 mo. USD LIBOR + 6.65%), 03/25/2039^(a)		3,611,496		310,078

6.37% (6.55% - 1 mo. USD LIBOR), 10/25/2041^(a)		268,755		56,492

5.97% (6.15% - 1 mo. USD LIBOR), 12/25/2042^(a)		939,208		193,985

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

6 Invesco Quality Income Fund


	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
2.90%, 02/25/2056^(b)	$	9,709,302	$	606,375

Freddie Mac Multifamily Structured Pass Through Ctfs., 3.13%, 06/25/2021		1,979,925		2,012,460

0.34% (1 mo. USD LIBOR + 0.16%), 09/25/2022^(a)		302,192		301,961

2.64%, 01/25/2023		3,500,000		3,666,203

0.38% (1 mo. USD LIBOR + 0.20%), 02/25/2023^(a)		249,325		249,206

3.11%, 02/25/2023		3,400,000		3,600,379

3.32%, 02/25/2023		4,500,000		4,792,968

2.62%, 03/25/2023		3,238,012		3,312,663

3.25%, 04/25/2023		3,820,000		4,072,168

3.06%, 07/25/2023		2,000,000		2,139,908

3.53%, 07/25/2023		4,550,000		4,931,480

2.53%, 10/25/2023		5,313,668		5,491,088

2.32%, 03/25/2024		9,684,159		9,953,959

2.77%, 04/25/2024		10,009,900		10,526,265

2.27%, 06/25/2024		3,900,926		4,029,618

2.72%, 08/25/2024		7,744,226		8,074,020

2.49%, 11/25/2024		8,860,894		9,265,622

2.69%, 12/25/2024		7,211,947		7,536,253

2.83%, 12/25/2024		8,535,968		8,981,891

2.70%, 01/25/2025		7,441,236		7,783,926

2.55%, 02/25/2025		2,135,359		2,234,559

0.68%, 09/25/2025		62,538,804		1,532,094

Series KC02, Class X1, 0.50%, 03/25/2024		253,847,149		3,249,091

Series KC03, Class X1, 0.63%, 11/25/2024		22,160,917		418,945

Series K734, Class X1, 0.79%, 02/25/2026		16,986,485		527,838

Series K735, Class X1, 1.10%, 05/25/2026		16,740,170		820,620

Series K093, Class X1, 1.09%, 05/25/2029		13,286,267		954,331

Series Q004, Class AFL, 2.24% (12 mo. MTA Rate + 0.74%), 05/25/2044^(a)		849,362		848,648

Freddie Mac REMICs, 4.50%, 07/15/2020		198		198

3.00%, 12/15/2020 to 05/15/2040		19,437,875		9,511,465

0.83%, 06/15/2021 to 07/15/2029		55,150		55,438

1.50%, 07/15/2023		3,214,384		3,228,848

5.00%, 09/15/2023 to 06/15/2040		238,140		248,392

2.00%, 12/15/2023 to 09/15/2025		2,167,319		2,184,546

2.25% (COF 11 + 1.37%), 03/15/2024^(a)		206,875		210,293

2.50%, 07/15/2024 to 07/15/2038		5,963,402		4,175,537

4.00%, 10/15/2024 to 03/15/2045		4,814,902		3,316,996

3.10%, 03/15/2025		225,565		225,966

5.50%, 04/15/2025		1,924		1,914

3.50%, 11/15/2025 to 05/15/2032		2,158,106		2,273,495

6.95%, 03/15/2028		239,301		272,187


	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
6.50%, 08/15/2028 to 03/15/2032	$	2,245,573	$	2,526,673

0.78%, 01/15/2029 to 12/15/2032		145,421		146,358

6.00%, 01/15/2029 to 04/15/2029		381,453		430,495

0.53%, 02/15/2029 to 11/15/2032		204,541		199,736

1.07% (1 mo. USD LIBOR + 0.90%), 03/15/2029^(a)		227,229		229,771

0.58%, 06/15/2029 to 11/15/2039		689,198		689,949

8.00%, 03/15/2030		91,615		110,811

1.13% (1 mo. USD LIBOR + 0.95%), 08/15/2031^(a)		149,826		152,494

0.68%, 02/15/2032 to 03/15/2032		456,944		457,586

1.18%, 02/15/2032 to 03/15/2032		303,603		309,083

0.73%, 03/15/2032 to 10/15/2036		721,033		725,825

24.07% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035^(a)		43,426		73,649

0.48% (1 mo. USD LIBOR + 0.30%), 03/15/2036^(a)		2,229,192		2,221,789

0.63% (1 mo. USD LIBOR + 0.45%), 07/15/2037^(a)		162,974		163,479

0.87% (1 mo. USD LIBOR + 0.50%), 03/15/2042^(a)		208,649		210,895

IO, 5.82%, 03/15/2024 to 04/15/2038		902,814		79,712

7.47% (7.65% - 1 mo. USD LIBOR), 07/15/2026^(a)		45,719		6,058

8.51%, 07/17/2028		182,580		19,415

7.92%, 06/15/2029 to 09/15/2029		312,569		63,306

6.52% (6.70% - 1 mo. USD LIBOR), 01/15/2035^(a)		1,217,119		247,616

6.57% (6.75% - 1 mo. USD LIBOR), 02/15/2035^(a)		211,546		42,583

6.54% (6.72% - 1 mo. USD LIBOR), 05/15/2035^(a)		359,574		61,008

6.82% (7.00% - 1 mo. USD LIBOR), 12/15/2037^(a)		26,470		6,225

5.89% (6.07% - 1 mo. USD LIBOR), 05/15/2038^(a)		1,437,100		300,042

3.27%, 02/15/2039^(b)		3,940,932		254,589

6.07% (1 mo. USD LIBOR + 6.25%), 12/15/2039^(a)		360,349		71,715

5.92% (6.10% - 1 mo. USD LIBOR), 01/15/2044^(a)		780,790		112,803

Freddie Mac Seasoned Loans Structured Transaction, Series 2019-1, Class A2, 3.50%, 05/25/2029		2,000,000		2,230,304

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

7 Invesco Quality Income Fund


	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
Freddie Mac STRIPS, IO, 3.00%, 12/15/2027	$	1,061,211	$	72,690

3.27%, 12/15/2027		275,042		15,640

6.50%, 02/01/2028		58,309		8,890

7.00%, 09/01/2029		417,906		77,842

7.50%, 12/15/2029		28,612		5,691

8.00%, 06/15/2031		696,271		168,153

6.00%, 12/15/2032		145,503		24,640

0.00%, 12/01/2031 to 03/01/2032		384,111		358,844

0.68% (1 mo. USD LIBOR + 0.50%), 05/15/2036^(a)		1,108,439		1,099,200

Freddie Mac Structured Pass Through Ctfs., 6.50%, 02/25/2043		1,540,843		1,891,639

Freddie Mac Whole Loan Securities Trust, Series 2015- SC02, Class 1A, 3.00%, 09/25/2045		1,237,912		1,268,818

				200,920,741


Federal Home Loan Mortgage Corp. (FHLMC)–20.15%
5.00%, 04/01/2021 to 06/01/2040		4,084,069		4,692,098

6.50%, 04/01/2021 to 04/01/2034		1,176,245		1,308,236

9.00%, 08/01/2022 to 05/01/2025		8,590		9,342

6.00%, 10/01/2022 to 10/01/2029		524,097		588,910

5.50%, 01/01/2024 to 12/01/2036		762,665		801,794

3.50%, 08/01/2026 to 05/01/2050		93,273,446		100,016,926

4.00%, 05/01/2027 to 11/01/2049		50,043,952		54,659,714

2.50%, 02/01/2031		2,563,907		2,692,145

8.50%, 03/01/2031 to 08/01/2031		181,095		219,979

7.00%, 10/01/2031 to 10/01/2037		336,326		392,424

7.50%, 01/01/2032 to 08/01/2037		8,636,142		10,096,566

3.00%, 02/01/2032 to 05/01/2050		91,596,876		97,347,069

8.00%, 08/01/2032		134,234		161,468

4.50%, 05/01/2038 to 11/01/2049		14,531,890		16,150,864

5.35%, 07/01/2038 to 10/17/2038		1,505,031		1,736,556

5.80%, 10/01/2038 to 01/20/2039		667,056		766,795

5.45%, 11/25/2038		1,699,850		1,986,643

				293,627,529


	Principal Amount		Value
Federal National Mortgage Association (FNMA)–91.35%
5.00%, 09/01/2020 to 01/01/2041	$	4,960,791	$	5,588,597

4.50%, 12/01/2020 to 12/01/2049		16,705,345		18,372,813

6.00%, 01/01/2021 to 05/01/2040		7,329,281		7,847,856

8.00%, 02/01/2021 to 04/01/2033		300,868		371,398

4.26%, 07/01/2021		2,708,206		2,761,756

5.50%, 09/01/2021 to 04/01/2038		9,991,033		10,804,346

6.50%, 06/01/2022 to 11/01/2038		4,422,365		4,984,181

2.00%, 03/01/2023		1,754,161		1,814,561

7.00%, 07/01/2023 to 01/01/2036		2,538,096		2,940,479

1.75%, 07/02/2024		39,000,000		41,189,733

1.88%, 09/24/2026		4,158,000		4,479,994

7.50%, 02/01/2027 to 08/01/2037		3,694,946		4,354,361

3.00%, 02/01/2028 to 06/01/2050		114,208,249		121,362,079

3.59%, 10/01/2028		9,586,000		11,182,635

3.79%, 11/01/2028		10,962,000		12,834,229

9.50%, 04/01/2030		18,962		21,461

3.50%, 11/01/2030 to 05/01/2050		203,614,044		218,566,625

4.00%, 03/01/2031 to 03/01/2050		109,931,924		120,777,458

8.50%, 07/01/2032 to 10/01/2032		284,001		350,656

5.63%, 08/01/2032		253,026		274,490

2.50%, 03/01/2035		8,829,669		9,362,189

5.45%, 01/01/2038		268,130		290,727

TBA, 2.00%, 07/01/2035 to 08/01/2050^(d)		133,450,000		137,251,614

2.50%, 07/01/2035 to 07/01/2050^(d)		470,210,000		490,859,272

3.00%, 07/01/2050^(d)		97,300,000		102,453,858

				1,331,097,368


Government National Mortgage Association (GNMA)–20.39%
9.50%, 04/15/2020 to 06/15/2022		2,833		2,842

8.00%, 06/15/2021 to 09/15/2028		20,391		20,479

7.00%, 11/15/2022 to 01/20/2030		316,474		342,729

9.00%, 02/15/2023		539		542

6.50%, 01/15/2024 to 11/15/2028		79,146		87,456

3.50%, 01/20/2025 to 06/20/2050		42,651,393		45,165,289

3.00%, 12/16/2025 to 02/20/2050		5,319,640		5,660,899

6.00%, 01/15/2028 to 04/20/2029		178,741		199,875

7.50%, 06/15/2028 to 08/15/2028		187,802		192,053

5.50%, 05/15/2033 to 10/15/2034		502,284		577,825

4.77%, 07/17/2033		278,438		289,139

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

8 Invesco Quality Income Fund


	Principal Amount		Value
Government National Mortgage Association (GNMA)– (continued)
7.15%, 11/20/2033	$	2,427,281	$	2,790,177

5.00%, 11/20/2037		473,619		533,883

5.88%, 01/20/2039^(b)		1,308,736		1,533,359

4.50%, 07/20/2041^(b)		1,729,528		1,941,407

3.29%, 09/20/2041		1,205,050		1,268,644

0.62% (1 mo. USD LIBOR + 0.45%), 07/20/2044^(a)		907,614		907,393

4.00%, 02/20/2048 to 03/20/2050		7,005,309		7,609,770

IO, 6.45% (6.65% - 1 mo. USD LIBOR), 04/16/2041^(a)		2,189,739		401,174

4.50%, 09/16/2047		1,633,484		245,649

6.00% (6.20% - 1 mo. USD LIBOR), 10/16/2047^(a)		1,744,036		314,112

TBA, 2.50%, 07/01/2050^(d)		120,300,000		126,592,253

3.00%, 07/01/2050^(d)		77,465,000		82,055,405

3.50%, 07/01/2050^(d)		17,375,000		18,336,055

				297,068,409

Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $2,105,948,293)				2,122,714,047


Asset-Backed Securities–17.73%
Adjustable Rate Mortgage Trust, Series 2005-7, Class 2A21, 3.46%, 10/25/2035^(b)		381,037		343,878

Agate Bay Mortgage Trust, Series 2015-2, Class B1, 3.72%, 03/25/2045^(b)(e)		3,156,459		3,268,150

American Credit Acceptance Receivables Trust, Series 2017-4, Class D, 3.57%, 01/10/2024^(e)		1,245,000		1,258,645

Series 2019-1, Class C, 3.50%, 04/14/2025^(e)		1,830,000		1,861,108

Series 2019-2, Class D, 3.41%, 06/12/2025^(e)		1,165,000		1,191,178

American Home Mortgage Investment Trust, Series 2005-1, Class 7A1, 2.58% (6 mo. USD LIBOR + 2.00%), 06/25/2045^(a)		23,016		23,053

AmeriCredit Automobile Receivables Trust, Series 2019-2, Class D, 2.99%, 06/18/2025		2,215,000		2,232,754

Series 2019-3, Class D, 2.58%, 09/18/2025		1,055,000		1,049,573

Angel Oak Mortgage Trust LLC, Series 2017-1, Class A1, 2.81%, 01/25/2047^(b)(e)		83,840		84,078

Arroyo Mortgage Trust, Series 2019-3, Class A3, 3.42%, 10/25/2048^(b)(e)		3,899,811		3,959,383

Banc of America Funding Trust, Series 2006-3, Class 5A5, 5.50%, 03/25/2036		54,604		51,799

Series 2006-A, Class 1A1, 4.22%, 02/20/2036^(b)		502,483		475,836


	Principal Amount		Value
Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-1, Class 2A1, 3.75%, 03/25/2035^(b)	$	1,272,980	$	1,207,537

Benchmark Mortgage Trust, Series 2018-B1, Class XA, 0.66%, 01/15/2051		17,737,384		533,650

BX Commercial Mortgage Trust, Series 2018-BIOA, Class C, 1.31% (1 mo. USD LIBOR + 1.12%), 03/15/2037^(a)(e)		6,500,000		6,295,242

CarMax Auto Owner Trust, Series 2017-1, Class D, 3.43%, 07/17/2023		1,870,000		1,894,499

Series 2017-4, Class D, 3.30%, 05/15/2024		3,590,000		3,638,525

Series 2018-1, Class D, 3.37%, 07/15/2024		1,925,000		1,943,093

CCG Receivables Trust, Series 2018-1, Class C, 3.42%, 06/16/2025^(e)		190,000		191,323

Series 2019-1, Class B, 3.22%, 09/14/2026^(e)		1,400,000		1,434,898

Series 2019-1, Class C, 3.57%, 09/14/2026^(e)		340,000		346,038

Series 2019-2, Class C, 2.89%, 03/15/2027^(e)		405,000		407,890

CD Mortgage Trust, Series 2017- CD6, Class XA, 1.10%, 11/13/2050		7,636,950		326,718

CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class B, 1.15% (1 mo. USD LIBOR + 0.97%), 07/15/2032^(a)(e)		2,740,630		2,707,367

Series 2017-BIOC, Class C, 1.23% (1 mo. USD LIBOR + 1.05%), 07/15/2032^(a)(e)		2,698,607		2,651,073

Chase Mortgage Finance Corp., Series 2016-2, Class M4, 3.75%, 12/25/2045^(b)(e)		2,114,367		2,102,902

Series 2016-SH1, Class M3, 3.75%, 04/25/2045^(b)(e)		2,117,166		2,108,165

Chase Mortgage Finance Trust, Series 2005-A1, Class 3A1, 3.81%, 12/25/2035^(b)		25,529		23,813

Series 2007-A2, Class 2A1, 4.14%, 06/25/2035^(b)		483,838		471,887

Series 2007-A2, Class 2A4, 4.14%, 06/25/2035^(b)		446,963		433,575

CHL Mortgage Pass-Through Trust, Series 2004-29, Class 1A1, 0.72% (1 mo. USD LIBOR + 0.54%), 02/25/2035^(a)		295,332		271,835

Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class XA, 1.18%, 11/10/2046		5,315,863		152,717

Series 2017-C4, Class XA, 1.25%, 10/12/2050		20,333,889		1,156,516

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

9 Invesco Quality Income Fund


	Principal Amount		Value
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A4, 2.97%, 08/25/2034^(b)	$	120,019	$	113,743

Series 2005-11, Class A2A, 4.38% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035^(a)		955,192		929,130

Series 2006-AR2, Class 1A2, 3.94%, 03/25/2036^(b)		37,894		35,429

Commercial Mortgage Trust, Series 2013-LC13, Class XA, 1.30%, 08/10/2046^(b)		26,564,620		763,988

Series 2014-FL5, Class B, 1.57% (1 mo. USD LIBOR + 2.15%), 10/15/2031^(a)(e)		73,937		71,169

Series 2014-LC15, Class D, 4.98%, 04/10/2047^(b)(e)		3,000,000		2,169,030

Series 2015-CR24, Class XA, 0.91%, 08/10/2048^(b)		41,340,143		1,325,448

Series 2015-CR26, Class C, 4.48%, 10/10/2048^(b)		1,997,000		1,977,937

Commonbond Student Loan Trust, Series 2018-CGS, Class A1, 3.87%, 02/25/2046^(e)		2,839,368		2,953,229

Credit Suisse Mortgage Capital Trust, Series 2013-6, Class 2A1, 3.50%, 08/25/2043^(b)(e)		1,026,667		1,070,308

Series 2013-7, Class B1, 3.57%, 08/25/2043^(b)(e)		4,149,928		4,186,519

Credit Suisse Mortgage Loan Trust, Series 2015-1, Class A9, 3.50%, 05/25/2045^(b)(e)		1,601,900		1,658,874

CSFB Mortgage-Backed Pass Through Ctfs., Series 2004- AR5, Class 5A1, 3.76%, 06/25/2034^(b)		684,739		675,116

DBUBS Mortgage Trust, Series 2011-LC3A, Class C, 5.33%, 08/10/2044^(b)(e)		5,000,000		4,954,615

Deephaven Residential Mortgage Trust, Series 2017-3A, Class A1, 2.58%, 10/25/2047^(b)(e)		483,551		489,511

Dell Equipment Finance Trust, Series 2019-2, Class D, 2.48%, 04/22/2025^(e)		875,000		874,961

Deutsche Mortgage Securities, Inc. Re-REMIC Trust Ctfs., Series 2007-WM1, Class A1, 3.80%, 06/27/2037^(b)(e)		2,417,829		2,321,730

Drive Auto Receivables Trust, Series 2018-3, Class D, 4.30%, 09/16/2024		1,650,000		1,700,220

Series 2019-1, Class D, 4.09%, 06/15/2026		2,410,000		2,458,254

Series 2019-2, Class D, 3.69%, 08/17/2026		2,565,000		2,608,623

Series 2019-3, Class D, 3.18%, 10/15/2026		2,750,000		2,794,207


	Principal Amount		Value
DT Auto Owner Trust, Series 2016-4A, Class E, 6.49%, 09/15/2023^(e)	$	2,600,000	$	2,626,377

Series 2019-1A, Class D, 3.87%, 11/15/2024^(e)		1,790,000		1,846,193

Series 2019-2A, Class D, 3.48%, 02/18/2025^(e)		970,000		985,023

Series 2019-3A, Class D, 2.96%, 04/15/2025^(e)		570,000		573,190

Series 2019-4A, Class D, 2.85%, 07/15/2025^(e)		1,830,000		1,840,170

Exeter Automobile Receivables Trust, Series 2019-1A, Class D, 4.13%, 12/16/2024^(e)		2,530,000		2,617,744

FREMF Mortgage Trust, Series 2013-K25, Class C, 3.74%, 11/25/2045^(b)(e)		805,000		823,830

Series 2013-K26, Class C, 3.72%, 12/25/2045^(b)(e)		550,000		563,059

Series 2013-K27, Class C, 3.62%, 01/25/2046^(b)(e)		850,000		869,517

Series 2014-K36, Class C, 4.50%, 12/25/2046^(b)(e)		3,250,000		3,407,291

Series 2014-K38, Class C, 4.79%, 06/25/2047^(b)(e)		5,250,000		5,575,223

Series 2014-K714, Class C, 4.20%, 01/25/2047^(b)(e)		2,500,000		2,503,719

Series 2014-K715, Class C, 4.27%, 02/25/2046^(b)(e)		2,205,000		2,217,841

Series 2017-KF41, Class B, 2.83% (1 mo. USD LIBOR + 2.50%), 11/25/2024^(a)(e)		567,180		547,502

Galton Funding Mortgage Trust, Series 2018-1, Class A33, 3.50%, 11/25/2057^(b)(e)		2,178,307		2,223,006

Series 2019-H1, Class B1, 3.89%, 10/25/2059^(b)(e)		2,000,000		1,925,367

GCAT LLC, Series 2019-NQM1, Class A1, 2.99%, 02/25/2059^(b)(e)(f)		3,571,563		3,621,011

GCAT Trust, Series 2019-NQM2, Class A1, 2.86%, 09/25/2059^(b)(e)(f)		3,131,650		3,193,895

GM Financial Automobile Leasing Trust, Series 2019-1, Class D, 3.95%, 05/22/2023		2,715,000		2,779,666

GMACM Mortgage Loan Trust, Series 2005-AR3, Class 2A1, 3.90%, 06/19/2035^(b)		981,347		963,885

GSAA Home Equity Trust, Series 2007-7, Class A4, 0.44% (1 mo. USD LIBOR + 0.27%), 07/25/2037^(a)		73,297		70,316

GSR Mortgage Loan Trust, Series 2004-12, Class 3A6, 3.93%, 12/25/2034^(b)		433,257		422,602

Series 2005-AR, Class 6A1, 3.34%, 07/25/2035		296,512		291,896

Home Partners of America Trust, Series 2017-1, Class C, 1.74% (1 mo. USD LIBOR + 1.55%), 07/17/2034^(a)(e)		3,000,000		2,995,327

Series 2017-1, Class D, 2.09% (1 mo. USD LIBOR + 1.90%), 07/17/2034^(a)(e)		6,620,000		6,597,712

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

10 Invesco Quality Income Fund


	Principal Amount		Value
Invitation Homes Trust, Series 2017-SFR2, Class C, 1.64% (1 mo. USD LIBOR + 1.45%), 12/17/2036^(a)(e)	$	3,208,000	$	3,190,362

Series 2017-SFR2, Class D, 1.99% (1 mo. USD LIBOR + 1.80%), 12/17/2036^(a)(e)		7,904,401		7,847,081

Series 2018-SFR3, Class B, 1.34% (1 mo. USD LIBOR + 1.15%), 07/17/2037^(a)(e)		5,000,000		4,941,009

Series 2018-SFR4, Class C, 1.59% (1 mo. USD LIBOR + 1.40%), 01/17/2038^(a)(e)		4,229,000		4,167,741

JP Morgan Mortgage Trust, Series 2005-A1, Class 3A1, 3.99%, 02/25/2035^(b)		814,269		781,534

Series 2005-A3, Class 6A5, 3.82%, 06/25/2035^(b)		653,771		642,317

Series 2014-1, Class 1A17, 4.00%, 01/25/2044^(b)(e)		2,112,977		2,199,889

Series 2015-3, Class A3, 3.50%, 05/25/2045^(b)(e)		2,849,488		2,950,956

Series 2015-5, Class A2, 2.76%, 05/25/2045^(b)(e)		941,017		968,738

Series 2016-5, Class A1, 2.67%, 12/25/2046^(b)(e)		1,565,478		1,601,725

Series 2017-5, Class A1, 3.14%, 10/26/2048^(b)(e)		2,822,616		2,873,770

Series 2018-7FRB, Class A2, 0.93% (1 mo. USD LIBOR + 0.75%), 04/25/2046^(a)(e)		3,580,642		3,549,875

Series 2019-INV2, Class A15, 3.50%, 02/25/2050^(b)(e)		772,307		788,057

Luminent Mortgage Trust, Series 2006-1, Class A1, 0.65% (1 mo. USD LIBOR + 0.24%), 04/25/2036^(a)		48,157		40,597

MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A2, 4.33%, 04/21/2034		204,861		202,130

Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 3A, 4.01% (1 mo. USD LIBOR + 0.25%), 11/25/2035^(a)		416,275		401,083

Series 2005-A, Class A1, 0.64% (1 mo. USD LIBOR + 0.46%), 03/25/2030^(a)		476,935		455,978

Mill City Mortgage Loan Trust, Series 2017-1, Class A1, 2.75%, 11/25/2058^(b)(e)		1,589,599		1,635,904

Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, 0.93%, 12/15/2050		6,741,919		308,323

Mortgage-Linked Amortizing Notes, Series 2012-1, Class A10, 2.06%, 01/15/2022		28,436,725		29,031,226

New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 0.93% (1 mo. USD LIBOR + 0.75%), 01/25/2048^(a)(e)		2,774,044		2,752,527

Series 2019-NQM4, Class A3, 2.80%, 09/25/2059^(b)(e)		6,420,973		6,326,916

OBX Trust, Series 2018-EXP1, Class 2A1, 1.03% (1 mo. USD LIBOR + 0.85%), 04/25/2048^(a)(e)		2,496,601		2,572,254


	Principal Amount		Value
Progress Residential Trust, Series 2020-SFR1, Class C, 2.18%, 04/17/2037^(e)	$	2,500,000	$	2,513,142

RALI Trust, Series 2006-QO2, Class A2, 0.71% (1 mo. USD LIBOR + 0.27%), 02/25/2046^(a)		47,137		14,082

Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		53,687		49,171

RBSSP Resecuritization Trust, Series 2010-1, Class 2A1, 4.22% (Acquired 02/25/2015; Cost $4,746), 07/26/2045^(b)(e)		224,197		226,032

Residential Accredit Loans, Inc. Trust, Series 2007-QS6, Class A28, 5.75%, 04/25/2037		750,899		698,502

Santander Drive Auto Receivables Trust, Series 2018-1, Class D, 3.32%, 03/15/2024		810,000		830,244

Series 2019-1, Class D, 3.65%, 04/15/2025		2,680,000		2,758,664

Series 2019-2, Class D, 3.22%, 07/15/2025		1,610,000		1,653,667

Series 2019-3, Class D, 2.68%, 10/15/2025		1,280,000		1,278,867

Sapphire Aviation Finance II Ltd., Series 2020-1A, Class B, 4.34%, 03/15/2040^(e)		6,000,000		3,345,624

Sequoia Mortgage Trust, Series 2013-4, Class A3, 1.55%, 04/25/2043^(b)		794,104		797,300

Shellpoint Asset Funding Trust, Series 2013-1, Class A3, 3.75%, 07/25/2043^(b)(e)		1,617,010		1,676,048

Starwood Waypoint Homes Trust, Series 2017-1, Class D, 2.13% (1 mo. USD LIBOR + 1.95%), 01/17/2035^(a)(e)		5,750,000		5,733,230

Structured Adjustable Rate Mortgage Loan Trust, Series 2004-13, Class A2, 0.48% (1 mo. USD LIBOR + 0.30%), 09/25/2034^(a)		353,295		323,089

Series 2004-20, Class 3A1, 3.37%, 01/25/2035^(b)		164,080		157,565

Structured Asset Mortgage Investments II Trust, Series 2005-AR2, Class 2A1, 0.64% (1 mo. USD LIBOR + 0.46%), 05/25/2045^(a)		826,556		779,324

Structured Asset Sec Mortgage Pass Through Ctfs., Series 2002-21A, Class B1II, 3.72%, 11/25/2032^(b)		147,965		138,548

Towd Point Mortgage Trust, Series 2015-4, Class A1, 3.50%, 04/25/2055^(b)(e)		348,215		353,477

Series 2017-2, Class A1, 2.75%, 04/25/2057^(b)(e)		3,021,930		3,078,917

UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, 1.15%, 11/15/2050		12,944,357		664,607

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

11 Invesco Quality Income Fund


	Principal Amount		Value
Vendee Mortgage Trust, Series 1999-3, Class IO, 0.00%, 10/15/2029	$	7,812,290	$	173

Series 2001-3, Class IO, 0.01%, 10/15/2031		3,694,850		1,827

Series 2002-2, Class IO, 0.05%, 01/15/2032		9,394,952		12,901

Series 2002-3, Class IO, 0.33%, 08/15/2032		13,032,507		127,954

Series 2003-1, Class IO, 0.13%, 11/15/2032		18,729,063		67,430

Verus Securitization Trust, Series 2018-3, Class A-2, 4.18%, 10/25/2058^(b)(e)		2,215,173		2,221,856

Series 2018-INV1, Class A3, 4.05%, 03/25/2058^(b)(e)		716,424		719,058

Series 2019-3, Class A1, 2.78%, 07/25/2059^(b)(e)(f)		3,559,812		3,634,707

Series 2019-INV3, Class A2, 2.95%, 11/25/2059^(b)(e)		2,370,139		2,365,547

WaMu Mortgage Pass-Through Ctfs. Trust, Series 2003-AR10, Class A7, 4.19%, 10/25/2033		273,932		268,293

WaMu Mortgage Pass-Through Trust, Series 2007-HY2, Class 2A1, 3.93%, 11/25/2036^(b)		104,189		93,928

Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, 1.03%, 12/15/2050		9,346,247		490,539

Series 2018- BXI, Class C, 1.34% (1 mo. USD LIBOR + 1.16%), 12/15/2036^(a)(e)		1,393,121		1,353,487

Westlake Automobile Receivables Trust, Series 2018-3A, Class D, 4.00%, 10/16/2023^(e)		3,000,000		3,064,449

WFRBS Commercial Mortgage Trust, Series 2013-C17, Class D, 5.04%, 12/15/2046^(b)(e)		2,600,000		2,264,865

Total Asset-Backed Securities (Cost $261,626,335)				258,299,207


Agency Credit Risk Transfer Notes–1.79%
Fannie Mae Connecticut Avenue Securities Series 2014-C03, Class 2M2, 3.08% (1 mo. USD LIBOR + 2.90%), 07/25/2024^(a)		2,933,736		2,714,941

Series 2015-C02, Class 1M2, 4.18% (1 mo. USD LIBOR + 4.00%), 05/25/2025^(a)		7,266,386		7,398,316

Series 2015-C03, Class 2M2, 5.18% (1 mo. USD LIBOR + 5.00%), 07/25/2025^(a)		3,200,660		3,293,418


	Principal Amount		Value
Freddie Mac Series 2013-DN2, Class M2, STACR^®, 4.43% (1 mo. USD LIBOR + 4.25%), 11/25/2023^(a)	$	3,278,494	$	2,662,636

Series 2014-DN1, Class M2, STACR^®, 2.38% (1 mo. USD LIBOR + 2.20%), 02/25/2024^(a)		2,359,487		2,367,562

Series 2015-HQ1, Class M3, STACR^®, 3.98% (1 mo. USD LIBOR + 3.80%), 03/25/2025^(a)		2,061,480		2,098,971

Series 2015-DNA1, Class M2, STACR^®, 2.02% (1 mo. USD LIBOR + 1.85%), 10/25/2027^(a)		1,342,966		1,342,572

Series 2016-HQA4, Class M2, STACR^®, 1.47% (1 mo. USD LIBOR + 1.30%), 04/25/2029^(a)		446,079		445,793

Series 2017-DNA2, Class M1, STACR^®, 1.37% (1 mo. USD LIBOR + 1.20%), 10/25/2029^(a)		1,459,100		1,462,732

Series 2018-DNA2, Class M1, STACR^®, 0.98% (1 mo. USD LIBOR + 0.80%), 12/25/2030^(a)(e)		555,452		554,391

Series 2018-HRP2, Class M2, STACR^®, 1.43% (1 mo. USD LIBOR + 1.25%), 02/25/2047^(a)(e)		1,352,463		1,334,725

Series 2019-HRP1, Class M2, STACR^®, 1.57% (1 mo. USD LIBOR + 1.40%), 02/25/2049^(a)(e)		495,000		474,642

Total Agency Credit Risk Transfer Notes (Cost $26,321,336)				26,150,699


U.S. Treasury Securities–0.37%
U.S. Treasury Bills–0.37%
0.01% - 0.25%, 09/03/2020 (Cost $5,398,985)^(g)(h)		5,400,000		5,398,764


	Shares
Money Market Funds–0.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.09% (Cost $111)^(i)(j)		111		111

TOTAL INVESTMENTS IN SECURITIES–165.57% (Cost $2,399,295,060)				2,412,562,828

OTHER ASSETS LESS LIABILITIES–(65.57)%				(955,473,066	)

NET ASSETS–100.00%			$	1,457,089,762

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

12 Invesco Quality Income Fund


Investment Abbreviations:

ACES		– Automatically Convertible Extendable Security
COF		– Cost of Funds
Ctfs.		– Certificates
IO		– Interest Only
LIBOR		– London Interbank Offered Rate
MTA		– Moving Treasury Average
PO		– Principal only
REMICs		– Real Estate Mortgage Investment Conduits
STACR^®– Structured Agency Credit Risk
STRIPS		– Separately Traded Registered Interest and Principal Security
TBA		– To Be Announced
USD		– U.S. Dollar

Notes to Schedule of Investments:

^(a)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2020.

^(b)	Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on June 30, 2020.

^(c)	Zero coupon bond issued at a discount.

^(d)	Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1I.

^(e)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2020 was $181,451,384, which represented 12.45% of the Fund’s Net Assets.

^(f)	Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(g)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1H.

^(h)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

⁽ⁱ⁾


	Value December 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value June 30, 2020		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ 3,572,621		$111,055,255		$(114,627,765	)		$ -		$ -		$111		$19,988

Invesco Liquid Assets Portfolio, Institutional Class		2,509,650		54,088,808		(56,611,405	)		16		12,931		-		18,711

Invesco Treasury Portfolio, Institutional Class		4,082,995		83,917,115		(88,000,110	)		-		-		-		14,387

Total		$10,165,266		$249,061,178		$(259,239,280	)		$16		$12,931		$111		$53,086

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

Portfolio Composition

By security type, based on Total Investments

as of June 30, 2020


U.S. Government Sponsored Agency Mortgage-Backed Securities			87.99%

Asset-Backed Securities			10.71

Agency Credit Risk Transfer Notes			1.08

Security types each less than 1% portfolio			0.22


Open Futures Contracts

Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)

Interest Rate Risk

U.S. Treasury Notes		1,724		September-2020	$	(380,707,689	)	$	(142,934	)	$	(142,934	)

U.S. Treasury Ultra Bonds		165		September-2020		(35,995,781	)		(162,788	)		(162,788	)

U.S. Treasury 5 Year Notes		447		September-2020		(56,206,758	)		(161,543	)		(161,543	)

U.S. Treasury 10 Year Notes		109		September-2020		(15,169,734	)		(32,591	)		(32,591	)

U.S. Treasury 10 Year Ultra Bonds		154		September-2020		(24,252,594	)		(416,234	)		(416,234	)

Total Futures Contracts								$	(916,090	)	$	(916,090	)

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

13 Invesco Quality Income Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)


Assets:
Investments in securities, at value (Cost $ 2,399,294,949)	$	2,412,562,717

Investments in affiliated money market funds, at value (Cost $ 111)		111

Other investments: Variation margin receivable – futures contracts		1,756,314

Cash		1,799,596

Receivable for:
Investments sold		76,012,487

Fund shares sold		1,650,186

Dividends		1,055

Interest		5,027,956

Principal paydowns		18,746

Investment for trustee deferred compensation and retirement plans		228,138

Other assets		75,577

Total assets		2,499,132,883


Liabilities:
Payable for:
Investments purchased		1,036,137,586

Dividends		913,772

Fund shares reacquired		3,975,513

Accrued fees to affiliates		485,358

Accrued trustees’ and officers’ fees and benefits		3,165

Accrued other operating expenses		290,572

Trustee deferred compensation and retirement plans		237,155

Total liabilities		1,042,043,121

Net assets applicable to shares outstanding	$	1,457,089,762


Net assets consist of:
Shares of beneficial interest	$	1,468,720,887

Distributable earnings (loss)		(11,631,125	)

	$	1,457,089,762


Net Assets:
Class A	$	817,062,777

Class C	$	69,232,742

Class R	$	28,110,530

Class Y	$	249,457,062

Class R5	$	117,161,549

Class R6	$	176,065,102


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		68,746,099

Class C		5,861,546

Class R		2,367,029

Class Y		20,910,830

Class R5		9,825,438

Class R6		14,758,394

Class A:
Net asset value per share	$	11.89

Maximum offering price per share
(Net asset value of $11.89 ÷ 95.75%)	$	12.42

Class C:
Net asset value and offering price per share	$	11.81

Class R:
Net asset value and offering price per share	$	11.88

Class Y:
Net asset value and offering price per share	$	11.93

Class R5:
Net asset value and offering price per share	$	11.92

Class R6:
Net asset value and offering price per share	$	11.93

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

14 Invesco Quality Income Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)


Investment income:
Interest	$13,415,383

Dividends from affiliated money market funds	53,086

Total investment income	13,468,469


Expenses:
Advisory fees	1,634,075

Administrative services fees	51,909

Custodian fees	12,539

Distribution fees:
Class A	522,353

Class C	119,716

Class R	16,862

Transfer agent fees – A, C, R and Y	396,296

Transfer agent fees – R5	2,626

Transfer agent fees – R6	1,196

Trustees’ and officers’ fees and benefits	9,776

Registration and filing fees	34,821

Reports to shareholders	28,258

Professional services fees	25,751

Other	(35,675	)

Total expenses	2,820,503

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)	(33,727	)

Net expenses	2,786,776

Net investment income	10,681,693


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities	20,714,772

Futures contracts	(1,588,097	)

	19,126,675

Change in net unrealized appreciation (depreciation) of:
Investment securities	(697,849	)

Futures contracts	(1,151,837	)

	(1,849,686	)

Net realized and unrealized gain	17,276,989

Net increase in net assets resulting from operations	$27,958,682

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

15 Invesco Quality Income Fund

Statement of Changes in Net Assets

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

(Unaudited)


	June 30,			December 31,
	2020			2019

Operations:
Net investment income	$	10,681,693		$	15,665,596

Net realized gain		19,126,675			8,935,334

Change in net unrealized appreciation (depreciation)		(1,849,686	)		4,624,604

Net increase in net assets resulting from operations		27,958,682			29,225,534


Distributions to shareholders from distributable earnings:
Class A		(8,221,457	)		(11,582,309	)

Class C		(353,083	)		(221,275	)

Class R		(115,210	)		–

Class Y		(1,955,654	)		(1,012,449	)

Class R5		(2,502,142	)		(5,522,068	)

Class R6		(1,204,402	)		(814,714	)

Total distributions from distributable earnings		(14,351,948	)		(19,152,815	)


Share transactions–net:
Class A		507,142,548			(13,287,659	)

Class C		60,019,845			(643,368	)

Class R		27,922,749			–

Class Y		226,705,506			6,747,466

Class R5		(16,726,332	)		(12,923,459	)

Class R6		152,388,293			2,907,540

Net increase (decrease) in net assets resulting from share transactions		957,452,609			(17,199,480	)

Net increase (decrease) in net assets		971,059,343			(7,126,761	)


Net assets:
Beginning of period		486,030,419			493,157,180

End of period	$	1,457,089,762		$	486,030,419

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

16 Invesco Quality Income Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Class A
Six months ended 06/30/20		$11.72		$0.15		$0.24			$0.39			$(0.22	)		$11.89		3.33	%(d)		$817,063		0.85	%^(d)(e)		0.85	%^(d)(e)		2.63	%^(e)		382	%
Year ended 12/31/19		11.48		0.35		0.33			0.68			(0.44	)		11.72		5.97	^(d)		301,996		0.92	^(d)		0.92	^(d)		3.04	^(d)		448
Year ended 12/31/18		11.95		0.36		(0.38	)		(0.02	)		(0.45	)		11.48		(0.15	)^(d)		308,880		0.94	^(d)		0.94	^(d)		3.10	^(d)		416
Year ended 12/31/17		12.11		0.26		(0.02	)		0.24			(0.40	)		11.95		1.98	^(d)		353,256		0.96	^(d)		0.96	^(d)		2.15	^(d)		516
Year ended 12/31/16		12.22		0.27		0.04			0.31			(0.42	)		12.11		2.50	^(d)		390,037		0.92	^(d)		0.93	^(d)		2.19	^(d)(f)		472
Year ended 12/31/15		12.55		0.24		(0.06	)		0.18			(0.51	)		12.22		1.41	^(d)		395,806		0.96	^(d)		0.96	^(d)		1.88	^(d)		500
Class C
Six months ended 06/30/20		11.64		0.11		0.23			0.34			(0.17	)		11.81		2.95			69,233		1.60	^(e)		1.60	^(e)		1.88	^(e)		382
Year ended 12/31/19		11.40		0.27		0.32			0.59			(0.35	)		11.64		5.19			8,659		1.68			1.68			2.28			448
Year ended 12/31/18		11.87		0.27		(0.38	)		(0.11	)		(0.36	)		11.40		(0.93	)		9,179		1.70			1.70			2.34			416
Year ended 12/31/17		12.02		0.16		(0.01	)		0.15			(0.30	)		11.87		1.28			13,178		1.72			1.72			1.39			516
Year ended 12/31/16		12.14		0.17		0.03			0.20			(0.32	)		12.02		1.63			15,672		1.68			1.69			1.43	^(f)		472
Year ended 12/31/15		12.46		0.14		(0.05	)		0.09			(0.41	)		12.14		0.71			9,394		1.72			1.72			1.12			500
Class R
Period ended 06/30/20^(g)		11.79		0.20		(0.06	)		0.14			(0.05	)		11.88		1.18			28,111		1.06	^(e)(h)		1.06	^(e)(h)		2.42	^(e)(h)		382
Class Y
Six months ended 06/30/20		11.77		0.17		0.22			0.39			(0.23	)		11.93		3.37			249,457		0.56	^(e)		0.61	^(e)		2.92	^(e)		382
Year ended 12/31/19		11.53		0.38		0.33			0.71			(0.47	)		11.77		6.21			20,339		0.68			0.68			3.28			448
Year ended 12/31/18		12.00		0.39		(0.38	)		0.01			(0.48	)		11.53		0.11			13,189		0.70			0.70			3.34			416
Year ended 12/31/17		12.15		0.29		(0.01	)		0.28			(0.43	)		12.00		2.32			67,027		0.72			0.72			2.39			516
Year ended 12/31/16		12.27		0.30		0.03			0.33			(0.45	)		12.15		2.67			67,532		0.68			0.69			2.43	^(f)		472
Year ended 12/31/15		12.59		0.26		(0.04	)		0.22			(0.54	)		12.27		1.75			21,668		0.72			0.72			2.12			500
Class R5
Six months ended 06/30/20		11.76		0.18		0.22			0.40			(0.24	)		11.92		3.43			117,162		0.47	^(e)		0.47	^(e)		3.01	^(e)		382
Year ended 12/31/19		11.52		0.40		0.32			0.72			(0.48	)		11.76		6.36			132,657		0.55			0.55			3.41			448
Year ended 12/31/18		12.00		0.40		(0.39	)		0.01			(0.49	)		11.52		0.16			142,812		0.56			0.56			3.48			416
Year ended 12/31/17		12.15		0.30		(0.01	)		0.29			(0.44	)		12.00		2.46			176,010		0.58			0.58			2.53			516
Year ended 12/31/16		12.26		0.32		0.03			0.35			(0.46	)		12.15		2.86			142,657		0.55			0.56			2.56	^(f)		472
Year ended 12/31/15		12.59		0.27		(0.06	)		0.21			(0.54	)		12.26		1.71			27		0.68			0.68			2.16			500
Class R6
Six months ended 06/30/20		11.77		0.18		0.22			0.40			(0.24	)		11.93		3.43			176,065		0.47	^(e)		0.47	^(e)		3.01	^(e)		382
Year ended 12/31/19		11.53		0.40		0.32			0.72			(0.48	)		11.77		6.35			22,379		0.55			0.55			3.41			448
Year ended 12/31/18		12.00		0.40		(0.38	)		0.02			(0.49	)		11.53		0.25			19,097		0.56			0.56			3.48			416
Year ended 12/31/17^(g)		12.14		0.23		(0.04	)		0.19			(0.33	)		12.00		1.61			10		0.58	^(h)		0.58	^(h)		2.53	^(h)		516

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the six months ended June 30, 2020, the portfolio turnover calculation excludes the value of securities purchased of $1,606,141,382 in connection with the acquisition of Invesco Oppenheimer Limited-Term Government Fund into the Fund.

^(d)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended June 30, 2020 and for the years ended December 31, 2019, 2018, 2017, 2016 and 2015.

^(e)	Ratios are annualized and based on average daily net assets (000’s omitted) of $445,258, $24,308, $28,055, $99,118, $122,866 and $59,632 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)	Amount includes the effect of a one-time reimbursement of custody expenses. The ratio of net investment income excluding these payments would have been 2.02%, 1.26%, 2.26% and 2.39% for Class A, Class C, Class Y and Class R5 shares, respectively.

^(g)	Commencement date of May 15, 2020 and April 4, 2017 for Class R and Class R6 Shares, respectively.

^(h)	Annualized.

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

17 Invesco Quality Income Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to provide a high level of current income, with liquidity and safety of principal.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. On May 15, 2020, the Fund began offering Class R shares. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares.

The 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.

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash

18 Invesco Quality Income Fund

dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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.

Dollar Rolls and Forward Commitment Transactions - The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate. The Fund will segregate liquid assets in an amount equal to its dollar roll commitments.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement. Dollar roll transactions covered in this manner are not treated as senior securities for purposes of a Fund’s fundamental investment limitation on senior securities and borrowings.

Other Risks - The Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government. Many securities purchased by the Fund are not guaranteed by the U.S. Government. Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

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

19 Invesco Quality Income Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Effective May 15, 2020, under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate
First $ 100 million		0.470%
Next $150 million		0.440%
Next $250 million		0.413%
Next $2 billion		0.383%
Next $2.5 billion		0.380%
Next $2.5 billion		0.365%
Next $2.5 billion		0.340%
Next $2.5 billion		0.295%
Over $12.5 billion		0.270%

Prior to May 15, 2020, the Fund accrued daily and paid monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate
First $1 billion		0.470%
Next $ 500 million		0.445%
Next $ 500 million		0.420%
Next $ 500 million		0.395%
Next $ 2.5 billion		0.370%
Next $ 2.5 billion		0.345%
Next $ 2.5 billion		0.320%
Next $ 2.5 billion		0.295%
Over $12.5 billion		0.270%

For the six months ended June 30, 2020, the effective advisory fee rate incurred by the Fund was 0.43%.

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

Effective May 15, 2020, the Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.80%, 1.60%, 1.10%, 0.50%, 0.53% and 0.48%, respectively, of average daily net assets (the “expense limits”). Prior to May 15, 2020, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

For the six months ended June 30, 2020, the Adviser waived advisory fees of $8,464 and reimbursed class level expenses of $0, $0, $0, $24,316, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A shares and Class C shares to compensate IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets and up to 1.00% of Class C average daily net assets. The fees are accrued daily and paid monthly.

20 Invesco Quality Income Fund

With respect to Class C shares, the Fund is authorized to reimburse in future years any distribution related expenses that exceed the maximum annual reimbursement rate for such class, so long as such reimbursement does not cause the Fund to exceed the Class C maximum annual reimbursement rate, respectively. With respect to Class A shares, distribution related expenses that exceed the maximum annual reimbursement rate for such class are not carried forward to future years and the Fund will not reimburse IDI for any such expenses.

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

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $13,617 in front-end sales commissions from the sale of Class A shares and $3,930 and $461 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information


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

Level 1

Level 2

Level 3

Total

Investments in Securities

U.S. Government Sponsored Agency Mortgage-Backed Securities

$ –

$2,122,714,047

$–

$2,122,714,047

Asset-Backed Securities

–

258,299,207

–

258,299,207

Agency Credit Risk Transfer Notes

–

26,150,699

–

26,150,699

U.S. Treasury Securities

–

5,398,764

–

5,398,764

Money Market Funds

111

–

111

Total Investments in Securities

111

2,412,562,717

–

2,412,562,828

Other Investments - Liabilities*

Futures Contracts

(916,090

)

–

(916,090

)

Total Investments

$(915,979

)

$2,412,562,717

$–

$2,411,646,738

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period-End

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


	Value
	Interest
Derivative Liabilities	Rate Risk

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(916,090	)

Derivatives not subject to master netting agreements		916,090

Total Derivative Liabilities subject to master netting agreements	$	-

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

21 Invesco Quality Income Fund

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

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


	Location of Gain (Loss) on Statement of Operations
	Interest Rate Risk
Realized Gain (Loss):
Futures contracts		$(1,588,097)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(1,151,837)
Total		$(2,739,934)

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


	Futures Contracts
Average notional value	$	231,920,378

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

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

NOTE 8–Tax Information

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

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


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	15,818,074	$	24,478,735	$	40,296,809

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2020 was $3,830,339,267 and $3,283,730,253, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	39,651,211

Aggregate unrealized (depreciation) of investments		(27,546,810	)

Net unrealized appreciation of investments	$	12,104,401

22 Invesco Quality Income Fund

Cost of investments for tax purposes is $2,399,542,337.

NOTE 10–Share Information


	Summary of Share Activity
	Six months ended June 30, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class A		4,078,656		$	48,133,690			1,767,058		$	20,598,990

Class C		683,531			8,026,018			524,343			6,068,781

Class R^(b)		52,196			600,856			-			-

Class Y		4,578,114			54,180,951			4,083,005			48,010,869

Class R5		1,001,997			11,810,804			1,039,600			12,117,488

Class R6		391,896			4,708,277			574,607			6,756,020


Issued as reinvestment of dividends:
Class A		538,430			6,369,747			763,754			8,925,855

Class C		24,351			286,666			14,683			170,527

Class R^(b)		9,589			113,629			-			-

Class Y		126,462			1,504,817			48,451			570,296

Class R5		211,034			2,501,905			470,142			5,510,817

Class R6		89,454			1,063,812			56,418			661,868


Automatic conversion of Class C shares to Class A shares:
Class A		107,093			1,266,999			362,132			4,152,425

Class C		(107,740	)		(1,266,999	)		(364,676	)		(4,152,425	)


Issued in connection with acquisitions:^(c)
Class A		48,990,326			578,299,738			-			-

Class C		4,934,324			57,865,657			-			-

Class R^(b)		2,383,124			28,131,270			-			-

Class Y		26,919,297			318,931,517			-			-

Class R5		861			10,195			-			-

Class R6		12,974,888			153,708,207			-			-


Reacquired:
Class A		(10,730,636	)		(126,927,626	)		(4,027,036	)		(46,964,929	)

Class C		(416,589	)		(4,891,497	)		(235,662	)		(2,730,251	)

Class R^(b)		(77,880	)		(923,006	)		-			-

Class Y		(12,441,711	)		(147,911,779	)		(3,546,929	)		(41,833,699	)

Class R5		(2,667,470	)		(31,049,236	)		(2,623,470	)		(30,551,764	)

Class R6		(600,011	)		(7,092,003	)		(385,607	)		(4,510,348	)

Net increase (decrease) in share activity		81,053,586		$	957,452,609			(1,479,187	)	$	(17,199,480	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 12% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 17% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)	Commencement date of May 15, 2020.

^(c)

After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Limited-Term Government Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020 and by the shareholders of the Target Fund on April 24, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 96,202,820 shares of the Fund for 255,839,890 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $1,136,946,584, including $20,367,708 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $516,826,874 and $1,653,773,458 immediately after the acquisition.


Net investment income	$	17,985,964
Net realized/unrealized gains		38,050,846
Change in net assets resulting from operations	$	56,036,810

23 Invesco Quality Income Fund

NOTE 11–Coronavirus (COVID-19) Pandemic

24 Invesco Quality Income Fund

Calculating your ongoing Fund expenses

Example

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period (as of close of business May 15, 2020 through June 30, 2020 for the Class R shares). Because the actual ending account value and expense information in the example is not based upon a six month period for the Class R shares, the ending account value and expense information may not provide a meaningful comparison to mutual funds that provide such information for a full six month period.

Hypothetical example for comparison purposes

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


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(01/01/20)	(06/30/20)¹	Period²^,³	(06/30/20)	Period²^,4	Ratio²
Class A	$1,000.00	$1,031.60	$4.29	$1,020.64	$4.27	0.85%
Class C	1,000.00	1,028.70	8.07	1,016.91	8.02	1.60
Class R	1,000.00	1,009.20	1.28	1,019.59	5.32	1.06
Class Y	1,000.00	1,032.80	2.83	1,022.08	2.82	0.56
Class R5	1,000.00	1,033.50	2.38	1,022.53	2.36	0.47
Class R6	1,000.00	1,033.40	2.38	1,022.53	2.36	0.47

Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year. For the Class R shares actual expenses are equal to the annualized expense ratio indicated above multiplied by the average account value over the period, multiplied by 44 (as of close of business May 15, 2020, through June 30, 2020)/366. Because the Class R shares have not been in existence for a full six month period, the actual ending account value and expense information shown may not provide a meaningful comparison to fund expense information of classes that show such data for a full six month period and, because the actual ending account value and expense information in the expense example covers a short time period, return and expense data may not be indicative of return and expense data for longer time periods. Effective May 15, 2020, the Fund’s adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 0.80%, 1.60%, 1.10%, 0.50%, 0.53% and 0.48% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 0.80%, 1.60%, 1.06%, 0.50%, 0.53% and 0.48%.

³	The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $4.04, $8.07, $1.28, $2.53, $2.68 and $2.66 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴	The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $4.02, $8.02, $5.32, $2.51, $2.66 and $2.41 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

25 Invesco Quality Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

The Board’s Evaluation Process

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

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays U.S. Mortgage-Backed Securities Index. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period, the fifth quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s allocation to agency collateralized mortgage obligations negatively impacted the Fund’s relative performance. The Board also noted that the Fund’s yield curve positioning and duration detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the Fund’s contractual management fee schedule was reduced at certain breakpoint levels effective May 2020 and that the Broadridge materials did not reflect this reduced contractual management fee schedule. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee

26 Invesco Quality Income Fund

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

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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

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

27 Invesco Quality Income Fund

LOGO

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

Fund holdings and proxy voting information


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


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



		Semiannual Report to Shareholders		June 30, 2020

		Invesco Peak Retirement™ Funds
		Invesco Peak Retirement^™ Now Fund Invesco Peak Retirement^™ 2015 Fund Invesco Peak Retirement^™ 2020 Fund Invesco Peak Retirement^™ 2025 Fund Invesco Peak Retirement^™ 2030 Fund Invesco Peak Retirement^™ 2035 Fund Invesco Peak Retirement^™ 2040 Fund Invesco Peak Retirement^™ 2045 Fund		Invesco Peak Retirement^™ 2050 Fund Invesco Peak Retirement^™ 2055 Fund Invesco Peak Retirement^™ 2060 Fund Invesco Peak Retirement^™ 2065 Fund

LOGO

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

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Table of Contents



Fund Performance			3

Letters to Shareholders			15

Liquidity Risk Management Program			16

Schedules of Investments			17

Financial Statements			41

Financial Highlights			53

Notes to Financial Statements			65

Fund Expenses			84

Approval of Investment Advisory and Sub-Advisory Contracts			88

Fund Performance


Performance summary - Invesco Peak Retirement^™ Now Fund
Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-5.68	%
Class C Shares	-5.95
Class R Shares	-5.80
Class Y Shares	-5.56
Class R5 Shares	-5.56
Class R6 Shares	-5.56
Bloomberg Barclays U.S. Aggregate Bond Index^▼(Broad Market Index)	6.14
Custom Invesco Peak Retirement Now Benchmark^∎ (Style-Specific Index)	2.97
Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

The Custom Invesco Peak Retirement Now Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM Now Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index, Bloomberg Barclays U.S. Aggregate Bond Index and Bloomberg Barclays U.S. Treasury Bellwethers (3 Month) Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective. The Russell 3000^® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg Barclays U.S. Treasury Bellwethers (3 Month) Index measures the performance of treasury bills with maturities of less than three months.


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (12/29/17)	-0.77	%
1 Year	-6.83

Class C Shares
Inception (12/29/17)	0.76	%
1 Year	-3.09

Class R Shares
Inception (12/29/17)	1.25	%
1 Year	-1.66

Class Y Shares
Inception (12/29/17)	1.74	%
1 Year	-1.16

Class R5 Shares
Inception (12/29/17)	1.74	%
1 Year	-1.16

Class R6 Shares


Average Annual Total Returns– (continued)
As of 6/30/20, including maximum applicable sales charges
Inception (12/29/17)	1.74	%
1 Year	-1.16

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

so that you may have a gain or loss when you sell shares.

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

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

Invesco Peak Retirement^TM Now Fund

Nasdaq: A: PKTSX ∎ C: PKTTX ∎ R: PKTVX

Y: PKTUX ∎ R5: PKTWX ∎ R6: PKTZX

3 Invesco Peak Retirement™ Funds

Fund Performance


Performance summary - Invesco Peak Retirement^™ 2015 Fund
Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-5.92	%
Class C Shares	-6.23
Class R Shares	-6.03
Class Y Shares	-5.82
Class R5 Shares	-5.82
Class R6 Shares	-5.82
Bloomberg Barclays U.S. Aggregate Bond Index^▼(Broad Market Index)	6.14
Custom Invesco Peak Retirement 2015 Benchmark^∎ (Style-Specific Index)	2.83

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

The Custom Invesco Peak Retirement 2015 Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^T^M 2015 Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index, Bloomberg Barclays U.S. Aggregate Bond Index and Bloomberg Barclays U.S. Treasury Bellwethers (3 Month) Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective. The Russell 3000^® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg Barclays U.S. Treasury Bellwethers (3 Month) Index measures the performance of treasury bills with maturities of less than three months.


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (12/29/17)	-0.88	%
1 Year	-7.03

Class C Shares
Inception (12/29/17)	0.61	%
1 Year	-3.42

Class R Shares
Inception (12/29/17)	1.09	%
1 Year	-2.00

Class Y Shares
Inception (12/29/17)	1.59	%
1 Year	-1.55

Class R5 Shares
Inception (12/29/17)	1.59	%
1 Year	-1.55

Class R6 Shares


Average Annual Total Returns– (continued)
As of 6/30/20, including maximum applicable sales charges
Inception (12/29/17)	1.59	%
1 Year	-1.55

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

so that you may have a gain or loss when you sell shares.

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

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

Invesco Peak Retirement^TM 2015 Fund

Nasdaq: A: PKTMX ∎ C: PKTNX ∎ R: PKTPX

Y: PKTOX ∎ R5: PKTQX ∎ R6: PKTRX

4 Invesco Peak Retirement™ Funds

Fund Performance


Performance summary - Invesco Peak Retirement^™ 2020 Fund
Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-3.77	%
Class C Shares	-3.98
Class R Shares	-3.78
Class Y Shares	-3.47
Class R5 Shares	-3.47
Class R6 Shares	-3.47
Bloomberg Barclays U.S. Aggregate Bond Index^▼(Broad Market Index)	6.14
Custom Invesco Peak Retirement 2020 Benchmark^∎ (Style-Specific Index)	2.65

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

The Custom Invesco Peak Retirement 2020 Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM 2020 Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index, Bloomberg Barclays U.S. Aggregate Bond Index and Bloomberg Barclays U.S. Treasury Bellwethers (3 Month) Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective. The Russell 3000^® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg Barclays U.S. Treasury Bellwethers (3 Month) Index measures the performance of treasury bills with maturities of less than three months.


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (12/29/17)	-0.13	%
1 Year	-5.31

Class C Shares
Inception (12/29/17)	1.44	%
1 Year	-1.32

Class R Shares
Inception (12/29/17)	1.94	%
1 Year	0.07

Class Y Shares
Inception (12/29/17)	2.49	%
1 Year	0.64

Class R5 Shares
Inception (12/29/17)	2.49	%
1 Year	0.64

Class R6 Shares


Average Annual Total Returns– (continued)
As of 6/30/20, including maximum applicable sales charges
Inception (12/29/17)	2.49	%
1 Year	0.64

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

so that you may have a gain or loss when you sell shares.

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

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

Invesco Peak Retirement^TM 2020 Fund

Nasdaq: A: PKTGX ∎ C: PKTHX ∎ R: PKTJX

Y: PKTIX ∎ R5: PKTKX ∎ R6: PKTLX

5 Invesco Peak Retirement™ Funds

Fund Performance


Performance summary - Invesco Peak Retirement^™ 2025 Fund
Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-2.01	%
Class C Shares	-2.41
Class R Shares	-2.11
Class Y Shares	-1.91
Class R5 Shares	-1.91
Class R6 Shares	-1.91
Bloomberg Barclays U.S. Aggregate Bond Index^▼(Broad Market Index)	6.14
Custom Invesco Peak Retirement 2025 Benchmark^∎ (Style-Specific Index)	2.22

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

The Custom Invesco Peak Retirement 2025 Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM 2025 Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index and Bloomberg Barclays U.S. Aggregate Bond Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective. The Russell 3000^® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors.


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (12/29/17)	0.63	%
1 Year	-3.37

Class C Shares
Inception (12/29/17)	2.11	%
1 Year	0.37

Class R Shares
Inception (12/29/17)	2.70	%
1 Year	2.11

Class Y Shares
Inception (12/29/17)	3.17	%
1 Year	2.46

Class R5 Shares
Inception (12/29/17)	3.17	%
1 Year	2.46

Class R6 Shares
Inception (12/29/17)	3.17	%
1 Year	2.46

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

Class 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.

Invesco Peak Retirement^TM 2025 Fund

Nasdaq: A: PKTAX ∎ C: PKTBX ∎ R: PKTDX

Y: PKTCX ∎ R5: PKTEX ∎ R6: PKTFX

6 Invesco Peak Retirement™ Funds

Fund Performance


Performance summary - Invesco Peak Retirement^™ 2030 Fund

Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-3.52	%
Class C Shares	-3.83
Class R Shares	-3.53
Class Y Shares	-3.32
Class R5 Shares	-3.32
Class R6 Shares	-3.32
Bloomberg Barclays U.S. Aggregate Bond Index^▼ (Broad Market Index)	6.14
Custom Invesco Peak Retirement 2030 Benchmark^∎(Style-Specific Index)	0.51

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

The Custom Invesco Peak Retirement 2030 Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM 2030 Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index and Bloomberg Barclays U.S. Aggregate Bond Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective. The Russell 3000^® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors.


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (12/29/17)	0.19	%
1 Year	-4.22

Class C Shares
Inception (12/29/17)	1.68	%
1 Year	-0.35

Class R Shares
Inception (12/29/17)	2.22	%
1 Year	1.21

Class Y Shares
Inception (12/29/17)	2.75	%
1 Year	1.68

Class R5 Shares
Inception (12/29/17)	2.75	%
1 Year	1.68

Class R6 Shares
Inception (12/29/17)	2.75	%
1 Year	1.68

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

Class 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.

Invesco Peak Retirement^TM 2030 Fund

Nasdaq: A: PKKSX ∎ C: PKKTX ∎ R: PKKVX

Y: PKKUX ∎ R5: PKKWX ∎ R6: PKKZX

7 Invesco Peak Retirement™ Funds

Fund Performance


Performance summary - Invesco Peak Retirement^™ 2035 Fund

Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-3.89	%
Class C Shares	-4.30
Class R Shares	-4.10
Class Y Shares	-3.79
Class R5 Shares	-3.79
Class R6 Shares	-3.79
Bloomberg Barclays U.S. Aggregate Bond Index^▼(Broad Market Index)	6.14
Custom Invesco Peak Retirement 2035 Benchmark^∎(Style-Specific Index)	-1.13

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

The Custom Invesco Peak Retirement 2035 Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM 2035 Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index and Bloomberg Barclays U.S. Aggregate Bond Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective. The Russell 3000^® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors.


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (12/29/17)	0.12	%
1 Year	-4.01

Class C Shares
Inception (12/29/17)	1.59	%
1 Year	-0.32

Class R Shares
Inception (12/29/17)	2.12	%
1 Year	1.16

Class Y Shares
Inception (12/29/17)	2.65	%
1 Year	1.72

Class R5 Shares
Inception (12/29/17)	2.65	%
1 Year	1.72

Class R6 Shares
Inception (12/29/17)	2.65	%
1 Year	1.72

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

Class 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.

Invesco Peak Retirement^TM2035 Fund

Nasdaq: A: PKKMX ∎ C: PKKNX ∎ R: PKKPX

Y: PKKOX ∎ R5: PKKQX ∎ R6: PKKRX

8 Invesco Peak Retirement™ Funds

Fund Performance


Performance summary - Invesco Peak Retirement^™ 2040 Fund
Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-5.90	%
Class C Shares	-6.32
Class R Shares	-6.20
Class Y Shares	-5.88
Class R5 Shares	-5.88
Class R6 Shares	-5.88
Bloomberg Barclays U.S. Aggregate Bond Index^▼(Broad Market Index)	6.14
Custom Invesco Peak Retirement 2040 Benchmark^∎(Style-Specific Index)	-2.44

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

The Custom Invesco Peak Retirement 2040 Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM 2040 Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index and Bloomberg Barclays U.S. Aggregate Bond Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective. The Russell 3000^® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors.


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (12/29/17)	-0.74	%
1 Year	-5.90

Class C Shares
Inception (12/29/17)	0.72	%
1 Year	-2.20

Class R Shares
Inception (12/29/17)	1.19	%
1 Year	-0.92

Class Y Shares
Inception (12/29/17)	1.76	%
1 Year	-0.26

Class R5 Shares
Inception (12/29/17)	1.76	%
1 Year	-0.26

Class R6 Shares
Inception (12/29/17)	1.76	%
1 Year	-0.26

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

Class 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.

Invesco Peak Retirement^TM 2040 Fund

Nasdaq: A: PKKGX ∎ C: PKKHX ∎ R: PKKJX

Y: PKKIX ∎ R5: PKKKX ∎ R6: PKKLX

9 Invesco Peak Retirement™ Funds

Fund Performance



Performance summary - Invesco Peak Retirement^™ 2045 Fund
Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-8.26	%
Class C Shares	-8.55
Class R Shares	-8.39
Class Y Shares	-8.15
Class R5 Shares	-8.15
Class R6 Shares	-8.15
Russell 3000 Index^▼(Broad Market Index)	-3.48
Custom Invesco Peak Retirement 2045 Benchmark^∎(Style-Specific Index)	-3.51

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Russell 3000^® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

The Custom Invesco Peak Retirement 2045 Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM 2045 Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index and Bloomberg Barclays U.S. Aggregate Bond Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (12/29/17)	-1.10	%
1 Year	-7.40

Class C Shares
Inception (12/29/17)	0.38	%
1 Year	-3.71

Class R Shares
Inception (12/29/17)	0.88	%
1 Year	-2.37

Class Y Shares
Inception (12/29/17)	1.38	%
1 Year	-1.89

Class R5 Shares
Inception (12/29/17)	1.38	%
1 Year	-1.89

Class R6 Shares
Inception (12/29/17)	1.38	%
1 Year	-1.89

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

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.

