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: 06/30/21

Item 1.

REPORTS TO STOCKHOLDERS.

(a) The

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

(b) Not

Applicable.




		Semiannual Report to Shareholders		June 30, 2021

		Invesco Active Allocation Fund
		Nasdaq:
		A: OAAAX ∎ C: OAACX ∎ R: OAANX ∎ Y: OAAYX ∎ R5: PAAJX ∎ R6: PAAQX

LOGO


		2		Fund Performance
		4		Liquidity Risk Management Program
		5		Schedule of Investments
		9		Financial Statements
		12		Financial Highlights
		13		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.

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

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	10.00	%
Class C Shares	9.55
Class R Shares	9.93
Class Y Shares	10.17
Class R5 Shares	10.15
Class R6 Shares	10.22
Bloomberg Barclays Global Aggregate Bond Index, Hedged^▼ (Broad Market Index)	-1.52
MSCI All Country World Index^▼ (Broad Market Index)	12.30
Custom Invesco Active Allocation Index^∎ (Style-Specific Index)	9.44

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 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 is composed of 80% MSCI All Country World Index and 20% Bloomberg Barclays Global Aggregate Bond Index, Hedged. 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.

2 Invesco Active Allocation Fund


Average Annual Total Returns
As of 6/30/21, including maximum applicable sales charges

Class A Shares
Inception (4/5/05)	5.76	%
10 Years	7.72
5 Years	10.22
1 Year	26.77

Class C Shares
Inception (4/5/05)	5.73	%
10 Years	7.67
5 Years	10.65
1 Year	32.20

Class R Shares
Inception (4/5/05)	5.89	%
10 Years	8.07
5 Years	11.20
1 Year	33.91

Class Y Shares
Inception (4/5/05)	6.46	%
10 Years	8.62
5 Years	11.76
1 Year	34.50

Class R5 Shares
10 Years	8.39	%
5 Years	11.61
1 Year	34.52

Class R6 Shares
10 Years	8.40	%
5 Years	11.63
1 Year	34.57

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

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

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

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.

3 Invesco Active Allocation Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), 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 22-24, 2021, 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 January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during 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.

4 Invesco Active Allocation Fund

Schedule of Investments

June 30, 2021

(Unaudited)

Invesco Active Allocation Fund

Schedule of Investments in Affiliated Issuers–99.06%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	06/30/21			12/31/20		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		06/30/21		06/30/21

Alternative Funds–5.28%
Invesco Fundamental Alternatives Fund, Class R6		–		$	55,481,334	$	–	$	(56,146,122	)	$	(86,227	)	$	751,015		$	–		–	$	–

Invesco Global Real Estate Income Fund, Class R6		2.06	%		41,137,391		8,316,492		(5,101,265	)		4,924,788			273,113			473,755		5,221,340		49,550,519

Invesco Macro Allocation Strategy Fund, Class R6^(b)		3.22	%		58,974,029		20,551,881		(3,703,646	)		1,766,886			63,446			–		8,322,894		77,652,596

Invesco Master Event-Linked Bond Fund, Class R6		–			15,761,053		404,733		(13,938,262	)		9,923,768			(12,151,292	)		387,141		–		–

Total Alternative Funds					171,353,807		29,273,106		(78,889,295	)		16,529,215			(11,063,718	)		860,896				127,203,115

Domestic Equity Funds–42.58%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		8.71	%		170,699,286		38,749,390		(17,184,883	)		17,041,303			683,220			–		5,381,556		209,988,316

Invesco Main Street Small Cap Fund, Class R6		8.09	%		258,197,346		2,826,151		(104,507,372	)		9,428,576			31,915,017			68,632		8,908,776		195,102,199

Invesco Russell 1000 Dynamic Multifactor ETF		7.16	%		199,191,004		–		(59,460,336	)		10,006,331			22,935,269			1,014,752		3,691,945		172,672,268

Invesco S&P 500^®Low Volatility ETF		6.44	%		148,248,427		3,768,269		(9,235,235	)		11,708,112			778,057			1,280,852		2,549,132		155,267,630

Invesco S&P 500^®Pure Growth ETF		4.80	%		144,945,461		–		(45,384,204	)		7,360,821			8,694,971			5,456		627,944		115,617,049

Invesco S&P SmallCap Low Volatility ETF		7.38	%		237,391,613		–		(93,954,580	)		12,775,934			21,697,587			1,370,256		3,794,211		177,910,554

Total Domestic Equity Funds					1,158,673,137		45,343,810		(329,726,610	)		68,321,077			86,704,121			3,739,948				1,026,558,016

Fixed Income Funds–15.96%
Invesco 1-30 Laddered Treasury ETF		2.00	%		–		49,265,911		(2,247,398	)		1,195,603			48,400			136,354		1,328,448		48,262,516

Invesco Core Plus Bond Fund, Class R6		7.48	%		181,242,686		8,442,174		(7,350,219	)		(1,871,075	)		(261,874	)		1,961,210		15,947,052		180,201,692

Invesco Income Fund, Class R6^(c)		1.74	%		40,138,257		2,468,165		(1,460,304	)		902,928			3,784			701,751		5,266,525		42,026,866

Invesco Taxable Municipal Bond ETF		3.75	%		59,381,798		35,073,343		(4,367,734	)		435,905			(64,778	)		1,006,182		2,726,297		90,458,534

Invesco Variable Rate Investment Grade ETF^(c)		0.99	%		21,014,766		3,441,026		(627,298	)		94,136			247			92,470		953,127		23,918,722

Total Fixed Income Funds					301,777,507		98,690,619		(16,052,953	)		757,497			(274,221	)		3,897,967				384,868,330

Foreign Equity Funds–35.09%
Invesco Emerging Markets All Cap Fund, Class R6		3.20	%		54,636,628		24,529,400		(4,600,928	)		2,427,800			100,803			–		1,735,563		77,093,703

Invesco Developing Markets Fund, Class R6		5.18	%		55,872,773		76,098,122		(13,168,077	)		5,744,662			258,877			–		2,191,123		124,806,357

Invesco Global Fund, Class R6^(b)		10.86	%		261,395,966		–		(30,373,337	)		24,280,564			6,595,630			–		2,011,666		261,898,823

Invesco Global Infrastructure Fund, Class R6		0.64	%		15,580,513		125,123		(2,067,194	)		1,404,954			266,126			125,123		1,250,778		15,309,522

Invesco International Select Equity Fund, Class R6^(b)		3.41	%		84,867,565		–		(4,009,552	)		438,487			857,141			–		5,206,187		82,153,641

Invesco International Small-Mid Company Fund, Class R6		3.69	%		86,485,210		6,683,919		(10,144,816	)		5,187,585			847,058			–		1,514,866		89,058,956

Invesco RAFI^™ Strategic Developed ex-US ETF		2.94	%		76,742,374		–		(15,817,132	)		6,080,840			3,762,362			972,414		2,296,931		70,768,444

Invesco S&P Emerging Markets Low Volatility ETF		2.22	%		53,996,335		–		(4,923,257	)		3,775,160			714,113			855,058		2,215,151		53,562,351

Invesco S&P International Developed Low Volatility ETF		2.95	%		68,430,012		3,388,815		(2,805,640	)		2,104,710			39,705			1,056,587		2,302,090		71,157,602

Total Foreign Equity Funds					758,007,376		110,825,379		(87,909,933	)		51,444,762			13,441,815			3,009,182				845,809,399

Money Market Funds–0.15%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)		0.05	%		2,269,211		65,330,347		(66,330,623	)		–			–			443		1,268,935		1,268,935

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

5 Invesco Active Allocation Fund

Invesco Active Allocation Fund (continued)

Schedule of Investments in Affiliated Issuers–99.06%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation		Realized			Dividend			Shares		Value
	06/30/21			12/31/20		at Cost		from Sales			(Depreciation)		Gain (Loss)			Income			06/30/21		06/30/21

Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)		0.04	%	$	1,620,880	$	46,664,534	$	(47,354,454	)	$	–	$	162		$	216			930,750	$	931,122

Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)		0.06	%		2,593,385		74,663,254		(75,806,427	)		–		–			174			1,450,212		1,450,212

Total Money Market Funds					6,483,476		186,658,135		(189,491,504	)		–		162			833					3,650,269

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $1,811,267,624)		99.06	%	$	2,396,295,303	$	470,791,049	$	(702,070,295	)		$137,052,551	$	88,808,159	^(e)(f)	$	11,508,826	^(f)			$	2,388,089,129

OTHER ASSETS LESS LIABILITIES		0.94	%																			22,564,904

NET ASSETS		100.00	%																		$	2,410,654,033

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, 2021.

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

^(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

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


Fund Name	Capital Gain

Invesco Main Street Small Cap Fund	$	2,757,519

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


Open Futures Contracts^(a)

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

Equity Risk

MSCI Emerging Markets Index		686		September-2021	$	46,812,640		$	22,877			$ 22,877

Nikkei 225 Index		28		September-2021		7,253,612			(15,237	)		(15,237	)

S&P/ASX 200 Index		28		September-2021		3,791,823			(17,376	)		(17,376	)

S&P/TSX 60 Index		21		September-2021		4,074,976			27,363			27,363

Stoxx Europe 600 Index		732		September-2021		19,581,382			(237,334	)		(237,334	)

Subtotal–Long Futures Contracts									(219,707	)		(219,707	)


Short Futures Contracts

Equity Risk

E-Mini S&P 500 Index		110		September-2021		(23,587,300	)		(238,896	)		(238,896	)

Interest Rate Risk

U.S. Treasury 10 Year Notes		118		September-2021		(15,635,000	)		(66,625	)		(66,625	)

Subtotal–Short Futures Contracts									(305,521	)		(305,521	)

Total Futures Contracts								$	(525,228	)		$(525,228	)

^(a)	Futures contracts collateralized by $8,888,379 cash held with Merrill Lynch, the futures commission merchant.

Open Forward Foreign Currency Contracts

Unrealized

Settlement

Contract to

Appreciation

Date

Counterparty

Deliver

Receive

(Depreciation)

Currency Risk

09/15/2021

Bank of America, N.A.

USD

7,701,375

RUB

570,360,000

9,929

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

6 Invesco Active Allocation Fund


Open Forward Foreign Currency Contracts–(continued)

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

09/15/2021	Barclays Bank PLC		CHF	4,455,000		USD	4,939,617	$	115,260

09/15/2021	Barclays Bank PLC		CZK	146,450,000		USD	6,972,106		166,292

09/15/2021	BNP Paribas S.A.		NZD	9,280,000		USD	6,615,850		130,582

09/15/2021	BNP Paribas S.A.		SEK	51,130,000		USD	6,143,008		164,432

09/15/2021	BNP Paribas S.A.		USD	211,480		MXN	4,310,000		2,731

09/15/2021	Citibank, N.A.		TWD	164,105,000		USD	5,987,049		72,642

09/15/2021	Citibank, N.A.		USD	6,665,201		TRY	60,620,000		36,162

09/15/2021	Goldman Sachs International		COP	179,000,000		USD	49,222		1,707

09/15/2021	Goldman Sachs International		KRW	6,496,000,000		USD	5,810,947		63,964

07/02/2021	Morgan Stanley and Co. International PLC		BRL	38,240,000		USD	7,712,788		24,501

07/02/2021	Morgan Stanley and Co. International PLC		USD	6,554,118		BRL	38,240,000		1,134,169

09/15/2021	Morgan Stanley and Co. International PLC		AUD	7,060,000		USD	5,405,575		109,265

09/15/2021	Morgan Stanley and Co. International PLC		CLP	4,970,000,000		USD	6,941,826		187,772

09/15/2021	Morgan Stanley and Co. International PLC		GBP	3,270,000		USD	4,610,216		86,071

09/15/2021	Morgan Stanley and Co. International PLC		PHP	319,070,000		USD	6,619,984		121,572

09/15/2021	Morgan Stanley and Co. International PLC		ZAR	445,000		USD	32,137		1,267

Subtotal–Appreciation									2,428,318


Currency Risk
09/15/2021	Barclays Bank PLC		USD	3,646,501		CNY	23,480,000		(35,410	)

09/15/2021	BNP Paribas S.A.		USD	9,042,244		CAD	10,947,000		(211,454	)

09/15/2021	BNP Paribas S.A.		USD	478,671		DKK	2,930,000		(10,794	)

09/15/2021	BNP Paribas S.A.		USD	7,004,271		NOK	58,710,000		(183,460	)

09/15/2021	BNP Paribas S.A.		USD	7,304,256		SGD	9,709,000		(84,134	)

09/15/2021	Citibank, N.A.		USD	8,186,672		INR	603,370,000		(144,379	)

09/15/2021	Morgan Stanley and Co. International PLC		USD	13,222,874		EUR	10,883,000		(298,713	)

09/15/2021	Morgan Stanley and Co. International PLC		USD	482,114		HKD	3,740,000		(353	)

09/15/2021	Morgan Stanley and Co. International PLC		USD	7,418,186		IDR	107,445,000,000		(106,391	)

09/15/2021	Morgan Stanley and Co. International PLC		USD	11,639,607		JPY	1,282,740,000		(86,036	)

09/15/2021	Morgan Stanley and Co. International PLC		USD	223,727		MYR	925,000		(1,453	)

10/04/2021	Morgan Stanley and Co. International PLC		USD	7,628,015		BRL	38,240,000		(27,518	)

09/15/2021	UBS AG		USD	164,412		THB	5,145,000		(3,927	)

Subtotal–Depreciation									(1,194,022	)

Total Forward Foreign Currency Contracts								$	1,234,296


Open Centrally Cleared Credit Default Swap Agreements^(a)

		(Pay)/
		Receive							Implied					Upfront
	Buy/Sell	Fixed			Payment				Credit					Payments Paid						Unrealized
Reference Entity	Protection	Rate			Frequency		Maturity Date		Spread^(b)			Notional Value		(Received)			Value			Appreciation

Credit Risk

Markit CDX North America High Yield Index, Series 34, Version 9	Sell		5.00	%		Quarterly		12/20/2025		2.555	%		USD 42,000,000	$	2,179,653		$	4,254,096		$	2,074,443

Markit CDX Emerging Markets Index, Series 34, Version 1	Sell		1.00			Quarterly		12/20/2025		1.818			USD 47,000,000		(1,949,258	)		(1,630,148	)		319,110

Total Centrally Cleared Credit Default Swap Agreements														$	230,395		$	2,623,948		$	2,393,553

^(a)	Centrally cleared swap agreements collateralized by $9,643,413 cash held with J.P. Morgan Chase Bank, N.A..

^(b)

Implied credit spreads represent the current level, as of June 30, 2021, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

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

7 Invesco Active Allocation Fund

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
DKK		– Danish Krone
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
RUB		– Russian Ruble
SEK		– Swedish Krona
SGD		– Singapore Dollar
THB		– Thai Baht
TRY		– Turkish Lira
TWD		– New Taiwan Dollar
USD		– U.S. Dollar
ZAR		– South African Rand

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2021


Equity Funds		78.41%
Fixed Income Funds		16.11
Alternative Funds		5.33
Money Market Funds		0.15

*	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 Active Allocation Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in affiliated underlying funds, at value (Cost $1,811,267,624)	$	2,388,089,129

Other investments:
Variation margin receivable – futures contracts		4,410,455

Unrealized appreciation on forward foreign currency contracts outstanding		2,428,318

Deposits with brokers:
Cash collateral – exchange-traded futures contracts		8,888,379

Cash collateral – centrally cleared swap agreements		9,643,413

Cash collateral – OTC Derivatives		300,000

Receivable for:
Dividends - affiliated underlying funds		450,446

Fund shares sold		578,994

Investment for trustee deferred compensation and retirement plans		129,722

Other assets		96,534

Total assets		2,415,015,390


Liabilities:
Other investments:
Variation margin payable – centrally cleared swap agreements		11,291

Unrealized depreciation on forward foreign currency contracts outstanding		1,194,022

Payable for:
Investments purchased - affiliated underlying funds		450,401

Fund shares reacquired		1,264,439

Amount due custodian		2,500

Accrued fees to affiliates		1,111,907

Accrued trustees’ and officers’ fees and benefits		40,177

Accrued other operating expenses		156,898

Trustee deferred compensation and retirement plans		129,722

Total liabilities		4,361,357

Net assets applicable to shares outstanding	$	2,410,654,033


Net assets consist of:
Shares of beneficial interest	$	1,704,304,132

Distributable earnings		706,349,901

	$	2,410,654,033


Net Assets:
Class A	$	1,957,151,167

Class C	$	262,058,469

Class R	$	161,133,612

Class Y	$	30,288,142

Class R5	$	11,322

Class R6	$	11,321


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		121,030,844

Class C		16,678,279

Class R		10,042,424

Class Y		1,840,192

Class R5		700

Class R6		700

Class A:
Net asset value per share	$	16.17

Maximum offering price per share (Net asset value of $16.17 ÷ 94.50%)	$	17.11

Class C:
Net asset value and offering price per share	$	15.71

Class R:
Net asset value and offering price per share	$	16.05

Class Y:
Net asset value and offering price per share	$	16.46

Class R5:
Net asset value and offering price per share	$	16.17

Class R6:
Net asset value and offering price per share	$	16.17

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

9 Invesco Active Allocation Fund

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)


Investment income:
Dividends from affiliated underlying funds	$	7,758,225


Expenses:
Advisory fees		1,061,097

Administrative services fees		175,884

Custodian fees		25,927

Distribution fees:
Class A		2,454,303

Class C		1,311,300

Class R		384,701

Transfer agent fees – A, C, R and Y		1,695,180

Transfer agent fees – R5		5

Transfer agent fees – R6		5

Trustees’ and officers’ fees and benefits		25,171

Registration and filing fees		58,100

Reports to shareholders		70,912

Professional services fees		27,961

Taxes		473

Other		33,105

Total expenses		7,324,124

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(415,020	)

Net expenses		6,909,104

Net investment income		849,121


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares		89,801,241

Foreign currencies		(12,031	)

Forward foreign currency contracts		(664,807	)

Futures contracts		5,876,922

Swap agreements		1,248,889

Capital gain distributions from affiliated underlying fund shares		2,757,519

		99,007,733

Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		137,052,551

Foreign currencies		589,137

Forward foreign currency contracts		976,051

Futures contracts		(1,815,721	)

Swap agreements		(129,864	)

		136,672,154

Net realized and unrealized gain		235,679,887

Net increase in net assets resulting from operations	$	236,529,008

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

10 Invesco Active Allocation Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)


	June 30, 2021			December 31, 2020

Operations:
Net investment income	$	849,121		$ 17,754,099

Net realized gain		99,007,733		253,041,378

Change in net unrealized appreciation (depreciation)		136,672,154		(5,515,139)

Net increase in net assets resulting from operations		236,529,008		265,280,338


Distributions to shareholders from distributable earnings:
Class A		–		(214,320,063)

Class C		–		(34,582,803)

Class R		–		(16,220,779)

Class Y		–		(3,252,106)

Class R5		–		(1,324)

Class R6		–		(1,328)

Total distributions from distributable earnings		–		(268,378,403)


Share transactions–net:
Class A		(210,724,487	)	105,562,430

Class C		(25,594,311	)	(76,527,526)

Class R		(1,080,197	)	7,552,383

Class Y		(917,287	)	2,361,651

Net increase (decrease) in net assets resulting from share transactions		(238,316,282	)	38,948,938

