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

Bank of Canada cut rates to 0.25%¹ and began weekly asset purchases of Canadian government and corporate bonds at the onset of the recovery. US Treasuries also contributed to IBRA’s performance as the US Federal Reserve cut interest rates to zero² and, like Canada, implemented expanded asset purchases of government and corporate bonds. Australian bonds gained as the Reserve Bank of Australia announced an expansion of the term funding facility to approximately $200 billion Australia dollars at a fixed rate of 25 basis points for three years in order to keep funding costs low and bolster the supply of credit to lenders.³ UK Gilts also aided IBRA’s results as the Bank of England (BoE) cut interest rates from 0.75% to 0.10%⁴ and provided loans directly to businesses. The UK was hit harder by the pandemic than many other developed regions with multiple strict lockdowns leading the BoE to announce in November that it would further boost government bond purchases and would support negative interest rates if necessary. Germany and Japan were absent from the IBRA’s portfolio throughout the year due to the portfolio’s yield skew adjustments. Tactical positioning in bonds benefited from overweight exposure relative to the strategic positioning during the February-March sell-off.

    IBRA’s strategic exposure to developed market equities, obtained through the use of swaps and futures, contributed to its performance for the year. The magnitude of recovery varied across regions, largely depending on sector exposure. US equities were the top contributor due primarily to the high allocation to technology and low energy exposure. US small-cap equities outperformed large-caps due to the late year rally in risky assets as increasing rates of growth and inflation are a good environment for small company stocks. Japanese equities were also a top contributor as investors cheered the election of Yoshihide Suga to the post of prime minister, replacing

related to fiscal stimulus. Exposure to energy detracted from IBRA’s performance due to a combination of falling demand caused by coronavirus (COVID-19) containment efforts and rising supply triggered by an oil price war between Saudi Arabia and Russia. IBRA’s tactical positioning in commodities benefited from its underweight exposure for the majority of the year and overweight exposure during the fourth quarter.

    Please note that IBRA’s strategy is principally implemented with derivative instruments that include futures, commodity-linked notes and total return swaps. Therefore, all or most of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Thank you for your continued investment in Invesco Balanced-Risk Retirement Now Fund.

Portfolio manager(s):

Mark Ahnrud

Chris Devine

Scott Hixon

Christian Ulrich

Scott Wolle

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

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

Bank of Canada cut rates to 0.25%¹ and began weekly asset purchases of Canadian government and corporate bonds at the onset of the recovery. US Treasuries also contributed to IBRA’s performance as the US Federal Reserve cut interest rates to zero² and, like Canada, implemented expanded asset purchases of government and corporate bonds. Australian bonds gained as the Reserve Bank of Australia announced an expansion of the term funding facility to approximately $200 billion Australia dollars at a fixed rate of 25 basis points for three years in order to keep funding costs low and bolster the supply of credit to lenders.³ UK Gilts also aided IBRA’s results as the Bank of England (BoE) cut interest rates from 0.75% to 0.10%⁴ and provided loans directly to businesses. The UK was hit harder by the pandemic than many other developed regions with multiple strict lockdowns leading the BoE to announce in November that it would further boost government bond purchases and would support negative interest rates if necessary. Germany and Japan were absent from the IBRA’s portfolio throughout the year due to the portfolio’s yield skew adjustments. Tactical positioning in bonds benefited from overweight exposure relative to the strategic positioning during the February-March sell-off.

    IBRA’s strategic exposure to developed market equities, obtained through the use of swaps and futures, contributed to its performance for the year. The magnitude of recovery varied across regions, largely depending on sector exposure. US equities were the top contributor due primarily to the high allocation to technology and low energy exposure. US small-cap equities outperformed large-caps due to the late year rally in risky assets as increasing rates of growth and inflation are a good environment for small company stocks. Japanese equities were also a top contributor as investors cheered the election of Yoshihide Suga to the post of prime minister, replacing

related to fiscal stimulus. Exposure to energy detracted from IBRA’s performance due to a combination of falling demand caused by coronavirus (COVID-19) containment efforts and rising supply triggered by an oil price war between Saudi Arabia and Russia. IBRA’s tactical positioning in commodities benefited from its underweight exposure for the majority of the year and overweight exposure during the fourth quarter.