Invesco Peak Retirement^TM 2045 Fund

Nasdaq: A: PKKAX ∎ C: PKKBX ∎ R: PKKDX

Y: PKKCX ∎ R5: PKKEX ∎ R6: PKKFX

10 Invesco Peak Retirement™ Funds

Fund Performance



Performance summary - Invesco Peak Retirement^™ 2050 Fund
Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-8.87	%
Class C Shares	-9.23
Class R Shares	-9.01
Class Y Shares	-8.75
Class R5 Shares	-8.75
Class R6 Shares	-8.75
Russell 3000 Index^▼(Broad Market Index)	-3.48
Custom Invesco Peak Retirement 2050 Benchmark^∎(Style-Specific Index)	-4.01

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Custom Invesco Peak Retirement 2050 Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM 2050 Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index and Bloomberg Barclays U.S. Aggregate Bond Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (12/29/17)	-1.06	%
1 Year	-7.89

Class C Shares
Inception (12/29/17)	0.44	%
1 Year	-4.30

Class R Shares
Inception (12/29/17)	0.87	%
1 Year	-2.98

Class Y Shares
Inception (12/29/17)	1.43	%
1 Year	-2.42

Class R5 Shares
Inception (12/29/17)	1.43	%
1 Year	-2.42

Class R6 Shares
Inception (12/29/17)	1.43	%
1 Year	-2.33

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

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.

Invesco Peak Retirement^TM 2050 Fund

Nasdaq: A: PKRSX ∎ C: PKRTX ∎ R: PKRVX

Y: PKRUX ∎ R5: PKRWX ∎ R6: PKRZX

11 Invesco Peak Retirement™ Funds

Fund Performance



Performance summary - Invesco Peak Retirement^™ 2055 Fund
Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-8.95	%
Class C Shares	-9.29
Class R Shares	-9.07
Class Y Shares	-8.93
Class R5 Shares	-8.83
Class R6 Shares	-8.83
Russell 3000 Index^▼(Broad Market Index)	-3.48
Custom Invesco Peak Retirement 2055 Benchmark^∎(Style-Specific Index)	-4.74

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Custom Invesco Peak Retirement 2055 Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM 2055 Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index and Bloomberg Barclays U.S. Aggregate Bond Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (12/29/17)	-1.02	%
1 Year	-7.80

Class C Shares
Inception (12/29/17)	0.49	%
1 Year	-4.11

Class R Shares
Inception (12/29/17)	0.91	%
1 Year	-2.79

Class Y Shares
Inception (12/29/17)	1.45	%
1 Year	-2.35

Class R5 Shares
Inception (12/29/17)	1.49	%
1 Year	-2.25

Class R6 Shares
Inception (12/29/17)	1.49	%
1 Year	-2.25

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

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.

Invesco Peak Retirement^TM 2055 Fund

Nasdaq: A: PKRMX ∎ C: PKRNX ∎ R: PKRPX

Y: PKROX ∎ R5: PKRQX ∎ R6: PKRRX

12 Invesco Peak Retirement™ Funds

Fund Performance


Performance summary - Invesco Peak Retirement^™ 2060 Fund
Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-11.47	%
Class C Shares	-11.83
Class R Shares	-11.69
Class Y Shares	-11.36
Class R5 Shares	-11.36
Class R6 Shares	-11.36
Russell 3000 Index^▼(Broad Market Index)	-3.48
Custom Invesco Peak Retirement 2060 Benchmark^∎(Style-Specific Index)	-5.16

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Custom Invesco Peak Retirement 2060 Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM 2060 Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index and Bloomberg Barclays U.S. Aggregate Bond Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (12/29/17)	-1.95	%
1 Year	-9.99

Class C Shares
Inception (12/29/17)	-0.50	%
1 Year	-6.39

Class R Shares
Inception (12/29/17)	-0.04	%
1 Year	-5.13

Class Y Shares
Inception (12/29/17)	0.54	%
1 Year	-4.57

Class R5 Shares
Inception (12/29/17)	0.54	%
1 Year	-4.57

Class R6 Shares
Inception (12/29/17)	0.54	%
1 Year	-4.57

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

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.

Invesco Peak Retirement^TM 2060 Fund

Nasdaq: A: PKRGX ∎ C: PKRHX ∎ R: PKRJX

Y: PKRIX ∎ R5: PKRKX ∎ R6: PKRLX

13 Invesco Peak Retirement™ Funds

Fund Performance


Performance summary - Invesco Peak Retirement^™ 2065 Fund
Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-9.45	%
Class C Shares	-9.90
Class R Shares	-9.58
Class Y Shares	-9.44
Class R5 Shares	-9.44
Class R6 Shares	-9.44
Russell 3000 Index^▼(Broad Market Index)	-3.48
Custom Invesco Peak Retirement 2065 Benchmark^∎ (Style-Specific Index)	-5.16

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Custom Invesco Peak Retirement 2065 Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM 2065 Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index and Bloomberg Barclays U.S. Aggregate Bond Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective. The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for nonresident investors. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (12/29/17)	-0.84	%
1 Year	-7.97

Class C Shares
Inception (12/29/17)	0.22	%
1 Year	-4.47

Class R Shares
Inception (12/29/17)	0.75	%
1 Year	-2.94

Class Y Shares
Inception (12/29/17)	1.26	%
1 Year	-2.49

Class R5 Shares
Inception (12/29/17)	1.26	%
1 Year	-2.49

Class R6 Shares
Inception (12/29/17)	1.26	%
1 Year	-2.49

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

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.

Invesco Peak Retirement^TM 2065 Fund

Nasdaq: A: PKRAX ∎ C: PKRBX ∎ R: PKRDX

Y: PKRCX ∎ R5: PKREX ∎ R6: PKRFX

14 Invesco Peak Retirement™ Funds

Letters to Shareholders

LOGO

Dear Fellow Shareholders:

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

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

LOGO

Dear Shareholders:

This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.

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

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

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

15 Invesco Peak Retirement™ Funds

Liquidity Risk Management Program

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

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

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

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

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

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

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

16 Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Peak Retirement™ Now Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.19%^(a)


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20

Alternative Funds–9.99%
Invesco Global Real Estate Income Fund, Class R6		5.99	%	$	62,705	$	81,377	$	(75,152	)	$	944		$	(12,394	)	$	1,071		7,553	$	57,480

Invesco Multi-Asset Income Fund, Class R6		4.00	%		72,435		87,526		(108,321	)		1,457			(14,733	)		2,135		4,188		38,364

Invesco S&P High Income Infrastructure ETF		-			40,796		18,044		(59,140	)		(2,523	)		2,823			-		-		-

iShares Global Infrastructure ETF^(b)		-			-		54,908		(47,918	)		-			(6,990	)		-		-		-

Total Alternative Funds					175,936		241,855		(290,531	)		(122	)		(31,294	)		3,206				95,844

Domestic Equity Funds–17.58%
Invesco Dividend Income Fund, Class R6		-			52,632		68,030		(112,748	)		(379	)		(7,535	)		649		-		-

Invesco PureBeta^SMMSCI USA ETF		-			15,778		17,872		(32,735	)		(1,175	)		260			96		-		-

Invesco S&P 500^® Enhanced Value ETF		7.97	%		94,727		145,295		(136,234	)		(2,912	)		(24,429	)		1,522		2,742		76,447

Invesco S&P 500^® High Dividend Low Volatility ETF		9.61	%		20,474		115,663		(39,589	)		(571	)		(3,768	)		831		2,801		92,209

Total Domestic Equity Funds					183,611		346,860		(321,306	)		(5,037	)		(35,472	)		3,098				168,656

Exchange-Traded Funds–0.00%
Alerian MLP ETF^(b)		-			-		26,763		(23,753	)		-			(3,010	)		674		-		-

Fixed Income Funds–61.53%
Invesco Core Plus Bond Fund, Class R6		17.56	%		56,949		184,298		(77,552	)		4,417			345			1,165		14,764		168,457

Invesco Corporate Bond Fund, Class R6		-			46,596		52,008		(97,719	)		(1,154	)		269			747		-		-

Invesco Emerging Markets Sovereign Debt ETF		-			35,644		43,650		(74,253	)		(354	)		(4,687	)		862		-		-

Invesco Floating Rate Fund, Class R6		7.99	%		77,843		98,808		(93,003	)		1,388			(8,365	)		1,994		11,359		76,671

Invesco Fundamental High Yield^® Corporate Bond ETF		4.97	%		-		52,494		(5,346	)		393			134			171		2,634		47,675

Invesco High Yield Fund, Class R6		-			52,071		63,646		(108,432	)		123			(7,408	)		1,487		-		-

Invesco Income Fund, Class R6		8.52	%		-		87,026		(10,853	)		5,040			595			445		11,253		81,808

Invesco Oppenheimer International Bond Fund, Class R6		7.02	%		-		73,367		(8,579	)		2,298			252			234		12,802		67,338

Invesco PureBeta^SMUS Aggregate Bond ETF		-			62,020		66,436		(130,784	)		(440	)		2,768			671		-		-

Invesco Quality Income Fund, Class R6		-			124,566		137,992		(263,200	)		1,040			(398	)		2,158		-		-

Invesco Short Duration Inflation Protected Fund, Class R6		4.51	%		9,722		45,639		(12,555	)		429			20			166		4,119		43,255

Invesco Taxable Municipal Bond ETF		2.00	%		25,051		28,031		(34,813	)		1,327			(410	)		440		583		19,186

Invesco Variable Rate Preferred ETF		8.96	%		72,505		113,013		(94,044	)		1,768			(7,277	)		1,884		3,669		85,965

Total Fixed Income Funds					562,967		1,046,408		(1,011,133	)		16,275			(24,162	)		12,424				590,355

Foreign Equity Funds–4.96%
Invesco S&P International Developed Low Volatility ETF		4.96	%		52,545		67,984		(62,283	)		(1,031	)		(9,578	)		820		1,726		47,637

Money Market Funds–6.13%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(c)		3.29	%		34,534		742,195		(745,165	)		-			-			149		31,564		31,564

Invesco Liquid Assets Portfolio, Institutional Class, 0.39%^(c)		2.84	%		34,589		742,194		(749,559	)		-			23			191		27,228		27,247

Total Money Market Funds					69,123		1,484,389		(1,494,724	)		-			23			340				58,811

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $936,191)		100.19	%	$	1,044,182	$	3,214,259	$	(3,203,730	)	$	10,085		$	(103,493	)	$	20,562			$	961,303

OTHER ASSETS LESS LIABILITIES		(0.19	)%																			(1,803	)

NET ASSETS		100.00	%																		$	959,500

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

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

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

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

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

17 Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Peak Retirement™ 2015 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.09%^(a)


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 06/30/20		Value 06/30/20

Alternative Funds–10.03%
Alerian MLP ETF^(b)		-		$	-	$	12,638	$	(11,317	)	$	-		$	(1,321	)	$	471			-	$	-

Invesco Global Real Estate Income Fund, Class R6		6.10	%		35,729		14,126		(313	)		(6,525	)		(76	)		688			5,643		42,941

Invesco Global Targeted Returns Fund, Class R6		-			3,017		-		(3,018	)		94			(93	)		-			-		-

Invesco Macro Allocation Strategy Fund, Class R6		-			1,716		-		(1,718	)		106			(104	)		-			-		-

Invesco Multi-Asset Income Fund, Class R6		3.93	%		38,658		19,042		(22,427	)		(3,607	)		(4,007	)		1,332			3,019		27,659

Invesco S&P High Income Infrastructure ETF		-			20,670		5,491		(26,324	)		(1,354	)		1,517			-			-		-

iShares Global Infrastructure ETF^(b)		-			-		24,592		(20,441	)		-			(4,151	)		-			-		-

Total Alternative Funds					99,790		75,889		(85,558	)		(11,286	)		(8,235	)		2,491					70,600

Domestic Equity Funds–17.52%
Invesco All Cap Market Neutral Fund, Class R6^(c)		-			1,793		-		(1,788	)		279			(284	)		-			-		-

Invesco Diversified Dividend Fund, Class R6		-			11		-		-			(1	)		(10	)		-			-		-

Invesco Dividend Income Fund, Class R6		-			29,470		10,526		(35,172	)		(438	)		(4,386	)		397			-		-

Invesco Equally-Weighted S&P 500 Fund, Class R6		-			3,939		-		(3,931	)		(414	)		406			-			-		-

Invesco Growth and Income Fund, Class R6		-			3,243		-		(3,247	)		(93	)		97			-			-		-

Invesco PureBeta^SMMSCI USA ETF		-			7,857		3,642		(10,949	)		(678	)		128			56			-		-

Invesco S&P 500^® Enhanced Value ETF		8.06	%		50,013		35,173		(11,990	)		(11,925	)		(4,507	)		1,028			2,036		56,764

Invesco S&P 500^® High Dividend Low Volatility ETF		9.46	%		14,530		57,317		(1,440	)		(3,809	)		32			596			2,024		66,630

Invesco S&P 500^® Pure Growth ETF		-			3,169		-		(3,181	)		(186	)		198			-			-		-

Invesco U.S. Managed Volatility Fund, Class R6		-			9,867		-		(9,947	)		(961	)		1,041			-			-		-

Total Domestic Equity Funds					123,892		106,658		(81,645	)		(18,226	)		(7,285	)		2,077					123,394

Fixed Income Funds–61.18%
Invesco Core Plus Bond Fund, Class R6		17.33	%		36,718		89,702		(7,410	)		3,224			(223	)		632			10,694		122,011

Invesco Corporate Bond Fund, Class R6		-			23,504		10,872		(33,532	)		(1,225	)		381			445			-		-

Invesco Emerging Markets Sovereign Debt ETF		-			26,888		7,206		(31,168	)		(1,328	)		(1,598	)		538			-		-

Invesco Floating Rate Fund, Class R6		7.93	%		45,343		19,060		(4,132	)		(3,471	)		(942	)		1,215			8,275		55,858

Invesco Fundamental High Yield^® Corporate Bond ETF		4.90	%		-		34,231		-			286			-			124			1,907		34,517

Invesco High Yield Fund, Class R6		-			32,969		6,765		(35,247	)		108			(4,595	)		883			-		-

Invesco Income Fund, Class R6		8.79	%		-		58,114		-			3,816			-			314			8,519		61,930

Invesco Oppenheimer International Bond Fund, Class R6		7.10	%		-		48,307		-			1,707			-			164			9,508		50,014

Invesco PureBeta^SMUS Aggregate Bond ETF		-			36,642		11,899		(49,853	)		(318	)		1,630			440			-		-

Invesco Quality Income Fund, Class R6		-			72,291		27,055		(99,372	)		(555	)		581			1,282			-		-

Invesco Short Duration Inflation Protected Fund, Class R6		4.38	%		11,157		25,487		(6,063	)		280			8			113			2,940		30,869

Invesco Short Term Bond Fund, Class R6		-			6,618		-		(6,612	)		(63	)		57			(1	)		-		-

Invesco Taxable Municipal Bond ETF		2.00	%		20,617		3,265		(10,268	)		672			(233	)		290			427		14,053

Invesco Variable Rate Investment Grade ETF		-			4,792		-		(4,794	)		(16	)		18			-			-		-

Invesco Variable Rate Preferred ETF		8.75	%		41,302		32,584		(8,993	)		(1,042	)		(2,230	)		1,153			2,630		61,621

Total Fixed Income Funds					358,841		374,547		(297,444	)		2,075			(7,146	)		7,592					430,873

Foreign Equity Funds–4.97%
Invesco RAFI™ Strategic Developed ex-US ETF		-			8,048		-		(8,098	)		(332	)		382			-			-		-

Invesco S&P International Developed Low Volatility ETF		4.97	%		25,590		17,326		(1,257	)		(6,267	)		(368	)		520			1,269		35,024

Total Foreign Equity Funds					33,638		17,326		(9,355	)		(6,599	)		14			520					35,024

Money Market Funds–6.39%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(d)		4.17	%		19,852		126,390		(116,885	)		-			-			87			29,357		29,357

Invesco Liquid Assets Portfolio, Institutional Class, 0.39%^(d)		2.22	%		19,607		126,387		(130,355	)		-			3			97			15,631		15,642

Total Money Market Funds					39,459		252,777		(247,240	)		-			3			184					44,999

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $722,977)		100.09	%	$	655,620	$	827,197	$	(721,242	)	$	(34,036	)	$	(22,649	)	$	12,864				$	704,890

OTHER ASSETS LESS LIABILITIES		(0.09	)%																				(668	)

NET ASSETS		100.00	%																			$	704,222

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

18 Invesco Peak Retirement™ Funds

Schedule of Investments-(continued)

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

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

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

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

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

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

19 Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Peak Retirement™ 2020 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.91%^(a)


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20

Alternative Funds–5.02%
Invesco Global Real Estate Income Fund, Class R6		3.00	%	$	58,679	$	34,077	$	(13,497	)	$	(8,572	)	$	(3,477	)	$	1,159		8,831	$	67,210

Invesco Global Targeted Returns Fund, Class R6		-			50,086		26,453		(76,314	)		1,674			(1,899	)		-		-		-

Invesco Macro Allocation Strategy Fund, Class R6		2.02	%		30,755		28,056		(10,823	)		(1,192	)		(1,652	)		-		5,629		45,144

Invesco Multi-Asset Income Fund, Class R6		-			23,408		21,820		(39,354	)		(421	)		(5,453	)		830		-		-

Total Alternative Funds					162,928		110,406		(139,988	)		(8,511	)		(12,481	)		1,989				112,354

Domestic Equity Funds–26.62%
Invesco All Cap Market Neutral Fund, Class R6^(b)		-			30,456		15,852		(42,978	)		1,844			(5,174	)		-		-		-

Invesco Diversified Dividend Fund, Class R6		-			19,700		10,777		(26,320	)		(781	)		(3,376	)		184		-		-

Invesco Dividend Income Fund, Class R6		-			23,601		19,412		(38,088	)		(559	)		(4,366	)		389		-		-

Invesco Equally-Weighted S&P 500 Fund, Class R6		-			61,256		31,713		(84,517	)		(3,517	)		(4,935	)		-		-		-

Invesco Growth and Income Fund, Class R6		-			48,557		30,781		(67,669	)		702			(12,371	)		419		-		-

Invesco PureBeta^SMMSCI USA ETF		5.56	%		-		123,248		(2,911	)		3,981			17			404		3,991		124,335

Invesco Russell 1000 Dynamic Multifactor ETF		5.51	%		-		130,822		(2,305	)		(5,251	)		36			461		4,146		123,302

Invesco S&P 500^® Enhanced Value ETF		3.53	%		39,299		75,723		(19,990	)		(8,072	)		(7,948	)		1,142		2,834		79,012

Invesco S&P 500^® High Dividend Low Volatility ETF		4.48	%		47,112		89,447		(18,028	)		(11,664	)		(6,494	)		1,871		3,049		100,373

Invesco S&P 500^® Pure Growth ETF		-			52,994		22,718		(75,332	)		(2,971	)		2,591			155		-		-

Invesco S&P MidCap Low Volatility ETF		-			5,596		-		(5,537	)		(336	)		277			-		-		-

Invesco U.S. Managed Volatility Fund, Class R6		7.54	%		171,178		90,397		(97,026	)		(963	)		5,157			-		14,522		168,743

Total Domestic Equity Funds					499,749		640,890		(480,701	)		(27,587	)		(36,586	)		5,025				595,765

Fixed Income Funds–61.17%
Invesco Core Plus Bond Fund, Class R6		17.99	%		117,209		322,487		(47,118	)		8,996			1,000			2,573		35,283		402,574

Invesco Emerging Markets Sovereign Debt ETF		-			128,732		75,400		(184,199	)		(3,809	)		(16,124	)		3,215		-		-

Invesco Floating Rate Fund, Class R6		8.00	%		87,416		123,411		(24,927	)		(3,196	)		(3,808	)		2,663		26,503		178,896

Invesco Fundamental High Yield^® Corporate Bond ETF		6.02	%		-		135,114		(1,551	)		1,093			8			470		7,440		134,664

Invesco High Yield Fund, Class R6		-			99,962		53,342		(138,462	)		(1,115	)		(13,727	)		2,891		-		-

Invesco Income Fund, Class R6		5.15	%		-		110,497		(2,267	)		7,107			3			585		15,865		115,340

Invesco Oppenheimer International Bond Fund, Class R6		7.52	%		-		165,557		(2,955	)		5,747			23			552		32,010		168,372

Invesco PureBeta^SMUS Aggregate Bond ETF		-			74,722		41,879		(119,758	)		(180	)		3,337			953		-		-

Invesco Quality Income Fund, Class R6		-			134,849		73,366		(208,887	)		32			640			2,429		-		-

Invesco Short Duration Inflation Protected Fund, Class R6		-			88,698		48,245		(137,354	)		(284	)		695			528		-		-

Invesco Short Term Bond Fund, Class R6		-			98,251		51,702		(147,836	)		(351	)		(1,766	)		1,174		-		-

Invesco Taxable Municipal Bond ETF		6.03	%		117,939		50,374		(37,397	)		5,672			(1,624	)		2,271		4,101		134,964

Invesco Variable Rate Investment Grade ETF		7.48	%		80,671		119,848		(33,259	)		1,917			(1,903	)		1,084		6,797		167,274

Invesco Variable Rate Preferred ETF		2.98	%		54,036		46,297		(26,877	)		(4,109	)		(2,618	)		1,696		2,848		66,729

Total Fixed Income Funds					1,082,485		1,417,519		(1,112,847	)		17,520			(35,864	)		23,084				1,368,813

Foreign Equity Funds–3.00%
Invesco International Growth Fund, Class R6		-			35		-		(33	)		(4	)		2			-		-		-

Invesco Oppenheimer International Small-Mid Company Fund, Class R6		1.02	%		-		22,160		-			570			-			-		483		22,730

Invesco PureBeta^SMFTSE Developed ex-North America ETF		-			19,582		10,146		(26,273	)		(1,085	)		(2,370	)		223		-		-

Invesco RAFI™ Strategic Developed ex-US ETF		0.98	%		99,748		67,931		(124,552	)		(878	)		(20,299	)		1,258		1,008		21,950

Invesco S&P International Developed Low Volatility ETF		1.00	%		-		22,168		-			243			-			155		812		22,411

Total Foreign Equity Funds					119,365		122,405		(150,858	)		(1,154	)		(22,667	)		1,636				67,091

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

20 Invesco Peak Retirement™ Funds

Schedule of Investments-(continued)

Invesco Peak Retirement™ 2020 Fund (continued)

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.91%^(a)


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20

Money Market Funds–5.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(c)		2.00	%	$	37,598	$	652,818	$	(645,783	)	$	-		$	-		$	201		44,633	$	44,633

Invesco Liquid Assets Portfolio, Institutional Class, 0.39%^(c)		3.10	%		36,958		702,833		(670,458	)		11			28			298		69,324		69,372

Total Money Market Funds					74,556		1,355,651		(1,316,241	)		11			28			499				114,005

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $2,241,282)		100.91	%	$	1,939,083	$	3,646,871	$	(3,200,635	)	$	(19,721	)	$	(107,570	)	$	32,233			$	2,258,028

OTHER ASSETS LESS LIABILITIES		(0.91	)%																			(20,373	)

NET ASSETS		100.00	%																		$	2,237,655

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

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

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

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

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

21 Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Peak Retirement™ 2025 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–101.64%^(a)


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20

Alternative Funds–4.95%
Invesco Global Real Estate Income Fund, Class R6		2.97	%	$	152,746	$	97,966	$	(38,079	)	$	(15,689	)	$	(8,464	)	$	2,790		24,767	$	188,480

Invesco Global Targeted Returns Fund, Class R6		-			152,038		40,001		(191,716	)		4,172			(4,495	)		-		-		-

Invesco Macro Allocation Strategy Fund, Class R6		1.98	%		100,776		47,079		(13,129	)		(7,255	)		(2,279	)		-		15,610		125,192

Total Alternative Funds					405,560		185,046		(242,924	)		(18,772	)		(15,238	)		2,790				313,672

Domestic Equity Funds–29.24%
Invesco All Cap Market Neutral Fund, Class R6^(b)		-			101,710		34,195		(125,058	)		2,411			(13,258	)		-		-		-

Invesco Comstock Fund, Class R6		-			29,915		-		(30,114	)		(460	)		659			-		-		-

Invesco Diversified Dividend Fund, Class R6		-			49,927		27,970		(69,017	)		(1,624	)		(7,256	)		417		-		-

Invesco Equally-Weighted S&P 500 Fund, Class R6		-			176,762		109,737		(267,055	)		(5,932	)		(13,512	)		-		-		-

Invesco Growth and Income Fund, Class R6		-			131,881		93,423		(198,940	)		783			(27,147	)		922		-		-

Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6^(b)		1.52	%		-		89,761		-			6,197			-			-		3,354		95,958

Invesco PureBeta^SMMSCI USA ETF		6.01	%		-		371,163		(2,541	)		11,981			160			1,212		12,222		380,763

Invesco Russell 1000 Dynamic Multifactor ETF		7.67	%		-		509,335		(4,341	)		(19,853	)		394			1,725		16,326		485,535

Invesco S&P 500^® Pure Growth ETF		-			175,844		98,228		(277,887	)		(9,691	)		13,506			552		-		-

Invesco S&P MidCap Low Volatility ETF		-			101,647		46,714		(131,143	)		(4,124	)		(13,094	)		777		-		-

Invesco U.S. Managed Volatility Fund, Class R6		14.04	%		722,875		287,008		(146,220	)		16,358			9,051			-		76,512		889,072

Total Domestic Equity Funds					1,490,561		1,667,534		(1,252,316	)		(3,954	)		(50,497	)		5,605				1,851,328

Fixed Income Funds–61.63%
Invesco Core Plus Bond Fund, Class R6		18.35	%		319,863		849,834		(38,821	)		30,101			1,261			7,536		101,861		1,162,238

Invesco Emerging Markets Sovereign Debt ETF		-			358,805		244,320		(563,324	)		(9,462	)		(30,339	)		9,025		-		-

Invesco Floating Rate Fund, Class R6		8.94	%		210,419		393,613		(26,125	)		(8,613	)		(3,365	)		7,124		83,841		565,929

Invesco Fundamental High Yield^® Corporate Bond ETF		6.98	%		-		438,458		-			3,417			-			1,504		24,413		441,875

Invesco High Yield Fund, Class R6		-			264,085		143,724		(372,942	)		(3,138	)		(31,729	)		7,996		-		-

Invesco Income Fund, Class R6		5.02	%		-		298,458		-			19,580			-			1,611		43,747		318,038

Invesco Oppenheimer International Bond Fund, Class R6		7.46	%		-		456,344		-			15,803			-			1,518		89,762		472,147

Invesco PureBeta^SMUS Aggregate Bond ETF		-			141,335		77,664		(226,527	)		(284	)		7,812			2,086		-		-

Invesco Quality Income Fund, Class R6		-			356,631		89,454		(449,070	)		(260	)		3,245			6,121		-		-

Invesco Short Duration Inflation Protected Fund, Class R6		-			253,932		68,901		(324,577	)		(652	)		2,396			1,346		-		-

Invesco Short Term Bond Fund, Class R6		-			264,688		90,356		(351,249	)		(659	)		(3,136	)		3,214		-		-

Invesco Taxable Municipal Bond ETF		6.46	%		352,361		147,544		(116,231	)		31,486			(5,825	)		6,811		12,438		409,335

Invesco Variable Rate Investment Grade ETF		8.42	%		243,759		318,782		(31,384	)		4,153			(2,184	)		3,412		21,663		533,126

Total Fixed Income Funds					2,765,878		3,617,452		(2,500,250	)		81,472			(61,864	)		59,304				3,902,688

Foreign Equity Funds–3.94%
Invesco International Growth Fund, Class R6		-			54,794		23,670		(72,027	)		295			(6,732	)		-		-		-

Invesco International Select Equity Fund, Class R6		-			20,652		-		(20,902	)		(2,101	)		2,351			-		-		-

Invesco Oppenheimer International Small-Mid Company Fund, Class R6		0.99	%		-		61,142		-			1,542			-			-		1,332		62,684

Invesco PureBeta^SMFTSE Developed ex-North America ETF		0.98	%		19,861		47,720		(4,436	)		(34	)		(1,193	)		577		2,758		61,918

Invesco RAFI™ Strategic Developed ex-US ETF		0.99	%		292,245		179,255		(354,651	)		(389	)		(53,811	)		3,329		2,877		62,649

Invesco RAFI™ Strategic Emerging Markets ETF		-			14,796		-		(15,086	)		(800	)		1,090			-		-		-

Invesco S&P International Developed Low Volatility ETF		0.98	%		-		61,444		-			656			-			419		2,250		62,100

Total Foreign Equity Funds					402,348		373,231		(467,102	)		(831	)		(58,295	)		4,325				249,351

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

22 Invesco Peak Retirement™ Funds

Schedule of Investments-(continued)

Invesco Peak Retirement™ 2025 Fund (continued)

Schedule of Investments in Affiliated and Unaffiliated Issuers–101.64%^(a)


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20

Money Market Funds–1.88%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(c)		0.65	%	$	12,792	$	733,651	$	(705,216	)	$	-	$	-		$	64		41,227	$	41,227

Invesco Liquid Assets Portfolio, Institutional Class, 0.39%^(c)		0.49	%		8,241		525,460		(502,859	)		-		9			69		30,830		30,851

Invesco Treasury Portfolio, Institutional Class, 0.08%^(c)		0.74	%		14,620		838,458		(805,961	)		-		-			71		47,117		47,117

Total Money Market Funds					35,653		2,097,569		(2,014,036	)		-		9			204				119,195

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $6,297,055)		101.64	%		5,100,000		7,940,832		(6,476,628	)		57,915		(185,885	)		72,228				6,436,234

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund		-			-		714,115		(714,147	)		-		32			9		-		-

Invesco Private Prime Fund		-			-		77,882		(77,897	)		-		15			2		-		-

Invesco Liquid Assets Portfolio, Institutional Class		-			-		374,329		(374,306	)		-		(23	)		129		-		-

Invesco Government & Agency Portfolio, Institutional Class		-			-		1,470,564		(1,470,564	)		-		-			299		-		-

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		-		2,636,890		(2,636,914	)		-		24			439				-

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $6,297,055)		101.64	%	$	5,100,000	$	10,577,722	$	(9,113,542	)	$	57,915	$	(185,861	)	$	72,667			$	6,436,234

OTHER ASSETS LESS LIABILITIES		(1.64	)%																		(103,755	)

NET ASSETS		100.00	%																	$	6,332,479

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

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

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

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

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

23 Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Peak Retirement™ 2030 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.17%^(a)


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20

Alternative Funds–4.93%
Invesco Global Real Estate Income Fund, Class R6		2.96	%	$	123,886	$	170,149	$	(6,703	)	$	(25,445	)	$	(411	)	$	3,295		34,360	$	261,476

Invesco Global Targeted Returns Fund, Class R6		-			123,365		74,032		(196,821	)		3,537			(4,113	)		-		-		-

Invesco Macro Allocation Strategy Fund, Class R6		1.97	%		82,141		111,573		(10,244	)		(7,368	)		(1,808	)		-		21,732		174,294

Total Alternative Funds					329,392		355,754		(213,768	)		(29,276	)		(6,332	)		3,295				435,770

Domestic Equity Funds–40.17%
Invesco All Cap Market Neutral Fund, Class R6^(b)		-			82,206		62,215		(133,446	)		2,986			(13,961	)		-		-		-

Invesco Comstock Fund, Class R6		-			123,913		116,078		(208,229	)		(3,284	)		(28,478	)		1,102		-		-

Invesco Diversified Dividend Fund, Class R6		-			45,414		29,245		(66,003	)		(1,909	)		(6,747	)		413		-		-

Invesco Equally-Weighted S&P 500 Fund, Class R6		-			144,675		111,346		(238,637	)		(5,975	)		(11,409	)		-		-		-

Invesco Growth and Income Fund, Class R6		-			123,903		102,693		(196,814	)		987			(30,769	)		1,156		-		-

Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6^(b)		7.06	%		-		591,419		-			32,794			-			-		21,818		624,213

Invesco PureBeta^SMMSCI USA ETF		6.06	%		-		526,561		-			9,566			-			1,696		17,209		536,127

Invesco RAFI™ Strategic US Small Company ETF		-			61,578		31,200		(86,993	)		(3,526	)		(2,259	)		228		-		-

Invesco Russell 1000 Dynamic Multifactor ETF		7.57	%		-		704,614		-			(34,750	)		-			2,416		22,524		669,864

Invesco S&P 500^® Pure Growth ETF		-			144,276		88,099		(236,228	)		(8,409	)		12,262			499		-		-

Invesco S&P MidCap Low Volatility ETF		-			123,817		111,684		(202,256	)		(6,527	)		(26,718	)		1,370		-		-

Invesco S&P SmallCap Low Volatility ETF		4.10	%		-		364,301		-			(1,796	)		-			1,648		10,706		362,505

Invesco U.S. Managed Volatility Fund, Class R6		15.38	%		676,861		808,481		(138,798	)		5,765			7,968			-		117,063		1,360,277

Total Domestic Equity Funds					1,526,643		3,647,936		(1,507,404	)		(14,078	)		(100,111	)		10,528				3,552,986

Fixed Income Funds–49.39%
Invesco Core Plus Bond Fund, Class R6		15.85	%		218,334		1,192,561		(38,829	)		27,679			1,985			6,881		122,851		1,401,730

Invesco Emerging Markets Sovereign Debt ETF		-			205,966		181,178		(357,909	)		(5,314	)		(23,921	)		6,706		-		-

Invesco Floating Rate Fund, Class R6		4.44	%		99,830		312,480		(11,882	)		(7,067	)		(887	)		4,021		58,144		392,474

Invesco Fundamental High Yield^® Corporate Bond ETF		4.42	%		-		390,896		-			(280	)		-			1,359		21,581		390,616

Invesco High Yield Fund, Class R6		-			148,929		129,531		(254,555	)		(1,558	)		(22,347	)		5,663		-		-

Invesco Income Fund, Class R6		4.45	%		-		374,560		-			19,488			-			1,796		54,202		394,048

Invesco Oppenheimer International Bond Fund, Class R6		4.94	%		-		426,278		-			11,063			-			1,251		83,145		437,341

Invesco Quality Income Fund, Class R6		-			288,824		179,598		(471,513	)		(78	)		3,169			5,941		-		-

Invesco Short Duration Inflation Protected Fund, Class R6		2.46	%		205,824		194,605		(185,869	)		2,558			624			1,821		20,737		217,742

Invesco Short Term Bond Fund, Class R6		-			165,041		106,590		(269,183	)		(500	)		(1,948	)		2,263		-		-

Invesco Taxable Municipal Bond ETF^(c)		4.94	%		270,462		321,324		(174,142	)		24,786			(5,616	)		6,755		13,273		436,814

Invesco Variable Rate Investment Grade ETF		7.89	%		131,614		584,701		(22,508	)		4,773			(1,059	)		2,951		28,343		697,521

Total Fixed Income Funds					1,734,824		4,394,302		(1,786,390	)		75,550			(50,000	)		47,408				4,368,286

Foreign Equity Funds–4.93%
Invesco Developing Markets Fund, Class R6		0.48	%		-		40,491		-			2,269			-			-		1,233		42,760

Invesco International Growth Fund, Class R6		-			73,324		41,537		(106,184	)		(44	)		(8,633	)		-		-		-

Invesco International Select Equity Fund, Class R6		0.49	%		98,965		61,738		(113,411	)		(3,148	)		(862	)		-		3,706		43,282

Invesco Oppenheimer International Small-Mid Company Fund, Class R6		0.98	%		-		84,951		-			1,498			-			-		1,837		86,449

Invesco PureBeta^SMFTSE Developed ex-North America ETF		0.99	%		-		85,812		-			2,306			-			413		3,925		88,118

Invesco RAFI™ Strategic Developed ex-US ETF		1.00	%		307,476		287,408		(438,970	)		(2,288	)		(65,304	)		4,175		4,056		88,322

Invesco RAFI™ Strategic Emerging Markets ETF		-			25,280		14,472		(34,422	)		(1,442	)		(3,888	)		36		-		-

Invesco S&P Emerging Markets Low Volatility ETF		-			24,552		14,848		(34,133	)		(424	)		(4,843	)		295		-		-

Invesco S&P International Developed Low Volatility ETF		0.99	%		-		87,411		-			(167	)		-			575		3,161		87,244

Total Foreign Equity Funds					529,597		718,668		(727,120	)		(1,440	)		(83,530	)		5,494				436,175

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

24 Invesco Peak Retirement™ Funds

Schedule of Investments-(continued)

Invesco Peak Retirement™ 2030 Fund (continued)

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.17%^(a)


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20

Money Market Funds–0.75%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(d)		0.30	%	$	26,765	$	1,636,988	$	(1,637,497	)	$	-	$	-		$	85		26,256	$	26,256

Invesco Liquid Assets Portfolio, Institutional Class, 0.39%^(d)		0.11	%		19,759		1,169,279		(1,178,708	)		-		(51	)		81		10,272		10,279

Invesco Treasury Portfolio, Institutional Class, 0.08%^(d)		0.34	%		30,588		1,870,844		(1,871,425	)		-		-			92		30,007		30,007

Total Money Market Funds					77,112		4,677,111		(4,687,630	)		-		(51	)		258				66,542

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $8,730,329)		100.17	%		4,197,568		13,793,771		(8,922,312	)		30,756		(240,024	)		66,983				8,859,759

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.89%
Invesco Private Government Fund, 0.05%^(d)(e)		2.93	%		-		877,312		(942,396	)		-		323,909			10		258,825		258,825

Invesco Private Prime Fund, 0.11%^(d)(e)		0.96	%		-		85,425		-			9		-			4		85,416		85,434

Invesco Liquid Assets Portfolio, Institutional Class		-			-		146,602		(146,581	)		-		(21	)		30		-		-

Invesco Government & Agency Portfolio, Institutional Class		-			-		575,823		(575,823	)		-		-			84		-		-

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $344,250)		3.89	%		-		1,685,162		(1,664,800	)		9		323,888			128				344,259

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $9,074,579)		104.06	%	$	4,197,568	$	15,478,933	$	(10,587,112	)	$	30,765	$	83,864		$	67,111			$	9,204,018

OTHER ASSETS LESS LIABILITIES		(4.06	)%																		(359,156	)

NET ASSETS		100.00	%																	$	8,844,862

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

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

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

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

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

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

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

25 Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Peak Retirement™ 2035 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.38%^(a)


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20

Alternative Funds–4.86%
Invesco Global Real Estate Income Fund, Class R6		2.89	%	$	95,070	$	84,155	$	(7,906	)	$	(17,863	)	$	(2,258	)	$	2,329		19,868	$	151,198

Invesco Global Targeted Returns Fund, Class R6		-			94,571		61,584		(155,668	)		2,625			(3,112	)		-		-		-

Invesco Macro Allocation Strategy Fund, Class R6		1.97	%		63,788		56,839		(9,762	)		(5,996	)		(2,099	)		-		12,814		102,770

Total Alternative Funds					253,429		202,578		(173,336	)		(21,234	)		(7,469	)		2,329				253,968

Domestic Equity Funds–50.71%
Invesco All Cap Market Neutral Fund, Class R6^(b)		-			54,228		60,260		(105,663	)		924			(9,749	)		-		-		-

Invesco Comstock Fund, Class R6		-			115,987		79,839		(169,122	)		(2,824	)		(23,880	)		891		-		-

Invesco Diversified Dividend Fund, Class R6		-			54,130		32,304		(75,824	)		(2,548	)		(8,062	)		511		-		-

Invesco Equally-Weighted S&P 500 Fund, Class R6		-			128,615		80,032		(193,702	)		(5,708	)		(9,237	)		-		-		-

Invesco Growth and Income Fund, Class R6		-			114,911		77,007		(167,020	)		190			(25,088	)		935		-		-

Invesco Long/Short Equity Fund, Class R6^(b)		-			13,234		-		(13,216	)		736			(754	)		-		-		-

Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6^(b)		7.56	%		-		371,040		-			24,436			-			-		13,823		395,476

Invesco Oppenheimer Main Street Small Cap Fund, Class R6^(b)		5.03	%		-		256,172		-			6,957			-			-		18,622		263,129

Invesco PureBeta^SMMSCI USA ETF		5.88	%		-		298,179		-			9,092			-			1,021		9,863		307,271

Invesco RAFI™ Strategic US Small Company ETF		-			118,886		113,460		(212,106	)		(6,577	)		(13,663	)		644		-		-

Invesco Russell 1000 Dynamic Multifactor ETF		8.98	%		-		488,264		-			(18,491	)		-			1,732		15,796		469,773

Invesco S&P 500^® Pure Growth ETF		-			126,019		69,612		(198,059	)		(7,296	)		9,724			404		-		-

Invesco S&P MidCap Low Volatility ETF		-			101,970		73,315		(148,669	)		(5,511	)		(21,105	)		1,107		-		-

Invesco S&P SmallCap Low Volatility ETF		3.52	%		13,585		183,131		(13,490	)		202			804			855		5,441		184,232

Invesco U.S. Managed Volatility Fund, Class R6		19.74	%		668,057		458,679		(113,443	)		14,585			4,532			-		88,848		1,032,410

Total Domestic Equity Funds					1,509,622		2,641,294		(1,410,314	)		8,167			(96,478	)		8,100				2,652,291

Fixed Income Funds–37.93%
Invesco Core Plus Bond Fund, Class R6		9.54	%		142,111		369,202		(25,203	)		11,816			941			3,467		43,722		498,867

Invesco Emerging Markets Sovereign Debt ETF		-			91,225		71,886		(147,867	)		(2,053	)		(13,191	)		2,940		-		-

Invesco Floating Rate Fund, Class R6		2.47	%		61,555		77,565		(3,727	)		(5,563	)		(580	)		2,213		19,148		129,250

Invesco Fundamental High Yield^® Corporate Bond ETF		1.95	%		-		101,612		-			490			-			366		5,641		102,102

Invesco High Yield Fund, Class R6		-			61,215		45,892		(96,805	)		(713	)		(9,589	)		2,324		-		-

Invesco Income Fund, Class R6		1.46	%		-		72,097		-			4,557			-			382		10,544		76,654

Invesco Oppenheimer International Bond Fund, Class R6		3.02	%		-		152,903		-			4,885			-			489		29,998		157,788

Invesco Quality Income Fund, Class R6		-			244,445		124,762		(371,736	)		135			2,394			4,896		-		-

Invesco Short Duration Inflation Protected Fund, Class R6		2.50	%		152,289		127,225		(151,101	)		1,858			344			1,408		12,439		130,615

Invesco Short Term Bond Fund, Class R6		-			128,900		79,884		(206,386	)		(314	)		(2,084	)		1,977		-		-

Invesco Taxable Municipal Bond ETF		7.06	%		168,358		227,092		(42,261	)		16,854			(990	)		4,198		11,214		369,053

Invesco Variable Rate Investment Grade ETF		9.93	%		-		509,853		-			9,517			-			591		21,104		519,370

Total Fixed Income Funds					1,050,098		1,959,973		(1,045,086	)		41,469			(22,755	)		25,251				1,983,699

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

26 Invesco Peak Retirement™ Funds

Schedule of Investments-(continued)

Invesco Peak Retirement™ 2035 Fund (continued)

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.38%^(a)


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20

Foreign Equity Funds–5.78%
Invesco Developing Markets Fund, Class R6		0.48	%	$	-	$	23,166	$	-		$	1,769		$	-		$	-		719	$	24,935

Invesco International Growth Fund, Class R6		-			105,666		57,452		(147,606	)		1,736			(17,248	)		-		-		-

Invesco International Select Equity Fund, Class R6		0.95	%		141,909		76,005		(159,578	)		(4,504	)		(4,272	)		-		4,243		49,560

Invesco Oppenheimer Developing Markets Fund, Class R6		0.48	%		-		22,994		-			2,145			-			-		604		25,139

Invesco Oppenheimer International Small-Mid Company Fund, Class R6		0.97	%		-		49,817		-			1,196			-			-		1,084		51,013

Invesco PureBeta^SMFTSE Developed ex-North America ETF		0.98	%		-		48,892		-			2,205			-			250		2,276		51,097

Invesco RAFI™ Strategic Developed ex-US ETF		0.96	%		255,885		203,810		(347,211	)		(2,826	)		(59,378	)		3,425		2,309		50,280

Invesco RAFI™ Strategic Emerging Markets ETF		-			37,462		23,478		(51,318	)		(1,989	)		(7,633	)		58		-		-

Invesco S&P Emerging Markets Low Volatility ETF		-			37,368		22,176		(50,575	)		(479	)		(8,490	)		474		-		-

Invesco S&P International Developed Low Volatility ETF		0.96	%		-		50,026		-			399			-			341		1,827		50,425

Total Foreign Equity Funds					578,290		577,816		(756,288	)		(348	)		(97,021	)		4,548				302,449

Money Market Funds–1.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(c)		0.36	%		17,127		805,820		(803,892	)		-			-			60		19,055		19,055

Invesco Liquid Assets Portfolio, Institutional Class, 0.39%^(c)		0.32	%		12,287		588,892		(584,448	)		2			(6	)		69		16,716		16,727

Invesco Treasury Portfolio, Institutional Class, 0.08%^(c)		0.42	%		19,574		920,936		(918,733	)		-			-			68		21,777		21,777

Total Money Market Funds					48,988		2,315,648		(2,307,073	)		2			(6	)		197				57,559

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $5,125,131)		100.38	%		3,440,427		7,697,309		(5,692,097	)		28,056			(223,729	)		40,425				5,249,966

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund		-			-		1,622,316		(1,622,297	)		-			(19	)		7		-		-

Invesco Private Prime Fund		-			-		385,532		(385,551	)		-			19			3		-		-

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		-		2,007,848		(2,007,848	)		-			-			10				-

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $5,125,131)		100.38	%	$	3,440,427	$	9,705,157	$	(7,699,945	)	$	28,056		$	(223,729	)	$	40,435			$	5,249,966

OTHER ASSETS LESS LIABILITIES		(0.38	)%																			(19,905	)

NET ASSETS		100.00	%																		$	5,230,061

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

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

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

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

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

27 Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Peak Retirement^™ 2040 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.61%^(a)


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20

Alternative Funds–4.93%
Invesco Global Real Estate Income Fund, Class R6		2.98	%	$	55,558	$	72,366	$	(5,465	)		$ (6,886	)	$	(60	)	$	1,306		15,179	$	115,513

Invesco Global Targeted Returns Fund, Class R6		-			40,233		35,019		(75,141	)		956			(1,067	)		-		-		-

Invesco Macro Allocation Strategy Fund, Class R6		1.95	%		29,393		55,079		(5,011	)		(2,939	)		(896	)		-		9,430		75,626

Total Alternative Funds					125,184		162,464		(85,617	)		(8,869	)		(2,023	)		1,306				191,139

Domestic Equity Funds–58.20%
Invesco Comstock Fund, Class R6		-			136,377		91,435		(200,178	)		(2,747	)		(24,887	)		923		-		-

Invesco Diversified Dividend Fund, Class R6		-			58,061		28,926		(78,186	)		(2,945	)		(5,856	)		427		-		-

Invesco Equally-Weighted S&P 500 Fund, Class R6		-			131,483		68,855		(188,615	)		(4,830	)		(6,893	)		-		-		-

Invesco Growth and Income Fund, Class R6		-			126,293		82,127		(182,820	)		(63	)		(25,537	)		969		-		-

Invesco Long/Short Equity Fund, Class R6^(b)		-			50,272		29,740		(67,079	)		5,164			(18,097	)		-		-		-

Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6^(b)		10.08	%		-		366,063		-			24,864			-			-		13,664		390,927

Invesco Oppenheimer Main Street Small Cap Fund, Class R6^(b)		6.07	%		-		229,023		-			6,298			-			-		16,654		235,321

Invesco PureBeta^SMMSCI USA ETF		8.06	%		-		302,788		-			9,810			-			1,003		10,034		312,598

Invesco RAFI™ Strategic US Small Company ETF		-			87,849		70,989		(149,600	)		(4,592	)		(4,646	)		401		-		-

Invesco Russell 1000 Dynamic Multifactor ETF		11.99	%		-		483,655		-			(18,611	)		-			1,676		15,637		465,044

Invesco S&P 500^® Pure Growth ETF		-			136,035		50,254		(190,957	)		(7,183	)		11,851			323		-		-

Invesco S&P MidCap Low Volatility ETF		-			75,764		50,800		(110,536	)		(3,756	)		(12,272	)		706		-		-

Invesco S&P SmallCap Low Volatility ETF		4.06	%		55,459		132,381		(13,578	)		(15,664	)		(1,250	)		1,387		4,647		157,348

Invesco U.S. Managed Volatility Fund, Class R6		17.94	%		439,103		325,701		(87,915	)		14,928			4,187			-		59,897		696,004

Total Domestic Equity Funds					1,296,696		2,312,737		(1,269,464	)		673			(83,400	)		7,815				2,257,242

Fixed Income Funds–26.64%
Invesco Core Plus Bond Fund, Class R6		4.45	%		67,997		111,123		(11,917	)		4,652			589			1,491		15,113		172,444

Invesco Emerging Markets Sovereign Debt ETF		-			37,774		22,826		(56,351	)		(984	)		(3,265	)		1,002		-		-

Invesco Floating Rate Fund, Class R6		-			19,950		16,377		(33,754	)		151			(2,724	)		563		-		-

Invesco High Yield Fund, Class R6		-			20,232		16,190		(33,407	)		(244	)		(2,771	)		769		-		-

Invesco Income Fund, Class R6		2.46	%		-		89,476		-			5,847			-			482		13,112		95,323

Invesco Oppenheimer International Bond Fund, Class R6		1.98	%		-		74,423		-			2,524			-			244		14,629		76,947

Invesco Quality Income Fund, Class R6		-			199,293		108,409		(309,532	)		(232	)		2,062			3,746		-		-

Invesco Short Duration Inflation Protected Fund, Class R6		1.48	%		49,379		52,437		(45,312	)		762			136			479		5,467		57,402

Invesco Short Term Bond Fund, Class R6		-			75,690		40,142		(114,943	)		(285	)		(604	)		940		-		-

Invesco Taxable Municipal Bond ETF		6.39	%		117,781		144,595		(25,334	)		12,312			(1,476	)		2,877		7,532		247,878

Invesco Variable Rate Investment Grade ETF		9.88	%		-		375,829		-			7,496			-			429		15,576		383,325

Total Fixed Income Funds					588,096		1,051,827		(630,550	)		31,999			(8,053	)		13,022				1,033,319

Foreign Equity Funds–9.84%
Invesco Developing Markets Fund, Class R6		0.97	%		-		34,959		-			2,669			-			-		1,085		37,628

Invesco International Growth Fund, Class R6		-			95,924		45,737		(131,023	)		782			(11,420	)		-		-		-

Invesco International Select Equity Fund, Class R6		0.98	%		131,105		61,764		(149,450	)		(3,627	)		(1,813	)		-		3,251		37,979

Invesco Oppenheimer Developing Markets Fund, Class R6		0.98	%		-		34,758		-			3,241			-			-		913		37,999

Invesco Oppenheimer International Small-Mid Company Fund, Class R6		1.96	%		-		74,145		-			1,857			-			-		1,615		76,002

Invesco PureBeta^SMFTSE Developed ex-North America ETF		1.49	%		-		55,219		-			2,591			-			275		2,575		57,810

Invesco RAFI™ Strategic Developed ex-US ETF		1.99	%		203,061		146,166		(233,834	)		2,858			(40,991	)		2,523		3,548		77,260

Invesco RAFI™ Strategic Emerging Markets ETF		-			39,565		24,466		(54,701	)		(2,130	)		(7,200	)		54		-		-

Invesco S&P Emerging Markets Low Volatility ETF		-			37,944		20,436		(49,771	)		(246	)		(8,363	)		461		-		-

Invesco S&P International Developed Low Volatility ETF		1.47	%		-		56,342		-			542			-			373		2,061		56,884

Total Foreign Equity Funds					507,599		553,992		(618,779	)		8,537			(69,787	)		3,686				381,562

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

28 Invesco Peak Retirement™ Funds

Schedule of Investments–(continued)

Invesco Peak Retirement^™ 2040 Fund (continued)

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.61%^(a)



	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Dividend Income		Shares 06/30/20		Value 06/30/20

Money Market Funds–1.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(c)		0.36	%	$	24,478	$	579,451	$	(589,819	)		$ -		$ -	$	37		14,110	$	14,110

Invesco Liquid Assets Portfolio, Institutional Class, 0.39%^(c)		0.22	%		24,904		414,890		(431,424	)		-		5		58		8,369		8,375

Invesco Treasury Portfolio, Institutional Class, 0.08%^(c)		0.42	%		27,975		662,229		(674,079	)		-		-		40		16,125		16,125

Total Money Market Funds					77,357		1,656,570		(1,695,322	)		-		5		135				38,610

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $3,796,770)		100.61	%	$	2,594,932	$	5,737,590	$	(4,299,732	)		$ 32,340		$(163,258)	$	25,964			$	3,901,872

OTHER ASSETS LESS LIABILITIES		(0.61	)%																	(23,655	)

NET ASSETS		100.00	%																$	3,878,217

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

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

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

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

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

29 Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Peak Retirement™ 2045 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.67%^(a)


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20

Alternative Funds–2.98%
Invesco Global Real Estate Income Fund, Class R6		2.98	%	$	64,034	$	51,824	$	(179	)		$ (10,264	)		$ (44	)	$	1,462		13,846	$	105,371

Domestic Equity Funds–65.14%
Invesco Comstock Fund, Class R6		-			166,926		108,097		(240,229	)		(4,454	)		(30,340	)		1,194		-		-

Invesco Diversified Dividend Fund, Class R6		-			84,587		46,250		(117,187	)		(4,481	)		(9,169	)		669		-		-

Invesco Equally-Weighted S&P 500 Fund, Class R6		-			141,969		78,482		(208,530	)		(6,387	)		(5,534	)		-		-		-

Invesco Growth and Income Fund, Class R6		-			112,061		76,094		(165,462	)		(416	)		(22,277	)		895		-		-

Invesco Long/Short Equity Fund, Class R6^(b)		-			40,085		33,069		(61,671	)		4,380			(15,863	)		-		-		-

Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6^(b)		10.10	%		-		337,339		(3,792	)		23,069			8			-		12,465		356,624

Invesco Oppenheimer Main Street Small Cap Fund, Class R6^(b)		7.64	%		-		262,980		-			6,804			-			-		19,093		269,784

Invesco PureBeta^SMMSCI USA ETF		11.23	%		-		392,562		(8,704	)		12,706			(193	)		1,333		12,723		396,371

Invesco RAFI™ Strategic US Small Company ETF		-			79,381		51,057		(120,288	)		(4,622	)		(5,528	)		370		-		-

Invesco Russell 1000 Dynamic Multifactor ETF		16.09	%		-		592,031		-			(23,700	)		-			2,114		19,110		568,331

Invesco S&P 500^® Pure Growth ETF		-			216,794		92,598		(318,330	)		(12,207	)		21,145			596		-		-

Invesco S&P MidCap Low Volatility ETF		-			68,554		49,616		(104,006	)		(5,049	)		(9,115	)		648		-		-

Invesco S&P SmallCap Low Volatility ETF		5.10	%		68,484		142,101		(6,353	)		(22,058	)		(1,971	)		1,779		5,322		180,203

Invesco U.S. Managed Volatility Fund, Class R6		14.98	%		333,665		235,981		(54,570	)		12,323			1,691			-		45,533		529,090

Total Domestic Equity Funds					1,312,506		2,498,257		(1,409,122	)		(24,092	)		(77,146	)		9,598				2,300,403

Fixed Income Funds–18.77%
Invesco 1-30 Laddered Treasury ETF		4.91	%		-		183,025		(10,321	)		766			(11	)		103		4,407		173,459

Invesco Core Plus Bond Fund, Class R6		-			31,052		21,953		(53,701	)		(564	)		1,260			422		-		-

Invesco Emerging Markets Sovereign Debt ETF		-			31,591		24,862		(52,411	)		(750	)		(3,292	)		916		-		-

Invesco Quality Income Fund, Class R6		-			171,358		115,720		(288,926	)		340			1,508			3,280		-		-

Invesco Short Term Bond Fund, Class R6		-			54,831		59,838		(113,948	)		(134	)		(587	)		876		-		-

Invesco Taxable Municipal Bond ETF		2.97	%		78,700		60,694		(40,048	)		6,605			(1,133	)		1,702		3,185		104,818

Invesco Variable Rate Investment Grade ETF		10.89	%		-		389,151		(12,227	)		7,735			(29	)		439		15,629		384,630

Total Fixed Income Funds					367,532		855,243		(571,582	)		13,998			(2,284	)		7,738				662,907

Foreign Equity Funds–12.71%
Invesco Developing Markets Fund, Class R6		1.47	%		-		49,812		(1,885	)		3,671			145			-		1,492		51,743

Invesco International Growth Fund, Class R6		-			116,569		60,812		(163,642	)		2,383			(16,122	)		-		-		-

Invesco International Select Equity Fund, Class R6		1.47	%		139,264		78,238		(160,034	)		(1,761	)		(3,654	)		-		4,456		52,053

Invesco Oppenheimer Developing Markets Fund, Class R6		1.48	%		-		49,453		(1,854	)		4,452			141			-		1,254		52,192

Invesco Oppenheimer International Small-Mid Company Fund, Class R6		2.46	%		-		84,736		-			2,090			-			-		1,845		86,826

Invesco PureBeta^SMFTSE Developed ex-North America ETF		1.96	%		-		65,933		-			3,259			-			339		3,082		69,192

Invesco RAFI™ Strategic Developed ex-US ETF		1.91	%		197,477		132,614		(224,793	)		528			(38,343	)		2,433		3,099		67,483

Invesco RAFI™ Strategic Emerging Markets ETF		-			44,793		29,958		(63,391	)		(2,531	)		(8,829	)		67		-		-

Invesco S&P Emerging Markets Low Volatility ETF		-			36,264		21,126		(49,593	)		(372	)		(7,425	)		410		-		-

Invesco S&P International Developed Low Volatility ETF		1.96	%		-		68,727		-			659			-			471		2,514		69,386

Total Foreign Equity Funds					534,367		641,409		(665,192	)		12,378			(74,087	)		3,720				448,875

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

30 Invesco Peak Retirement™ Funds

Schedule of Investments–(continued)

Invesco Peak Retirement™ 2045 Fund (continued)

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.67%^(a)


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20

Money Market Funds–1.07%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(c)		0.27	%	$	16,534	$	568,462	$	(575,633	)		$ -		$	-		$	34		9,363	$	9,363

Invesco Liquid Assets Portfolio, Institutional Class, 0.39%^(c)		0.50	%		13,161		427,664		(423,222	)		-			20			63		17,611		17,623

Invesco Treasury Portfolio, Institutional Class, 0.08%^(c)		0.30	%		18,896		649,671		(657,867	)		-			-			38		10,700		10,700

Total Money Market Funds					48,591		1,645,797		(1,656,722	)		-			20			135				37,686

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $3,479,064)		100.67	%	$	2,327,030	$	5,692,530	$	(4,302,797	)		$ (7,980	)	$	(153,541	)	$	22,653			$	3,555,242

OTHER ASSETS LESS LIABILITIES		(0.67	)%																			(23,789	)


NET ASSETS		100.00	%																		$	3,531,453

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

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

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

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

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

31 Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Peak Retirement™ 2050 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.76%^(a)


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20

Alternative Funds–1.99%
Invesco Global Real Estate Income Fund, Class R6		1.99	%	$	36,694	$	33,801	$	(6,107	)	$	(5,660	)	$	(1,241	)	$	828		7,554	$	57,487
Domestic Equity Funds–68.96%
Invesco Comstock Fund, Class R6		-			188,324		108,247		(255,387	)		(3,506	)		(37,678	)		1,303		-		-
Invesco Diversified Dividend Fund, Class R6		-			103,843		46,958		(133,822	)		(5,597	)		(11,382	)		786		-		-
Invesco Equally-Weighted S&P 500 Fund, Class R6		-			159,131		75,649		(220,063	)		(7,039	)		(7,678	)		-		-		-
Invesco Growth and Income Fund, Class R6		-			74,696		79,184		(133,708	)		(109	)		(20,063	)		724		-		-
Invesco Long/Short Equity Fund, Class R6^(b)		-			17,914		12,408		(25,068	)		2,379			(7,633	)		-		-		-
Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6^(b)		10.06	%		-		272,732		-			18,289			-			-		10,172		291,021
Invesco Oppenheimer Main Street Small Cap Fund, Class R6^(b)		9.05	%		-		255,544		-			6,200			-			-		18,524		261,744
Invesco PureBeta^SMMSCI USA ETF		13.90	%		-		390,282		-			12,008			-			1,301		12,913		402,290
Invesco RAFI™ Strategic US Small Company ETF		-			72,975		59,214		(121,559	)		(3,405	)		(7,225	)		333		-		-
Invesco Russell 1000 Dynamic Multifactor ETF		16.96	%		-		511,711		-			(21,090	)		-			1,780		16,497		490,621
Invesco S&P 500^® Pure Growth ETF		-			246,334		109,853		(363,180	)		(12,908	)		19,901			726		-		-
Invesco S&P MidCap Low Volatility ETF		-			62,581		39,920		(88,783	)		(4,918	)		(8,800	)		625		-		-
Invesco S&P SmallCap Low Volatility ETF		6.02	%		62,481		146,596		(11,665	)		(18,344	)		(4,791	)		1,717		5,147		174,277
Invesco U.S. Managed Volatility Fund, Class R6		12.97	%		265,560		175,125		(73,711	)		3,952			4,300			-		32,291		375,226
Total Domestic Equity Funds					1,253,839		2,283,423		(1,426,946	)		(34,088	)		(81,049	)		9,295				1,995,179
Fixed Income Funds–14.07%
Invesco 1-30 Laddered Treasury ETF		7.13	%		-		205,553		-			890			-			120		5,245		206,443
Invesco Core Plus Bond Fund, Class R6		-			20,206		9,510		(30,175	)		(736	)		1,195			206		-		-
Invesco Emerging Markets Sovereign Debt ETF		-			16,151		14,491		(28,055	)		(561	)		(2,026	)		558		-		-
Invesco Quality Income Fund, Class R6		-			143,776		97,172		(242,682	)		(323	)		2,057			2,953		-		-
Invesco Taxable Municipal Bond ETF		-			72,334		46,693		(120,126	)		(85	)		1,184			1,287		-		-
Invesco Variable Rate Investment Grade ETF		6.94	%		-		196,880		-			3,889			-			229		8,158		200,769
Total Fixed Income Funds					252,467		570,299		(421,038	)		3,074			2,410			5,353				407,212
Foreign Equity Funds–14.61%
Invesco Developing Markets Fund, Class R6		1.45	%		-		38,954		-			2,974			-			-		1,209		41,928
Invesco International Growth Fund, Class R6		-			117,085		56,619		(158,665	)		960			(15,999	)		-		-		-
Invesco International Select Equity Fund, Class R6		1.46	%		138,974		63,760		(152,705	)		(3,350	)		(4,517	)		-		3,610		42,162
Invesco Oppenheimer Developing Markets Fund, Class R6		1.46	%		-		38,679		-			3,607			-			-		1,016		42,286
Invesco Oppenheimer International Small-Mid Company Fund, Class R6		2.94	%		-		83,200		-			1,932			-			-		1,809		85,132
Invesco PureBeta^SMFTSE Developed ex-North America ETF		2.45	%		-		67,765		-			3,089			-			341		3,156		70,854
Invesco RAFI™ Strategic Developed ex-US ETF		2.41	%		199,391		143,387		(232,645	)		4,445			(44,700	)		2,441		3,209		69,878
Invesco RAFI™ Strategic Emerging Markets ETF		-			40,804		27,580		(57,761	)		(1,428	)		(9,195	)		59		-		-
Invesco S&P Emerging Markets Low Volatility ETF		-			41,688		22,736		(54,510	)		463			(10,377	)		543		-		-
Invesco S&P International Developed Low Volatility ETF		2.44	%		-		69,954		-			536			-			474		2,554		70,490
Total Foreign Equity Funds					537,942		612,634		(656,286	)		13,228			(84,788	)		3,858				422,730

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

32 Invesco Peak Retirement™ Funds

Schedule of Investments–(continued)

Invesco Peak Retirement^™ 2050 Fund (continued)

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.76%^(a)


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20

Money Market Funds–1.13%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(c)		0.40	%	$	12,971	$	491,008	$	(492,526	)		$ -		$	-		$	41		11,453	$	11,453

Invesco Liquid Assets Portfolio, Institutional Class, 0.39%^(c)		0.28	%		9,564		350,720		(352,123	)		-			5			40		8,161		8,166

Invesco Treasury Portfolio, Institutional Class, 0.08%^(c)		0.45	%		14,824		561,152		(562,887	)		-			-			44		13,089		13,089

Total Money Market Funds					37,359		1,402,880		(1,407,536	)		-			5			125				32,708

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $2,858,545)		100.76	%	$	2,118,301	$	4,903,037	$	(3,917,913	)		$ (23,446	)	$	(164,663	)	$	19,459			$	2,915,316

OTHER ASSETS LESS LIABILITIES		(0.76	)%																			(22,094	)

NET ASSETS		100.00	%																		$	2,893,222

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

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

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

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

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

33 Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Peak Retirement^™ 2055 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.91%^(a)


	% of Net Assets 06/30/20		Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20

Alternative Funds–0.00%
Invesco Global Real Estate Income Fund, Class R6		-	$	8,165	$	7,767	$	(14,080	)		$ 29		$	(1,881	)	$	97		-	$	-

Domestic Equity Funds–72.78%
Invesco Comstock Fund, Class R6		-		125,152		69,105		(169,939	)		(77	)		(24,241	)		812		-		-

Invesco Diversified Dividend Fund, Class R6		-		76,842		34,616		(98,908	)		(2,006	)		(10,544	)		597		-		-

Invesco Equally-Weighted S&P 500 Fund, Class R6		-		114,278		45,269		(150,372	)		(3,224	)		(5,951	)		-		-		-

Invesco Long/Short Equity Fund, Class R6^(b)		-		4,039		3,613		(6,503	)		478			(1,627	)		-		-		-

Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6^(b)		10.10%		-		162,119		-			10,285			-			-		6,026		172,404

Invesco Oppenheimer Main Street Small Cap Fund, Class R6^(b)		10.07%		-		167,665		-			4,226			-			-		12,165		171,891

Invesco PureBeta^SMMSCI USA ETF		16.10%		-		271,875		(4,611	)		7,949			(249	)		897		8,826		274,964

Invesco RAFI™ Strategic US Small Company ETF		-		37,667		20,345		(53,861	)		(1,508	)		(2,643	)		158		-		-

Invesco Russell 1000 Dynamic Multifactor ETF		17.97%		-		319,838		-			(12,891	)		-			1,101		10,321		306,947

Invesco S&P 500^® Pure Growth ETF		-		146,811		45,276		(197,577	)		(6,522	)		12,012			372		-		-

Invesco S&P MidCap Low Volatility ETF		-		32,286		16,431		(42,311	)		(2,523	)		(3,883	)		271		-		-

Invesco S&P SmallCap Low Volatility ETF		7.06%		32,207		101,742		(3,069	)		(9,312	)		(992	)		950		3,561		120,576

Invesco U.S. Managed Volatility Fund, Class R6		11.48%		122,885		87,265		(18,256	)		3,420			815			-		16,879		196,129

Total Domestic Equity Funds				692,167		1,345,159		(745,407	)		(11,705	)		(37,303	)		5,158				1,242,911

Fixed Income Funds–9.87%
Invesco 1-30 Laddered Treasury ETF		6.41%		-		111,078		(2,123	)		545			-			63		2,782		109,500