Net increase (decrease) in net assets		(1,787,274	)	35,850,873


Net assets:
Beginning of period		2,412,441,307		2,376,590,434

End of period	$	2,410,654,033		$2,412,441,307

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

11 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 06/30/21		$	14.70		$	0.01			$	1.46			$	1.47			$	–			$	–			$	–			$	16.17		10.00	%^(f)		$	1,957,151		0.47	%^(f)(g)		0.50	%^(f)(g)		0.16	%^(f)(g)		12	%
Year ended 12/31/20			14.66			0.13				1.76				1.89				(0.14)				(1.71)				(1.85)				14.70		13.04	^(f)			1,973,119		0.44	^(f)		0.48	^(f)		0.94	^(f)		70
Eleven months ended 12/31/19			13.89			0.21				1.85				2.06				(0.44)				(0.85)				(1.29)				14.66		14.84				1,867,751		0.52	^(h)		0.56	^(h)		1.52	^(h)		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⁽ⁱ⁾			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
Class C
Six months ended 06/30/21			14.34			(0.04	)			1.41				1.37				–				–				–				15.71		9.55				262,058		1.23	^(g)		1.26	^(g)		(0.60	)^(g)		12
Year ended 12/31/20			14.35			0.02				1.70				1.72				(0.02)				(1.71)				(1.73)				14.34		12.18				263,343		1.20			1.24			0.18			70
Eleven months ended 12/31/19			13.60			0.10				1.81				1.91				(0.31)				(0.85)				(1.16)				14.35		14.09				342,957		1.28	^(h)		1.32	^(h)		0.76	^(h)		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⁽ⁱ⁾			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
Class R
Six months ended 06/30/21			14.60			(0.01	)			1.46				1.45				–				–				–				16.05		9.93				161,134		0.73	^(g)		0.76	^(g)		(0.10	)^(g)		12
Year ended 12/31/20			14.58			0.09				1.74				1.83				(0.10)				(1.71)				(1.81)				14.60		12.70				147,675		0.70			0.74			0.68			70
Eleven months ended 12/31/19			13.82			0.17				1.83				2.00				(0.39)				(0.85)				(1.24)				14.58		14.54				139,693		0.77	^(h)		0.81	^(h)		1.27	^(h)		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⁽ⁱ⁾			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
Class Y
Six months ended 06/30/21			14.94			0.03				1.49				1.52				–				–				–				16.46		10.17				30,288		0.23	^(g)		0.26	^(g)		0.40	^(g)		12
Year ended 12/31/20			14.88			0.17				1.77				1.94				(0.17)				(1.71)				(1.88)				14.94		13.22				28,284		0.20			0.24			1.18			70
Eleven months ended 12/31/19			14.08			0.24				1.88				2.12				(0.47)				(0.85)				(1.32)				14.88		15.11				26,168		0.28	^(h)		0.32	^(h)		1.76	^(h)		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⁽ⁱ⁾			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
Class R5
Six months ended 06/30/21			14.68			0.03				1.46				1.49				–				–				–				16.17		10.15				11		0.19	^(g)		0.22	^(g)		0.44	^(g)		12
Year ended 12/31/20			14.65			0.17				1.75				1.92				(0.18)				(1.71)				(1.89)				14.68		13.29				10		0.18			0.22			1.20			70
Period ended 12/31/19^(j)			14.28			0.16				1.54				1.70				(0.48	)			(0.85	)			(1.33	)			14.65		11.94				10		0.22	^(h)		0.26	^(h)		1.82	^(h)		24
Class R6
Six months ended 06/30/21			14.67			0.03				1.47				1.50				–				–				–				16.17		10.22				11		0.19	^(g)		0.22	^(g)		0.44	^(g)		12
Year ended 12/31/20			14.65			0.17				1.75				1.92				(0.19)				(1.71)				(1.90)				14.67		13.25				10		0.17			0.22			1.21			70
Period ended 12/31/19^(j)			14.28			0.17				1.54				1.71				(0.49	)			(0.85	)			(1.34	)			14.65		12.02				10		0.14	^(h)		0.18	^(h)		1.90	^(h)		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 0.62% and 0.62% for the six months ended June 30, 2021 and for the year ended December 31, 2020, respectively.

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

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

^(f)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended June 30, 2021 and the year ended December 31, 2020, respectively.

^(g)	Ratios are annualized and based on average daily net assets (000’s omitted) of $2,044,831, $264,433, $155,156, $30,023, $11 and $11 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(h)	Annualized.

⁽ⁱ⁾	The last business day of the reporting period was January 29, 2016.

^(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.

12 Invesco Active Allocation Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek total return.

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

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

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

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.

13 Invesco Active Allocation 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.

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

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

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

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 – 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.

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 “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.

14 Invesco Active Allocation Fund

acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

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

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

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

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

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

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

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and

15 Invesco Active Allocation Fund

market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, ISDA master agreements include credit related contingent features which allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of June 30, 2021 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

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

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

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

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

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	%

For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.09%.

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

Effective June 1, 2021, the Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (including prior fiscal year-end Acquired Fund Fees and Expenses of 0.62% and excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to June 1, 2021, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.57%, 1.32%, 0.82%, 0.31%, 0.26% and 0.21%, respectively, of the Fund’s average daily net assets. Prior to May 31, 2021, Invesco had contractually agreed to waive fees and/or reimburse certain Fund expenses at an annual rate of 0.04% of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. 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, 2021, the Adviser waived advisory fees of $1,682 and reimbursed class level expenses of $337,044, $43,756, $25,521, $4,913, $2 and $2 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2021 , expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

16 Invesco Active Allocation Fund

shareholder. During the six months ended June 30, 2021, IDI advised the Fund that IDI retained $133,746 in front-end sales commissions from the sale of Class A shares and $3,285 and $5,786 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

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

NOTE 3–Additional Valuation Information

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


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

The following is a summary of the tiered valuation input levels, as of June 30, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3		Total

Investments in Securities

Affiliated Issuers	$	2,384,438,860		$	–			$–	$	2,384,438,860

Money Market Funds		3,650,269			–			��		3,650,269

Total Investments in Securities		2,388,089,129			–			–		2,388,089,129


Other Investments - Assets*

Futures Contracts		50,240			–			–		50,240

Forward Foreign Currency Contracts		–			2,428,318			–		2,428,318

Swap Agreements		–			2,393,553			–		2,393,553

		50,240			4,821,871			–		4,872,111


Other Investments - Liabilities*

Futures Contracts		(575,468	)		–			–		(575,468	)

Forward Foreign Currency Contracts		–			(1,194,022	)		–		(1,194,022	)

		(575,468	)		(1,194,022	)		–		(1,769,490	)

Total Other Investments		(525,228	)		3,627,849			–		3,102,621

Total Investments	$	2,387,563,901		$	3,627,849			$–	$	2,391,191,750

*	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, 2021:


	Value
	Credit			Currency		Equity			Interest
Derivative Assets	Risk			Risk		Risk			Rate Risk		Total

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	-		$	-	$	50,240		$	-	$	50,240

Unrealized appreciation on swap agreements – Centrally Cleared^(a)		2,393,553			-		-			-		2,393,553

Unrealized appreciation on forward foreign currency contracts outstanding		-			2,428,318		-			-		2,428,318

Total Derivative Assets		2,393,553			2,428,318		50,240			-		4,872,111

Derivatives not subject to master netting agreements		(2,393,553	)		-		(50,240	)		-		(2,443,793	)

Total Derivative Assets subject to master netting agreements	$	-		$	2,428,318	$	-		$	-	$	2,428,318

17 Invesco Active Allocation Fund


	Value
	Credit		Currency			Equity			Interest
Derivative Liabilities	Risk		Risk			Risk			Rate Risk			Total

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	-	$	-		$	(508,843	)	$	(66,625	)	$	(575,468	)

Unrealized depreciation on forward foreign currency contracts outstanding		-		(1,194,022	)		-			-			(1,194,022	)

Total Derivative Liabilities		-		(1,194,022	)		(508,843	)		(66,625	)		(1,769,490	)

Derivatives not subject to master netting agreements		-		-			508,843			66,625			575,468

Total Derivative Liabilities subject to master netting agreements	$	-	$	(1,194,022	)	$	-		$	-		$	(1,194,022	)

^(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, 2021.


	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

Bank of America, N.A.		$ 9,929		-			9,929		$-	$	-		$	9,929

Barclays Bank PLC		281,552		(35,410	)		246,142		-		-			246,142

BNP Paribas S.A.		297,745		(489,842	)		(192,097	)	-		-			(192,097	)

Citibank, N.A.		108,804		(144,379	)		(35,575	)	-		30,000			(5,575	)

Goldman Sachs International		65,671		-			65,671		-		-			65,671

Morgan Stanley and Co. International PLC		1,664,617		(520,464	)		1,144,153		-		(1,144,153	)		-

UBS AG		-		(3,927	)		(3,927	)	-		-			(3,927	)

Total		$2,428,318		$(1,194,022	)	$	1,234,296		$-	$	(1,114,153	)	$	120,143

Effect of Derivative Investments for the six months ended June 30, 2021

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


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

Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	(664,807	)	$	-		$	-		$	(664,807	)

Futures contracts		-			-			4,137,532			1,739,390			5,876,922

Swap agreements		1,248,889			-			-			-			1,248,889

Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			976,051			-			-			976,051

Futures contracts		-			-			(1,749,096	)		(66,625	)		(1,815,721	)

Swap agreements		(129,864	)		-			-			-			(129,864	)

Total	$	1,119,025		$	311,244		$	2,388,436		$	1,672,765		$	5,491,470

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


	Forward
	Foreign Currency		Futures		Swap
	Contracts		Contracts		Agreements

Average notional value	$	172,675,113	$	124,264,038	$	89,000,000

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended June 30, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,100.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

18 Invesco Active Allocation Fund

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

NOTE 7–Cash Balances

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

NOTE 8–Tax Information

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

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

The Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $284,132,914 and $512,578,791, 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	$	578,294,513

Aggregate unrealized (depreciation) of investments		(6,092,021	)

Net unrealized appreciation of investments	$	572,202,492

Cost of investments for tax purposes is $1,819,219,653.

NOTE 10–Share Information


	Summary of Share Activity

	Six months ended						Year ended
	June 30, 2021						December 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		4,919,534		$	76,499,386			7,627,964		$	106,674,214

Class C		1,194,540			18,065,786			2,791,917			37,971,821

Class R		841,780			12,948,917			1,508,459			20,791,835

Class Y		408,610			6,458,662			728,321			10,631,158


Issued as reinvestment of dividends:
Class A		-			-			14,530,408			210,545,670

Class C		-			-			2,425,970			34,279,021

Class R		-			-			1,124,364			16,190,970

Class Y		-			-			203,022			2,990,513


Automatic conversion of Class C shares to Class A shares:
Class A		1,110,724			17,317,665			5,508,086			79,085,883

Class C		(1,141,049	)		(17,317,665	)		(5,650,544	)		(79,085,883	)


Reacquired:
Class A		(19,242,380	)		(304,541,538	)		(20,801,539	)		(290,743,337	)

Class C		(1,745,254	)		(26,342,432	)		(5,101,872	)		(69,692,485	)

Class R		(912,183	)		(14,029,114	)		(2,101,003	)		(29,430,422	)

Class Y		(461,278	)		(7,375,949	)		(797,626	)		(11,260,020	)

Net increase (decrease) in share activity		(15,026,956	)	$	(238,316,282	)		1,995,927		$	38,948,938

19 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, 2021 through June 30, 2021.

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, 2021 through June 30, 2021.

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

Hypothetical example for comparison purposes

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

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

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


				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(01/01/21)	(06/30/21)¹	Period^2,3	(06/30/21)	Period^2,4	Ratio²
Class A	$1,000.00	$1,100.00	$2.45	$1,022.46	$2.36	0.47%
Class C	1,000.00	1,095.50	6.39	1,018.70	6.16	1.23
Class R	1,000.00	1,099.30	3.80	1,021.17	3.66	0.73
Class Y	1,000.00	1,101.70	1.20	1,023.65	1.15	0.23
Class R5	1,000.00	1,101.50	0.99	1,023.85	0.95	0.19
Class R6	1,000.00	1,102.20	0.99	1,023.85	0.95	0.19

The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year. Effective June 1, 2021, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25% , 1.25% and 1.25% of average daily net assets, respectively.

The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are to 0.50%, 1.26%, 0.76%, 0.26%, 0.22% and 0.22% for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively

³	The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $2.60, $6.55, $3.96, $1.35, $1.15 and $1.15 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴	The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $2.51, $6.31, $3.81, $1.30, $1.10 and $1.10 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

20 Invesco Active Allocation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that 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 has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

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 and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed 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 and sub-advisory contracts, 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. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

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 and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. 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 observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is

part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund 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, 2020 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Active Allocation Index (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 considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. 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 certain factor tilts within large-capitalization U.S. equities and alternatives, including global real estate, 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

21 Invesco Active Allocation Fund

performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its 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 the same as 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 is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

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

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

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

D.	Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board 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 also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

noted that such methodology had recently been reviewed and enhanced. 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 most Funds individually. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the 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 received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination 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. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods 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 advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

22 Invesco Active Allocation Fund

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LOGO

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Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents. With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

LOGO

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


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



		Semiannual Report to Shareholders		June 30, 2021

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

LOGO


		2		Fund Performance
		4		Liquidity Risk Management Program
		5		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

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	3.07	%
Class C Shares	2.72
Class Y Shares	3.22
Class R5 Shares	3.24
Class R6 Shares	3.29
ICE BofAML U.S. Convertible Index^▼(Broad Market/Style-Specific Index)	6.90
Lipper Convertible Securities Funds Index^∎ (Peer Group Index)	4.80
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

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

2 Invesco Convertible Securities Fund


Average Annual Total Returns
As of 6/30/21, including maximum applicable sales charges
Class A Shares
Inception (7/28/97)	7.90	%
10 Years	9.57
5 Years	14.35
1 Year	28.21

Class C Shares
Inception (7/28/97)	7.88	%
10 Years	9.57
5 Years	14.81
1 Year	33.70

Class Y Shares
Inception (7/28/97)	8.42	%
10 Years	10.46
5 Years	15.94
1 Year	36.03

Class R5 Shares
Inception (5/23/11)	10.23	%
10 Years	10.52
5 Years	15.97
1 Year	36.07

Class R6 Shares
10 Years	10.53	%
5 Years	16.07
1 Year	36.19

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

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

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

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

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

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

3 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.

4 Invesco Convertible Securities Fund

Schedule of Investments^(a)

June 30, 2021

(Unaudited)


	Principal Amount		Value

U.S. Dollar Denominated Bonds & Notes-79.56%
Airlines-3.34%
American Airlines Group, Inc., Conv., 6.50%, 07/01/2025	$	4,393,000	$	6,907,993

JetBlue Airways Corp., Conv., 0.50%, 04/01/2026^(b)		12,614,000		12,632,921

Southwest Airlines Co., Conv., 1.25%, 05/01/2025		13,713,000		20,835,189

Spirit Airlines, Inc., Conv., 1.00%, 05/15/2026		6,589,000		6,312,921

				46,689,024


Alternative Carriers-0.26%
Bandwidth, Inc., Conv., 0.50%, 04/01/2028^(b)		3,500,000		3,613,750


Apparel Retail-0.96%
Burlington Stores, Inc., Conv., 2.25%, 04/15/2025		8,460,000		13,483,125


Apparel, Accessories & Luxury Goods-0.25%
Under Armour, Inc., Conv., 1.50%, 06/01/2024		1,800,000		3,543,252


Application Software-11.54%
Bentley Systems, Inc., Conv., 0.13%, 01/15/2026^(b)		8,674,000		10,376,706

Bill.com Holdings, Inc., Conv., 0.00%, 12/01/2025^(b)(c)		10,960,000		14,686,400

Blackline, Inc., Conv., 0.00%, 03/15/2026^(b)(c)		6,074,000		5,861,410

Box, Inc., Conv., 0.00%, 01/15/2026^(b)(c)		7,000,000		8,339,100

Coupa Software, Inc., Conv., 0.38%, 06/15/2026		9,530,000		11,041,696

Datadog, Inc., Conv., 0.13%, 06/15/2025		6,279,000		8,394,238

Dropbox, Inc., Conv., 0.00%, 03/01/2026^(b)(c)		7,883,000		8,482,108

Everbridge, Inc., Conv., 0.00%, 03/15/2026^(b)(c)		3,333,000		3,420,491

Five9, Inc., Conv., 0.50%, 06/01/2025^(b)		7,676,000		11,384,468

HubSpot, Inc., Conv., 0.38%, 06/01/2025		7,077,000		15,013,856

LivePerson, Inc., Conv., 0.00%, 12/15/2026^(b)(c)		4,669,000		5,019,175

Nice Ltd. (Israel), Conv., 0.00%, 09/15/2025^(b)(c)		8,825,000		9,469,154

RingCentral, Inc., Conv., 0.00%, 03/01/2025^(c)		11,750,000		13,035,156

Splunk, Inc., Conv., 1.13%, 06/15/2027		9,793,000		9,591,020

Workday, Inc., Conv., 0.25%, 10/01/2022		6,000,000		9,948,600

Zendesk, Inc., Conv., 0.63%, 06/15/2025		11,900,000		17,389,470

				161,453,048



	Principal Amount		Value

Auto Parts & Equipment-0.32%
LCI Industries, Conv., 1.13%, 05/15/2026^(b)	$	4,405,000	$	4,539,353


Automobile Manufacturers-3.05%
Ford Motor Co., Conv., 0.00%, 03/15/2026^(b)(c)		18,672,000		20,737,590

Tesla, Inc., Conv., 2.38%, 03/15/2022		2,127,000		21,997,221

				42,734,811


Biotechnology-2.21%
Bridgebio Pharma, Inc., Conv., 2.25%, 02/01/2029^(b)		7,095,000		6,886,929

Exact Sciences Corp., Conv., 0.38%, 03/15/2027		11,300,000		15,007,812

Insmed, Inc.,
Conv., 1.75%, 01/15/2025		3,283,000		3,445,180

0.75%, 06/01/2028		5,000,000		5,521,875

				30,861,796


Cable & Satellite-1.32%
DISH Network Corp., Conv., 0.00%, 12/15/2025^(b)(c)		9,680,000		11,320,760

Liberty Broadband Corp., Conv., 1.25%, 10/05/2023^(b)(d)		7,020,000		7,100,730

				18,421,490


Casinos & Gaming-0.48%
DraftKings, Inc., Conv., 0.00%, 03/15/2028^(b)(c)		7,430,000		6,731,580


Communications Equipment-1.03%
Lumentum Holdings, Inc., Conv., 0.50%, 12/15/2026		8,550,000		9,266,490

Viavi Solutions, Inc., Conv., 1.75%, 06/01/2023		3,773,000		5,084,871

				14,351,361


Data Processing & Outsourced Services-2.02%
Shift4 Payments, Inc., Conv., 0.00%, 12/15/2025^(b)(c)		10,226,000		13,836,801

Square, Inc., Conv., 0.50%, 05/15/2023		4,609,000		14,440,087

				28,276,888


Diversified Metals & Mining-0.50%
Ivanhoe Mines Ltd. (Canada), Conv., 2.50%, 04/15/2026^(b)		5,733,000		7,073,375


Education Services-0.76%
Chegg, Inc., Conv., 0.00%, 09/01/2026^(b)(c)		10,250,000		10,701,000


Electric Utilities-2.19%
NextEra Energy, Inc., Conv. Investment Units, 5.28%, 03/01/2023		357,111		17,484,155

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

5 Invesco Convertible Securities Fund


	Principal Amount		Value

Electric Utilities-(continued)
Southern Co. (The), Conv. Investment Units, 6.75%, 08/01/2022	$	259,073	$	13,116,866

				30,601,021


Electrical Components & Equipment-0.28%
Sunrun, Inc., Conv., 0.00%, 02/01/2026^(b)(c)		4,400,000		3,957,360


Electronic Components-0.56%
II-VI, Inc., Conv., 0.25%, 09/01/2022		5,000,000		7,897,500