    Please note that IBRA’s strategy is principally implemented with derivative instruments that include futures, commodity-linked notes and total return swaps. Therefore, all or most of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Thank you for your continued investment in Invesco Balanced-Risk Retirement 2020 Fund.

Portfolio manager(s):

Mark Ahnrud

Chris Devine

Scott Hixon

Christian Ulrich

Scott Wolle

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

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

Bank of Canada cut rates to 0.25%¹ and began weekly asset purchases of Canadian government and corporate bonds at the onset of the recovery. US Treasuries also contributed to IBRA’s performance as the US Federal Reserve cut interest rates to zero² and, like Canada, implemented expanded asset purchases of government and corporate bonds. Australian bonds gained as the Reserve Bank of Australia announced an expansion of the term funding facility to approximately $200 billion Australia dollars at a fixed rate of 25 basis points for three years in order to keep funding costs low and bolster the supply of credit to lenders.³ UK Gilts also aided IBRA’s results as the Bank of England (BoE) cut interest rates from 0.75% to 0.10%⁴ and provided loans directly to businesses. The UK was hit harder by the pandemic than many other developed regions with multiple strict lockdowns leading the BoE to announce in November that it would further boost government bond purchases and would support negative interest rates if necessary. Germany and Japan were absent from the IBRA’s portfolio throughout the year due to the portfolio’s yield skew adjustments. Tactical positioning in bonds benefited from overweight exposure relative to the strategic positioning during the February-March sell-off.

    IBRA’s strategic exposure to developed market equities, obtained through the use of swaps and futures, contributed to its performance for the year. The magnitude of recovery varied across regions, largely depending on sector exposure. US equities were the top contributor due primarily to the high allocation to technology and low energy exposure. US small-cap equities outperformed large-caps due to the late year rally in risky assets as increasing rates of growth and inflation are a good environment for small company stocks. Japanese equities were also a top contributor as investors cheered the election of Yoshihide Suga to the post of prime minister, replacing

related to fiscal stimulus. Exposure to energy detracted from IBRA’s performance due to a combination of falling demand caused by coronavirus (COVID-19) containment efforts and rising supply triggered by an oil price war between Saudi Arabia and Russia. IBRA’s tactical positioning in commodities benefited from underweight exposure for the majority of the year and overweight exposure during the fourth quarter.

    Please note that IBRA’s strategy is principally implemented with derivative instruments that include futures, commodity-linked notes and total return swaps. Therefore, all or most of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Thank you for your continued investment in Invesco Balanced-Risk Retirement 2030 Fund.

Portfolio manager(s):

Mark Ahnrud

Chris Devine

Scott Hixon

Christian Ulrich

Scott Wolle

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

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

year on central bank assurances that rates will be held at exceptionally low levels for the foreseeable future. Canadian bonds led results as the Bank of Canada cut rates to 0.25%¹ and began weekly asset purchases of Canadian government and corporate bonds at the onset of the recovery. US Treasuries also contributed to IBRA’s and IBRAA’s performance as the US Federal Reserve cut interest rates to zero² and, like Canada, implemented expanded asset purchases of government and corporate bonds. Australian bonds gained as the Reserve Bank of Australia announced an expansion of the term funding facility to approximately $200 billion Australia dollars at a fixed rate of 25 basis points for three years in order to keep funding costs low and bolster the supply of credit to lenders.³ UK Gilts also aided IBRA’s and IBRAA’s results as the Bank of England (BoE) cut interest rates from 0.75% to 0.10%⁴ and provided loans directly to businesses. The UK was hit harder by the pandemic than many other developed regions with multiple strict lockdowns leading the BoE to announce in November that it would further boost government bond purchases and would support negative interest rates if necessary. Germany and Japan were absent from the IBRA’s and IBRAA’s portfolios throughout the year due to the portfolio’s yield skew adjustments. Tactical positioning in bonds benefited from overweight exposure relative to the strategic positioning during the February-March sell-off.