Invesco Core Plus Bond Fund, Class R6		-		8,102		6,925		(15,178	)		(211	)		362			139		-		-

Invesco Quality Income Fund, Class R6		-		42,366		29,291		(72,080	)		114			309			863		-		-

Invesco Taxable Municipal Bond ETF		-		36,927		16,943		(54,197	)		(61	)		388			611		-		-

Invesco Variable Rate Investment Grade ETF		3.46%		-		59,179		(1,084	)		1,068			(1	)		64		2,404		59,162

Total Fixed Income Funds				87,395		223,416		(144,662	)		1,455			1,058			1,740				168,662

Foreign Equity Funds–16.62%
Invesco Developing Markets Fund, Class R6		1.49%		-		23,735		-			1,651			-			-		732		25,386

Invesco International Growth Fund, Class R6		-		66,926		25,411		(84,636	)		3,516			(11,217	)		-		-		-

Invesco International Select Equity Fund, Class R6		1.99%		83,300		35,058		(80,751	)		418			(4,115	)		-		2,903		33,910

Invesco Oppenheimer Developing Markets Fund, Class R6		1.97%		-		31,026		-			2,645			-			-		809		33,671

Invesco Oppenheimer International Small-Mid Company Fund, Class R6		2.93%		-		49,044		-			1,075			-			-		1,065		50,119

Invesco PureBeta^SMFTSE Developed ex-North America ETF		2.92%		-		47,958		-			1,972			-			240		2,224		49,930

Invesco RAFI™ Strategic Developed ex-US ETF		2.90%		108,976		60,544		(101,134	)		2,153			(21,065	)		1,326		2,272		49,474

Invesco RAFI™ Strategic Emerging Markets ETF		-		21,938		9,525		(26,479	)		(665	)		(4,319	)		29		-		-

Invesco S&P Emerging Markets Low Volatility ETF		-		21,504		9,504		(26,231	)		560			(5,337	)		237		-		-

Invesco S&P International Developed Low Volatility ETF		2.42%		-		41,159		-			213			-			276		1,499		41,372

Total Foreign Equity Funds				302,644		332,964		(319,231	)		13,538			(46,053	)		2,108				283,862

Money Market Funds–1.64%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(c)		0.57%		14,323		262,856		(267,455	)		-			-			9		9,724		9,724

Invesco Liquid Assets Portfolio, Institutional Class, 0.39%^(c)		0.42%		16,691		187,755		(197,255	)		-			-			33		7,185		7,191

Invesco Treasury Portfolio, Institutional Class, 0.08%^(c)		0.65%		16,369		300,407		(305,663	)		-			-			11		11,113		11,113

Total Money Market Funds				47,383		751,018		(770,373	)		-			-			53				28,028

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $1,690,419)		100.91%	$	1,137,754	$	2,660,324	$	(1,993,753	)		$ 3,317			$ (84,179	)	$	9,156			$	1,723,463

OTHER ASSETS LESS LIABILITIES		(0.91)%																			(15,595	)

NET ASSETS		100.00%																		$	1,707,868

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

34 Invesco Peak Retirement™ Funds

Schedule of Investments–(continued)

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

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

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

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

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

35 Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Peak Retirement^™ 2060 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.63%^(a)


	% of Net Assets 06/30/20		Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20

Domestic Equity Funds–76.68%
Invesco Comstock Fund, Class R6		-	$	163,463	$	113,390	$	(236,694	)		$ (498	)	$	(39,661	)	$	997		-	$	-

Invesco Diversified Dividend Fund, Class R6		-		88,077		51,481		(122,189	)		(3,230	)		(14,139	)		641		-		-

Invesco Equally-Weighted S&P 500 Fund, Class R6		-		151,079		82,234		(213,812	)		(5,830	)		(13,671	)		-		-		-

Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6^(b)		10.08%		-		173,328		-			11,979			-			-		6,477		185,307

Invesco Oppenheimer Main Street Small Cap Fund, Class R6^(b)		11.52%		-		206,392		-			5,431			-			-		14,991		211,823

Invesco PureBeta^SMMSCI USA ETF		18.27%		-		325,175		-			10,695			-			1,111		10,781		335,870

Invesco RAFI™ Strategic US Small Company ETF		-		44,222		25,166		(62,744	)		(2,287	)		(4,357	)		169		-		-

Invesco Russell 1000 Dynamic Multifactor ETF		18.89%		-		362,118		-			(14,814	)		-			1,284		11,678		347,304

Invesco S&P 500^® Pure Growth ETF		-		188,142		77,469		(263,238	)		(10,728	)		8,355			459		-		-

Invesco S&P MidCap Low Volatility ETF		-		37,344		23,440		(52,237	)		(2,940	)		(5,607	)		299		-		-

Invesco S&P SmallCap Low Volatility ETF		7.98%		37,397		123,337		(1,059	)		(12,345	)		(513	)		1,131		4,336		146,817

Invesco U.S. Managed Volatility Fund, Class R6		9.94%		125,664		85,098		(31,263	)		2,373			923			-		15,731		182,795

Total Domestic Equity Funds				835,388		1,648,628		(983,236	)		(22,194	)		(68,670	)		6,091				1,409,916

Fixed Income Funds–5.04%
Invesco 1-30 Laddered Treasury ETF		4.05%		-		74,238		-			270			-			43		1,893		74,508

Invesco Quality Income Fund, Class R6		-		21,483		10,769		(32,423	)		33			138			361		-		-

Invesco Taxable Municipal Bond ETF		-		41,329		24,775		(66,645	)		(94	)		635			630		-		-

Invesco Variable Rate Investment Grade ETF		0.99%		-		17,789		-			349			-			21		737		18,138

Total Fixed Income Funds				62,812		127,571		(99,068	)		558			773			1,055				92,646

Foreign Equity Funds–17.65%
Invesco Developing Markets Fund, Class R6		2.00%		-		34,218		-			2,612			-			-		1,062		36,830

Invesco International Growth Fund, Class R6		-		81,059		44,719		(113,712	)		3,701			(15,767	)		-		-		-

Invesco International Select Equity Fund, Class R6		1.95%		100,609		54,746		(111,845	)		(2,715	)		(5,010	)		-		3,064		35,785

Invesco Oppenheimer Developing Markets Fund, Class R6		2.02%		-		33,997		-			3,170			-			-		893		37,167

Invesco Oppenheimer International Small-Mid Company Fund, Class R6		3.41%		-		61,209		-			1,522			-			-		1,333		62,731

Invesco PureBeta^SMFTSE Developed ex-North America ETF		2.92%		-		51,237		-			2,532			-			263		2,395		53,769

Invesco RAFI™ Strategic Developed ex-US ETF		2.89%		124,522		78,104		(124,005	)		(30	)		(25,502	)		1,377		2,438		53,089

Invesco RAFI™ Strategic Emerging Markets ETF		-		25,442		13,238		(32,320	)		(1,108	)		(5,252	)		31		-		-

Invesco S&P Emerging Markets Low Volatility ETF		-		24,672		14,285		(33,128	)		117			(5,946	)		265		-		-

Invesco S&P International Developed Low Volatility ETF		2.46%		-		44,742		-			439			-			305		1,637		45,181

Total Foreign Equity Funds				356,304		430,495		(415,010	)		10,240			(57,477	)		2,241				324,552

Money Market Funds–1.26%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(c)		0.45%		4,938		298,027		(294,692	)		-			-			19		8,273		8,273

Invesco Liquid Assets Portfolio, Institutional Class, 0.39%^(c)		0.30%		3,877		213,197		(211,565	)		-			11			22		5,516		5,520

Invesco Treasury Portfolio, Institutional Class, 0.08%^(c)		0.51%		5,644		340,602		(336,792	)		-			-			21		9,454		9,454

Total Money Market Funds				14,459		851,826		(843,049	)		-			11			62				23,247

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $1,814,014)		100.63%	$	1,268,963	$	3,058,520	$	(2,340,363	)		$(11,396)		$	(125,363	)	$	9,449			$	1,850,361

OTHER ASSETS LESS LIABILITIES		(0.63)%																			(11,638	)

NET ASSETS		100.00%																		$	1,838,723

Investment Abbreviations:

ETF - Exchange-Traded Fund

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

36 Invesco Peak Retirement™ Funds

Schedule of Investments–(continued)

Notes to Schedule of Investments:

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

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

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

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

37 Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Peak Retirement^™ 2065 Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.80%^(a)


	% of Net Assets 06/30/20		Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20

Domestic Equity Funds–76.83%
Invesco Comstock Fund, Class R6		-	$	104,718	$	72,604	$	(156,631	)		$ 599		$	(21,290	)	$	723		-	$	-

Invesco Diversified Dividend Fund, Class R6		-		56,350		33,118		(80,333	)		(1,855	)		(7,280	)		435		-		-

Invesco Equally-Weighted S&P 500 Fund, Class R6		-		96,744		53,776		(143,462	)		(4,044	)		(3,014	)		-		-		-

Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6^(b)		10.06%		-		123,648		(3,348	)		8,231			42			-		4,494		128,573

Invesco Oppenheimer Main Street Small Cap Fund, Class R6^(b)		11.53%		-		153,403		(10,354	)		3,666			647			-		10,429		147,362

Invesco PureBeta^SMMSCI USA ETF		18.34%		-		237,595		(10,477	)		7,159			187			783		7,526		234,464

Invesco RAFI™ Strategic US Small Company ETF		-		28,033		19,442		(45,156	)		(1,349	)		(970	)		121		-		-

Invesco Russell 1000 Dynamic Multifactor ETF		18.91%		-		259,779		(8,506	)		(10,236	)		601			916		8,125		241,638

Invesco S&P 500^® Pure Growth ETF		-		120,568		51,416		(178,503	)		(6,655	)		13,174			324		-		-

Invesco S&P MidCap Low Volatility ETF		-		24,107		15,516		(34,783	)		(2,515	)		(2,325	)		214		-		-

Invesco S&P SmallCap Low Volatility ETF		8.04%		24,117		93,339		(7,270	)		(5,465	)		(1,956	)		798		3,035		102,765

Invesco U.S. Managed Volatility Fund, Class R6		9.95%		80,494		61,088		(18,190	)		2,757			1,041			-		10,946		127,190

Total Domestic Equity Funds				535,131		1,174,724		(697,013	)		(9,707	)		(21,143	)		4,314				981,992

Fixed Income Funds–4.96%
Invesco 1-30 Laddered Treasury ETF		3.96%		-		50,440		-			177			-			30		1,286		50,617

Invesco Quality Income Fund, Class R6		-		13,678		7,274		(21,088	)		12			124			252		-		-

Invesco Taxable Municipal Bond ETF		-		26,381		16,061		(42,804	)		(121	)		483			462		-		-

Invesco Variable Rate Investment Grade ETF		1.00%		-		12,533		-			240			-			15		519		12,773

Total Fixed Income Funds				40,059		86,308		(63,892	)		308			607			759				63,390

Foreign Equity Funds–17.73%
Invesco Developing Markets Fund, Class R6		1.99%		-		23,649		-			1,806			-			-		734		25,455

Invesco International Growth Fund, Class R6		-		52,312		27,721		(74,339	)		3,117			(8,811	)		-		-		-

Invesco International Select Equity Fund, Class R6		1.93%		64,331		35,166		(72,835	)		997			(2,927	)		-		2,117		24,732

Invesco Oppenheimer Developing Markets Fund, Class R6		1.99%		-		24,540		(1,318	)		2,071			137			-		611		25,430

Invesco Oppenheimer International Small-Mid Company Fund, Class R6		3.44%		-		44,024		(1,194	)		1,064			13			-		933		43,907

Invesco PureBeta^SMFTSE Developed ex-North America ETF		2.98%		-		36,400		-			1,676			-			186		1,696		38,076

Invesco RAFI™ Strategic Developed ex-US ETF		2.94%		79,956		58,149		(87,160	)		2,098			(15,480	)		972		1,725		37,563

Invesco RAFI™ Strategic Emerging Markets ETF		-		16,090		10,279		(22,789	)		(518	)		(3,062	)		22		-		-

Invesco S&P Emerging Markets Low Volatility ETF		-		16,152		9,818		(22,592	)		606			(3,984	)		178		-		-

Invesco S&P International Developed Low Volatility ETF		2.46%		-		31,163		-			273			-			218		1,139		31,436

Total Foreign Equity Funds				228,841		300,909		(282,227	)		13,190			(34,114	)		1,576				226,599

Money Market Funds–1.28%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(c)		0.21%		13,617		210,232		(221,171	)		-			-			23		2,678		2,678

Invesco Liquid Assets Portfolio, Institutional Class, 0.39%^(c)		0.83%		6,887		151,123		(147,455	)		-			12			13		10,560		10,567

Invesco Treasury Portfolio, Institutional Class, 0.08%^(c)		0.24%		15,563		240,264		(252,767	)		-			-			25		3,060		3,060

Total Money Market Funds				36,067		601,619		(621,393	)		-			12			61				16,305

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $1,255,281)		100.80%	$	840,098	$	2,163,560	$	(1,664,525	)		$ 3,791		$	(54,638	)		$6,710			$	1,288,286

OTHER ASSETS LESS LIABILITIES		(0.80)%																			(10,242	)

NET ASSETS		100.00%																		$	1,278,044

Investment Abbreviations:

ETF - Exchange-Traded Fund

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

38 Invesco Peak Retirement™ Funds

Schedule of Investments–(continued)

Notes to Schedule of Investments:

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

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

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

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

39 Invesco Peak Retirement™ Funds

Portfolio Composition*

June 30, 2020

(Unaudited)

Invesco Peak Retirement™ Now Fund

By fund type, based on total investments


Fixed Income Funds			61.41%

Equity Funds			22.50

Alternative Funds			9.97

Money Market Funds			6.12

Invesco Peak Retirement™ 2015 Fund

By fund type, based on total investments


Fixed Income Funds			61.13%

Equity Funds			22.47

Alternative Funds			10.02

Money Market Funds			6.38

Invesco Peak Retirement™ 2020 Fund

By fund type, based on total investments


Fixed Income Funds			60.62%

Equity Funds			29.35

Money Market Funds			5.05

Alternative Funds			4.98

Invesco Peak Retirement™ 2025 Fund

By fund type, based on total investments


Fixed Income Funds			60.64%

Equity Funds			32.64

Alternative Funds			4.87

Money Market Funds			1.85

Invesco Peak Retirement™ 2030 Fund

By fund type, based on total investments


Fixed Income Funds			47.46%

Equity Funds			43.34

Alternative Funds			4.74

Money Market Funds			4.46

Invesco Peak Retirement™ 2035 Fund

By fund type, based on total investments


Equity Funds			56.28%

Fixed Income Funds			37.78

Alternative Funds			4.84

Money Market Funds			1.10

Invesco Peak Retirement™ 2040 Fund

By fund type, based on total investments


Equity Funds			67.63%

Fixed Income Funds			26.48

Alternative Funds			4.90

Money Market Funds			0.99

Invesco Peak Retirement™ 2045 Fund

By fund type, based on total investments


Equity Funds			77.33%

Fixed Income Funds			18.65

Alternative Funds			2.96

Money Market Funds			1.06

Invesco Peak Retirement™ 2050 Fund

By fund type, based on total investments


Equity Funds			82.94%

Fixed Income Funds			13.97

Alternative Funds			1.97

Money Market Funds			1.12

Invesco Peak Retirement™ 2055 Fund

By fund type, based on total investments


Equity Funds			88.59%

Fixed Income Funds			9.78

Money Market Funds			1.63

Invesco Peak Retirement™ 2060 Fund

By fund type, based on total investments


Equity Funds			93.74%

Fixed Income Funds			5.01

Money Market Funds			1.25

Invesco Peak Retirement™ 2065 Fund

By fund type, based on total investments


Equity Funds			93.81%

Fixed Income Funds			4.92

Money Market Funds			1.27

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

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

40 Invesco Peak Retirement™ Funds

Statements of Assets and Liabilities

June 30, 2020

(Unaudited)


	Invesco Peak Retirement^™ Now Fund				Invesco Peak Retirement^™ 2015 Fund				Invesco Peak Retirement^™ 2020 Fund				Invesco Peak Retirement^™ 2025 Fund			Invesco Peak Retirement^™ 2030 Fund				Invesco Peak Retirement^™ 2035 Fund
Assets:
Investments in affiliated underlying funds, at value ¹		$	961,303			$	704,890			$	2,258,028			$	6,436,234		$	9,204,018			$	5,249,966
Cash			520				348				263				–			4,206				–
Receivable for:
Fund shares sold			114				–				–				1,477			3,785				13,214
Dividends - affiliated underlying funds			1,348				945				2,709				7,721			7,323				2,478
Investment for trustee deferred compensation and retirement plans			6,116				6,116				6,116				6,118			6,117				6,117
Other assets			30,049				29,841				30,279				31,007			30,494				30,791
Total assets			999,450				742,140				2,297,395				6,482,557			9,255,943				5,302,566

Liabilities:
Payable for:
Investments purchased - affiliated underlying funds			1,273				896				15,622				93,181			11,202				19,250
Collateral upon return of securities loaned			–				–				–				–			344,250				–
Accrued fees to affiliates			1,815				517				2,919				16,455			15,596				11,941
Accrued trustees’ and officers’ fees and benefits			3,522				3,419				3,417				3,403			3,419				3,420
Accrued other operating expenses			27,224				26,970				31,666				30,922			30,497				31,777
Trustee deferred compensation and retirement plans			6,116				6,116				6,116				6,117			6,117				6,117
Total liabilities			39,950				37,918				59,740				150,078			411,081				72,505
Net assets applicable to shares outstanding		$	959,500			$	704,222			$	2,237,655			$	6,332,479		$	8,844,862			$	5,230,061

Net assets consist of:
Shares of beneficial interest		$	1,037,794			$	732,308			$	2,300,896			$	6,304,888		$	8,880,944			$	5,280,887
Distributable earnings (loss)			(78,294	)			(28,086	)			(63,241	)			27,591			(36,082	)			(50,826	)
		$	959,500			$	704,222			$	2,237,655			$	6,332,479		$	8,844,862			$	5,230,061

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

41 Invesco Peak Retirement™ Funds

Statements of Assets and Liabilities–(continued)

June 30, 2020

(Unaudited)


	Invesco Peak Retirement^™ Now Fund			Invesco Peak Retirement^™ 2015 Fund			Invesco Peak Retirement^™ 2020 Fund			Invesco Peak Retirement^™ 2025 Fund			Invesco Peak Retirement^™ 2030 Fund			Invesco Peak Retirement^™ 2035 Fund

Net Assets:
Class A		$	418,822		$	257,465		$	717,553		$	3,899,227		$	6,119,080		$	2,229,629
Class C		$	90,104		$	9,648		$	517,738		$	976,876		$	853,674		$	1,190,253
Class R		$	36,318		$	9,671		$	532,417		$	940,959		$	1,298,239		$	1,010,626
Class Y		$	37,667		$	38,867		$	69,201		$	103,859		$	166,402		$	393,131
Class R5		$	94,159		$	97,156		$	100,200		$	102,903		$	101,880		$	101,620
Class R6		$	282,430		$	291,415		$	300,546		$	308,655		$	305,587		$	304,802

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A			44,523			26,580			72,018			380,534			603,252			220,384
Class C			9,574			1,001			52,325			96,488			84,966			118,860
Class R			3,858			1,001			53,552			92,090			128,428			100,315
Class Y			4,001			4,001			6,909			10,095			16,333			38,691
Class R5			10,001			10,001			10,001			10,001			10,001			10,001
Class R6			30,001			30,001			30,001			30,001			30,001			30,001
Class A:
Net asset value per share		$	9.41		$	9.69		$	9.96		$	10.25		$	10.14		$	10.12
Maximum offering price per share (Net asset value ÷ 94.50%)		$	9.96		$	10.25		$	10.54		$	10.85		$	10.73		$	10.71
Class C:
Net asset value and offering price per share		$	9.41		$	9.64		$	9.89		$	10.12		$	10.05		$	10.01
Class R:
Net asset value and offering price per share		$	9.41		$	9.66		$	9.94		$	10.22		$	10.11		$	10.07
Class Y:
Net asset value and offering price per share		$	9.41		$	9.71		$	10.02		$	10.29		$	10.19		$	10.16
Class R5:
Net asset value and offering price per share		$	9.41		$	9.71		$	10.02		$	10.29		$	10.19		$	10.16
Class R6:
Net asset value and offering price per share		$	9.41		$	9.71		$	10.02		$	10.29		$	10.19		$	10.16
Cost of Investments in affiliated underlying funds		$	936,191		$	722,977		$	2,241,282		$	6,297,055		$	9,074,579		$	5,125,131
1 Includes securities on loan with an aggregate value of:		$	–		$	–		$	–		$	–		$	335,988		$	–

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

42 Invesco Peak Retirement™ Funds

Statements of Assets and Liabilities–(continued)

June 30, 2020

(Unaudited)


	Invesco Peak Retirement^™ 2040 Fund				Invesco Peak Retirement^™ 2045 Fund				Invesco Peak Retirement^™ 2050 Fund				Invesco Peak Retirement^™ 2055 Fund				Invesco Peak Retirement^™ 2060 Fund				Invesco Peak Retirement^™ 2065 Fund
Assets:
Investments in affiliated underlying funds, at value ¹		$	3,901,872			$	3,555,242			$	2,915,316			$	1,723,463			$	1,850,361			$	1,288,286
Cash			–				–				–				–				–				–
Receivable for:
Fund shares sold			4,215				5,782				3,564				6,438				5,583				1,392
Dividends - affiliated underlying funds			1,078				6				4				3				2				2
Investment for trustee deferred compensation and retirement plans			6,116				6,116				6,116				6,116				6,116				6,116
Other assets			30,128				39,282				30,179				29,928				29,968				30,008
Total assets			3,943,409				3,606,428				2,955,179				1,765,948				1,892,030				1,325,804

Liabilities:
Payable for:
Investments purchased - affiliated underlying funds			18,853				17,968				16,611				18,493				12,910				9,110
Collateral upon return of securities loaned			–				–				–				–				–				–
Accrued fees to affiliates			6,774				14,063				6,445				3,753				3,870				2,658
Accrued trustees’ and officers’ fees and benefits			3,437				3,560				3,401				3,403				3,618				3,403
Accrued other operating expenses			30,012				33,268				29,384				26,315				26,793				26,473
Trustee deferred compensation and retirement plans			6,116				6,116				6,116				6,116				6,116				6,116
Total liabilities			65,192				74,975				61,957				58,080				53,307				47,760
Net assets applicable to shares outstanding		$	3,878,217			$	3,531,453			$	2,893,222			$	1,707,868			$	1,838,723			$	1,278,044

Net assets consist of:
Shares of beneficial interest		$	3,899,754			$	3,572,202			$	2,971,900			$	1,742,579			$	1,906,232			$	1,290,008
Distributable earnings (loss)			(21,537	)			(40,749	)			(78,678	)			(34,711	)			(67,509	)			(11,964	)
		$	3,878,217			$	3,531,453			$	2,893,222			$	1,707,868			$	1,838,723			$	1,278,044

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

43 Invesco Peak Retirement™ Funds

Statements of Assets and Liabilities–(continued)

June 30, 2020

(Unaudited)


	Invesco Peak Retirement^™ 2040 Fund			Invesco Peak Retirement^™ 2045 Fund			Invesco Peak Retirement^™ 2050 Fund			Invesco Peak Retirement^™ 2055 Fund			Invesco Peak Retirement^™ 2060 Fund			Invesco Peak Retirement^™ 2065 Fund

Net Assets:
Class A		$	2,021,977		$	1,402,850		$	1,223,846		$	843,533		$	693,683		$	594,291
Class C		$	621,437		$	798,215		$	513,815		$	195,352		$	139,622		$	78,159
Class R		$	733,369		$	843,471		$	600,494		$	238,393		$	552,100		$	163,512
Class Y		$	104,667		$	94,738		$	163,066		$	42,471		$	72,403		$	54,447
Class R5		$	99,205		$	98,058		$	98,015		$	97,042		$	95,241		$	96,921
Class R6		$	297,562		$	294,121		$	293,986		$	291,077		$	285,674		$	290,714

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A			204,736			143,571			125,402			87,216			73,110			60,812
Class C			63,480			82,899			53,307			20,410			14,864			8,174
Class R			74,583			86,745			61,935			24,778			58,473			16,983
Class Y			10,552			9,664			16,639			4,381			7,602			5,619
Class R5			10,001			10,001			10,001			10,001			10,001			10,001
Class R6			30,001			30,001			30,001			30,001			30,001			30,001
Class A:
Net asset value per share		$	9.88		$	9.77		$	9.76		$	9.67		$	9.49		$	9.77
Maximum offering price per share (Net asset value ÷ 94.50%)		$	10.46		$	10.34		$	10.33		$	10.23		$	10.04		$	10.34
Class C:
Net asset value and offering price per share		$	9.79		$	9.63		$	9.64		$	9.57		$	9.39		$	9.56
Class R:
Net asset value and offering price per share		$	9.83		$	9.72		$	9.70		$	9.62		$	9.44		$	9.63
Class Y:
Net asset value and offering price per share		$	9.92		$	9.80		$	9.80		$	9.69		$	9.52		$	9.69
Class R5:
Net asset value and offering price per share		$	9.92		$	9.80		$	9.80		$	9.70		$	9.52		$	9.69
Class R6:
Net asset value and offering price per share		$	9.92		$	9.80		$	9.80		$	9.70		$	9.52		$	9.69
Cost of Investments in affiliated underlying funds		$	3,796,770		$	3,479,064		$	2,858,545		$	1,690,419		$	1,814,014		$	1,255,281
1 Includes securities on loan with an aggregate value of:		$	–		$	–		$	–		$	–		$	–		$	–

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

44 Invesco Peak Retirement™ Funds

Statements of Operations

For the six months ended June 30, 2020

(Unaudited)


	Invesco Peak Retirement^™ Now Fund				Invesco Peak Retirement^™ 2015 Fund				Invesco Peak Retirement^™ 2020 Fund				Invesco Peak Retirement^™ 2025 Fund				Invesco Peak Retirement^™ 2030 Fund				Invesco Peak Retirement^™ 2035 Fund
Investment income:
Dividends from affiliated underlying funds		$	19,888			$	12,393			$	32,233			$	72,228			$	66,983			$	40,425

Dividends from unaffiliated underlying funds			674				471				–				–				–				–

Securities lending income			–				–				–				439				128				10

Total investment income			20,562				12,864				32,233				72,667				67,111				40,435


Expenses:
Administrative services fees			56				42				95				193				191				133

Custodian fees			563				317				324				1,174				943				823

Distribution fees:
Class A			701				277				905				4,319				4,324				2,079

Class C			444				48				1,877				4,096				3,659				4,876

Class R			27				24				1,484				1,855				2,351				2,526

Transfer agent fees – A, C, R and Y			676				293				896				3,382				7,794				6,295

Transfer agent fees – R5			3				4				3				3				3				3

Transfer agent fees – R6			8				10				8				8				9				8

Trustees’ and officers’ fees and benefits			8,817				8,694				8,695				8,690				8,705				8,704

Registration and filing fees			36,299				36,067				36,582				36,687				36,352				36,326

Reports to shareholders			21,971				6,767				9,261				6,896				7,110				7,338

Professional services fees			15,925				15,353				17,063				16,280				14,522				14,693

Taxes			72				19				–				–				–				–

Other			5,709				5,601				5,509				5,726				5,641				5,600

Total expenses			91,271				73,516				82,702				89,309				91,604				89,404

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)			(89,523	)			(72,734	)			(76,946	)			(74,956	)			(77,146	)			(76,425	)

Net expenses			1,748				782				5,756				14,353				14,458				12,979

Net investment income			18,814				12,082				26,477				58,314				52,653				27,456


Realized and unrealized gain (loss) from:
Net realized (loss) from: Affiliated underlying fund shares			(93,493	)			(17,177	)			(107,570	)			(185,885	)			(240,024	)			(223,729	)

Unaffiliated underlying fund shares			(10,000	)			(5,472	)			–				–				–				–

			(103,493	)			(22,649	)			(107,570	)			(185,885	)			(240,024	)			(223,729	)

Change in net unrealized appreciation (depreciation) of affiliated underlying fund shares			10,085				(34,036	)			(19,721	)			57,915				30,765				28,056

Net realized and unrealized gain (loss)			(93,408	)			(56,685	)			(127,291	)			(127,970	)			(209,259	)			(195,673	)

Net increase (decrease) in net assets resulting from operations		$	(74,594	)		$	(44,603	)		$	(100,814	)		$	(69,656	)		$	(156,606	)		$	(168,217	)

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

45 Invesco Peak Retirement™ Funds

Statements of Operations–(continued)

For the six months ended June 30, 2020

(Unaudited)


	Invesco Peak Retirement^™ 2040 Fund				Invesco Peak Retirement^™ 2045 Fund				Invesco Peak Retirement^™ 2050 Fund				Invesco Peak Retirement^™ 2055 Fund				Invesco Peak Retirement^™ 2060 Fund				Invesco Peak Retirement^™ 2065 Fund
Investment income:
Dividends from affiliated underlying funds		$	25,964			$	22,653			$	19,459			$	9,156			$	9,449			$	6,710

Dividends from unaffiliated underlying funds			–				–				–				–				–				–

Securities lending income			–				–				–				–				–				–

Total investment income			25,964				22,653				19,459				9,156				9,449				6,710


Expenses:
Administrative services fees			129				95				98				44				76				45

Custodian fees			1,128				889				1,054				746				985				986

Distribution fees:
Class A			2,071				1,458				1,179				671				720				479

Class C			1,926				3,321				2,030				560				476				372

Class R			1,238				1,320				1,405				403				682				214

Transfer agent fees – A, C, R and Y			5,450				6,106				6,695				5,924				6,411				4,433

Transfer agent fees – R5			2				3				3				2				8				2

Transfer agent fees – R6			6				8				8				8				25				8

Trustees’ and officers’ fees and benefits			8,717				8,839				8,680				8,679				8,894				8,797

Registration and filing fees			36,230				37,670				36,107				36,099				36,135				36,012

Reports to shareholders			7,219				9,053				5,626				8,284				2,771				8,109

Professional services fees			14,388				16,100				15,546				14,820				13,024				16,242

Taxes			–				–				–				–				–				–

Other			5,655				5,876				5,726				5,575				5,661				5,549

Total expenses			84,159				90,738				84,157				81,815				75,868				81,248

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)			(76,315	)			(82,073	)			(77,316	)			(79,002	)			(72,667	)			(79,320	)

Net expenses			7,844				8,665				6,841				2,813				3,201				1,928

Net investment income			18,120				13,988				12,618				6,343				6,248				4,782


Realized and unrealized gain (loss) from:
Net realized (loss) from: Affiliated underlying fund shares			(163,258	)			(153,541	)			(164,663	)			(84,179	)			(125,363	)			(54,638	)

Unaffiliated underlying fund shares			–				–				–				–				–				–

			(163,258	)			(153,541	)			(164,663	)			(84,179	)			(125,363	)			(54,638	)

Change in net unrealized appreciation (depreciation) of affiliated underlying fund shares			32,340				(7,980	)			(23,446	)			3,317				(11,396	)			3,791

Net realized and unrealized gain (loss)			(130,918	)			(161,521	)			(188,109	)			(80,862	)			(136,759	)			(50,847	)

Net increase (decrease) in net assets resulting from operations		$	(112,798	)		$	(147,533	)		$	(175,491	)		$	(74,519	)		$	(130,511	)		$	(46,065	)

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

46 Invesco Peak Retirement™ Funds

Statements of Changes in Net Assets

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

(Unaudited)


	Invesco Peak Retirement^™ Now Fund								Invesco Peak Retirement^™ 2015 Fund
	June 30, 2020			December 31, 2019					June 30, 2020			December 31, 2019
Operations:
Net investment income	$	18,814				$	27,328		$	12,082			$	22,748

Net realized gain (loss)		(103,493	)				3,699			(22,649	)			(272	)

Change in net unrealized appreciation (depreciation)		10,085					52,316			(34,036	)			61,388

Net increase (decrease) in net assets resulting from operations		(74,594	)				83,343			(44,603	)			83,864


Distributions to shareholders from distributable earnings:
Class A		(10,225	)				(9,549	)		–				(6,563	)

Class C		(1,344	)				(1,604	)		–				(256	)

Class R		(166	)				(401	)		–				(348	)

Class Y		(758	)				(1,798	)		–				(1,614	)

Class R5		(1,894	)				(4,495	)		–				(4,035	)

Class R6		(5,682	)				(13,486	)		–				(12,106	)

Total distributions from distributable earnings		(20,069	)		��		(31,333	)		–				(24,922	)


Share transactions–net:
Class A		(14,252	)				439,036			93,429				47,310

Class C		4,862					80,597			–				(102,540	)

Class R		27,088					–			–				–

Class Y		–					–			–				–

Net increase (decrease) in net assets resulting from share transactions		17,698					519,633			93,429				(55,230	)

Net increase (decrease) in net assets		(76,965	)				571,643			48,826				3,712


Net assets:
Beginning of period		1,036,465					464,822			655,396				651,684

End of period	$	959,500				$	1,036,465		$	704,222			$	655,396

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

47 Invesco Peak Retirement™ Funds

Statements of Changes in Net Assets–(continued)

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

(Unaudited)


	Invesco Peak Retirement^™ 2020 Fund							Invesco Peak Retirement^™ 2025 Fund
	June 30, 2020			December 31, 2019				June 30, 2020			December 31, 2019
Operations:
Net investment income	$	26,477			$	37,790		$	58,314			$	78,823

Net realized gain (loss)		(107,570	)			15,344			(185,885	)			46,884

Change in net unrealized appreciation (depreciation)		(19,721	)			83,426			57,915				139,235

Net increase (decrease) in net assets resulting from operations		(100,814	)			136,560			(69,656	)			264,942


Distributions to shareholders from distributable earnings:
Class A		–				(22,465	)		–				(77,726	)

Class C		–				(7,799	)		–				(14,343	)

Class R		–				(12,194	)		–				(11,974	)

Class Y		–				(1,307	)		–				(1,410	)

Class R5		–				(3,267	)		–				(2,570	)

Class R6		–				(9,798	)		–				(7,710	)

Total distributions from distributable earnings		–				(56,830	)		–				(115,733	)


Share transactions–net:
Class A		6,424				505,172			558,202				2,905,229

Class C		221,859				171,871			311,938				575,730

Class R		144,717				415,577			386,061				565,108

Class Y		28,221				(145	)		48,273				15,382

Net increase (decrease) in net assets resulting from share transactions		401,221				1,092,475			1,304,474				4,061,449

Net increase (decrease) in net assets		300,407				1,172,205			1,234,818				4,210,658


Net assets:
Beginning of period		1,937,248				765,043			5,097,661				887,003

End of period	$	2,237,655			$	1,937,248		$	6,332,479			$	5,097,661

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

48 Invesco Peak Retirement™ Funds

Statements of Changes in Net Assets–(continued)

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

(Unaudited)


	Invesco Peak Retirement^™ 2030 Fund							Invesco Peak Retirement^™ 2035 Fund
	June 30, 2020			December 31, 2019				June 30, 2020			December 31, 2019
Operations:
Net investment income	$	52,653			$	68,459		$	27,456			$	50,049

Net realized gain (loss)		(240,024	)			46,958			(223,729	)			40,427

Change in net unrealized appreciation (depreciation)		30,765				170,750			28,056				158,512

Net increase (decrease) in net assets resulting from operations		(156,606	)			286,167			(168,217	)			248,988


Distributions to shareholders from distributable earnings:
Class A		–				(58,554	)		–				(29,330	)

Class C		–				(11,264	)		–				(12,372	)

Class R		–				(15,836	)		–				(16,355	)

Class Y		–				(4,248	)		–				(8,407	)

Class R5		–				(2,815	)		–				(2,662	)

Class R6		–				(8,445	)		–				(7,986	)

Total distributions from distributable earnings		–				(101,162	)		–				(77,112	)


Share transactions–net:
Class A		3,861,958				1,883,840			1,020,865				1,086,381

Class C		309,222				548,575			637,211				478,342

Class R		657,852				602,383			239,872				731,543

Class Y		9,523				115,577			60,991				292,977

Net increase (decrease) in net assets resulting from share transactions		4,838,555				3,150,375			1,958,939				2,589,243

Net increase (decrease) in net assets		4,681,949				3,335,380			1,790,722				2,761,119


Net assets:
Beginning of period		4,162,913				827,533			3,439,339				678,220

End of period	$	8,844,862			$	4,162,913		$	5,230,061			$	3,439,339

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

49 Invesco Peak Retirement™ Funds

Statements of Changes in Net Assets–(continued)

For the six months ended June 30, 2020 and the year ended December 31, 2019

(Unaudited)


	Invesco Peak Retirement^™ 2040 Fund							Invesco Peak Retirement^™ 2045 Fund
	June 30, 2020			December 31, 2019				June 30, 2020			December 31, 2019
Operations:
Net investment income	$	18,120			$	37,557		$	13,988			$	29,628

Net realized gain (loss)		(163,258	)			38,152			(153,541	)			45,591

Change in net unrealized appreciation (depreciation)		32,340				146,334			(7,980	)			150,925

Net increase (decrease) in net assets resulting from operations		(112,798	)			222,043			(147,533	)			226,144


Distributions to shareholders from distributable earnings:
Class A		–				(40,842	)		–				(24,105	)

Class C		–				(4,078	)		–				(15,375	)

Class R		–				(7,976	)		–				(8,612	)

Class Y		–				(2,767	)		–				(1,608	)

Class R5		–				(3,107	)		–				(3,215	)

Class R6		–				(9,321	)		–				(9,645	)

Total distributions from distributable earnings		–				(68,091	)		–				(62,560	)


Share transactions–net:
Class A		572,302				1,180,541			556,774				726,165

Class C		427,531				163,423			239,933				496,570

Class R		442,016				289,245			505,819				291,700

Class Y		15,290				52,273			41,880				10,931

Net increase (decrease) in net assets resulting from share transactions		1,457,139				1,685,482			1,344,406				1,525,366

Net increase (decrease) in net assets		1,344,341				1,839,434			1,196,873				1,688,950


Net assets:
Beginning of period		2,533,876				694,442			2,334,580				645,630

End of period	$	3,878,217			$	2,533,876		$	3,531,453			$	2,334,580

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

50 Invesco Peak Retirement™ Funds

Statements of Changes in Net Assets–(continued)

For the six months ended June 30, 2020 and the year ended December 31, 2019

(Unaudited)


	Invesco Peak Retirement^™ 2050 Fund							Invesco Peak Retirement^™ 2055 Fund
	June 30, 2020			December 31, 2019				June 30, 2020			December 31, 2019
Operations:
Net investment income	$	12,618			$	28,248		$	6,343			$	14,558

Net realized gain (loss)		(164,663	)			44,219			(84,179	)			25,383

Change in net unrealized appreciation (depreciation)		(23,446	)			166,535			3,317				93,538

Net increase (decrease) in net assets resulting from operations		(175,491	)			239,002			(74,519	)			133,479


Distributions to shareholders from distributable earnings:
Class A		–				(26,413	)		–				(13,398	)

Class C		–				(7,605	)		–				(1,867	)

Class R		–				(12,288	)		–				(1,319	)

Class Y		–				(6,312	)		–				(2,721	)

Class R5		–				(3,914	)		–				(4,680	)

Class R6		–				(11,742	)		–				(14,040	)

Total distributions from distributable earnings		–				(68,274	)		–				(38,025	)


Share transactions–net:
Class A		380,300				638,042			476,613				315,510

Class C		256,792				147,206			122,462				49,888

Class R		199,747				376,856			101,872				137,788

Class Y		440				117,482			(17,354	)			21,103

Net increase (decrease) in net assets resulting from share transactions		837,279				1,279,586			683,593				524,289

Net increase (decrease) in net assets		661,788				1,450,314			609,074				619,743


Net assets:
Beginning of period		2,231,434				781,120			1,098,794				479,051

End of period	$	2,893,222			$	2,231,434		$	1,707,868			$	1,098,794

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

51 Invesco Peak Retirement™ Funds

Statements of Changes in Net Assets–(continued)

For the six months ended June 30, 2020 and the year ended December 31, 2019

(Unaudited)


	Invesco Peak Retirement^™ 2060 Fund								Invesco Peak Retirement^™ 2065 Fund
	June 30, 2020			December 31, 2019					June 30, 2020			December 31, 2019
Operations:
Net investment income	$	6,248			$	18,623			$	4,782			$	13,112

Net realized gain (loss)		(125,363	)			34,081				(54,638	)			24,409

Change in net unrealized appreciation (depreciation)		(11,396	)			110,563				3,791				93,475

Net increase (decrease) in net assets resulting from operations		(130,511	)			163,267		��		(46,065	)			130,996


Distributions to shareholders from distributable earnings:
Class A		–				(19,908	)			–				(7,752	)

Class C		–				(1,349	)			–				(1,054	)

Class R		–				(6,141	)			–				(2,665	)

Class Y		–				(1,650	)			–				(1,733	)

Class R5		–				(4,123	)			–				(4,330	)

Class R6		–				(12,369	)			–				(12,990	)

Total distributions from distributable earnings		–				(45,540	)			–				(30,524	)


Share transactions–net:
Class A		198,800				484,787				367,015				153,710

Class C		90,070				41,093				13,136				41,477

Class R		378,032				158,293				94,321				62,294

Class Y		38,359				–				17,298				–

Net increase (decrease) in net assets resulting from share transactions		705,261				684,173				491,770				257,481

Net increase (decrease) in net assets		574,750				801,900				445,705				357,953


Net assets:
Beginning of period		1,263,973				462,073				832,339				474,386

End of period	$	1,838,723			$	1,263,973			$	1,278,044			$	832,339

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

52 Invesco Peak Retirement™ Funds

Financial Highlights

(Unaudited)

The following schedules present financial highlights for a share of each Fund outstanding throughout the periods indicated.

Invesco Peak Retirement^™ Now Fund


	Net asset value, beginning of period			Net investment income^(a)^(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Six months ended 06/30/20		$	10.17		$	0.16		$	(0.74	)		$	(0.58	)		$	(0.18	)		$	–			$	(0.18	)		$	9.41		(5.68	)%		$	419		0.35	%^(f)		17.11	%^(f)		3.48	%^(f)		168	%
Year ended 12/31/19			9.27			0.40			0.93				1.33				(0.37	)			(0.06	)			(0.43	)			10.17		14.50				486		0.37			21.66			3.97			30
Period ended 12/31/18^(g)			10.00			0.34			(0.72	)			(0.38	)			(0.35	)			–				(0.35	)			9.27		(3.90	)			38		0.37	^(h)		52.02	^(h)		3.47	^(h)		4
Class C
Six months ended 06/30/20			10.16			0.13			(0.74	)			(0.61	)			(0.14	)			–				(0.14	)			9.41		(5.95	)			90		1.10	^(f)		17.86	^(f)		2.73	^(f)		168
Year ended 12/31/19			9.27			0.32			0.92				1.24				(0.29	)			(0.06	)			(0.35	)			10.16		13.53				93		1.12			22.41			3.22			30
Period ended 12/31/18^(g)			10.00			0.26			(0.71	)			(0.45	)			(0.28	)			–				(0.28	)			9.27		(4.56	)			9		1.12	^(h)		52.77	^(h)		2.72	^(h)		4
Class R
Six months ended 06/30/20			10.17			0.15			(0.74	)			(0.59	)			(0.17	)			–				(0.17	)			9.41		(5.80	)			36		0.60	^(f)		17.36	^(f)		3.23	^(f)		168
Year ended 12/31/19			9.27			0.37			0.93				1.30				(0.34	)			(0.06	)			(0.40	)			10.17		14.21				10		0.62			21.91			3.72			30
Period ended 12/31/18^(g)			10.00			0.31			(0.72	)			(0.41	)			(0.32	)			–				(0.32	)			9.27		(4.12	)			9		0.62	^(h)		52.27	^(h)		3.22	^(h)		4
Class Y
Six months ended 06/30/20			10.17			0.17			(0.74	)			(0.57	)			(0.19	)			–				(0.19	)			9.41		(5.56	)			38		0.10	^(f)		16.86	^(f)		3.73	^(f)		168
Year ended 12/31/19			9.28			0.42			0.92				1.34				(0.39	)			(0.06	)			(0.45	)			10.17		14.66				41		0.12			21.41			4.22			30
Period ended 12/31/18^(g)			10.00			0.36			(0.71	)			(0.35	)			(0.37	)			–				(0.37	)			9.28		(3.57	)			37		0.12	^(h)		51.77	^(h)		3.72	^(h)		4
Class R5
Six months ended 06/30/20			10.17			0.18			(0.75	)			(0.57	)			(0.19	)			–				(0.19	)			9.41		(5.56	)			94		0.10	^(f)		16.68	^(f)		3.73	^(f)		168
Year ended 12/31/19			9.28			0.42			0.92				1.34				(0.39	)			(0.06	)			(0.45	)			10.17		14.66				102		0.12			21.26			4.22			30
Period ended 12/31/18^(g)			10.00			0.36			(0.71	)			(0.35	)			(0.37	)			–				(0.37	)			9.28		(3.57	)			93		0.12	^(h)		51.22	^(h)		3.72	^(h)		4
Class R6
Six months ended 06/30/20			10.17			0.18			(0.75	)			(0.57	)			(0.19	)			–				(0.19	)			9.41		(5.56	)			282		0.10	^(f)		16.68	^(f)		3.73	^(f)		168
Year ended 12/31/19			9.28			0.42			0.92				1.34				(0.39	)			(0.06	)			(0.45	)			10.17		14.66				305		0.12			21.26			4.22			30
Period ended 12/31/18^(g)			10.00			0.36			(0.71	)			(0.35	)			(0.37	)			–				(0.37	)			9.28		(3.57	)			278		0.12	^(h)		51.22	^(h)		3.72	^(h)		4

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.47%, 0.47% and 0.44% for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, respectively.

^(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $564, $89, $11, $38, $94 and $283 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Commencement date of January 3, 2018.

^(h)	Annualized.

See	accompanying Notes to Financial Statements which are an integral part of the financial statements.

53 Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2015 Fund


	Net asset value, beginning of period			Net investment income^(a)^(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)				Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Six months ended 06/30/20		$	10.30		$	0.17		$	(0.78	)		$	(0.61	)		$	–			$	–			$	–			$	9.69		(5.92	)%		$	257			0.38	%^(f)		22.41	%^(f)		3.50	%^(f)		75	%
Year ended 12/31/19			9.35			0.36			0.98				1.34				(0.33	)			(0.06	)			(0.39	)			10.30		14.25				181			0.39			23.68			3.54			68
Period ended 12/31/18^(g)			10.00			0.31			(0.68	)			(0.37	)			(0.28	)			–				(0.28	)			9.35		(3.73	)			121			0.38	^(h)		45.25	^(h)		3.11	^(h)		5
Class C
Six months ended 06/30/20			10.28			0.13			(0.77	)			(0.64	)			–				–				–				9.64		(6.23	)			10			1.13	^(f)		23.16	^(f)		2.75	^(f)		75
Year ended 12/31/19			9.30			0.27			0.97				1.24				(0.20	)			(0.06	)			(0.26	)			10.28		13.29				10			1.14			24.43			2.79			68
Period ended 12/31/18^(g)			10.00			0.23			(0.67	)			(0.44	)			(0.26	)			–				(0.26	)			9.30		(4.42	)			109			1.13	^(h)		46.00	^(h)		2.36	^(h)		5
Class R																																				��
Six months ended 06/30/20			10.28			0.16			(0.78	)			(0.62	)			–				–				–				9.66		(6.03	)			10			0.63	^(f)		22.66	^(f)		3.25	^(f)		75
Year ended 12/31/19			9.34			0.33			0.96				1.29				(0.29	)			(0.06	)			(0.35	)			10.28		13.78				10			0.64			23.93			3.29			68
Period ended 12/31/18^(g)			10.00			0.28			(0.67	)			(0.39	)			(0.27	)			–				(0.27	)			9.34		(3.90	)			9			0.63	^(h)		45.50	^(h)		2.86	^(h)		5
Class Y
Six months ended 06/30/20			10.31			0.18			(0.78	)			(0.60	)			–				–				–				9.71		(5.82	)			39			0.13	^(f)		22.16	^(f)		3.75	^(f)		75
Year ended 12/31/19			9.37			0.38			0.97				1.35				(0.35	)			(0.06	)			(0.41	)			10.31		14.35				41			0.14			23.43			3.79			68
Period ended 12/31/18^(g)			10.00			0.33			(0.67	)			(0.34	)			(0.29	)			–				(0.29	)			9.37		(3.41	)			37			0.13	^(h)		45.00	^(h)		3.36	^(h)		5
Class R5
Six months ended 06/30/20			10.31			0.18			(0.78	)			(0.60	)			–				–				–				9.71		(5.82	)			97			0.13	^(f)		21.96	^(f)		3.75	^(f)		75
Year ended 12/31/19			9.37			0.38			0.97				1.35				(0.35	)			(0.06	)			(0.41	)			10.31		14.35				103			0.14			23.43			3.79			68
Period ended 12/31/18^(g)			10.00			0.33			(0.67	)			(0.34	)			(0.29	)			–				(0.29	)			9.37		(3.41	)			94			0.13	^(h)		44.65	^(h)		3.36	^(h)		5
Class R6
Six months ended 06/30/20			10.31			0.18			(0.78	)			(0.60	)			–				–				–				9.71		(5.82	)			291			0.13	^(f)		21.96	^(f)		3.75	^(f)		75
Year ended 12/31/19			9.37			0.38			0.97				1.35				(0.35	)			(0.06	)			(0.41	)			10.31		14.35				309			0.14			23.23			3.79			68
Period ended 12/31/18^(g)			10.00			0.33			(0.67	)			(0.34	)			(0.29	)			–				(0.29	)			9.37		(3.41	)			281			0.13	^(h)		44.65	^(h)		3.36	^(h)		5

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.46%, 0.46% and 0.41% for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, respectively.

^(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $223, $10, $10, $39, $97 and $290 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Commencement date of January 3, 2018.

^(h)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

54 Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2020 Fund


	Net asset value, beginning of period			Net investment income^(a)^(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Six months ended 06/30/20		$	10.35		$	0.13		$	(0.52	)		$	(0.39	)		$	–			$	–			$	–			$	9.96		(3.77	)%		$	718		0.39	%^(f)		7.63	%^(f)		2.64	%^(f)		94	%
Year ended 12/31/19			9.39			0.36			0.92				1.28				(0.23	)			(0.09	)			(0.32	)			10.35		13.59				757		0.40			12.58			3.44			49
Period ended 12/31/18^(g)			10.00			0.27			(0.62	)			(0.35	)			(0.25	)			(0.01	)			(0.26	)			9.39		(3.52	)			227		0.40	^(h)		40.02	^(h)		2.74	^(h)		5
Class C
Six months ended 06/30/20			10.30			0.09			(0.50	)			(0.41	)			–				–				–				9.89		(3.98	)			518		1.14	^(f)		8.38	^(f)		1.89	^(f)		94
Year ended 12/31/19			9.38			0.27			0.92				1.19				(0.18	)			(0.09	)			(0.27	)			10.30		12.74				302		1.15			13.33			2.69			49
Period ended 12/31/18^(g)			10.00			0.19			(0.62	)			(0.43	)			(0.18	)			(0.01	)			(0.19	)			9.38		(4.27	)			115		1.15	^(h)		40.77	^(h)		1.99	^(h)		5
Class R
Six months ended 06/30/20			10.33			0.11			(0.50	)			(0.39	)			–				–				–				9.94		(3.78	)			532		0.64	^(f)		7.88	^(f)		2.39	^(f)		94
Year ended 12/31/19			9.39			0.33			0.92				1.25				(0.22	)			(0.09	)			(0.31	)			10.33		13.29				421		0.65			12.83			3.19			49
Period ended 12/31/18^(g)			10.00			0.25			(0.62	)			(0.37	)			(0.23	)			(0.01	)			(0.24	)			9.39		(3.75	)			9		0.65	^(h)		40.27	^(h)		2.49	^(h)		5
Class Y
Six months ended 06/30/20			10.38			0.14			(0.50	)			(0.36	)			–				–				–				10.02		(3.47	)			69		0.14	^(f)		7.38	^(f)		2.89	^(f)		94
Year ended 12/31/19			9.41			0.38			0.92				1.30				(0.24	)			(0.09	)			(0.33	)			10.38		13.79				42		0.15			12.33			3.69			49
Period ended 12/31/18^(g)			10.00			0.30			(0.61	)			(0.31	)			(0.27	)			(0.01	)			(0.28	)			9.41		(3.18	)			38		0.15	^(h)		39.77	^(h)		2.99	^(h)		5
Class R5
Six months ended 06/30/20			10.38			0.14			(0.50	)			(0.36	)			–				–				–				10.02		(3.47	)			100		0.14	^(f)		7.29	^(f)		2.89	^(f)		94
Year ended 12/31/19			9.41			0.38			0.92				1.30				(0.24	)			(0.09	)			(0.33	)			10.38		13.79				104		0.15			12.21			3.69			49
Period ended 12/31/18^(g)			10.00			0.30			(0.61	)			(0.31	)			(0.27	)			(0.01	)			(0.28	)			9.41		(3.18	)			94		0.15	^(h)		39.51	^(h)		2.99	^(h)		5
Class R6
Six months ended 06/30/20			10.38			0.14			(0.50	)			(0.36	)			–				–				–				10.02		(3.47	)			301		0.14	^(f)		7.29	^(f)		2.89	^(f)		94
Year ended 12/31/19			9.41			0.38			0.92				1.30				(0.24	)			(0.09	)			(0.33	)			10.38		13.79				311		0.15			12.21			3.69			49
Period ended 12/31/18^(g)			10.00			0.30			(0.61	)			(0.31	)			(0.27	)			(0.01	)			(0.28	)			9.41		(3.18	)			282		0.15	^(h)		39.51	^(h)		2.99	^(h)		5

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.44%, 0.44% and 0.41% for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, respectively.

^(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $728, $378, $595, $46, $99 and $297 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Commencement date of January 3, 2018.

^(h)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

55 Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2025 Fund


	Net asset value, beginning of period			Net investment income^(a)^(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Six months ended 06/30/20		$	10.46		$	0.11		$	(0.32	)		$	(0.21	)		$	–			$	–			$	–			$	10.25		(2.01	)%		$	3,899		0.40	%^(f)		3.13	%^(f)		2.24	%^(f)		80	%
Year ended 12/31/19			9.35			0.39			0.97				1.36				(0.19	)			(0.06	)			(0.25	)			10.46		14.53				3,358		0.42			7.05			3.75			42
Period ended 12/31/18^(g)			10.00			0.25			(0.68	)			(0.43	)			(0.22	)			–				(0.22	)			9.35		(4.24	)			375		0.40	^(h)		37.07	^(h)		2.55	^(h)		10
Class C
Six months ended 06/30/20			10.37			0.07			(0.32	)			(0.25	)			–				–				–				10.12		(2.41	)			977		1.15	^(f)		3.88	^(f)		1.49	^(f)		80
Year ended 12/31/19			9.33			0.31			0.95				1.26				(0.16	)			(0.06	)			(0.22	)			10.37		13.56				680		1.17			7.80			3.00			42
Period ended 12/31/18^(g)			10.00			0.18			(0.67	)			(0.49	)			(0.18	)			–				(0.18	)			9.33		(4.92	)			91		1.15	^(h)		37.82	^(h)		1.80	^(h)		10
Class R
Six months ended 06/30/20			10.44			0.10			(0.32	)			(0.22	)			–				–				–				10.22		(2.11	)			941		0.65	^(f)		3.38	^(f)		1.99	^(f)		80
Year ended 12/31/19			9.35			0.36			0.97				1.33				(0.18	)			(0.06	)			(0.24	)			10.44		14.24				582		0.67			7.30			3.50			42
Period ended 12/31/18^(g)			10.00			0.23			(0.67	)			(0.44	)			(0.21	)			–				(0.21	)			9.35		(4.41	)			9		0.65	^(h)		37.32	^(h)		2.30	^(h)		10
Class Y
Six months ended 06/30/20			10.49			0.12			(0.32	)			(0.20	)			–				–				–				10.29		(1.91	)			104		0.15	^(f)		2.88	^(f)		2.49	^(f)		80
Year ended 12/31/19			9.37			0.42			0.96				1.38				(0.20	)			(0.06	)			(0.26	)			10.49		14.70				58		0.17			6.80			4.00			42
Period ended 12/31/18^(g)			10.00			0.28			(0.67	)			(0.39	)			(0.24	)			–				(0.24	)			9.37		(3.91	)			37		0.15	^(h)		36.82	^(h)		2.80	^(h)		10
Class R5
Six months ended 06/30/20			10.49			0.13			(0.33	)			(0.20	)			–				–				–				10.29		(1.91	)			103		0.15	^(f)		2.76	^(f)		2.49	^(f)		80
Year ended 12/31/19			9.37			0.42			0.96				1.38				(0.20	)			(0.06	)			(0.26	)			10.49		14.70				105		0.17			6.66			4.00			42
Period ended 12/31/18^(g)			10.00			0.28			(0.67	)			(0.39	)			(0.24	)			–				(0.24	)			9.37		(3.91	)			94		0.15	^(h)		36.55	^(h)		2.80	^(h)		10
Class R6
Six months ended 06/30/20			10.49			0.12			(0.32	)			(0.20	)			–				–				–				10.29		(1.91	)			309		0.15	^(f)		2.76	^(f)		2.49	^(f)		80
Year ended 12/31/19			9.37			0.42			0.96				1.38				(0.20	)			(0.06	)			(0.26	)			10.49		14.70				315		0.17			6.66			4.00			42
Period ended 12/31/18^(g)			10.00			0.28			(0.67	)			(0.39	)			(0.24	)			–				(0.24	)			9.37		(3.91	)			281		0.15	^(h)		36.55	^(h)		2.80	^(h)		10

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.45%, 0.45% and 0.39% for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, respectively.

^(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $3,474, $824, $746, $93, $101 and $303 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Commencement date of January 3, 2018.

^(h)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

56 Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2030 Fund


	Net asset value, beginning of period			Net investment income^(a)^(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Six months ended 06/30/20		$	10.51		$	0.10		$	(0.47	)		$	(0.37	)		$	–			$	–			$	–			$	10.14		(3.52	)%		$	6,119		0.39	%^(f)		3.14	%^(f)		1.97	%^(f)		73	%
Year ended 12/31/19			9.25			0.35			1.18				1.53				(0.21	)			(0.06	)			(0.27	)			10.51		16.55				2,357		0.42			7.35			3.37			37
Period ended 12/31/18^(g)			10.00			0.23			(0.78	)			(0.55	)			(0.20	)			–				(0.20	)			9.25		(5.47	)			375		0.40	^(h)		41.47	^(h)		2.40	^(h)		5
Class C
Six months ended 06/30/20			10.44			0.06			(0.45	)			(0.39	)			–				–				–				10.05		(3.74	)			854		1.14	^(f)		3.89	^(f)		1.22	^(f)		73
Year ended 12/31/19			9.24			0.27			1.17				1.44				(0.18	)			(0.06	)			(0.24	)			10.44		15.62				571		1.17			8.10			2.62			37
Period ended 12/31/18^(g)			10.00			0.16			(0.79	)			(0.63	)			(0.13	)			–				(0.13	)			9.24		(6.24	)			11		1.15	^(h)		42.22	^(h)		1.65	^(h)		5
Class R
Six months ended 06/30/20			10.48			0.08			(0.45	)			(0.37	)			–				–				–				10.11		(3.53	)			1,298		0.64	^(f)		3.39	^(f)		1.72	^(f)		73
Year ended 12/31/19			9.25			0.32			1.17				1.49				(0.20	)			(0.06	)			(0.26	)			10.48		16.14				651		0.67			7.60			3.12			37
Period ended 12/31/18^(g)			10.00			0.21			(0.78	)			(0.57	)			(0.18	)			–				(0.18	)			9.25		(5.71	)			34		0.65	^(h)		41.72	^(h)		2.15	^(h)		5
Class Y
Six months ended 06/30/20			10.54			0.11			(0.46	)			(0.35	)			–				–				–				10.19		(3.32	)			166		0.14	^(f)		2.89	^(f)		2.22	^(f)		73
Year ended 12/31/19			9.26			0.37			1.19				1.56				(0.22	)			(0.06	)			(0.28	)			10.54		16.87				162		0.17			7.10			3.62			37
Period ended 12/31/18^(g)			10.00			0.26			(0.79	)			(0.53	)			(0.21	)			–				(0.21	)			9.26		(5.28	)			37		0.15	^(h)		41.22	^(h)		2.65	^(h)		5
Class R5
Six months ended 06/30/20			10.54			0.11			(0.46	)			(0.35	)			–				–				–				10.19		(3.32	)			102		0.14	^(f)		2.60	^(f)		2.22	^(f)		73
Year ended 12/31/19			9.26			0.37			1.19				1.56				(0.22	)			(0.06	)			(0.28	)			10.54		16.87				105		0.17			6.84			3.62			37
Period ended 12/31/18^(g)			10.00			0.26			(0.79	)			(0.53	)			(0.21	)			–				(0.21	)			9.26		(5.28	)			93		0.15	^(h)		40.89	^(h)		2.65	^(h)		5
Class R6
Six months ended 06/30/20			10.54			0.11			(0.46	)			(0.35	)			–				–				–				10.19		(3.32	)			306		0.14	^(f)		2.60	^(f)		2.22	^(f)		73
Year ended 12/31/19			9.26			0.37			1.19				1.56				(0.22	)			(0.06	)			(0.28	)			10.54		16.87				316		0.17			6.84			3.62			37
Period ended 12/31/18^(g)			10.00			0.26			(0.79	)			(0.53	)			(0.21	)			–				(0.21	)			9.26		(5.28	)			278		0.15	^(h)		40.89	^(h)		2.65	^(h)		5

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.45%, 0.45% and 0.39% for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, respectively.

^(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $3,478, $736, $946, $153, $100 and $300 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Commencement date of January 3, 2018.

^(h)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

57 Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2035 Fund


	Net asset value, beginning of period			Net investment income^(a)^(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Six months ended 06/30/20		$	10.53		$	0.07		$	(0.48	)		$	(0.41	)		$	–			$	–			$	–			$	10.12		(3.89	)%		$	2,230		0.41	%^(f)		3.92	%^(f)		1.43	%^(f)		77	%
Year ended 12/31/19			9.12			0.33			1.33				1.66				(0.18	)			(0.07	)			(0.25	)			10.53		18.28				1,264		0.43			9.46			3.24			34
Period ended 12/31/18^(g)			10.00			0.21			(0.87	)			(0.66	)			(0.21	)			(0.01	)			(0.22	)			9.12		(6.66	)			127		0.41	^(h)		47.00	^(h)		2.09	^(h)		6
Class C
Six months ended 06/30/20			10.46			0.03			(0.48	)			(0.45	)			–				–				–				10.01		(4.30	)			1,190		1.16	^(f)		4.67	^(f)		0.68	^(f)		77
Year ended 12/31/19			9.11			0.25			1.33				1.58				(0.16	)			(0.07	)			(0.23	)			10.46		17.32				588		1.18			10.21			2.49			34
Period ended 12/31/18^(g)			10.00			0.13			(0.86	)			(0.73	)			(0.15	)			(0.01	)			(0.16	)			9.11		(7.35	)			84		1.16	^(h)		47.75	^(h)		1.34	^(h)		6
Class R
Six months ended 06/30/20			10.50			0.06			(0.49	)			(0.43	)			–				–				–				10.07		(4.10	)			1,011		0.66	^(f)		4.17	^(f)		1.18	^(f)		77
Year ended 12/31/19			9.11			0.31			1.33				1.64				(0.18	)			(0.07	)			(0.25	)			10.50		17.98				824		0.68			9.71			2.99			34
Period ended 12/31/18^(g)			10.00			0.18			(0.86	)			(0.68	)			(0.20	)			(0.01	)			(0.21	)			9.11		(6.86	)			65		0.66	^(h)		47.25	^(h)		1.84	^(h)		6
Class Y
Six months ended 06/30/20			10.56			0.08			(0.48	)			(0.40	)			–				–				–				10.16		(3.79	)			393		0.16	^(f)		3.67	^(f)		1.68	^(f)		77
Year ended 12/31/19			9.14			0.36			1.32				1.68				(0.19	)			(0.07	)			(0.26	)			10.56		18.45				341		0.18			9.21			3.49			34
Period ended 12/31/18^(g)			10.00			0.23			(0.86	)			(0.63	)			(0.22	)			(0.01	)			(0.23	)			9.14		(6.33	)			37		0.16	^(h)		46.75	^(h)		2.34	^(h)		6
Class R5
Six months ended 06/30/20			10.56			0.08			(0.48	)			(0.40	)			–				–				–				10.16		(3.79	)			102		0.16	^(f)		3.36	^(f)		1.68	^(f)		77
Year ended 12/31/19			9.14			0.35			1.33				1.68				(0.19	)			(0.07	)			(0.26	)			10.56		18.45				106		0.18			8.98			3.49			34
Period ended 12/31/18^(g)			10.00			0.23			(0.86	)			(0.63	)			(0.22	)			(0.01	)			(0.23	)			9.14		(6.33	)			91		0.16	^(h)		46.29	^(h)		2.34	^(h)		6
Class R6
Six months ended 06/30/20			10.56			0.08			(0.48	)			(0.40	)			–				–				–				10.16		(3.79	)			305		0.16	^(f)		3.36	^(f)		1.68	^(f)		77
Year ended 12/31/19			9.13			0.35			1.34				1.69				(0.19	)			(0.07	)			(0.26	)			10.56		18.58				317		0.18			8.98			3.49			34
Period ended 12/31/18^(g)			10.00			0.23			(0.87	)			(0.64	)			(0.22	)			(0.01	)			(0.23	)			9.13		(6.44	)			274		0.16	^(h)		46.29	^(h)		2.34	^(h)		6

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.44%, 0.44% and 0.38% for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, respectively.

^(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $1,673, $981, $1,016, $348, $100 and $299 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Commencement date of January 3, 2018.