Electronic Equipment & Instruments-0.33%
Itron, Inc., Conv., 0.00%, 03/15/2026^(b)(c)		4,420,000		4,584,598


Health Care Equipment-2.66%
CONMED Corp., Conv., 2.63%, 02/01/2024		2,742,000		4,431,758

DexCom, Inc., Conv., 0.25%, 11/15/2025		7,130,000		7,482,044

Envista Holdings Corp., Conv., 2.38%, 06/01/2025		4,000,000		8,540,000

Insulet Corp., Conv., 0.38%, 09/01/2026		12,300,000		16,781,812

				37,235,614


Health Care Services-0.63%
Guardant Health, Inc., Conv., 0.00%, 11/15/2027^(b)(c)		7,663,000		8,759,767


Health Care Technology-1.29%
Omnicell, Inc., Conv., 0.25%, 09/15/2025^(b)		7,635,000		12,403,057

Teladoc Health, Inc., Conv., 1.25%, 06/01/2027		5,000,000		5,622,000

				18,025,057


Homefurnishing Retail-1.34%
RH, Conv., 0.00%, 06/15/2023^(c)		5,350,000		18,691,830


Hotel & Resort REITs-1.01%
Pebblebrook Hotel Trust, Conv., 1.75%, 12/15/2026		12,376,000		14,096,264


Hotels, Resorts & Cruise Lines-4.20%
Airbnb, Inc., Conv., 0.00%, 03/15/2026^(b)(c)		11,450,000		10,820,250

Booking Holdings, Inc., Conv., 0.75%, 05/01/2025		9,504,000		13,486,176

Expedia Group, Inc., Conv., 0.00%, 02/15/2026^(b)(c)		13,034,000		14,141,890

NCL Corp. Ltd., Conv., 6.00%, 05/15/2024		3,477,000		8,087,502

5.38%, 08/01/2025^(b)		1,565,000		2,853,778

Royal Caribbean Cruises Ltd., Conv., 4.25%, 06/15/2023^(b)		6,846,000		9,362,411

				58,752,007


Industrial Machinery-0.50%
John Bean Technologies Corp., Conv., 0.25%, 05/15/2026^(b)		6,600,000		7,035,600


	Principal Amount		Value

Interactive Home Entertainment-2.09%
Sea Ltd. (Taiwan), Conv., 2.38%, 12/01/2025	$	5,205,000	$	16,083,450

Zynga, Inc.,
Conv., 0.25%, 06/01/2024		6,525,000		9,012,982

0.00%, 12/15/2026^(b)(c)		3,878,000		4,154,308

				29,250,740


Interactive Media & Services-2.29%
Snap, Inc., Conv., 0.75%, 08/01/2026		5,793,000		17,465,895

Twitter, Inc., Conv., 0.25%, 06/15/2024		10,600,000		14,568,640

				32,034,535


Internet & Direct Marketing Retail-4.61%
Etsy, Inc., Conv., 0.13%, 09/01/2027^(b)		9,278,000		11,991,815

Match Group Financeco 2, Inc., Conv., 0.88%, 06/15/2026^(b)		9,350,000		17,957,844

MercadoLibre, Inc. (Argentina), Conv., 2.00%, 08/15/2028		3,100,000		10,958,500

Pinduoduo, Inc. (China), Conv., 0.00%, 12/01/2023^(c)(d)		6,175,000		6,372,600

RealReal, Inc. (The), Conv., 3.00%, 06/15/2025		2,700,000		3,693,937

Wayfair, Inc., Conv., 0.63%, 10/01/2025^(b)		12,625,000		13,508,750

				64,483,446


Internet Services & Infrastructure-2.92%
Akamai Technologies, Inc., Conv., 0.13%, 05/01/2025		7,600,000		9,971,200

Okta, Inc., Conv., 0.13%, 09/01/2025		4,825,000		6,969,713

Shopify, Inc. (Canada), Conv., 0.13%, 11/01/2025		12,577,000		16,438,139

Wix.com Ltd. (Israel), Conv., 0.00%, 08/15/2025^(b)(c)		7,125,000		7,499,062

				40,878,114


Investment Banking & Brokerage-0.50%
JPMorgan Chase Financial Co. LLC, Conv., 0.25%, 05/01/2023^(b)		6,378,000		6,936,075


Leisure Facilities-0.69%
Vail Resorts, Inc., Conv., 0.00%, 01/01/2026^(b)(c)		9,262,000		9,655,635


Leisure Products-0.62%
Peloton Interactive, Inc., Conv., 0.00%, 02/15/2026^(b)(c)		8,868,000		8,618,587


Life Sciences Tools & Services-0.93%
NeoGenomics, Inc., Conv., 0.25%, 01/15/2028		8,275,000		8,078,469

Repligen Corp., Conv., 0.38%, 07/15/2024		2,739,000		4,916,505

				12,994,974


Movies & Entertainment-1.41%
IMAX Corp., Conv., 0.50%, 04/01/2026^(b)		5,260,000		5,509,850

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

6 Invesco Convertible Securities Fund


	Principal Amount		Value

Movies & Entertainment-(continued)
Liberty Media Corp.,
Conv., 2.25%, 12/01/2021^(b)(d)	$	5,275,000	$	7,084,325

0.50%, 09/01/2024^(b)(d)		6,175,000		7,119,775

				19,713,950


Oil & Gas Exploration & Production-2.56%
EQT Corp., Conv., 1.75%, 05/01/2026		10,584,000		17,681,630

Pioneer Natural Resources Co., Conv., 0.25%, 05/15/2025		11,378,000		18,210,489

				35,892,119


Packaged Foods & Meats-0.13%
Beyond Meat, Inc., Conv., 0.00%, 03/15/2027^(b)(c)		1,750,000		1,792,656


Pharmaceuticals-0.97%
Jazz Investments I Ltd., Conv., 2.00%, 06/15/2026		10,200,000		13,617,000


Real Estate Services-0.50%
Redfin Corp., Conv., 0.00%, 10/15/2025^(b)(c)		6,226,000		7,013,589


Renewable Electricity-0.70%
NextEra Energy Partners L.P., Conv., 0.00%, 11/15/2025^(b)(c)		9,023,000		9,753,863


Research & Consulting Services-0.72%
KBR, Inc., Conv., 2.50%, 11/01/2023		6,430,000		10,114,390


Restaurants-0.62%
Cheesecake Factory, Inc. (The), Conv., 0.38%, 06/15/2026		3,798,000		3,757,646

Shake Shack, Inc., Conv., 0.00%, 03/01/2028^(b)(c)		5,111,000		4,865,707

				8,623,353


Semiconductor Equipment-0.24%
SolarEdge Technologies, Inc., Conv., 0.00%, 09/15/2025^(b)(c)		2,680,000		3,363,400


Semiconductors-5.79%
Cree, Inc., Conv., 1.75%, 05/01/2026		5,604,000		12,191,502

MACOM Technology Solutions Holdings, Inc., Conv., 0.25%, 03/15/2026^(b)		9,700,000		10,239,563

Microchip Technology, Inc., Conv., 0.13%, 11/15/2024		28,324,000		32,006,120

ON Semiconductor Corp., Conv., 1.63%, 10/15/2023		7,760,000		14,788,135

Silicon Laboratories, Inc., Conv., 0.63%, 06/15/2025		8,475,000		11,791,267

				81,016,587


Specialty Stores-1.40%
Dick’s Sporting Goods, Inc., Conv., 3.25%, 04/15/2025		3,950,000		11,709,281

National Vision Holdings, Inc., Conv., 2.50%, 05/15/2025		4,500,000		7,945,313

				19,654,594


	Principal Amount		Value

Steel-0.51%
United States Steel Corp., Conv., 5.00%, 11/01/2026	$	3,537,000	$	7,144,740


Systems Software-3.18%
NortonLifeLock, Inc., Conv., 2.00%, 08/15/2022^(b)		6,100,000		8,399,700

Palo Alto Networks, Inc., Conv., 0.75%, 07/01/2023		13,100,000		19,126,000

Rapid7, Inc.,
Conv., 2.25%, 05/01/2025		5,400,000		8,987,625

0.25%, 03/15/2027^(b)		3,100,000		3,454,640

ServiceNow, Inc., Conv., 0.00%, 06/01/2022^(c)		1,100,000		4,479,806

				44,447,771


Technology Hardware, Storage & Peripherals-0.73%
Western Digital Corp., Conv., 1.50%, 02/01/2024		9,500,000		10,194,687


Trucking-1.63%
Lyft, Inc., Conv., 1.50%, 05/15/2025		5,350,000		9,159,200

Uber Technologies, Inc., Conv., 0.00%, 12/15/2025^(b)(c)		13,400,000		13,654,600

				22,813,800


Water Utilities-0.79%
Essential Utilities, Inc., Conv.
Amortizing Notes, 6.00%, 04/30/2022		193,600		11,070,048

Total U.S. Dollar Denominated Bonds & Notes (Cost $891,946,172)				1,113,189,124


	Shares
Preferred Stocks-16.95%
Asset Management & Custody Banks-1.43%
KKR & Co., Inc., 6.00%, Series C, Conv. Pfd.		260,613		20,082,838


Auto Parts & Equipment-1.38%
Aptiv PLC, 5.50%, Series A, Conv. Pfd.		108,066		19,324,362


Broadcasting-0.42%
ViacomCBS, Inc., 5.75%, Series A, Conv. Pfd.		78,875		5,847,004


Diversified Banks-2.42%
Bank of America Corp., 7.25%, Series L, Conv. Pfd.		11,400		16,142,400

Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd.		11,600		17,704,036

				33,846,436


Gas Utilities-0.49%
UGI Corp., 7.25%, Conv. Pfd.		64,300		6,854,380


Health Care Equipment-2.93%
Becton, Dickinson and Co., 6.00%,
Series B, Conv. Pfd.		204,714		10,954,246

Boston Scientific Corp., 5.50%,
Series A, Conv. Pfd.		118,481		13,750,905

Danaher Corp., 4.75%, Series A, Conv. Pfd.		9,000		16,242,570

				40,947,721

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

7 Invesco Convertible Securities Fund


	Shares		Value

Industrial Machinery-1.28%
Stanley Black & Decker, Inc., 5.25%, Conv. Pfd.		148,900	$	17,976,697


Life Sciences Tools & Services-1.47%
Avantor, Inc., 6.25%, Series A, Conv. Pfd.		187,412		20,532,858


Multi-Utilities-1.00%
NiSource, Inc., 7.75%, Conv. Pfd.		135,900		13,969,161


Pharmaceuticals-0.50%
Elanco Animal Health, Inc., 5.00%, Conv. Pfd.		130,200		6,986,532


Research & Consulting Services-0.45%
Clarivate PLC, 5.25%, Series A, Conv. Pfd.		60,086		6,291,004


Semiconductors-2.12%
Broadcom, Inc., 8.00%, Series A, Conv. Pfd.		19,540		29,698,260

Investment Abbreviations:

Conv. - Convertible

Pfd. - Preferred

REIT - Real Estate Investment Trust


	Shares		Value

Wireless Telecommunication Services-1.06%
2020 Cash Mandatory Exchangeable Trust, 5.25%, Conv. Pfd.^(b)		11,755	$	14,841,628

Total Preferred Stocks (Cost $181,399,688)				237,198,881


Money Market Funds-3.19%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)(f)		15,590,365		15,590,365

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(e)(f)		11,151,681		11,156,143

Invesco Treasury Portfolio, Institutional Class, 0.01%^(e)(f)		17,817,560		17,817,560

Total Money Market Funds (Cost $44,560,435)				44,564,068

TOTAL INVESTMENTS IN SECURITIES–99.70% (Cost $1,117,906,295)				1,394,952,073

OTHER ASSETS LESS LIABILITIES–0.30%				4,139,262

NET ASSETS–100.00%			$	1,399,091,335

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, 2021 was $433,547,884, which represented 30.99% of the Fund’s Net Assets.

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

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

^(e)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2021.


	Value December 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value June 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	12,889,926		$	80,758,829		$	(78,058,390	)		$	-		$	-		$	15,590,365		$	2,598
Invesco Liquid Assets Portfolio, Institutional Class			10,335,430			56,575,672			(55,755,992	)			1,015			18			11,156,143			1,362
Invesco Treasury Portfolio, Institutional Class			14,731,343			92,295,805			(89,209,588	)			-			-			17,817,560			1,054
Total		$	37,956,699		$	229,630,306		$	(223,023,970	)		$	1,015		$	18		$	44,564,068		$	5,014

^(f)	The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

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

8 Invesco Convertible Securities Fund

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2021


Information Technology	30.46	%
Consumer Discretionary	20.68
Health Care	13.59
Communication Services	8.85
Industrials	8.20
Utilities	5.17
Financials	4.35
Energy	2.56
Other Sectors, Each Less than 2% of Net Assets	2.65
Money Market Funds Plus Other Assets Less Liabilities	3.49

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, 2021

(Unaudited)


Assets:
Investments in securities, at value (Cost $ 1,073,345,860)	$	1,350,388,005
Investments in affiliated money market funds, at value (Cost $ 44,560,435)		44,564,068
Receivable for:
Investments sold		2,754,343
Fund shares sold		1,044,978
Dividends		529,555
Interest		1,195,469
Investment for trustee deferred compensation and retirement plans		133,895
Other assets		83,131
Total assets		1,400,693,444

Liabilities:
Payable for:
Fund shares reacquired		798,017
Accrued fees to affiliates		505,461
Accrued other operating expenses		106,587
Trustee deferred compensation and retirement plans		192,044
Total liabilities		1,602,109
Net assets applicable to shares outstanding	$	1,399,091,335

Net assets consist of:
Shares of beneficial interest	$	883,760,381
Distributable earnings		515,330,954
	$	1,399,091,335


Net Assets:
Class A	$	688,250,677
Class C	$	53,969,358
Class Y	$	601,257,160
Class R5	$	1,765,044
Class R6	$	53,849,096

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		21,018,769
Class C		1,657,043
Class Y		18,333,506
Class R5		53,896
Class R6		1,643,977
Class A:
Net asset value per share	$	32.74
Maximum offering price per share (Net asset value of $32.74 ÷ 94.50%)	$	34.65
Class C:
Net asset value and offering price per share	$	32.57
Class Y:
Net asset value and offering price per share	$	32.80
Class R5:
Net asset value and offering price per share	$	32.75
Class R6:
Net asset value and offering price per share	$	32.76

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, 2021

(Unaudited)


Investment income:
Dividends	$	5,770,432

Interest		2,951,733

Dividends from affiliated money market funds		5,014

Total investment income		8,727,179


Expenses:
Advisory fees		3,385,671

Administrative services fees		109,626

Custodian fees		5,083

Distribution fees:
Class A		854,586

Class C		285,963

Transfer agent fees – A, C and Y		773,916

Transfer agent fees – R5		838

Transfer agent fees – R6		895

Trustees’ and officers’ fees and benefits		16,194

Registration and filing fees		62,832

Professional services fees		26,206

Taxes		105

Other		(18,057	)

Total expenses		5,503,858

Less: Fees waived and/or expense offset arrangement(s)		(10,585	)

Net expenses		5,493,273

Net investment income		3,233,906


Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		196,687,328

Affiliated investment securities		18

		196,687,346

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(155,162,516	)

Affiliated investment securities		1,015

		(155,161,501	)

Net realized and unrealized gain		41,525,845

Net increase in net assets resulting from operations	$	44,759,751

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, 2021 and the year ended December 31, 2020

(Unaudited)


	June 30, 2021			December 31, 2020

Operations:
Net investment income	$	3,233,906		$	11,224,742

Net realized gain		196,687,346			171,447,073

Change in net unrealized appreciation (depreciation)		(155,161,501	)		270,506,635

Net increase in net assets resulting from operations		44,759,751			453,178,450


Distributions to shareholders from distributable earnings:
Class A		(3,068,004	)		(65,504,550	)

Class C		(40,272	)		(6,653,135	)

Class Y		(3,428,588	)		(66,881,929	)

Class R5		(10,256	)		(177,071	)

Class R6		(335,394	)		(5,791,736	)

Total distributions from distributable earnings		(6,882,514	)		(145,008,421	)


Share transactions–net:
Class A		(4,442,378	)		64,445,185

Class C		(8,835,226	)		(20,908,903	)

Class Y		(63,607,886	)		(76,801,020	)

Class R5		(55,171	)		81,061

Class R6		(3,255,128	)		1,280,226

Net increase (decrease) in net assets resulting from share transactions		(80,195,789	)		(31,903,451	)

Net increase (decrease) in net assets		(42,318,552	)		276,266,578


Net assets:
Beginning of period		1,441,409,887			1,165,143,309

End of period	$	1,399,091,335		$	1,441,409,887

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 (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 06/30/21		$	31.91		$	0.06			$	0.92			$	0.98				$	(0.15	)		$	–			$	(0.15	)		$	32.74		3.07	%		$	688,251		0.87	%^(d)		0.87	%^(d)		0.37	%^(d)		33	%
Year ended 12/31/20			24.64			0.23				10.47				10.70					(0.37	)			(3.06	)			(3.43	)			31.91		44.35				675,347		0.91			0.91			0.84			65
Year ended 12/31/19			21.42			0.28				4.28				4.56					(0.36	)			(0.98	)			(1.34	)			24.64		21.42	^(e)			473,599		0.90	^(e)		0.90	^(e)		1.13	^(e)		57
Year ended 12/31/18			24.41			0.28				(0.62	)			(0.34	)				(0.57	)			(2.08	)			(2.65	)			21.42		(1.71	)^(f)			407,548		0.90	^(f)		0.90	^(f)		1.09	^(f)		62
Year ended 12/31/17			23.10			0.33				2.04				2.37					(1.01	)			(0.05	)			(1.06	)			24.41		10.42	^(g)			653,121		0.93	^(g)		0.93	^(g)		1.36	^(g)		39
Year ended 12/31/16			22.62			0.39				0.90				1.29					(0.81	)			–				(0.81	)			23.10		5.82	^(h)			785,526		0.88	^(h)		0.89	^(h)		1.74	^(h)		42
Class C
Six months ended 06/30/21			31.73			(0.06	)			0.92				0.86					(0.02	)			–				(0.02	)			32.57		2.72	⁽ⁱ⁾			53,969		1.60	^(d)(i)		1.60	^(d)(i)		(0.36	)^(d)(i)		33
Year ended 12/31/20			24.51			0.03				10.41				10.44					(0.16	)			(3.06	)			(3.22	)			31.73		43.25				61,221		1.66			1.66			0.09			65
Year ended 12/31/19			21.31			0.10				4.26				4.36					(0.18	)			(0.98	)			(1.16	)			24.51		20.54	^(e)			65,607		1.63	^(e)		1.63	^(e)		0.40	^(e)		57
Year ended 12/31/18			24.30			0.08				(0.62	)			(0.54	)				(0.37	)			(2.08	)			(2.45	)			21.31		(2.48	)^(f)			81,529		1.66	^(f)		1.66	^(f)		0.33	^(f)		62
Year ended 12/31/17			23.00			0.15				2.03				2.18					(0.83	)			(0.05	)			(0.88	)			24.30		9.57	^(g)			95,218		1.69	^(g)		1.69	^(g)		0.60	^(g)		39
Year ended 12/31/16			22.52			0.22				0.90				1.12					(0.64	)			–				(0.64	)			23.00		5.07	^(h)			130,934		1.61	^(h)		1.62	^(h)		1.01	^(h)		42
Class Y
Six months ended 06/30/21			31.96			0.10				0.93				1.03					(0.19	)			–				(0.19	)			32.80		3.22				601,257		0.62	^(d)		0.62	^(d)		0.62	^(d)		33
Year ended 12/31/20			24.68			0.30				10.48				10.78					(0.44	)			(3.06	)			(3.50	)			31.96		44.69				647,484		0.66			0.66			1.09			65
Year ended 12/31/19			21.44			0.33				4.30				4.63					(0.41	)			(0.98	)			(1.39	)			24.68		21.73				582,112		0.67			0.67			1.36			57
Year ended 12/31/18			24.44			0.33				(0.62	)			(0.29	)				(0.63	)			(2.08	)			(2.71	)			21.44		(1.51	)			583,289		0.66			0.66			1.33			62
Year ended 12/31/17			23.13			0.39				2.04				2.43					(1.07	)			(0.05	)			(1.12	)			24.44		10.68				594,284		0.69			0.69			1.60			39
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
Class R5
Six months ended 06/30/21			31.91			0.10				0.93				1.03					(0.19	)			–				(0.19	)			32.75		3.24				1,765		0.60	^(d)		0.60	^(d)		0.64	^(d)		33
Year ended 12/31/20			24.65			0.31				10.46				10.77		��			(0.45	)			(3.06	)			(3.51	)			31.91		44.70				1,773		0.64			0.64			1.11			65
Year ended 12/31/19			21.43			0.34				4.29				4.63					(0.43	)			(0.98	)			(1.41	)			24.65		21.74				1,334		0.64			0.64			1.39			57
Year ended 12/31/18			24.43			0.34				(0.62	)			(0.28	)				(0.64	)			(2.08	)			(2.72	)			21.43		(1.49	)			1,081		0.64			0.64			1.35			62
Year ended 12/31/17			23.11			0.39				2.06				2.45					(1.08	)			(0.05	)			(1.13	)			24.43		10.78				1,585		0.64			0.64			1.65			39
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
Class R6
Six months ended 06/30/21			31.92			0.12				0.92				1.04					(0.20	)			–				(0.20	)			32.76		3.29				53,849		0.51	^(d)		0.51	^(d)		0.73	^(d)		33
Year ended 12/31/20			24.65			0.33				10.47				10.80					(0.47	)			(3.06	)			(3.53	)			31.92		44.86				55,585		0.56			0.56			1.19			65
Year ended 12/31/19			21.43			0.36				4.29				4.65					(0.45	)			(0.98	)			(1.43	)			24.65		21.82				42,492		0.56			0.56			1.47			57
Year ended 12/31/18			24.43			0.36				(0.62	)			(0.26	)				(0.66	)			(2.08	)			(2.74	)			21.43		(1.41	)			47,908		0.56			0.56			1.43			62
Year ended 12/31/17			23.12			0.42				2.04				2.46					(1.10	)			(0.05	)			(1.15	)			24.43		10.82				36,751		0.57			0.57			1.72			39
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

^(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 $690,734, $58,580, $611,584, $1,795 and $54,560 for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

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

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

^(g)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% 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 0.97% 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 0.98% for Class C shares.