    Each of IBRA’s and IBRAA’s strategic exposures to developed market equities, obtained through the use of swaps and futures, contributed to Fund performance for the year. The magnitude of recovery varied across regions, largely depending on sector exposure. US equities were the top contributor due primarily to the high allocation to technology and low energy exposure. US small-cap equities outperformed large-caps due to the late year rally in risky assets as increasing rates of growth and inflation are

policy rates and investor concerns of monetary debasement. Silver benefited for similar reasons along with its crossover use as an industrial metal. Industrial metals prices rose on increased manufacturing activity and demand resulting from projects related to fiscal stimulus. Exposure to energy detracted from IBRA’s and IBRAA’s performance due to a combination of falling demand caused by coronavirus (COVID-19) containment efforts and rising supply triggered by an oil price war between Saudi Arabia and Russia. IBRA’s and IBRAA’s tactical positioning in commodities benefited from underweight exposure for the majority of the year and overweight exposure during the fourth quarter.

    Please note that each of IBRA’s and IBRAA’s strategies are principally implemented with derivative instruments that include futures, commodity-linked notes and total return swaps. Therefore, all or most of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Thank you for your continued investment in Invesco Balanced-Risk Retirement 2040 Fund.

Portfolio manager(s):

Mark Ahnrud

Chris Devine

Scott Hixon

Christian Ulrich

Scott Wolle

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

Canada cut rates to 0.25%¹ and began weekly asset purchases of Canadian government and corporate bonds at the onset of the recovery. US Treasuries also contributed to IBRA’s and IBRAA’s performance as the US Federal Reserve cut interest rates to zero² and, like Canada, implemented expanded asset purchases of government and corporate bonds. Australian bonds gained as the Reserve Bank of Australia announced an expansion of the term funding facility to approximately $200 billion Australia dollars at a fixed rate of 25 basis points for three years in order to keep funding costs low and bolster the supply of credit to lenders.³ UK Gilts also aided IBRA’s and IBRAA’s results as the Bank of England (BoE) cut interest rates from 0.75% to 0.10%⁴ and provided loans directly to businesses. The UK was hit harder by the pandemic than many other developed regions with multiple strict lockdowns leading the BoE to announce in November that it would further boost government bond purchases and would support negative interest rates if necessary. Germany and Japan were absent from the IBRA’s and IBRAA’s portfolios throughout the year due to the portfolio’s yield skew adjustments. Tactical positioning in bonds benefited from overweight exposure relative to the strategic positioning during the February-March sell-off.

    Each of IBRA’s and IBRAA’s strategic exposures to developed market equities, obtained through the use of swaps and futures, contributed to Fund performance for the year. The magnitude of recovery varied across regions, largely depending on sector exposure. US equities were the top contributor due primarily to the high allocation to technology and low energy exposure. US small-cap equities outperformed large-caps due to the late year rally in risky assets as increasing rates of growth and inflation are a good environment for small company stocks. Japanese equities were also a top contributor as investors cheered the election of Yoshihide Suga to the post of prime minister, replacing Shinzo Abe who

manufacturing activity and demand resulting from projects related to fiscal stimulus. Exposure to energy detracted from IBRA’s and IBRAA’s performance due to a combination of falling demand caused by coronavirus (COVID-19) containment efforts and rising supply triggered by an oil price war between Saudi Arabia and Russia. IBRA’s and IBRAA’s tactical positioning in commodities benefited from underweight exposure for the majority of the year and overweight exposure during the fourth quarter.

    Please note that each of IBRA’s and IBRAA’s strategies are principally implemented with derivative instruments that include futures, commodity-linked notes and total return swaps. Therefore, all or most of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

    Thank you for your continued investment in Invesco Balanced-Risk Retirement 2050 Fund.

Portfolio manager(s):

Mark Ahnrud

Chris Devine

Scott Hixon

Christian Ulrich

Scott Wollle

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

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

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

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 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 RX, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

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

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 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 RX, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

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

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 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 RX, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

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

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 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 RX, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

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

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 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 RX, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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