^(h)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

58 Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2040 Fund


	Net asset value, beginning of period			Net investment income^(a)^(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Six months ended 06/30/20		$	10.50		$	0.06		$	(0.68	)		$	(0.62	)		$	–			$	–			$	–			$	9.88		(5.90	)%		$	2,022		0.42	%^(f)		5.52	%^(f)		1.30	%^(f)		86	%
Year ended 12/31/19			9.03			0.29			1.48				1.77				(0.19	)			(0.11	)			(0.30	)			10.50		19.61				1,538		0.44			11.33			2.83			51
Period ended 12/31/18^(g)			10.00			0.20			(0.97	)			(0.77	)			(0.19	)			(0.01	)			(0.20	)			9.03		(7.72	)			278		0.40	^(h)		47.00	^(h)		2.06	^(h)		5
Class C
Six months ended 06/30/20			10.45			0.03			(0.69	)			(0.66	)			–				–				–				9.79		(6.32	)			621		1.17	^(f)		6.27	^(f)		0.55	^(f)		86
Year ended 12/31/19			9.03			0.21			1.48				1.69				(0.16	)			(0.11	)			(0.27	)			10.45		18.73				179		1.19			12.08			2.08			51
Period ended 12/31/18^(g)			10.00			0.13			(0.98	)			(0.85	)			(0.11	)			(0.01	)			(0.12	)			9.03		(8.47	)			9		1.15	^(h)		47.75	^(h)		1.31	^(h)		5
Class R
Six months ended 06/30/20			10.48			0.05			(0.70	)			(0.65	)			–				–				–				9.83		(6.20	)			733		0.67	^(f)		5.77	^(f)		1.05	^(f)		86
Year ended 12/31/19			9.03			0.27			1.47				1.74				(0.18	)			(0.11	)			(0.29	)			10.48		19.32				301		0.69			11.58			2.58			51
Period ended 12/31/18^(g)			10.00			0.18			(0.98	)			(0.80	)			(0.16	)			(0.01	)			(0.17	)			9.03		(7.97	)			9		0.65	^(h)		47.25	^(h)		1.81	^(h)		5
Class Y
Six months ended 06/30/20			10.54			0.07			(0.69	)			(0.62	)			–				–				–				9.92		(5.88	)			105		0.17	^(f)		5.27	^(f)		1.55	^(f)		86
Year ended 12/31/19			9.05			0.31			1.49				1.80				(0.20	)			(0.11	)			(0.31	)			10.54		19.90				95		0.19			11.08			3.08			51
Period ended 12/31/18^(g)			10.00			0.23			(0.97	)			(0.74	)			(0.20	)			(0.01	)			(0.21	)			9.05		(7.42	)			36		0.15	^(h)		46.75	^(h)		2.31	^(h)		5
Class R5
Six months ended 06/30/20			10.54			0.07			(0.69	)			(0.62	)			–				–				–				9.92		(5.88	)			99		0.17	^(f)		4.86	^(f)		1.55	^(f)		86
Year ended 12/31/19			9.05			0.31			1.49				1.80				(0.20	)			(0.11	)			(0.31	)			10.54		19.90				105		0.19			10.81			3.08			51
Period ended 12/31/18^(g)			10.00			0.23			(0.97	)			(0.74	)			(0.20	)			(0.01	)			(0.21	)			9.05		(7.42	)			90		0.15	^(h)		46.29	^(h)		2.31	^(h)		5
Class R6
Six months ended 06/30/20			10.54			0.07			(0.69	)			(0.62	)			–				–				–				9.92		(5.88	)			298		0.17	^(f)		4.86	^(f)		1.55	^(f)		86
Year ended 12/31/19			9.05			0.31			1.49				1.80				(0.20	)			(0.11	)			(0.31	)			10.54		19.90				316		0.19			10.81			3.08			51
Period ended 12/31/18^(g)			10.00			0.23			(0.97	)			(0.74	)			(0.20	)			(0.01	)			(0.21	)			9.05		(7.42	)			271		0.15	^(h)		46.29	^(h)		2.31	^(h)		5

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.43%, 0.43% and 0.36% for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, respectively.

^(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $1,665, $388, $498, $99, $98 and $293 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Commencement date of January 3, 2018.

^(h)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

59 Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2045 Fund


	Net asset value, beginning of period			Net investment income^(a)^(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Six months ended 06/30/20		$	10.65		$	0.06		$	(0.94	)		$	(0.88	)		$	–			$	–			$	–			$	9.77		(8.26	)%		$	1,403		0.43	%^(f)		6.35	%^(f)		1.18	%^(f)		94	%
Year ended 12/31/19			9.00			0.27			1.69				1.96				(0.18	)			(0.13	)			(0.31	)			10.65		21.81				915		0.45			12.89			2.66			45
Period ended 12/31/18^(g)			10.00			0.18			(0.97	)			(0.79	)			(0.19	)			(0.02	)			(0.21	)			9.00		(7.90	)			142		0.41	^(h)		44.98	^(h)		1.84	^(h)		3
Class C
Six months ended 06/30/20			10.53			0.02			(0.92	)			(0.90	)			–				–				–				9.63		(8.55	)			798		1.18	^(f)		7.10	^(f)		0.43	^(f)		94
Year ended 12/31/19			8.94			0.20			1.67				1.87				(0.15	)			(0.13	)			(0.28	)			10.53		20.95				599		1.20			13.64			1.91			45
Period ended 12/31/18^(g)			10.00			0.11			(0.99	)			(0.88	)			(0.16	)			(0.02	)			(0.18	)			8.94		(8.73	)			70		1.16	^(h)		45.73	^(h)		1.09	^(h)		3
Class R
Six months ended 06/30/20			10.61			0.04			(0.93	)			(0.89	)			–				–				–				9.72		(8.39	)			843		0.68	^(f)		6.60	^(f)		0.93	^(f)		94
Year ended 12/31/19			8.99			0.25			1.67				1.92				(0.17	)			(0.13	)			(0.30	)			10.61		21.39				340		0.70			13.14			2.41			45
Period ended 12/31/18^(g)			10.00			0.16			(0.97	)			(0.81	)			(0.18	)			(0.02	)			(0.20	)			8.99		(8.09	)			37		0.66	^(h)		45.23	^(h)		1.59	^(h)		3
Class Y
Six months ended 06/30/20			10.67			0.07			(0.94	)			(0.87	)			–				–				–				9.80		(8.15	)			95		0.18	^(f)		6.10	^(f)		1.43	^(f)		94
Year ended 12/31/19			9.01			0.30			1.68				1.98				(0.19	)			(0.13	)			(0.32	)			10.67		22.00				54		0.20			12.64			2.91			45
Period ended 12/31/18^(g)			10.00			0.21			(0.98	)			(0.77	)			(0.20	)			(0.02	)			(0.22	)			9.01		(7.65	)			36		0.16	^(h)		44.73	^(h)		2.09	^(h)		3
Class R5
Six months ended 06/30/20			10.67			0.07			(0.94	)			(0.87	)			–				–				–				9.80		(8.15	)			98		0.18	^(f)		5.60	^(f)		1.43	^(f)		94
Year ended 12/31/19			9.01			0.30			1.68				1.98				(0.19	)			(0.13	)			(0.32	)			10.67		22.00				107		0.20			12.32			2.91			45
Period ended 12/31/18^(g)			10.00			0.21			(0.98	)			(0.77	)			(0.20	)			(0.02	)			(0.22	)			9.01		(7.65	)			90		0.16	^(h)		44.37	^(h)		2.09	^(h)		3
Class R6
Six months ended 06/30/20			10.67			0.07			(0.94	)			(0.87	)			–				–				–				9.80		(8.15	)			294		0.18	^(f)		5.60	^(f)		1.43	^(f)		94
Year ended 12/31/19			9.01			0.30			1.68				1.98				(0.19	)			(0.13	)			(0.32	)			10.67		22.00				320		0.20			12.32			2.91			45
Period ended 12/31/18^(g)			10.00			0.21			(0.98	)			(0.77	)			(0.20	)			(0.02	)			(0.22	)			9.01		(7.65	)			270		0.16	^(h)		44.37	^(h)		2.09	^(h)		3

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.42%, 0.42% and 0.35% for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, respectively.

^(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $1,173, $668, $531, $62, $97 and $292 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Commencement date of January 3, 2018.

^(h)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

60 �� Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2050 Fund


	Net asset value, beginning of period			Net investment income^(a)^(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Six months ended 06/30/20		$	10.71		$	0.06		$	(1.01	)		$	(0.95	)		$	–			$	–			$	–			$	9.76		(8.87	)%		$	1,224		0.43	%^(f)		6.83	%^(f)		1.15	%^(f)		103	%
Year ended 12/31/19			9.02			0.23			1.84				2.07				(0.19	)			(0.19	)			(0.38	)			10.71		22.93				913		0.44			11.49			2.22			59
Period ended 12/31/18^(g)			10.00			0.20			(1.01	)			(0.81	)			(0.16	)			(0.01	)			(0.17	)			9.02		(8.04	)			222		0.40	^(h)		45.97	^(h)		2.07	^(h)		10
Class C
Six months ended 06/30/20			10.62			0.02			(1.00	)			(0.98	)			–				–				–				9.64		(9.23	)			514		1.18	^(f)		7.58	^(f)		0.40	^(f)		103
Year ended 12/31/19			8.96			0.15			1.83				1.98				(0.13	)			(0.19	)			(0.32	)			10.62		22.15				277		1.19			12.24			1.47			59
Period ended 12/31/18^(g)			10.00			0.13			(1.01	)			(0.88	)			(0.15	)			(0.01	)			(0.16	)			8.96		(8.82	)			108		1.15	^(h)		46.72	^(h)		1.32	^(h)		10
Class R
Six months ended 06/30/20			10.66			0.04			(1.00	)			(0.96	)			–				–				–				9.70		(9.01	)			600		0.68	^(f)		7.08	^(f)		0.90	^(f)		103
Year ended 12/31/19			9.00			0.20			1.82				2.02				(0.17	)			(0.19	)			(0.36	)			10.66		22.50				433		0.69			11.74			1.97			59
Period ended 12/31/18^(g)			10.00			0.18			(1.01	)			(0.83	)			(0.16	)			(0.01	)			(0.17	)			9.00		(8.32	)			43		0.65	^(h)		46.22	^(h)		1.82	^(h)		10
Class Y
Six months ended 06/30/20			10.74			0.07			(1.01	)			(0.94	)			–				–				–				9.80		(8.75	)			163		0.18	^(f)		6.58	^(f)		1.40	^(f)		103
Year ended 12/31/19			9.03			0.25			1.85				2.10				(0.20	)			(0.19	)			(0.39	)			10.74		23.28				178		0.19			11.24			2.47			59
Period ended 12/31/18^(g)			10.00			0.23			(1.02	)			(0.79	)			(0.17	)			(0.01	)			(0.18	)			9.03		(7.88	)			47		0.15	^(h)		45.72	^(h)		2.32	^(h)		10
Class R5
Six months ended 06/30/20			10.74			0.07			(1.01	)			(0.94	)			–				–				–				9.80		(8.75	)			98		0.18	^(f)		5.93	^(f)		1.40	^(f)		103
Year ended 12/31/19			9.03			0.25			1.83				2.10				(0.20	)			(0.19	)			(0.39	)			10.74		23.28				107		0.19			10.83			2.47			59
Period ended 12/31/18^(g)			10.00			0.23			(1.02	)			(0.79	)			(0.17	)			(0.01	)			(0.18	)			9.03		(7.88	)			90		0.15	^(h)		45.18	^(h)		2.32	^(h)		10
Class R6
Six months ended 06/30/20			10.74			0.07			(1.01	)			(0.94	)			–				–				–				9.80		(8.75	)			294		0.18	^(f)		5.93	^(f)		1.40	^(f)		103
Year ended 12/31/19			9.03			0.25			1.85				2.10				(0.20	)			(0.19	)			(0.39	)			10.74		23.28				322		0.19			10.83			2.47			59
Period ended 12/31/18^(g)			10.00			0.23			(1.02	)			(0.79	)			(0.17	)			(0.01	)			(0.18	)			9.03		(7.88	)			271		0.15	^(h)		45.18	^(h)		2.32	^(h)		10

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.41%, 0.41% and 0.36% for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, respectively.

^(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $948, $408, $565, $162, $97 and $292 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Commencement date of January 3, 2018.

^(h)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

61 Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2055 Fund


	Net asset value, beginning of period			Net investment income^(a)^(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Six months ended 06/30/20		$	10.62		$	0.05		$	(1.00	)		$	(0.95	)		$	–			$	–			$	–			$	9.67		(8.95	)%		$	844		0.44	%^(f)		13.59	%^(f)		1.04	%^(f)		97	%
Year ended 12/31/19			8.94			0.22			1.91				2.13				(0.20	)			(0.25	)			(0.45	)			10.62		23.92				382		0.45			23.79			2.15			54
Period ended 12/31/18^(g)			10.00			0.16			(1.02	)			(0.86	)			(0.19	)			(0.01	)			(0.20	)			8.94		(8.59	)			53		0.42	^(h)		49.71	^(h)		1.63	^(h)		6
Class C
Six months ended 06/30/20			10.55			0.01			(0.99	)			(0.98	)			–				–				–				9.57		(9.29	)			195		1.19	^(f)		14.34	^(f)		0.29	^(f)		97
Year ended 12/31/19			8.90			0.14			1.92				2.06				(0.16	)			(0.25	)			(0.41	)			10.55		23.17				78		1.20			24.54			1.40			54
Period ended 12/31/18^(g)			10.00			0.09			(1.03	)			(0.94	)			(0.15	)			(0.01	)			(0.16	)			8.90		(9.40	)			23		1.17	^(h)		50.46	^(h)		0.88	^(h)		6
Class R
Six months ended 06/30/20			10.58			0.04			(1.00	)			(0.96	)			–				–				–				9.62		(9.07	)			238		0.69	^(f)		13.84	^(f)		0.79	^(f)		97
Year ended 12/31/19			8.93			0.20			1.89				2.09				(0.19	)			(0.25	)			(0.44	)			10.58		23.43				149		0.70			24.04			1.90			54
Period ended 12/31/18^(g)			10.00			0.14			(1.03	)			(0.89	)			(0.17	)			(0.01	)			(0.18	)			8.93		(8.86	)			9		0.67	^(h)		49.96	^(h)		1.38	^(h)		6
Class Y
Six months ended 06/30/20			10.64			0.06			(1.01	)			(0.95	)			–				–				–				9.69		(8.93	)			42		0.19	^(f)		13.34	^(f)		1.29	^(f)		97
Year ended 12/31/19			8.94			0.25			1.91				2.16				(0.21	)			(0.25	)			(0.46	)			10.64		24.26				64		0.20			23.54			2.40			54
Period ended 12/31/18^(g)			10.00			0.19			(1.03	)			(0.84	)			(0.21	)			(0.01	)			(0.22	)			8.94		(8.40	)			36		0.17	^(h)		49.46	^(h)		1.88	^(h)		6
Class R5
Six months ended 06/30/20			10.64			0.06			(1.00	)			(0.94	)			–				–				–				9.70		(8.83	)			97		0.19	^(f)		11.97	^(f)		1.29	^(f)		97
Year ended 12/31/19			8.94			0.25			1.91				2.16				(0.21	)			(0.25	)			(0.46	)			10.64		24.26				106		0.20			22.61			2.40			54
Period ended 12/31/18^(g)			10.00			0.19			(1.03	)			(0.84	)			(0.21	)			(0.01	)			(0.22	)			8.94		(8.40	)			89		0.17	^(h)		48.81	^(h)		1.88	^(h)		6
Class R6
Six months ended 06/30/20			10.64			0.06			(1.00	)			(0.94	)			–				–				–				9.70		(8.83	)			291		0.19	^(f)		11.97	^(f)		1.29	^(f)		97
Year ended 12/31/19			8.94			0.25			1.91				2.16				(0.21	)			(0.25	)			(0.46	)			10.64		24.26				319		0.20			22.61			2.40			54
Period ended 12/31/18^(g)			10.00			0.19			(1.03	)			(0.84	)			(0.21	)			(0.01	)			(0.22	)			8.94		(8.40	)			268		0.17	^(h)		48.81	^(h)		1.88	^(h)		6

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.40%, 0.40% and 0.35% for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, respectively.

^(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $540, $113, $162, $49, $96 and $288 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Commencement date of January 3, 2018.

^(h)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

62 Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2060 Fund


	Net asset value, beginning of period			Net investment income^(a)^(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Six months ended 06/30/20		$	10.72		$	0.04		$	(1.27	)		$	(1.23	)		$	–			$	–			$	–			$	9.49		(11.47	)%		$	694		0.44	%^(f)		11.25	%^(f)		0.92	%^(f)		106	%
Year ended 12/31/19			8.91			0.24			1.97				2.21				(0.18	)			(0.22	)			(0.40	)			10.72		24.84				562		0.45			19.50			2.33			50
Period ended 12/31/18^(g)			10.00			0.16			(1.05	)			(0.89	)			(0.18	)			(0.02	)			(0.20	)			8.91		(8.87	)			48		0.42	^(h)		51.11	^(h)		1.57	^(h)		6
Class C
Six months ended 06/30/20			10.65			0.01			(1.27	)			(1.26	)			–				–				–				9.39		(11.83	)			140		1.19	^(f)		12.00	^(f)		0.17	^(f)		106
Year ended 12/31/19			8.89			0.16			1.97				2.13				(0.15	)			(0.22	)			(0.37	)			10.65		23.97				56		1.20			20.25			1.58			50
Period ended 12/31/18^(g)			10.00			0.08			(1.05	)			(0.97	)			(0.12	)			(0.02	)			(0.14	)			8.89		(9.66	)			12		1.17	^(h)		51.86	^(h)		0.82	^(h)		6
Class R
Six months ended 06/30/20			10.69			0.03			(1.28	)			(1.25	)			–				–				–				9.44		(11.69	)			552		0.69	^(f)		11.50	^(f)		0.67	^(f)		106
Year ended 12/31/19			8.90			0.22			1.96				2.18				(0.17	)			(0.22	)			(0.39	)			10.69		24.57				173		0.70			19.75			2.08			50
Period ended 12/31/18^(g)			10.00			0.13			(1.05	)			(0.92	)			(0.16	)			(0.02	)			(0.18	)			8.90		(9.18	)			10		0.67	^(h)		51.36	^(h)		1.32	^(h)		6
Class Y
Six months ended 06/30/20			10.74			0.06			(1.28	)			(1.22	)			–				–				–				9.52		(11.36	)			72		0.19	^(f)		11.00	^(f)		1.17	^(f)		106
Year ended 12/31/19			8.91			0.26			1.98				2.24				(0.19	)			(0.22	)			(0.41	)			10.74		25.17				43		0.20			19.25			2.58			50
Period ended 12/31/18^(g)			10.00			0.18			(1.05	)			(0.87	)			(0.20	)			(0.02	)			(0.22	)			8.91		(8.66	)			36		0.17	^(h)		50.86	^(h)		1.82	^(h)		6
Class R5
Six months ended 06/30/20			10.74			0.06			(1.28	)			(1.22	)			–				–				–				9.52		(11.36	)			95		0.19	^(f)		9.75	^(f)		1.17	^(f)		106
Year ended 12/31/19			8.91			0.26			1.98				2.24				(0.19	)			(0.22	)			(0.41	)			10.74		25.17				107		0.20			18.62			2.58			50
Period ended 12/31/18^(g)			10.00			0.18			(1.05	)			(0.87	)			(0.20	)			(0.02	)			(0.22	)			8.91		(8.66	)			89		0.17	^(h)		50.20	^(h)		1.82	^(h)		6
Class R6
Six months ended 06/30/20			10.74			0.06			(1.28	)			(1.22	)			–				–				–				9.52		(11.36	)			286		0.19	^(f)		9.75	^(f)		1.17	^(f)		106
Year ended 12/31/19			8.91			0.26			1.98				2.24				(0.19	)			(0.22	)			(0.41	)			10.74		25.17				322		0.20			18.62			2.58			50
Period ended 12/31/18^(g)			10.00			0.18			(1.05	)			(0.87	)			(0.20	)			(0.02	)			(0.22	)			8.91		(8.66	)			267		0.17	^(h)		50.20	^(h)		1.82	^(h)		6

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.40%, 0.40% and 0.35% for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, respectively.

^(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $579, $96, $275, $66, $95 and $286 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Commencement date of January 3, 2018.

^(h)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

63 Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2065 Fund


	Net asset value, beginning of period			Net investment income^(a)^(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Six months ended 06/30/20		$	10.79		$	0.04		$	(1.06	)		$	(1.02	)		$	–			$	–			$	–			$	9.77		(9.45	)%		$	594		0.43	%^(f)		17.24	%^(f)		0.94	%^(f)		106	%
Year ended 12/31/19			9.00			0.21			2.00				2.21				(0.19	)			(0.23	)			(0.42	)			10.79		24.56				216		0.43			23.83			2.00			49
Period ended 12/31/18^(g)			10.00			0.16			(0.98	)			(0.82	)			(0.18	)			–				(0.18	)			9.00		(8.15	)			49		0.42	^(h)		48.89	^(h)		1.56	^(h)		165
Class C
Six months ended 06/30/20			10.60			0.01			(1.05	)			(1.04	)			–				–				–				9.56		(9.81	)			78		1.18	^(f)		17.99	^(f)		0.19	^(f)		106
Year ended 12/31/19			8.88			0.13			1.95				2.08				(0.13	)			(0.23	)			(0.36	)			10.60		23.46				71		1.18			24.58			1.25			49
Period ended 12/31/18^(g)			10.00			0.08			(1.05	)			(0.97	)			(0.15	)			–				(0.15	)			8.88		(9.69	)			24		1.17	^(h)		49.64	^(h)		0.81	^(h)		165
Class R
Six months ended 06/30/20			10.65			0.03			(1.05	)			(1.02	)			–				–				–				9.63		(9.58	)			164		0.68	^(f)		17.49	^(f)		0.69	^(f)		106
Year ended 12/31/19			8.90			0.18			1.98				2.16				(0.18	)			(0.23	)			(0.41	)			10.65		24.23				75		0.68			24.08			1.75			49
Period ended 12/31/18^(g)			10.00			0.13			(1.06	)			(0.93	)			(0.17	)			–				(0.17	)			8.90		(9.29	)			9		0.67	^(h)		49.14	^(h)		1.31	^(h)		165
Class Y
Six months ended 06/30/20			10.70			0.06			(1.07	)			(1.01	)			–				–				–				9.69		(9.44	)			54		0.18	^(f)		16.99	^(f)		1.19	^(f)		106
Year ended 12/31/19			8.92			0.23			1.98				2.21				(0.20	)			(0.23	)			(0.43	)			10.70		24.82				43		0.18			23.58			2.25			49
Period ended 12/31/18^(g)			10.00			0.18			(1.05	)			(0.87	)			(0.21	)			–				(0.21	)			8.92		(8.72	)			36		0.17	^(h)		48.64	^(h)		1.81	^(h)		165
Class R5
Six months ended 06/30/20			10.70			0.06			(1.07	)			(1.01	)			–				–				–				9.69		(9.44	)			97		0.18	^(f)		15.51	^(f)		1.19	^(f)		106
Year ended 12/31/19			8.92			0.23			1.98				2.21				(0.20	)			(0.23	)			(0.43	)			10.70		24.82				107		0.18			22.73			2.25			49
Period ended 12/31/18^(g)			10.00			0.18			(1.05	)			(0.87	)			(0.21	)			–				(0.21	)			8.92		(8.72	)			89		0.17	^(h)		48.08	^(h)		1.81	^(h)		165
Class R6
Six months ended 06/30/20			10.70			0.06			(1.07	)			(1.01	)			–				–				–				9.69		(9.44	)			291		0.18	^(f)		15.51	^(f)		1.19	^(f)		106
Year ended 12/31/19			8.92			0.25			1.96				2.21				(0.20	)			(0.23	)			(0.43	)			10.70		24.82				321		0.18			22.73			2.25			49
Period ended 12/31/18^(g)			10.00			0.18			(1.05	)			(0.87	)			(0.21	)			–				(0.21	)			8.92		(8.72	)			268		0.17	^(h)		48.08	^(h)		1.81	^(h)		165

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.39%, 0.39% and 0.38% for the six months ended June 30, 2020 and the years ended December 31, 2019 and December 31, 2018, respectively.

^(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $386, $75, $86, $53, $96 and $287 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Commencement date of January 3, 2018.

^(h)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

64 Invesco Peak Retirement™ Funds

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

AIM Growth Series (Invesco Growth Series) (the “Trust”) is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. The Funds covered in this report, each a series portfolio of the Trust, are Invesco Peak Retirement™ Now Fund, Invesco Peak Retirement™ 2015 Fund, Invesco Peak Retirement™ 2020 Fund, Invesco Peak Retirement™ 2025 Fund, Invesco Peak Retirement™ 2030 Fund, Invesco Peak Retirement™ 2035 Fund, Invesco Peak Retirement™ 2040 Fund, Invesco Peak Retirement™ 2045 Fund, Invesco Peak Retirement™ 2050 Fund, Invesco Peak Retirement™ 2055 Fund, Invesco Peak Retirement™ 2060 Fund and Invesco Peak Retirement™ 2065 Fund (collectively, the “Funds”). Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or each class will be voted on exclusively by the shareholders of each Fund or each class.

The investment objective of each Fund is total return over time, consistent with its strategic target allocation.

Each Fund is a “fund of funds”, in that it invests in other mutual funds (“underlying funds”) advised by Invesco Advisers, Inc. (the “Adviser” or “Invesco”), exchange-traded funds advised by Invesco Capital Management (“Invesco Capital”), an affiliate of Invesco, or other unaffiliated advisers. The Adviser may change each Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.

Each Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares.

The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.

65 Invesco Peak Retirement™ Funds

occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Each Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

Distributions – Invesco Peak Retirement™ Now Fund generally declares and pays dividends from net investment income, if any, monthly. Invesco Peak Retirement™ 2015 Fund, Invesco Peak Retirement™ 2020 Fund, Invesco Peak Retirement™ 2025 Fund, Invesco Peak Retirement™ 2030 Fund, Invesco Peak Retirement™ 2035 Fund, Invesco Peak Retirement™ 2040 Fund, Invesco Peak Retirement™ 2045 Fund, Invesco Peak Retirement™ 2050 Fund, Invesco Peak Retirement™ 2055 Fund, Invesco Peak Retirement™ 2060 Fund and Invesco Peak Retirement™ 2065 Fund generally declare and pay dividends from net investment income, if any, annually. Distributions from net realized capital gains, if any, are generally paid annually and recorded on the ex-dividend date. The Funds may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

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.

F.	Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the

66 Invesco Peak Retirement™ Funds

United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

Securities Lending – Each Fund may lend portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities Lending Income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statements of Assets and Liabilities.

Other Risks – Certain of the underlying funds are non-diversified and can invest a greater portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers’ securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.

Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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).

67 Invesco Peak Retirement™ Funds

discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares for each Fund as shown in the following table (the “expense limits”):


	Class A			Class C			Class R			Class Y			Class R5			Class R6			Acquired Fund Fees and Expenses
Invesco Peak Retirement™ Now Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.47	%
Invesco Peak Retirement™ 2015 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.46	%
Invesco Peak Retirement™ 2020 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.44	%
Invesco Peak Retirement™ 2025 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.45	%
Invesco Peak Retirement™ 2030 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.45	%
Invesco Peak Retirement™ 2035 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.44	%
Invesco Peak Retirement™ 2040 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.43	%
Invesco Peak Retirement™ 2045 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.42	%
Invesco Peak Retirement™ 2050 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.41	%
Invesco Peak Retirement™ 2055 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.40	%
Invesco Peak Retirement™ 2060 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.40	%
Invesco Peak Retirement™ 2065 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.39	%

In determining Invesco’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of a Fund directly, but are fees and expenses, including management fees of the investment companies in which a Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues each Fund’s fee waiver agreement, it will terminate on April 30, 2021. During its term, each fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

For the six months ended June 30, 2020, the Adviser reimbursed the following expenses:


	Fund Level		Class A			Class C			Class R			Class Y			Class R5		Class R6
Invesco Peak Retirement™ Now Fund		$88,836		$	545		$	85		$	10		$	36		$3		$	8
Invesco Peak Retirement™ 2015 Fund		72,428			233			10			10			40		3			10
Invesco Peak Retirement™ 2020 Fund		76,038			373			193			306			24		3			9
Invesco Peak Retirement™ 2025 Fund		71,563			2,288			542			491			61		3			8
Invesco Peak Retirement™ 2030 Fund		69,340			5,102			1,080			1,388			224		3			9
Invesco Peak Retirement™ 2035 Fund		70,119			2,621			1,537			1,592			545		3			8
Invesco Peak Retirement™ 2040 Fund		70,856			3,426			797			1,024			203		2			7
Invesco Peak Retirement™ 2045 Fund		75,958			2,942			1,676			1,332			156		2			7
Invesco Peak Retirement™ 2050 Fund		70,540			3,046			1,312			1,815			521		3			7
Invesco Peak Retirement™ 2055 Fund		73,015			3,704			773			1,111			337		2			8
Invesco Peak Retirement™ 2060 Fund		66,164			3,658			604			1,733			416		8			25
Invesco Peak Retirement™ 2065 Fund		74,838			2,850			552			635			395		2			8

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of each Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to each Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). Each Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of each Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund. For the six months ended June 30, 2020, expenses incurred under the Plans are shown in the Statements of Operations as Distribution fees.

68 Invesco Peak Retirement™ Funds

redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Funds that IDI retained the following front-end sales commissions from the sale of Class A shares and received the following in CDSC imposed on redemptions by shareholders:


	Front End Sales Charge		Contingent Deferred Sales Charges
			Class A		Class C
Invesco Peak Retirement™ Now Fund	$	272	$	0	$	0
Invesco Peak Retirement™ 2015 Fund		11		0		0
Invesco Peak Retirement™ 2020 Fund		352		0		0
Invesco Peak Retirement™ 2025 Fund		1,475		0		0
Invesco Peak Retirement™ 2030 Fund		6,163		0		0
Invesco Peak Retirement™ 2035 Fund		5,684		0		721
Invesco Peak Retirement™ 2040 Fund		4,190		0		0
Invesco Peak Retirement™ 2045 Fund		3,609		0		0
Invesco Peak Retirement™ 2050 Fund		3,509		0		0
Invesco Peak Retirement™ 2055 Fund		3,955		1		0
Invesco Peak Retirement™ 2060 Fund		1,576		0		0
Invesco Peak Retirement™ 2065 Fund		1,902		0		0

The underlying Invesco Funds pay no distribution fees for Class R6 shares and the Funds pay no sales loads or other similar compensation to IDI for acquiring underlying fund shares.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


		Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
		Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
		Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect each Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Except for the Fund listed below, as of June 30, 2020, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

Invesco Peak Retirement™ 2030 Fund


	Level 1			Level 2			Level 3			Total
Investments in Securities
Affiliated Issuers		$	8,793,217		$	–		$	–		$	8,793,217
Money Market Funds			66,542			344,259			–			410,801
Total Investments		$	8,859,759		$	344,259		$	–		$	9,204,018

69 Invesco Peak Retirement™ Funds

NOTE 4–Expense Offset Arrangement(s)


	Transfer Agent Credits
Invesco Peak Retirement™ Now Fund		$ 0
Invesco Peak Retirement™ 2015 Fund		0
Invesco Peak Retirement™ 2020 Fund		0
Invesco Peak Retirement™ 2025 Fund		0
Invesco Peak Retirement™ 2030 Fund		0
Invesco Peak Retirement™ 2035 Fund		0
Invesco Peak Retirement™ 2040 Fund		0
Invesco Peak Retirement™ 2045 Fund		0
Invesco Peak Retirement™ 2050 Fund		72
Invesco Peak Retirement™ 2055 Fund		52
Invesco Peak Retirement™ 2060 Fund		59
Invesco Peak Retirement™ 2065 Fund		40

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plans represent unsecured claims against the general assets of the Funds.

NOTE 6–Cash Balances

NOTE 7–Tax Information

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds did not have a capital loss carryforward as of December 31, 2019.

70 Invesco Peak Retirement™ Funds

NOTE 8–Investment Transactions

The aggregate amount of investment securities purchased and sold by each Fund and aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:


					At June 30, 2020
	For the six months ended June 30, 2020*				Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
	Purchases		Sales		Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Invesco Peak Retirement™ Now Fund		$1,729,870		$1,709,006		$937,602		$24,421		$(720)			$23,701
Invesco Peak Retirement™ 2015 Fund		574,420		474,002		724,284		11,205		(30,599	)		(19,394	)
Invesco Peak Retirement™ 2020 Fund		2,291,220		1,884,394		2,247,085		48,603		(37,660	)		10,943
Invesco Peak Retirement™ 2025 Fund		5,843,263		4,462,592		6,305,378		192,145		(61,289	)		130,856
Invesco Peak Retirement™ 2030 Fund		9,116,660		4,234,682		9,080,375		208,499		(84,856	)		123,643
Invesco Peak Retirement™ 2035 Fund		5,381,661		3,385,024		5,132,198		171,479		(53,711	)		117,768
Invesco Peak Retirement™ 2040 Fund		4,081,020		2,604,410		3,807,601		137,946		(43,675	)		94,271
Invesco Peak Retirement™ 2045 Fund		4,046,733		2,646,075		3,486,201		121,767		(52,726	)		69,041
Invesco Peak Retirement™ 2050 Fund		3,500,157		2,510,377		2,868,906		87,932		(41,522	)		46,410
Invesco Peak Retirement™ 2055 Fund		1,909,306		1,223,380		1,693,672		50,248		(20,457	)		29,791
Invesco Peak Retirement™ 2060 Fund		2,206,694		1,497,314		1,817,846		57,479		(24,964	)		32,515
Invesco Peak Retirement™ 2065 Fund		1,561,941		1,043,132		1,262,319		39,858		(13,891	)		25,967

*	Excludes U.S. Treasury obligations and money market funds, if any.

71 Invesco Peak Retirement™ Funds

NOTE 9–Share Information

Invesco Peak Retirement™ Now Fund


	Summary of Share Activity


	Six months ended June 30, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class A		118,756			$1,125,246			43,496			$437,011

Class C		6,365			64,473			8,787			87,410

Class R		2,857			27,088			-			-



Issued as reinvestment of dividends:
Class A		1,000			9,067			698			7,028

Class C		130			1,202			117			1,187



Reacquired:
Class A		(123,039	)		(1,148,565	)		(499	)		(5,003	)

Class C		(6,026	)		(60,813	)		(800	)		(8,000	)


Net increase (decrease) in share activity		43			$17,698			51,799			$519,633

^(a)	90% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

72 Invesco Peak Retirement™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement™ 2015 Fund


	Summary of Share Activity


	Six months ended June 30, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class A		14,968			$144,411			9,247			$97,438


Issued as reinvestment of dividends:
Class A		-			-			490			5,036


Automatic conversion of Class C shares to Class A shares:
Class A		-			-			10,659			102,540

Class C		-			-			(10,726	)		(102,540	)



Reacquired:
Class A		(5,977	)		(50,982	)		(15,739	)		(157,704)

Net increase (decrease) in share activity		8,991			$93,429			(6,069	)		$(55,230)

^(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 6% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

In addition, 93% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

73 Invesco Peak Retirement™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement™ 2020 Fund


	Summary of Share Activity


	Six months ended June 30, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class A		19,005			$189,174			56,674			$576,504

Class C		23,161			223,136			17,692			178,060

Class R		63,629			622,918			39,241			409,741

Class Y		2,908			28,221			1,804			18,456



Issued as reinvestment of dividends:
Class A		-			-			2,052			21,201

Class C		-			-			731			7,524

Class R		-			-			1,153			11,886



Automatic conversion of Class C shares to Class A shares:
Class A		-			-			178			1,713

Class C		-			-			(178	)		(1,713	)



Reacquired:
Class A		(20,190	)		(182,750	)		(9,879	)		(94,246)

Class C		(124	)		(1,277	)		(1,174	)		(12,000)

Class R		(50,887	)		(478,201	)		(585	)		(6,050)

Class Y		-			-			(1,804	)		(18,601)


Net increase (decrease) in share activity		37,502			$401,221			105,905			$1,092,475

^(a)	70% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

74 Invesco Peak Retirement™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement™ 2025 Fund


	Summary of Share Activity


	Six months ended June 30, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class A		141,529			$1,363,158			297,039			$3,070,439

Class C		32,464			327,153			67,262			691,046

Class R		61,861			616,825			55,969			577,294

Class Y		4,573			48,273			1,485			15,000



Issued as reinvestment of dividends:
Class A		-			-			7,350			76,731

Class C		-			-			1,363			14,119

Class R		-			-			1,125			11,732

Class Y		-			-			36			382



Automatic conversion of Class C shares to Class A shares:
Class A		-			-			820			7,894

Class C		-			-			(822	)		(7,894	)



Reacquired:
Class A		(82,083	)		(804,956	)		(24,192	)		(249,835)

Class C		(1,485	)		(15,215	)		(12,017	)		(121,541)

Class R		(25,528	)		(230,764	)		(2,338	)		(23,918)


Net increase (decrease) in share activity		131,331			$1,304,474			393,080			$4,061,449

^(a)	37% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

75 Invesco Peak Retirement™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement™ 2030 Fund


	Summary of Share Activity


	Six months ended June 30, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class A		404,537			$4,118,905			182,351			$1,867,626

Class C		43,897			446,886			54,033			553,459

Class R		83,742			818,013			58,669			605,181

Class Y		1,137			11,519			11,127			112,843



Issued as reinvestment of dividends:
Class A		-			-			5,478			57,470

Class C		-			-			1,057			11,021

Class R		-			-			1,489			15,574

Class Y		-			-			297			3,121



Automatic conversion of Class C shares to Class A shares:
Class A		756			7,475			325			3,318

Class C		(761	)		(7,475	)		(327	)		(3,318	)



Reacquired:
Class A		(26,432	)		(264,422	)		(4,347	)		(44,574)

Class C		(12,856	)		(130,189	)		(1,225	)		(12,587)

Class R		(17,400	)		(160,161	)		(1,730	)		(18,372)

Class Y		(191	)		(1,996	)		(38	)		(387)


Net increase (decrease) in share activity		476,429			$4,838,555			307,159			$3,150,375

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 16% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

76 Invesco Peak Retirement™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement™ 2035 Fund


	Summary of Share Activity


	Six months ended June 30, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class A		113,242			$1,144,834			109,919			$1,125,039

Class C		72,111			726,418			52,626			535,437

Class R		60,907			620,243			70,900			727,288

Class Y		6,406			61,022			27,591			285,646



Issued as reinvestment of dividends:
Class A		-			-			2,693			28,302

Class C		-			-			1,163			12,145

Class R		-			-			1,537			16,107

Class Y		-			-			697			7,341



Automatic conversion of Class C shares to Class A shares:
Class A		638			6,298			650			6,589

Class C		(644	)		(6,298	)		(653	)		(6,589	)



Reacquired:
Class A		(13,547	)		(130,267	)		(7,146	)		(73,549	)

Class C		(8,835	)		(82,909	)		(6,141	)		(62,651	)

Class R		(39,046	)		(380,371	)		(1,123	)		(11,852	)

Class Y		(3	)		(31	)		(1	)		(10)


Net increase (decrease) in share activity		191,229			$1,958,939			252,712			$2,589,243

^(a)	39% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

77 Invesco Peak Retirement™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement™ 2040 Fund


	Summary of Share Activity


	Six months ended June 30, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class A		62,581			$611,762			132,863			$1,356,096

Class C		47,488			437,674			15,713			159,616

Class R		45,969			442,994			32,035			334,726

Class Y		1,554			15,744			4,907			50,777



Issued as reinvestment of dividends:
Class A		-			-			3,747			39,287

Class C		-			-			365			3,807

Class R		-			-			734			7,681

Class Y		-			-			145			1,524



Reacquired:
Class A		(4,244	)		(39,460	)		(21,003	)		(214,842)

Class C		(1,087	)		(10,143	)		-			-

Class R		(93	)		(978	)		(5,092	)		(53,162)

Class Y		(52	)		(454	)		(3	)		(28)


Net increase (decrease) in share activity		152,116			$1,457,139			164,411			$1,685,482

^(a)

In addition, 22% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

78 Invesco Peak Retirement™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement™ 2045 Fund


	Summary of Share Activity


	Six months ended June 30, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class A		71,583			$687,775			70,864			$732,550

Class C		27,646			256,062			51,726			522,967

Class R		62,441			574,936			27,164			283,421

Class Y		5,398			49,880			999			10,610



Issued as reinvestment of dividends:
Class A		-			-			1,922			20,415

Class C		-			-			1,436			15,092

Class R		-			-			785			8,309

Class Y		-			-			30			321



Automatic conversion of Class C shares to Class A shares:
Class A		673			6,457			271			2,884

Class C		(681	)		(6,457	)		(274	)		(2,884	)



Reacquired:
Class A		(14,669	)		(137,458	)		(2,867	)		(29,684	)

Class C		(920	)		(9,672	)		(3,859	)		(38,605	)

Class R		(7,777	)		(69,117	)		(3	)		(30	)

Class Y		(764	)		(8,000	)		-			-


Net increase (decrease) in share activity		142,930			$1,344,406			148,194			$1,525,366

^(a)

In addition, 25% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

79 Invesco Peak Retirement™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement™ 2050 Fund


	Summary of Share Activity


	Six months ended June 30, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class A		70,248			$674,326			69,054			$725,272

Class C		28,496			269,538			21,473			220,711

Class R		48,096			455,494			34,956			367,359

Class Y		270			2,605			12,857			132,136



Issued as reinvestment of dividends:
Class A		-			-			2,329			24,902

Class C		-			-			687			7,281

Class R		-			-			1,120			11,922

Class Y		-			-			443			4,746



Reacquired:
Class A		(30,106	)		(294,026	)		(10,785	)		(112,132	)

Class C		(1,308	)		(12,746	)		(8,056	)		(80,786	)

Class R		(26,767	)		(255,747	)		(227	)		(2,425	)

Class Y		(220	)		(2,165	)		(1,911	)		(19,400)


Net increase (decrease) in share activity		88,709			$837,279			121,940			$1,279,586

^(a)	19% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

80 Invesco Peak Retirement™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement™ 2055 Fund


	Summary of Share Activity


	Six months ended June 30, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class A		52,278			$487,214			30,032			$316,099

Class C		13,086			123,212			7,383			76,296

Class R		10,690			102,327			14,084			147,987

Class Y		-			-			1,928			20,254



Issued as reinvestment of dividends:
Class A		-			-			1,091			11,569

Class C		-			-			138			1,455

Class R		-			-			83			876

Class Y		-			-			80			849



Reacquired:
Class A		(1,002	)		(10,601	)		(1,149	)		(12,158	)

Class C		(71	)		(750	)		(2,749	)		(27,863	)

Class R		(44	)		(455	)		(1,036	)		(11,075	)

Class Y		(1,628	)		(17,354	)		-			-


Net increase (decrease) in share activity		73,309			$683,593			49,885			$524,289

^(a)	30% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

81 Invesco Peak Retirement™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement™ 2060 Fund


	Summary of Share Activity


	Six months ended June 30, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class A		30,557			$284,933			45,393			$467,230

Class C		9,695			91,200			4,103			42,978

Class R		43,531			388,119			14,873			156,200

Class Y		3,603			38,384			-			-



Issued as reinvestment of dividends:
Class A		-			-			1,710			18,299

Class C		-			-			92			977

Class R		-			-			539			5,744



Reacquired:
Class A		(9,862	)		(86,133	)		(71	)		(742	)

Class C		(117	)		(1,130	)		(275	)		(2,862	)

Class R		(1,239	)		(10,087	)		(355	)		(3,651	)

Class Y		(2	)		(25	)		-			-


Net increase (decrease) in share activity		76,166			$705,261			66,009			$684,173

^(a)

In addition, 44% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

82 Invesco Peak Retirement™ Funds

NOTE 9–Share Information–(continued)

Invesco Peak Retirement™ 2065 Fund


	Summary of Share Activity


	Six months ended June 30, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class A		46,504			$424,127			14,796			$155,215

Class C		5,227			48,398			4,792			50,364

Class R		9,985			94,536			5,804			60,034

Class Y		1,618			17,298			-			-



Issued as reinvestment of dividends:
Class A		-			-			564			6,074

Class C		-			-			65			690

Class R		-			-			213			2,260



Reacquired:
Class A		(5,744	)		(57,112	)		(735	)		(7,579	)

Class C		(3,705	)		(35,262	)		(935	)		(9,577	)

Class R		(20	)		(215	)		-			-


Net increase (decrease) in share activity		53,865			$491,770			24,564			$257,481

^(a)	58% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds’ ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

83 Invesco Peak Retirement™ Funds

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2020 through June 30, 2020.

Actual expenses

Hypothetical example for comparison purposes

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Funds. If transaction costs and indirect expenses were included, your costs would have been higher.

Invesco Peak Retirement™ Now Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/20)	Ending Account Value (06/30/20)¹	Expenses Paid During Period²	Ending Account Value (06/30/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$943.20	$1.69	$1,023.12	$1.76	0.35%
Class C	1,000.00	940.50	5.31	1,019.39	5.52	1.10
Class R	1,000.00	942.00	2.90	1,021.88	3.02	0.60
Class Y	1,000.00	944.40	0.48	1,024.37	0.50	0.10
Class R5	1,000.00	944.40	0.48	1,024.37	0.50	0.10
Class R6	1,000.00	944.40	0.48	1,024.37	0.50	0.10

84 Invesco Peak Retirement™ Funds

Invesco Peak Retirement™ 2015 Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/20)	Ending Account Value (06/30/20)¹	Expenses Paid During Period²	Ending Account Value (06/30/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$940.80	$1.83	$1,022.97	$1.91	0.38%
Class C	1,000.00	937.70	5.44	1,019.24	5.67	1.13
Class R	1,000.00	939.70	3.04	1,021.73	3.17	0.63
Class Y	1,000.00	941.80	0.63	1,024.22	0.65	0.13
Class R5	1,000.00	941.80	0.63	1,024.22	0.65	0.13
Class R6	1,000.00	941.80	0.63	1,024.22	0.65	0.13

Invesco Peak Retirement™ 2020 Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/20)	Ending Account Value (06/30/20)¹	Expenses Paid During Period²	Ending Account Value (06/30/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$962.30	$1.90	$1,022.92	$1.96	0.39%
Class C	1,000.00	960.20	5.56	1,019.19	5.72	1.14
Class R	1,000.00	962.20	3.12	1,021.68	3.22	0.64
Class Y	1,000.00	965.30	0.68	1,024.17	0.70	0.14
Class R5	1,000.00	965.30	0.68	1,024.17	0.70	0.14
Class R6	1,000.00	965.30	0.68	1,024.17	0.70	0.14

Invesco Peak Retirement™ 2025 Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/20)	Ending Account Value (06/30/20)¹	Expenses Paid During Period²	Ending Account Value (06/30/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$979.90	$1.97	$1,022.87	$2.01	0.40%
Class C	1,000.00	975.90	5.65	1,019.14	5.77	1.15
Class R	1,000.00	978.90	3.20	1,021.63	3.27	0.65
Class Y	1,000.00	980.90	0.74	1,024.12	0.75	0.15
Class R5	1,000.00	980.90	0.74	1,024.12	0.75	0.15
Class R6	1,000.00	980.90	0.74	1,024.12	0.75	0.15

Invesco Peak Retirement™ 2030 Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/20)	Ending Account Value (06/30/20)¹	Expenses Paid During Period²	Ending Account Value (06/30/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$964.80	$1.91	$1,022.92	$1.96	0.39%
Class C	1,000.00	962.60	5.56	1,019.19	5.72	1.14
Class R	1,000.00	964.70	3.13	1,021.68	3.22	0.64
Class Y	1,000.00	966.80	0.68	1,024.17	0.70	0.14
Class R5	1,000.00	966.80	0.68	1,024.17	0.70	0.14
Class R6	1,000.00	966.80	0.68	1,024.17	0.70	0.14

85 Invesco Peak Retirement™ Funds

Invesco Peak Retirement™ 2035 Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/20)	Ending Account Value (06/30/20)¹	Expenses Paid During Period²	Ending Account Value (06/30/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$961.10	$2.00	$1,022.82	$2.06	0.41%
Class C	1,000.00	957.00	5.64	1,019.10	5.82	1.16
Class R	1,000.00	959.00	3.21	1,021.58	3.32	0.66
Class Y	1,000.00	962.10	0.78	1,024.07	0.81	0.16
Class R5	1,000.00	962.10	0.78	1,024.07	0.81	0.16
Class R6	1,000.00	962.10	0.78	1,024.07	0.81	0.16

Invesco Peak Retirement™ 2040 Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/20)	Ending Account Value (06/30/20)¹	Expenses Paid During Period²	Ending Account Value (06/30/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$941.00	$2.03	$1,022.77	$2.11	0.42%
Class C	1,000.00	936.80	5.63	1,019.05	5.87	1.17
Class R	1,000.00	938.00	3.23	1,021.53	3.37	0.67
Class Y	1,000.00	941.20	0.82	1,024.02	0.86	0.17
Class R5	1,000.00	941.20	0.82	1,024.02	0.86	0.17
Class R6	1,000.00	941.20	0.82	1,024.02	0.86	0.17

Invesco Peak Retirement™ 2045 Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/20)	Ending Account Value (06/30/20)¹	Expenses Paid During Period²	Ending Account Value (06/30/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$917.40	$2.05	$1,022.73	$2.16	0.43%
Class C	1,000.00	914.50	5.62	1,019.00	5.92	1.18
Class R	1,000.00	916.10	3.24	1,021.48	3.42	0.68
Class Y	1,000.00	918.50	0.86	1,023.97	0.91	0.18
Class R5	1,000.00	918.50	0.86	1,023.97	0.91	0.18
Class R6	1,000.00	918.50	0.86	1,023.97	0.91	0.18

Invesco Peak Retirement™ 2050 Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/20)	Ending Account Value (06/30/20)¹	Expenses Paid During Period²	Ending Account Value (06/30/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$911.30	$2.04	$1,022.73	$2.16	0.43%
Class C	1,000.00	907.70	5.60	1,019.00	5.92	1.18
Class R	1,000.00	909.90	3.23	1,021.48	3.42	0.68
Class Y	1,000.00	912.50	0.86	1,023.97	0.91	0.18
Class R5	1,000.00	912.50	0.86	1,023.97	0.91	0.18
Class R6	1,000.00	912.50	0.86	1,023.97	0.91	0.18

86 Invesco Peak Retirement™ Funds

Invesco Peak Retirement™ 2055 Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/20)	Ending Account Value (06/30/20)¹	Expenses Paid During Period²	Ending Account Value (06/30/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$910.50	$2.09	$1,022.68	$2.21	0.44%
Class C	1,000.00	907.10	5.64	1,018.95	5.97	1.19
Class R	1,000.00	909.30	3.28	1,021.43	3.47	0.69
Class Y	1,000.00	910.70	0.90	1,023.92	0.96	0.19
Class R5	1,000.00	911.70	0.90	1,023.92	0.96	0.19
Class R6	1,000.00	911.70	0.90	1,023.92	0.96	0.19

Invesco Peak Retirement™ 2060 Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/20)	Ending Account Value (06/30/20)¹	Expenses Paid During Period²	Ending Account Value (06/30/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$885.30	$2.06	$1,022.68	$2.21	0.44%
Class C	1,000.00	881.70	5.57	1,018.95	5.97	1.19
Class R	1,000.00	883.10	3.23	1,021.43	3.47	0.69
Class Y	1,000.00	886.40	0.89	1,023.92	0.96	0.19
Class R5	1,000.00	886.40	0.89	1,023.92	0.96	0.19
Class R6	1,000.00	886.40	0.89	1,023.92	0.96	0.19

Invesco Peak Retirement™ 2065 Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/20)	Ending Account Value (06/30/20)¹	Expenses Paid During Period²	Ending Account Value (06/30/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$905.50	$2.04	$1,022.73	$2.16	0.43%
Class C	1,000.00	901.90	5.58	1,019.00	5.92	1.18
Class R	1,000.00	904.20	3.22	1,021.48	3.42	0.68
Class Y	1,000.00	905.60	0.85	1,023.97	0.91	0.18
Class R5	1,000.00	905.60	0.85	1,023.97	0.91	0.18
Class R6	1,000.00	905.60	0.85	1,023.97	0.91	0.18

²	Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

87 Invesco Peak Retirement™ Funds

Approval of Investment Advisory and Sub-Advisory Contracts

(Invesco Peak Retirement^TM Now Fund, Invesco Peak Retirement^TM 2015 Fund, Invesco Peak Retirement^TM 2020 Fund,

Invesco Peak Retirement^TM 2025 Fund, Invesco Peak Retirement^TM 2030 Fund, Invesco Peak Retirement^TM 2035 Fund,

Invesco Peak Retirement^TM 2040 Fund, Invesco Peak Retirement^TM 2045 Fund, Invesco Peak Retirement^TM 2050 Fund,

Invesco Peak Retirement^TM 2055 Fund, Invesco Peak Retirement^TM 2060 Fund and Invesco Peak Retirement^TM 2065 Fund)

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of each series portfolio of AIM Growth Series listed above (each, a Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of each Fund’s investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by each Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A.	Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to each Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to each Fund by Invesco Advisers are appropriate and satisfactory.

88 Invesco Peak Retirement™ Funds

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for each Fund, as no Affiliated Sub-Adviser currently manages assets of each Fund.

Invesco Peak Retirement^TM Now Fund

The Board noted that the Fund only had two full years of performance history and compared the Fund’s investment performance during the past two years ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement Now Benchmark. The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one and two year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period and below the performance of the Index for the two year period. The Board considered how the performance of certain underlying funds in which the Fund invests impacted Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Peak Retirement^TM 2015 Fund

The Board noted that the Fund only had two full years of performance history and compared the Fund’s investment performance during the past two years ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2015 Benchmark. The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period and the fourth quintile for the two year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the two year period. The Board considered how the performance of certain underlying funds in which the Fund invests impacted Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more

recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Peak Retirement^TM 2020 Fund

The Board noted that the Fund only had two full years of performance history and compared the Fund’s investment performance during the past two years ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2020 Benchmark. The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period and the fourth quintile for the two year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and two year periods. The Board considered how the performance of certain underlying funds in which the Fund invests impacted Fund performance, noting that the Fund’s allocations to U.S. equities and alternatives through underlying funds detracted from relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Peak Retirement^TM 2025 Fund

The Board noted that the Fund only had two full years of performance history and compared the Fund’s investment performance during the past two years ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2025 Benchmark. The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one and two year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and two year periods. The Board considered how the performance of certain underlying funds in which the Fund invests impacted Fund performance, noting that the Fund’s allocations to U.S. equities and alternatives through underlying funds detracted from relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Peak Retirement^TM 2030 Fund

The Board noted that the Fund only had two full years of performance history and compared the Fund’s investment performance during the past two years ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2030 Benchmark. The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one and two year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and two year periods. The Board considered how the performance of certain underlying funds in which the Fund invests impacted Fund performance, noting that the Fund’s allocations to U.S. equities and alternatives through underlying funds detracted from relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Peak Retirement^TM 2035 Fund

The Board noted that the Fund only had two full years of performance history and compared the Fund’s investment performance during the past two years ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2035 Benchmark. The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one and two year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and two year periods. The Board consider how the performance of certain underlying funds in which the Fund invests impacted Fund performance, noting that the Fund’s allocations to U.S. equities and alternatives through underlying funds detracted from relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Peak Retirement^TM 2040 Fund

The Board noted that the Fund only had two full years of performance history and compared the Fund’s investment performance during the past two years ending December 31, 2019 to the

89 Invesco Peak Retirement™ Funds

performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2040 Benchmark. The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one and two year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and two year periods. The Board consider how the performance of certain underlying funds in which the Fund invests impacted Fund performance, noting that the Fund’s allocations to U.S. equities and alternatives through underlying funds detracted from relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Peak Retirement^TM 2045 Fund

The Board noted that the Fund only had two full years of performance history and compared the Fund’s investment performance during the past two years ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2045 Benchmark. The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one and two year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and two year periods. The Board consider how the performance of certain underlying funds in which the Fund invests impacted Fund performance, noting that the Fund’s allocations to U.S. equities and alternatives through underlying funds detracted from relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Peak Retirement^TM 2050 Fund

performance universe for the one and two year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and two year periods. The Board considered how the performance of certain underlying funds in which the Fund invests impacted Fund performance, noting that the Fund’s allocation to U.S. equities through underlying funds detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Peak Retirement^TM 2055 Fund

The Board noted that the Fund only had two full years of performance history and compared the Fund’s investment performance during the past two years ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2055 Benchmark. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one and two year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and two year periods. The Board considered how the performance of certain underlying funds in which the Fund invests impacted Fund performance, noting that the Fund’s allocation to U.S. equities through underlying funds detracted from Fund performance The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Peak Retirement^TM 2060 Fund

the performance of certain underlying funds in which the Fund invests impacted Fund performance, noting that the Fund’s allocation to U.S. equities through underlying funds detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

Invesco Peak Retirement^TM 2065 Fund

The Board noted that the Fund only had two full years of performance history and compared the Fund’s investment performance during the past two years ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2065 Benchmark. The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period and the second quintile for the two year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and two year periods. The Board considered how the performance of certain underlying funds in which the Fund invests impacted Fund performance, noting that the Fund’s allocation to U.S. equities through underlying funds detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board noted that each Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge each Fund any advisory fees pursuant to each Fund’s investment advisory agreement, although the underlying funds in which each Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge each Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also

90 Invesco Peak Retirement™ Funds

considered comparative information regarding each Fund’s total expense ratio and its various components. For Invesco Peak Retirement^TM 2015 Fund and Invesco Peak Retirement^TM Now Fund, the Board noted that there were only four funds (including each Fund) in the respective expense group. For Invesco Peak Retirement^TM 2020 Fund, Invesco Peak Retirement^TM 2060 Fund and Invesco Peak Retirement^TM 2065 Fund, the Board noted that were only five funds (including each Fund) in the respective expense group.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of each Fund for the term disclosed in each Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of each Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge each Fund any fees pursuant to each Fund’s investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to each Fund.

D.	Economies of Scale and Breakpoints

The Board noted that Invesco Advisers does not charge each Fund any advisory fees pursuant to each Fund’s investment advisory agreement, although the underlying funds in which each Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders. The Board noted that each Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

aggregate and to certain Funds on an individual fund level. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing a Fund because each Fund is a fund of funds and no advisory fee is charged to such Fund, although each Fund does incur its share of underlying fund fees and other allocable costs. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered that the underlying holdings of each Fund generally will consist of affiliated mutual funds and affiliated and unaffiliated exchange traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange traded funds. The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange traded funds to be collateral benefits resulting from Invesco Advisers’ relationships with each Fund.

91 Invesco Peak Retirement™ Funds

(This page intentionally left blank)

LOGO

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

Fund holdings and proxy voting information

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.


SEC file numbers: 811-02699 and 002-57526		Invesco Distributors, Inc.		PR-SAR-1



		Semiannual Report to Shareholders		June 30, 2020

		Invesco Select Risk: Conservative Investor Fund
		Effective May 15, 2020, Invesco Oppenheimer Portfolio Series: Conservative Investor Fund was renamed Invesco Select Risk: Conservative Investor Fund. Nasdaq: A: OACIX ∎ C: OCCIX ∎ R: ONCIX ∎ Y: OYCIX ∎ R5: PXCIX ∎ R6: PXCCX

LOGO


2		Letters to Shareholders
3		Fund Performance
5		Liquidity Risk Management Program
6		Schedule of Investments
8		Financial Statements
11		Financial Highlights
12		Notes to Financial Statements
18		Fund Expenses
19		Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders


		Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
		We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services
Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees


		Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.
All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Select Risk: Conservative Investor Fund

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-1.48	%
Class C Shares	-1.82
Class R Shares	-1.59
Class Y Shares	-1.26
Class R5 Shares	-1.27
Class R6 Shares	-1.27
Bloomberg Barclays Global Aggregate Bond Index, Hedged^▼ (Broad Market Index)	3.90
MSCI All Country World Index^▼ (Broad Market Index)	-6.25
Custom Invesco Select Risk: Conservative Investor Index^∎(Style-Specific Index)	2.35

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp. The Bloomberg Barclays Global Aggregate Bond Index, Hedged tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar. The Custom Invesco Select Risk: Conservative Investor Index is composed of 20% MSCI All Country World Index and 80% Bloomberg Barclays Global Aggregate Bond Index, Hedged. The composition of the index may change based on the Fund’s target asset allocation. The MSCI All Country World Index (Net) is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3 Invesco Select Risk: Conservative Investor Fund


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (4/5/05)			2.03%
10 Years			4.33
5 Years			2.48
1 Year			-4.06

Class C Shares
Inception (4/5/05)			1.87%
10 Years			4.14
5 Years			2.87
1 Year			-0.25

Class R Shares
Inception (4/5/05)			2.12%
10 Years			4.65
5 Years			3.40
1 Year			1.26

Class Y Shares
Inception (4/5/05)			2.69%
10 Years			5.19
5 Years			3.92
1 Year			1.76

Class R5 Shares
10 Years			4.97%
5 Years			3.73
1 Year			1.84

Class R6 Shares
10 Years			4.97%
5 Years			3.74
1 Year			1.86

Effective May 24, 2019, Class A, Class C, Class R, and Class Y shares of the Oppenheimer Portfolio Series: Conservative investor Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R and Class Y shares, respectively, of the Invesco Select Risk: Conservative Investor Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C, Class R and Class Y shares are those for Class A, Class C, Class R and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

4 Invesco Select Risk: Conservative Investor Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5 Invesco Select Risk: Conservative Investor Fund

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Select Risk: Conservative Investor Fund

Schedule of Investments in Affiliated Issuers-99.66%^(a)


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 06/30/20		Value 06/30/20
Alternative Funds-6.80%
Invesco Oppenheimer Fundamental Alternatives Fund, Class R6		2.18	%	$	11,963,976	$	–	$	–		$	(419,701	)	$	–		$	–			432,694	$	11,544,275
Invesco Oppenheimer Master Event-Linked Bond Fund, Class R6		3.96	%		20,575,398		637,843		(1,048,143	)		741,760			–			630,786			1,322,918		20,906,858
Invesco Oppenheimer SteelPath MLP Select 40 Fund, Class R6		0.66	%		5,598,941		286,898		(439,810	)		(1,961,403	)		–			(116,533	)		854,075		3,484,626
Total Alternative Funds					38,138,315		924,741		(1,487,953	)		(1,639,344	)		–			514,253					35,935,759
Domestic Equity Funds-6.27%
Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6^(b)		1.12	%		6,595,987		–		(1,244,268	)		414,234			156,921			–			207,021		5,922,874
Invesco Oppenheimer Main Street Small Cap Fund, Class R6^(b)		1.05	%		6,201,919		–		–			(666,029	)		–			–			391,783		5,535,890
Invesco Oppenheimer Value Fund, Class R6		1.31	%		8,756,756		63,535		–			(1,892,593	)		–			63,541			299,123		6,927,698
Invesco Russell 1000 Dynamic Multifactor ETF		2.79	%		16,575,948		–		–			(1,851,674	)		–			108,511			495,100		14,724,274
Total Domestic Equity Funds					38,130,610		63,535		(1,244,268	)		(3,996,062	)		156,921			172,052					33,110,736
Fixed Income Funds-69.55%
Invesco Income Fund, Class R6		4.15	%		–		20,702,587		–			1,231,562			–			191,483			3,003,896		21,934,149
Invesco Oppenheimer International Bond Fund, Class R6		25.10	%		137,632,226		2,755,177		(1,129,853	)		(6,659,499	)		–			1,603,909			25,208,755		132,598,051
Invesco Oppenheimer Limited-Term Government Fund		–			34,081,166		–		(35,751,693	)		1,893,086			(222,559	)		361,443			–		–
Invesco Oppenheimer Master Inflation Protected Securities Fund		–			19,523,506		102,773		(22,496,897	)		535,485			2,335,133			115,130			–		–
Invesco Oppenheimer Master Loan Fund, Class R6		9.42	%		56,299,470		1,355,634		(6,864,060	)		(1,002,387	)		–			1,355,558			3,363,212		49,788,657
Invesco Oppenheimer Total Return Bond Fund, Class R6		24.91	%		139,342,843		1,804,632		(6,812,360	)		(2,740,538	)		(28,741	)		1,833,768			17,875,793		131,565,836
Invesco Quality Income Fund, Class R6		5.97	%		–		32,322,209		–			(808,252	)		–			158,974			2,648,193		31,513,957
Total Fixed Income Funds					386,879,211		59,043,012		(73,054,863	)		(7,550,543	)		2,083,833			5,620,265					367,400,650
Foreign Equity Funds-14.25%
Invesco Global Infrastructure Fund, Class R6		1.37	%		–		8,682,127		(1,489,753	)		87,832			(45,410	)		31,233			681,885		7,234,796
Invesco Oppenheimer Developing Markets Fund, Class R6		1.45	%		8,369,878		–		–			(728,853	)		–			–			183,590		7,641,025
Invesco Oppenheimer Emerging Markets Innovators Fund, Class R6^(b)		0.59	%		3,203,799		–		–			(70,818	)		–			–			283,271		3,132,981
Invesco Oppenheimer Global Fund, Class R6		6.26	%		33,647,576		–		–			(566,147	)		–			–			349,476		33,081,429
Invesco Oppenheimer Global Infrastructure Fund		–			10,641,760		–		(8,650,893	)		(1,390,427	)		(600,440	)		–			–		–
Invesco Oppenheimer International Equity Fund, Class R6		1.67	%		9,408,543		–		(18	)		(594,543	)		–			–			433,973		8,813,982
Invesco Oppenheimer International Growth Fund, Class R6		1.74	%		9,522,564		–		–			(322,864	)		–			–			215,248		9,199,700
Invesco Oppenheimer International Small-Mid Company Fund, Class R6		1.17	%		6,291,926		–		–			(114,208	)		–			–			131,273		6,177,718
Total Foreign Equity Funds					81,086,046		8,682,127		(10,140,664	)		(3,700,028	)		(645,850	)		31,233					75,281,631
Real Estate Funds-1.45%
Invesco Oppenheimer Real Estate Fund, Class Y		–			10,804,434		255,614		(8,688,887	)		(561,705	)		(1,809,456	)		255,614			–		–
Invesco Real Estate Fund, Class R6		1.45	%		–		8,725,935		(1,359,178	)		326,008			(54,198	)		37,053			437,991		7,638,567
Total Real Estate Funds					10,804,434		8,981,549		(10,048,065	)		(235,697	)		(1,863,654	)		292,667					7,638,567

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6 Invesco Select Risk: Conservative Investor Fund


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Money Market Funds-1.34%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(c)		0.40	%	$	6,068,698	$	15,941,484	$	(19,895,641	)	$	–		$	–		$	21,959		2,114,541	$	2,114,541
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%^(c)		0.48	%		–		4,745,260		(2,208,210	)		1,058			88			2,530		2,536,420		2,538,196
Invesco Treasury Portfolio, Institutional Class, 0.08%^(c)		0.46	%		–		5,949,754		(3,533,136	)		–			–			497		2,416,619		2,416,618
Total Money Market Funds					6,068,698		26,636,498		(25,636,987	)		1,058			88			24,986				7,069,355
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $516,421,488)		99.66	%	$	561,107,314	$	104,331,462	$	(121,612,800	)	$	(17,120,616	)	$	(268,662	)	$	6,655,456			$	526,436,698
OTHER ASSETS LESS LIABILITIES		0.34	%																			1,776,077
NET ASSETS		100.00	%																		$	528,212,775

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)	Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

^(b)	Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from June 30, 2020.

^(c)	The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2020


Fixed Income Funds	69.79	%
Equity Funds	20.59
Alternative Funds	8.28
Money Market Funds	1.34

*	Based on the Schedule of Investments, which classifies each underlying fund and other investments into broad asset classes based on their predominant investments.


Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value				Unrealized Appreciation (Depreciation)
Equity Risk
E-Mini S&P 500 Index		5		September-2020		$	772,550		$	7,015			$	7,015
Interest Rate Risk
Canada 10 Year Bonds		45		September-2020			5,098,630			(11,672	)			(11,672	)
Euro OAT		59		September-2020			11,112,927			172,238				172,238
Euro-BTP		54		September-2020			8,729,052			141,861				141,861
Euro-BUND		32		September-2020			6,346,245			106,007				106,007
Japanese Bonds, 10 yr.		29		September-2020			40,810,836			(5,484	)			(5,484	)
Long Gilt		72		September-2020			12,279,586			42,712				42,712
Subtotal										445,662				445,662
Total Futures Contracts									$	452,677			$	452,677

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7 Invesco Select Risk: Conservative Investor Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)


Assets:
Investments in affiliated underlying funds, at value (Cost $516,421,488)	$	526,436,698

Other investments:
Variation margin receivable – futures contracts		130,573

Deposits with brokers:
Cash collateral – exchange-traded futures contracts		1,341,466

Cash		128,717

Foreign currencies, at value (Cost $0)		10,590

Receivable for:
Fund shares sold		530,220

Dividends - affiliated underlying funds		1,306,542

Investment for trustee deferred compensation and retirement plans		23,463

Other assets		98,918

Total assets		530,007,187


Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		1,097,936

Fund shares reacquired		306,497

Accrued fees to affiliates		329,135

Accrued trustees’ and officers’ fees and benefits		10,617

Accrued other operating expenses		26,764

Trustee deferred compensation and retirement plans		23,463

Total liabilities		1,794,412

Net assets applicable to shares outstanding	$	528,212,775


Net assets consist of:
Shares of beneficial interest	$	545,373,201

Distributable earnings (loss)		(17,160,426	)

	$	528,212,775


Net Assets:
Class A	$	392,937,314

Class C	$	79,815,227

Class R	$	47,530,978

Class Y	$	7,909,615

Class R5	$	9,820

Class R6	$	9,821


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		42,157,039

Class C		8,691,292

Class R		5,117,963

Class Y		844,292

Class R5		1,053

Class R6		1,053

Class A:
Net asset value per share	$	9.32

Maximum offering price per share (Net asset value of $9.32 ÷ 94.50%)	$	9.86

Class C:
Net asset value and offering price per share	$	9.18

Class R:
Net asset value and offering price per share	$	9.29

Class Y:
Net asset value and offering price per share	$	9.37

Class R5:
Net asset value and offering price per share	$	9.33

Class R6:
Net asset value and offering price per share	$	9.33

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Select Risk: Conservative Investor Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)


Investment income:
Dividends from affiliated underlying funds	$	6,655,456

Interest		4,675

Total investment income		6,660,131


Expenses:
Custodian fees		1,242

Distribution fees:
Class A		458,614

Class C		408,543

Class R		117,524

Transfer agent fees – A, C, R and Y		371,072

Transfer agent fees – R5		5

Transfer agent fees – R6		3

Trustees’ and officers’ fees and benefits		9,069

Registration and filing fees		62,179

Reports to shareholders		21,637

Professional services fees		15,656

Taxes		19,516

Other		(13,919	)

Total expenses		1,471,141

Less: Expenses reimbursed and/or expense offset arrangement(s)		(263,968	)

Net expenses		1,207,173

Net investment income		5,452,958


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares		(268,662	)

Foreign currencies		2

Futures contracts		821,345

		552,685

Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		(17,120,616	)

Foreign currencies		(25,488	)

Futures contracts		970,760

		(16,175,344	)

Net realized and unrealized gain (loss)		(15,622,659	)

Net increase (decrease) in net assets resulting from operations	$	(10,169,701)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Select Risk: Conservative Investor Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2020, period ended December 31, 2019, and the year ended January 31, 2019

(Unaudited)


	Six Months Ended				Eleven Months Ended				Year Ended
	June 30, 2020				December 31, 2019				January 31, 2019
Operations:
Net investment income		$	5,452,958			$	11,595,015			$	12,856,824

Net realized gain			552,685				1,225,105				33,129,939

Change in net unrealized appreciation (depreciation)			(16,175,344	)			31,197,520				(57,070,786	)

Net increase (decrease) in net assets resulting from operations			(10,169,701	)			44,017,640				(11,084,023	)


Distributions to shareholders from distributable earnings:
Class A			–				(25,456,508	)			(8,685,727	)

Class C			–				(4,845,071	)			(1,802,991	)

Class R			–				(2,864,623	)			(845,052	)

Class Y			–				(519,048	)			(156,417	)

Class R5			–				(678	)			–

Class R6			–				(681	)			–

Total distributions from distributable earnings			–				(33,686,609	)			(11,490,187	)


Share transactions-net:
Class A			(15,252,561	)			12,511,148				(33,682,311	)

Class B⁽¹⁾			–				–				(1,830,823	)

Class C			(7,175,557	)			(39,499,854	)			(8,930,783	)

Class R			(432,465	)			4,186,436				52,916

Class Y			(166,953	)			1,442,905				687,591

Class R5			–				10,000				–

Class R6			–				10,000				–

Net increase (decrease) in net assets resulting from share transactions			(23,027,536	)			(21,339,365	)			(43,703,410	)

Net increase (decrease) in net assets			(33,197,237	)			(11,008,334	)			(66,277,620	)


Net assets:
Beginning of period			561,410,012				572,418,346				638,695,966

End of period		$	528,212,775			$	561,410,012			$	572,418,346

⁽¹⁾	Effective June 1, 2018, all Class B shares converted to Class A shares.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Select Risk: Conservative Investor Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(d)			Ratio of net investment income to average net assets			Portfolio turnover^(e)
Class A
Six months ended 06/30/20		$	9.46		$	0.10		$	(0.24	)		$	(0.14	)		$	–			$	–			$	–			$	9.32		(1.48	)%		$	392,937		0.33	%^(f)		0.42	%^(f)		2.22	%^(f)		9	%
Eleven months ended 12/31/19			9.31			0.21			0.56				0.77				(0.33	)			(0.29	)			(0.62	)			9.46		8.26				415,244		0.43	^(g)		0.53	^(g)		2.39	^(g)		6
Year ended 01/31/19			9.67			0.22			(0.37	)			(0.15	)			(0.21	)			–				(0.21	)			9.31		(1.49	)			396,318		0.42			0.52			2.35			45
Year ended 01/31/18			9.02			0.17			0.69				0.86				(0.21	)			–				(0.21	)			9.67		9.53				445,732		0.42			0.53			1.82			7
Year ended 01/31/17			8.54			0.20			0.47				0.67				(0.19	)			–				(0.19	)			9.02		7.92				428,722		0.44			0.54			2.22			9
Year ended 01/31/16^(h)			9.07			0.15			(0.48	)			(0.33	)			(0.20	)			–				(0.20	)			8.54		(3.68	)			381,636		0.44			0.54			1.70			10
Year ended 01/31/15^(h)			8.74			0.17			0.31				0.48				(0.15	)			–				(0.15	)			9.07		5.54				377,253		0.43			0.53			1.84			14
Class C
Six months ended 06/30/20			9.35			0.07			(0.24	)			(0.17	)			–				–				–				9.18		(1.82	)			79,815		1.08	^(f)		1.18	^(f)		1.47	^(f)		9
Eleven months ended 12/31/19			9.20			0.14			0.55				0.69				(0.25	)			(0.29	)			(0.54	)			9.35		7.48				88,939		1.19	^(g)		1.29	^(g)		1.63	^(g)		6
Year ended 01/31/19			9.56			0.15			(0.38	)			(0.23	)			(0.13	)			–				(0.13	)			9.20		(2.30	)			125,385		1.17			1.27			1.60			45
Year ended 01/31/18			8.92			0.10			0.67				0.77				(0.13	)			–				(0.13	)			9.56		8.69				139,290		1.17			1.28			1.06			7
Year ended 01/31/17			8.43			0.13			0.48				0.61				(0.12	)			–				(0.12	)			8.92		7.28				147,359		1.19			1.29			1.47			9
Year ended 01/31/16^(h)			8.96			0.08			(0.48	)			(0.40	)			(0.13	)			–				(0.13	)			8.43		(4.48	)			150,838		1.19			1.29			0.95			10
Year ended 01/31/15^(h)			8.63			0.10			0.32				0.42				(0.09	)			–				(0.09	)			8.96		4.83				163,041		1.18			1.28			1.08			14
Class R
Six months ended 06/30/20			9.44			0.09			(0.24	)			(0.15	)			–				–				–				9.29		(1.59	)			47,531		0.58	^(f)		0.68	^(f)		1.97	^(f)		9
Eleven months ended 12/31/19			9.29			0.19			0.55				0.74				(0.30	)			(0.29	)			(0.59	)			9.44		7.99				49,017		0.68	^(g)		0.78	^(g)		2.13	^(g)		6
Year ended 01/31/19			9.65			0.20			(0.37	)			(0.17	)			(0.19	)			–				(0.19	)			9.29		(1.73	)			44,044		0.67			0.77			2.10			45
Year ended 01/31/18			9.01			0.15			0.67				0.82				(0.18	)			–				(0.18	)			9.65		9.18				45,605		0.66			0.77			1.59			7
Year ended 01/31/17			8.53			0.18			0.47				0.65				(0.17	)			–				(0.17	)			9.01		7.71				42,716		0.69			0.79			1.99			9
Year ended 01/31/16^(h)			9.05			0.13			(0.48	)			(0.35	)			(0.17	)			–				(0.17	)			8.53		(3.89	)			35,442		0.69			0.79			1.44			10
Year ended 01/31/15^(h)			8.72			0.14			0.32				0.46				(0.13	)			–				(0.13	)			9.05		5.28				42,872		0.68			0.78			1.58			14
Class Y
Six months ended 06/30/20			9.49			0.11			(0.23	)			(0.12	)			–				–				–				9.37		(1.26	)			7,910		0.08	^(f)		0.18	^(f)		2.47	^(f)		9
Eleven months ended 12/31/19			9.34			0.23			0.56				0.79				(0.35	)			(0.29	)			(0.64	)			9.49		8.47				8,189		0.19	^(g)		0.29	^(g)		2.63	^(g)		6
Year ended 01/31/19			9.71			0.24			(0.38	)			(0.14	)			(0.23	)			–				(0.23	)			9.34		(1.31	)			6,671		0.18			0.28			2.59			45
Year ended 01/31/18			9.06			0.20			0.68				0.88				(0.23	)			–				(0.23	)			9.71		9.78				6,195		0.17			0.28			2.14			7
Year ended 01/31/17			8.57			0.23			0.47				0.70				(0.21	)			–				(0.21	)			9.06		8.27				5,280		0.19			0.29			2.52			9
Year ended 01/31/16^(h)			9.10			0.17			(0.49	)			(0.32	)			(0.21	)			–				(0.21	)			8.57		(3.54	)			5,078		0.19			0.29			1.93			10
Year ended 01/31/15^(h)			8.77			0.20			0.31				0.51				(0.18	)			–				(0.18	)			9.10		5.85				6,947		0.18			0.28			2.22			14
Class R5
Six months ended 06/30/20			9.45			0.11			(0.23	)			(0.12	)			–				–				–				9.33		(1.27	)			10		0.04	^(f)		0.14	^(f)		2.51	^(f)		9
Eleven months ended 12/31/19			9.50			0.16			0.43				0.59				(0.35	)			(0.29	)			(0.64	)			9.45		6.30				10		0.15	^(g)		0.25	^(g)		2.67	^(g)		6
Class R6
Six months ended 06/30/20			9.45			0.11			(0.23	)			(0.12	)			–				–				–				9.33		(1.27	)			10		0.00	^(f)(i)		0.10	^(f)		2.55	^(f)		9
Eleven months ended 12/31/19			9.50			0.16			0.44				0.60				(0.36	)			(0.29	)			(0.65	)			9.45		6.31				10		0.07	^(g)		0.17	^(g)		2.75	^(g)		6

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

^(d)	Does not include indirect expenses from affiliated fund fees and expenses of 0.46%, 0.48%, 0.53%, 0.54%, 0.53% and 0.53% for the eleven months ended December 31, 2019, and for the years ended January 31, 2019, 2018, 2017, 2016 and 2015, respectively.

^(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $388,216, $82,158, $47,268, $7,733, $10 and $10 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Annualized.

^(h)	The last business day of the reporting period was January 29, 2016 and January 30, 2015, respectively.

⁽ⁱ⁾	Amount represents less than 0.005%.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Select Risk: Conservative Investor Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Select Risk: Conservative Investor Fund, formerly Invesco Oppenheimer Portfolio Series Conservative Investor Fund, (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek total return.

The Fund is a “fund of funds”, in that it invests in other mutual funds (“underlying funds”) advised by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) and exchange-traded funds advised by Invesco Capital Management LLC (“Invesco Capital”). Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.

12 Invesco Select Risk: Conservative Investor Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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.

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.

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.

13 Invesco Select Risk: Conservative Investor Fund

K.	Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

L.	Collateral –To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (including estimated Acquired Fund Fees and Expenses of 0.53% and excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.50%, 1.25%, 0.75%, 0.25%, 0.20% and 0.15%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

For the six months ended June 30, 2020, the Adviser reimbursed Fund expenses of $261,261.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $27,577 in front-end sales commissions from the sale of Class A shares and $132 and $840 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

14 Invesco Select Risk: Conservative Investor Fund


Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1			Level 2		Level 3		Total

Investments in Securities

Affiliated Issuers	$	519,367,343			$–		$–	$	519,367,343

Money Market Funds		7,069,355			–		–		7,069,355

Total Investments in Securities		526,436,698			–		–		526,436,698


Other Investments - Assets*

Futures Contracts		469,833			–		–		469,833


Other Investments - Liabilities*

Futures Contracts		(17,156	)		–		–		(17,156	)

Total Other Investments		452,677			–		–		452,677

Total Investments	$	526,889,375			$–		$–	$	526,889,375

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2020:


	Value
Derivative Assets	Equity Risk			Interest Rate Risk			Total

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	7,015		$	462,818		$	469,833

Derivatives not subject to master netting agreements		(7,015	)		(462,818	)		(469,833	)

Total Derivative Assets subject to master netting agreements	$	-		$	-		$	-

^(a)	The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.


	��	Value
Derivative Liabilities		Equity Risk		Interest Rate Risk			Total

Unrealized depreciation on futures contracts – Exchange-Traded^(a)		$	-	$	(17,156	)	$	(17,156	)

Derivatives not subject to master netting agreements			-		17,156			17,156

Total Derivative Liabilities subject to master netting agreements		$	-	$	-		$	-

^(a)	The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended June 30, 2020

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Statement of Operations
	Equity Risk			Interest Rate Risk		Total

Realized Gain:
Futures contracts	$	627		$	820,718	$	821,345

Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(1,237	)		971,997		970,760

Total	$	(610	)	$	1,792,715	$	1,792,105

15 Invesco Select Risk: Conservative Investor Fund

The table below summarizes the average notional value of derivatives held during the period.


	Futures Contracts

Average notional value	$	84,864,173

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

The Fund did not have a capital loss carryforward as of December 31, 2019.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2020 was $45,714,559 and $62,529,830, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	–

Aggregate unrealized (depreciation) of investments		(21,900,349	)

Net unrealized appreciation (depreciation) of investments	$	(21,900,349	)

Cost of investments for tax purposes is $548,789,723.

NOTE 10–Share Information


	Summary of Share Activity

	Six months ended June 30, 2020						Eleven Months Ended December 31, 2019				Year ended January 31, 2019
	Shares			Amount			Shares		Amount		Shares		Amount

Sold:
Class A		2,935,155		$	26,508,005			4,620,623	$	44,774,281		3,948,210	$	37,032,236

Class B^(a)		-			-			-		-		1,000		9,621

Class C		1,048,589			9,282,963			1,584,516		15,070,820		2,105,838		19,435,041

Class R		873,690			7,966,835			1,239,073		11,865,408		1,320,170		12,350,680

Class Y		137,125			1,221,159			337,426		3,291,284		327,615		3,083,657

Class R5^(b)		-			-			1,053		10,000		-		-

Class R6^(b)		-			-			1,053		10,000		-		-


Issued as reinvestment of dividends:
Class A		(173	)		(1,625	)		2,674,813		25,169,990		953,425		8,514,084

Class C		342			3,181			514,911		4,793,825		202,257		1,787,955

Class R		124			1,166			295,194		2,771,869		90,471		806,093

Class Y		-			-			54,483		514,865		17,368		155,620

16 Invesco Select Risk: Conservative Investor Fund


	Summary of Share Activity

	Six months ended June 30, 2020						Eleven Months Ended December 31, 2019						Year ended January 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount


Automatic conversion of Class C shares to Class A shares:
Class A		303,956		$	2,732,993			2,379,107		$	23,175,312			-		$	-

Class C		(307,967	)		(2,732,993	)		(2,414,321	)		(23,175,312	)		-			-


Reacquired:
Class A		(4,993,292	)		(44,491,934	)		(8,332,966	)		(80,608,435	)		(8,422,920	)		(79,228,631	)

Class B^(a)		-			-			-			-			(191,749	)		(1,840,444	)

Class C		(1,559,674	)		(13,728,708	)		(3,800,672	)		(36,189,187	)		(3,258,602	)		(30,153,779	)

Class R		(950,683	)		(8,400,466	)		(1,081,750	)		(10,450,841	)		(1,394,615	)		(13,103,857	)

Class Y		(155,490	)		(1,388,112	)		(243,174	)		(2,363,244	)		(269,068	)		(2,551,686	)

Net increase (decrease) in share activity		(2,668,298	)	$	(23,027,536	)		(3,512,208	)	$	(33,850,513	)		(858,566	)	$	(8,190,276	)

^(a)	All outstanding Class B shares converted to Class A shares on June 1, 2018.

^(b)	Commencement date after the close of business on May 24, 2019.

NOTE 11–Coronavirus (COVID-19) Pandemic

17 Invesco Select Risk: Conservative Investor Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(01/01/20)	(06/30/20)¹	Period²	(06/30/20)	Period²	Ratio
Class A	$1,000.00	$985.20	$1.63	$1,023.22	$1.66		0.33	%
Class C	1,000.00	981.80	5.32	1,019.49	5.42		1.08
Class R	1,000.00	984.10	2.86	1,021.98	2.92		0.58
Class Y	1,000.00	987.40	0.40	1,024.47	0.40		0.08
Class R5	1,000.00	987.30	0.20	1,024.66	0.20		0.04
Class R6	1,000.00	987.30	0.00	1,024.86	0.00		0.00

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

18 Invesco Select Risk: Conservative Investor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Select Risk: Conservative Investor Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC, Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A.	Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Oppenheimer Portfolio Series Conservative Investor Index. The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one and three year periods and below the performance of the Index for the five year period. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

19 Invesco Select Risk: Conservative Investor Fund

information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

20 Invesco Select Risk: Conservative Investor Fund

(This page intentionally left blank)

LOGO

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

Fund holdings and proxy voting information

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.


Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.


SEC file numbers: 811-02699 and 002-57526		Invesco Distributors, Inc.		O-OPSCI-SAR-1



		Semiannual Report to Shareholders		June 30, 2020

		Invesco Select Risk: Growth Investor Fund
		Effective May 15, 2020, Invesco Growth Allocation Fund was renamed Invesco Select Risk: Growth Investor Fund.
		Nasdaq: A: AADAX ⬛ C: AADCX ⬛ R: AADRX ⬛ S: AADSX ⬛ Y: AADYX ⬛ R5: AADIX ⬛ R6: AAESX

LOGO


		2		Letters to Shareholders
		3		Fund Performance
		5		Liquidity Risk Management Program
		6		Schedule of Investments
		9		Financial Statements
		12		Financial Highlights
		13		Notes to Financial Statements
		18		Fund Expenses
		19		Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders


Bruce Crockett		Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco
provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,


Bruce L. Crockett
Independent Chair
Invesco Funds Board of Trustees


Andrew Schlossberg		Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg
Head of the Americas,
Senior Managing Director, Invesco Ltd.


2		Invesco Select Risk: Growth Investor Fund

Fund Performance


Performance summary
Fund vs. Indexes Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares			-7.92%
Class C Shares			-8.25
Class R Shares			-8.00
Class S Shares			-7.86
Class Y Shares			-7.82
Class R5 Shares			-7.76
Class R6 Shares			-7.76
Bloomberg Barclays Global Aggregate Bond Index, Hedged^▼(Broad Market Index)*			3.90
MSCI All Country World Index^▼(Broad Market Index)*			-6.25
S&P 500 Index^▼(Former Broad Market Index)*			-3.08
Custom Invesco Select Risk: Growth Investor Index^∎(Style-Specific Index)			-4.02
Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.
The Fund has changed its broad market benchmark from the S&P 500 Index to the Bloomberg Barclays Global Aggregate Bond Index, Hedged and the MSCI All Country World Index, which it believes are more appropriate measures of the Fund’s performance. The Bloomberg Barclays Global Aggregate Bond Index, Hedged* tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar. The MSCI All Country World Index (Net) is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The S&P 500^® Index is an unmanaged index considered representative of the US stock market. The Custom Invesco Select Risk: Growth Investor Index, created by Invesco to serve as a benchmark for the Fund, is composed of the following indexes: 80% MSCI All Country World Index and 20% Bloomberg Barclays Global Aggregate Bond Index, Hedged. The composition of the index may change based on the Fund’s target asset allocation. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.


3		Invesco Select Risk: Growth Investor Fund


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares

Inception (4/30/04)	4.94	%

10 Years	6.58

5 Years	2.85

1 Year	-7.87


Class C Shares

Inception (4/30/04)	4.83	%

10 Years	6.38

5 Years	3.24

1 Year	-4.14


Class R Shares

Inception (4/30/04)	5.05	%

10 Years	6.92

5 Years	3.76

1 Year	-2.78


Class S Shares

Inception (9/25/09)	6.77	%

10 Years	7.30

5 Years	4.12

1 Year	-2.43


Class Y Shares

Inception (10/3/08)	6.52	%

10 Years	7.45

5 Years	4.28

1 Year	-2.35


Class R5 Shares

Inception (4/30/04)	5.66	%

10 Years	7.55

5 Years	4.39

1 Year	-2.24


Class R6 Shares

10 Years	7.30	%

5 Years	4.25


1 Year	-2.24

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

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.


4		Invesco Select Risk: Growth Investor Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.


5		Invesco Select Risk: Growth Investor Fund

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Select Risk: Growth Investor Fund

Schedule of Investments in Affiliated Issuers–100.11%^(a)


	% of Net Assets 06/30/20		Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Alternative Funds–7.02%
Invesco Balanced-Risk Allocation Fund, Class R6		4.18%	$	44,531,147	$	2,433,527	$	(5,821,675	)	$	(1,524,062	)	$	(1,213,710	)	$	-		3,791,237	$	38,405,227
Invesco Global Real Estate Income Fund, Class R6		2.84%		29,392,143		2,154,913		(361,699	)		(5,047,149	)		(6,598	)		432,290		3,433,851		26,131,610
Total Alternative Funds				73,923,290		4,588,440		(6,183,374	)		(6,571,211	)		(1,220,308	)		432,290				64,536,837
Domestic Equity Funds–59.38%
Invesco All Cap Market Neutral Fund, Class R6^(b)		3.00%		34,691,965		5,896,229		(9,715,525	)		1,880,648			(5,140,267	)		-		4,314,539		27,613,050
Invesco American Franchise Fund, Class R6^(b)		6.15%		59,270,243		-		(8,234,271	)		4,517,023			1,017,052			-		2,211,495		56,570,047
Invesco Comstock Fund, Class R6		7.24%		72,071,283		7,582,238		(315,195	)		(12,817,076	)		6,567			768,725		3,387,364		66,527,817
Invesco Diversified Dividend Fund, Class R6		9.29%		97,538,324		3,801,335		(1,122,889	)		(14,885,881	)		17,669			1,273,896		4,907,910		85,348,558
Invesco Equally-Weighted S&P 500 Fund, Class R6		9.91%		95,107,675		5,886,086		(2,476,822	)		(7,497,250	)		96,748			-		1,588,225		91,116,437
Invesco Long/Short Equity Fund, Class R6^(b)		2.44%		29,680,129		1,227,223		(1,933,114	)		(5,199,267	)		(1,381,848	)		-		3,461,070		22,393,123
Invesco S&P 500^® Pure Growth ETF		10.61%		102,255,804		4,506,610		(13,028,033	)		3,374,695			410,101			337,930		753,102		97,519,177
Invesco S&P MidCap Low Volatility ETF		2.80%		29,747,137		2,320,598		-			(6,305,747	)		-			380,067		622,571		25,761,988
Invesco S&P SmallCap Low Volatility ETF		3.04%		30,120,349		6,750,610		-			(8,941,199	)		-			409,372		824,860		27,929,760
Invesco Small Cap Equity Fund, Class R6^(b)		2.53%		23,089,336		2,130,488		(1,441,438	)		(383,217	)		(137,951	)		-		1,746,037		23,257,218
Invesco Small Cap Value Fund, Class R6^(b)		2.37%		22,998,694		4,832,978		(3,410,919	)		(2,041,962	)		(628,061	)		-		1,911,312		21,750,730
Total Domestic Equity Funds				596,570,939		44,934,395		(41,678,206	)		(48,299,233	)		(5,739,990	)		3,169,990				545,787,905
Fixed Income Funds–9.85%
Invesco Core Plus Bond Fund, Class R6		4.05%		45,041,301		1,305,621		(10,005,588	)		1,219,890			(338,201	)		250,050		3,262,316		37,223,023
Invesco Quality Income Fund, Class R5		1.93%		21,427,655		2,666,093		(6,545,976	)		573,435			(390,423	)		399,584		1,488,731		17,730,784
Invesco Short Term Bond Fund, Class R6		2.41%		26,207,641		3,426,117		(7,077,699	)		(22,574	)		(355,183	)		341,807		2,581,874		22,178,302
Invesco Taxable Municipal Bond ETF^(c)		1.46%		13,649,802		1,501,211		(2,109,962	)		475,991			(102,235	)		239,137		407,621		13,414,807
Total Fixed Income Funds				106,326,399		8,899,042		(25,739,225	)		2,246,742			(1,186,042	)		1,230,578				90,546,916
Foreign Equity Funds–23.45%
Invesco Developing Markets Fund, Class R6		1.57%		15,368,628		715,033		(357,763	)		(1,349,917	)		69,253			-		416,529		14,445,234
Invesco International Growth Fund, Class R6		6.37%		63,843,899		527,953		(776,188	)		(5,056,563	)		16,659			-		1,943,437		58,555,760
Invesco International Select Equity Fund, Class R6		6.14%		61,771,969		-		(2,585,713	)		(2,365,126	)		(437,382	)		-		4,827,376		56,383,748
Invesco Low Volatility Emerging Markets Fund, Class R6		2.02%		20,280,542		853,544		-			(2,531,749	)		-			-		3,369,988		18,602,337
Invesco RAFI™ Strategic Developed ex-US ETF		7.35%		73,588,284		4,785,288		-			(10,850,088	)		-			886,929		3,100,864		67,523,484
Total Foreign Equity Funds				234,853,322		6,881,818		(3,719,664	)		(22,153,443	)		(351,470	)		886,929				215,510,563

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


6		Invesco Select Risk: Growth Investor Fund

Invesco Select Risk: Growth Investor Fund (continued)

Schedule of Investments in Affiliated Issuers–100.11%^(a)


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Money Market Funds–0.41%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(d)		0.10	%	$	2,138,666	$	9,558,271	$	(10,792,272	)	$	-		$	-		$	4,549		904,665	$	904,665
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%^(d)		0.20	%		1,579,905		10,442,062		(10,160,592	)		1,262			1,913			8,426		1,863,246		1,864,550
Invesco Treasury Portfolio, Institutional Class, 0.08%^(d)		0.11	%		2,444,190		10,923,738		(12,334,026	)		-			-			5,075		1,033,902		1,033,902
Total Money Market Funds					6,162,761		30,924,071		(33,286,890	)		1,262			1,913			18,050				3,803,117
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $854,877,053)		100.11	%		1,017,836,711		96,227,766		(110,607,359	)		(74,775,883	)		(8,495,897	)		5,737,837				920,185,338
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.07%
Invesco Liquid Assets Portfolio, Institutional Class		-			-		10,046,318		(10,047,147	)		-			829			1,876		-		-
Invesco Government & Agency Portfolio, Institutional Class		-			-		43,492,110		(43,492,110	)		-			-			3,722		-		-
Invesco Private Government Fund, 0.05%^(d)(e)		0.05	%		-		25,801,502		(25,298,953	)		-			-			178		502,549		502,549
Invesco Private Prime Fund, 0.11%^(d)(e)		0.02	%		-		3,467,793		(3,300,542	)		-			265			48		167,483		167,516
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $670,065)		0.07	%		-		82,807,723		(82,138,752	)		-			1,094			5,824				670,065
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $855,547,118)		100.18	%	$	1,017,836,711	$	179,035,489	$	(192,746,111	)	$	(74,775,883	)	$	(8,494,803	)	$	5,743,661			$	920,855,403
OTHER ASSETS LESS LIABILITIES		(0.18	)%																			(1,643,711	)
NET ASSETS		100.00	%																		$	919,211,692

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes

to Schedule of Investments:

^(a)	Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

^(b)	Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from June 30, 2020.

^(c)	All or a portion of this security was out on loan at June 30, 2020.

^(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

^(e)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1H.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


7		Invesco Select Risk: Growth Investor Fund

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2020


Equity Funds	82.68	%
Fixed Income Funds	9.83
Alternative Funds	7.01
Money Market Funds	0.48

*	Based on the Schedule of Investments, which classifies each underlying fund and other investments into broad asset classes based on their predominant investments.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


8		Invesco Select Risk: Growth Investor Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)


Assets:
Investments in affiliated underlying funds, at value (Cost $855,547,118)*	$	920,855,403
Receivable for: Dividends - affiliated underlying funds		212,797
Fund shares sold		309,851
Investment for trustee deferred compensation and retirement plans		197,612
Other assets		84,247
Total assets		921,659,910

Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		199,502
Fund shares reacquired		568,103
Collateral upon return of securities loaned		670,065
Accrued fees to affiliates		624,948
Accrued trustees’ and officers’ fees and benefits		4,463
Accrued other operating expenses		166,970
Trustee deferred compensation and retirement plans		214,167
Total liabilities		2,448,218
Net assets applicable to shares outstanding	$	919,211,692
Net assets consist of:
Shares of beneficial interest	$	831,100,455
Distributable earnings		88,111,237
	$	919,211,692


Net Assets:
Class A	$	807,632,140
Class C	$	63,160,963
Class R	$	19,238,078
Class S	$	20,006,015
Class Y	$	8,680,898
Class R5	$	33,147
Class R6	$	460,451

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		55,554,812
Class C		4,401,976
Class R		1,327,938
Class S		1,377,267
Class Y		598,125
Class R5		2,267
Class R6		31,505
Class A: Net asset value per share	$	14.54
Maximum offering price per share (Net asset value of $14.54 ÷ 94.50%)	$	15.39
Class C: Net asset value and offering price per share	$	14.35
Class R: Net asset value and offering price per share	$	14.49
Class S: Net asset value and offering price per share	$	14.53
Class Y: Net asset value and offering price per share	$	14.51
Class R5: Net asset value and offering price per share	$	14.62
Class R6: Net asset value and offering price per share	$	14.62

*	At June 30, 2020, securities with an aggregate value of $648,918 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Invesco Select Risk: Growth Investor Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)


Investment income:
Dividends from affiliated underlying funds (includes securities lending income of $5,824)	$	5,743,661


Expenses:
Administrative services fees		70,064

Custodian fees		1,945

Distribution fees:
Class A		992,883

Class C		321,342

Class R		46,989

Class S		14,879

Transfer agent fees – A, C, R, S and Y		818,350

Transfer agent fees – R5		15

Transfer agent fees – R6		12

Trustees’ and officers’ fees and benefits		12,450

Registration and filing fees		50,319

Reports to shareholders		48,427

Professional services fees		19,688

Other		11,226

Total expenses		2,408,589

Less: Expense offset arrangement(s)		(4,322	)

Net expenses		2,404,267

Net investment income		3,339,394


Realized and unrealized gain (loss) from:
Net realized gain (loss) from affiliated underlying fund shares		(8,495,068	)

Change in net unrealized appreciation (depreciation) of affiliated underlying fund shares		(74,775,883	)

Net realized and unrealized gain (loss)		(83,270,951	)

Net increase (decrease) in net assets resulting from operations	$	(79,931,557	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Invesco Select Risk: Growth Investor Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2020 and the year ended December 31, 2019

(Unaudited)


	June 30, 2020			December 31, 2019

Operations:
Net investment income	$	3,339,394		$	16,503,278

Net realized gain (loss)		(8,495,068	)		65,524,871

Change in net unrealized appreciation (depreciation)		(74,775,883	)		97,968,015

Net increase (decrease) in net assets resulting from operations		(79,931,557	)		179,996,164


Distributions to shareholders from distributable earnings:
Class A		-			(79,130,161	)

Class C		-			(6,127,673	)

Class R		-			(1,777,440	)

Class S		-			(2,050,560	)

Class Y		-			(941,627	)

Class R5		-			(3,119	)

Class R6		-			(1,074	)

Total distributions from distributable earnings		-			(90,031,654	)


Share transactions–net:
Class A		(12,673,867	)		75,370,582

Class C		(3,905,558	)		(55,723,556	)

Class R		198,770			546,071

Class S		(1,029,152	)		21,581

Class Y		(687,544	)		1,160,206

Class R5		2,789			5,171

Class R6		448,175			-

Net increase (decrease) in net assets resulting from share transactions		(17,646,387	)		21,380,055

Net increase (decrease) in net assets		(97,577,944	)		111,344,565


Net assets:
Beginning of period		1,016,789,636			905,445,071

End of period	$	919,211,692		$	1,016,789,636

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


11		Invesco Select Risk: Growth Investor Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income^(a)(b)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income		Distributions from net realized gains		Total distributions		Net asset value, end of period		Total return^(c)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Six months ended 06/30/20		$15.79		$0.06		$(1.31	)		$(1.25	)		$ –		$ –		$ –		$14.54		(7.92	)%		$807,632		0.48	%^(f)		0.48	%^(f)		0.79	%^(f)	7%
Year ended 12/31/19		14.37		0.28		2.68			2.96			(0.22)		(1.32)		(1.54)		15.79		20.59			889,968		0.49			0.49			1.76		32
Year ended 12/31/18		16.05		0.20		(1.53	)		(1.33	)		(0.20)		(0.15)		(0.35)		14.37		(8.27	)		739,240		0.50			0.50			1.26		16
Year ended 12/31/17		14.12		0.20		2.02			2.22			(0.29)		–		(0.29)		16.05		15.77			844,780		0.55			0.55			1.32		14
Year ended 12/31/16		13.09		0.16		1.03			1.19			(0.16)		–		(0.16)		14.12		9.08			793,403		0.54			0.54			1.21		52
Year ended 12/31/15		13.95		0.16		(0.81	)		(0.65	)		(0.21)		–		(0.21)		13.09		(4.68	)		787,598		0.53			0.53			1.15		15
Class C
Six months ended 06/30/20		15.64		0.00		(1.29	)		(1.29	)		–		–		–		14.35		(8.25	)		63,161		1.23	^(f)		1.23	^(f)		0.04	^(f)	7
Year ended 12/31/19		14.26		0.16		2.64			2.80			(0.10)		(1.32)		(1.42)		15.64		19.64			73,066		1.24			1.24			1.01		32
Year ended 12/31/18		15.91		0.08		(1.51	)		(1.43	)		(0.07)		(0.15)		(0.22)		14.26		(8.95	)		118,925		1.25			1.25			0.51		16
Year ended 12/31/17		14.00		0.09		1.99			2.08			(0.17)		–		(0.17)		15.91		14.86			147,229		1.30			1.30			0.57		14
Year ended 12/31/16		12.97		0.06		1.02			1.08			(0.05)		–		(0.05)		14.00		8.30			144,077		1.29			1.29			0.46		52
Year ended 12/31/15		13.81		0.06		(0.80	)		(0.74	)		(0.10)		–		(0.10)		12.97		(5.40	)		149,087		1.28			1.28			0.40		15
Class R
Six months ended 06/30/20		15.75		0.04		(1.30	)		(1.26	)		–		–		–		14.49		(8.00	)		19,238		0.73	^(f)		0.73	^(f)		0.54	^(f)	7
Year ended 12/31/19		14.34		0.24		2.66			2.90			(0.17)		(1.32)		(1.49)		15.75		20.26			20,690		0.74			0.74			1.51		32
Year ended 12/31/18		16.01		0.16		(1.52	)		(1.36	)		(0.16)		(0.15)		(0.31)		14.34		(8.49	)		18,275		0.75			0.75			1.01		16
Year ended 12/31/17		14.09		0.16		2.01			2.17			(0.25)		–		(0.25)		16.01		15.43			21,598		0.80			0.80			1.07		14
Year ended 12/31/16		13.06		0.13		1.02			1.15			(0.12)		–		(0.12)		14.09		8.82			22,386		0.79			0.79			0.96		52
Year ended 12/31/15		13.91		0.12		(0.80	)		(0.68	)		(0.17)		–		(0.17)		13.06		(4.89	)		24,382		0.78			0.78			0.90		15
Class S
Six months ended 06/30/20		15.77		0.06		(1.30	)		(1.24	)		–		–		–		14.53		(7.86	)		20,006		0.38	^(f)		0.38	^(f)		0.89	^(f)	7
Year ended 12/31/19		14.35		0.30		2.67			2.97			(0.23)		(1.32)		(1.55)		15.77		20.73			22,788		0.39			0.39			1.86		32
Year ended 12/31/18		16.03		0.22		(1.53	)		(1.31	)		(0.22)		(0.15)		(0.37)		14.35		(8.17	)		20,700		0.40			0.40			1.36		16
Year ended 12/31/17		14.10		0.22		2.02			2.24			(0.31)		–		(0.31)		16.03		15.90			25,358		0.45			0.45			1.42		14
Year ended 12/31/16		13.08		0.18		1.01			1.19			(0.17)		–		(0.17)		14.10		9.12			23,344		0.44			0.44			1.31		52
Year ended 12/31/15		13.93		0.17		(0.80	)		(0.63	)		(0.22)		–		(0.22)		13.08		(4.51	)		23,234		0.43			0.43			1.25		15
Class Y
Six months ended 06/30/20		15.74		0.07		(1.30	)		(1.23	)		–		–		–		14.51		(7.82	)		8,681		0.23	^(f)		0.23	^(f)		1.04	^(f)	7
Year ended 12/31/19		14.33		0.32		2.67			2.99			(0.26)		(1.32)		(1.58)		15.74		20.86			10,233		0.24			0.24			2.01		32
Year ended 12/31/18		16.02		0.24		(1.54	)		(1.30	)		(0.24)		(0.15)		(0.39)		14.33		(8.08	)		8,271		0.25			0.25			1.51		16
Year ended 12/31/17		14.09		0.24		2.02			2.26			(0.33)		–		(0.33)		16.02		16.08			10,561		0.30			0.30			1.57		14
Year ended 12/31/16		13.06		0.20		1.02			1.22			(0.19)		–		(0.19)		14.09		9.38			6,816		0.29			0.29			1.46		52
Year ended 12/31/15		13.92		0.19		(0.81	)		(0.62	)		(0.24)		–		(0.24)		13.06		(4.43	)		5,657		0.28			0.28			1.40		15
Class R5
Six months ended 06/30/20		15.86		0.08		(1.32	)		(1.24	)		–		–		–		14.62		(7.82	)		33		0.15	^(f)		0.15	^(f)		1.12	^(f)	7
Year ended 12/31/19		14.42		0.34		2.69			3.03			(0.27)		(1.32)		(1.59)		15.86		21.05			33		0.15			0.15			2.10		32
Year ended 12/31/18		16.12		0.26		(1.56	)		(1.30	)		(0.25)		(0.15)		(0.40)		14.42		(8.02	)		25		0.16			0.16			1.60		16
Year ended 12/31/17		14.17		0.26		2.04			2.30			(0.35)		–		(0.35)		16.12		16.26			25		0.19			0.19			1.68		14
Year ended 12/31/16		13.14		0.21		1.03			1.24			(0.21)		–		(0.21)		14.17		9.45			12		0.16			0.16			1.59		52
Year ended 12/31/15		14.00		0.22		(0.82	)		(0.60	)		(0.26)		–		(0.26)		13.14		(4.28	)		11		0.16			0.16			1.52		15
Class R6
Six months ended 06/30/20		15.85		0.08		(1.31	)		(1.23	)		–		–		–		14.62		(7.76	)		460		0.15	^(f)		0.15	^(f)		1.12	^(f)	7
Year ended 12/31/19		14.42		0.34		2.68			3.02			(0.27)		(1.32)		(1.59)		15.85		20.98			11		0.15			0.15			2.10		32
Year ended 12/31/18		16.11		0.26		(1.55	)		(1.29	)		(0.25)		(0.15)		(0.40)		14.42		(7.96	)		10		0.16			0.16			1.60		16
Year ended 12/31/17^(g)		14.84		0.19		1.43			1.62			(0.35)		–		(0.35)		16.11		10.94			11		0.20	^(h)		0.20	^(h)		1.67	^(h)	14

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

^(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $798,466, $64,600, $18,894, $19,942, $8,993, $31 and $24 for Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Commencement date of April 4, 2017.

^(h)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


12		Invesco Select Risk: Growth Investor Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Select Risk: Growth Investor Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is long-term growth of capital consistent with a higher level of risk relative to the broad stock market.

Each Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class S, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.


13		Invesco Select Risk: Growth Investor Fund

Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

The Fund 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.

Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Expenses - 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.

Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

Securities Lending - The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated underlying funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


14		Invesco Select Risk: Growth Investor Fund

The Adviser has contractually agreed, through June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.90%, 1.75%, 1.75% and 1.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Class S shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares, 0.50% of the average daily net assets of Class R shares and 0.15% of the average daily net assets of Class S shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of Class A, Class C and Class R shares and 0.15% of the average daily net assets of Class S shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $72,158 in front-end sales commissions from the sale of Class A shares and $4,487 and $765 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1	-	Prices are determined using quoted prices in an active market for identical assets.
Level 2	-	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3	-	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total
Investments in Securities
Affiliated Issuers	$	916,382,221	$	–		$–	$	916,382,221
Money Market Funds		3,803,117		670,065		–		4,473,182

Total Investments	$	920,185,338	$	670,065		$–	$	920,855,403

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits


15		Invesco Select Risk: Growth Investor Fund

period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

The Fund did not have a capital loss carryforward as of December 31, 2019.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2020 was $65,592,412 and $77,216,798, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	100,430,281

Aggregate unrealized (depreciation) of investments		(40,932,470	)

Net unrealized appreciation of investments	$	59,497,811

Cost of investments for tax purposes is $861,357,592.

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended June 30, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class A		4,502,419		$	62,524,407			5,178,347		$	83,577,866

Class C		575,429			7,949,564			796,933			12,605,734

Class R		119,029			1,677,732			193,300			3,093,701

Class S		18,695			261,974			36,271			576,043

Class Y		100,189			1,445,714			228,067			3,665,260

Class R5		197			2,825			215			3,504

Class R6		30,830			448,175			-			-


Issued as reinvestment of dividends:
Class A		-			-			4,862,997			76,689,471

Class C		-			-			384,112			6,003,711

Class R		-			-			112,924			1,777,379

Class S		-			-			130,194			2,050,560

Class Y		-			-			53,818			846,018

Class R5		-			-			110			1,731


Automatic conversion of Class C shares to Class A shares:
Class A		157,989			2,226,245			3,518,470			53,798,632

Class C		(159,809	)		(2,226,245	)		(3,547,915	)		(53,798,632	)


16		Invesco Select Risk: Growth Investor Fund


	Summary of Share Activity

	Six months ended June 30, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount


Reacquired:
Class A		(5,470,433	)	$	(77,424,519	)		(8,642,558	)	$	(138,695,387	)

Class C		(684,488	)		(9,628,877	)		(1,301,818	)		(20,534,369	)

Class R		(104,389	)		(1,478,962	)		(267,380	)		(4,325,009	)

Class S		(86,583	)		(1,291,126	)		(163,732	)		(2,605,022	)

Class Y		(152,061	)		(2,133,258	)		(209,032	)		(3,351,072	)

Class R5		(2	)		(36	)		(4	)		(64	)

Net increase (decrease) in share activity		(1,152,988	)	$	(17,646,387	)		1,363,319		$	21,380,055

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Coronavirus (COVID-19) Pandemic


17		Invesco Select Risk: Growth Investor Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (01/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (01/01/20)	Ending Account Value (06/30/20)¹	Expenses Paid During Period²	Ending Account Value (06/30/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$920.80	$2.29	$1,022.48	$2.41		0.48	%
Class C	1,000.00	917.50	5.86	1,018.75	6.17		1.23
Class R	1,000.00	920.00	3.48	1,021.23	3.67		0.73
Class S	1,000.00	921.40	1.82	1,022.97	1.91		0.38
Class Y	1,000.00	921.80	1.10	1,023.72	1.16		0.23
Class R5	1,000.00	922.40	0.72	1,024.12	0.75		0.15
Class R6	1,000.00	922.40	0.72	1,024.12	0.75		0.15

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.


18		Invesco Select Risk: Growth Investor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Select Risk: Growth Investor Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

sessions with the Senior Officer and with independent legal counsel.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A.	Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Growth Allocation Index. The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted the impact of the performance of certain underlying funds on Fund performance, and noted specifically that the Fund’s allocation to U.S. equities and alternatives through underlying funds detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses


19		Invesco Select Risk: Growth Investor Fund

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.


20		Invesco Select Risk: Growth Investor Fund

(This page intentionally left blank)

LOGO

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

Fund holdings and proxy voting information


SEC file numbers: 811-02699 and 002-57526		Invesco Distributors, Inc.				GAL-SAR-1



		Semiannual Report to Shareholders		June 30, 2020

		Invesco Select Risk: High Growth Investor Fund
		Effective May 15, 2020, Invesco Oppenheimer Portfolio Series: Growth Investor Fund was renamed Invesco Select Risk: High Growth Investor Fund.
		Nasdaq: A: OAAIX ⬛ C: OCAIX ⬛ R: ONAIX ⬛ Y: OYAIX ⬛ R5: PXQIX ⬛ R6: PXGGX

LOGO


2		Letters to Shareholders
3		Fund Performance
5		Liquidity Risk Management Program
6		Schedule of Investments
8		Financial Statements
11		Financial Highlights
12		Notes to Financial Statements
18		Fund Expenses
19		Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders

LOGO

Bruce Crockett

Dear Fellow Shareholders:

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

LOGO

Andrew Schlossberg

Dear Shareholders:

This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.

In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.inves-co.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Select Risk: High Growth Investor Fund

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	–8.71	%
Class C Shares	–9.04
Class R Shares	–8.84
Class Y Shares	–8.60
Class R5 Shares	–8.60
Class R6 Shares	–8.60
Bloomberg Barclays Global Aggregate Bond Index, Hedged^▼(Broad Market Index)	3.90
MSCI All Country World Index^▼(Broad Market Index)	–6.25
Custom Invesco Select Risk: High Growth Investor Index^∎(Style-Specific Index)	–5.13
Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Bloomberg Barclays Global Aggregate Bond Index, Hedged tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar.
The MSCI All Country World Index (Net) is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for nonresident investors.
The Custom Invesco Select Risk: High Growth Investor Index, created by Invesco to serve as a benchmark for the Fund, is composed of the following indexes: 90% MSCI All Country World Index and 10% Bloomberg Barclays Global Aggregate Bond Index, Hedged. The composition of the index may change based on the Fund’s target asset allocation. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3 Invesco Select Risk: High Growth Investor Fund


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (4/5/05)	5.52	%
10 Years	8.01
5 Years	3.29
1 Year	–6.57

Class C Shares
Inception (4/5/05)	5.38	%
10 Years	7.82
5 Years	3.69
1 Year	–2.73

Class R Shares
Inception (4/5/05)	5.67	%
10 Years	8.36
5 Years	4.21
1 Year	–1.43

Class Y Shares
Inception (4/5/05)	6.27	%
10 Years	8.94
5 Years	4.72
1 Year	–0.92

Class R5 Shares
10 Years	8.66	%
5 Years	4.53
1 Year	–0.85

Class R6 Shares
10 Years	8.67	%
5 Years	4.54
1 Year	–0.85

Effective May 24, 2019, Class A, Class C, Class R, and Class Y shares of the Oppenheimer Portfolio Series: Growth investor Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R and Class Y shares, respectively, of the Invesco Select Risk: High Growth Investor Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C, Class R and Class Y shares are those for Class A, Class C, Class R and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

4 Invesco Select Risk: High Growth Investor Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

^∎

The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

^∎

The Fund’s investment strategy remained appropriate for an open-end fund;

^∎

The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

^∎

The Fund did not breach the 15% limit on Illiquid Investments; and

^∎

The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5 Invesco Select Risk: High Growth Investor Fund

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Select Risk: High Growth Investor Fund

Schedule of Investments in Affiliated Issuers–100.03%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	06/30/20			12/31/19		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		06/30/20		06/30/20

Alternative Funds–6.79%
Invesco Oppenheimer Fundamental Alternatives Fund, Class R6		1.78	%	$	16,670,686	$	–	$	(2,601,599	)	$	(552,493	)	$	(19,099	)	$	–		505,903	$	13,497,495

Invesco Oppenheimer Master Event-Linked Bond Fund, Class R6		2.15	%		17,036,668		513,806		(999,924	)		(269,785	)		15,111			508,305		1,031,150		16,295,876

Invesco Oppenheimer SteelPath MLP Select 40 Fund, Class R6		1.34	%		16,343,205		837,451		–			(7,009,099	)		–			837,451		2,493,029		10,171,557

Invesco Real Estate Fund, Class R6		1.52	%		–		13,523,857		(2,365,390	)		492,742			(105,983	)		56,004		661,997		11,545,226

Total Alternative Funds					50,050,559		14,875,114		(5,966,913	)		(7,338,635	)		(109,971	)		1,401,760				51,510,154

Domestic Equity Funds–34.19%
Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6^(b)		3.16	%		25,358,918		–		(3,371,750	)		1,809,060			203,821			–		838,869		24,000,049

Invesco Oppenheimer Main Street Small Cap Fund, Class R6^(b)		4.94	%		43,772,364		–		(1,768,923	)		(4,548,929	)		80,837			–		2,656,430		37,535,349

Invesco Oppenheimer Value Fund, Class R6		12.70	%		123,482,379		884,118		(1,622,375	)		(26,374,411	)		23,826			884,118		4,162,070		96,393,537

Invesco Russell 1000 Dynamic Multifactor ETF		13.39	%		122,891,253		–		(6,797,616	)		(14,262,565	)		(222,160	)		758,806		3,416,574		101,608,912

Total Domestic Equity Funds					315,504,914		884,118		(13,560,664	)		(43,376,845	)		86,324			1,642,924				259,537,847

Fixed Income Funds–1.92%
Invesco Oppenheimer Master Loan Fund, Class R6		1.92	%		16,461,794		396,384		–			(2,300,125	)		–			396,334		983,393		14,558,053

Foreign Equity Funds–56.30%
Invesco Global Infrastructure Fund, Class R6		1.74	%		–		14,042,971		(993,172	)		160,004			(30,274	)		56,897		1,242,180		13,179,529

Invesco Oppenheimer Developing Markets Fund, Class R6		7.89	%		70,442,713		–		(4,303,748	)		(5,863,446	)		(401,123	)		–		1,438,597		59,874,396

Invesco Oppenheimer Emerging Markets Innovators Fund, Class R6^(b)		5.49	%		44,889,665		–		(2,239,769	)		(1,312,072	)		348,857			–		3,769,139		41,686,681

Invesco Oppenheimer Global Fund, Class R6		16.94	%		139,599,639		–		(8,038,295	)		(2,647,915	)		(305,707	)		–		1,358,628		128,607,722

Invesco Oppenheimer Global Infrastructure Fund		–			17,204,747		–		(13,986,075	)		(1,877,427	)		(1,341,245	)		–		–		–

Invesco Oppenheimer International Equity Fund, Class R6		8.30	%		70,432,516		–		(2,834,271	)		(4,905,053	)		336,150			–		3,103,365		63,029,342

Invesco Oppenheimer International Growth Fund, Class R6		8.33	%		70,363,694		–		(4,635,807	)		(4,245,735	)		1,712,088			–		1,478,574		63,194,240

Invesco Oppenheimer International Small-Mid Company Fund, Class R6		7.61	%		60,024,874		–		(1,020,822	)		(1,077,985	)		(169,886	)		–		1,227,288		57,756,181

Total Foreign Equity Funds					472,957,848		14,042,971		(38,051,959	)		(21,769,629	)		148,860			56,897				427,328,091

Real Estate Funds–0.00%
Invesco Oppenheimer Real Estate Fund, Class Y		–			16,746,972		396,204		(13,467,854	)		(972,117	)		(2,703,205	)		396,204		–		–

Money Market Funds–0.83%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(c)		0.21	%		1,895,144		23,588,773		(23,903,759	)		–			–			3,614		1,580,158		1,580,158

Invesco Liquid Assets Portfolio, Institutional Class, 0.39%^(c)		0.38	%		–		6,602,856		(3,709,328	)		1,590			1,041			4,141		2,894,133		2,896,159

Invesco Treasury Portfolio, Institutional Class, 0.08%^(c)		0.24	%		–		7,740,820		(5,934,925	)		–			–			799		1,805,895		1,805,895

Total Money Market Funds					1,895,144		37,932,449		(33,548,012	)		1,590			1,041			8,554				6,282,212

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $617,434,320)		100.03	%	$	873,617,231	$	68,527,240	$	(104,595,402	)	$	(75,755,761	)	$	(2,576,951	)	$	3,902,673			$	759,216,357

OTHER ASSETS LESS LIABILITIES		(0.03	)%																			(254,185	)

NET ASSETS		100.00	%																		$	758,962,172


Investment Abbreviations:
ETF - Exchange-Traded Fund

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6 Invesco Select Risk: High Growth Investor Fund

Notes to Schedule of Investments:

^(a)	Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

^(b)	Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from June 30, 2020.

^(c)	The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2020


Equity Funds			90.47%

Alternative Funds			6.78

Fixed Income Funds			1.92

Money Market Funds			0.83

*	Based on the Schedule of Investments, which classifies each underlying fund and other investments into broad asset classes based on their predominant investments.


Open Futures Contracts

											Unrealized
	Number of	Expiration		Notional							Appreciation
Long Futures Contracts	Contracts	Month		Value			Value				(Depreciation)

Equity Risk

E-Mini S&P 500 Index	27		September-2020		$	4,171,770		$	37,880			$	37,880

MSCI Emerging Market Index	6		September-2020			295,710			1,129				1,129

Nikkei 225 Index	1		September-2020			206,251			(4,626	)			(4,626	)

S&P/TSX 60 Index	1		September-2020			136,785			2,380				2,380

SPI 200 Index	1		September-2020			101,652			999				999

Stoxx Europe 600 Index	28		September-2020			564,514			(4,008	)			(4,008	)

Total Futures Contracts								$	33,754			$	33,754

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7 Invesco Select Risk: High Growth Investor Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)


Assets:
Investments in affiliated underlying funds, at value (Cost $617,434,320)	$	759,216,357

Other investments:
Variation margin receivable – futures contracts		140,228

Deposits with brokers:
Cash collateral – exchange-traded futures contracts		509,553

Cash		10,000

Receivable for:
Dividends - affiliated underlying funds		121,836

Fund shares sold		234,061

Investment for trustee deferred compensation and retirement plans		32,136

Other assets		126,285

Total assets		760,390,456


Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		125,967

Dividends		6,237

Fund shares reacquired		636,317

Accrued fees to affiliates		545,937

Accrued trustees’ and officers’ fees and benefits		14,479

Accrued other operating expenses		67,211

Trustee deferred compensation and retirement plans		32,136

Total liabilities		1,428,284

Net assets applicable to shares outstanding	$	758,962,172


Net assets consist of:
Shares of beneficial interest	$	589,708,202

Distributable earnings		169,253,970

	$	758,962,172


Net Assets:
Class A	$	579,149,750

Class C	$	106,263,004

Class R	$	62,276,602

Class Y	$	11,255,389

Class R5	$	8,714

Class R6	$	8,713


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		40,055,626

Class C		7,600,303

Class R		4,315,389

Class Y		773,054

Class R5		602

Class R6		602

Class A:
Net asset value per share	$	14.46

Maximum offering price per share (Net asset value of $14.46 ÷ 94.50%)	$	15.30

Class C:
Net asset value and offering price per share	$	13.98

Class R:
Net asset value and offering price per share	$	14.43

Class Y:
Net asset value and offering price per share	$	14.56

Class R5:
Net asset value and offering price per share	$	14.48

Class R6:
Net asset value and offering price per share	$	14.47

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Select Risk: High Growth Investor Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)


Investment income:
Dividends from affiliated underlying funds	$	3,902,673

Interest		77

Total investment income		3,902,750


Expenses:
Custodian fees		1,537

Distribution fees:
Class A		678,368

Class C		540,991

Class R		149,311

Transfer agent fees – A, C, R and Y		634,125

Transfer agent fees – R5		4

Transfer agent fees – R6		4

Trustees’ and officers’ fees and benefits		9,625

Registration and filing fees		64,048

Reports to shareholders		25,530

Professional services fees		14,990

Other		5,165

Total expenses		2,123,698

Less: Expenses reimbursed and/or expense offset arrangement(s)		(5,417	)

Net expenses		2,118,281

Net investment income		1,784,469


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares		(2,576,951	)

Foreign currencies		22

Futures contracts		(277,478	)

		(2,854,407	)

Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		(75,755,760	)

Foreign currencies		(3,004	)

Futures contracts		(15,956	)

		(75,774,720	)

Net realized and unrealized gain (loss)		(78,629,127	)

Net increase (decrease) in net assets resulting from operations	$	(76,844,658	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Select Risk: High Growth Investor Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2020, period ended December 31, 2019, and the year ended January 31, 2019

(Unaudited)


	Six Months Ended				Eleven Months Ended				Year Ended
	June 30, 2020				December 31, 2019				January 31, 2019
Operations:
Net investment income		$	1,784,469			$	8,217,918			$	4,011,259
Net realized gain (loss)			(2,854,407	)			98,670,211				108,725,324
Change in net unrealized appreciation (depreciation)			(75,774,720	)			24,008,478				(216,478,243	)
Net increase (decrease) in net assets resulting from operations			(76,844,658	)			130,896,607				(103,741,660	)

Distributions to shareholders from distributable earnings:
Class A			–				(105,145,540	)			(37,591,204	)
Class C			–				(20,148,306	)			(10,025,817	)
Class R			–				(10,453,509	)			(3,476,706	)
Class Y			–				(3,518,568	)			(1,467,025	)
Class R5			–				(1,846	)			–
Class R6			–				(1,852	)			–
Total distributions from distributable earnings			–				(139,269,621	)			(52,560,752	)

Share transactions-net:
Class A			(20,811,222	)			92,349,253				8,115,281
Class B⁽¹⁾			–				–				(4,030,402	)
Class C			(9,661,750	)			(42,992,013	)			(10,943,268	)
Class R			1,345,949				11,201,132				6,877,354
Class Y			(8,667,174	)			313,809				(33,926	)
Class R5			–				10,000				–
Class R6			–				10,000				–
Net increase (decrease) in net assets resulting from share transactions			(37,794,197	)			60,892,181				(14,961	)
Net increase (decrease) in net assets			(114,638,855	)			52,519,167				(156,317,373	)

Net assets:
Beginning of period			873,601,027				821,081,860				977,399,233
End of period		$	758,962,172			$	873,601,027			$	821,081,860

⁽¹⁾	Effective June 1, 2018, all Class B shares converted to Class A shares.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Select Risk: High Growth Investor Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(d)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(e)
Class A
Six months ended 06/30/20		$	15.84		$	0.04			$	(1.42	)		$	(1.38	)		$	–			$	–			$	–			$	14.46		(8.71	)%		$	579,150		0.44	%^(f)		0.44	%^(f)		0.60	%^(f)		4	%
Eleven months ended 12/31/19			16.13			0.19				2.53				2.72				(0.18	)			(2.83	)			(3.01	)			15.84		16.94				657,555		0.46	^(g)		0.46	^(g)		1.21	^(g)		31
Year ended 01/31/19			19.46			0.11				(2.31	)			(2.20	)			(0.18	)			(0.95	)			(1.13	)			16.13		(10.71	)			574,046		0.45			0.45			0.62			38
Year ended 01/31/18			15.59			0.07				4.24				4.31				(0.27	)			(0.17	)			(0.44	)			19.46		27.83				674,845		0.46			0.47			0.42			8
Year ended 01/31/17			13.99			0.14				1.74				1.88				(0.16	)			(0.12	)			(0.28	)			15.59		13.52				537,926		0.48			0.48			0.93			6
Year ended 01/31/16^(h)			14.87			0.07				(0.76	)			(0.69	)			(0.19	)			–				(0.19	)			13.99		(4.78	)			492,539		0.48			0.48			0.45			8
Year ended 01/31/ 15^(h)			14.28			0.11				0.60				0.71				(0.12	)			–				(0.12	)			14.87		4.99				513,521		0.48			0.48			0.72			10
Class C
Six months ended 06/30/20			15.37			(0.01	)			(1.38	)			(1.39	)			–				–				–				13.98		(9.04	)			106,263		1.20	^(f)		1.20	^(f)		(0.16	)^(f)		4
Eleven months ended 12/31/19			15.71			0.07				2.46				2.53				(0.04	)			(2.83	)			(2.87	)			15.37		16.16				127,666		1.22	^(g)		1.22	^(g)		0.45	^(g)		31
Year ended 01/31/19			18.96			(0.02	)			(2.24	)			(2.26	)			(0.04	)			(0.95	)			(0.99	)			15.71		(11.39	)			169,142		1.20			1.20			(0.13	)		38
Year ended 01/31/18			15.21			(0.06	)			4.12				4.06				(0.14	)			(0.17	)			(0.31	)			18.96		26.83				212,996		1.21			1.22			(0.36	)		8
Year ended 01/31/17			13.65			0.02				1.71				1.73				(0.05	)			0.12				(0.17	)			15.21		12.71				180,365		1.23			1.23			0.16			6
Year ended 01/31/16^(h)			14.52			(0.05	)			(0.75	)			(0.80	)			(0.07	)			–				(0.07	)			13.65		(5.51	)			172,605		1.23			1.23			(0.31	)		8
Year ended 01/31/15^(h)			13.94			–				0.59				0.59				(0.01	)			–				(0.01	)			14.52		4.22				186,923		1.22			1.22			(0.02	)		10
Class R
Six months ended 06/30/20			15.83			0.02				(1.42	)			(1.40	)			–				–				–				14.43		(8.84	)			62,277		0.70	^(f)		0.70	^(f)		0.34	^(f)		4
Eleven months ended 12/31/19			16.11			0.15				2.53				2.68				(0.13	)			(2.83	)			(2.96	)			15.83		16.72				66,628		0.72	^(g)		0.72	^(g)		0.96	^(g)		31
Year ended 01/31/19			19.44			0.07				(2.31	)			(2.24	)			(0.14	)			(0.95	)			(1.09	)			16.11		(10.97	)			56,312		0.70			0.70			0.37			38
Year ended 01/31/18			15.59			0.04				4.21				4.25				(0.23	)			(0.17	)			(0.40	)			19.44		27.44				59,559		0.71			0.72			0.22			8
Year ended 01/31/17			13.98			0.10				1.75				1.85				(0.12	)			(0.12	)			(0.24	)			15.59		13.31				45,222		0.73			0.73			0.68			6
Year ended 01/31/16^(h)			14.86			0.03				(0.77	)			(0.74	)			(0.14	)			–				(0.14	)			13.98		(5.02	)			41,159		0.73			0.73			0.19			8
Year ended 01/31/15^(h)			14.25			0.06				0.62				0.68				(0.07	)			–				(0.07	)			14.86		4.77				49,122		0.73			0.73			0.43			10
Class Y
Six months ended 06/30/20			15.93			0.06				(1.43	)			(1.37	)			–				–				–				14.56		(8.60	)			11,255		0.20	^(f)		0.20	^(f)		0.84	^(f)		4
Eleven months ended 12/31/19			16.20			0.23				2.55				2.78				(0.22	)			(2.83	)			(3.05	)			15.93		17.24				21,733		0.22	^(g)		0.22	^(g)		1.46	^(g)		31
Year ended 01/31/19			19.55			0.16				(2.33	)			(2.17	)			(0.23	)			(0.95	)			(1.18	)			16.20		(10.50	)			21,582		0.21			0.21			0.87			38
Year ended 01/31/18			15.67			0.13				4.23				4.36				(0.31	)			(0.17	)			(0.48	)			19.55		28.04				25,773		0.22			0.23			0.72			8
Year ended 01/31/17			14.05			0.18				1.76				1.94				(0.20	)			(0.12	)			(0.32	)			15.67		13.88				19,517		0.23			0.23			1.18			6
Year ended 01/31/16^(h)			14.94			0.11				(0.77	)			(0.66	)			(0.23	)			–				(0.23	)			14.05		(4.53	)			20,784		0.23			0.23			0.71			8
Year ended 01/31/15^(h)			14.34			0.15				0.60				0.75				(0.15	)			–				(0.15	)			14.94		5.24				20,573		0.23			0.23			1.00		��	10
Class R5
Six months ended 06/30/20			15.82			0.06				(1.40	)			(1.34	)			–				–				–				14.48		(8.47	)			9		0.13	^(f)		0.13	^(f)		0.91	^(f)		4
Period ended 12/31/19⁽ⁱ⁾			16.60			0.16				2.12				2.28				(0.23	)			(2.83	)			(3.06	)			15.82		13.83				10		0.14	^(g)		0.14	^(g)		1.53	^(g)		31
Class R6
Six months ended 06/30/20			15.82			0.07				(1.42	)			(1.35	)			–				–				–				14.47		(8.53	)			9		0.10	^(f)		0.12	^(f)		0.94	^(f)		4
Period ended 12/31/19⁽ⁱ⁾			16.60			0.17				2.12				2.29				(0.24	)			(2.83	)			(3.07	)			15.82		13.90				10		0.10	^(g)		0.10	^(g)		1.58	^(g)		31

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

^(d)	Does not include indirect expenses from affiliated fund fees and expenses of 0.67%, 0.71%, 0.70%, 0.70%, 0.68% and 0.69% for the eleven months ended December 31, 2019, and for the years ended January 31, 2019, 2018, 2017, 2016 and 2015, respectively.

^(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $573,362, $108,793, $60,052, $14,875, $8 and $8 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Annualized.

^(h)	The last business day of the reporting period was January 29, 2016 and January 30, 2015, respectively.

⁽ⁱ⁾	Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Select Risk: High Growth Investor Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Select Risk: High Growth Investor Fund, formerly Invesco Oppenheimer Portfolio Series Growth Invesco Fund, (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek total return.

The Fund is a “fund of funds”, in that it invests in other mutual funds (“underlying funds”) advised by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) and exchange-traded funds advised by Invesco Capital Management LLC (“Invesco Capital”). Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.

12 Invesco Select Risk: High Growth Investor Fund

revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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.

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.

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.

13 Invesco Select Risk: High Growth Investor Fund

delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

K.	Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

L.	Collateral –To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (including estimated Acquired Fund Fees and Expenses of 0.69% and excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.45%, 1.20%, 0.70%, 0.20%, 0.15% and 0.10%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

For the six months ended June 30, 2020, the Adviser reimbursed class level expenses of $1 of Class R6 shares.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $85,257 in front-end sales commissions from the sale of Class A shares and $461 and $3,129 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

The underlying Invesco Funds pay no distribution fees for Class R6 shares and the Funds pay no sales loads or other similar compensation to IDI for acquiring underlying fund shares.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

14 Invesco Select Risk: High Growth Investor Fund


Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1			Level 2		Level 3		Total

Investments in Securities

Affiliated Issuers	$	752,934,145			$–		$–	$	752,934,145

Money Market Funds		6,282,212			–		–		6,282,212

Total Investments in Securities		759,216,357			–		–		759,216,357


Other Investments - Assets*

Futures Contracts		42,388			–		–		42,388


Other Investments - Liabilities*

Futures Contracts		(8,634	)		–		–		(8,634	)

Total Other Investments		33,754			–		–		33,754

Total Investments	$	759,250,111			$–		$–	$	759,250,111

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2020:


	Value
Derivative Assets	Equity Risk

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	42,388

Derivatives not subject to master netting agreements		(42,388	)

Total Derivative Assets subject to master netting agreements	$	-

^(a)	The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.