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, 2021

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

The 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.

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.

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses

14 Invesco Convertible Securities Fund

on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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.

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.

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

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.

15 Invesco Convertible Securities Fund

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, 2021, the effective advisory fee rate incurred by the Fund was 0.48%.

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

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

For the six months ended June 30, 2021, the Adviser waived advisory fees of $10,357.

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, 2021, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2021, IDI advised the Fund that IDI retained $78,125 in front-end sales commissions from the sale of Class A shares and $1,438 and $2,885 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.

16 Invesco Convertible Securities Fund


	Level 1		Level 2		Level 3	Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	41,671,069	$	1,071,518,055	$–	$	1,113,189,124
Preferred Stocks		237,198,881		–	–		237,198,881
Money Market Funds		44,564,068		–	–		44,564,068
Total Investments	$	323,434,018	$	1,071,518,055	$–	$	1,394,952,073

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $441,605,782 and $519,784,253, 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	$	287,236,037

Aggregate unrealized (depreciation) of investments		(10,878,375	)

Net unrealized appreciation of investments	$	276,357,662

Cost of investments for tax purposes is $1,118,594,411.

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended June 30, 2021^(a)				Year ended December 31, 2020
	Shares		Amount		Shares		Amount

Sold:
Class A		1,260,106	$	41,374,708		2,570,805	$	72,317,451

Class C		167,289		5,473,598		439,536		12,038,568

Class Y		1,721,335		56,217,809		5,474,520		143,384,408

Class R5		1,868		60,210		6,130		172,008

Class R6		121,974		4,000,844		317,446		8,483,793

17 Invesco Convertible Securities Fund


	Summary of Share Activity

	Six months ended June 30, 2021^(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount


Issued as reinvestment of dividends:
Class A		78,499		$	2,504,604			1,826,467		$	55,304,719

Class C		1,112			34,738			189,665			5,753,309

Class Y		68,173			2,179,771			1,670,866			50,466,155

Class R5		289			9,225			5,811			175,105

Class R6		8,342			266,489			150,938			4,552,180


Automatic conversion of Class C shares to Class A shares:
Class A		217,665			7,163,168			798,308			23,672,182

Class C		(219,009	)		(7,163,168	)		(802,855	)		(23,672,182	)


Reacquired:
Class A		(1,703,804	)		(55,484,858	)		(3,248,706	)		(86,849,167	)

Class C		(221,847	)		(7,180,394	)		(573,725	)		(15,028,598	)

Class Y		(3,716,446	)		(122,005,466	)		(10,470,597	)		(270,651,583	)

Class R5		(3,809	)		(124,606	)		(10,517	)		(266,052	)

Class R6		(227,799	)		(7,522,461	)		(450,451	)		(11,755,747	)

Net increase (decrease) in share activity		(2,446,062	)	$	(80,195,789	)		(2,106,359	)	$	(31,903,451	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 51% 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.

18 Invesco Convertible Securities 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.

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
	(01/01/21)	(06/30/21)¹	Period²	(06/30/21)	Period²	Ratio
Class A	$1,000.00	$1,030.70	$4.38	$1,020.48	$4.36	0.87%
Class C	1,000.00	1,027.20	8.04	1,016.86	8.00	1.60
Class Y	1,000.00	1,032.20	3.12	1,021.72	3.11	0.62
Class R5	1,000.00	1,032.40	3.02	1,021.82	3.01	0.60
Class R6	1,000.00	1,032.90	2.57	1,022.27	2.56	0.51

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 181/365 to reflect the most recent fiscal half year.

19 Invesco Convertible Securities Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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, 2020 to the performance of funds in the Broadridge performance universe and against ICE BofAML U.S. Convertible Index (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 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 noted that the Fund’s stock selection in and underweight exposure to certain sectors and names, as well as the Fund’s cash position 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, which did not change its conclusions.

20 Invesco Convertible Securities 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 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 is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating 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 also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates 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. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

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 and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board 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 also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment 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 that such methodology had recently been reviewed and enhanced. 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 most Funds individually. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the 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.

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 advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

21 Invesco Convertible Securities Fund

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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

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




		Semiannual Report to Shareholders		June 30, 2021

		Invesco Income Advantage International Fund Effective July 15, 2021, Invesco Global Low Volatility Equity Yield Fund was renamed Invesco Income Advantage International Fund.
		Nasdaq:
		A: GTNDX ∎ C: GNDCX ∎ R: GTNRX ∎ Y: GTNYX ∎ R5: GNDIX ∎ R6:GNDSX

LOGO


		2		Fund Performance
		4		Liquidity Risk Management Program
		5		Schedule of Investments
		9		Financial Statements
		12		Financial Highlights
		13		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

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	14.13	%
Class C Shares	13.67
Class R Shares	14.05
Class Y Shares	14.32
Class R5 Shares	14.35
Class R6 Shares	14.29
MSCI World Index^▼ (Broad Market Index)	13.05

MSCI All Country World ex-USA Index^∎ (Broad Market/Style-Specific Index)	9.16

Lipper Global Equity Income Funds Index^t (Peer Group Index)	11.26

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.; ^tLipper Inc.

The MSCI World Index 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 MSCI All Country World ex-USA^® Index is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Lipper Global Equity Income Funds Index is an unmanaged index considered representative of global equity income funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

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.

2 Invesco Income Advantage International Fund


Average Annual Total Returns As of 6/30/21, including maximum applicable sales charges
Class A Shares
Inception (9/15/97)	5.41	%
10 Years	4.56
5 Years	4.18
1 Year	16.12
Class C Shares
Inception (1/2/98)	5.68	%
10 Years	4.53
5 Years	4.57
1 Year	21.07
Class R Shares
Inception (10/31/05)	4.04	%
10 Years	4.90
5 Years	5.10
1 Year	22.63
Class Y Shares
Inception (10/3/08)	6.07	%
10 Years	5.42
5 Years	5.63
1 Year	23.22
Class R5 Shares
Inception (4/30/04)	5.58	%
10 Years	5.61
5 Years	5.78
1 Year	23.48

Class R6 Shares
10 Years	5.32	%
5 Years	5.69
1 Year	23.32

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

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

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

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.

3 Invesco Income Advantage International 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.

4 Invesco Income Advantage International Fund

Schedule of Investments

June 30, 2021

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–96.60%
Australia–8.22%
Aurizon Holdings Ltd.		206,067	$	575,255

Brambles Ltd.		38,918		333,847

Coles Group Ltd.		19,356		248,139

CSL Ltd.		990		211,788

Endeavour Group Ltd.^(a)		25,154		118,656

Evolution Mining Ltd.		88,015		297,995

JB Hi-Fi Ltd.		16,612		630,294

Newcrest Mining Ltd.		29,919		568,934

Rio Tinto Ltd.		7,462		708,764

Rio Tinto PLC		4,109		338,281

Sonic Healthcare Ltd.		9,510		273,808

Wesfarmers Ltd.		18,722		829,426

Woodside Petroleum Ltd.		9,629		160,451

Woolworths Group Ltd.		25,154		718,430

				6,014,068


Brazil–0.42%
Yara International ASA		5,875		309,450


Canada–11.60%
AltaGas Ltd.		9,792		205,540

Bank of Montreal		5,287		541,922

BCE, Inc.		12,662		624,418

BRP, Inc.		4,011		313,865

Canadian Imperial Bank of Commerce		5,995		682,441

Canadian Tire Corp. Ltd., Class A		1,664		263,319

CGI, Inc., Class A^(a)		3,422		310,260

Constellation Software, Inc.		346		524,027

Empire Co. Ltd., Class A		6,499		204,994

Franco-Nevada Corp.		3,805		552,179

George Weston Ltd.		1,697		161,746

Hydro One Ltd.^(b)		25,897		625,907

Kinross Gold Corp.		13,249		84,009

Metro, Inc.		5,117		245,324

National Bank of Canada		10,437		781,091

Open Text Corp.		7,000		355,478

Quebecor, Inc., Class B		23,145		617,275

Restaurant Brands International, Inc.		6,045		389,492

Rogers Communications, Inc., Class B		9,539		507,115

TFI International, Inc.		3,237		295,524

West Fraser Timber Co. Ltd.		2,795		200,651

				8,486,577


China–0.62%
Wilmar International Ltd.		45,500		152,493

Xinyi Glass Holdings Ltd.		74,000		301,650

				454,143


Denmark–1.99%
AP Moller - Maersk A/S, Class B		261		750,584

Carlsberg A/S, Class B		3,769		703,625

				1,454,209


Finland–1.10%
Elisa OYJ		3,357		200,303



		Shares		Value

Finland–(continued)
Fortum OYJ			16,995	$	468,724

Orion OYJ, Class B			3,099		133,219

					802,246


France–2.03%	��
Bureau Veritas S.A.^(a)			6,733		213,099

Capgemini SE			1,427		274,399

Publicis Groupe S.A.			6,430		411,475

Sartorius Stedim Biotech			690		326,415

Teleperformance			648		263,042

					1,488,430


Germany–5.17%
Brenntag SE			3,450		320,850

Covestro AG^(b)			8,646		558,482

Daimler AG			7,976		712,498

Deutsche Post AG			10,302		700,958

HeidelbergCement AG			5,297		454,469

Merck KGaA			3,410		654,617

Sartorius AG, Preference Shares			725		377,392

					3,779,266


Hong Kong–3.78%
CK Asset Holdings Ltd.			113,500		783,535

CK Hutchison Holdings Ltd.			47,000		366,228

CLP Holdings Ltd.			19,500		192,740

HKT Trust & HKT Ltd.			124,000		168,968

Kerry Properties Ltd.			207,500		684,157

Sun Hung Kai Properties Ltd.			23,000		342,735

WH Group Ltd.			254,500		228,797

					2,767,160


Israel–1.16%
Check Point Software Technologies Ltd.^(a)			5,127		595,398

Teva Pharmaceutical Industries Ltd., ADR^(a)			25,752		254,945

					850,343


Italy–0.23%
Buzzi Unicem S.p.A.			6,278		166,989


Japan–11.90%
Astellas Pharma, Inc.			32,100		558,784

Dai Nippon Printing Co. Ltd.			28,500		602,315

ENEOS Holdings, Inc.			94,600		396,006

Japan Tobacco, Inc.			30,200		570,368

KDDI Corp.			21,900		682,825

Lion Corp.			6,400		108,431

Mitsubishi Corp.			22,300		607,439

Mitsui & Co. Ltd.			30,900		695,256

Nintendo Co. Ltd.			1,200		698,208

Nippon Telegraph & Telephone Corp.			25,500		664,237

Nomura Research Institute Ltd.			11,500		380,566

Ono Pharmaceutical Co. Ltd.			9,200		204,208

Rohm Co. Ltd.			3,800		351,538

Sekisui House Ltd.			36,900		756,538

Takeda Pharmaceutical Co. Ltd.			16,200		544,078

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

5 Invesco Income Advantage International Fund


	Shares		Value

Japan–(continued)
Tokyo Electron Ltd.		900	$	387,488

Toppan, Inc.		23,200		372,661

Unicharm Corp.		3,100		124,699

				8,705,645


Jordan–0.99%
Hikma Pharmaceuticals PLC		21,454		726,436


Luxembourg–0.50%
Eurofins Scientific SE^(a)		3,183		363,989


Netherlands–3.25%
Koninklijke Ahold Delhaize N.V.		23,598		701,618

Koninklijke KPN N.V.		132,782		414,823

Randstad N.V.		5,638		431,505

Wolters Kluwer N.V.		8,291		833,308

				2,381,254


Norway–0.92%
Orkla ASA		66,077		673,110


Spain–0.43%
Endesa S.A.		13,086		317,454


Sweden–2.24%
Electrolux AB, Series B		10,402		288,557

Getinge AB, Class B		9,377		353,800

Husqvarna AB, Class B		20,365		270,725

Securitas AB, Class B		11,471		181,185

Swedish Match AB		63,920		545,189

				1,639,456


Switzerland–4.51%
ABB Ltd.		21,450		728,109

Adecco Group AG		7,131		484,690

Geberit AG		640		480,238

Holcim Ltd.		3,726		223,547

Kuehne + Nagel International AG, Class R		905		309,766

Novartis AG		6,504		592,806

Roche Holding AG		398		149,994

SGS S.A.		106		327,004

				3,296,154


United Kingdom–4.82%
Imperial Brands PLC		32,020		690,015

Kingfisher PLC		87,167		439,785

Liberty Global PLC, Class A^(a)		5,810		157,800

Liberty Global PLC, Class C^(a)		23,651		639,523

Persimmon PLC		4,891		200,494

Royal Mail PLC^(a)		50,613		404,782

Tate & Lyle PLC		72,131		737,215

WM Morrison Supermarkets PLC		76,244		260,215

				3,529,829


United States–30.72%
AbbVie, Inc.		4,318		486,380

Accenture PLC, Class A		2,089		615,816

Investment Abbreviations:

ADR – American Depositary Receipt


	Shares		Value

United States–(continued)
AGCO Corp.		2,241	$	292,182

Ally Financial, Inc.		12,749		635,410

Altria Group, Inc.		13,196		629,185

AmerisourceBergen Corp.		3,786		433,459

Amgen, Inc.		2,642		643,988

Arrow Electronics, Inc.^(a)		4,237		482,298

AutoNation, Inc.^(a)		5,316		504,010

Cardinal Health, Inc.		11,778		672,406

Cognizant Technology Solutions Corp., Class A		7,216		499,780

Conagra Brands, Inc.		18,988		690,783

DaVita, Inc.^(a)		5,801		698,614

DENTSPLY SIRONA, Inc.		8,306		525,438

Dolby Laboratories, Inc., Class A		2,410		236,879

Extra Space Storage, Inc.		5,238		858,089

Gartner, Inc.^(a)		1,893		458,485

Gilead Sciences, Inc.		10,363		713,596

Hershey Co. (The)		3,658		637,150

Hologic, Inc.^(a)		8,685		579,463

JM Smucker Co. (The)		1,206		156,261

Kraft Heinz Co. (The)		17,895		729,758

Kroger Co. (The)		20,778		796,005

Laboratory Corp. of America Holdings^(a)		2,248		620,111

Life Storage, Inc.		4,387		470,945

McKesson Corp.		3,324		635,682

MDU Resources Group, Inc.		7,903		247,680

Microsoft Corp.		2,718		736,306

Mid-America Apartment Communities, Inc.		4,350		732,627

Nu Skin Enterprises, Inc., Class A		3,415		193,460

Omnicom Group, Inc.		8,503		680,155

Oracle Corp.		9,377		729,906

Public Storage		2,746		825,695

Qurate Retail, Inc., Class A		27,860		364,687

Regeneron Pharmaceuticals, Inc.^(a)		1,111		620,538

Spectrum Brands Holdings, Inc.		2,949		250,783

Target Corp.		3,060		739,724

Tyson Foods, Inc., Class A		7,851		579,090

United Therapeutics Corp.^(a)		3,456		620,041

Vertex Pharmaceuticals, Inc.^(a)		2,237		451,046

				22,473,911

Total Common Stocks & Other Equity Interests (Cost $61,860,541)				70,680,119


Money Market Funds–1.84%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		468,457		468,457

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(c)(d)		339,892		340,028

Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		535,379		535,379

Total Money Market Funds (Cost $1,343,864)				1,343,864

TOTAL INVESTMENTS IN SECURITIES–98.44% (Cost $63,204,405)				72,023,983

OTHER ASSETS LESS LIABILITIES–1.56%				1,143,806

NET ASSETS–100.00%			$	73,167,789

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

6 Invesco Income Advantage International Fund

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2021 was $1,184,389, which represented 1.62% of the Fund’s Net Assets.

^(c)


	Value December 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value June 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	327,478	$	2,527,148	$	(2,386,169	)	$	-	$	-		$	468,457	$	58
Invesco Liquid Assets Portfolio, Institutional Class		233,846		1,805,106		(1,698,947	)		28		(5	)		340,028		24
Invesco Treasury Portfolio, Institutional Class		374,261		2,888,169		(2,727,051	)		-		-			535,379		24
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		413,318		(413,318	)		-		-			-		3	*
Invesco Private Prime Fund		-		618,805		(618,805	)		-		-			-		31	*
Total	$	935,585	$	8,252,546	$	(7,844,290	)	$	28	$	(5	)	$	1,343,864	$	140

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

(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2021.


Open Futures Contracts^(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Equity Risk
E-Mini S&P 500 Index		4		September-2021	$	857,720	$	8,652			$8,652
EURO STOXX 50 Index		5		September-2021		240,440		(4,497	)		(4,497	)
FTSE 100 Index		1		September-2021		96,561		(1,593	)		(1,593	)
Total Futures Contracts							$	2,562			$2,562

^(a)	Futures contracts collateralized by $70,028 cash held with Bank of America, the futures commission merchant.

Open Forward Foreign Currency Contracts

Contract to

Settlement

Unrealized

Date

Counterparty

Deliver

Receive

Appreciation

Currency Risk

07/16/2021

State Street Bank and Trust Co.