	Value
Derivative Liabilities	Equity Risk

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(8,634	)

Derivatives not subject to master netting agreements		8,634

Total Derivative Liabilities subject to master netting agreements	$	-

^(a)	The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended June 30, 2020

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Statement of Operations
	Equity Risk

Realized Gain (Loss):
Futures contracts		$(277,478)

Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(15,956)

Total		$(293,434)

15 Invesco Select Risk: High Growth Investor Fund

The table below summarizes the average notional value of derivatives held during the period.


	Futures
	Contracts
Average notional value	$	5,270,725

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

The Fund did not have a capital loss carryforward as of December 31, 2019.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2020 was $30,594,791 and $71,047,731, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	148,952,391

Aggregate unrealized (depreciation) of investments		(11,603,309	)

Net unrealized appreciation of investments	$	137,349,082

Cost of investments for tax purposes is $ 621,901,029.

NOTE 10–Share Information


	Summary of Share Activity

	Six months ended June 30, 2020					Eleven Months Ended December 31, 2019				Year ended January 31, 2019
	Shares			Amount		Shares		Amount		Shares		Amount

Sold:
Class A		2,130,649		$	29,730,423		3,077,676	$	52,885,914		3,382,506	$	60,652,621

Class B^(a)		-			-		-		-		1,300		23,534

Class C		715,846			9,718,785		897,611		14,924,690		1,208,629		20,887,085

Class R		504,949			6,990,122		827,790		14,163,435		934,269		16,635,893

Class Y		162,551			2,308,774		258,427		4,422,149		320,289		5,876,474

Class R5^(b)		-			-		602		10,000		-		-

Class R6^(b)		-			-		602		10,000		-		-


Issued as reinvestment of dividends:
Class A		(2,345	)		-		6,639,492		104,704,791		2,546,191		37,352,617

Class C		74			1,141		1,312,389		20,092,675		698,214		9,991,408

Class R		2,373			37,409		657,923		10,368,872		231,695		3,398,976

Class Y		-			-		221,428		3,511,844		99,331		1,464,129

16 Invesco Select Risk: High Growth Investor Fund


	Summary of Share Activity

	Six months ended June 30, 2020						Eleven Months Ended December 31, 2019						Year ended January 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount

Automatic conversion of Class C shares to Class A shares:
Class A		324,375		$	4,555,947			2,457,872		$	42,305,287			-		$	-

Class C		(334,874	)		(4,555,947	)		(2,530,402	)		(42,305,287	)		-			-


Reacquired:
Class A		(3,914,177	)		(55,097,592	)		(6,255,775	)		(107,546,739	)		(5,011,396	)		(89,889,957	)

Class B^(a)		-			-			-			-			(221,037	)		(4,053,936	)

Class C		(1,085,614	)		(14,825,729	)		(2,139,298	)		(35,704,091	)		(2,374,231	)		(41,821,761	)

Class R		(401,774	)		(5,681,582	)		(770,638	)		(13,331,175	)		(734,930	)		(13,157,515	)

Class Y		(753,785	)		(10,975,948	)		(447,600	)		(7,620,184	)		(405,596	)		(7,374,529	)

Net increase (decrease) in share activity		(2,651,752	)	$	(37,794,197	)		4,208,099		$	60,892,181			675,234		$	(14,961	)

^(a)	All outstanding Class B shares converted to Class A shares on June 1, 2018.

^(b)	Commencement date after the close of business on May 24, 2019.

NOTE 11–Coronavirus (COVID-19) Pandemic

17 Invesco Select Risk: High Growth Investor Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2020 through June 30, 2020.

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(01/01/20)	(06/30/20)¹	Period²	(06/30/20)	Period²	Ratio
Class A	$1,000.00	$912.90	$2.09	$1,022.68	$2.21		0.44	%
Class C	1,000.00	909.60	5.70	1,018.90	6.02		1.20
Class R	1,000.00	911.60	3.33	1,021.38	3.52		0.70
Class Y	1,000.00	914.00	0.95	1,023.87	1.01		0.20
Class R5	1,000.00	914.00	0.62	1,024.22	0.65		0.13
Class R6	1,000.00	914.00	0.48	1,024.37	0.50		0.10

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

18 Invesco Select Risk: High Growth Investor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Select Risk: High Growth Investor Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC, Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A.	Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World Index. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one and five year periods and the fifth quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the one and three year periods. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board noted that the Fund’s asset allocation achieved through investing in underlying affiliated funds, including its exposure to alternative asset classes, negatively impacted relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

19 Invesco Select Risk: High Growth Investor Fund

providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that there were only five funds (including the Fund) in the expense group.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

20 Invesco Select Risk: High Growth Investor Fund

(This page intentionally left blank)

LOGO

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

Fund holdings and proxy voting information


SEC file numbers: 811-02699 and 002-57526		Invesco Distributors, Inc.		O-OPSGI-SAR-1



		Semiannual Report to Shareholders		June 30, 2020
		Invesco Select Risk: Moderate Investor Fund
		Effective May 15, 2020, Invesco Oppenheimer Portfolio Series: Moderate Investor Fund was renamed Invesco Select Risk: Moderate Investor Fund.

		Nasdaq:
		A: OAMIX ∎ C: OCMIX ∎ R: ONMIX ∎ S: PXMSX ∎ Y: OYMIX ∎ R5: PXMQX ∎ R6: PXMMX

LOGO


		2		Letters to Shareholders
		3		Fund Performance
		5		Liquidity Risk Management Program
		6		Schedule of Investments
		10		Financial Statements
		13		Financial Highlights
		14		Notes to Financial Statements
		20		Fund Expenses
		21		Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Letters to Shareholders
Bruce Crockett		Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services.
Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees


Andrew Schlossberg		Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.
All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.


2		Invesco Select Risk: Moderate Investor Fund

Fund Performance


Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares		-5.23%
Class C Shares		-5.68
Class R Shares		-5.35
Class S Shares*		-5.14
Class Y Shares		-5.11
Class R5 Shares		-5.06
Class R6 Shares		-5.06
Bloomberg Barclays Global Aggregate Bond Index, Hedged^▼(Broad Market Index)		3.90
MSCI All Country World Index^▼(Broad Market Index)		-6.25
Custom Invesco Select Risk: Moderate Investor Index^∎(Style-Specific Index)		-1.49
Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.
*Class S shares incepted May 15, 2020,. See page 4 for more information.
The Bloomberg Barclays Global Aggregate Bond Index, Hedged tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar.
The MSCI All Country World Index (Net) is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Custom Invesco Select Risk: Moderate Investor Index is composed of 60% MSCI All Country World Index and 40% Bloomberg Barclays Global Aggregate Bond Index Hedged. The composition of the index may change based on the Fund’s target asset allocation.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.


3		Invesco Select Risk: Moderate Investor Fund


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (4/05/05)	3.38	%
10 Years	6.22
5 Years	3.16
1 Year	-5.02

Class C Shares
Inception (4/05/05)	3.23	%
10 Years	6.02
5 Years	3.55
1 Year	-1.16

Class R Shares
Inception (4/05/05)	3.49	%
10 Years	6.56
5 Years	4.09
1 Year	0.26

Class S Shares
10 Years	6.83	%
5 Years	4.36
1 Year	0.62

Class Y Shares
Inception (4/05/05)	4.06	%
10 Years	7.09
5 Years	4.60
1 Year	0.75

Class R5 Shares
10 Years	6.86	%
5 Years	4.42
1 Year	0.83

Class R6 Shares
10 Years	6.87	%
5 Years	4.43
1 Year	0.87

Effective May 24, 2019, Class A, Class C, Class R, and Class Y shares of the Oppenheimer Portfolio Series: Moderate investor Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R and Class Y shares, respectively, of the Invesco Select Risk: Moderate Investor Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C, Class R and Class Y shares are those for Class A, Class C, Class R and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Class S shares incepted on May 15, 2020. Performance shown prior to that date is that of the Fund’s and predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

Class R5 shares incepted on May 24, 2019. Performance shown is that of the Fund’s and the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

Class 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.


4		Invesco Select Risk: Moderate Investor Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.


5		Invesco Select Risk: Moderate Investor Fund

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Select Risk: Moderate Investor Fund

Schedule of Investments in Affiliated Issuers–99.93%^(a)


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Alternative Funds–8.48%
Invesco Balanced-Risk Allocation Fund, Class R6		1.42	%	$	-	$	28,935,930	$	-		$	456,364		$	-		$	-		2,901,510	$	29,392,294
Invesco Global Real Estate Income Fund, Class R6		0.93	%		-		21,270,309		-			(1,991,075	)		(8	)		138,364		2,533,407		19,279,226
Invesco Oppenheimer Fundamental Alternatives Fund, Class R6		1.50	%		32,163,622		-		-			(1,128,340	)		-			-		1,163,241		31,035,282
Invesco Oppenheimer Master Event-Linked Bond Fund, Class R6		2.72	%		55,314,313		1,714,759		-			(823,652	)		-			1,695,789		3,556,495		56,205,420
Invesco Oppenheimer Real Estate Fund, Class Y		-			34,546,135		765,600		(28,349,115	)		(10,686,421	)		3,723,801			765,600		-		-
Invesco Oppenheimer SteelPath MLP Select 40 Fund, Class R6		0.80	%		26,531,391		1,359,510		-			(11,378,499	)		-			1,359,510		4,047,157		16,512,402
Invesco Real Estate Fund, Class R6		1.11	%		-		26,135,877		(3,979,903	)		980,681			(158,700	)		111,462		1,317,543		22,977,955
Total Alternative Funds					148,555,461		80,181,985		(32,329,018	)		(24,570,942	)		3,565,093			4,070,725				175,402,579
Domestic Equity Funds–31.86%
Invesco All Cap Market Neutral Fund, Class R6^(b)		0.67	%		-		18,491,836		-			(4,712,071	)		(6	)		-		2,153,088		13,779,759
Invesco American Franchise Fund, Class R6^(b)		1.45	%		-		8,163,886		-			21,930,958			(8	)		-		1,176,499		30,094,836
Invesco Comstock Fund, Class R6		1.61	%		-		29,888,221		-			3,316,211			(1	)		207,184		1,690,653		33,204,431
Invesco Diversified Dividend Fund, Class R6		2.18	%		-		29,934,432		-			15,261,926			(15	)		345,654		2,598,985		45,196,343
Invesco Equally-Weighted S&P 500 Fund, Class R6		2.81	%		-		48,423,572		-			9,690,980			(51	)		-		1,012,977		58,114,501
Invesco Long/Short Equity Fund, Class R6^(b)		0.54	%		-		17,459,418		-			(6,299,152	)		(3	)		-		1,724,925		11,160,263
Invesco Oppenheimer Discovery Mid Cap Growth Fund, Class R6^(b)		1.99	%		45,124,049		-		(7,528,603	)		2,939,739			585,229			-		1,437,274		41,120,414
Invesco Oppenheimer Main Street Small Cap Fund, Class R6^(b)		2.54	%		58,951,677		-		-			(6,330,879	)		1			-		3,724,048		52,620,799
Invesco Oppenheimer Value Fund, Class R6		6.21	%		165,225,581		1,177,325		(2,994,468	)		(35,140,716	)		93,514			1,177,325		5,542,368		128,361,236
Invesco Russell 1000 Dynamic Multifactor ETF		6.89	%		165,162,130		-		(4,071,118	)		(18,746,887	)		172,661			1,065,007		4,792,091		142,516,786
Invesco S&P 500^®Pure Growth ETF		2.89	%		-		53,740,484		-			5,963,859			-			76,626		461,073		59,704,343
Invesco S&P MidCap Low Volatility ETF		0.63	%		-		10,621,496		-			2,375,093			-			88,165		314,079		12,996,589
Invesco S&P SmallCap Low Volatility ETF		0.42	%		-		11,163,996		-			(2,371,773	)		-			42,188		259,664		8,792,223
Invesco Small Cap Equity Fund, Class R6^(b)		0.69	%		-		11,642,130		-			2,659,144			-			-		1,073,669		14,301,274
Invesco Small Cap Value Fund, Class R6^(b)		0.34	%		-		8,218,327		-			(1,102,784	)		-			-		625,267		7,115,543
Total Domestic Equity Funds					434,463,437		248,925,123		(14,594,189	)		(10,566,352	)		851,321			3,002,149				659,079,340

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


6		Invesco Select Risk: Moderate Investor Fund

Invesco Select Risk: Moderate Investor Fund (continued)

Schedule of Investments in Affiliated Issuers–99.93%^(a)


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20			Value 06/30/20
Fixed Income Funds–31.37%
Invesco Core Plus Bond Fund, Class R6		3.06	%	$	-	$	57,572,221	$	-		$	5,680,612		$	-		$	323,007		5,543,631		$	63,252,833
Invesco Emerging Markets Sovereign Debt ETF		0.48	%		-		10,158,552		-			(245,828	)		-			83,081		370,154			9,912,724
Invesco Floating Rate Fund, Class R6		1.01	%		-		22,664,262		-			(1,748,502	)		-			150,244		3,098,631	��		20,915,760
Invesco High Yield Fund, Class R6		1.04	%		-		20,568,309		-			952,415			-			249,916		5,848,023			21,520,724
Invesco Income Fund, Class R6		1.64	%		-		31,945,194		-			1,900,364			-			295,468		4,655,510			33,845,558
Invesco Oppenheimer Emerging Markets Local Debt Fund, Class R6		0.49	%		-		10,856,496		-			(678,862	)		-			46,352		1,558,596			10,177,634
Invesco Oppenheimer International Bond Fund, Class R6		5.93	%		130,802,159		2,597,274		(3,045,066	)		(7,234,144	)		(510,442	)		2,634,462		23,309,844			122,609,781
Invesco Oppenheimer Limited-Term Government Fund		-			74,283,585		641,068		(76,620,910	)		2,171,517			(475,260	)		779,873		-			-
Invesco Oppenheimer Master Inflation Protected Securities Fund		-			32,986,038		169,581		(34,604,437	)		(5,866,790	)		7,315,608			188,649		-			-
Invesco Oppenheimer Master Loan Fund, Class R6		2.61	%		61,083,231		1,470,822		-			(8,534,861	)		-			122,833		3,648,984			54,019,192
Invesco Oppenheimer Total Return Bond Fund, Class R6		8.08	%		187,004,350		2,318,775		(21,736,362	)		(953,200	)		622,544			358,022		22,725,015			167,256,107
Invesco Quality Income Fund, Class R5		0.97	%		-		20,004,656		-			21,453			-			137,765		1,681,453			20,026,109
Invesco Quality Income Fund, Class R6		3.17	%		-		65,320,364		-			208,733			-			330,566		5,497,408			65,529,097
Invesco Short Duration Inflation Protected Fund, Class R6		0.97	%		-		19,746,233		-			284,943			-			49,478		1,907,731			20,031,176
Invesco Short Term Bond Fund, Class R6		0.99	%		-		20,283,679		-			244,899			(3	)		91,904		2,389,823			20,528,575
Invesco Taxable Municipal Bond ETF		0.93	%		-		17,676,065		-			1,503,718			-			108,184		582,795			19,179,783
Total Fixed Income Funds					486,159,363		303,993,551		(136,006,775	)		(12,293,533	)		6,952,447			5,949,804					648,805,053
Foreign Equity Funds-28.17%
Invesco Developing Markets Fund, Class R6		0.25	%		-		4,248,437		-			1,027,222			(7	)		-		152,124			5,275,652
Invesco Global Infrastructure Fund, Class R6		1.14	%		-		24,921,348		(1,489,752	)		287,404			(45,411	)		102,201		2,231,252			23,673,589
Invesco International Growth Fund, Class R6		1.59	%		-		25,707,124		-			7,102,541			-			-		1,088,937			32,809,665
Invesco International Select Equity Fund, Class R6		1.52	%		-		27,874,255		-			3,558,207			-			-		2,691,135			31,432,462
Invesco Low Volatility Emerging Markets Fund, Class R6		0.24	%		-		6,052,121		-			(1,062,774	)		(3	)		-		903,867			4,989,344
Invesco Oppenheimer Developing Markets Fund, Class R6		3.68	%		83,322,488		-		-			(7,255,785	)		-			-		1,827,648			76,066,703
Invesco Oppenheimer Emerging Markets Innovators Fund, Class R6^(b)		1.23	%		26,102,901		-		-			(576,987	)		-			-		2,307,949			25,525,914
Invesco Oppenheimer Global Fund, Class R6		6.88	%		148,431,689		-		(3,775,934	)		(2,582,966	)		200,708			-		1,502,995			142,273,497
Invesco Oppenheimer Global Infrastructure Fund		-			30,530,881		-		(24,819,147	)		(3,951,952	)		(1,759,782	)		-		-			-
Invesco Oppenheimer International Equity Fund, Class R6		3.69	%		81,373,862		-		-			(5,142,177	)		-			-		3,753,406			76,231,685
Invesco Oppenheimer International Growth Fund, Class R6		3.90	%		83,473,002		-		-			(2,830,250	)		-			-		1,886,822			80,642,752
Invesco Oppenheimer International Small-Mid Company Fund, Class R6		2.36	%		49,638,797		-		-			(901,047	)		-			-		1,035,651			48,737,750
Invesco RAFI^™ Strategic Developed ex-US ETF		1.69	%		-		38,101,529		-			(3,090,755	)		-			202,469		1,607,791			35,010,774
Total Foreign Equity Funds					502,873,620		126,904,814		(30,084,833	)		(15,419,319	)		(1,604,495	)		304,670					582,669,787

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


7		Invesco Select Risk: Moderate Investor Fund

Invesco Select Risk: Moderate Investor Fund (continued)

Schedule of Investments in Affiliated Issuers–99.93%^(a)


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Dividend Income		Shares 06/30/20		Value 06/30/20
Money Market Funds–0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(c)		-		$	6,007,491	$	27,881,750	$	(33,836,662	)	$	-		$	-	$	11,463		52,579	$	52,579
Invesco Liquid Assets Portfolio, Institutional Class, 0.39%^(c)		0.05	%		-		9,212,332		(8,243,894	)		475			3,241		5,300		971,473		972,154
Invesco Treasury Portfolio, Institutional Class, 0.08%^(c)		-			-		11,559,144		(11,499,054	)		-			-		1,034		60,090		60,090
Total Money Market Funds					6,007,491		48,653,226		(53,579,610	)		475			3,241		17,797				1,084,823
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $1,870,853,002)		99.93	%	$	1,578,059,372	$	808,658,699	$	(266,594,425	)	$	(62,849,671	)	$	9,767,607	$	13,345,145			$	2,067,041,582
OTHER ASSETS LESS LIABILITIES		0.07	%																		1,517,696
NET ASSETS		100.00	%																	$	2,068,559,278

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)	Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

^(b)	Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from June 30, 2020.

^(c)	The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2020


Equity Funds	60.08	%
Fixed Income Funds	31.39
Alternative Funds	8.48
Money Market Funds	0.05

*	Based on the Schedule of Investments, which classifies each underlying fund and other investments into broad asset classes based on their predominant investments.


Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Equity Risk
E-Mini S&P 500 Index		45		September-2020	$	6,952,950	$	63,134		$	63,134
MSCI Emerging Market Index		6		September-2020		295,710		1,128			1,128
Nikkei 225 Index		1		September-2020		206,251		(4,626	)		(4,626	)
S&P/TSX 60 Index		1		September-2020		136,785		2,380			2,380
SPI 200 Index		1		September-2020		101,652		999			999
Stoxx Europe 600 Index		23		September-2020		463,708		(3,292	)		(3,292	)
Subtotal								59,723			59,723

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


8		Invesco Select Risk: Moderate Investor Fund


Open Futures Contracts–(continued)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Canada 10 Year Bonds		69		September-2020	$	7,817,899	$	(17,896	)	$	(17,896	)
Euro OAT		92		September-2020		17,328,632		268,574			268,574
Euro-BTP		83		September-2020		13,416,877		218,045			218,045
Euro-BUND		49		September-2020		9,717,687		162,324			162,324
Japanese Bonds, 10 yr.		45		September-2020		63,327,159		(8,510	)		(8,510	)
Long Gilt		111		September-2020		18,931,028		65,847			65,847
Subtotal								688,384			688,384
Total Futures Contracts							$	748,107		$	748,107

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Invesco Select Risk: Moderate Investor Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)


Assets:
Investments in affiliated underlying funds, at value (Cost $1,870,853,002)		$2,067,041,582
Other investments:
Variation margin receivable – futures contracts		344,380
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		2,700,739
Cash		27,774
Receivable for:
Fund shares sold		747,989
Dividends - affiliated underlying funds		2,343,524
Investment for trustee deferred compensation and retirement plans		190,298
Other assets		133,481
Total assets		2,073,529,767

Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		1,983,663
Dividends		43
Fund shares reacquired		1,164,711
Accrued fees to affiliates		1,213,028
Accrued trustees’ and officers’ fees and benefits		24,572
Accrued other operating expenses		381,418
Trustee deferred compensation and retirement plans		203,054
Total liabilities		4,970,489
Net assets applicable to shares outstanding		$2,068,559,278

Net assets consist of:
Shares of beneficial interest		$1,892,224,754
Distributable earnings		176,334,524
		$2,068,559,278


Net Assets:
Class A	$	1,599,627,225

Class C	$	286,544,089

Class R	$	132,645,225

Class S	$	23,864,532

Class Y	$	24,656,780

Class R5	$	22,077

Class R6	$	1,199,350


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		145,680,136

Class C		26,773,929

Class R		12,184,439

Class S		2,171,485

Class Y		2,228,726

Class R5		2,009

Class R6		109,095

Class A:
Net asset value per share	$	10.98

Maximum offering price per share (Net asset value of $10.98 ÷ 94.50%)	$	11.62

Class C:
Net asset value and offering price per share	$	10.70

Class R:
Net asset value and offering price per share	$	10.89

Class S:
Net asset value and offering price per share	$	10.99

Class Y:
Net asset value and offering price per share	$	11.06

Class R5:
Net asset value and offering price per share	$	10.99

Class R6:
Net asset value and offering price per share	$	10.99

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Invesco Select Risk: Moderate Investor Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)


Investment income:
Dividends from affiliated underlying funds	$	13,345,145

Interest		7,321

Total investment income		13,352,466


Expenses:
Custodian fees		3,627

Distribution fees:

Class A		1,359,390

Class C		1,255,700

Class R		304,182

Class S		4,270

Transfer agent fees - A, C, R, S and Y		1,128,925

Transfer agent fees - R5		6

Transfer agent fees - R6		23

Trustees’ and officers’ fees and benefits		12,282

Registration and filing fees		67,030

Reports to shareholders		44,149

Professional services fees		18,305

Other		8,789

Total expenses		4,206,678

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(556,720	)

Net expenses		3,649,958

Net investment income		9,702,508


Realized and unrealized gain from:
Net realized gain from:
Affiliated underlying fund shares		9,767,607

Foreign currencies		33

Futures contracts		957,429

		10,725,069

Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		(62,849,671	)

Foreign currencies		(58,441	)

Futures contracts		1,481,511

		(61,426,601	)

Net realized and unrealized gain (loss)		(50,701,532	)

Net increase (decrease) in net assets resulting from operations	$	(40,999,024	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


11		Invesco Select Risk: Moderate Investor Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2020, period ended December 31, 2019, and the year ended January 31, 2019

(Unaudited)


	Six Months Ended June 30, 2020			Eleven Months Ended December 31, 2019			Year Ended January 31, 2019

Operations:
Net investment income	$	9,702,508		$	25,195,616		$	22,680,800

Net realized gain		10,725,069			97,577,472			77,973,283

Change in net unrealized appreciation (depreciation)		(61,426,601	)		66,624,855			(182,545,894	)

Net increase (decrease) in net assets resulting from operations		(40,999,024	)		189,397,943			(81,927,811	)


Distributions to shareholders from distributable earnings:
Class A		(30,614,756	)		(113,072,823	)		(29,193,711	)

Class C		(7,085,456	)		(25,373,404	)		(7,444,350	)

Class R		(3,504,159	)		(12,538,267	)		(2,967,500	)

Class Y		(478,483	)		(1,817,824	)		(429,520	)

Class R5		(272	)		(1,106	)		–

Class R6		(273	)		(1,111	)		–

Total distributions from distributable earnings		(41,683,399	)		(152,804,535	)		(40,035,081	)


Share transactions–net:
Class A		497,637,480			95,794,166			(48,223,970	)

Class B		–			–			(6,160,529	)

Class C		33,066,125			(96,796,919	)		(21,711,027	)

Class R		10,873,467			12,286,885			1,510,659

Class S		22,154,500			–			–

Class Y		7,082,296			2,391,626			(844,964	)

Class R5		12,020			10,000			–

Class R6		1,178,886			10,000			–

Net increase (decrease) in net assets resulting from share transactions		572,004,774			13,695,758			(75,429,831	)

Net increase (decrease) in net assets		489,322,351			50,289,166			(197,392,723	)


Net assets:
Beginning of period		1,579,236,927			1,528,947,761			1,726,340,484

End of period	$	2,068,559,278		$	1,579,236,927		$	1,528,947,761

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


12		Invesco Select Risk: Moderate Investor Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends from net investment income		Distributions from net realized gains		Total distributions		Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(d)			Ratio of net investment income to average net assets			Portfolio turnover ^(e)
Class A
Six months ended 06/30/20		$11.96		$0.07		$(0.72)		$(0.65)		$ –		$(0.33)		$(0.33)		$10.98		(5.23	)%		$1,599,627		0.32	%^(f)		0.39	%^(f)		1.36	%^(f)		7	%
Eleven months ended 12/31/19		11.72		0.22		1.32		1.54		(0.36)		(0.94)		(1.30)		11.96		13.13			1,156,291		0.40	^(g)		0.47	^(g)		1.95	^(g)		16
Year ended 01/31/19		12.66		0.20		(0.80)		(0.60)		(0.21)		(0.13)		(0.34)		11.72		(4.59	)		1,037,833		0.41			0.48			1.61			40
Year ended 01/31/18		11.06		0.14		1.69		1.83		(0.23)		–		(0.23)		12.66		16.59			1,169,055		0.41			0.49			1.20			6
Year ended 01/31/17		10.13		0.18		0.93		1.11		(0.18)		–		(0.18)		11.06		10.95			1,050,230		0.44			0.51			1.63			7
Year ended 01/31/16^(h)		10.66		0.12		(0.57)		(0.45)		(0.08)		–		(0.08)		10.13		(4.24	)		965,539		0.43			0.50			1.15			5
Year ended 01/31/15^(h)		10.23		0.14		0.54		0.68		(0.25)		–		(0.25)		10.66		6.67			989,811		0.43			0.50			1.34			14
Class C
Six months ended 06/30/20		11.72		0.03		(0.72)		(0.69)		–		(0.33)		(0.33)		10.70		(5.68	)		286,544		1.09	^(f)		1.16	^(f)		0.59	^(f)		7
Eleven months ended 12/31/19		11.49		0.13		1.29		1.42		(0.25)		(0.94)		(1.19)		11.72		12.44			273,048		1.16	^(g)		1.23	^(g)		1.19	^(g)		16
Year ended 01/31/19		12.41		0.10		(0.78)		(0.68)		(0.11)		(0.13)		(0.24)		11.49		(5.33	)		358,746		1.17			1.24			0.86			40
Year ended 01/31/18		10.85		0.05		1.65		1.70		(0.14)		–		(0.14)		12.41		15.69			409,418		1.16			1.25			0.43			6
Year ended 01/31/17		9.94		0.09		0.91		1.00		(0.09)		–		(0.09)		10.85		10.12			383,848		1.19			1.26			0.87			7
Year ended 01/31/16^(h)		10.46		0.04		(0.56)		(0.52)		(0.00)		–		(0.00)		9.94		(4.96	)		370,818		1.18			1.25			0.42			5
Year ended 01/31/15^(h)		10.04		0.06		0.54		0.60		(0.18)		–		(0.18)		10.46		5.93			388,409		1.18			1.25			0.57			14
Class R
Six months ended 06/30/20		11.88		0.06		(0.72)		(0.66)		–		(0.33)		(0.33)		10.89		(5.35	)		132,645		0.59	^(f)		0.66	^(f)		1.09	^(f)		7
Eleven months ended 12/31/19		11.65		0.19		1.30		1.49		(0.32)		(0.94)		(1.26)		11.88		12.84			131,445		0.66	^(g)		0.73	^(g)		1.69	^(g)		16
Year ended 01/31/19		12.59		0.16		(0.79)		(0.63)		(0.18)		(0.13)		(0.31)		11.65		(4.86	)		116,637		0.66			0.73			1.36			40
Year ended 01/31/18		11.00		0.11		1.68		1.79		(0.20)		–		(0.20)		12.59		16.33			123,884		0.66			0.74			0.96			6
Year ended 01/31/17		10.08		0.15		0.92		1.07		(0.15)		–		(0.15)		11.00		10.64			105,976		0.69			0.76			1.38			7
Year ended 01/31/16^(h)		10.60		0.10		(0.57)		(0.47)		(0.05)		–		(0.05)		10.08		(4.45	)		92,429		0.69			0.76			0.97			5
Year ended 01/31/15^(h)		10.17		0.11		0.54		0.65		(0.22)		–		(0.22)		10.60		6.40			106,271		0.68			0.75			1.02			14
Class S
Period ended 06/30/20⁽ⁱ⁾		10.46		0.09		0.44		0.53		–		–		–		10.99		5.07			23,865		0.24	^(f)		0.31	^(f)		1.44	^(f)		7
Class Y
Six months ended 06/30/20		12.03		0.09		(0.73)		(0.64)		–		(0.33)		(0.33)		11.06		(5.11	)		24,657		0.09	^(f)		0.16	^(f)		1.59	^(f)		7
Eleven months ended 12/31/19		11.78		0.25		1.32		1.57		(0.38)		(0.94)		(1.32)		12.03		13.39			18,433		0.16	^(g)		0.23	^(g)		2.19	^(g)		16
Year ended 01/31/19		12.73		0.23		(0.82)		(0.59)		(0.23)		(0.13)		(0.36)		11.78		(4.41	)		15,732		0.17			0.24			1.85			40
Year ended 01/31/18		11.12		0.20		1.67		1.87		(0.26)		–		(0.26)		12.73		16.91			17,618		0.17			0.25			1.63			6
Year ended 01/31/17		10.19		0.21		0.92		1.13		(0.20)		–		(0.20)		11.12		11.16			9,343		0.19			0.26			1.94			7
Year ended 01/31/16^(h)		10.72		0.17		(0.59)		(0.42)		(0.11)		–		(0.11)		10.19		(3.97	)		9,499		0.19			0.26			1.61			5
Year ended 01/31/15^(h)		10.28		0.15		0.57		0.72		(0.28)		–		(0.28)		10.72		6.95			9,678		0.19			0.25			1.41			14
Class R5
Six months ended 06/30/20		11.95		0.09		(0.72)		(0.63)		–		(0.33)		(0.33)		10.99		(5.06	)		22		0.04	^(f)		0.11	^(f)		1.64	^(f)		7
Period ended 12/31/19^(j)		12.03		0.17		1.08		1.25		(0.39)		(0.94)		(1.33)		11.95		10.45			10		0.09	^(g)		0.16	^(g)		2.26	^(g)		16
Class R6
Six months ended 06/30/20		11.95		0.07		(0.70)		(0.63)		–		(0.33)		(0.33)		10.99		(5.06	)		1,199		0.04	^(f)		0.11	^(f)		1.64	^(f)		7
Period ended 12/31/19^(j)		12.03		0.18		1.08		1.26		(0.40)		(0.94)		(1.34)		11.95		10.49			10		0.04	^(g)		0.11	^(g)		2.31	^(g)		16

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

^(d)	Does not include indirect expenses from affiliated fund fees and expenses of 0.56%, 0.57%, 0.58%, 0.59%, 0.57% and 0.58% for the eleven months ended December 31, 2019, and for the years ended January 31, 2019, 2018, 2017, 2016 and 2015, respectively.

^(e)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the six months ended June 30, 2020, the portfolio turnover calculation excludes the value of securities purchased of $597,759,006 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Moderate Allocation Fund into the Fund.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $1,177,254, $252,520, $122,341, $23,679, $18,747, $12 and $51 for Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Annualized.

^(h)	The last business day of the reporting period was January 29, 2016 and January 30, 2015, respectively.

⁽ⁱ⁾	Commencement date of May 15, 2020.

^(j)	Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


13		Invesco Select Risk: Moderate Investor Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Select Risk: Moderate Investor Fund, formerly Invesco Oppenheimer Portfolio Series Moderate Investor Fund, (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek total return.

The Fund is a “fund of funds”, in that it invests in other mutual funds (“underlying funds”) advised by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) and exchange-traded funds advised by Invesco Capital Management LLC (“Invesco Capital”). Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.

The Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class S, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.


14		Invesco Select Risk: Moderate Investor Fund

Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

The Fund 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.

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.

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.


15		Invesco Select Risk: Moderate Investor Fund

Futures Contracts - The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

K.	Collateral - To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (including estimated Acquired Fund Fees and Expenses of 0.60% and excluding certain items discussed below) of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares to 0.47%, 1.23%, 0.72%, 0.37%, 0.22%, 0.17% and 0.12%, respectively, of the Fund’s average daily net assets (the “expense limits”). In addition, Invesco has contractually agreed to waive fees and/or reimburse certain Fund expenses at an annual rate of 0.07%, as calculated on the daily net assets of the Fund. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the six months ended June 30, 2020, the Adviser reimbursed class level expenses of $409,824, $87,866, $42,576, $1,993, $6,525, $4 and $18 of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $129,143 in front-end sales commissions from the sale of Class A shares and $2,946 and $6,122 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

The underlying Invesco Funds pay no distribution fees for Class R6 shares and the Funds pay no sales loads or other similar compensation to IDI for acquiring underlying fund shares.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3– Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.


16		Invesco Select Risk: Moderate Investor Fund


Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of June 30, 2020, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2	Level 3	Total
Investments in Securities
Affiliated Issuers		$2,065,956,759		$-	$-		$ 2,065,956,759
Money Market Funds		1,084,823		-	-		1,084,823
Total Investments in Securities		2,067,041,582		-	-		2,067,041,582
Other Investments - Assets*
Futures Contracts		782,431		-	-		782,431
Other Investments - Liabilities*
Futures Contracts		(34,324	)	-	-		(34,324	)
Total Other Investments		748,107		-	-		748,107
Total Investments		$2,067,789,689		$-	$-		$2,067,789,689

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2020:


	Value
Derivative Assets	Equity Risk			Interest Rate Risk			Total

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	67,641		$	714,790		$	782,431

Derivatives not subject to master netting agreements		(67,641	)		(714,790	)		(782,431	)

Total Derivative Assets subject to master netting agreements	$	-		$	-		$	-

^(a) The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.


	Value
Derivative Liabilities	Equity Risk			Interest Rate Risk			Total

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(7,918	)	$	(26,406	)	$	(34,324	)

Derivatives not subject to master netting agreements		7,918			26,406			34,324

Total Derivative Liabilities subject to master netting agreements	$	-		$	-		$	-

^(a) The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended June 30, 2020

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Statement of Operations
	Equity Risk			Interest Rate Risk		Total
Realized Gain (Loss):
Futures contracts	$	(304,464	)	$	1,261,893	$	957,429
Change in Net Unrealized Appreciation (Depreciation): Futures contracts		(19,378	)		1,500,889		1,481,511
Total	$	(323,842	)	$	2,762,782	$	2,438,940


17		Invesco Select Risk: Moderate Investor Fund

The table below summarizes the average notional value of derivatives held during the period.


	Futures Contracts
Average notional value	$	137,991,091

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

The Fund did not have a capital loss carryforward as of December 31, 2019.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2020 was $97,242,114 and $157,526,526, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	210,914,512

Aggregate unrealized (depreciation) of investments		(55,243,905	)

Net unrealized appreciation of investments	$	155,670,607


Cost of investments for tax purposes is $1,912,119,082.

NOTE 10–Share Information


					Summary of Share Activity
	Six months ended June 30, 2020^(a)				Eleven Months Ended December 31, 2019				Year ended January 31, 2019
	Shares		Amount		Shares		Amount		Shares		Amount
Sold:
Class A		6,420,944	$	70,519,531		8,511,960	$	105,164,554		8,290,291	$	100,348,444
Class B^(b)		-		-		-		-		789		9,766
Class C		1,697,176		18,073,688		3,203,096		38,620,780		4,171,781		49,343,633
Class R		1,074,304		11,634,840		2,058,677		25,223,351		2,550,765		30,646,424
Class S^(c)		8,467		92,649		-		-		-		-
Class Y		339,044		3,678,332		585,437		7,289,202		601,002		7,164,319
Class R5^(d)		-		-		831		10,000		-		-
Class R6^(d)		96,831		1,062,250		831		10,000		-		-


18		Invesco Select Risk: Moderate Investor Fund


							Summary of Share Activity

	Six months ended June 30, 2020^(a)						Eleven Months Ended December 31, 2019						Year ended January 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount


Issued as reinvestment of dividends:
Class A		2,962,547		$	30,070,208			9,412,776		$	112,200,369			2,624,370		$	28,763,097

Class C		709,171			7,020,805			2,164,056			25,254,533			689,202			7,415,802

Class R		346,851			3,492,766			1,030,071			12,196,037			261,334			2,845,923

Class Y		44,228			452,013			150,804			1,808,141			38,944			429,166


Issued in connection with acquisitions:^(e)
Class A		50,447,810			514,365,956			-			-			-			-

Class C		5,131,231			51,047,872			-			-			-			-

Class R		1,408,979			14,251,643			-			-			-			-

Class S^(c)		2,184,197			22,270,081			-			-			-			-

Class Y		777,850			7,986,783			-			-			-			-

Class R5^(d)		1,178			12,020			-			-			-			-

Class R6^(d)		11,444			116,719			-			-			-			-


Reacquired:
Class A		(10,810,775	)		(117,318,215	)		(15,402,663	)		(190,680,965	)		(15,165,229	)		(183,496,040	)

Class B^(b)		-			-			-			-			(501,184	)		(6,170,295	)

Class C		(4,070,193	)		(43,076,240	)		(7,581,591	)		(91,562,024	)		(6,622,556	)		(78,470,462	)

Class R		(1,707,935	)		(18,505,782	)		(2,042,217	)		(25,132,503	)		(2,638,778	)		(31,981,688	)

Class S^(c)		(21,179	)		(208,230	)		-			-			-			-

Class Y		(464,129	)		(5,034,832	)		(539,813	)		(6,705,717	)		(688,378	)		(8,438,449	)

Class R6^(d)		(11	)		(83	)		-			-			-			-

Net increase (decrease) in share activity		56,588,030		$	572,004,774			1,422,722		$	13,695,758			(5,887,252	)	$	(75,429,831	)

^(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 8% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

^(b)	All outstanding Class B shares converted to Class A shares on June 1, 2018.

^(c)	Commencement date of May 15, 2020.

^(d)	Commencement date after the close of business on May 24, 2019.

^(e)

After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco Moderate Allocation Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 59,962,690 shares of the Fund for 55,694,016 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $610,051,073, including $12,599,533 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,330,094,502 and $1,940,145,574 immediately after the acquisition.


Net investment income (loss)	$	11,881,442

Net realized/unrealized gains (losses)		(146,538,878	)

Change in net assets resulting from operations	$	(134,657,436	)

NOTE 11–Coronavirus (COVID-19) Pandemic


19		Invesco Select Risk: Moderate Investor Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/20)	Ending Account Value (06/30/20)¹	Expenses Paid During Period²	Ending Account Value (06/30/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$947.70	$1.55	$1,023.27	$1.61	0.32%
Class C	1,000.00	943.20	5.27	1,019.44	5.47	1.09
Class R	1,000.00	946.50	2.86	1,021.93	2.97	0.59
Class S	1,000.00	1,077.40	0.30	1,023.67	1.21	0.24
Class Y	1,000.00	948.90	0.44	1,024.42	0.45	0.09
Class R5	1,000.00	949.40	0.19	1,024.66	0.20	0.04
Class R6	1,000.00	949.40	0.19	1,024.66	0.20	0.04

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.


20		Invesco Select Risk: Moderate Investor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Select Risk: Moderate Investor Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC, Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A.	Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Oppenheimer Portfolio Series Moderate Investor Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the second quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses


21		Invesco Select Risk: Moderate Investor Fund

of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.


22		Invesco Select Risk: Moderate Investor Fund

(This page intentionally left blank)

LOGO

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

Fund holdings and proxy voting information


The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov.
Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.


SEC file numbers: 811-02699 and 002-57526		Invesco Distributors, Inc.		O-OPSMI-SAR-1



		Semiannual Report to Shareholders		June 30, 2020

		Invesco Select Risk: Moderately Conservative Investor Fund
		Effective May 15, 2020, Invesco Conservative Allocation Fund was renamed Invesco Select Risk: Moderately Conservative Investor Fund. Nasdaq:
		A: CAAMX ∎ C: CACMX ∎ R: CMARX ∎ S: CMASX ∎ Y: CAAYX ∎ R5: CMAIX ∎ R6: CNSSX

LOGO


		2		Letters to Shareholders
		3		Fund Performance
		5		Liquidity Risk Management Program
		6		Schedule of Investments
		8		Financial Statements
		11		Financial Highlights
		12		Notes to Financial Statements
		17		Fund Expenses
		18		Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders


				Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco
provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely, Bruce L. Crockett Independent Chair Invesco Funds Board of Trustees


				Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely, Andrew Schlossberg Head of the Americas, Senior Managing Director, Invesco Ltd.

2 Invesco Select Risk: Moderately Conservative Investor Fund

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-3.08	%
Class C Shares	-3.40
Class R Shares	-3.13
Class S Shares	-2.94
Class Y Shares	-2.88
Class R5 Shares	-2.93
Class R6 Shares	-2.85
Bloomberg Barclays Global Aggregate Bond Index, Hedged^▼(Broad Market Index)*	3.90
MSCI All Country World Index^▼(Broad Market Index)*	-6.25
S&P 500 Index^▼(Former Broad Market Index)*	-3.08
Custom Invesco Select Risk: Moderately Conservative Investor Index^∎ (Style-Specific Index)	0.15
Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Fund has changed its broad market benchmark from the S&P 500 Index to the Bloomberg Barclays Global Aggregate Bond Index, Hedged and the MSCI All Country World Index, which it believes are more appropriate measures of the Fund’s performance. The Bloomberg Barclays Global Aggregate Bond Index, Hedged* tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar. The MSCI All Country World Index (net) is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The S&P 500^® Index is an unmanaged index considered representative of the US stock market. The Custom Invesco Select Risk: Moderately Conservative Index, created by Invesco to serve as a benchmark for the Fund, is composed of the following indexes: 40% MSCI All Country World Index and 60% Bloomberg Barclays Global Aggregate Bond Index, Hedged. The composition of the index may change based on the Fund’s target asset allocation. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3 Invesco Select Risk: Moderately Conservative Investor Fund


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (4/29/05)	3.85	%
10 Years	4.59
5 Years	2.15
1 Year	-4.80

Class C Shares
Inception (4/29/05)	3.75	%
10 Years	4.39
5 Years	2.53
1 Year	-0.95

Class R Shares
Inception (4/29/05)	3.98	%
10 Years	4.93
5 Years	3.06
1 Year	0.51

Class S Shares
10 Years	5.29	%
5 Years	3.42
1 Year	0.87

Class Y Shares
Inception (10/3/08)	5.33	%
10 Years	5.43
5 Years	3.58
1 Year	1.02

Class R5 Shares
Inception (4/29/05)	4.53	%
10 Years	5.48
5 Years	3.60
1 Year	1.06

Class R6 Shares
10 Years	5.28	%
5 Years	3.51
1 Year	1.06

Class S shares incepted on June 3, 2011. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

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.

4 Invesco Select Risk: Moderately Conservative Investor Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎

The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎

The Fund’s investment strategy remained appropriate for an open-end fund;

∎

The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎

The Fund did not breach the 15% limit on Illiquid Investments; and

∎

The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5 Invesco Select Risk: Moderately Conservative Investor Fund

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Select Risk: Moderately Conservative Investor Fund

Schedule of Investments in Affiliated Issuers-100.07%^(a)


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 06/30/20		Value 06/30/20

Alternative Funds-9.58%
Invesco Balanced-Risk Allocation Fund, Class R6		3.43	%	$	10,741,520	$	434,468	$	–		$	(480,289	) $		–		$	–			1,055,844	$	10,695,699

Invesco Global Real Estate Income Fund, Class R6		3.00	%		9,065,070		1,988,727		(401,522	)		(1,209,531	)		(75,606	)		142,228			1,230,898		9,367,138

Invesco Global Targeted Returns Fund, Class R6		3.15	%		10,575,368		1,060,073		(1,652,011	)		(37,952	)		(109,078	)		–			1,047,540		9,836,400

Total Alternative Funds					30,381,958		3,483,268		(2,053,533	)		(1,727,772	)		(184,684	)		142,228					29,899,237

Domestic Equity Funds-27.10%
Invesco American Franchise Fund, Class R6^(b)		2.75	%		7,997,510		823,938		(1,214,511	)		899,340			77,380			–			335,561		8,583,657

Invesco Diversified Dividend Fund, Class R6		5.56	%		17,352,035		2,659,973		–			(2,656,533	)		–			257,237			998,015		17,355,475

Invesco Equally-Weighted S&P 500 Fund, Class R6		6.86	%		20,603,996		4,279,667		(1,825,177	)		(1,503,518	)		(142,305	)		–			373,238		21,412,663

Invesco Growth and Income Fund, Class R6		4.66	%		14,218,219		3,742,196		(658,671	)		(2,590,683	)		(169,914	)		186,500			780,523		14,541,147

Invesco S&P 500^® Pure Growth ETF		5.83	%		17,341,349		2,897,613		(2,856,759	)		792,857			33,047			66,934			140,614		18,208,107

Invesco S&P MidCap Low Volatility ETF^(c)		1.44	%		4,599,840		935,223		–			(1,022,036	)		–			69,809			109,063		4,513,027

Total Domestic Equity Funds					82,112,949		15,338,610		(6,555,118	)		(6,080,573	)		(201,792	)		580,480					84,614,076

Fixed Income Funds-55.35%
Invesco Core Plus Bond Fund, Class R6		16.57	%		51,852,777		3,146,188		(5,152,210	)		1,955,726			(63,778	)		796,710			4,534,505		51,738,703

Invesco Emerging Markets Sovereign Debt ETF^(c)		2.31	%		6,946,626		1,230,739		(487,471	)		(379,116	)		(94,987	)		183,232			269,447		7,215,791

Invesco Floating Rate Fund, Class R6		3.81	%		12,284,464		605,549		–			(999,205	)		–			286,939			1,761,601		11,890,808

Invesco High Yield Fund, Class R6		7.57	%		23,214,707		2,873,047		(205,300	)		(2,234,845	)		(4,282	)		727,907			6,424,817		23,643,327

Invesco Oppenheimer Emerging Markets Local Debt Fund, Class R6		2.25	%		7,058,735		460,720		–			(482,793	)		–			146,687			1,077,590		7,036,662

Invesco Quality Income Fund, Class R5		5.55	%		18,349,222		1,480,582		(2,909,956	)		365,059			53,467			360,947			1,455,783		17,338,374

Invesco Short Duration Inflation Protected Fund, Class R6		3.95	%		12,816,927		1,217,401		(1,855,015	)		202,159			(60,670	)		98,743			1,173,410		12,320,802

Invesco Short Term Bond Fund, Class R6		5.69	%		18,142,424		2,135,478		(2,449,322	)		14,501			(85,089	)		(252,326	)		2,067,287		17,757,992

Invesco Taxable Municipal Bond ETF Invesco Variable Rate Investment		4.15	%		12,719,464		2,057,678		(2,635,600	)		733,684			92,959			228,345			394,050		12,968,185

Grade ETF		3.50	%		10,511,205		1,510,447		(967,563	)		(28,785	)		(115,396	)		121,514			443,312		10,909,908

Total Fixed Income Funds					173,896,551		16,717,829		(16,662,437	)		(853,615	)		(277,776	)		2,698,698					172,820,552

Foreign Equity Funds-7.48%
Invesco International Growth Fund, Class R6		2.95	%		8,796,781		1,363,784		(511,850	)		(412,134	)		(41,514	)		–			305,180		9,195,067

Invesco RAFI™ Strategic Developed ex-US ETF		4.53	%		13,281,358		3,014,997		–			(2,141,453	)		–			196,817			650,032		14,154,902

Total Foreign Equity Funds					22,078,139		4,378,781		(511,850	)		(2,553,587	)		(41,514	)		196,817					23,349,969

Money Market Funds-0.56%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(d)		0.18	%		671,427		9,842,414		(9,937,336	)		–			–			2,085			576,505		576,505

Invesco Liquid Assets Portfolio, Institutional Class, 0.39%^(d)		0.17	%		594,136		7,311,535		(7,386,859	)		111			262			2,484			518,822		519,185

Invesco Treasury Portfolio,

Institutional Class, 0.08%^(d)		0.21	%		767,345		11,248,473		(11,356,955	)		–			–			2,244			658,863		658,863

Total Money Market Funds					2,032,908		28,402,422		(28,681,150	)		111			262			6,813					1,754,553

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $294,846,558)		100.07	%		310,502,505		68,320,910		(54,464,088	)		(11,215,436	)		(705,504	)		3,625,036					312,438,387

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6 Invesco Select Risk: Moderately Conservative Investor Fund

Invesco Select Risk: Moderately Conservative Investor Fund (continued)

Schedule of Investments in Affiliated Issuers-100.07%^(a)


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.06%
Invesco Liquid Assets Portfolio, Institutional Class		–		$	–	$	14,149,202	$	(14,147,848	)	$	–		$	(1,354	)	$	4,535		–	$	–

Invesco Government & Agency Portfolio, Institutional Class		–			–		45,576,270		(45,576,270	)		–			–			10,526		–		–

Invesco Private Government Fund, 0.05%^(d)(e)		0.80	%		–		19,370,910		(16,877,398	)		–			–			103		2,493,512		2,493,512

Invesco Private Prime Fund, 0.11%^(d)(e)		0.26	%		–		3,012,772		(2,181,733	)		–			132			27		831,004		831,171

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,324,683)		1.06	%		–		82,109,154		(78,783,249	)		–			(1,222	)		15,191				3,324,683

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $298,171,241)		101.13	%	$	310,502,505	$	150,430,064	$	(133,247,337	)	$	(11,215,436	)	$	(706,726	)	$	3,640,227			$	315,763,070

OTHER ASSETS LESS LIABILITIES		(1.13	)%																			(3,529,554	)

NET ASSETS		100.00	%																		$	312,233,516

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)	Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

^(b)	Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from June 30, 2020.

^(c)	All or a portion of this security was out on loan at June 30, 2020.

^(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

^(e)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1H.

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2020


Fixed Income Funds	54.73	%
Equity Funds	34.19
Alternative Funds	9.47
Money Market Funds	1.61

*	Based on the Schedule of Investments, which classifies each underlying fund and other investments into broad asset classes based on their predominant investments.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7 Invesco Select Risk: Moderately Conservative Investor Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)


Assets:
Investments in affiliated underlying funds, at value (Cost $298,171,241)*		$315,763,070
Receivable for:
Fund shares sold		102,290
Dividends - affiliated underlying funds		442,231
Investment for trustee deferred compensation and retirement plans		88,005
Other assets		81,314
Total assets		316,476,910

Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		415,652
Fund shares reacquired		185,175
Collateral upon return of securities loaned		3,324,683
Accrued fees to affiliates		163,124
Accrued trustees’ and officers’ fees and benefits		1,298
Accrued other operating expenses		57,137
Trustee deferred compensation and retirement plans		96,325
Total liabilities		4,243,394
Net assets applicable to shares outstanding		$312,233,516

Net assets consist of:
Shares of beneficial interest		$298,177,242
Distributable earnings		14,056,274
		$312,233,516


Net Assets:
Class A		$259,079,270
Class C		$ 30,144,375
Class R		$ 6,958,788
Class S		$ 1,786,452
Class Y		$ 14,244,105
Class R5		$ 10,477
Class R6		$ 10,049

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		23,567,572
Class C		2,772,075
Class R		635,630
Class S		162,287
Class Y		1,297,334
Class R5		949
Class R6		910
Class A:
Net asset value per share		$ 10.99
Maximum offering price per share (Net asset value of $10.99 ÷ 94.50%)		$ 11.63
Class C:
Net asset value and offering price per share		$ 10.87
Class R:
Net asset value and offering price per share		$ 10.95
Class S:
Net asset value and offering price per share		$ 11.01
Class Y:
Net asset value and offering price per share		$ 10.98
Class R5:
Net asset value and offering price per share		$ 11.04
Class R6:
Net asset value and offering price per share		$ 11.04

*	At June 30, 2020, securities with an aggregate value of $3,251,643 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Select Risk: Moderately Conservative Investor Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)


Investment income:
Dividends from affiliated underlying funds (includes securities lending income of $15,191)	$	3,640,227


Expenses:
Administrative services fees		21,225

Custodian fees		1,752

Distribution fees:
Class A		312,597

Class C		153,107

Class R		17,596

Class S		1,310

Transfer agent fees – A, C, R, S and Y		199,533

Transfer agent fees – R5		5

Transfer agent fees – R6		5

Trustees’ and officers’ fees and benefits		7,562

Registration and filing fees		41,301

Reports to shareholders		22,672

Professional services fees		16,578

Other		10,276

Total expenses		805,519

Less: Expense offset arrangement(s)		(906	)

Net expenses		804,613

Net investment income		2,835,614


Realized and unrealized gain (loss) from:
Net realized gain (loss) from affiliated underlying fund shares		(706,858	)

Change in net unrealized appreciation (depreciation) of affiliated underlying fund shares		(11,215,436	)

Net realized and unrealized gain (loss)		(11,922,294	)

Net increase (decrease) in net assets resulting from operations	$	(9,086,680	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Select Risk: Moderately Conservative Investor Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2020 and the year ended December 31, 2019

(Unaudited)


	June 30, 2020				December 31, 2019
Operations:
Net investment income		$	2,835,614			$	8,640,444
Net realized gain (loss)			(706,858	)			10,797,034
Change in net unrealized appreciation (depreciation)			(11,215,436	)			19,685,915
Net increase (decrease) in net assets resulting from operations			(9,086,680	)			39,123,393

Distributions to shareholders from distributable earnings:
Class A			(2,784,787	)			(15,739,764	)
Class C			(225,923	)			(1,798,827	)
Class R			(70,726	)			(470,227	)
Class S			(20,070	)			(118,320	)
Class Y			(165,851	)			(623,354	)
Class R5			(127	)			(735	)
Class R6			(120	)			(681	)
Total distributions from distributable earnings			(3,267,604	)			(18,751,908	)

Share transactions-net:
Class A			12,117,703				31,401,541
Class C			(1,687,141	)			(26,851,515	)
Class R			(514,822	)			(188,658	)
Class S			(15,570	)			(70,180	)
Class Y			4,569,671				2,634,664
Class R6			316				–
Net increase in net assets resulting from share transactions			14,470,157				6,925,852
Net increase in net assets			2,115,873				27,297,337

Net assets:
Beginning of period			310,117,643				282,820,306
End of period		$	312,233,516			$	310,117,643

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Select Risk: Moderately Conservative Investor Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period			Net investment income^(a)^(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Six months ended 06/30/20		$	11.47		$	0.11		$	(0.47	)		$	(0.36	)		$	(0.12	)		$	–			$	(0.12	)		$	10.99		(3.08	)%		$	259,079		0.46	%^(f)		0.46	%^(f)		1.96	%^(f)		8	%
Year ended 12/31/19			10.68			0.35			1.18				1.53				(0.35	)			(0.39	)			(0.74	)			11.47		14.39				257,703		0.48			0.48			3.01			28
Year ended 12/31/18			11.63			0.28			(0.80	)			(0.52	)			(0.28	)			(0.15	)			(0.43	)			10.68		(4.50	)			210,248		0.50			0.50			2.43			23
Year ended 12/31/17			11.13			0.24			0.63				0.87				(0.34	)			(0.03	)			(0.37	)			11.63		7.87				233,998		0.53			0.53			2.11			11
Year ended 12/31/16			10.70			0.23			0.47				0.70				(0.22	)			(0.05	)			(0.27	)			11.13		6.63				239,626		0.50			0.50			2.16			45
Year ended 12/31/15			11.34			0.26			(0.60	)			(0.34	)			(0.30	)			–				(0.30	)			10.70		(3.07	)			246,518		0.51			0.51			2.24			12
Class C
Six months ended 06/30/20			11.34			0.06			(0.45	)			(0.39	)			(0.08	)			–				(0.08	)			10.87		(3.40	)			30,144		1.21	^(f)		1.21	^(f)		1.21	^(f)		8
Year ended 12/31/19			10.57			0.26			1.16				1.42				(0.26	)			(0.39	)			(0.65	)			11.34		13.45				33,282		1.23			1.23			2.26			28
Year ended 12/31/18			11.51			0.19			(0.79	)			(0.60	)			(0.19	)			(0.15	)			(0.34	)			10.57		(5.21	)			57,060		1.25			1.25			1.68			23
Year ended 12/31/17			11.02			0.16			0.61				0.77				(0.25	)			(0.03	)			(0.28	)			11.51		7.02				69,800		1.28			1.28			1.36			11
Year ended 12/31/16			10.59			0.15			0.47				0.62				(0.14	)			(0.05	)			(0.19	)			11.02		5.88				70,906		1.25			1.25			1.41			45
Year ended 12/31/15			11.23			0.17			(0.60	)			(0.43	)			(0.21	)			–				(0.21	)			10.59		(3.86	)			73,617		1.26			1.26			1.49			12
Class R
Six months ended 06/30/20			11.42			0.09			(0.45	)			(0.36	)			(0.11	)			–				(0.11	)			10.95		(3.13	)			6,959		0.71	^(f)		0.71	^(f)		1.71	^(f)		8
Year ended 12/31/19			10.64			0.32			1.17				1.49				(0.32	)			(0.39	)			(0.71	)			11.42		14.05				7,777		0.73			0.73			2.76			28
Year ended 12/31/18			11.58			0.25			(0.79	)			(0.54	)			(0.25	)			(0.15	)			(0.40	)			10.64		(4.68	)			7,410		0.75			0.75			2.18			23
Year ended 12/31/17			11.09			0.21			0.62				0.83				(0.31	)			(0.03	)			(0.34	)			11.58		7.52				8,359		0.78			0.78			1.86			11
Year ended 12/31/16			10.66			0.21			0.47				0.68				(0.20	)			(0.05	)			(0.25	)			11.09		6.38				9,534		0.75			0.75			1.91			45
Year ended 12/31/15			11.30			0.23			(0.60	)			(0.37	)			(0.27	)			–				(0.27	)			10.66		(3.34	)			10,448		0.76			0.76			1.99			12
Class S
Six months ended 06/30/20			11.48			0.11			(0.46	)			(0.35	)			(0.12	)			–				(0.12	)			11.01		(2.94	)			1,786		0.36	^(f)		0.36	^(f)		2.06	^(f)		8
Year ended 12/31/19			10.70			0.36			1.17				1.53				(0.36	)			(0.39	)			(0.75	)			11.48		14.39				1,877		0.38			0.38			3.11			28
Year ended 12/31/18			11.64			0.29			(0.79	)			(0.50	)			(0.29	)			(0.15	)			(0.44	)			10.70		(4.31	)			1,814		0.40			0.40			2.53			23
Year ended 12/31/17			11.14			0.26			0.62				0.88				(0.35	)			(0.03	)			(0.38	)			11.64		7.97				2,106		0.43			0.43			2.21			11
Year ended 12/31/16			10.71			0.25			0.46				0.71				(0.23	)			(0.05	)			(0.28	)			11.14		6.73				2,162		0.40			0.40			2.26			45
Year ended 12/31/15			11.36			0.26			(0.60	)			(0.34	)			(0.31	)			–				(0.31	)			10.71		(3.05	)			2,226		0.41			0.41			2.34			12
Class Y
Six months ended 06/30/20			11.45			0.12			(0.46	)			(0.34	)			(0.13	)			–				(0.13	)			10.98		(2.88	)			14,244		0.21	^(f)		0.21	^(f)		2.21	^(f)		8
Year ended 12/31/19			10.67			0.37			1.18				1.55				(0.38	)			(0.39	)			(0.77	)			11.45		14.59				9,457		0.23			0.23			3.26			28
Year ended 12/31/18			11.62			0.31			(0.80	)			(0.49	)			(0.31	)			(0.15	)			(0.46	)			10.67		(4.27	)			6,268		0.25			0.25			2.68			23
Year ended 12/31/17			11.12			0.27			0.63				0.90				(0.37	)			(0.03	)			(0.40	)			11.62		8.15				6,232		0.28			0.28			2.36			11
Year ended 12/31/16			10.69			0.26			0.47				0.73				(0.25	)			(0.05	)			(0.30	)			11.12		6.90				4,767		0.25			0.25			2.41			45
Year ended 12/31/15			11.33			0.28			(0.60	)			(0.32	)			(0.32	)			–				(0.32	)			10.69		(2.83	)			4,498		0.26			0.26			2.49			12
Class R5
Six months ended 06/30/20			11.52			0.12			(0.47	)			(0.35	)			(0.13	)			–				(0.13	)			11.04		(2.93	)			10		0.18	^(f)		0.18	^(f)		2.24	^(f)		8
Year ended 12/31/19			10.73			0.38			1.18				1.56				(0.38	)			(0.39	)			(0.77	)			11.52		14.69				11		0.19			0.20			3.30			28
Year ended 12/31/18			11.68			0.31			(0.80	)			(0.49	)			(0.31	)			(0.15	)			(0.46	)			10.73		(4.18	)			10		0.21			0.21			2.72			23
Year ended 12/31/17			11.18			0.28			0.62				0.90				(0.37	)			(0.03	)			(0.40	)			11.68		8.16				11		0.24			0.24			2.40			11
Year ended 12/31/16			10.74			0.27			0.48				0.75				(0.26	)			(0.05	)			(0.31	)			11.18		7.03				14		0.20			0.20			2.46			45
Year ended 12/31/15			11.40			0.29			(0.62	)			(0.33	)			(0.33	)			–				(0.33	)			10.74		(2.92	)			13		0.20			0.20			2.55			12
Class R6
Six months ended 06/30/20			11.52			0.12			(0.47	)			(0.35	)			(0.13	)			–				(0.13	)			11.04		(2.93	)			10		0.18	^(f)		0.18	^(f)		2.24	^(f)		8
Year ended 12/31/19			10.73			0.38			1.18				1.56				(0.38	)			(0.39	)			(0.77	)			11.52		14.69				10		0.19			0.20			3.30			28
Year ended 12/31/18			11.67			0.31			(0.79	)			(0.48	)			(0.31	)			(0.15	)			(0.46	)			10.73		(4.10	)			9		0.21			0.21			2.72			23
Year ended 12/31/17^(g)			11.40			0.21			0.40				0.61				(0.31	)			(0.03	)			(0.34	)			11.67		5.38				10		0.24	^(h)		0.24	^(h)		2.40	^(h)		11

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

^(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $251,506, $30,792, $7,079, $1,757, $11,554, $10 and $10 for Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Commencement date of April 4, 2017.

^(h)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Select Risk: Moderately Conservative Investor Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Select Risk: Moderately Conservative Investor Fund, formerly Invesco Conservative Allocation Fund, (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is total return consistent with a lower level of risk relative to the broad stock market.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

12 Invesco Select Risk: Moderately Conservative Investor Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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.

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated underlying funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

13 Invesco Select Risk: Moderately Conservative Investor Fund

The Adviser has contractually agreed, through June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.40%, 1.25%, 1.25% and 1.25%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $20,422 in front-end sales commissions from the sale of Class A shares and $9,671 and $1,417 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

The underlying Invesco Funds pay no distribution fees for Class R6 shares and the Funds pay no sales loads or other similar compensation to IDI for acquiring underlying fund shares.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1			Level 2			Level 3			Total
Investments in Securities
Affiliated Issuers		$	310,683,834		$	–		$	–		$	310,683,834
Money Market Funds			1,754,553			3,324,683			–			5,079,236
Total Investments		$	312,438,387		$	3,324,683		$	–		$	315,763,070

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be

14 Invesco Select Risk: Moderately Conservative Investor Fund

NOTE 6–Cash Balances

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

The Fund did not have a capital loss carryforward as of December 31, 2019.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2020 was $39,918,487 and $25,233,117, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	18,131,141

Aggregate unrealized (depreciation) of investments		(6,775,865	)

Net unrealized appreciation of investments	$	11,355,276

Cost of investments for tax purposes is $304,407,794.

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended June 30, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class A		4,512,288		$	48,665,333			3,647,941		$	42,214,594

Class C		527,547			5,602,751			787,692			8,977,542

Class R		82,670			895,866			203,322			2,333,044

Class S		470			5,100			4,052			46,992

Class Y		736,457			7,371,521			871,556			9,962,084

Class R6		33			356			-			-


Issued as reinvestment of dividends:
Class A		244,550			2,543,712			1,274,839			14,610,530

Class C		20,738			212,463			151,745			1,721,123

Class R		6,787			70,226			40,539			463,185

Class S		1,927			20,070			10,285			118,133

Class Y		15,215			158,304			51,860			594,040


Automatic conversion of Class C shares to Class A shares:
Class A		116,531			1,264,553			2,390,182			26,453,324

Class C		(117,858	)		(1,264,553	)		(2,416,618	)		(26,453,324	)

15 Invesco Select Risk: Moderately Conservative Investor Fund


	Summary of Share Activity

	Six months ended June 30, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount


Reacquired:
Class A		(3,780,239	)	$	(40,355,895	)		(4,517,172	)	$	(51,876,907	)

Class C		(592,390	)		(6,237,802	)		(984,631	)		(11,096,856	)

Class R		(134,747	)		(1,480,914	)		(259,143	)		(2,984,887	)

Class S		(3,624	)		(40,740	)		(20,392	)		(235,305	)

Class Y		(280,022	)		(2,960,154	)		(685,014	)		(7,921,460	)

Class R6		(3	)		(40	)		-			-

Net increase (decrease) in share activity		1,356,330		$	14,470,157			551,043		$	6,925,852

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 36% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Coronavirus (COVID-19) Pandemic

16 Invesco Select Risk: Moderately Conservative Investor Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(01/01/20)	(06/30/20)¹	Period²	(06/30/20)	Period²	Ratio
Class A	$1,000.00	$969.20	$2.25	$1,022.58	$2.31	0.46%
Class C	1,000.00	966.00	5.91	1,018.85	6.07	1.21
Class R	1,000.00	968.70	3.48	1,021.33	3.57	0.71
Class S	1,000.00	970.60	1.76	1,023.07	1.81	0.36
Class Y	1,000.00	971.20	1.03	1,023.82	1.06	0.21
Class R5	1,000.00	970.70	0.88	1,023.97	0.91	0.18
Class R6	1,000.00	971.50	0.88	1,023.97	0.91	0.18

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

17 Invesco Select Risk: Moderately Conservative Investor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Select Risk: Moderately Conservative Investor Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

sessions with the Senior Officer and with independent legal counsel.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A.	Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

B.	Fund Investment Performance

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary

18 Invesco Select Risk: Moderately Conservative Investor Fund

to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

19 Invesco Select Risk: Moderately Conservative Investor Fund

LOGO

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

Fund holdings and proxy voting information

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

LOGO

SEC file numbers: 811-02699 and 002-57526 Invesco Distributors, Inc. CAL-SAR-1



		Semiannual Report to Shareholders			June 30, 2020

		Invesco Oppenheimer International Diversified Fund
		Nasdaq:
		A: OIDAX ∎ C: OIDCX ∎ R: OIDNX ∎ Y: OIDYX ∎ R5: INDFX ∎ R6: OIDIX

LOGO


2		Letters to Shareholders
3		Fund Performance
5		Liquidity Risk Management Program
6		Schedule of Investments
8		Financial Statements
11		Financial Highlights
12		Notes to Financial Statements
17		Fund Expenses
18		Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders

LOGO

Dear Fellow Shareholders:

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

LOGO

Dear Shareholders:

This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Oppenheimer International Diversified Fund

Fund Performance



Performance summary


Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-5.15	%
Class C Shares	-5.55
Class R Shares	-5.28
Class Y Shares	-5.04
Class R5 Shares	-5.04
Class R6 Shares	-4.97
MSCI ACWI ex USA Index^q	-11.00
Source(s): ^qRIMES Technologies Corp.

The MSCI ACWI ex USA^® Index (Net) is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3 Invesco Oppenheimer International Diversified Fund



Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (9/27/05)	5.67	%
10 Years	6.80
5 Years	3.80
1 Year	-3.66

Class C Shares
Inception (9/27/05)	5.53	%
10 Years	6.60
5 Years	4.19
1 Year	0.13

Class R Shares
Inception (9/27/05)	5.77	%
10 Years	7.12
5 Years	4.72
1 Year	1.66

Class Y Shares
Inception (9/27/05)	6.39	%
10 Years	7.68
5 Years	5.26
1 Year	2.18

Class R5 Shares
10 Years	7.45	%
5 Years	5.07
1 Year	2.25

Class R6 Shares
Inception (8/28/12)	7.86	%
5 Years	5.43
1 Year	2.34

Effective May 24, 2019, Class A, Class C, Class R, Class Y, and Class I shares of the Oppenheimer International Diversified Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y, and Class R6 shares, respectively, of the Invesco Oppenheimer International Diversified Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

4 Invesco Oppenheimer International Diversified Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5 Invesco Oppenheimer International Diversified Fund

Schedule of Investments

June 30, 2020

(Unaudited)

Invesco Oppenheimer International Diversified Fund

Schedule of Investments in Affiliated Issuers-99.42%^(a)


	% of Net Assets 06/30/20			Value 12/31/19		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/20		Value 06/30/20
Foreign Equity Funds-99.42%
Invesco Developing Markets Fund, Class R6		–		$	–	$	4,683,556	$	(4,477,440	)	$	–		$	(206,116	)		$–		–	$	–
Invesco International Companies Fund, Class R6		–			–		13,626,027		(12,582,992	)		–			(1,043,035	)		–		–		–
Invesco International Core Equity Fund, Class R6		–			–		6,270,884		(5,375,060	)		–			(895,824	)		–		–		–
Invesco International Growth Fund, Class R6		–			–		14,551,416		(12,518,254	)		–			(2,033,162	)		–		–		–
Invesco International Small Company Fund, Class R6		–			–		7,066,921		(6,156,039	)		–			(910,882	)		–		–		–
Invesco Low Volatility Emerging Markets Fund, Class R6		–			–		6,196,083		(3,576,930	)		–			(2,619,153	)		–		–		–
Invesco Oppenheimer Developing Markets Fund, Class R6		24.74	%		1,217,931,305		81,920,459		(215,195,841	)		(76,270,478	)		(12,735,977	)		–		23,922,380		995,649,468
Invesco Oppenheimer International Equity Fund, Class R6		24.92	%		1,225,434,044		34,162,962		(164,943,055	)		(62,257,878	)		(29,354,047	)		–		49,386,609		1,003,042,026
Invesco Oppenheimer International Growth Fund, Class R6		24.94	%		1,226,907,619		46,036,226		(212,643,957	)		(34,506,873	)		(21,914,061	)		–		23,488,043		1,003,878,954
Invesco Oppenheimer International Small-Mid Company Fund, Class R6		24.82	%		1,223,427,877		52,933,737		(223,189,366	)		(14,022,704	)		(40,475,112	)		–		21,221,301		998,674,432
Invesco RAFI™ Strategic Developed ex-US ETF		–			–		21,641,315		(17,707,660	)		–			(3,933,655	)		–		–		–
Invesco RAFI™ Strategic Developed ex-US Small Company ETF		–			–		10,639,139		(8,790,271	)		–			(1,848,868	)		–		–		–
Invesco RAFI™ Strategic Emerging Markets ETF		–			–		5,508,494		(4,430,833	)		–			(1,077,661	)		–		–		–
Invesco S&P International Developed Low Volatility ETF		–			–		13,042,191		(11,234,615	)		–			(1,807,576	)		–		–		–
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $3,015,423,867)		99.42	%	$	4,893,700,845	$	318,279,410	$	(902,822,313	)	$	(187,057,933	)	$	(120,855,129	)		$–			$	4,001,244,880
OTHER ASSETS LESS LIABILITIES		0.58	%																			23,315,551
NET ASSETS		100.00	%																		$	4,024,560,431

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)	Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6 Invesco Oppenheimer International Diversified Fund

Portfolio Composition

% of total investments as of June 30, 2020


Invesco Oppenheimer International Growth Fund, Class R6	25.09	%
Invesco Oppenheimer International Equity Fund, Class R6	25.07
Invesco Oppenheimer International Small-Mid Company Fund, Class R6	24.96
Invesco Oppenheimer Developing Markets Fund, Class R6	24.88

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7 Invesco Oppenheimer International Diversified Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)


Assets:
Investments in affiliated underlying funds, at value (Cost $3,015,423,867)	$	4,001,244,880
Cash		36,080,584
Receivable for:
Interest		1,185
Fund shares sold		2,153,353
Investment for trustee deferred compensation and retirement plans		175,478
Other assets		134,353
Total assets		4,039,789,833

Liabilities:
Payable for:
Dividends		372
Fund shares reacquired		12,746,384
Accrued fees to affiliates		1,741,660
Accrued trustees’ and officers’ fees and benefits		40,173
Accrued other operating expenses		517,848
Trustee deferred compensation and retirement plans		182,965
Total liabilities		15,229,402
Net assets applicable to shares outstanding	$	4,024,560,431

Net assets consist of:
Shares of beneficial interest	$	3,236,162,894
Distributable earnings		788,397,537
	$	4,024,560,431


Net Assets:
Class A	$	1,183,513,895
Class C	$	225,750,596
Class R	$	170,893,209
Class Y	$	1,698,045,612
Class R5	$	31,417
Class R6	$	746,325,702

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		67,124,641
Class C		13,317,110
Class R		9,850,418
Class Y		95,088,987
Class R5		1,775
Class R6		41,555,907
Class A:
Net asset value per share	$	17.63
Maximum offering price per share (Net asset value of $17.63 ÷ 94.50%)	$	18.66
Class C:
Net asset value and offering price per share	$	16.95
Class R:
Net asset value and offering price per share	$	17.35
Class Y:
Net asset value and offering price per share	$	17.86
Class R5:
Net asset value and offering price per share	$	17.70
Class R6:
Net asset value and offering price per share	$	17.96

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Oppenheimer International Diversified Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)


Investment income:
Interest	$	75,548


Expenses:
Custodian fees		10,638

Distribution fees:
Class A		1,378,750

Class C		1,172,661

Class R		417,031

Transfer agent fees – A, C, R and Y		2,852,659

Transfer agent fees – R5		6

Transfer agent fees – R6		17,890

Trustees’ and officers’ fees and benefits		22,568

Registration and filing fees		73,003

Reports to shareholders		153,909

Professional services fees		26,929

Other		15,588

Total expenses		6,141,632

Less: Expense offset arrangement(s)		(8,300	)

Net expenses		6,133,332

Net investment income (loss)		(6,057,784	)


Realized and unrealized gain (loss) from:
Net realized gain (loss) from affiliated underlying fund shares		(120,855,129	)

Change in net unrealized appreciation (depreciation) of affiliated underlying fund shares		(187,057,933	)

Net realized and unrealized gain (loss)		(307,913,062	)

Net increase (decrease) in net assets resulting from operations	$	(313,970,846	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Oppenheimer International Diversified Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2020, period ended December 31, 2019, and the year ended April 30, 2019

(Unaudited)


	Six Months Ended June 30, 2020			Eight Months Ended December 31, 2019			Year Ended April 30, 2019
Operations:
Net investment income (loss)		$ (6,057,784	)		$ 41,470,221			$ 39,846,449

Net realized gain (loss)		(120,855,129	)		49,096,715			61,797,642

Change in net unrealized appreciation (depreciation)		(187,057,933	)		242,001,602			(165,754,338	)

Net increase (decrease) in net assets resulting from operations		(313,970,846	)		332,568,538			(64,110,247	)


Distributions to shareholders from distributable earnings:
Class A		(15,806,187	)		(27,038,986	)		(9,024,145	)

Class C		(3,364,997	)		(6,226,149	)		–

Class R		(2,464,879	)		(4,048,838	)		(1,013,445	)

Class Y		(24,562,099	)		(49,236,307	)		(23,341,642	)

Class R5		(147	)		(238	)		–

Class R6		(10,243,028	)		(16,842,332	)		(7,383,520	)

Total distributions from distributable earnings		(56,441,337	)		(103,392,850	)		(40,762,752	)


Share transactions-net:
Class A		(14,088,570	)		(5,395,367	)		(140,795,623	)

Class B		–			–			(1,525,600	)

Class C		(34,643,303	)		(144,127,334	)		(48,097,923	)

Class R		(3,310,491	)		(21,144,118	)		(9,226,616	)

Class Y		(452,970,176	)		(148,013,557	)		461,261,248

Class R5		17,794			10,000			–

Class R6		(5,094,076	)		29,275,576			275,131,274

Net increase (decrease) in net assets resulting from share transactions		(510,088,822	)		(289,394,800	)		536,746,760

Net increase (decrease) in net assets		(880,501,005	)		(60,219,112	)		431,873,761


Net assets:
Beginning of period		4,905,061,436			4,965,280,548			4,533,406,787

End of period		$4,024,560,431			$4,905,061,436			$4,965,280,548

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Oppenheimer International Diversified Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period	Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(d)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(e)
Class A
Six months ended 06/30/20	$18.88		$	(0.04	)		$	(0.96	)		$	(1.00	)		$	(0.19	)		$	(0.06	)		$	(0.25	)		$	17.63		(5.15	)%		$	1,183,514		0.43	%^(f)		0.43	%^(f)		(0.43	)%^(f)		5	%
Eight months ended 12/31/19	18.00			0.14				1.14				1.28				(0.18	)			(0.22	)			(0.40	)			18.88		7.16				1,279,901		0.44	^(g)		0.44	^(g)		1.16	^(g)		5
Year ended 04/30/19	18.47			0.13				(0.47	)			(0.34	)			(0.13	)			–				(0.13	)			18.00		(1.73	)			1,226,049		0.45			0.45			0.76			7
Year ended 04/30/18	15.75			0.08				2.71				2.79				(0.07	)			–				(0.07	)			18.47		17.73				1,406,336		0.47			0.48			0.48			30
Year ended 04/30/17	14.01			0.10				1.70				1.80				(0.06	)			–				(0.06	)			15.75		12.89				1,302,414		0.62			0.62			0.72			16
Year ended 04/30/16^(h)	14.96			0.07				0.89				(0.82	)			(0.13	)			–				(0.13	)			14.01		(5.45	)			1,343,636		0.65			0.65			0.52			3
Year ended 04/30/15	14.73			0.10				0.22				0.32				(0.09	)			–				(0.09	)			14.96		2.21				1,527,713		0.65			0.65			0.70			7
Class C
Six months ended 06/30/20	18.24			(0.10	)			(0.94	)			(1.04	)			(0.19	)			(0.06	)			(0.25	)			16.95		(5.55	)			225,751		1.18	^(f)		1.18	^(f)		(1.18	)^(f)		5
Eight months ended 12/31/19	17.48			0.05				1.11				1.16				(0.18	)			(0.22	)			(0.40	)			18.24		6.68				282,376		1.19	^(g)		1.19	^(g)		0.40	^(g)		5
Year ended 04/30/19	17.92			0.00				(0.44	)			(0.44	)			–				–				–				17.48		(2.46	)			417,155		1.20			1.20			0.01			7
Year ended 04/30/18	15.34			(0.05	)			2.63				2.58				–				–				–				17.92		16.82				480,204		1.22			1.23			(0.27	)		30
Year ended 04/30/17	13.69			(0.01	)			1.66				1.65				–				–				–				15.34		12.05				394,497		1.37			1.37			(0.04	)		16
Year ended 04/30/16^(h)	14.62			(0.03	)			(0.87	)			(0.90	)			(0.03	)			–				(0.03	)			13.69		(6.19	)			428,917		1.40			1.40			(0.24	)		3
Year ended 04/30/15	14.41			(0.00	)			0.21				0.21				–				–				–				14.62		1.46				500,310		1.40			1.40			(0.02	)		7
Class R
Six months ended 06/30/20	18.61			(0.06	)			(0.95	)			(1.01	)			(0.19	)			(0.06	)			(0.25	)			17.35		(5.28	)			170,893		0.68	^(f)		0.68	^(f)		(0.68	)^(f)		5
Eight months ended 12/31/19	17.77			0.11				1.13				1.24				(0.18	)			(0.22	)			(0.40	)			18.61		7.03				187,607		0.69	^(g)		0.69	^(g)		0.90	^(g)		5
Year ended 04/30/19	18.23			0.09				(0.46	)			(0.37	)			(0.09	)			–				(0.09	)			17.77		(1.96	)			200,643		0.70			0.70			0.51			7
Year ended 04/30/18	15.56			0.04				2.66				2.70				(0.03	)			–				(0.03	)			18.23		17.38				215,588		0.72			0.73			0.23			30
Year ended 04/30/17	13.84			0.07				1.68				1.75				(0.03	)			–				(0.03	)			15.56		12.64				180,808		0.87			0.87			0.47			16
Year ended 04/30/16^(h)	14.78			0.04				(0.89	)			(0.85	)			(0.09	)			–				(0.09	)			13.84		(5.73	)			165,915		0.90			0.90			0.26			3
Year ended 04/30/15	14.56			0.07				0.21				0.28				(0.06	)			–				(0.06	)			14.78		1.96				175,025		0.90			0.90			0.49			7
Class Y
Six months ended 06/30/20	19.10			(0.02	)			(0.97	)			(0.99	)			(0.19	)			(0.06	)			(0.25	)			17.86		(5.04	)			1,698,046		0.18	^(f)		0.18	^(f)		(0.18	)^(f)		5
Eight months ended 12/31/19	18.17			0.17				1.16				1.33				(0.18	)			(0.22	)			(0.40	)			19.10		7.37				2,349,592		0.17	^(g)		0.19	^(g)		1.43	^(g)		5
Year ended 04/30/19	18.65			0.18				(0.48	)			(0.30	)			(0.18	)			–				(0.18	)			18.17		(1.41	)			2,386,585		0.16			0.20			1.05			7
Year ended 04/30/18	15.91			0.13				2.73				2.86				(0.12	)			–				(0.12	)			18.65		18.00				1,968,444		0.22			0.23			0.73			30
Year ended 04/30/17	14.16			0.15				1.70				1.85				(0.10	)			–				(0.10	)			15.91		13.16				825,180		0.37			0.37			1.00			16
Year ended 04/30/16^(h)	15.13			0.11				(0.91	)			(0.80	)			(0.17	)			–				(0.17	)			14.16		(5.27	)			542,294		0.40			0.40			0.77			3
Year ended 04/30/15	14.89			0.15				0.22				0.37				(0.13	)			–				(0.13	)			15.13		2.56				537,066		0.40			0.40			1.00			7
Class R5
Six months ended 06/30/20	18.93			(0.01	)			(0.97	)			(0.98	)			(0.19	)			(0.06	)			(0.25	)			17.70		(5.04	)			31		0.08	^(f)		0.08	^(f)		(0.08	)^(f)		5
Period ended 12/31/19⁽ⁱ⁾	17.05			0.16				2.12				2.28				(0.18	)			(0.22	)			(0.40	)			18.93		13.42				11		0.07	^(g)		0.07	^(g)		1.52	^(g)		5
Class R6
Six months ended 06/30/20	19.19			(0.00	)			(0.98	)			(0.98	)			(0.19	)			(0.06	)			(0.25	)			17.96		(4.97	)			746,326		0.02	^(f)		0.02	^(f)		(0.02	)^(f)		5
Eight months ended 12/31/19	18.23			0.19				1.17				1.36				(0.18	)			(0.22	)			(0.40	)			19.19		7.51				805,573		0.03	^(g)		0.03	^(g)		1.57	^(g)		5
Year ended 04/30/19	18.73			0.20				(0.49	)			(0.29	)			(0.21	)			–				(0.21	)			18.23		(1.37	)			734,849		0.04			0.04			1.17			7
Year ended 04/30/18	15.96			0.16				2.75				2.91				(0.14	)			–				(0.14	)			18.73		18.28				461,321		0.05			0.05			0.90			30
Year ended 04/30/17	14.20			0.17				1.71				1.88				(0.12	)			–				(0.12	)			15.96		13.39				197,537		0.18			0.18			1.15			16
Year ended 04/30/16^(h)	15.17			0.14				(0.91	)			(0.77	)			(0.20	)			–				(0.20	)			14.20		(5.07	)			124,159		0.21			0.21			0.99			3
Year ended 04/30/15	14.94			0.17				0.22				0.39				(0.16	)			–				(0.16	)			15.17		2.68				90,659		0.21			0.21			1.16			7

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

^(d)	Does not include indirect expenses from affiliated fund fees and expenses of 0.80%, 0.83%, 0.83%, 0.70%, 0.61% and 0.61% for the eight months ended December 31, 2019, and the years ended April 30, 2019, 2018, 2017, 2016 and 2015, respectively.

^(e)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the six months ended June 30, 2020, the portfolio turnover calculation excludes the value of securities purchased of $103,226,025 and sold of $86,850,094 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco International Allocation Fund into the Fund.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $1,129,543, $235,821, $167,729, $1,871,656, $17 and $719,580 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Annualized.

^(h)	The last business day of the reporting period was April 29, 2016.

⁽ⁱ⁾	Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Oppenheimer International Diversified Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Oppenheimer International Diversified Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek capital appreciation.

The 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.

12 Invesco Oppenheimer International Diversified Fund

of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

NOTE 2-Advisory Fees and Other Fees Paid to Affiliates

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (including Acquired Fund Fees and Expenses of 0.80% and excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.29%, 2.04%, 1.54%, 0.99%, 0.91% and 0.88%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these limits.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

13 Invesco Oppenheimer International Diversified Fund

monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $62,941 in front-end sales commissions from the sale of Class A shares and $5,527 and $6,120 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3—Additional Valuation Information


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.

NOTE 4—Expense Offset Arrangement(s)

NOTE 5—Trustees’ and Officers’ Fees and Benefits

NOTE 6—Cash Balances

NOTE 7—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

The Fund did not have a capital loss carryforward as of December 31, 2019.

NOTE 8—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2020 was $318,279,410 and $902,822,313, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	1,056,158,966
Aggregate unrealized (depreciation) of investments		–
Net unrealized appreciation of investments	$	1,056,158,966

14 Invesco Oppenheimer International Diversified Fund

Cost of investments for tax purposes is $2,945,085,914.

NOTE 9—Share Information


	Summary of Share Activity

	Six months ended June 30, 2020^(a)						Eight Months Ended December 31, 2019						Year ended April 30, 2019
	Shares			Amount			Shares			Amount			Shares			Amount


Sold:
Class A		3,579,713		$	60,350,353			6,465,842		$	114,865,387			13,475,477		$	233,470,075

Class B^(b)		-			-			-			-			5			101

Class C		593,030			9,984,275			782,010			13,505,054			3,783,862			63,954,851

Class R		1,176,596			20,259,303			1,058,274			18,559,246			2,928,378			50,041,807

Class Y		12,914,926			220,031,184			21,409,286			383,804,109			71,086,639			1,237,747,429

Class R5^(c)		-			-			587			10,000			-			-

Class R6		6,438,649			110,829,190			9,533,780			171,148,378			24,567,400			430,789,901


Issued as reinvestment of dividends:
Class A		914,080			14,588,934			1,346,796			25,279,390			551,633			8,445,496

Class C		200,784			3,084,046			320,909			5,818,071			-			-

Class R		156,261			2,454,903			211,615			3,912,769			62,565			946,600

Class Y		1,234,280			19,945,958			2,344,166			44,492,266			1,372,910			21,183,991

Class R6		608,892			9,894,488			830,038			15,828,822			446,441			6,910,915


Automatic conversion of Class C shares to Class A shares:
Class A		589,084			9,992,667			5,051,847			89,676,020			-			-

Class C		(611,251	)		(9,992,667	)		(5,209,541	)		(89,676,020	)		-			-


Issued in connection with acquisitions:^(d)
Class A		4,474,858			70,953,506			-			-			-			-

Class C		337,421			5,148,589			-			-			-			-

Class R		178,785			2,790,224			-			-			-			-

Class Y		340,735			5,470,330			-			-			-			-

Class R5^(c)		1,945			30,967			-			-			-			-

Class R6		71,883			1,160,426			-			-			-			-


Reacquired:
Class A		(10,207,833	)		(169,974,030	)		(13,209,948	)		(235,216,164	)		(22,057,206	)		(382,711,194	)

Class B^(b)		-			-			-			-			(84,325	)		(1,525,701	)

Class C		(2,687,383	)		(42,867,546	)		(4,273,421	)		(73,774,439	)		(6,712,974	)		(112,052,774	)

Class R		(1,742,259	)		(28,814,921	)		(2,478,394	)		(43,616,133	)		(3,524,190	)		(60,215,023	)

Class Y		(42,417,839	)		(698,417,648	)		(32,113,528	)		(576,309,932	)		(46,617,520	)		(797,670,172	)

Class R5^(c)		(757	)		(13,173	)		-			-			-			-

Class R6		(7,539,074	)		(126,978,180	)		(8,688,962	)		(157,701,624	)		(9,349,077	)		(162,569,542	)

Net increase (decrease) in share activity		(31,394,474	)	$	(510,088,822	)		(16,618,644	)	$	(289,394,800	)		29,930,018		$	536,746,760

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)	All outstanding Class B shares converted to Class A shares on June 1, 2018.

^(c)	Commencement date after the close of business on May 24, 2019.

^(d)

After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco International Allocation Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 5,405,627 shares of the Fund for 9,055,913 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $85,554,042, including $(19,010,969) of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $3,633,326,283 and $3,718,880,324 immediately after the acquisition.

15 Invesco Oppenheimer International Diversified Fund


Net investment income (loss)	$	(6,088,529	)

Net realized/unrealized gains (losses)		(332,026,889	)

Change in net assets resulting from operations	$	(338,115,418	)

NOTE 10–Coronavirus (COVID-19) Pandemic

NOTE 11–Significant Event

Effective on or about September 30, 2020, the name of the Fund and all references thereto will change from Invesco Oppenheimer International Diversified Fund to Invesco International Diversified Fund.

16 Invesco Oppenheimer International Diversified Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(01/01/20)	(06/30/20)¹	Period²	(06/30/20)	Period²	Ratio
Class A	$1,000.00	$948.50	$2.08	$1,022.73	$2.16	0.43%
Class C	1,000.00	944.50	5.70	1,019.00	5.92	1.18
Class R	1,000.00	947.20	3.29	1,021.48	3.42	0.68
Class Y	1,000.00	949.60	0.87	1,023.97	0.91	0.18
Class R5	1,000.00	949.60	0.39	1,024.47	0.40	0.08
Class R6	1,000.00	950.30	0.10	1,024.76	0.10	0.02

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

17 Invesco Oppenheimer International Diversified Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Oppenheimer International Diversified Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A.	Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the MSCI EAFE^® Growth Index. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and the second quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and three year periods and reasonably comparable to the performance of the Index for the five year period. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board noted that the Fund is a fund of funds that invests primarily in four underlying affiliated funds, and discussed how the performance of the underlying funds contributed to or detracted from the Fund’s performance. The Board specifically noted that stock selection in certain sectors and exposure to certain emerging market securities through investments in the underlying funds detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

18 Invesco Oppenheimer International Diversified Fund

any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that there were only four funds (including the Fund) in the expense group.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have

the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

19 Invesco Oppenheimer International Diversified Fund

LOGO

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

Fund holdings and proxy voting information

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.


Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.


SEC file numbers:811-02699 and 002-57526		Invesco Distributors, Inc.		O-IDIV-SAR-1



		Semiannual Report to Shareholders		June 30, 2020

		Invesco Oppenheimer Main Street Mid Cap Fund^®
		Nasdaq:
		A: OPMSX ∎ C: OPMCX ∎ R: OPMNX ∎ Y: OPMYX ∎ R5: MSMJX ∎ R6: OPMIX

LOGO


		2		Letters to Shareholders
		3		Fund Performance
		5		Liquidity Risk Management Program
		6		Schedule of Investments
		9		Financial Statements
		12		Financial Highlights
		13		Notes to Financial Statements
		19		Fund Expenses
		20		Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders:

by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders:

This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.

In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at

blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Oppenheimer Main Street Mid Cap Fund^®

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-11.33	%
Class C Shares	-11.66
Class R Shares	-11.43
Class Y Shares	-11.22
Class R5 Shares	-11.15
Class R6 Shares	-11.14
Russell Midcap Index^▼	-9.13

Source(s): ^▼RIMES Technologies Corp.

The Russell Midcap^® Index is an unmanaged index considered representative of mid-cap stocks. The Russell Midcap Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3 Invesco Oppenheimer Main Street Mid Cap Fund^®


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (8/2/99)	8.99	%
10 Years	9.59
5 Years	2.79
1 Year	-8.72

Class C Shares
Inception (8/2/99)	8.91	%
10 Years	9.38
5 Years	3.18
1 Year	-4.96

Class R Shares
Inception (3/1/01)	7.75	%
10 Years	9.92
5 Years	3.69
1 Year	-3.62

Class Y Shares
Inception (8/2/99)	9.69	%
10 Years	10.53
5 Years	4.21
1 Year	-3.14

Class R5 Shares
10 Years	10.25	%
5 Years	4.04
1 Year	-3.02

Class R6 Shares
Inception (10/26/12)	9.53	%
5 Years	4.40
1 Year	-2.96

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Main Street Mid Cap Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Main Street Mid Cap Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

4 Invesco Oppenheimer Main Street Mid Cap Fund^®

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎

The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎

The Fund’s investment strategy remained appropriate for an open-end fund;

∎

The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎

The Fund did not breach the 15% limit on Illiquid Investments; and

∎

The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5 Invesco Oppenheimer Main Street Mid Cap Fund^®

Schedule of Investments^(a)

June 30, 2020

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests-98.48%
Aerospace & Defense-1.40%
L3Harris Technologies, Inc.		197,202		$ 33,459,263

Apparel Retail-1.26%
Ross Stores, Inc.^(b)		352,498		30,046,929


Application Software-3.59%
Manhattan Associates, Inc.^(b)		158,327		14,914,403

Q2 Holdings, Inc.^(b)		131,515		11,282,672

Synopsys, Inc.^(b)		305,656		59,602,920

				85,799,995


Asset Management & Custody Banks-1.87%
Northern Trust Corp.		564,664		44,800,442


Auto Parts & Equipment-1.40%
Visteon Corp.^(b)		490,674		33,611,169


Automotive Retail-1.41%
Advance Auto Parts, Inc.		236,657		33,711,790


Biotechnology-2.20%
Neurocrine Biosciences, Inc.^(b)		166,683		20,335,326

Seattle Genetics, Inc.^(b)		189,987		32,282,591

				52,617,917


Building Products-1.58%
Trane Technologies PLC		423,868		37,715,775


Cable & Satellite-1.27%
Liberty Broadband Corp., Class C^(b)		245,280		30,404,909


Communications Equipment-1.49%
Motorola Solutions, Inc.		254,763		35,699,939


Construction Machinery & Heavy Trucks-0.90%
Wabtec Corp.		372,813		21,462,844


Construction Materials-1.44%
Vulcan Materials Co.		297,193		34,429,809


Data Processing & Outsourced Services-2.43%
Fiserv, Inc.^(b)		596,050		58,186,401


Distillers & Vintners-1.03%
Constellation Brands, Inc., Class A		140,283		24,542,511


Diversified Chemicals-1.71%
Eastman Chemical Co.		585,796		40,794,833


Diversified Support Services-1.29%
Cintas Corp.		115,819		30,849,549


Electric Utilities-0.93%
Eversource Energy		265,903		22,141,743


Electronic Equipment & Instruments-2.21%
Keysight Technologies, Inc.^(b)		524,188		52,827,667


Environmental & Facilities Services-2.09%
Republic Services, Inc.		608,634		49,938,420



	Shares		Value

Financial Exchanges & Data-1.75%
Intercontinental Exchange, Inc.		335,438		$ 30,726,121

Tradeweb Markets, Inc., Class A		191,471		11,132,124

				41,858,245


Gas Utilities-1.65%
Atmos Energy Corp.		225,504		22,455,688

Southwest Gas Holdings, Inc.		212,085		14,644,469

UGI Corp.		76,486		2,432,255

				39,532,412


General Merchandise Stores-1.84%
Target Corp.		366,291		43,929,280


Gold-0.53%
Franco-Nevada Corp. (Canada)		90,223		12,598,740


Health Care Equipment-5.75%
Boston Scientific Corp.^(b)		489,581		17,189,189

DexCom, Inc.^(b)		58,831		23,850,087

Hill-Rom Holdings, Inc.		273,779		30,055,459

STERIS PLC		106,536		16,346,884

Teleflex, Inc.		83,281		30,312,618

Zimmer Biomet Holdings, Inc.		165,033		19,698,339

				137,452,576


Health Care Facilities-1.03%
HCA Healthcare, Inc.^(b)		254,881		24,738,750


Health Care Services-2.54%
Guardant Health, Inc.^(b)		185,616		15,059,026

LHC Group, Inc.^(b)		261,849		45,645,518

				60,704,544


Health Care Supplies-0.62%
Alcon, Inc. (Switzerland)^(b)		260,352		14,923,377


Homebuilding-1.19%
D.R. Horton, Inc.		514,409		28,523,979


Human Resource & Employment Services-1.37%
Korn Ferry		1,066,941		32,787,097


Hypermarkets & Super Centers-2.01%
BJ’s Wholesale Club Holdings, Inc.^(b)		1,290,396		48,093,059


Industrial Machinery-2.89%
ITT, Inc.		469,715		27,591,059

Stanley Black & Decker, Inc.		298,217		41,565,486

				69,156,545


Industrial REITs-1.80%
Prologis, Inc.		461,243		43,047,809


Insurance Brokers-1.54%
Arthur J. Gallagher & Co.		377,507		36,803,157


Interactive Home Entertainment-1.78%
Zynga, Inc., Class A^(b)		4,473,077		42,673,155

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6 Invesco Oppenheimer Main Street Mid Cap Fund^®


	Shares		Value

IT Consulting & Other Services-4.16%
Amdocs Ltd.		521,907		$ 31,773,698

CACI International, Inc., Class A^(b)		198,720		43,098,394

KBR, Inc.		1,087,299		24,518,592

				99,390,684


Leisure Products-0.38%
Peloton Interactive, Inc., Class A^(b)		156,402		9,035,343


Managed Health Care-1.22%
Humana, Inc.		75,519		29,282,492


Multi-Utilities-2.83%
CMS Energy Corp.		395,092		23,081,275

Consolidated Edison, Inc.		336,918		24,234,512

Public Service Enterprise Group, Inc.		412,022		20,255,001

				67,570,788


Office REITs-0.87%
Alexandria Real Estate Equities, Inc.		128,534		20,854,641


Oil & Gas Equipment & Services-1.21%
Schlumberger Ltd.		1,568,238		28,839,898


Oil & Gas Refining & Marketing-1.01%
Valero Energy Corp.		410,315		24,134,728


Oil & Gas Storage & Transportation-2.63%
Magellan Midstream Partners L.P.		1,008,933		43,555,638

Shell Midstream Partners L.P.		1,571,567		19,283,127

				62,838,765


Packaged Foods & Meats-1.27%
Conagra Brands, Inc.		862,842		30,346,153


Pharmaceuticals-2.09%
Catalent, Inc.^(b)		315,501		23,126,223

Elanco Animal Health, Inc.^(b)		1,251,641		26,847,700

				49,973,923


Property & Casualty Insurance-0.65%
Fidelity National Financial, Inc.		504,603		15,471,128


Railroads-2.31%
Canadian Pacific Railway Ltd. (Canada)		216,197		55,203,742


Regional Banks-3.87%
PNC Financial Services Group, Inc. (The)		335,272		35,273,967

SVB Financial Group^(b)		138,831		29,922,246

TCF Financial Corp.		931,415		27,402,229

				92,598,442

Investment Abbreviations:

REIT - Real Estate Investment Trust


	Shares		Value

Residential REITs-1.08%
American Homes 4 Rent, Class A		956,945		$ 25,741,820


Restaurants-1.17%
Wendy’s Co. (The)		1,288,608		28,065,882


Semiconductor Equipment-2.80%
KLA Corp.		176,887		34,400,984

MKS Instruments, Inc.		287,803		32,590,811

				66,991,795


Semiconductors-2.32%
Analog Devices, Inc.		268,113		32,881,378

Microchip Technology, Inc.		214,598		22,599,316

				55,480,694


Soft Drinks-1.29%
Coca-Cola European Partners PLC (United Kingdom)		818,668		30,912,904


Specialized REITs-2.64%
Equinix, Inc.		28,877		20,280,317

Lamar Advertising Co., Class A		641,362		42,817,327

				63,097,644


Specialty Stores-1.71%
Tractor Supply Co.		310,860		40,968,239


Trading Companies & Distributors-1.18%
Fastenal Co.		660,670		28,303,103

Total Common Stocks & Other Equity Interests (Cost $2,078,900,197)				2,354,967,438


Money Market Funds-1.07%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(c)(d)		8,925,167		8,925,167

Invesco Liquid Assets Portfolio, Institutional Class, 0.39%^(c)(d)		6,369,279		6,373,737

Invesco Treasury Portfolio, Institutional Class, 0.08%^(c)(d)		10,200,191		10,200,191

Total Money Market Funds (Cost $25,498,041)				25,499,095

TOTAL INVESTMENTS IN SECURITIES-99.55% (Cost $2,104,398,238)				2,380,466,533

OTHER ASSETS LESS LIABILITIES-0.45%				10,801,696

NET ASSETS-100.00%				$2,391,268,229

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7 Invesco Oppenheimer Main Street Mid Cap Fund^®

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)


	Value December 31, 2019		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value June 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$12,429,689		$246,134,667		$(249,639,189)		$ -		$ -		$ 8,925,167		$90,653
Invesco Liquid Assets Portfolio, Institutional Class		-		17,164,350		(10,790,828)		1,054		(839)		6,373,737		4,020
Invesco Treasury Portfolio, Institutional Class		-		26,842,386		(16,642,195)		-		-		10,200,191		1,257
Total		$12,429,689		$290,141,403		$(277,072,212)		$1,054		$(839)		$25,499,095		$95,930

^(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2020


Information Technology			19.00%

Health Care			15.46

Industrials			15.01

Consumer Discretionary			10.37

Financials			9.68

Real Estate			6.39

Consumer Staples			5.60

Utilities			5.40

Energy			4.84

Materials			3.67

Communication Services			3.06

Money Market Funds Plus Other Assets Less Liabilities			1.52

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Oppenheimer Main Street Mid Cap Fund^®

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)


Assets:
Investments in securities, at value (Cost $ 2,078,900,197)	$	2,354,967,438

Investments in affiliated money market funds, at value (Cost $ 25,498,041)		25,499,095

Cash		2,645,085

Receivable for:
Investments sold		21,520,858

Fund shares sold		776,066

Dividends		2,323,861

Investment for trustee deferred compensation and retirement plans		661,712

Other assets		116,145

Total assets		2,408,510,260


Liabilities:
Payable for:
Investments purchased		10,917,692

Fund shares reacquired		3,176,216

Accrued fees to affiliates		1,711,828

Accrued trustees’ and officers’ fees and benefits		5,348

Accrued other operating expenses		728,771

Trustee deferred compensation and retirement plans		702,176

Total liabilities		17,242,031

Net assets applicable to shares outstanding	$	2,391,268,229


Net assets consist of:
Shares of beneficial interest	$	2,176,719,832

Distributable earnings		214,548,397

	$	2,391,268,229


Net Assets:
Class A	$	1,698,653,563

Class C	$	104,291,153

Class R	$	145,941,269

Class Y	$	352,201,589

Class R5	$	12,570,803

Class R6	$	77,609,852


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		75,970,670

Class C		6,057,489

Class R		7,012,167

Class Y		14,280,048

Class R5		559,666

Class R6		3,150,952

Class A:
Net asset value per share	$	22.36

Maximum offering price per share (Net asset value of $22.36 ÷ 94.50%)	$	23.66

Class C:
Net asset value and offering price per share	$	17.22

Class R:
Net asset value and offering price per share	$	20.81

Class Y:
Net asset value and offering price per share	$	24.66

Class R5:
Net asset value and offering price per share	$	22.46

Class R6:
Net asset value and offering price per share	$	24.63

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Oppenheimer Main Street Mid Cap Fund^®

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $39,243)	$	17,582,402

Dividends from affiliated money market funds		95,930

Total investment income		17,678,332


Expenses:
Advisory fees		5,997,766

Administrative services fees		135,836

Custodian fees		2,782

Distribution fees:
Class A		1,502,614

Class C		476,447

Class R		318,932

Transfer agent fees - A, C, R and Y		1,989,588

Transfer agent fees - R5		1,527

Transfer agent fees - R6		11,370

Trustees’ and officers’ fees and benefits		17,175

Registration and filing fees		66,146

Reports to shareholders		61,432

Professional services fees		22,004

Other		6,528

Total expenses		10,610,147

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(234,260	)

Net expenses		10,375,887

Net investment income		7,302,445


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(47,791,320	)

Foreign currencies		(565	)

		(47,791,885	)

Change in net unrealized appreciation (depreciation) of:
Investment securities		(140,313,043	)

Foreign currencies		363

		(140,312,680	)

Net realized and unrealized gain (loss)		(188,104,565	)

Net increase (decrease) in net assets resulting from operations	$	(180,802,120	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Oppenheimer Main Street Mid Cap Fund^®

Statement of Changes in Net Assets

For the six months ended June 30, 2020, period ended December 31, 2019, and the year ended June 30, 2019

(Unaudited)


	Six Months Ended June 30, 2020			Six Months Ended December 31, 2019			Year Ended June 30, 2019

Operations:

Net investment income	$	7,302,445		$	5,777,427		$	7,073,358

Net realized gain (loss)		(47,791,885	)		85,583,265			182,530,480

Change in net unrealized appreciation (depreciation)		(140,312,680	)		90,440,095			(152,875,082	)

Net increase (decrease) in net assets resulting from operations		(180,802,120	)		181,800,787			36,728,756


Distributions to shareholders from distributable earnings:

Class A		(34,584,368	)		(63,196,401	)		(129,236,446	)

Class C		(3,523,476	)		(6,727,260	)		(31,252,854	)

Class R		(3,913,346	)		(7,447,588	)		(17,143,063	)

Class Y		(9,035,832	)		(20,574,164	)		(47,435,484	)

Class R5		(536	)		(543	)		–

Class R6		(1,554,864	)		(2,773,998	)		(21,243,038	)

Total distributions from distributable earnings		(52,612,422	)		(100,719,954	)		(246,310,885	)


Share transactions–net:

Class A		505,893,341			(86,584,010	)		81,517,124

Class C		7,874,662			(15,004,302	)		(115,465,588	)

Class R		19,345,225			(12,265,226	)		(4,836,902	)

Class Y		(46,275,825	)		(38,953,232	)		(81,549,877	)

Class R5		11,451,188			–			10,000

Class R6		19,931,420			(64,825,608	)		(185,852,891	)

Net increase (decrease) in net assets resulting from share transactions		518,220,011			(217,632,378	)		(306,178,134	)

Net increase (decrease) in net assets		284,805,469			(136,551,545	)		(515,760,263	)


Net assets:

Beginning of period		2,106,462,760			2,243,014,305			2,758,774,568

End of period	$	2,391,268,229		$	2,106,462,760		$	2,243,014,305

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Oppenheimer Main Street Mid Cap Fund^®

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(d)
Class A
Six months ended 06/30/20		$	26.13		$	0.09			$	(3.13	)		$	(3.04	)		$	-			$	(0.73	)		$	(0.73	)		$	22.36		(11.33	)%		$	1,698,654		1.10	%^(e)		1.12	%^(e)		0.76	%^(e)		45	%
Six months ended 12/31/19			25.18			0.07				2.18				2.25				-				(1.30	)			(1.30	)			26.13		8.95				1,326,188		1.10	^(f)		1.12	^(f)		0.51	^(f)		27
Year ended 06/30/19			27.59			0.08				0.25				0.33				-				(2.74	)			(2.74	)			25.18		2.50				1,364,726		1.09			1.09			0.30			59
Year ended 06/30/18			28.59			0.02				2.84				2.86				(0.12	)			(3.74	)			(3.86	)			27.59		10.67				1,383,592		1.09			1.10			0.08			60
Year ended 06/30/17			25.57			0.10				3.72				3.82				(0.23	)			(0.57	)			(0.80	)			28.59		15.17				1,486,121		1.10			1.11			0.37			68
Year ended 06/30/16			30.15			0.11				(1.44	)			(1.33	)			(0.11	)			(3.14	)			(3.25	)			25.57		(3.80	)			1,521,154		1.11			1.11			0.43			87
Year ended 06/30/15			33.30			0.14				1.47				1.61				(0.19	)			(4.57	)			(4.76	)			30.15		5.58				1,806,592		1.10			1.10			0.46			82
Class C
Six months ended 06/30/20			20.41			0.00				(2.46	)			(2.46	)			-				(0.73	)			(0.73	)			17.22		(11.66	)			104,291		1.84	^(e)		1.88	^(e)		0.02	^(e)		45
Six months ended 12/31/19			20.00			(0.02	)			1.73				1.71				-				(1.30	)			(1.30	)			20.41		8.56				111,246		1.84	^(f)		1.88	^(f)		(0.23	)^(f)		27
Year ended 06/30/19			22.69			(0.09	)			0.14				0.05				-				(2.74	)			(2.74	)			20.00		1.75				123,764		1.84			1.85			(0.46	)		59
Year ended 06/30/18			24.22			(0.16	)			2.37				2.21				-				(3.74	)			(3.74	)			22.69		9.84				269,651		1.84			1.85			(0.68	)		60
Year ended 06/30/17			21.79			(0.09	)			3.17				3.08				(0.08	)			(0.57	)			(0.65	)			24.22		14.32				301,630		1.85			1.86			(0.38	)		68
Year ended 06/30/16			26.29			(0.07	)			(1.29	)			(1.36	)			-				(3.14	)			(3.14	)			21.79		(4.54	)			320,353		1.86			1.86			(0.33	)		87
Year ended 06/30/15			29.66			(0.08	)			1.28				1.20				-				(4.57	)			(4.57	)			26.29		4.78				386,109		1.85			1.85			(0.29	)		82
Class R
Six months ended 06/30/20			24.41			0.05				(2.92	)			(2.87	)			-				(0.73	)			(0.73	)			20.81		(11.43	)			145,941		1.34	^(e)		1.38	^(e)		0.52	^(e)		45
Six months ended 12/31/19			23.63			0.03				2.05				2.08				-				(1.30	)			(1.30	)			24.41		8.81				145,346		1.34	^(f)		1.38	^(f)		0.27	^(f)		27
Year ended 06/30/19			26.13			0.01				0.23				0.24				-				(2.74	)			(2.74	)			23.63		2.28				152,799		1.34			1.35			0.05			59
Year ended 06/30/18			27.28			(0.05	)			2.69				2.64				(0.05	)			(3.74	)			(3.79	)			26.13		10.37				171,923		1.34			1.35			(0.18	)		60
Year ended 06/30/17			24.44			0.03				3.55				3.58				(0.17	)			(0.57	)			(0.74	)			27.28		14.88				179,018		1.35			1.36			0.12			68
Year ended 06/30/16			28.97			0.04				(1.40	)			(1.36	)			(0.03	)			(3.14	)			(3.17	)			24.44		(4.08	)			176,639		1.36			1.36			0.17			87
Year ended 06/30/15			32.18			0.06				1.42				1.48				(0.12	)			(4.57	)			(4.69	)			28.97		5.33				222,755		1.35			1.35			0.21			82
Class Y
Six months ended 06/30/20			28.69			0.13				(3.43	)			(3.30	)			-				(0.73	)			(0.73	)			24.66		(11.22	)			352,202		0.84	^(e)		0.88	^(e)		1.02	^(e)		45
Six months ended 12/31/19			27.49			0.11				2.39				2.50				-				(1.30	)			(1.30	)			28.69		9.11				458,670		0.84	^(f)		0.88	^(f)		0.77	^(f)		27
Year ended 06/30/19			29.84			0.15				0.30				0.45				(0.06	)			(2.74	)			(2.80	)			27.49		2.73				477,999		0.84			0.85			0.55			59
Year ended 06/30/18			30.62			0.10				3.05				3.15				(0.19	)			(3.74	)			(3.93	)			29.84		10.96				596,309		0.84			0.85			0.32			60
Year ended 06/30/17			27.33			0.18				3.98				4.16				(0.30	)			(0.57	)			(0.87	)			30.62		15.44				637,592		0.85			0.86			0.62			68
Year ended 06/30/16			31.99			0.19				(1.53	)			(1.34	)			(0.18	)			(3.14	)			(3.32	)			27.33		(3.57	)			545,648		0.86			0.86			0.67			87
Year ended 06/30/15			35.05			0.24				1.55				1.79				(0.28	)			(4.57	)			(4.85	)			31.99		5.86				688,662		0.85			0.85			0.72			82
Class R5
Six months ended 06/30/20			26.19			0.13				(3.13	)			(3.00	)			-				(0.73	)			(0.73	)			22.46		(11.15	)			12,571		0.72	^(e)		0.76	^(e)		1.14	^(e)		45
Six months ended 12/31/19			25.18			0.11				2.20				2.31				-				(1.30	)			(1.30	)			26.19		9.19				11		0.72	^(f)		0.72	^(f)		0.88	^(f)		27
Period ended 06/30/19^(g)			23.91			0.02				1.25				1.27				-				-				-				25.18		5.31				11		0.72	^(f)		0.74	^(f)		0.66	^(f)		59
Class R6
Six months ended 06/30/20			28.63			0.15				(3.42	)			(3.27	)			-				(0.73	)			(0.73	)			24.63		(11.14	)			77,610		0.67	^(e)		0.70	^(e)		1.19	^(e)		45
Six months ended 12/31/19			27.41			0.13				2.39				2.52				-				(1.30	)			(1.30	)			28.63		9.21				65,001		0.67	^(f)		0.69	^(f)		0.94	^(f)		27
Year ended 06/30/19			29.77			0.20				0.29				0.49				(0.11	)			(2.74	)			(2.85	)			27.41		2.92				123,716		0.67			0.68			0.71			59
Year ended 06/30/18			30.57			0.15				3.03				3.18				(0.24	)			(3.74	)			(3.98	)			29.77		11.11				337,300		0.67			0.67			0.49			60
Year ended 06/30/17			27.28			0.23				3.98				4.21				(0.35	)			(0.57	)			(0.92	)			30.57		15.72				383,913		0.67			0.67			0.79			68
Year ended 06/30/16			31.95			0.24				(1.53	)			(1.29	)			(0.24	)			(3.14	)			(3.38	)			27.28		(3.43	)			377,123		0.67			0.67			0.87			87
Year ended 06/30/15			35.00			0.28				1.58				1.86				(0.34	)			(4.57	)			(4.91	)			31.95		6.08				491,236		0.66			0.66			0.84			82

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the six months ended December 31, 2019 and the years ended June 30, 2019, 2018, 2017, 2016 and 2015, respectively.

^(d)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the six months ended June 30, 2020, the portfolio turnover calculation excludes the value of securities purchased of $654,478,527 in connection with the acquisition of Invesco Mid Cap Core Equity Fund into the Fund.

^(e)	Ratios are annualized and based on average daily net assets (000’s omitted) of $1,267,159, $95,813, $128,274, $360,555, $3,072 and $61,297 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)	Annualized.

^(g)	Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco Oppenheimer Main Street Mid Cap Fund^®

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Oppenheimer Main Street Mid Cap Fund^® (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek capital appreciation.

The 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.

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

13 Invesco Oppenheimer Main Street Mid Cap Fund^®

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

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.

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.

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.

14 Invesco Oppenheimer Main Street Mid Cap Fund^®

L.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

M.	Other Risks - The Fund’s investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fund may tend to be more volatile than other mutual funds, and the value of the Fund’s investments may tend to rise and fall more rapidly.

Because the Fund concentrates its assets in the real estate industry, an investment in the Fund will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural or technological developments.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*		Rate
First $ 200 million		0.735%
Next $200 million		0.730%
Next $200 million		0.690%
Next $200 million		0.660%
Next $4.2 billion		0.600%
Over $5 billion		0.580%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

Prior to May 15, 2020, the Fund accrued daily and paid monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets*		Rate
First $ 200 million		0.750%
Next $200 million		0.720%
Next $200 million		0.690%
Next $200 million		0.660%
Next $4.2 billion		0.600%
Over $5 billion		0.580%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended June 30, 2020, the effective advisory fee rate incurred by the Fund was 0.63%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.10%, 1.84%, 1.34%, 0.84%, 0.72% and 0.67%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

For the six months ended June 30, 2020, the Adviser waived advisory fees of $8,085 and reimbursed class level expenses of $97,836, $17,795, $23,762, $67,373, $587 and $9,041 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

15 Invesco Oppenheimer Main Street Mid Cap Fund^®

(“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $60,085 in front-end sales commissions from the sale of Class A shares and $219 and $3,422 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended June 30, 2020, the Fund incurred $1,142 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


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.

NOTE 4–Security Transactions with Affiliated Funds

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

16 Invesco Oppenheimer Main Street Mid Cap Fund^®

by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

The Fund did not have a capital loss carryforward as of December 31, 2019.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2020 was $787,575,513 and $1,025,244,633, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	391,367,173

Aggregate unrealized (depreciation) of investments		(136,078,409	)

Net unrealized appreciation of investments	$	255,288,764

Cost of investments for tax purposes is $2,125,177,769.

NOTE 10–Share Information


	Summary of Share Activity

	Six months ended June 30, 2020^(a)						Six Months Ended December 31, 2019						Year ended June 30, 2019
	Shares			Amount			Shares			Amount			Shares		Amount

Sold:
Class A		1,967,223		$	43,466,038			1,558,827		$	40,015,071			9,663,663	$	238,429,303

Class C		352,825			6,090,485			289,167			5,872,269			1,128,632		23,267,775

Class R		593,899			12,067,873			357,499			8,586,020			1,086,912		25,742,401

Class Y		2,254,280			54,117,083			981,331			27,581,608			3,273,397		89,558,219

Class R5^(b)		12,668			286,514			-			-			418		10,000

Class R6		342,863			8,505,446			347,707			9,715,322			1,251,452		33,432,010


Issued as reinvestment of dividends:
Class A		1,663,715			33,404,737			2,359,300			61,436,535			5,602,034		124,813,298

Class C		223,491			3,457,373			315,978			6,430,256			1,713,876		30,455,614

Class R		209,257			3,910,991			294,230			7,158,621			764,107		16,000,417

Class Y		367,016			8,125,743			677,773			19,377,538			1,832,844		44,538,103

Class R5		12			232			-			-			-		-

Class R6		69,895			1,544,682			88,219			2,516,900			875,229		21,180,541


Automatic conversion of Class C shares to Class A shares:
Class A		201,475			4,500,889			456,476			11,789,093			-		-

Class C		(259,551	)		(4,500,889	)		(575,749	)		(11,789,093	)		-		-


Issued in connection with acquisitions:^(c)
Class A		27,899,990			570,126,566			-			-			-		-

Class C		1,278,483			20,135,590			-			-			-		-

Class R		1,480,209			28,155,567			-			-			-		-

Class Y		1,581,831			35,642,900			-			-			-		-

Class R5		572,078			11,736,265			-			-			-		-

Class R6		1,083,493			24,374,640			-			-			-		-

17 Invesco Oppenheimer Main Street Mid Cap Fund^®


	Summary of Share Activity

	Six months ended June 30, 2020^(a)						Six Months Ended December 31, 2019						Year ended June 30, 2019
	Shares			Amount			Shares			Amount			Shares			Amount

Reacquired:
Class A		(6,509,602	)	$	(145,604,889	)		(7,829,773	)	$	(199,824,709	)		(11,216,071	)	$	(281,725,477	)

Class C		(987,892	)		(17,307,897	)		(767,084	)		(15,517,734	)		(8,539,435	)		(169,188,977	)

Class R		(1,225,157	)		(24,789,206	)		(1,164,854	)		(28,009,867	)		(1,962,244	)		(46,579,720	)

Class Y		(5,907,584	)		(144,161,551	)		(3,060,937	)		(85,912,378	)		(7,705,151	)		(215,646,199	)

Class R5		(25,510	)		(571,823	)		-			-			-			-

Class R6		(615,520	)		(14,493,348	)		(2,679,391	)		(77,057,830	)		(8,943,360	)		(240,465,442	)

Net increase (decrease) in share activity		26,623,887		$	518,220,011			(8,351,281	)	$	(217,632,378	)		(11,173,697	)	$	(306,178,134	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 13% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)	Commencement date after the close of business on May 24, 2019.

^(c⁾

After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco Mid Cap Core Equity Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 33,896,084 shares of the Fund for 51,582,605 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $690,171,528, including $31,812,390 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,532,015,423 and $2,222,186,951 immediately after the acquisition.


Net investment income	$	8,244,602

Net realized/unrealized gains (losses)		(358,454,490	)

Change in net assets resulting from operations	$	(350,209,888	)

NOTE 11–Coronavirus (COVID-19) Pandemic

NOTE 12–Significant Event

Effective on or about September 30, 2020, the name of the Fund and all references thereto will change from Invesco Oppenheimer Main Street Mid Cap Fund^® to Invesco Main Street Mid Cap Fund^®.

18 Invesco Oppenheimer Main Street Mid Cap Fund^®

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.


				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(01/01/20)	(06/30/20)¹	Period²	(06/30/20)	Period²	Ratio
Class A	$1,000.00	$886.70	$5.16	$1,019.39	$5.52	1.10%
Class C	1,000.00	883.40	8.62	1,015.71	9.22	1.84
Class R	1,000.00	885.70	6.28	1,018.20	6.72	1.34
Class Y	1,000.00	887.80	3.94	1,020.69	4.22	0.84
Class R5	1,000.00	888.50	3.38	1,021.28	3.62	0.72
Class R6	1,000.00	888.60	3.15	1,021.53	3.37	0.67

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

19 Invesco Oppenheimer Main Street Mid Cap Fund^®

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Oppenheimer Main Street Mid Cap Fund^®’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A.	Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Russell Midcap^® Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the second quintile for the three year period, and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the Fund’s contractual management fee schedule was reduced at certain breakpoint levels effective May 2020 and that the Broadridge materials did not reflect this reduced contractual management fee schedule. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in

20 Invesco Oppenheimer Main Street Mid Cap Fund^®

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from Invesco representing that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

under the federal securities laws and consistent with best execution obligations.

21 Invesco Oppenheimer Main Street Mid Cap Fund^®

(This page intentionally left blank)

LOGO

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

Fund holdings and proxy voting information

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

SEC file numbers: 811-02699 and 002-57526 Invesco Distributors, Inc. O-MSM-SAR-1



		Semiannual Report to Shareholders		June 30, 2020

		Invesco Oppenheimer Main Street Small Cap Fund^®
		Nasdaq:
		A: OSCAX ∎ C: OSCCX ∎ R: OSCNX ∎ Y: OSCYX ∎ ��R5: MNSQX ∎ R6: OSSIX

LOGO


		2		Letters to Shareholders
		3		Fund Performance
		5		Liquidity Risk Management Program
		6		Schedule of Investments
		9		Financial Statements
		12		Financial Highlights
		13		Notes to Financial Statements
		18		Fund Expenses
		19		Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders

LOGO

Dear Fellow Shareholders:

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

LOGO

Dear Shareholders:

This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Oppenheimer Main Street Small Cap Fund^®

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-10.90	%
Class C Shares	-11.24
Class R Shares	-11.07
Class Y Shares	-10.77
Class R5 Shares	-10.76
Class R6 Shares	-10.74
Russell 2000 Index^▼	-12.98

Source(s): ^▼RIMES Technologies Corp.