AUD

6,960,131

USD

5,357,909

137,773

07/16/2021

State Street Bank and Trust Co.

CAD

9,981,184

USD

8,213,831

161,974

07/16/2021

State Street Bank and Trust Co.

CHF

2,949,999

USD

3,292,134

102,604

07/16/2021

State Street Bank and Trust Co.

DKK

8,610,639

USD

1,406,672

33,279

07/16/2021

State Street Bank and Trust Co.

EUR

7,417,513

USD

9,011,818

213,912

07/16/2021

State Street Bank and Trust Co.

GBP

2,618,087

USD

3,694,320

72,565

07/16/2021

State Street Bank and Trust Co.

HKD

22,315,006

USD

2,874,733

617

07/16/2021

State Street Bank and Trust Co.

JPY

907,957,861

USD

8,250,112

76,397

07/16/2021

State Street Bank and Trust Co.

NOK

8,315,162

USD

999,451

33,644

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

7 Invesco Income Advantage International Fund

Open Forward Foreign Currency Contracts–(continued)

Contract to

Settlement

Unrealized

Date

Counterparty

Deliver

Receive

Appreciation

07/16/2021

State Street Bank and Trust Co.

SEK

13,463,261

USD

1,622,082

48,713

Total Forward Foreign Currency Contracts

881,478


Abbreviations:

AUD		– Australian Dollar
CAD		– Canadian Dollar
CHF		– Swiss Franc
DKK		– Danish Krone
EUR		– Euro
GBP		– British Pound Sterling
HKD		– Hong Kong Dollar
JPY		– Japanese Yen
NOK		– Norwegian Krone
SEK		– Swedish Krona
USD		– U.S. Dollar

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2021


Health Care	18.36	%
Consumer Staples	16.20
Industrials	14.87
Information Technology	9.48
Consumer Discretionary	9.15
Communication Services	8.83
Real Estate	6.42
Materials	6.11
Financials	3.61
Utilities	2.81
Other Sectors, Each Less than 2% of Net Assets	0.76
Money Market Funds Plus Other Assets Less Liabilities	3.40

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

8 Invesco Income Advantage International Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in securities, at value (Cost $61,860,541)			$70,680,119

Investments in affiliated money market funds, at value (Cost $1,343,864)			1,343,864

Other investments:
Variation margin receivable – futures contracts			12,491

Unrealized appreciation on forward foreign currency contracts outstanding			881,478

Deposits with brokers:
Cash collateral – exchange-traded futures contracts			70,028

Foreign currencies, at value (Cost $129,050)			128,309

Receivable for:
Investments sold			173

Fund shares sold			2,911

Dividends			204,812

Investment for trustee deferred compensation and retirement plans			79,538

Other assets			45,607

Total assets			73,449,330


Liabilities:
Payable for:
Fund shares reacquired			90,362

Accrued fees to affiliates			49,208

Accrued other operating expenses			55,158

Trustee deferred compensation and retirement plans			86,813

Total liabilities			281,541

Net assets applicable to shares outstanding			$73,167,789


Net assets consist of:
Shares of beneficial interest			$72,249,847

Distributable earnings			917,942

			$73,167,789


Net Assets:
Class A	$	67,685,566

Class C	$	1,290,030

Class R	$	1,600,232

Class Y	$	1,913,157

Class R5	$	656,925

Class R6	$	21,879


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		4,585,053

Class C		92,418

Class R		108,223

Class Y		129,299

Class R5		44,003

Class R6		1,467

Class A:
Net asset value per share	$	14.76

Maximum offering price per share (Net asset value of $14.76 ÷ 94.50%)	$	15.62

Class C:
Net asset value and offering price per share	$	13.96

Class R:
Net asset value and offering price per share	$	14.79

Class Y:
Net asset value and offering price per share	$	14.80

Class R5:
Net asset value and offering price per share	$	14.93

Class R6:
Net asset value and offering price per share	$	14.91

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

9 Invesco Income Advantage International Fund

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $93,526)	$	1,273,194

Dividends from affiliated money market funds (includes securities lending income of $59)		165

Total investment income		1,273,359


Expenses:
Advisory fees		281,347

Administrative services fees		5,003

Custodian fees		5,025

Distribution fees:

Class A		81,265

Class C		6,486

Class R		3,713

Transfer agent fees – A, C, R and Y		85,009

Transfer agent fees – R5		301

Transfer agent fees – R6		10

Trustees’ and officers’ fees and benefits		10,911

Registration and filing fees		39,236

Reports to shareholders		14,075

Professional services fees		30,040

Other		8,966

Total expenses		571,387

Less: Fees waived and/or expense offset arrangement(s)		(329	)

Net expenses		571,058

Net investment income		702,301


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		5,245,650

Affiliated investment securities		(5	)

Foreign currencies		74,260

Forward foreign currency contracts		(473,020	)

Futures contracts		166,079

		5,012,964

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		2,162,595

Affiliated investment securities		28

Foreign currencies		(11,849	)

Forward foreign currency contracts		1,462,833

Futures contracts		(18,845	)

		3,594,762

Net realized and unrealized gain		8,607,726

Net increase in net assets resulting from operations	$	9,310,027

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

10 Invesco Income Advantage International Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)


	June 30, 2021			December 31, 2020

Operations:
Net investment income	$	702,301		$	1,078,297

Net realized gain (loss)		5,012,964			(7,745,919	)

Change in net unrealized appreciation		3,594,762			1,477,595

Net increase (decrease) in net assets resulting from operations		9,310,027			(5,190,027	)


Distributions to shareholders from distributable earnings:
Class A		(449,482	)		(1,056,374	)

Class C		(4,075	)		(21,590	)

Class R		(8,637	)		(20,019	)

Class Y		(15,103	)		(38,339	)

Class R5		(5,439	)		(10,379	)

Class R6		(185	)		(15,712	)

Total distributions from distributable earnings		(482,921	)		(1,162,413	)


Return of capital:
Class A		–			(259,439	)

Class C		–			(5,302	)

Class R		–			(4,917	)

Class Y		–			(9,416	)

Class R5		–			(2,549	)

Class R6		–			(3,859	)

Total return of capital		–			(285,482	)

Total distributions		(482,921	)		(1,447,895	)


Share transactions–net:
Class A		(2,611,728	)		(7,108,178	)

Class C		(176,348	)		(1,224,635	)

Class R		111,341			(337,252	)

Class Y		(332,447	)		(587,806	)

Class R5		25,289			9,567

Class R6		86			(1,302,594	)

Net increase (decrease) in net assets resulting from share transactions		(2,983,807	)		(10,550,898	)

Net increase (decrease) in net assets		5,843,299			(17,188,820	)


Net assets:
Beginning of period		67,324,490			84,513,310

End of period	$	73,167,789		$	67,324,490

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

11 Invesco Income Advantage International 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				Return of capital				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover^(c)
Class A
Six months ended 06/30/21		$	13.02		$	0.14			$	1.70			$	1.84			$	(0.10	)		$	-			$	(0.10	)		$	14.76		14.13	%		$	67,686		1.61	%^(d)		1.61	%^(d)		2.01	%^(d)		34	%
Year ended 12/31/20			14.04			0.19				(0.95	)			(0.76	)			(0.21	)			(0.05	)			(0.26	)			13.02		(5.16	)			62,139		1.55			1.55			1.54			71
Year ended 12/31/19			12.23			0.29				1.81				2.10				(0.29	)			-				(0.29	)			14.04		17.26				74,917		1.59			1.59			2.19			103
Year ended 12/31/18			13.89			0.28	^(e)			(1.70	)			(1.42	)			(0.24	)			-				(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	)			-				(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	)			-				(0.45	)			12.37		3.34				92,154		1.49			1.52			3.14			83
Class C
Six months ended 06/30/21			12.32			0.08				1.60				1.68				(0.04	)			-				(0.04	)			13.96		13.67				1,290		2.36	^(d)		2.36	^(d)		1.26	^(d)		34
Year ended 12/31/20			13.27			0.09				(0.88	)			(0.79	)			(0.13	)			(0.03	)			(0.16	)			12.32		(5.82	)			1,302		2.30			2.30			0.79			71
Year ended 12/31/19			11.56			0.18				1.71				1.89				(0.18	)			-				(0.18	)			13.27		16.40				2,781		2.34			2.34			1.44			103
Year ended 12/31/18			13.13			0.17	^(e)			(1.61	)			(1.44	)			(0.13	)			-				(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	)			-				(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	)			-				(0.33	)			11.69		2.56				10,283		2.24			2.27			2.39			83
Class R
Six months ended 06/30/21			13.04			0.12				1.71				1.83				(0.08	)			-				(0.08	)			14.79		14.05				1,600		1.86	^(d)		1.86	^(d)		1.76	^(d)		34
Year ended 12/31/20			14.06			0.16				(0.95	)			(0.79	)			(0.18	)			(0.05	)			(0.23	)			13.04		(5.41	)			1,307		1.80			1.80			1.29			71
Year ended 12/31/19			12.25			0.26				1.81				2.07				(0.26	)			-				(0.26	)			14.06		16.95				1,818		1.84			1.84			1.94			103
Year ended 12/31/18			13.91			0.25	^(e)			(1.71	)			(1.46	)			(0.20	)			-				(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	)			-				(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	)			-				(0.42	)			12.38		3.00				1,398		1.74			1.77			2.89			83
Class Y
Six months ended 06/30/21			13.05			0.16				1.71				1.87				(0.12	)			-				(0.12	)			14.80		14.32				1,913		1.36	^(d)		1.36	^(d)		2.26	^(d)		34
Year ended 12/31/20			14.07			0.23				(0.96	)			(0.73	)			(0.23	)			(0.06	)			(0.29	)			13.05		(4.89	)			2,001		1.30			1.30			1.79			71
Year ended 12/31/19			12.26			0.33				1.80				2.13				(0.32	)			-				(0.32	)			14.07		17.52				2,910		1.34			1.34			2.44			103
Year ended 12/31/18			13.93			0.32	^(e)			(1.72	)			(1.40	)			(0.27	)			-				(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	)			-				(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	)			-				(0.48	)			12.39		3.60				3,339		1.24			1.27			3.39			83
Class R5
Six months ended 06/30/21			13.17			0.17				1.72				1.89				(0.13	)			-				(0.13	)			14.93		14.35				657		1.22	^(d)		1.22	^(d)		2.40	^(d)		34
Year ended 12/31/20			14.20			0.25				(0.97	)			(0.72	)			(0.25	)			(0.06	)			(0.31	)			13.17		(4.74	)			557		1.16			1.16			1.93			71
Year ended 12/31/19			12.38			0.35				1.83				2.18				(0.36	)			-				(0.36	)			14.20		17.69				594		1.17			1.17			2.61			103
Year ended 12/31/18			14.06			0.34	^(e)			(1.73	)			(1.39	)			(0.29	)			-				(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	)			-				(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	)			-				(0.51	)			12.52		3.67				1,004		1.10			1.10			3.53			83
Class R6
Six months ended 06/30/21			13.16			0.17				1.71				1.88				(0.13	)			-				(0.13	)			14.91		14.29				22		1.22	^(d)		1.22	^(d)		2.40	^(d)		34
Year ended 12/31/20			14.21			0.24				(0.98	)			(0.74	)			(0.25	)			(0.06	)			(0.31	)			13.16		(4.88	)			19		1.16			1.16			1.93			71
Year ended 12/31/19			12.38			0.35				1.84				2.19				(0.36	)			-				(0.36	)			14.21		17.77				1,494		1.17			1.17			2.61			103
Year ended 12/31/18			14.06			0.34	^(e)			(1.73	)			(1.39	)			(0.29	)			-				(0.29	)			12.38		(10.03	)			1,483		1.20			1.20			2.46	^(e)		111
Period ended 12/31/17^(f)			13.27			0.34				0.81				1.15				(0.36	)			-				(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 $65,551, $1,308, $1,497, $1,935, $608 and $21 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.

12 Invesco Income Advantage International Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is income and long-term growth of capital.

The 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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

13 Invesco Income Advantage International 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 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.

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.

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.

14 Invesco Income Advantage International Fund

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

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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	%

Effective July 15, 2021, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate
First $ 250 million		0.750	%
Next $250 million		0.730	%
Next $500 million		0.710	%
Next $1.5 billion		0.690	%
Next $2.5 billion		0.670	%
Next $2.5 billion		0.650	%
Next $2.5 billion		0.630	%
Over $10 billion		0.610	%

For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.80%.

The Adviser has contractually agreed, through July 14, 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 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”).

15 Invesco Income Advantage International Fund

Effective July 15, 2021 through at least July 31, 2022, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.23%, 1.98%, 1.48%, 0.98%, 0.98% and 0.98%, 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 July 31, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the six months ended June 30, 2021, the Adviser waived advisory fees of $225.

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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into 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, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2021, IDI advised the Fund that IDI retained $2,429 in front-end sales commissions from the sale of Class A shares and $1,713 and $32 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
Australia	$	118,656	$	5,895,412	$–	$	6,014,068
Brazil		–		309,450	–		309,450
Canada		8,486,577		–	–		8,486,577
China		301,650		152,493	–		454,143
Denmark		–		1,454,209	–		1,454,209
Finland		–		802,246	–		802,246
France		–		1,488,430	–		1,488,430
Germany		–		3,779,266	–		3,779,266
Hong Kong		2,345,623		421,537	–		2,767,160
Israel		850,343		–	–		850,343
Italy		–		166,989	–		166,989
Japan		–		8,705,645	–		8,705,645

16 Invesco Income Advantage International Fund


	Level 1			Level 2		Level 3	Total
Jordan	$	–		$	726,436	$–	$	726,436
Luxembourg		–			363,989	–		363,989
Netherlands		–			2,381,254	–		2,381,254
Norway		–			673,110	–		673,110
Spain		–			317,454	–		317,454
Sweden		–			1,639,456	–		1,639,456
Switzerland		–			3,296,154	–		3,296,154
United Kingdom		797,323			2,732,506	–		3,529,829
United States		22,473,911			–	–		22,473,911
Money Market Funds		1,343,864			–	–		1,343,864
Total Investments in Securities		36,717,947			35,306,036	–		72,023,983

Other Investments - Assets*
Forward Foreign Currency Contracts		–			881,478	–		881,478
Futures Contracts		8,652			–	–		8,652
		8,652			881,478	–		890,130

Other Investments - Liabilities*
Futures Contracts		(6,090	)		–	–		(6,090	)
Total Other Investments		2,562			881,478	–		884,040
Total Investments	$	36,720,509		$	36,187,514	$–	$	72,908,023

*	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, 2021:


	Value

Derivative Assets	Currency Risk		Equity Risk			Total

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	-	$	8,652		$	8,652

Unrealized appreciation on forward foreign currency contracts outstanding		881,478		-			881,478

Total Derivative Assets		881,478		8,652			890,130

Derivatives not subject to master netting agreements		-		(8,652	)		(8,652	)

Total Derivative Assets subject to master netting agreements	$	881,478	$	-		$	881,478


	Value

Derivative Liabilities	Currency Risk		Equity Risk			Total

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	-	$	(6,090	)	$	(6,090	)

Derivatives not subject to master netting agreements		-		6,090			6,090

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.

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, 2021.

Financial

Derivative

Collateral

Assets

Liabilities

(Received)/Pledged

Forward
Foreign

Counterparty

Currency
Contracts

Net Value of

Derivatives

Non-Cash

Cash

Net

Amount

State Street Bank and Trust Co.

$881,478

17 Invesco Income Advantage International Fund

Effect of Derivative Investments for the six months ended June 30, 2021

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


	Location of Gain (Loss) on Statement of Operations

	Currency			Equity
	Risk			Risk			Total

Realized Gain (Loss):
Forward foreign currency contracts	$	(473,020	)	$	-		$	(473,020	)

Futures contracts		-			166,079			166,079

Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		1,462,833			-			1,462,833

Futures contracts		-			(18,845	)		(18,845	)

Total	$	989,813		$	147,234		$	1,137,047

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


	Forward
	Foreign Currency		Futures
	Contracts		Contracts

Average notional value	$	45,225,637	$	1,168,520

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 had a capital loss carryforward as of December 31, 2020, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	10,654,573	$	3,795,055	$	14,449,628

*	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.

18 Invesco Income Advantage International Fund

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $23,526,848 and $26,779,371, 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	$	12,184,512

Aggregate unrealized (depreciation) of investments		(1,977,719	)

Net unrealized appreciation of investments	$	10,206,793

Cost of investments for tax purposes is $62,701,230.

NOTE 10–Share Information


	Summary of Share Activity

	Six months ended June 30, 2021^(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		144,470		$	2,004,272			202,260		$	2,423,246

Class C		18,411			244,200			15,023			177,732

Class R		16,871			236,461			12,868			157,369

Class Y		11,105			154,983			20,127			254,392

Class R5		2,699			38,988			3,302			42,025

Class R6		-			-			9,464			123,688


Issued as reinvestment of dividends:
Class A		28,596			410,185			104,361			1,202,302

Class C		280			3,785			2,179			23,245

Class R		600			8,637			2,173			24,936

Class Y		925			13,302			3,549			40,982

Class R5		374			5,439			1,103			12,928

Class R6		6			86			1,576			17,637


Automatic conversion of Class C shares to Class A shares:
Class A		16,756			231,074			50,070			626,555

Class C		(17,735	)		(231,074	)		(52,977	)		(626,555	)


Reacquired:
Class A		(375,959	)		(5,257,259	)		(921,799	)		(11,360,281	)

Class C		(14,253	)		(193,259	)		(68,113	)		(799,057	)

Class R		(9,439	)		(133,757	)		(44,128	)		(519,557	)

Class Y		(36,029	)		(500,732	)		(77,193	)		(883,180	)

Class R5		(1,345	)		(19,138	)		(3,925	)		(45,386	)

Class R6		-			-			(114,743	)		(1,443,919	)

Net increase (decrease) in share activity		(213,667	)	$	(2,983,807	)		(854,823	)	$	(10,550,898	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 21% 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.

19 Invesco Income Advantage International 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
	(01/01/21)	(06/30/21)¹	Period^2,3	(06/30/21)	Period^2,4	Ratio²
Class A	$1,000.00	$1,141.30	$8.55	$1,016.81	$8.05	1.61%
Class C	1,000.00	1,136.70	12.50	1,013.09	11.78	2.36
Class R	1,000.00	1,140.50	9.87	1,015.57	9.30	1.86
Class Y	1,000.00	1,143.20	7.23	1,018.05	6.80	1.36
Class R5	1,000.00	1,143.50	6.48	1,018.74	6.11	1.22
Class R6	1,000.00	1,142.90	6.48	1,018.74	6.11	1.22

The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 1.23%, 1.98%, 1.48%, 0.98%, 0.98% and 0.98% for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³	The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $6.10, $9.83, $7.34, $4.86, $4.86 and $4.86 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴	The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $6.16, $9.89, $7.40, $4.91, $4.91 and $4.91 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

20 Invesco Income Advantage International Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board’s Evaluation Process

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 and expense data regarding the Invesco Funds prepared by 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 and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed 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

noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. 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, 2020 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Global Low Volatility Equity Yield Index (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 noted that the multi-factor model employed by the Fund’s portfolio management team was challenged during the one-year period and negatively impacted performance results. The Board noted in particular that the Fund’s low volatility tilt and exposure to small capitalization companies detracted from the Fund’s performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions. The Board further noted that on April 26, 2021, the Board had approved changes to the Fund’s name and investment strategies in connection with the repositioning of the

21 Invesco Income Advantage International Fund

Fund as “Invesco Income Advantage International 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 reasonably comparable to the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating 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 actual management fees and total expense ratio were in the fourth and fifth quintile of its expense group, respectively, and discussed with management reasons for such relative actual management fees and total expenses. The Board further noted that on April 26, 2021, the Board had approved a reduction in the Fund’s contractual management fee schedule in connection with the Fund’s repositioning.

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

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 from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods 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 advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

22 Invesco Income Advantage International Fund

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



		Semiannual Report to Shareholders		June 30, 2021

		Invesco Income Allocation Fund

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

LOGO


2		Fund Performance
4		Liquidity Risk Management Program
5		Schedule of Investments
7		Financial Statements
10		Financial Highlights
11		Notes to Financial Statements
16		Fund Expenses
17		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

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	5.22	%
Class C Shares	4.82
Class R Shares	5.09
Class Y Shares	5.35
Class R5 Shares	5.35
Class R6 Shares	5.35
S&P 500 Index^▼(Broad Market Index)	15.25
Custom Invesco Income Allocation Index^∎ (Style-Specific Index)	4.51
Lipper Mixed-Asset Target Allocation Conservative Funds Index^◆ (Peer Group Index)	4.71

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 indexes: 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 considered representative of stocks of Europe, Australasia and the Far East and is computed using the net return, which withholds applicable taxes for non-resident investors. The FTSE 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 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.

2 Invesco Income Allocation Fund


Average Annual Total Returns
As of 6/30/21, including maximum applicable sales charges

Class A Shares
Inception (10/31/05)	5.23	%
10 Years	5.27
5 Years	4.35
1 Year	9.28

Class C Shares
Inception (10/31/05)	5.20	%
10 Years	5.25
5 Years	4.72
1 Year	13.61

Class R Shares
Inception (10/31/05)	5.34	%
10 Years	5.62
5 Years	5.27
1 Year	15.29

Class Y Shares
Inception (10/3/08)	6.76	%
10 Years	6.14
5 Years	5.80
1 Year	15.88

Class R5 Shares
Inception (10/31/05)	5.87	%
10 Years	6.14
5 Years	5.80
1 Year	15.77

Class R6 Shares
10 Years	5.97	%
5 Years	5.72
1 Year	15.78

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.

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

3 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.

4 Invesco Income Allocation Fund

Schedule of Investments

June 30, 2021

(Unaudited)

Invesco Income Allocation Fund

Schedule of Investments in Affiliated Issuers–100.56%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	06/30/21			12/31/20		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			06/30/21		06/30/21

Alternative Funds–17.12%
Invesco Global Real Estate Income Fund, Class R6		7.16	%	$	37,899,642	$	928,425	$	(4,206,035	)	$	3,986,775		$	218,481		$	375,535			4,091,389	$	38,827,288

Invesco Master Event-Linked Bond Fund, Class R6		–			8,715,180		223,800		(7,707,255	)		90,153			(1,321,878	)		214,052			–		–

Invesco Multi-Asset Income Fund, Class R6		9.96	%		52,716,176		2,632,643		(1,904,461	)		749,023			(119,958	)		1,647,899			5,478,564		54,073,423

Total Alternative Funds					99,330,998		3,784,868		(13,817,751	)		4,825,951			(1,223,355	)		2,237,486					92,900,711

Domestic Equity Funds–16.98%
Invesco Dividend Income Fund, Class R6		5.71	%		31,006,688		1,622,146		(5,017,856	)		2,308,613			1,056,358			355,290			1,211,418		30,975,949

Invesco S&P 500^®Enhanced Value ETF		5.01	%		27,351,948		1,123,760		(7,497,738	)		5,601,133			599,752			298,160			645,692		27,178,855

Invesco S&P 500^®High Dividend Low Volatility ETF^(b)		6.26	%		33,071,377		1,307,621		(5,876,759	)		5,558,512			(106,544	)		642,571			770,286		33,954,207

Total Domestic Equity Funds					91,430,013		4,053,527		(18,392,353	)		13,468,258			1,549,566			1,296,021					92,109,011

Fixed Income Funds–58.62%
Invesco Core Plus Bond Fund, Class R6		12.48	%		79,748,854		4,699,216		(15,635,827	)		(958,552	)		(149,116	)		791,615			5,991,555		67,704,575

Invesco Corporate Bond Fund, Class R6		2.50	%		19,031,740		1,176,249		(6,378,978	)		(507,311	)		246,842			254,198			1,715,366		13,568,542

Invesco Fundamental High Yield^®Corporate Bond ETF		6.72	%		18,321,364		18,023,437		(103,860	)		221,551			106			476,462			1,866,049		36,462,598

Invesco Income Fund, Class R6^(c)		5.99	%		43,884,352		1,292,729		(13,581,435	)		64,334			858,646			640,086			4,071,525		32,490,770

Invesco International Bond Fund, Class R6^(c)		5.47	%		27,590,974		5,275,725		(910,389	)		(2,187,158	)		11,610			330,928			5,526,766		29,678,732

Invesco Master Loan Fund, Class R6		8.99	%		43,705,647		5,281,104		(1,295,878	)		1,083,737			20,423			892,081			3,075,563		48,795,033

Invesco Taxable Municipal Bond ETF		11.98	%		43,770,229		22,009,741		(956,038	)		192,782			1,586			715,257			1,959,563		65,018,300

Invesco Variable Rate Preferred ETF^(b)		4.49	%		26,092,673		2,825,276		(4,876,834	)		298,104			37,751			543,850			926,881		24,376,970

Total Fixed Income Funds					302,145,833		60,583,477		(43,739,239	)		(1,792,513	)		1,027,848			4,644,477					318,095,520

Foreign Equity Funds–6.94%
Invesco S&P International Developed Low Volatility ETF		6.94	%		31,484,312		6,237,574		(1,068,666	)		1,052,974			(27,213	)		510,766			1,218,990		37,678,981

Money Market Funds–0.90%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)		0.31	%		902,480		30,187,112		(29,381,655	)		–			–			131			1,707,936		1,707,937

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)		0.23	%		727,670		21,506,915		(21,007,665	)		–			74			69			1,226,504		1,226,994

Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)		0.36	%		1,031,406		34,499,557		(33,579,036	)		–			–			53			1,951,927		1,951,927

Total Money Market Funds					2,661,556		86,193,584		(83,968,356	)		–			74			253					4,886,858
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $489,995,806)		100.56	%		527,052,712		160,853,030		(160,986,365	)		17,554,670			1,326,920			8,689,003					545,671,081

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.42%
Invesco Private Government Fund, 0.02%^(d)(e)		0.13	%		1,328,312		74,808,234		(75,451,237	)		–			–			229	^(f)		685,309		685,309

Invesco Private Prime Fund, 0.12%^(d)(e)		0.29	%		1,992,468		105,303,322		(105,696,870	)		–			134			3,620	^(f)		1,598,415		1,599,054

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,284,363)		0.42	%		3,320,780		180,111,556		(181,148,107	)		–			134			3,849					2,284,363

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $492,280,169)		100.98	%	$	530,373,492	$	340,964,586	$	(342,134,472	)	$	17,554,670		$	1,327,054	^(g)	$	8,692,852	^(g)			$	547,955,444

OTHER ASSETS LESS LIABILITIES		(0.98	)%																				(5,315,914	)

NET ASSETS		100.00	%																			$	542,639,530

Investment Abbreviations:

ETF - Exchange-Traded Fund

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

5 Invesco Income Allocation Fund

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at June 30, 2021.

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

^(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

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

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

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

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2021


Fixed Income Funds			58.05%

Equity Funds			23.69

Alternative Funds			16.95

Money Market Funds			1.31

*	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.

6 Invesco Income Allocation Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:

Investments in affiliated underlying funds, at value (Cost $492,280,169)*	$	547,955,444

Receivable for:
Investments sold - affiliated underlying funds		1,252,826

Dividends - affiliated underlying funds		466,969

Fund shares sold		567,788

Investment for trustee deferred compensation and retirement plans		48,964

Other assets		60,475

Total assets		550,352,466


Liabilities:

Payable for:
Investments purchased - affiliated underlying funds		3,824,892

Fund shares reacquired		1,225,347

Collateral upon return of securities loaned		2,284,363

Accrued fees to affiliates		255,552

Accrued other operating expenses		64,858

Trustee deferred compensation and retirement plans		57,924

Total liabilities		7,712,936

Net assets applicable to shares outstanding	$	542,639,530


Net assets consist of:

Shares of beneficial interest	$	514,301,538

Distributable earnings		28,337,992

	$	542,639,530


Net Assets:

Class A	$	438,243,069

Class C	$	50,930,557

Class R	$	5,159,271

Class Y	$	48,001,890

Class R5	$	294,437

Class R6	$	10,306


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		37,238,969

Class C		4,322,456

Class R		438,096

Class Y		4,079,338

Class R5		25,016

Class R6		876

Class A:
Net asset value per share	$	11.77

Maximum offering price per share (Net asset value of $11.77 ÷ 94.50%)	$	12.46

Class C:
Net asset value and offering price per share	$	11.78

Class R:
Net asset value and offering price per share	$	11.78

Class Y:
Net asset value and offering price per share	$	11.77

Class R5:
Net asset value and offering price per share	$	11.77

Class R6:
Net asset value and offering price per share	$	11.76

*	At June 30, 2021, securities with an aggregate value of $2,241,528 were on loan to brokers.

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

7 Invesco Income Allocation Fund

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)


Investment income:

Dividends from affiliated underlying funds (includes securities lending income of $72,417)	$	8,410,491


Expenses:
Administrative services fees		38,781

Custodian fees		2,298

Distribution fees:
Class A		526,166

Class C		267,009

Class R		12,979

Transfer agent fees – A, C, R and Y		313,563

Transfer agent fees – R5		151

Transfer agent fees – R6		5

Trustees’ and officers’ fees and benefits		11,263

Registration and filing fees		55,775

Reports to shareholders		33,630

Professional services fees		18,157

Other		10,078

Total expenses		1,289,855

Less: Fees waived and/or expenses reimbursed		(483,701	)

Net expenses		806,154

Net investment income		7,604,337


Realized and unrealized gain from:
Net realized gain from affiliated underlying fund shares		1,677,983

Change in net unrealized appreciation of affiliated underlying fund shares		17,554,670

Net realized and unrealized gain		19,232,653

Net increase in net assets resulting from operations	$	26,836,990

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

8 Invesco Income Allocation Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)


	June 30,			December 31,
	2021			2020

Operations:
Net investment income	$	7,604,337		$	19,086,996

Net realized gain (loss)		1,677,983			(18,441,132	)

Change in net unrealized appreciation		17,554,670			4,554,641

Net increase in net assets resulting from operations		26,836,990			5,200,505


Distributions to shareholders from distributable earnings:
Class A		(6,924,810	)		(17,233,903	)

Class C		(675,046	)		(2,343,323	)

Class R		(79,448	)		(228,781	)

Class Y		(836,991	)		(2,459,711	)

Class R5		(5,309	)		(51,483	)

Class R6		(178	)		(1,767	)

Total distributions from distributable earnings		(8,521,782	)		(22,318,968	)


Share transactions–net:
Class A		8,910,900			(8,976,301	)

Class C		(8,366,990	)		(18,020,034	)

Class R		1,657			(1,602,387	)

Class Y		(3,063,071	)		(17,568,239	)

Class R5		(82,353	)		(1,212,217	)

Class R6		–			(173,604	)

Net increase (decrease) in net assets resulting from share transactions		(2,599,857	)		(47,552,782	)

Net increase (decrease) in net assets		15,715,351			(64,671,245	)


Net assets:
Beginning of period		526,924,179			591,595,424

End of period	$	542,639,530		$	526,924,179

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

9 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 06/30/21		$	11.37			$	0.17		$	0.42			$	0.59			$	(0.19	)		$	–			$	(0.19	)		$	11.77		5.22	%		$	438,243		0.25	%^(e)		0.43	%^(e)		2.94	%^(e)		14	%
Year ended 12/31/20			11.60				0.40			(0.17	)			0.23				(0.46	)			(0.00	)			(0.46	)			11.37		2.33				414,703		0.25			0.43			3.65			66
Year ended 12/31/19			10.76				0.49			1.12				1.61				(0.53	)			(0.24	)			(0.77	)			11.60		15.19				434,337		0.25			0.44			4.28			14
Year ended 12/31/18			11.70	��			0.44			(0.96	)			(0.52	)			(0.42	)			–				(0.42	)			10.76		(4.53	)			323,945		0.25			0.45			3.86			20
Year ended 12/31/17			11.21				0.38			0.50				0.88				(0.39	)			–				(0.39	)			11.70		7.99				391,850		0.25			0.46			3.32			8
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
Class C
Six months ended 06/30/21			11.38				0.13			0.42				0.55				(0.15	)			–				(0.15	)			11.78		4.82				50,931		1.00	^(e)		1.18	^(e)		2.19	^(e)		14
Year ended 12/31/20			11.61				0.31			(0.16	)			0.15				(0.38	)			(0.00	)			(0.38	)			11.38		1.56				57,434		1.00			1.18			2.90			66
Year ended 12/31/19			10.78				0.41			1.10				1.51				(0.44	)			(0.24	)			(0.68	)			11.61		14.22				78,374		1.00			1.19			3.53			14
Year ended 12/31/18			11.71				0.35			(0.94	)			(0.59	)			(0.34	)			–				(0.34	)			10.78		(5.15	)			110,370		1.00			1.20			3.11			20
Year ended 12/31/17			11.22				0.30			0.50				0.80				(0.31	)			–				(0.31	)			11.71		7.18				147,051		1.00			1.21			2.57			8
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
Class R
Six months ended 06/30/21			11.38				0.15			0.42				0.57				(0.17	)			–				(0.17	)			11.78		5.09				5,159		0.50	^(e)		0.68	^(e)		2.69	^(e)		14
Year ended 12/31/20			11.60				0.37			(0.16	)			0.21				(0.43	)			(0.00	)			(0.43	)			11.38		2.17				4,975		0.50			0.68			3.40			66
Year ended 12/31/19			10.77				0.46			1.11				1.57				(0.50	)			(0.24	)			(0.74	)			11.60		14.80				6,847		0.50			0.69			4.03			14
Year ended 12/31/18			11.70				0.40			(0.94	)			(0.54	)			(0.39	)			–				(0.39	)			10.77		(4.68	)			8,601		0.50			0.70			3.61			20
Year ended 12/31/17			11.22				0.35			0.49				0.84				(0.36	)			–				(0.36	)			11.70		7.63				6,949		0.50			0.71			3.07			8
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
Class Y
Six months ended 06/30/21			11.37				0.18			0.42				0.60				(0.20	)			–				(0.20	)			11.77		5.35				48,002		0.00	^(e)		0.18	^(e)		3.19	^(e)		14
Year ended 12/31/20			11.60				0.42			(0.16	)			0.26				(0.49	)			(0.00	)			(0.49	)			11.37		2.59				49,435		0.00			0.18			3.90			66
Year ended 12/31/19			10.76				0.52			1.11				1.63				(0.55	)			(0.24	)			(0.79	)			11.60		15.48				70,139		0.00			0.19			4.53			14
Year ended 12/31/18			11.70				0.47			(0.96	)			(0.49	)			(0.45	)			–				(0.45	)			10.76		(4.29	)			57,009		0.00			0.20			4.11			20
Year ended 12/31/17			11.21				0.41			0.50				0.91				(0.42	)			–				(0.42	)			11.70		8.26				76,898		0.00			0.21			3.57			8
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
Class R5
Six months ended 06/30/21			11.37				0.18			0.42				0.60				(0.20	)			–				(0.20	)			11.77		5.35				294		0.00	^(e)		0.16	^(e)		3.19	^(e)		14
Year ended 12/31/20			11.60				0.42			(0.16	)			0.26				(0.49	)			(0.00	)			(0.49	)			11.37		2.59				367		0.00			0.16			3.90			66
Year ended 12/31/19			10.77				0.52			1.10				1.62				(0.55	)			(0.24	)			(0.79	)			11.60		15.37				1,712		0.00			0.16			4.53			14
Year ended 12/31/18			11.70				0.47			(0.95	)			(0.48	)			(0.45	)			–				(0.45	)			10.77		(4.20	)			1,807		0.00			0.18			4.11			20
Year ended 12/31/17			11.21				0.41			0.50				0.91				(0.42	)			–				(0.42	)			11.70		8.26				2,105		0.00			0.20			3.57			8
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
Class R6
Six months ended 06/30/21			11.36				0.18			0.42				0.60				(0.20	)			–				(0.20	)			11.76		5.35				10		0.00	^(e)		0.16	^(e)		3.19	^(e)		14
Year ended 12/31/20			11.60				0.45			(0.20	)			0.25				(0.49	)			(0.00	)			(0.49	)			11.36		2.50				10		0.00			0.14			3.90			66
Year ended 12/31/19			10.77				0.53			1.09				1.62				(0.55	)			(0.24	)			(0.79	)			11.60		15.37				187		0.00			0.13			4.53			14
Year ended 12/31/18			11.70				0.47			(0.95	)			(0.48	)			(0.45	)			–				(0.45	)			10.77		(4.20	)			145		0.00			0.15			4.11			20
Period ended 12/31/17^(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 0.51%, 0.51%, 0.52%, 0.56%, 0.54% and 0.58% for the six months ended June 30, 2021 and the years ended December 31, 2020, 2019, 2018, 2017 and 2016, 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 $424,421, $53,844, $5,235, $47,601, $304 and $10 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.

10 Invesco Income Allocation Fund

Notes to Financial Statements

June 30, 2021

(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.

11 Invesco Income Allocation 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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

The Fund 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.

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.

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

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

12 Invesco Income Allocation Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

The Adviser has contractually agreed, through at least April 30, 2022, to reimburse expenses to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.25%, 1.00%, 0.50%, 0.00%, 0.00% and 0.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the expense reimbursement agreement, it will terminate on April 30, 2022. During its term, the expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement without approval of the Board of Trustees.

For the six months ended June 30, 2021, the Adviser reimbursed fund level expenses of $169,982 and reimbursed class level expenses of $250,584, $31,785, $3,091, $28,103, $151 and $5 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2021, IDI advised the Fund that IDI retained $30,899 in front-end sales commissions from the sale of Class A shares and $21,438 and $761 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 -

Level 3 -


	Level 1		Level 2		Level 3		Total
Investments in Securities
Affiliated Issuers	$	540,784,223	$	–		$–		$540,784,223
Money Market Funds		4,886,858		2,284,363		–		7,171,221
Total Investments	$	545,671,081	$	2,284,363		$–		$547,955,444

13 Invesco Income Allocation Fund

NOTE 4–Trustees’ and Officers’ Fees and Benefits

NOTE 5–Cash Balances

NOTE 6–Tax Information

The Fund had a capital loss carryforward as of December 31, 2020, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	5,686,559	$	11,429,503	$	17,116,062

*	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 7–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $74,659,446 and $771,018,009, 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			$43,911,808

Aggregate unrealized (depreciation) of investments			–

Net unrealized appreciation of investments			$43,911,808

Cost of investments for tax purposes is $504,043,636.