The Russell 2000^® Index is an unmanaged index considered representative of small-cap stocks. The Russell 2000^® Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3 Invesco Oppenheimer Main Street Small Cap Fund^®


Average Annual Total Returns
As of 6/30/20, including maximum applicable sales charges

Class A Shares
Inception (5/17/13)	6.15	%
5 Years	2.80
1 Year	-8.35

Class C Shares
Inception (5/17/13)	6.15	%
5 Years	3.19
1 Year	-4.77

Class R Shares
Inception (5/17/13)	6.67	%
5 Years	3.69
1 Year	-3.34

Class Y Shares
Inception (5/17/13)	7.33	%
5 Years	4.28
1 Year	-2.73

Class R5 Shares
Inception	7.05	%
5 Years	4.05
1 Year	-2.68

Class R6 Shares
Inception (5/17/13)	7.45	%
5 Years	4.40
1 Year	-2.66

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Main Street Small Cap Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Main Street Small Cap Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

fluctuate so that you may have a gain or loss when you sell shares.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

4 Invesco Oppenheimer Main Street Small Cap Fund^®

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎

The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎

The Fund’s investment strategy remained appropriate for an open-end fund;

∎

The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎

The Fund did not breach the 15% limit on Illiquid Investments; and

∎

The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5 Invesco Oppenheimer Main Street Small Cap Fund^®

Schedule of Investments^(a)

June 30, 2020

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests-98.70%

Air Freight & Logistics-0.58%
Hub Group, Inc., Class A^(b)		57,660	$	2,759,608


Aluminum-1.01%
Kaiser Aluminum Corp.		65,711		4,837,644


Application Software-6.33%
Bottomline Technologies (DE), Inc.^(b)		157,345		7,988,406

Envestnet, Inc.^(b)		48,965		3,600,886

j2 Global, Inc.^(b)		106,130		6,708,477

Paylocity Holding Corp.^(b)		37,431		5,460,808

Q2 Holdings, Inc.^(b)		74,630		6,402,508

				30,161,085


Asset Management & Custody Banks-1.42%
Federated Hermes, Inc., Class B		101,892		2,414,840

Focus Financial Partners, Inc., Class A^(b)		131,455		4,344,588

				6,759,428


Auto Parts & Equipment-2.66%
Dorman Products, Inc.^(b)		81,865		5,490,686

Visteon Corp.^(b)		105,252		7,209,762

				12,700,448


Automotive Retail-2.72%
AutoNation, Inc.^(b)		178,346		6,702,243

Monro, Inc.		114,167		6,272,335

				12,974,578


Biotechnology-3.56%
Emergent BioSolutions, Inc.^(b)		112,351		8,884,717

G1 Therapeutics, Inc.^(b)		62,392		1,513,630

Twist Bioscience Corp.^(b)		60,780		2,753,334

uniQure N.V. (Netherlands)^(b)		47,660		2,147,560

Zai Lab Ltd., ADR (China)^(b)		20,340		1,670,524

				16,969,765


Building Products-1.19%
Masonite International Corp.^(b)		73,248		5,697,229


Construction & Engineering-0.94%
Comfort Systems USA, Inc.		51,778		2,109,954

Valmont Industries, Inc.		20,712		2,353,297

				4,463,251


Construction Materials-1.19%
Summit Materials, Inc., Class A^(b)		352,807		5,673,137


Diversified Banks-0.99%
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		193,538		4,720,392


Diversified Metals & Mining-1.02%
Compass Minerals International, Inc.		100,214		4,885,432


Electrical Components & Equipment-2.75%
Atkore International Group, Inc.^(b)		149,050		4,076,517

EnerSys		60,960		3,924,605



	Shares		Value

Electrical Components & Equipment-(continued)
Generac Holdings, Inc.^(b)		41,744	$	5,089,846

				13,090,968


Environmental & Facilities Services-0.46%
US Ecology, Inc.^(b)		64,636		2,189,868


Gas Utilities-3.54%
National Fuel Gas Co.		84,480		3,542,246

South Jersey Industries, Inc.		277,878		6,944,171

Suburban Propane Partners L.P.		447,092		6,393,416

				16,879,833


General Merchandise Stores-0.66%
Ollie’s Bargain Outlet Holdings, Inc.^(b)		32,182		3,142,572


Health Care Equipment-3.39%
AtriCure, Inc.^(b)		106,610		4,792,120

CryoPort, Inc.^(b)		108,656		3,286,844

Tandem Diabetes Care, Inc.^(b)		81,760		8,087,699

				16,166,663


Health Care Facilities-0.54%
Tenet Healthcare Corp.^(b)		141,764		2,567,346


Health Care Services-4.69%
1Life Healthcare, Inc.^(b)		65,733		2,387,423

Addus HomeCare Corp.^(b)		74,255		6,873,043

LHC Group, Inc.^(b)		75,260		13,119,323

				22,379,789


Health Care Supplies-1.83%
OraSure Technologies, Inc.^(b)		138,751		1,613,674

Quidel Corp.^(b)		31,816		7,118,512

				8,732,186


Health Care Technology-1.50%
Inspire Medical Systems, Inc.^(b)		81,916		7,128,330


Homebuilding-1.04%
TopBuild Corp.^(b)		43,677		4,969,132


Hotel & Resort REITs-0.98%
DiamondRock Hospitality Co.^(b)		847,993		4,689,401


Household Products-1.20%
Energizer Holdings, Inc.		120,860		5,739,641


Human Resource & Employment Services-3.64%
ASGN, Inc.^(b)		148,096		9,875,041

Korn Ferry		242,886		7,463,887

				17,338,928


Hypermarkets & Super Centers-2.06%
BJ’s Wholesale Club Holdings, Inc.^(b)		262,957		9,800,407


Industrial Machinery-4.45%
Chart Industries, Inc.^(b)		67,652		3,280,446

EnPro Industries, Inc.		79,524		3,919,738

Evoqua Water Technologies Corp.^(b)		236,604		4,400,834

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6 Invesco Oppenheimer Main Street Small Cap Fund^®


	Shares		Value

Industrial Machinery-(continued)
Mayville Engineering Co., Inc.^(b)		184,486	$	1,457,439

Rexnord Corp.		280,414		8,174,068

				21,232,525


Insurance Brokers-0.44%
Selectquote, Inc.^(b)		82,863		2,098,920


Interactive Home Entertainment-2.06%
Zynga, Inc., Class A^(b)		1,027,657		9,803,848


Investment Banking & Brokerage-1.06%
Stifel Financial Corp.		106,197		5,036,924


IT Consulting & Other Services-4.12%
CACI International, Inc., Class A^(b)		29,979		6,501,846

KBR, Inc.		309,482		6,978,819

Perspecta, Inc.		265,263		6,162,059

				19,642,724


Leisure Facilities-0.29%
Cedar Fair L.P.^(b)		50,317		1,383,717


Life Sciences Tools & Services-2.47%
Adaptive Biotechnologies Corp.^(b)		64,335		3,112,527

NeoGenomics, Inc.^(b)		115,734		3,585,440

Repligen Corp.^(b)		41,266		5,100,890

				11,798,857


Multi-Utilities-0.96%
Avista Corp.		126,179		4,591,654


Office REITs-1.17%
Brandywine Realty Trust		510,851		5,563,167


Office Services & Supplies-1.54%
ACCO Brands Corp.		1,032,419		7,330,175


Oil & Gas Refining & Marketing-1.32%
Renewable Energy Group, Inc.^(b)		253,694		6,286,537


Oil & Gas Storage & Transportation-0.45%
Noble Midstream Partners L.P.		254,280		2,151,209


Packaged Foods & Meats-0.82%
Simply Good Foods Co. (The)^(b)		209,771		3,897,545


Paper Products-0.60%
Schweitzer-Mauduit International, Inc., Class A		85,287		2,849,439


Personal Products-0.86%
BellRing Brands, Inc., Class A^(b)		206,319		4,114,001


Pharmaceuticals-1.26%
Axsome Therapeutics, Inc.^(b)		23,773		1,956,043

Collegium Pharmaceutical, Inc.^(b)		130,820		2,289,350

Intersect ENT, Inc.^(b)		129,080		1,747,743

				5,993,136

Investment Abbreviations:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust


	Shares		Value

Property & Casualty Insurance-0.40%
ProSight Global, Inc.^(b)		215,033	$	1,913,794


Regional Banks-7.44%
BankUnited, Inc.		201,448		4,079,322

Berkshire Hills Bancorp, Inc.		175,697		1,936,181

Cathay General Bancorp		118,246		3,109,870

CIT Group, Inc.		141,039		2,923,738

Heritage Financial Corp.		229,855		4,597,100

IBERIABANK Corp.		101,812		4,636,518

OceanFirst Financial Corp.		224,370		3,955,643

Pacific Premier Bancorp, Inc.		213,523		4,629,179

Signature Bank		22,842		2,442,267

Sterling Bancorp		268,741		3,149,645

				35,459,463


Restaurants-3.91%
Jack in the Box, Inc.^(b)		81,576		6,043,966

Texas Roadhouse, Inc.^(b)		125,506		6,597,850

Wendy’s Co. (The)		274,705		5,983,075

				18,624,891


Semiconductor Equipment-4.02%
Brooks Automation, Inc.		192,417		8,512,528

MKS Instruments, Inc.		94,273		10,675,475

				19,188,003


Semiconductors-1.65%
Semtech Corp.^(b)		150,641		7,866,473


Specialized REITs-3.74%
EPR Properties^(b)		162,827		5,394,458

Four Corners Property Trust, Inc.		331,487		8,088,283

National Storage Affiliates Trust		151,615		4,345,286

				17,828,027


Thrifts & Mortgage Finance-1.78%
WSFS Financial Corp.		295,540		8,481,998

Total Common Stocks & Other Equity Interests (Cost $411,972,034)				470,554,088


Money Market Funds-1.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.09%^(c)(d)		1,688,071		1,688,071

Invesco Liquid Assets Portfolio, Institutional Class, 0.39%^(c)(d)		1,204,498		1,205,342

Invesco Treasury Portfolio, Institutional Class, 0.08%^(c)(d)		1,929,223		1,929,223

Total Money Market Funds (Cost $4,822,684)				4,822,636

TOTAL INVESTMENTS IN SECURITIES-99.71% (Cost $416,794,718)				475,376,724

OTHER ASSETS LESS LIABILITIES–0.29%				1,393,633

NET ASSETS-100.00%			$	476,770,357

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7 Invesco Oppenheimer Main Street Small Cap Fund^®

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)


	Value December 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value June 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	2,581,422		$	85,462,222		$	(86,355,573	)		$	-			$	-			$	1,688,071		$	22,509
Invesco Liquid Assets Portfolio, Institutional Class			-			4,239,697			(3,033,932	)			(48	)			(375	)			1,205,342			475
Invesco Treasury Portfolio, Institutional Class			-			6,783,515			(4,854,292	)			-				-				1,929,223			157
Total		$	2,581,422		$	96,485,434		$	(94,243,797	)		$	(48	)		$	(375	)		$	4,822,636		$	23,141

(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2020


Health Care	19.24	%

Information Technology	16.12

Industrials	15.54

Financials	13.52

Consumer Discretionary	11.28

Real Estate	5.89

Consumer Staples	4.94

Utilities	4.51

Materials	3.83

Communication Services	2.06

Energy	1.77

Money Market Funds Plus Other Assets Less Liabilities	1.30

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Oppenheimer Main Street Small Cap Fund^®

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)


Assets:
Investments in securities, at value (Cost $ 411,972,034)	$	470,554,088

Investments in affiliated money market funds, at value (Cost $ 4,822,684)		4,822,636

Cash		499,847

Receivable for:
Investments sold		780,813

Fund shares sold		324,526

Dividends		322,478

Investment for trustee deferred compensation and retirement plans		23,384

Other assets		117,574

Total assets		477,445,346


Liabilities:
Payable for:
Fund shares reacquired		312,132

Accrued fees to affiliates		273,925

Accrued trustees’ and officers’ fees and benefits		3,615

Accrued other operating expenses		61,933

Trustee deferred compensation and retirement plans		23,384

Total liabilities		674,989

Net assets applicable to shares outstanding	$	476,770,357


Net assets consist of:
Shares of beneficial interest	$	437,570,165

Distributable earnings		39,200,192

	$	476,770,357


Net Assets:
Class A	$	123,652,464

Class C	$	29,511,806

Class R	$	24,395,145

Class Y	$	106,981,597

Class R5	$	10,095

Class R6	$	192,219,250


Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		8,850,332

Class C		2,223,713

Class R		1,775,257

Class Y		7,593,150

Class R5		720

Class R6		13,598,994

Class A:
Net asset value per share	$	13.97

Maximum offering price per share (Net asset value of $13.97 ÷ 94.50%)	$	14.78

Class C:
Net asset value and offering price per share	$	13.27

Class R:
Net asset value and offering price per share	$	13.74

Class Y:
Net asset value and offering price per share	$	14.09

Class R5:
Net asset value and offering price per share	$	14.02

Class R6:
Net asset value and offering price per share	$	14.13

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Oppenheimer Main Street Small Cap Fund^®

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)


Investment income:
Dividends	$	3,893,777

Dividends from affiliated money market funds		23,141

Total investment income		3,916,918


Expenses:
Advisory fees		1,780,612

Administrative services fees		35,494

Custodian fees		132

Distribution fees:
Class A		140,229

Class C		151,025

Class R		57,928

Transfer agent fees – A, C, R and Y		371,008

Transfer agent fees – R5		3

Transfer agent fees – R6		14,579

Trustees’ and officers’ fees and benefits		10,315

Registration and filing fees		61,063

Reports to shareholders		2,787

Professional services fees		15,016

Other		172

Total expenses		2,640,363

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(126,372	)

Net expenses		2,513,991

Net investment income		1,402,927


Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities (includes net gains from securities sold to affiliates of $ 1,546,449)		(14,399,271	)

Change in net unrealized appreciation (depreciation) of investment securities		(72,339,537	)

Net realized and unrealized gain (loss)		(86,738,808	)

Net increase (decrease) in net assets resulting from operations	$	(85,335,881	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Oppenheimer Main Street Small Cap Fund^®

Statement of Changes in Net Assets

For the six months ended June 30, 2020, period ended December 31, 2019, and the year ended April 30, 2019

(Unaudited)


	Six Months Ended June 30, 2020			Eight Months Ended December 31, 2019			Year Ended April 30, 2019

Operations:
Net investment income	$	1,402,927		$	1,254,061		$	1,328,781

Net realized gain (loss)		(14,399,271	)		3,092,827			32,473,081

Change in net unrealized appreciation (depreciation)		(72,339,537	)		41,619,903			(11,157,957	)

Net increase (decrease) in net assets resulting from operations		(85,335,881	)		45,966,791			22,643,905


Distributions to shareholders from distributable earnings:
Class A		–			(434,695	)		(9,643,377	)

Class C		–			(118,822	)		(3,160,847	)

Class R		–			(81,727	)		(1,513,150	)

Class Y		–			(454,477	)		(13,798,110	)

Class R5		–			(34	)		–

Class R6		–			(815,542	)		(18,887,741	)

Total distributions from distributable earnings		–			(1,905,297	)		(47,003,225	)


Share transactions–net:
Class A		(2,426,211	)		(8,207,218	)		34,741,385

Class C		(3,605,664	)		(8,988,822	)		8,289,219

Class R		416,277			951,881			6,159,774

Class Y		(22,446,491	)		(27,158,509	)		31,112,299

Class R5		–			10,000			–

Class R6		(40,238,688	)		(37,091,372	)		34,914,388

Net increase (decrease) in net assets resulting from share transactions		(68,300,777	)		(80,484,040	)		115,217,065

Net increase (decrease) in net assets		(153,636,658	)		(36,422,546	)		90,857,745


Net assets:
Beginning of period		630,407,015			666,829,561			575,971,816

End of period	$	476,770,357		$	630,407,015		$	666,829,561

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Oppenheimer Main Street Small Cap Fund^®

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(d)
Class A
Six months ended 06/30/20		$	15.68		$	0.02			$	(1.73	)		$	(1.71	)		$	–			$	–			$	–			$	13.97		(10.90	)%		$	123,652		1.20	%^(e)		1.25	%^(e)		0.37	%^(e)		20	%
Eight months ended 12/31/19			14.62			0.01				1.10				1.11				–				(0.05	)			(0.05	)			15.68		7.58				141,880		1.20	^(f)		1.25	^(f)		0.09	^(f)		19
Year ended 04/30/19			15.09			0.00				0.58				0.58				–				(1.05	)			(1.05	)			14.62		4.46				140,651		1.17			1.17			0.01			46
Year ended 04/30/18			14.87			(0.01	)			1.08				1.07				(0.04	)			(0.81	)			(0.85	)			15.09		7.08				112,937		1.20			1.21			(0.06	)		52
Year ended 04/30/17			12.08			0.00				2.82				2.82				(0.03	)			–				(0.03	)			14.87		23.49				108,776		1.22			1.23			0.02			67
Year ended 04/30/16^(g)			12.76			0.05				(0.69	)			(0.64	)			(0.04	)			–				(0.04	)			12.08		(5.06	)			49,494		1.25			1.25			0.44			53
Year ended 04/30/15			11.57			0.03				1.20				1.23				(0.00	)			(0.04	)			(0.04	)			12.76		10.67				34,343		1.25			1.30			0.25			55
Class C
Six months ended 06/30/20			14.95			(0.02	)			(1.66	)			(1.68	)			–				–				–				13.27		(11.24	)			29,512		1.94	^(e)		2.01	^(e)		(0.37	)^(e)		20
Eight months ended 12/31/19			14.01			(0.06	)			1.05				0.99				–				(0.05	)			(0.05	)			14.95		7.06				37,488		1.94	^(f)		2.01	^(f)		(0.66	)^(f)		19
Year ended 04/30/19			14.62			(0.11	)			0.55				0.44				–				(1.05	)			(1.05	)			14.01		3.62				44,391		1.93			1.93			(0.74	)		46
Year ended 04/30/18			14.50			(0.12	)			1.05				0.93				–				(0.81	)			(0.81	)			14.62		6.31				38,424		1.95			1.96			(0.83	)		52
Year ended 04/30/17			11.84			(0.10	)			2.76				2.66				–				–				–				14.50		22.55				33,274		1.97			1.98			(0.74	)		67
Year ended 04/30/16^(g)			12.57			(0.04	)			(0.69	)			(0.73	)			–				–				–				11.84		(5.81	)			14,441		2.01			2.01			(0.34	)		53
Year ended 04/30/15			11.49			(0.07	)			1.19				1.12				–				(0.04	)			(0.04	)			12.57		9.77				9,878		2.13			2.13			(0.59	)		55
Class R
Six months ended 06/30/20			15.45			0.01				(1.72	)			(1.71	)			–				–				–				13.74		(11.07	)			24,395		1.45	^(e)		1.51	^(e)		0.12	^(e)		20
Eight months ended 12/31/19			14.43			(0.02	)			1.09				1.07				–				(0.05	)			(0.05	)			15.45		7.41				26,910		1.45	^(f)		1.51	^(f)		(0.16	)^(f)		19
Year ended 04/30/19			14.95			(0.04	)			0.57				0.53				–				(1.05	)			(1.05	)			14.43		4.16				24,188		1.43			1.43			(0.24	)		46
Year ended 04/30/18			14.75			(0.05	)			1.08				1.03				(0.02	)			(0.81	)			(0.83	)			14.95		6.79				18,749		1.45			1.46			(0.35	)		52
Year ended 04/30/17			12.00			(0.03	)			2.79				2.76				(0.01	)			–				(0.01	)			14.75		23.17				10,343		1.48			1.49			(0.25	)		67
Year ended 04/30/16^(g)			12.68			0.02				(0.69	)			(0.67	)			(0.01	)			–				(0.01	)			12.00		(5.31	)			4,060		1.51			1.51			0.15			53
Year ended 04/30/15			11.53			(0.01	)			1.20				1.19				–				(0.04	)			(0.04	)			12.68		10.34				3,027		1.60			1.61			(0.09	)		55
Class Y
Six months ended 06/30/20			15.79			0.05				(1.75	)			(1.70	)			–				–				–				14.09		(10.77	)			106,982		0.90	^(e)		1.01	^(e)		0.67	^(e)		20
Eight months ended 12/31/19			14.69			0.04				1.11				1.15				–				(0.05	)			(0.05	)			15.79		7.82				152,406		0.90	^(f)		1.01	^(f)		0.38	^(f)		19
Year ended 04/30/19			15.16			0.04				0.58				0.62				(0.04	)			(1.05	)			(1.09	)			14.69		4.73				169,801		0.90			0.93			0.28			46
Year ended 04/30/18			14.93			0.03				1.09				1.12				(0.08	)			(0.81	)			(0.89	)			15.16		7.35				149,641		0.90			0.96			0.18			52
Year ended 04/30/17			12.13			0.05				2.82				2.87				(0.07	)			–				(0.07	)			14.93		23.85				81,433		0.90			0.98			0.38			67
Year ended 04/30/16^(g)			12.81			0.09				(0.69	)			(0.60	)			(0.08	)			–				(0.08	)			12.13		(4.72	)			59,422		0.90			1.00			0.76			53
Year ended 04/30/15			11.59			0.04				1.24				1.28				(0.02	)			(0.04	)			(0.06	)			12.81		11.05				47,128		0.88			1.01			0.33			55
Class R5
Six months ended 06/30/20			15.71			0.05				(1.74	)			(1.69	)			–				–				–				14.02		(10.76	)			10		0.82	^(e)		0.82	^(e)		0.75	^(e)		20
Period ended 12/31/19^(h)			13.89			0.04				1.83				1.87				–				(0.05	)			(0.05	)			15.71		13.45				11		0.82	^(f)		0.82	^(f)		0.47	^(f)		19
Class R6
Six months ended 06/30/20			15.83			0.05				(1.75	)			(1.70	)			–				–				–				14.13		(10.74	)			192,219		0.77	^(e)		0.77	^(e)		0.80	^(e)		20
Eight months ended 12/31/19			14.72			0.05				1.11				1.16				–				(0.05	)			(0.05	)			15.83		7.87				271,711		0.77	^(f)		0.78	^(f)		0.52	^(f)		19
Year ended 04/30/19			15.19			0.07				0.57				0.64				(0.06	)			(1.05	)			(1.11	)			14.72		4.85				287,799		0.76			0.76			0.43			46
Year ended 04/30/18			14.95			0.06				1.08				1.14				(0.09	)			(0.81	)			(0.90	)			15.19		7.58				256,221		0.77			0.77			0.38			52
Year ended 04/30/17			12.14			0.07				2.82				2.89				(0.08	)			–				(0.08	)			14.95		23.97				353,945		0.78			0.78			0.51			67
Year ended 04/30/16^(g)			12.82			0.11				(0.70	)			(0.59	)			(0.09	)			–				(0.09	)			12.14		(4.63	)			294,108		0.80			0.80			0.91			53
Year ended 04/30/15			11.58			0.10				1.20				1.30				(0.02	)			(0.04	)			(0.06	)			12.82		11.26				187,997		0.79			0.80			0.80			55

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the eight months ended December 31, 2019 and the years ended April 30, 2019, 2018, 2017, 2016 and 2015, respectively.

^(d)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)	Ratios are annualized and based on average daily net assets (000’s omitted) of $119,626, $30,371, $23,298, $120,496, $10 and $209,412 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)	Annualized.

^(g)	The last business day of the reporting period was April 29, 2016.

^(h)	Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco Oppenheimer Main Street Small Cap Fund^®

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Oppenheimer Main Street Small Cap Fund^® (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek capital appreciation.

The 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.

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

13 Invesco Oppenheimer Main Street Small Cap Fund^®

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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.

MLP’s may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

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.

Expenses –Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

Accounting Estimates –The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

K.	Other Risks - The Fund’s investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fund may tend to be more volatile than other mutual funds, and the value of the Fund’s investments may tend to rise and fall more rapidly.

14 Invesco Oppenheimer Main Street Small Cap Fund^®

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate
First $ 200 million		0.750%
Next $200 million		0.720%
Next $200 million		0.690%
Next $200 million		0.660%
Next $4.2 billion		0.600%
Over $5 billion		0.580%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended June 30, 2020, the effective advisory fee rate incurred by the Fund was 0.71%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.20%, 1.94%, 1.45%, 0.90%, 082% and 0.77%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

For the six months ended June 30, 2020, the Adviser waived advisory fees of $2,638 and reimbursed class level expenses of $29,288, $11,099, $7,358, $68,034, $0 and $5,101 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2020, IDI advised the Fund that IDI retained $30,784 in front-end sales commissions from the sale of Class A shares and $0 and $1,091 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

15 Invesco Oppenheimer Main Street Small Cap Fund^®

Level 3 –

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2020, the Fund engaged in securities purchases of $3,654,924 and securities sales of $2,934,198, which resulted in net realized gains of $1,546,449.

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

The Fund had a capital loss carryforward as of December 31, 2019, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total
Not subject to expiration	$	3,672,227	$–	$	3,672,227

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2020 was $98,214,713 and $168,904,052, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	114,225,756
Aggregate unrealized (depreciation) of investments		(60,726,566	)
Net unrealized appreciation of investments	$	53,499,190

Cost of investments for tax purposes is $421,877,534.

16 Invesco Oppenheimer Main Street Small Cap Fund^®

NOTE 10–Share Information


	Summary of Share Activity

	Six months ended June 30, 2020^(a)						Eight Months Ended December 31, 2019						Year ended April 30, 2019
	Shares			Amount			Shares			Amount			Shares			Amount

Sold:
Class A		1,295,747		$	16,883,028			1,118,748		$	16,370,400			5,020,727		$	78,539,366

Class C		281,861			3,401,697			292,738			4,074,086			1,112,608			16,709,353

Class R		243,587			3,170,843			319,692			4,591,186			654,514			9,850,067

Class Y		2,492,484			32,019,905			2,170,101			31,798,799			7,307,710			112,911,128

Class R5^(b)		-			-			720			10,000			-			-

Class R6		511,691			6,098,897			677,398			9,796,250			4,142,433			59,270,062


Issued as reinvestment of dividends:
Class A		-			-			28,327			433,968			716,429			9,628,806

Class C		-			-			8,126			118,721			243,961			3,151,975

Class R		-			-			5,379			81,173			113,704			1,510,194

Class Y		-			-			29,445			454,335			1,021,525			13,790,591

Class R6		-			-			44,213			683,967			1,233,835			16,681,452


Automatic conversion of Class C shares to Class A shares:
Class A		50,002			675,012			378,825			5,348,743			-			-

Class C		(52,540	)		(675,012	)		(395,832	)		(5,348,743	)		-			-


Reacquired:
Class A		(1,544,201	)		(19,984,251	)		(2,100,050	)		(30,360,329	)		(3,598,215	)		(53,426,787	)

Class C		(512,721	)		(6,332,349	)		(566,443	)		(7,832,886	)		(816,867	)		(11,572,109	)

Class R		(210,360	)		(2,754,566	)		(259,641	)		(3,720,478	)		(345,969	)		(5,200,487	)

Class Y		(4,549,682	)		(54,466,396	)		(4,106,523	)		(59,411,643	)		(6,639,579	)		(95,589,420	)

Class R6		(4,072,542	)		(46,337,585	)		(3,116,077	)		(47,571,589	)		(2,693,773	)		(41,037,126	)

Net increase (decrease) in share activity		(6,066,674	)	$	(68,300,777	)		(5,470,854	)	$	(80,484,040	)		7,473,043		$	115,217,065

^(a)

In addition, 36% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)	Commencement date after the close of business on May 24, 2019.

NOTE 11–Coronavirus (COVID-19) Pandemic

NOTE 12–Significant Event

Effective on or about September 30, 2020, the name of the Fund and all references thereto will change from Invesco Oppenheimer Main Street Small Cap Fund^® to Invesco Main Street Small Cap Fund^® .

17 Invesco Oppenheimer Main Street Small Cap Fund^®

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/20)	Ending Account Value (06/30/20)¹	Expenses Paid During Period²	Ending Account Value (06/30/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$891.00	$5.64	$1,018.90	$6.02	1.20%
Class C	1,000.00	887.60	9.10	1,015.22	9.72	1.94
Class R	1,000.00	889.30	6.81	1,017.65	7.27	1.45
Class Y	1,000.00	892.30	4.23	1,020.39	4.52	0.90
Class R5	1,000.00	892.40	3.86	1,020.79	4.12	0.82
Class R6	1,000.00	892.60	3.62	1,021.03	3.87	0.77

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

18 Invesco Oppenheimer Main Street Small Cap Fund^®

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Oppenheimer Main Street Small Cap Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A.	Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Russell 2000^® Index. The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one and three year periods and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one and three year periods and below the performance of the Index for the five year period. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

19 Invesco Oppenheimer Main Street Small Cap Fund^®

Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives periodic reports from Invesco representing that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

information leakage, and the Board was advised that such trades are executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

20 Invesco Oppenheimer Main Street Small Cap Fund^®

(This page intentionally left blank)

LOGO

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

Fund holdings and proxy voting information

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

LOGO

SEC file numbers: 811-02699 and 002-57526 Invesco Distributors, Inc. O-MSS-SAR-1



		Semiannual Report to Shareholders		June 30, 2020

		Invesco Oppenheimer Master Event-Linked Bond Fund
		Nasdaq: MELBX

LOGO


2		Letters to Shareholders
3		Fund Performance
5		Liquidity Risk Management Program
6		Schedule of Investments
12		Statement of Assets and Liabilities
15		Financial Highlights
16		Notes to Financial Statements
22		Fund Expenses
23		Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

Shares of Oppenheimer Master Event-Linked Bond Fund are issued solely in private placement transactions that do not involve any “public offering” within the meaning of Section 4(a)(2) of the Securities Act of 1933 (the “Securities Act”), as amended. Investments in the Fund may only be made by certain “accredited investors” within the meaning of Regulation D under the Securities Act, including other investment companies. This report does not constitute an offer to sell, or the solicitation of an offer to buy, any “security” within the meaning of the Securities Act.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders


Bruce Crockett		Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
		We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it
charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees


Andrew Schlossberg		Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.
All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Oppenheimer Master Event-Linked Bond Fund

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/19 to 6/30/20
Class R6 Shares	1.59	%
Swiss Re Global Cat Bond Index^▼	1.77
Source(s): ^▼Bloomberg L.P.

The Swiss Re Global Cat Bond Index tracks outstanding US dollar denominated catastro-phe bonds.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

3 Invesco Oppenheimer Master Event-Linked Bond Fund


Average Annual Total Returns
As of 6/30/20

Class R6 Shares
Inception (6/16/08)	4.14	%
10 Years	4.37
5 Years	2.11
1 Year	5.60

Effective May 24, 2019, Class E shares of the Oppenheimer Master Event-Linked Bond Fund, LLC (the predecessor fund), were reorganized into Class R6 shares, of the Invesco Oppenheimer Master Event-Linked Bond Fund (the Fund). Returns shown above, prior to May 24, 2019, are returns of Class E shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Performance figures reflect reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

4 Invesco Oppenheimer Master Event-Linked Bond Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

^∎

The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

^∎

The Fund’s investment strategy remained appropriate for an open-end fund;

^∎

The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

^∎

The Fund did not breach the 15% limit on Illiquid Investments; and

^∎

The Committee had established an HLIM for the Fund and the Fund complied with its HLIM.

5 Invesco Oppenheimer Master Event-Linked Bond Fund

Schedule of Investments

June 30, 2020

(Unaudited)


	Principal Amount		Value
Event-Linked Bonds–96.61%
Earthquake–28.23%
Acorn Re Ltd., Catastrophe Linked Notes, 3.73% (3 mo. USD LIBOR + 2.75%), 11/10/2021^(a)(b)	$	5,000,000	$	4,971,250

Golden State Re II Ltd., Catastrophe Linked Notes, 3.54% (3 mo. USD LIBOR + 2.20%), 01/08/2023^(a)(b)		1,910,000		1,882,401

International Bank for Reconstruction & Development (The) (Supranational), Catastrophe Linked Notes,
8.37%, (6 mo. USD LIBOR + 6.90%), 07/15/2020^(a)(b)		833,300		838,091

2.69%, (3 mo. USD LIBOR + 2.50%), 02/15/2021^(a)(b)		4,750,000		4,682,312

6.19%, (3 mo. USD LIBOR + 6.00%), 02/15/2021^(a)(b)		2,800,000		2,754,500

3.19%, (3 mo. USD LIBOR + 3.00%), 02/15/2021^(a)(b)		4,250,000		4,189,012

5.74%, (3 mo. USD LIBOR + 5.50%), 12/02/2022^(a)(b)		1,650,000		1,644,555

5.89%, (3 mo. USD LIBOR + 5.65%), 12/02/2022^(a)(b)		2,400,000		2,334,240

3.73%, (3 mo. USD LIBOR + 3.50%), 03/13/2024^(a)(b)		2,450,000		2,419,436

9.23%, (3 mo. USD LIBOR + 9.00%), 03/13/2024 (Acquired 02/28/2020; Cost $1,750,000)^(a)(b)		1,750,000		1,711,413

10.23%, (3 mo. USD LIBOR + 10.00%), 03/13/2024^(a)(b)		2,000,000		1,970,750

6.73%, (3 mo. USD LIBOR + 6.50%), 03/13/2024 (Acquired 02/28/2020; Cost $1,742,571.03)^(a)(b)		1,750,000		1,722,306

Kizuna Re II Ltd. (Japan), Catastrophe Linked Notes,
2.01%, (3 mo. U.S. Treasury Bill Rate + 1.88%), 04/11/2023^(a)(b)		3,500,000		3,458,175

2.63%, (3 mo. U.S. Treasury Bill Rate + 2.50%), 04/11/2023^(a)(b)		2,550,000		2,519,782

Merna Reinsurance II Ltd.,
Catastrophe Linked Notes, 6.83% (3 mo. U.S. Treasury Bill Rate + 2.00%), 04/07/2022^(a)(b)		5,000,000		4,917,500

Series A, Catastrophe Linked Notes, 2.88% (3 mo. U.S. Treasury Bill Rate + 2.75%), 04/07/2023^(a)(b)		4,500,000		4,509,900


	Principal Amount		Value
Earthquake–(continued)
Nakama Re Ltd. (Bermuda), Catastrophe Linked Notes,
3.39%, (3 mo. U.S. Treasury Bill Rate + 3.25%), 01/14/2021^(a)(b)	$	1,300,000	$	1,302,145

3.01%, (3 mo. U.S. Treasury Bill Rate + 2.88%), 01/14/2021^(a)(b)		3,000,000		2,998,350

2.20%, (6 mo. USD LIBOR + 2.20%), 10/13/2021^(a)(b)		3,850,000		3,845,187

3.25%, (6 mo. USD LIBOR + 3.25%), 10/13/2021^(a)(b)		2,750,000		2,747,662

2.14%, (3 mo. USD LIBOR + 2.00%), 04/13/2023^(a)(b)		4,500,000		4,429,575

3.14%, (3 mo. USD LIBOR + 3.00%), 04/13/2023^(a)(b)		3,250,000		3,199,787

2.33%, (3 mo. U.S. Treasury Bill Rate + 2.20%), 01/14/2025^(a)(b)		2,000,000		1,956,800

Sierra Ltd., Catastrophe Linked Notes,
3.41%, (3 mo. U.S. Treasury Bill Rate + 3.25%), 12/28/2022^(a)(b)		750,000		746,813

5.91%, (3 mo. U.S. Treasury Bill Rate + 5.75%), 12/28/2022^(a)(b)		750,000		746,963

Sutter Re Ltd., Series A, Catastrophe Linked Notes,
5.14%, (3 mo. U.S. Treasury Bill Rate + 5.00%), 06/06/2022^(a)(b)		1,250,000		1,261,313

5.14%, (3 mo. U.S. Treasury Bill Rate + 5.00%), 05/23/2023^(a)(b)		1,250,000		1,264,938

Series F, Catastrophe Linked Notes, 8.64%, (3 mo. U.S. Treasury Bill Rate + 8.50%), 06/06/2022^(a)(b)		1,000,000		1,008,450

8.64%, (3 mo. U.S. Treasury Bill Rate + 8.50%), 05/23/2023^(a)(b)		1,250,000		1,263,438

Ursa Re Ltd., Catastrophe Linked Notes,
5.59%, (3 mo. U.S. Treasury Bill Rate + 5.47%), 12/10/2020^(a)(b)		3,200,000		3,195,040

5.40%, (3 mo. U.S. Treasury Bill Rate + 5.24%), 09/24/2021^(a)(b)		1,350,000		1,321,043

5.87%, (3 mo. U.S. Treasury Bill Rate + 5.75%), 12/10/2022^(a)(b)		4,000,000		3,915,000
				81,728,127

Fire–0.10%
Cal Phoenix Re Ltd., Catastrophe Linked Notes, 0.73% (3 mo. USD LIBOR + 0.50%), 08/13/2021^(a)(b)		5,400,000		283,500

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6 Invesco Oppenheimer Master Event-Linked Bond Fund


	Principal Amount		Value
Flood–3.17%
FloodSmart Re Ltd. (Bermuda), Catastrophe Linked Notes,
11.39%, (3 mo. U.S. Treasury Bill Rate + 11.25%), 08/06/2021^(a)(b)	$	2,250,000	$	2,214,787

13.64%, (3 mo. U.S. Treasury Bill Rate + 13.50%), 08/06/2021^(a)(b)		750,000		725,738

11.97%, (3 mo. U.S. Treasury Bill Rate + 11.83%), 03/07/2022^(a)(b)		2,500,000		2,474,625

15.22%, (3 mo. U.S. Treasury Bill Rate + 15.08%), 03/07/2022^(a)(b)		500,000		494,925

11.12%, (3 mo. U.S. Treasury Bill Rate + 11.00%), 02/27/2023^(a)(b)		2,000,000		1,867,900

14.64%, (3 mo. U.S. Treasury Bill Rate + 14.50%), 02/27/2023^(a)(b)		1,500,000		1,400,925

				9,178,900


Longevity–0.81%
Vita Capital VI Ltd. (Multinational), Catastrophe Linked Notes, 4.61% (6 mo. USD LIBOR + 2.90%), 01/08/2021^(a)(b)		2,750,000		2,347,812


Multiple Event–47.38%
3264 re Ltd. (Multinational), Catastrophe Linked Notes, 9.75% (3 mo. U.S. Treasury Bill Rate + 9.75%), 02/07/2023^(a)(b)		750,000		742,613

Akibare Re Pte. Ltd. (Japan), Catastrophe Linked Notes, 2.88% (3 mo. U.S. Treasury Bill Rate + 2.75%), 04/07/2024^(a)(b)		1,250,000		1,230,156

Alamo Re Ltd., Catastrophe Linked Notes,
3.64%, (3 mo. U.S. Treasury Bill Rate + 3.48%), 06/07/2021^(a)(b)		2,000,000		1,996,700

4.66%, (1 mo. U.S. Treasury Bill Rate + 4.50%), 06/08/2022^(a)(b)		500,000		494,725

Alturas Re Ltd. (Multinational), Catastrophe Linked Notes, 0.00%, 03/10/2023 (Acquired 12/27/2019; Cost $2,339,000)^(a)(c)(d)		2,339,000		1,960,915

Armor Re II Ltd., Catastrophe Linked Notes, 6.49% (3 mo. U.S. Treasury Bill Rate + 5.90%), 06/08/2022^(a)(b)		1,500,000		1,468,875

Atlas Capital Reinsurance 2020 DAC, Catastrophe Linked Notes, 8.37% (3 mo. U.S. Treasury Bill Rate + 8.25%), 06/10/2024^(a)(b)		1,250,000		1,258,687

Atlas Capital UK PLC (Multinational), Catastrophe Linked Notes,
6.33%, (3 mo. USD LIBOR + 6.06%), 06/07/2022^(a)(b)		1,500,000		1,463,625

12.37%, (3 mo. USD LIBOR + 11.75%), 06/07/2023^(a)(b)		1,000,000		965,950

Atlas IX Capital DAC, Catastrophe Linked Notes, 1.32% (3 mo. USD LIBOR + 0.10%), 01/07/2021^(a)(b)		451,659		424,559

Atmos Re DAC (Ireland), Catastrophe Linked Notes, 4.50% (3 mo. EURIBOR + 4.50%), 02/14/2022^(a)(b)		1,550,000		23,945

Baltic PCC Ltd. (United Kingdom), Catastrophe Linked Notes, 6.04% (3 mo. U.S. Treasury Bill Rate + 5.90%), 03/07/2022^(b)		2,500,000		3,100,230


	Principal Amount		Value
Multiple Event–(continued)
Blue Halo Re Ltd. (Bermuda), Catastrophe Linked Notes,
16.00%, (3 mo. U.S. Treasury Bill Rate + 16.00%), 06/30/2021^(a)(b)	$	250,000	$	250,350

0.63%, (3 mo. U.S. Treasury Bill Rate + 0.50%), 06/21/2022^(a)(b)		4,500,000		4,381,875

Series A, Catastrophe Linked Notes, 13.40% (3 mo. U.S. Treasury Bill Rate + 13.25%), 06/28/2023^(a)(b)		500,000		501,200

Bowline Re Ltd. (Multinational),
Series 2018-1, Catastrophe Linked Notes, 4.89% (3 mo. U.S. Treasury Bill Rate + 4.50%), 05/23/2022^(a)(b)		1,250,000		1,215,563

Series 2019-1, Catastrophe Linked Notes, 4.62%, (3 mo. U.S. Treasury Bill Rate + 4.50%), 03/20/2023^(a)(b)		1,250,000		1,229,062

8.85%, (3 mo. U.S. Treasury Bill Rate + 8.85%), 03/20/2023^(a)(b)		1,250,000		1,229,063

Caelus Re V Ltd., Catastrophe Linked Notes,
3.19%, (3 mo. U.S. Treasury Bill Rate + 3.93%), 06/07/2021^(a)(b)		1,750,000		1,683,500

4.16%, (3 mo. U.S. Treasury Bill Rate + 4.64%), 06/07/2021^(a)(b)		1,500,000		1,416,375

7.24%, (3 mo. U.S. Treasury Bill Rate + 7.82%), 06/07/2021^(a)(b)		2,500,000		2,318,750

10.83%, (3 mo. U.S. Treasury Bill Rate + 10.90%), 06/07/2021^(a)(b)		1,250,000		1,018,500

0.63%, (3 mo. U.S. Treasury Bill Rate + 0.50%), 06/05/2024^(a)(b)		1,625,000		1,566,094

0.63%, (3 mo. U.S. Treasury Bill Rate + 0.50%), 06/05/2024^(a)(b)		1,656,705		16,898

Caelus Re VI Ltd., Catastrophe Linked Notes,
5.63%, (3 mo. U.S. Treasury Bill Rate + 5.50%), 06/07/2023^(a)(b)		1,500,000		1,450,350

5.63%, (3 mo. U.S. Treasury Bill Rate + 2.75%), 06/07/2023^(a)(b)		1,000,000		968,300

7.88%, (3 mo. U.S. Treasury Bill Rate + 2.75%), 06/07/2023^(a)(b)		1,000,000		981,200

12.88%, (3 mo. U.S. Treasury Bill Rate + 2.75%), 06/07/2023^(a)(b)		1,000,000		982,600

5.63%, (3 mo. U.S. Treasury Bill Rate + 5.50%), 06/07/2024^(a)(b)		1,250,000		1,193,500

Cape Lookout Re Ltd., Catastrophe Linked Notes,
4.38%, (1 mo. U.S. Treasury Bill Rate + 4.24%), 02/25/2022^(a)(b)		5,250,000		5,190,412

6.63%, (1 mo. U.S. Treasury Bill Rate + 6.75%), 05/09/2022^(a)(b)		1,250,000		1,223,313

Citrus Re Ltd., Catastrophe Linked Notes,
6.08%, (6 mo. USD LIBOR + 5.31%), 03/20/2023^(a)(b)		550,208		154,498

0.25%, (3 mo. U.S. Treasury Bill Rate + 0.10%), 12/31/2049^(a)(b)		1,022,747		184,810

Cranberry Re Ltd., Catastrophe Linked Notes, 2.01% (6 mo. USD LIBOR + 1.98%), 07/13/2020^(a)(b)		2,000,000		2,006,500

Eden Re II Ltd. (Bermuda), Catastrophe Linked Notes, 0.00%, 03/22/2024 (Acquired 12/16/2019; Cost $2,500,000)^(a)(c)(d)		2,500,000		2,534,018

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7 Invesco Oppenheimer Master Event-Linked Bond Fund


	Principal Amount		Value
Multiple Event–(continued)
First Coast Re II Pte. Ltd. (Bermuda), Catastrophe Linked Notes,
4.04%, (3 mo. U.S. Treasury Bill Rate + 3.92%), 06/07/2021^(a)(b)(c)	$	2,000,000	$	1,977,100

5.37%, (3 mo. U.S. Treasury Bill Rate + 5.25%), 06/07/2023^(a)(b)		500,000		486,375

Fortius Re II Ltd. (Supranational), Catastrophe Linked Notes, 4.91% (6 mo. USD LIBOR + 3.42%), 07/07/2021^(a)(b)		2,000,000		1,977,100

Galilei Re Ltd. (Multinational), Catastrophe Linked Notes,
14.76%, (6 mo. USD LIBOR + 13.84%), 01/08/2021^(a)(b)		3,500,000		3,396,225

10.20%, (6 mo. USD LIBOR + 8.63%), 01/08/2021^(a)(b)		1,000,000		978,850

6.70%, (6 mo. USD LIBOR + 5.13%), 01/08/2021^(a)(b)		2,000,000		1,964,900

Galileo Re Ltd. (Multinational), Catastrophe Linked Notes,
17.82%, (3 mo. USD LIBOR + 17.50%), 11/06/2020^(a)(b)		2,050,000		1,991,677

7.82%, (3 mo. USD LIBOR + 7.50%), 11/06/2020^(a)(b)		600,000		584,610

9.36%, (3 mo. U.S. Treasury Bill Rate + 9.25%), 01/08/2024^(a)(b)		1,500,000		1,475,700

7.56%, (3 mo. U.S. Treasury Bill Rate + 7.45%), 01/08/2024^(a)(b)		500,000		491,600

Herbie Re Ltd., Series A, Catastrophe Linked Notes, 9.16% (3 mo. U.S. Treasury Bill Rate + 9.00%), 07/08/2024^(a)(b)		1,000,000		999,600

Kendall Re Ltd. (Multinational), Catastrophe Linked Notes, 5.59% (3 mo. USD LIBOR + 5.25%), 05/06/2021^(a)(b)		1,250,000		1,216,438

Kilimanjaro II Re Ltd. (Supranational), Catastrophe Linked Notes, 10.68% (6 mo. USD LIBOR + 10.61%), 04/20/2021^(a)(b)		2,250,000		2,220,412

Series 2017, Catastrophe Linked Notes, 7.98% (6 mo. USD LIBOR + 7.91%), 04/20/2021^(a)(b)		1,000,000		986,750

Kilimanjaro III Re Ltd. (Supranational), Catastrophe Linked Notes,
15.89%, (3 mo. USD LIBOR + 15.75%), 12/19/2023^(a)(b)		2,500,000		2,432,125

9.64%, (3 mo. USD LIBOR + 9.50%), 12/19/2023^(a)(b)		1,000,000		970,450

15.89%, (3 mo. USD LIBOR + 15.75%), 12/19/2024^(a)(b)		3,000,000		2,883,750

9.64%, (3 mo. USD LIBOR + 9.50%), 12/19/2024^(a)(b)		1,250,000		1,195,688

Kilimanjaro Re Ltd. (Supranational), Catastrophe Linked Notes,
13.71%, (3 mo. USD LIBOR + 13.61%), 05/06/2022^(a)(b)		2,000,000		1,961,700

5.04%, (3 mo. USD LIBOR + 4.94%), 05/06/2022^(a)(b)		1,250,000		1,221,813

13.73%, (3 mo. USD LIBOR + 13.61%), 05/05/2023^(a)(b)		3,000,000		2,902,050

5.06%, (3 mo. USD LIBOR + 4.94%), 05/05/2023^(a)(b)		1,250,000		1,203,938


	Principal Amount		Value
Multiple Event–(continued)
Limestone Re Ltd. (Multinational), Catastrophe Linked Notes, 0.00%, 03/01/2024 (Acquired 12/27/2019; Cost $2,456,000)^(a)(c)(d)	$	2,456,000	$	2,595,944

Lion II Re DAC (Ireland), Catastrophe Linked Notes, 3.57% (3 mo. EURIBOR + 3.57%), 07/15/2021^(a)(b)		3,500,000		3,911,702

Loma Reinsurance Bermuda Ltd. (Multinational), Catastrophe Linked Notes, 0.68% (3 mo. U.S. Treasury Bill Rate + 0.50%), 10/08/2020^(a)(b)		3,750,000		900,000

Manatee Re III Pte. Ltd., Catastrophe Linked Notes, 5.50% (3 mo. U.S. Treasury Bill Rate + 5.25%), 06/07/2022^(a)(b)		1,000,000		977,950

MetroCat Re Ltd. (Bermuda), Catastrophe Linked Notes, 5.61% (3 mo. U.S. Treasury Bill Rate + 5.50%), 05/28/2024^(a)(b)		1,500,000		1,499,100

Mona Lisa Re Ltd., Catastrophe Linked Notes,
7.63%, (3 mo. U.S. Treasury Bill Rate + 7.50%), 01/09/2023^(a)(b)		1,250,000		1,245,062

8.13%, (3 mo. U.S. Treasury Bill Rate + 8.00%), 01/09/2023^(a)(b)		750,000		746,513

Northshore Re II Ltd. (Bermuda), Catastrophe Linked Notes,
7.53%, (3 mo. U.S. Treasury Bill Rate + 7.53%), 07/06/2020^(a)(b)		2,000,000		2,007,700

8.16%, (3 mo. USD LIBOR + 7.99%), 07/08/2022^(a)(b)		1,250,000		1,251,187

7.63%, (3 mo. U.S. Treasury Bill Rate + 7.50%), 07/07/2023^(a)(b)		1,250,000		1,242,812

Residential Reinsurance 2016 Ltd., Catastrophe Linked Notes, 5.74% (3 mo. U.S. Treasury Bill Rate + 5.60%), 12/06/2020^(a)(b)		1,750,000		1,710,187

Residential Reinsurance 2017 Ltd., Catastrophe Linked Notes,
5.31%, (3 mo. U.S. Treasury Bill Rate + 5.05%), 06/06/2021^(a)(b)		1,000,000		995,900

3.41%, (3 mo. U.S. Treasury Bill Rate + 3.17%), 06/06/2021^(a)(b)		1,375,000		1,350,869

13.18%, (3 mo. U.S. Treasury Bill Rate + 12.72%), 12/06/2021^(a)(b)		250,000		238,188

Residential Reinsurance 2018 Ltd., Catastrophe Linked Notes,
3.50%, (3 mo. U.S. Treasury Bill Rate + 3.25%), 06/06/2022^(a)(b)		2,000,000		1,927,900

11.93%, (3 mo. U.S. Treasury Bill Rate + 11.00%), 12/06/2022^(a)(b)		2,500,000		2,395,375

Residential Reinsurance 2019 Ltd. (Cayman Islands), Catastrophe Linked Notes, 0.00%, 12/06/2020^(a)(d)		1,250,000		1,004,813

4.79%, (3 mo. U.S. Treasury Bill Rate + 4.50%), 06/06/2023^(a)(b)		500,000		492,625

12.51%, (3 mo. U.S. Treasury Bill Rate + 11.50%), 12/06/2023^(a)(b)		1,000,000		983,950

Residential Reinsurance 2020 Ltd. (Cayman Islands), Series 13, Catastrophe Linked Notes, 0.62% (3 mo. U.S. Treasury Bill Rate + 5.50%), 06/06/2024^(a)(b)		500,000		501,125

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Oppenheimer Master Event-Linked Bond Fund


	Principal Amount		Value
Multiple Event–(continued)
Riverfront Re Ltd. (Supranational), Catastrophe Linked Notes,
4.99%, (3 mo. U.S. Treasury Bill Rate + 4.91%), 01/15/2021^(a)(b)	$	2,500,000	$	2,466,875

6.83%, (3 mo. U.S. Treasury Bill Rate + 6.51%), 01/15/2021^(a)(b)		2,000,000		1,972,500

Sanders RE II Ltd. (Bermuda), Catastrophe Linked Notes,
12.36%, (3 mo. USD LIBOR + 12.25%), 04/07/2023^(a)(b)		3,750,000		3,566,812

4.50%, (3 mo. USD LIBOR + 4.50%), 04/07/2024^(a)(b)		2,250,000		2,219,231

12.75%, (3 mo. USD LIBOR + 12.75%), 04/07/2024^(a)(b)		1,000,000		986,525

Series A, Catastrophe Linked Notes, 5.63% (3 mo. U.S. Treasury Bill Rate + 5.50%), 06/07/2023^(a)(b)		1,250,000		1,252,187

Sanders Re Ltd., Catastrophe Linked Notes,
2.97%, (6 mo. USD LIBOR + 2.99%), 12/06/2021^(a)(b)		1,500,000		1,431,375

5.64%, (3 mo. U.S. Treasury Bill Rate + 5.50%), 04/07/2022^(a)(b)		4,500,000		4,222,575

SD Re Ltd., Catastrophe Linked Notes, 4.98% (3 mo. USD LIBOR + 4.00%), 10/19/2021^(a)(b)		2,400,000		2,280,120

Spectrum Capital Ltd. (Bermuda), Catastrophe Linked Notes, 5.97% (6 mo. USD LIBOR + 5.75%), 06/08/2021^(a)(b)		1,000,000		980,850

Stratosphere Re Ltd., Catastrophe Linked Notes, 2.88% (3 mo. U.S. Treasury Bill Rate + 2.75%), 02/07/2023^(a)(b)		1,500,000		1,488,675

Tailwind Re Ltd., Series 2017-1, Catastrophe Linked Notes,
9.23%, (3 mo. U.S. Treasury Bill Rate + 9.10%), 01/08/2022^(a)(b)		1,250,000		1,214,063

11.19%, (3 mo. U.S. Treasury Bill Rate + 11.06%), 01/08/2022^(a)(b)		750,000		728,813

				137,136,065


Other–1.73%
Vitality Re IX Ltd., Catastrophe Linked Notes, 1.89% (3 mo. U.S. Treasury Bill Rate + 1.75%), 01/10/2022^(a)(b)		500,000		431,875

Vitality Re VIII Ltd., Catastrophe Linked Notes, 2.13% (3 mo. U.S. Treasury Bill Rate + 2.00%), 01/08/2021^(a)(b)		750,000		632,813

Vitality Re X Ltd., Catastrophe Linked Notes,
2.14%, (3 mo. U.S. Treasury Bill Rate + 2.00%), 01/10/2023^(a)(b)		500,000		426,875

1.75%, (3 mo. U.S. Treasury Bill Rate + 1.75%), 01/10/2023^(a)(b)		1,250,000		1,192,187

Vitality Re XI Ltd., Catastrophe Linked Notes,
1.63%, (3 mo. U.S. Treasury Bill Rate + 1.50%), 01/09/2024^(a)(b)		2,000,000		1,907,500

1.93%, (3 mo. U.S. Treasury Bill Rate + 1.80%), 01/09/2024^(a)(b)		500,000		421,875

				5,013,125


	Principal Amount		Value
Windstorm–15.19%
Akibare Re Ltd. (Japan), Catastrophe Linked Notes,
2.19%, (3 mo. USD LIBOR + 1.90%), 04/07/2022^(a)(b)	$	3,250,000	$	3,188,900

2.19%, (3 mo. USD LIBOR + 1.90%), 04/07/2022^(a)(b)		2,000,000		1,963,400

0.10%, (6 mo. USD LIBOR + 0.50%), 04/07/2023^(a)(b)		2,365,519		5,618

Alamo Re II Pte Ltd. (Singapore), Series A, Catastrophe Linked Notes, 5.92% (3 mo. U.S. Treasury Bill Rate + 5.75%), 06/08/2023^(a)(b)		2,000,000		2,004,500

Aozora Re Ltd. (Japan), Catastrophe Linked Notes, 3.51% (6 mo. USD LIBOR + 2.00%), 04/07/2021^(a)(b)		5,500,000		5,423,000

Bonanza Re Ltd. (Bermuda), Catastrophe Linked Notes, 4.87% (3 mo. U.S. Treasury Bill Rate + 4.75%), 02/20/2024^(a)(b)		2,500,000		2,439,375

Casablanca Re Ltd., Catastrophe Linked Notes, 15.58% (6 mo. USD LIBOR + 15.49%), 06/04/2023^(a)(b)(c)		312,757		250,000

Casablanca Re Pte. Ltd. (Singapore), Series A, Catastrophe Linked Notes, 0.00%, 06/07/2021^(a)(d)		750,000		692,438

Series B, Catastrophe Linked Notes, 0.00%, 06/07/2021^(a)(d)		500,000		438,850

Catahoula Re Pte. Ltd. (Singapore), Catastrophe Linked Notes, 3.74% (3 mo. USD LIBOR + 3.50%), 05/09/2023^(a)(b)		750,000		750,037

Everglades Re II Ltd., Catastrophe Linked Notes, 6.39% (3 mo. U.S. Treasury Bill Rate + 6.25%), 05/04/2023^(a)(b)		1,000,000		1,002,650

Frontline Re Ltd., Catastrophe Linked Notes,
7.88%, (3 mo. U.S. Treasury Bill Rate + 7.74%), 07/06/2022^(a)(b)		4,250,000		1,955,000

0.63%, (3 mo. U.S. Treasury Bill Rate + 0.50%), 07/06/2022^(a)(b)		224,179		25,265

Hexagon II Reinsurance DAC (France), Catastrophe Linked Notes, 4.93% (3 mo. EURIBOR + 5.15%), 01/17/2024^(a)(b)		2,000,000		2,228,293

Hexagon Reinsurance DAC (Ireland), Catastrophe Linked Notes,
8.75%, (3 mo. EURIBOR + 8.75%), 01/19/2022^(a)(b)		2,650,000		2,945,343

7.11%, (3 mo. EURIBOR + 7.11%), 01/19/2022^(a)(b)		1,800,000		2,002,936

Integrity Re II Ltd. (Bermuda), Catastrophe Linked Notes, 7.46% (3 mo. USD LIBOR + 7.25%), 04/12/2023^(a)(b)		1,500,000		1,496,287

Integrity Re Ltd., Catastrophe Linked Notes,
5.08%, (3 mo. USD LIBOR + 4.01%), 06/10/2022^(a)(b)		1,000,000		962,950

4.96%, (3 mo. USD LIBOR + 4.75%), 06/12/2023^(a)(b)		500,000		485,725

Long Point Re III Ltd., Catastrophe Linked Notes, 2.87% (3 mo. U.S. Treasury Bill Rate + 2.75%), 06/01/2022^(a)(b)		2,450,000		2,398,182

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Oppenheimer Master Event-Linked Bond Fund


	Principal Amount		Value
Windstorm–(continued)
Manatee Re II Ltd., Catastrophe Linked Notes, 8.42% (3 mo. U.S. Treasury Bill Rate + 8.34%), 06/07/2021^(a)(b)	$	1,750,000	$	1,712,987

Matterhorn Re Ltd. (Bermuda), Catastrophe Linked Notes,
0.00%, 12/07/2020^(a)(d)		1,000,000		952,650

0.00%, 12/07/2020^(a)(d)		750,000		686,063

5.37%, (3 mo. U.S. Treasury Bill Rate + 5.25%), 12/07/2021^(a)(b)		1,000,000		985,250

7.50%, (3 mo. U.S. Treasury Bill Rate + 7.50%), 12/07/2021^(a)(b)		750,000		735,188

6.39%, (3 mo. U.S. Treasury Bill Rate + 6.25%), 12/07/2021^(a)(b)		1,000,000		980,500

7.11%, (3 mo. U.S. Treasury Bill Rate + 7.00%), 12/07/2021^(a)(b)		750,000		753,637

5.00%, (3 mo. U.S. Treasury Bill Rate + 5.00%), 01/08/2024^(a)(b)		1,750,000		1,732,500

Series A, Catastrophe Linked Notes, 10.00% (3 mo. U.S. Treasury Bill Rate + 10.00%), 12/07/2021^(a)(b)		750,000		750,000

Pelican IV Re Ltd., Catastrophe Linked Notes, 2.02% (3 mo. USD LIBOR + 2.29%), 05/07/2021^(a)(b)		1,500,000		1,464,075


	Principal Amount		Value
Windstorm–(continued)
Windmill II Re Ltd. (Europe), Catastrophe Linked Notes, 4.00% (3 mo. EURIBOR + 4.00%), 07/05/2024^(a)(b)	$	500,000	$	561,750

				43,973,349

Total Event-Linked Bonds (Cost $302,436,513)				279,660,878


	Shares
Preferred Stocks–1.69%
Multiple Event–1.69%
Kinesis Re Ltd., Series 2020, Pfd.^(c)		249,377		2,623,927

Lorenz Re Ltd., Series 2020, Pfd.^(c)		22,500		2,280,131

Total Preferred Stocks (Cost $4,750,000)				4,904,058


Money Market Funds–1.29%
Invesco Government & Agency Portfolio, Institutional Class, 0.09% (Cost $3,717,252)^(e)(f)		3,717,252		3,717,252

TOTAL INVESTMENTS IN SECURITIES–99.59% (Cost $310,903,765)				288,282,188

OTHER ASSETS LESS LIABILITIES–0.41%				1,185,910

NET ASSETS–100.00%			$	289,468,098

Investment Abbreviations:

DAC – Designated Activity Co.

EURIBOR – Euro Interbank Offered Rate

LIBOR – London Interbank Offered Rate

Pfd. – Preferred

USD – U.S. Dollar

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2020 was $276,560,648, which represented 95.54% of the Fund’s Net Assets.

^(b)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2020.

(^c)	Security valued using significant unobservable inputs (Level 3). See Note 3.

(^d)	Zero coupon bond issued at a discount. The interest rate shown represents the yield to maturity at issue.

^(e)

Change in

Value

Purchases

Proceeds

Unrealized

Realized

Value

Dividend

December 31, 2019

at Cost

from Sales

Appreciation

Gain

June 30, 2020

Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class

$5,119,156

$123,331,077

$(124,732,981)

$–

$3,717,252

$34,606

^(f)	The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

Portfolio Composition

By event type, based on Net Assets

as of June 30, 2020


Multiple Event	49.07	%
Earthquake	28.23
Windstorm	15.19
Flood	3.17
Other	1.73
Event Type Each Less Than 1% of Net Assets	0.91
Money Market Funds Plus Other Assets Less Liabilities	1.70

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Oppenheimer Master Event-Linked Bond Fund

Open Forward Foreign Currency Contracts

Unrealized

Settlement

Contract to

Appreciation

Date

Counterparty

Deliver

Receive

(Depreciation)

Currency Risk

09/23/2020

Barclays Capital

USD

1,100,598

EUR

1,000,000

24,960

Currency Risk

09/23/2020

Citibank N.A.

GBP

2,500,000

USD

3,041,997

(57,246)

09/23/2020

Morgan Stanley & Co.

EUR

500,000

USD

561,900

(879)

09/23/2020

Royal Bank of Canada

EUR

10,950,000

USD

11,901,862

(423,004)

Subtotal–Depreciation

(481,129)

Total Forward Foreign Currency Contracts

(456,169)

Abbreviations:

EUR – Euro

GBP – British Pound Sterling

USD – U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Oppenheimer Master Event-Linked Bond Fund

Statement of Assets and Liabilities

June 30, 2020

(Unaudited)


Assets:
Investments in securities, at value (Cost $307,186,513)	$	284,564,936

Investments in affiliated money market funds, at value (Cost $3,717,252)		3,717,252

Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		24,960

Cash		13,497

Receivable for:
Dividends		458

Interest		2,458,328

Investment for trustee deferred compensation and retirement plans		24,833

Other assets		31,885

Total assets		290,836,149


Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		481,129

Payable for:
Investments purchased		750,000

Dividends		54,294

Accrued fees to affiliates		26,489

Accrued trustees’ and officers’ fees and benefits		3,171

Accrued other operating expenses		28,135

Trustee deferred compensation and retirement plans		24,833

Total liabilities		1,368,051

Net assets applicable to shares outstanding	$	289,468,098


Net assets consist of:
Shares of beneficial interest	$	159,753,457

Distributable earnings		129,714,641

	$	289,468,098


Net Assets:
Class R6	$	289,468,098


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class R6		18,316,273

Class R6:
Net asset value and offering price per share	$	15.80

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco Oppenheimer Master Event-Linked Bond Fund

Statement of Operations

For the six months ended June 30, 2020

(Unaudited)


Investment income:
Interest (net of foreign withholding taxes of $1,641)	$	11,046,712

Dividends from affiliated money market funds		34,606

Total investment income		11,081,318


Expenses:
Advisory fees		641,356

Administrative services fees		23,703

Custodian fees		2,797

Transfer agent fees – R6		8,313

Trustees’ and officers’ fees and benefits		9,261

Registration and filing fees		16,992

Reports to shareholders		4,870

Professional services fees		39,509

Other		4,336

Total expenses		751,137

Less: Fees waived and/or expenses reimbursed		(6,635	)

Net expenses		744,502

Net investment income		10,336,816


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(15,891,101	)

Foreign currencies		(11,153	)

Forward foreign currency contracts		649,215

		(15,253,039	)

Change in net unrealized appreciation (depreciation) of:
Investment securities		9,854,054

Foreign currencies		12

Forward foreign currency contracts		(25,344	)

		9,828,722

Net realized and unrealized gain (loss)		(5,424,317	)

Net increase in net assets resulting from operations	$	4,912,499

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13 Invesco Oppenheimer Master Event-Linked Bond Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2020, period ended December 31, 2019, and the year ended September 30, 2019

(Unaudited)


	Six Months Ended June 30, 2020				Three Months Ended December 31, 2019				Year Ended September 30, 2019
Operations:
Net investment income		$	10,336,816			$	5,867,292			$	27,572,378
Net realized gain (loss)			(15,253,039	)			(4,051,280	)			(14,430,615	)
Change in net unrealized appreciation (depreciation)			9,828,722				3,147,522				(12,803,422	)
Net increase in net assets resulting from operations			4,912,499				4,963,534				338,341

Distributions to shareholders from distributable earnings:
Class R6			(10,292,644	)			–				–

Share transactions–net:
Class R6			(61,566,617	)			(7,402,506	)			(14,721,776	)
Net increase (decrease) in net assets			(66,946,762	)			(2,438,972	)			(14,383,435	)

Net assets:
Beginning of period			356,414,860				358,853,832				373,237,267
End of period		$	289,468,098			$	356,414,860			$	358,853,832

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 Invesco Oppenheimer Master Event-Linked Bond Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income to average net assets			Portfolio turnover ^(d)
Class R6
Six months ended 06/30/20		$16.04		$0.49		$(0.24	)		$0.25			$(0.49	)		$15.80		1.59	%		$289,468		0.45	%^(e)		0.45	%^(e)		6.21	%^(e)		22	%
Three months ended 12/31/19		15.82		0.26		(0.04	)		0.22			–			16.04		1.39			356,415		0.45			0.49			6.53			12
Year ended 09/30/19		15.79		1.19		(1.16	)		0.03			–			15.82		0.19			358,854		0.45			0.45			7.64			14
Year ended 09/30/18		15.23		1.04		(0.48	)		0.56			–			15.79		3.68			373,237		0.45			0.45			6.70			33
Year ended 09/30/17		15.93		0.94		(1.64	)		(0.70	)		–			15.23		(4.39	)		259,458		0.46			0.46			5.84			53
Year ended 09/30/16		15.10		0.80		0.03			0.83			–			15.93		5.50			294,575		0.45			0.45			5.22			43
Year ended 09/30/15		14.39		0.79		(0.08	)		0.71			–			15.10		4.93			307,778		0.43			0.43			5.40			42

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the three months ended December 31, 2019 and the years ended September 30, 2019, 2018, 2017, 2016 and 2015, respectively.

^(d)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)	Ratios are annualized and based on average daily net assets (000’s omitted) of $334,357 for Class R6.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15 Invesco Oppenheimer Master Event-Linked Bond Fund

Notes to Financial Statements

June 30, 2020

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Oppenheimer Master Event-Linked Bond Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek total return.

Shares of the Fund are sold only to other investment companies. The Fund currently offers Class R6. Class R6 shares are sold at net asset value.

For federal income tax purposes, the Fund qualifies as a partnership, and each investor in the Fund is treated as the owner of its proportionate share of the net assets, income, expenses, and realized and unrealized gains and losses of the Fund. Accordingly, as a “passthrough” entity, the Fund pays no dividends or capital gain distributions.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Event-linked bonds are generally valued at the mean between the bid and ask prices utilizing evaluated prices obtained from third party pricing services or broker dealers. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash

16 Invesco Oppenheimer Master Event-Linked Bond Fund

Federal Income Taxes – The Fund, as an entity, will not be subject to U.S. federal income tax. The Fund will be treated for U.S. federal income tax purposes as a partnership, and not as an association taxable as a corporation. Therefore, a tax provision is not required. Each shareholder is required for U.S. federal income tax purposes to take into account, in its taxable year with which (or within which a taxable year of the Fund ends), it distributive share of all items of Fund income, gains, losses and deduction for such taxable year of the Fund. A shareholder must take such items into account even if the Fund does not distribute cash or other property to such shareholder during its taxable year.

Although the Fund is treated as a partnership for Federal tax purposes, it is intended that the Fund’s assets, income and distributions will be managed in such a way that investment in the Fund would not cause an investor that is a regulated investment company under Subchapter M of the Code to fail that qualification.

The Fund has analyzed its tax positions, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

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.

Event-Linked Bonds – The Fund invests in event-linked, which are fixed income securities for which the return of principal and payment of interest are contingent on the non-occurrence of a specific trigger event that leads to economic loss, such as an earthquake or hurricane. In most cases, the trigger event will not be deemed to have occurred unless the event happened in a geographic area and was of a certain magnitude or caused a certain amount of actual or modeled

17 Invesco Oppenheimer Master Event-Linked Bond Fund

loss. If the trigger event occurs prior to a bond’s maturity, the Fund may lose all or a portion of its principal and additional interest. If the trigger event does not occur, the Fund will recover its principal plus interest. The Fund records the net change in market value of event-linked bonds on the Statement of Operation as a change in unrealized appreciation/depreciation on investments. The Fund records a realized gain/loss in the Statement of Operation upon the sale or maturity of the investment.

K.	Other Risks – The Fund’s investment are concentrated in event-linked bonds, rather than a broad spectrum of investments, make the Fund’s share price particularly sensitive to market, economic and natural and non-natural events that may affect this investment type.

The Fund’s investment in event-linked bonds may be speculative and subject to greater price volatility than other types of investments.

The Fund may invest in event-linked bonds that are below investment grade (sometimes referred to as “high yield” or “junk” bonds. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.

L.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an annual fee of 0.39% based on the average daily net assets of the Fund.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a Sub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) to 0.45% of average daily net assets (the “expense limit”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limit or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limit, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

For the six months ended June 30, 2020, the Adviser waived advisory fees of $6,635.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3—Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

18 Invesco Oppenheimer Master Event-Linked Bond Fund

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended June 30, 2020, there were transfers from Level 2 to Level 3 of $12,244,935, due to either the lack of availability of market data or the evaluated price provided by pricing vendor.


	Level 1		Level 2			Level 3		Total
Investments in Securities
Event-Linked Bonds	$	–	$	272,320,001		$	7,340,877	$	279,660,878
Preferred Stocks		–		–			4,904,058		4,904,058
Money Market Funds		3,717,252		–			–		3,717,252
Total Investments in Securities		3,717,252		272,320,001			12,244,935		288,282,188

Other Investments - Assets*
Forward Foreign Currency Contracts		–		24,960			–		24,960

Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(481,129	)		–		(481,129	)
Total Other Investments		–		(456,169	)		–		(456,169	)
Total Investments	$	3,717,252	$	271,863,832		$	12,244,935	$	287,826,019

*	Unrealized appreciation (depreciation).

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the six months ended June 30, 2020:

Value
12/31/19

Purchases
at Cost

Proceeds
from Sales

Accrued
Discounts/
Premiums

Realized
Gain (Loss)

Change in
Unrealized
Appreciation

Transfers
into

Level 3

Transfers
out of
Level 3

Value
06/30/20

Event-Linked Bonds

$–

$ 7,340,877

Preferred Stocks

–

$–

$ 4,904,058

–

$ 4,904,058

Total

$–

$12,244,935

NOTE 4—Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2020:


	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	24,960
Derivatives not subject to master netting agreements		–
Total Derivative Assets subject to master netting agreements	$	24,960

	Value
Derivative Liabilities	Currency Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(481,129	)
Derivatives not subject to master netting agreements		–
Total Derivative Liabilities subject to master netting agreements	$	(481,129	)

19 Invesco Oppenheimer Master Event-Linked Bond Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2020.


	Financial Derivative Assets			Financial Derivative Liabilities								Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts			Forward Foreign Currency Contracts				Net Value of Derivatives				Non- Cash		Cash		Net Amount
Citibank N.A.		$	–		$	(57,246	)		$	(57,246	)		$–		$–		$	(57,246	)
Barclays Capital			24,960			–				24,960			–		–			24,960
Morgan Stanley & Co.			–			(879	)			(879	)		–		–			(879	)
Royal Bank of Canada			–			(423,004	)			(423,004	)		–		–			(423,004	)
Total		$	24,960		$	(481,129	)		$	(456,169	)		$–		$–		$	(456,169	)

Effect of Derivative Investments for the six months ended June 30, 2020

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Statement of Operations
	Currency Risk
Realized Gain:
Forward foreign currency contracts		$649,215
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(25,344	)
Total		$623,871

The table below summarizes the average notional value of derivatives held during the period.


	Forward Foreign Currency Contracts
Average notional value		$	21,223,501

NOTE 5—Trustees’ and Officers’ Fees and Benefits

NOTE 6—Cash Balances

The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2020 was $82,687,600 and $148,892,255, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	684,599
Aggregate unrealized (depreciation) of investments		(23,762,345	)
Net unrealized appreciation (depreciation) of investments	$	(23,077,746	)

Cost of investments for tax purposes is $310,903,765.

20 Invesco Oppenheimer Master Event-Linked Bond Fund

NOTE 8—Share Information


							Summary of Share Activity
	Six months ended						Three Months Ended						Year ended
	June 30, 2020^(a)						December 31, 2019						September 30, 2019
	Shares			Amount			Shares			Amount			Shares			Amount

Sold:
Class R6		1,201,982		$	19,353,927			967		$	15,464			8,298,231		$	127,534,469

Issued as reinvestment of dividends:
Class R6		624,033			9,924,264			–			–			–			–

Reacquired:
Class R6		(5,730,110	)		(90,844,808	)		(462,998	)		(7,417,970	)		(9,258,288	)		(142,256,245	)
Net increase (decrease) in share activity		(3,904,095	)	$	(61,566,617	)		(462,031	)	$	(7,402,506	)		(960,057	)	$	(14,721,776	)

^(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 36% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

In addition, 60% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 9—Coronavirus (COVID-19) Pandemic

NOTE 10—Significant Event

Effective on or about September 30, 2020, the name of the Fund and all references thereto will change from Invesco Oppenheimer Master Event-Linked Bond Fund to Invesco Master Event-Linked Bond Fund.

21 Invesco Oppenheimer Master Event-Linked Bond Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

ACTUAL

HYPOTHETICAL

(5% annual return before

expenses)

Beginning

Ending

Expenses

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(01/01/20)

(06/30/20)¹

Period²

(06/30/20)

Period²

Ratio

Class R6

$1,000.00

$1,015.90

$2.26

$1,022.63

$2.26

0.45

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

22 Invesco Oppenheimer Master Event-Linked Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Oppenheimer Master Event-Linked Bond Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A.	Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Swiss Re Global Cat Bond Index. The Board noted that performance of Class R6 shares of the Fund was in the fourth quintile of its performance universe for the one year period, fifth quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class R6 shares of the Fund was above the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board noted that exposure to certain categories of event-linked bonds, including those tied to atmospheric risks and certain multi-peril bonds, negatively impacted Fund performance. The Board also noted that the Fund currently is not sold directly to retail shareholders, but rather is only available for purchase by other Invesco funds or pooled vehicles. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

23 Invesco Oppenheimer Master Event-Linked Bond Fund

services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board noted that the Fund does not benefit from economies of scale through contractual breakpoints, but does share in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

24 Invesco Oppenheimer Master Event-Linked Bond Fund

(This page intentionally left blank)

LOGO

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

Fund holdings and proxy voting information


Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.


SEC file numbers: 811-02699 and 002-57526		Invesco Distributors, Inc.		O-MELB-SAR-1

ITEM 2.

CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

As of August 12, 2020, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of August 12, 2020, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable

ITEM 13.

EXHIBITS.

13(a) (1)

Not applicable.

13(a) (2)

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3)

Not applicable.

13(a) (4)

Not applicable.

13(b)

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIM Growth Series (Invesco Growth Series)


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		September 4, 2020

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		September 4, 2020


By:		/s/ Kelli Gallegos
		Kelli Gallegos
		Principal Financial Officer

Date:		September 4, 2020

Aim Growth Series N-CSRSCertified semi-annual shareholder report (management investment company)