NOTE 8–Share Information


	Summary of Share Activity

	Six months ended June 30, 2021^(a)				Year ended December 31, 2020
	Shares		Amount		Shares		Amount

Sold:
Class A		4,650,050	$	53,871,737		10,661,132	$	115,770,513

Class C		115,784		1,345,144		1,320,398		14,501,896

Class R		83,207		960,608		130,524		1,409,579

Class Y		719,725		8,320,326		1,737,651		19,273,026

Class R5		4,756		54,958		37,815		420,649

Class R6		-		-		253		2,974


Issued as reinvestment of dividends:
Class A		492,212		5,700,460		1,339,276		14,335,296

Class C		47,279		548,094		179,027		1,916,020

Class R		6,851		79,386		21,364		228,449

Class Y		46,687		540,649		158,928		1,696,682

Class R5		439		5,076		4,841		50,923

Class R6		-		-		115		1,339

14 Invesco Income Allocation Fund


	Summary of Share Activity

	Six months ended June 30, 2021^(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount


Automatic conversion of Class C shares to Class A shares:
Class A		160,954		$	1,862,598			527,533		$	5,814,811

Class C		(160,711	)		(1,862,598	)		(526,730	)		(5,814,811	)


Reacquired:
Class A		(4,541,328	)		(52,523,895	)		(13,502,917	)		(144,896,921	)

Class C		(725,494	)		(8,397,630	)		(2,676,938	)		(28,623,139	)

Class R		(89,284	)		(1,038,337	)		(304,614	)		(3,240,415	)

Class Y		(1,035,711	)		(11,924,046	)		(3,596,627	)		(38,537,947	)

Class R5		(12,433	)		(142,387	)		(157,973	)		(1,683,789	)

Class R6		-			-			(15,618	)		(177,917	)

Net increase (decrease) in share activity		(237,017	)	$	(2,599,857	)		(4,662,560	)	$	(47,552,782	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 65% 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.

15 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 (01/01/21)	Ending Account Value (06/30/21)¹	Expenses Paid During Period²	Ending Account Value (06/30/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,052.20	$1.27	$1,023.55	$1.25	0.25%
Class C	1,000.00	1,048.20	5.08	1,019.84	5.01	1.00
Class R	1,000.00	1,050.90	2.54	1,022.32	2.51	0.50
Class Y	1,000.00	1,053.50	0.00	1,024.79	0.00	0.00
Class R5	1,000.00	1,053.50	0.00	1,024.79	0.00	0.00
Class R6	1,000.00	1,053.50	0.00	1,024.79	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 181/365 to reflect the most recent fiscal half year.

16 Invesco Income Allocation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board’s Evaluation Process

throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed 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

an investment management business, as well as its commitment of financial and other resources to such business. 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, 2020 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Income Allocation Index (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 and three year periods and the fourth 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 U.S. large-cap equities with value and low volatility factor tilts, and alternatives, including global real estate, through investments in 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, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

17 Invesco Income Allocation Fund

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

D.	Economies of Scale and Breakpoints

The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment 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 that such methodology had recently been reviewed and enhanced. 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 most Funds individually. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its

obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.

18 Invesco Income Allocation Fund

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



		Semiannual Report to Shareholders		June 30, 2021

		Invesco International Diversified Fund
		Nasdaq:
		A: OIDAX ∎ C: OIDCX ∎ R: OIDNX ∎ Y: OIDYX ∎ R5: INDFX ∎ R6: OIDIX

LOGO


		2		Fund Performance
		4		Liquidity Risk Management Program
		5		Schedule of Investments
		6		Financial Statements
		9		Financial Highlights
		10		Notes to Financial Statements
		15		Fund Expenses
		16		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

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	5.71	%
Class C Shares	5.36
Class R Shares	5.59
Class Y Shares	5.86
Class R5 Shares	5.95
Class R6 Shares	5.96
MSCI ACWI ex USA Index^▼	9.16

Source(s): ^▼RIMES Technologies Corp.

The MSCI ACWI ex USA^®Index is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

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.

2 Invesco International Diversified Fund


Average Annual Total Returns
As of 6/30/21, including maximum applicable sales charges
Class A Shares
Inception (9/27/05)	7.29	%
10 Years	7.22
5 Years	11.41
1 Year	26.96

Class C Shares
Inception (9/27/05)	7.27	%
10 Years	7.19
5 Years	11.83
1 Year	32.39

Class R Shares
Inception (9/27/05)	7.37	%
10 Years	7.54
5 Years	12.39
1 Year	34.01

Class Y Shares
Inception (9/27/05)	7.99	%
10 Years	8.10
5 Years	12.98
1 Year	34.70

Class R5 Shares
10 Years	7.92	%
5 Years	12.86
1 Year	34.96

Class R6 Shares
Inception (8/28/12)	10.62	%
5 Years	13.15
1 Year	34.90

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer International Diversified Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer International Diversified Fund. The Fund was subsequently renamed the Invesco International Diversified Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

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.

3 Invesco 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.

4 Invesco International Diversified Fund

Schedule of Investments

June 30, 2021

(Unaudited)

Invesco International Diversified Fund

Schedule of Investments in Affiliated Issuers–99.06%^(a)


	% of Net Assets 06/30/21			Value 12/31/20			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)			Dividend Income			Shares 06/30/21		Value 06/30/21
Foreign Equity Funds–99.06%
Invesco Developing Markets Fund, Class R6		27.35	%		$	1,160,417,693		$	151,370,081		$	(100,677,230	)		$	57,333,713		$	17,316,407		$	–		22,573,045		$	1,285,760,664
Invesco International Equity Fund, Class R6		24.73	%			1,159,740,497			41,106,703			(82,729,106	)			33,046,228			11,299,487			–		43,883,118			1,162,463,809
Invesco International Small-Mid Company Fund, Class R6		27.22	%			1,164,625,319			148,633,000			(110,967,465	)			75,998,876			1,096,462			–		21,761,970			1,279,386,192
Invesco Oppenheimer International Growth Fund, Class R6		19.76	%			1,157,725,738			13,406,603			(318,762,598	)			33,330,164			43,094,711			–		18,501,885			928,794,618
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $2,721,354,403)		99.06	%		$	4,642,509,247		$	354,516,387		$	(613,136,399	)		$	199,708,981		$	72,807,067		$	–				$	4,656,405,283
OTHER ASSETS LESS LIABILITIES		0.94	%																								44,026,811
NET ASSETS		100.00	%																							$	4,700,432,094

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.

Portfolio Composition

% of total investments as of June 30, 2021


Invesco Developing Markets Fund, Class R6	27.61	%
Invesco International Small-Mid Company Fund, Class R6	27.48
Invesco International Equity Fund, Class R6	24.96
Invesco Oppenheimer International Growth Fund, Class R6	19.95

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

5 Invesco International Diversified Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in affiliates, at value (Cost $2,721,354,403)	$	4,656,405,283
Cash		12,840,812
Receivable for:
Investments sold		58,481,686
Fund shares sold		2,207,183
Interest		60
Investment for trustee deferred compensation and retirement plans		196,608
Other assets		114,645
Total assets		4,730,246,277

Liabilities:
Payable for:
Investments purchased		20,486,192
Fund shares reacquired		6,772,689
Accrued fees to affiliates		1,682,311
Accrued trustees’ and officers’ fees and benefits		20,296
Accrued other operating expenses		627,695
Trustee deferred compensation and retirement plans		225,000
Total liabilities		29,814,183
Net assets applicable to shares outstanding	$	4,700,432,094

Net assets consist of:
Shares of beneficial interest	$	2,623,333,114
Distributable earnings		2,077,098,980
	$	4,700,432,094


Net Assets:
Class A	$	1,425,663,423
Class C	$	190,662,773
Class R	$	191,305,276
Class Y	$	2,005,185,749
Class R5	$	11,633
Class R6	$	887,603,240

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		60,180,851
Class C		8,434,364
Class R		8,228,043
Class Y		83,425,732
Class R5		488
Class R6		36,715,152
Class A:
Net asset value per share	$	23.69
Maximum offering price per share (Net asset value of $23.69 ÷ 94.50%)	$	25.07
Class C:
Net asset value and offering price per share	$	22.61
Class R:
Net asset value and offering price per share	$	23.25
Class Y:
Net asset value and offering price per share	$	24.04
Class R5:
Net asset value and offering price per share	$	23.84
Class R6:
Net asset value and offering price per share	$	24.18

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

6 Invesco International Diversified Fund

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)


Expenses:
Custodian fees	$	11,079

Distribution fees:
Class A		1,737,794

Class C		997,035

Class R		478,659

Transfer agent fees – A, C, R and Y		3,162,073

Transfer agent fees – R5		2

Transfer agent fees – R6		49,114

Trustees’ and officers’ fees and benefits		28,317

Registration and filing fees		73,011

Reports to shareholders		181,000

Professional services fees		32,532

Taxes		438

Other		35,619

Total expenses		6,786,673

Less: Expense offset arrangement(s)		(1,525	)

Net expenses		6,785,148

Net investment income (loss)		(6,785,148	)


Realized and unrealized gain from:
Affiliated underlying fund shares		72,807,067

Change in net unrealized appreciation of affiliated underlying fund shares		199,708,981

Net realized and unrealized gain		272,516,048

Net increase in net assets resulting from operations	$	265,730,900

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

7 Invesco International Diversified Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)


	June 30, 2021			December 31, 2020

Operations:
Net investment income (loss)	$	(6,785,148	)	$	4,102,041

Net realized gain		72,807,067			164,792,898

Change in net unrealized appreciation		199,708,981			562,462,953

Net increase in net assets resulting from operations		265,730,900			731,357,892


Distributions to shareholders from distributable earnings:
Class A		–			(15,800,859	)

Class C		–			(3,365,026	)

Class R		–			(2,464,869	)

Class Y		–			(25,924,974	)

Class R5		–			(193	)

Class R6		–			(11,897,497	)

Total distributions from distributable earnings		–			(59,453,418	)


Share transactions–net:
Class A		(56,111,713	)		(102,008,137	)

Class C		(31,066,820	)		(103,115,139	)

Class R		(15,380,202	)		(21,704,429	)

Class Y		(130,252,474	)		(572,805,316	)

Class R5		(13,300	)		2,640

Class R6		(5,772,164	)		(104,037,662	)

Net increase (decrease) in net assets resulting from share transactions		(238,596,673	)		(903,668,043	)

Net increase (decrease) in net assets		27,134,227			(231,763,569	)


Net assets:
Beginning of period		4,673,297,867			4,905,061,436

End of period	$	4,700,432,094		$	4,673,297,867

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

8 Invesco 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 06/30/21		$	22.41		$	(0.05	)		$	1.33			$	1.28			$	–			$	–			$	–			$	23.69		5.71	%		$	1,425,663		0.43	%^(f)		0.43	%^(f)		(0.43	)%^(f)		8	%
Year ended 12/31/20			18.88			(0.01	)			3.79				3.78				(0.19	)			(0.06	)			(0.25	)			22.41		20.56				1,403,095		0.44			0.44			(0.04	)		12
Eight months ended 12/31/19			18.00			0.14				1.14				1.28				(0.18	)			(0.22	)			(0.40	)			18.88		7.16				1,279,901		0.44	^(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
Class C
Six months ended 06/30/21			21.46			(0.13	)			1.28				1.15				–				–				–				22.61		5.36				190,663		1.18	^(f)		1.18	^(f)		(1.18	)^(f)		8
Year ended 12/31/20			18.24			(0.14	)			3.61				3.47				(0.19	)			(0.06	)			(0.25	)			21.46		19.58				211,223		1.19			1.19			(0.79	)		12
Eight months ended 12/31/19			17.48			0.05				1.11				1.16				(0.18	)			(0.22	)			(0.40	)			18.24		6.68				282,376		1.19	^(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
Class R
Six months ended 06/30/21			22.02			(0.08	)			1.31				1.23				–				–				–				23.25		5.59				191,305		0.68	^(f)		0.68	^(f)		(0.68	)^(f)		8
Year ended 12/31/20			18.61			(0.05	)			3.71				3.66				(0.19	)			(0.06	)			(0.25	)			22.02		20.21				196,106		0.69			0.69			(0.29	)		12
Eight months ended 12/31/19			17.77			0.11				1.13				1.24				(0.18	)			(0.22	)			(0.40	)			18.61		7.03				187,607		0.69	^(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
Class Y
Six months ended 06/30/21			22.71			(0.02	)			1.35				1.33				–				–				–				24.04		5.86				2,005,186		0.18	^(f)		0.18	^(f)		(0.18	)^(f)		8
Year ended 12/31/20			19.10			0.04				3.84				3.88				(0.21	)			(0.06	)			(0.27	)			22.71		20.83				2,019,871		0.19			0.19			0.21			12
Eight months ended 12/31/19			18.17			0.17				1.16				1.33				(0.18	)			(0.22	)			(0.40	)			19.10		7.37				2,349,592		0.17	^(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
Class R5
Six months ended 06/30/21			22.50			(0.00	)			1.34				1.34				–				–				–				23.84		5.95				12		0.02	^(f)		0.02	^(f)		(0.02	)^(f)		8
Year ended 12/31/20			18.93			0.07				3.80				3.87				(0.24	)			(0.06	)			(0.30	)			22.50		20.96				24		0.05			0.05			0.35			12
Period ended 12/31/19⁽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 06/30/21			22.82			(0.00	)			1.36				1.36				–				–				–				24.18		5.96				887,603		0.02	^(f)		0.02	^(f)		(0.02	)^(f)		8
Year ended 12/31/20			19.19			0.07				3.86				3.93				(0.24	)			(0.06	)			(0.30	)			22.82		20.99				842,979		0.04			0.04			0.36			12
Eight months ended 12/31/19			18.23			0.19				1.17				1.36				(0.18	)			(0.22	)			(0.40	)			19.19		7.51				805,573		0.03	^(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

^(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 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. 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 0.81% for the six months ended June 30, 2021 and for the year ended December 31, 2020.

^(d)	Does not include indirect expenses from affiliated fund fees and expenses of 0.80%, 0.83%, 0.83%, 0.70% and 0.61% for the eight months ended December 31, 2019, and the years ended April 30, 2019, 2018, 2017 and 2016, respectively.

^(e)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended ended December 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $103,226,025 and sold of $86,850,094 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco International Allocation Fund into the Fund.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $1,417,918, $201,060, $193,050, $2,027,713, $24 and $877,399 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.

9 Invesco International Diversified Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek capital appreciation.

The 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.

10 Invesco International Diversified Fund

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.

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.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco. 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.

Effective June 1, 2021, the Adviser has contractually agreed, through at least June 30, 2022, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (including prior fiscal year-end Acquired Fund Fees and Expenses of 0.81% and excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to June 1, 2021, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.29%, 2.04%, 1.54%, 0.99%, 0.91% and 0.88%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the expense reimbursement agreement, it will terminate on June 30, 2022. During its term, the expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement without approval of the Board of Trustees. The Adviser did not reimburse expenses during the period under these limits.

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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

11 Invesco International Diversified Fund

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

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2021, IDI advised the Fund that IDI retained $65,390 in front-end sales commissions from the sale of Class A shares and $7,934 and $4,122 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.

As of June 30, 2021, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Tax Information

12 Invesco International Diversified Fund

The Fund had a capital loss carryforward as of December 31, 2020, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	398,006	$	34,578,720	$	34,976,726

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $354,516,387 and $613,136,399, 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	$	1,851,061,337

Aggregate unrealized (depreciation) of investments		–

Net unrealized appreciation of investments	$	1,851,061,337

Cost of investments for tax purposes is $2,805,343,946.

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended June 30, 2021^(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		2,620,023		$	60,434,830			5,904,740		$	106,733,824

Class C		488,919			10,786,858			994,567			17,706,059

Class R		523,188			11,844,735			1,643,702			29,400,960

Class Y		7,703,244			179,948,189			20,659,967			377,200,357

Class R6		4,217,378			99,287,297			9,700,827			176,892,445


Issued as reinvestment of dividends:
Class A		-			-			914,079			14,588,913

Class C		-			-			200,786			3,084,069

Class R		-			-			156,260			2,454,893

Class Y		-			-			1,284,479			21,057,867

Class R6		-			-			679,766			11,472,162


Automatic conversion of Class C shares to Class A shares:
Class A		806,127			18,654,040			2,661,976			53,645,081

Class C		(843,147	)		(18,654,040	)		(2,773,156	)		(53,645,081	)


Issued in connection with acquisitions:^(b)
Class A		-			-			4,474,858			70,953,506

Class C		-			-			337,421			5,148,589

Class R		-			-			178,785			2,790,224

Class Y		-			-			340,734			5,470,330

Class R5		-			-			1,946			30,967

Class R6		-			-			71,883			1,160,426


Reacquired:
Class A		(5,855,016	)		(135,200,583	)		(19,120,675	)		(347,929,461	)

Class C		(1,051,984	)		(23,199,638	)		(4,403,551	)		(75,408,775	)

Class R		(1,199,855	)		(27,224,937	)		(3,155,072	)		(56,350,506	)

Class Y		(13,220,468	)		(310,200,663	)		(56,359,109	)		(976,533,870	)

Class R5		(560	)		(13,300	)		(1,485	)		(28,327	)

Class R6		(4,435,638	)		(105,059,461	)		(15,494,621	)		(293,562,695	)

Net increase (decrease) in share activity		(10,247,789	)	$	(238,596,673	)		(51,100,893	)	$	(903,668,043	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% 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.

13 Invesco International Diversified Fund

^(b)

After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco International Allocation Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 5,405,627 shares of the Fund for 9,055,913 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $85,554,042, including $(19,010,969) of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $3,633,326,283 and $3,718,880,324 immediately after the acquisition.

The pro forma results of operations for the year ended December 31, 2020 assuming the reorganization had been completed on January 1, 2020, the beginning of the annual reporting period are as follows:


Net investment income	$	4,071,296

Net realized/unrealized gains		703,142,024

Change in net assets resulting from operations	$	707,213,320

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since May 16, 2020.

14 Invesco International Diversified 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
	(01/01/21)	(06/30/21)¹	Period²	(06/30/21)	Period²	Ratio
Class A	$1,000.00	$1,057.10	$2.19	$1,022.66	$2.16	0.43%
Class C	1,000.00	1,053.60	6.01	1,018.94	5.91	1.18
Class R	1,000.00	1,055.90	3.47	1,021.42	3.41	0.68
Class Y	1,000.00	1,058.60	0.92	1,023.90	0.90	0.18
Class R5	1,000.00	1,059.50	0.10	1,024.70	0.10	0.02
Class R6	1,000.00	1,059.60	0.10	1,024.70	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 181/365 to reflect the most recent fiscal half year.

15 Invesco International Diversified Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board’s Evaluation Process

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 and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed 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

period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. 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, 2020 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World ex USA^® Index (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 and three year periods and the second 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, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction 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 recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different

16 Invesco International Diversified Fund

performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

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 most Funds individually. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

17 Invesco International Diversified Fund

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



		Semiannual Report to Shareholders		June 30, 2021

		Invesco Main Street Mid Cap Fund^®
		Nasdaq:
		A: OPMSX ∎ C: OPMCX ∎ R: OPMNX ∎ Y: OPMYX ∎ R5: MSMJX ∎ R6: OPMIX

LOGO


		2		Fund Performance
		4		Liquidity Risk Management Program
		5		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

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	15.77	%
Class C Shares	15.35
Class R Shares	15.64
Class Y Shares	15.92
Class R5 Shares	15.99
Class R6 Shares	16.03
Russell Midcap Index^▼	16.25

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.

2 Invesco Main Street Mid Cap Fund^®


Average Annual Total Returns
As of 6/30/21, including maximum applicable sales charges
Class A Shares
Inception (8/2/99)	10.34	%
10 Years	10.21
5 Years	11.19
1 Year	34.66

Class C Shares
Inception (8/2/99)	10.33	%
10 Years	10.17
5 Years	11.62
1 Year	40.41

Class R Shares
Inception (3/1/01)	9.23	%
10 Years	10.55
5 Years	12.18
1 Year	42.14

Class Y Shares
Inception (8/2/99)	11.02	%
10 Years	11.15
5 Years	12.74
1 Year	42.91

Class R5 Shares
10 Years	10.92	%
5 Years	12.64
1 Year	43.06

Class R6 Shares
Inception (10/26/12)	12.96	%
5 Years	12.94
1 Year	43.12

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Main Street Mid Cap Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Main Street Mid Cap Fund^®. The Fund was subsequently renamed the Invesco Main Street Mid Cap Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

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.

3 Invesco 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.

4 Invesco Main Street Mid Cap Fund^®

Schedule of Investments^(a)

June 30, 2021

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–99.74%
Aerospace & Defense–0.70%
Curtiss-Wright Corp.		179,816	$	21,354,948


Apparel Retail–1.43%
Ross Stores, Inc.		351,218		43,551,032


Apparel, Accessories & Luxury Goods–1.08%
Tapestry, Inc.^(b)		753,847		32,777,268


Application Software–7.12%
Aspen Technology, Inc.^(b)(c)		140,332		19,301,263

Citrix Systems, Inc.		277,784		32,575,730

Manhattan Associates, Inc.^(b)		315,816		45,742,789

Paylocity Holding Corp.^(b)		179,717		34,290,004

Q2 Holdings, Inc.^(b)(c)		228,469		23,436,350

Synopsys, Inc.^(b)		222,839		61,456,768

				216,802,904


Asset Management & Custody Banks–0.75%
Northern Trust Corp.		197,206		22,800,958


Auto Parts & Equipment–1.02%
Visteon Corp.^(b)		256,579		31,030,664


Automotive Retail–2.77%
CarMax, Inc.^(b)(c)		302,477		39,064,905

O’Reilly Automotive, Inc.^(b)		79,801		45,184,124

				84,249,029


Biotechnology–1.75%
Neurocrine Biosciences, Inc.^(b)		280,004		27,249,989

Seagen, Inc.^(b)		163,790		25,859,165

				53,109,154


Building Products–1.63%
Trane Technologies PLC		269,838		49,687,969


Cable & Satellite–1.72%
Liberty Broadband Corp., Class C^(b)		301,754		52,402,600


Construction Materials–1.81%
Vulcan Materials Co.		316,416		55,078,533


Data Processing & Outsourced Services–1.84%
Fiserv, Inc.^(b)		523,650		55,972,948


Distillers & Vintners–1.61%
Constellation Brands, Inc., Class A		209,862		49,084,623


Diversified Chemicals–1.07%
Eastman Chemical Co.		279,233		32,600,453


Drug Retail–0.49%
Walgreens Boots Alliance, Inc.		285,217		15,005,266


Electric Utilities–0.81%
American Electric Power Co., Inc.		289,719		24,507,330


Electrical Components & Equipment–3.39%
Hubbell, Inc.		258,017		48,207,896



	Shares		Value

Electrical Components & Equipment–(continued)
Rockwell Automation, Inc.^(c)		192,271	$	54,993,352

				103,201,248


Electronic Equipment & Instruments–1.88%
Keysight Technologies, Inc.^(b)		371,462		57,357,447


Environmental & Facilities Services–1.44%
Republic Services, Inc.		398,419		43,830,074


Financial Exchanges & Data–1.45%
Intercontinental Exchange, Inc.		371,475		44,094,082


Food Distributors–1.38%
Sysco Corp.		538,615		41,877,316


Gas Utilities–2.02%
Atmos Energy Corp.		445,721		42,838,245

Southwest Gas Holdings, Inc.		282,063		18,669,750

				61,507,995


General Merchandise Stores–1.05%
Dollar General Corp.		147,693		31,959,288


Health Care Equipment–4.11%
Boston Scientific Corp.^(b)		653,952		27,962,988

Edwards Lifesciences Corp.^(b)		175,785		18,206,053

Hill-Rom Holdings, Inc.		283,192		32,167,779

Teleflex, Inc.		116,222		46,696,837

				125,033,657


Health Care Facilities–1.00%
HCA Healthcare, Inc.		147,910		30,578,913


Health Care Services–2.20%
Guardant Health, Inc.^(b)(c)		166,075		20,624,854

LHC Group, Inc.^(b)(c)		231,477		46,355,584

				66,980,438


Health Care Supplies–1.09%
Cooper Cos., Inc. (The)		83,445		33,066,750


Health Care Technology–0.95%
Veeva Systems, Inc., Class A^(b)		93,454		29,059,521


Homebuilding–1.62%
D.R. Horton, Inc.		544,924		49,244,782


Hotels, Resorts & Cruise Lines–1.46%
Choice Hotels International, Inc.		191,040		22,707,014

Expedia Group, Inc.^(b)		133,338		21,828,764

				44,535,778


Human Resource & Employment Services–1.50%
ASGN, Inc.^(b)		300,930		29,169,145

Korn Ferry		225,769		16,379,541

				45,548,686


Hypermarkets & Super Centers–1.13%
BJ’s Wholesale Club Holdings, Inc.^(b)		725,091		34,499,830

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

5 Invesco Main Street Mid Cap Fund^®


	Shares		Value

Industrial Machinery–4.52%
Evoqua Water Technologies Corp.^(b)(c)		1,368,485	$	46,227,423

ITT, Inc.		411,732		37,710,534

Stanley Black & Decker, Inc.		261,094		53,521,659

				137,459,616


Industrial REITs–1.31%
Duke Realty Corp.		839,022		39,727,692


Insurance Brokers–1.19%
Arthur J. Gallagher & Co.		259,535		36,355,663


Interactive Home Entertainment–2.57%
Electronic Arts, Inc.		251,650		36,194,820

Zynga, Inc., Class A^(b)		3,938,864		41,870,124

				78,064,944


Interactive Media & Services–0.85%
Snap, Inc., Class A^(b)(c)		378,741		25,807,412


Internet & Direct Marketing Retail–0.81%
eBay, Inc.		352,593		24,755,555


Investment Banking & Brokerage–1.43%
Raymond James Financial, Inc.		335,843		43,626,006


IT Consulting & Other Services–0.88%
Amdocs Ltd.		346,632		26,815,452


Leisure Products–1.19%
Peloton Interactive, Inc., Class A^(b)(c)		292,451		36,269,773


Managed Health Care–0.81%
Humana, Inc.		55,403		24,528,016


Metal & Glass Containers–1.26%
Silgan Holdings, Inc.		920,356		38,194,774


Movies & Entertainment–0.60%
Endeavor Group Holdings, Inc., Class A^(b)(c)		655,385		18,160,718


Multi-Utilities–1.00%
CMS Energy Corp.		512,756		30,293,624


Office REITs–1.99%
Alexandria Real Estate Equities, Inc.		332,651		60,522,523


Oil & Gas Equipment & Services–1.60%
Baker Hughes Co., Class A		1,228,820		28,103,114

Schlumberger Ltd.		643,212		20,589,216

				48,692,330


Oil & Gas Refining & Marketing–0.63%
Valero Energy Corp.		246,583		19,253,201


Oil & Gas Storage & Transportation–0.98%
Magellan Midstream Partners L.P.		612,421		29,953,511


Pharmaceuticals–1.34%
Catalent, Inc.^(b)		376,476		40,704,585


Property & Casualty Insurance–0.91%
Progressive Corp. (The)		283,132		27,806,394


Regional Banks–3.43%
First Citizens BancShares, Inc., Class A^(c)		41,800		34,808,532


	Shares		Value

Regional Banks–(continued)
PNC Financial Services Group, Inc. (The)		151,859	$	28,968,623

Webster Financial Corp.		759,408		40,506,823

				104,283,978


Research & Consulting Services–2.99%
CACI International, Inc., Class A^(b)		243,519		62,126,567

TransUnion		264,092		28,999,943

				91,126,510


Residential REITs–1.27%
American Homes 4 Rent, Class A		995,729		38,684,072


Semiconductor Equipment–3.03%
KLA Corp.		166,872		54,101,571

MKS Instruments, Inc.		213,526		37,996,952

				92,098,523


Semiconductors–1.86%
Analog Devices, Inc.^(c)		328,140		56,492,582


Soft Drinks–0.85%
Coca-Cola Europacific Partners PLC (United Kingdom)		435,602		25,839,911


Specialized REITs–1.12%
Lamar Advertising Co., Class A		325,250		33,962,605


Specialty Chemicals–0.94%
PPG Industries, Inc.		168,926		28,678,567


Specialty Stores–1.25%
Tractor Supply Co.		204,907		38,124,996


Thrifts & Mortgage Finance–0.68%
Rocket Cos., Inc., Class A		1,067,548		20,657,054


Trading Companies & Distributors–1.18%
Fastenal Co.^(c)		691,008		35,932,416

Total Common Stocks & Other Equity Interests (Cost $2,231,746,228)				3,035,264,487


Money Market Funds–0.19%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		2,053,780		2,053,780

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)(e)		1,477,220		1,477,811

Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		2,347,177		2,347,177

Total Money Market Funds (Cost $5,878,768)				5,878,768

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $2,237,624,996)				3,041,143,255


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.54%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		23,173,229		23,173,229

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

6 Invesco Main Street Mid Cap Fund^®


	Shares		Value

Money Market Funds–(continued)
Invesco Private Prime Fund, 0.12%^(d)(e)(f)		54,049,248	$	54,070,869

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $77,244,097)				77,244,098

TOTAL INVESTMENTS IN SECURITIES–102.47% (Cost $2,314,869,093)				3,118,387,353

OTHER ASSETS LESS LIABILITIES–(2.47)%				(75,260,352	)

NET ASSETS–100.00%			$	3,043,127,001

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, 2021.

^(d)


	Value December 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value June 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	4,209,834		$	105,807,699		$	(107,963,753	)		$	-		$	-		$	2,053,780		$	1,138
Invesco Liquid Assets Portfolio, Institutional Class			3,005,518			75,576,917			(77,104,925	)			301			-			1,477,811			501
Invesco Treasury Portfolio, Institutional Class			4,811,239			120,923,085			(123,387,147	)			-			-			2,347,177			454
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			2,155,116			90,119,243			(69,101,130	)			-			-			23,173,229			272	*
Invesco Private Prime Fund			3,232,675			183,042,477			(132,204,630	)			1			346			54,070,869			4,646	*
Total		$	17,414,382		$	575,469,421		$	(509,761,585	)		$	302		$	346		$	83,122,866		$	7,011

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

^(e)	The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

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

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2021


Industrials	17.35	%
Information Technology	16.61
Consumer Discretionary	13.68
Health Care	13.26
Financials	9.83
Communication Services	5.74
Real Estate	5.69
Consumer Staples	5.46
Materials	5.08
Utilities	3.83
Energy	3.21
Money Market Funds Plus Other Assets Less Liabilities	0.26

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

7 Invesco Main Street Mid Cap Fund^®

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in securities, at value (Cost $ 2,231,746,228)*	$	3,035,264,487
Investments in affiliated money market funds, at value (Cost $ 83,122,865)		83,122,866
Cash		5,159,204
Receivable for:
Fund shares sold		819,143
Dividends		1,473,897
Investment for trustee deferred compensation and retirement plans		823,731
Other assets		89,108
Total assets		3,126,752,436

Liabilities:
Payable for:
Fund shares reacquired		3,183,801
Collateral upon return of securities loaned		77,244,097
Accrued fees to affiliates		1,805,218
Accrued other operating expenses		518,144
Trustee deferred compensation and retirement plans		874,175
Total liabilities		83,625,435
Net assets applicable to shares outstanding	$	3,043,127,001

Net assets consist of:
Shares of beneficial interest	$	1,959,639,548
Distributable earnings		1,083,487,453
	$	3,043,127,001


Net Assets:
Class A	$	2,208,264,213
Class C	$	100,737,510
Class R	$	184,923,287
Class Y	$	431,425,365
Class R5	$	19,109,905
Class R6	$	98,666,721

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		69,309,705
Class C		4,136,660
Class R		6,250,697
Class Y		12,244,226
Class R5		594,797
Class R6		2,799,382
Class A:
Net asset value per share	$	31.86
Maximum offering price per share (Net asset value of $31.86 ÷ 94.50%)	$	33.71
Class C:
Net asset value and offering price per share	$	24.35
Class R:
Net asset value and offering price per share	$	29.58
Class Y:
Net asset value and offering price per share	$	35.24
Class R5:
Net asset value and offering price per share	$	32.13
Class R6:
Net asset value and offering price per share	$	35.25

*	At June 30, 2021, securities with an aggregate value of $76,170,392 were on loan to brokers.

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

8 Invesco Main Street Mid Cap Fund^®

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $4,308)	$	17,484,035

Dividends from affiliates (includes securities lending income of $62,675)		64,768

Total investment income		17,548,803


Expenses:
Advisory fees		8,834,823

Administrative services fees		204,495

Custodian fees		5,356

Distribution fees:
Class A		2,549,530

Class C		477,405

Class R		434,573

Transfer agent fees – A, C, R and Y		2,681,281

Transfer agent fees – R5		5,789

Transfer agent fees – R6		19,873

Trustees’ and officers’ fees and benefits		23,719

Registration and filing fees		56,871

Reports to shareholders		114,551

Professional services fees		65,050

Taxes		5,586

Other		22,002

Total expenses		15,500,904

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(29,416	)

Net expenses		15,471,488

Net investment income		2,077,315


Realized and unrealized gain from:
Net realized gain from:
Unaffiliated investment securities		279,760,277

Affiliated investment securities		346

Foreign currencies		3

		279,760,626

Change in net unrealized appreciation of:
Unaffiliated investment securities		133,501,644

Affiliated investment securities		302

Foreign currencies		1,252

		133,503,198

Net realized and unrealized gain		413,263,824

Net increase in net assets resulting from operations	$	415,341,139

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

9 Invesco Main Street Mid Cap Fund^®

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)


	June 30, 2021			December 31, 2020

Operations:
Net investment income	$	2,077,315		$	6,122,683

Net realized gain		279,760,626			105,129,365

Change in net unrealized appreciation		133,503,198			232,995,720

Net increase in net assets resulting from operations		415,341,139			344,247,768


Distributions to shareholders from distributable earnings:
Class A		–			(34,589,928	)

Class C		–			(3,525,123	)

Class R		–			(3,914,464	)

Class Y		–			(9,035,832	)

Class R5		–			(537	)

Class R6		–			(1,554,864	)

Total distributions from distributable earnings		–			(52,620,748	)


Share transactions–net:
Class A		(37,620,376	)		378,528,057

Class C		(3,375,173	)		(26,819,659	)

Class R		(3,156,895	)		5,049,761

Class Y		(24,812,073	)		(80,505,132	)

Class R5		2,202,068			10,554,570

Class R6		(2,381,624	)		12,032,558

Net increase (decrease) in net assets resulting from share transactions		(69,144,073	)		298,840,155

Net increase in net assets		346,197,066			590,467,175


Net assets:
Beginning of period		2,696,929,935			2,106,462,760

End of period	$	3,043,127,001		$	2,696,929,935

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

10 Invesco 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 06/30/21		$	27.52		$	0.02			$	4.32			$	4.34			$	–			$	–			$	–			$	31.86		15.77	%		$	2,208,264		1.09	%^(e)		1.09	%^(e)		0.13	%^(e)		33	%
Year ended 12/31/20			26.13			0.06				2.06				2.12				–				(0.73	)			(0.73	)			27.52		9.13	^(f)			1,946,102		1.10	^(f)		1.11	^(f)		0.27	^(f)		76
Six months ended 12/31/19			25.18			0.07				2.18				2.25				–				(1.30	)			(1.30	)			26.13		8.95				1,326,188		1.10	^(g)		1.12	^(g)		0.51	^(g)		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
Class C
Six months ended 06/30/21			21.11			(0.07	)			3.31				3.24				–				–				–				24.35		15.35				100,738		1.84	^(e)		1.84	^(e)		(0.62	)^(e)		33
Year ended 12/31/20			20.41			(0.09	)			1.52				1.43				–				(0.73	)			(0.73	)			21.11		8.29				90,764		1.84			1.87			(0.47	)		76
Six months ended 12/31/19			20.00			(0.02	)			1.73				1.71				–				(1.30	)			(1.30	)			20.41		8.56				111,246		1.84	^(g)		1.88	^(g)		(0.23	)^(g)		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
Class R
Six months ended 06/30/21			25.58			(0.02	)			4.02				4.00				–				–				–				29.58		15.64				184,923		1.34	^(e)		1.34	^(e)		(0.12	)^(e)		33
Year ended 12/31/20			24.41			0.01				1.89				1.90				–				(0.73	)			(0.73	)			25.58		8.87				163,178		1.34			1.37			0.03			76
Six months ended 12/31/19			23.63			0.03				2.05				2.08				–				(1.30	)			(1.30	)			24.41		8.81				145,346		1.34	^(g)		1.38	^(g)		0.27	^(g)		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
Class Y
Six months ended 06/30/21			30.40			0.06				4.78				4.84				–				–				–				35.24		15.92				431,425		0.84	^(e)		0.84	^(e)		0.38	^(e)		33
Year ended 12/31/20			28.69			0.14				2.30				2.44				–				(0.73	)			(0.73	)			30.40		9.44				395,290		0.84			0.87			0.53			76
Six months ended 12/31/19			27.49			0.11				2.39				2.50				–				(1.30	)			(1.30	)			28.69		9.11				458,670		0.84	^(g)		0.88	^(g)		0.77	^(g)		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
Class R5
Six months ended 06/30/21			27.70			0.08				4.35				4.43				–				–				–				32.13		15.99				19,110		0.72	^(e)		0.72	^(e)		0.50	^(e)		33
Year ended 12/31/20			26.19			0.16				2.08				2.24				–				(0.73	)			(0.73	)			27.70		9.58				14,535		0.72			0.72			0.65			76
Six months ended 12/31/19			25.18			0.11				2.20				2.31				–				(1.30	)			(1.30	)			26.19		9.19				11		0.72	^(g)		0.72	^(g)		0.88	^(g)		27
Period ended 06/30/19^(h)			23.91			0.02				1.25				1.27				–				–				–				25.18		5.31				11		0.72	^(g)		0.74	^(g)		0.66	^(g)		59
Class R6
Six months ended 06/30/21			30.38			0.09				4.78				4.87				–				–				–				35.25		16.03				98,667		0.67	^(e)		0.69	^(e)		0.55	^(e)		33
Year ended 12/31/20			28.63			0.18				2.30				2.48				–				(0.73	)			(0.73	)			30.38		9.60				87,060		0.67			0.69			0.70			76
Six months ended 12/31/19			27.41			0.13				2.39				2.52				–				(1.30	)			(1.30	)			28.63		9.21				65,001		0.67	^(g)		0.69	^(g)		0.94	^(g)		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

^(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 and 2016, 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, 2021, the portfolio turnover calculation excludes the value of securities purchased of $96,615,194 in connection with the acquisition of Invesco Endeavor Fund into the Fund. For the year ended December 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $654,478,527 in connection with the acquisition of Invesco Mid Cap Core Equity Fund into the Fund.

^(e)	Ratios are annualized and based on average daily net assets (000’s omitted) of $2,096,319, $96,272, $175,270, $419,017, $16,903 and $95,962 for Class A, Class C, Class R, 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 0.24% for the year ended December 31, 2020.

^(g)	Annualized.

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

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

11 Invesco Main Street Mid Cap Fund^®

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek capital appreciation.

The 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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

12 Invesco 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.

13 Invesco Main Street Mid Cap Fund^®

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.

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Effective May 15, 2020, under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets*	Rate
First $200 million		0.735	%
Next $200 million		0.730	%
Next $200 million		0.690	%
Next $200 million		0.660	%
Next $4.2 billion		0.600	%
Over $5 billion		0.580	%

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

For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.61%.

Effective June 1, 2021, the Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to June 1, 2021, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.10%, 1.84%, 1.34%, 0.84%, 072% and 0.67%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. For the period June 1, 2021 through June 30, 2021, the Adviser did not waive and/or reimburse expenses under these expense limits.

14 Invesco Main Street Mid Cap Fund^®

For the six months ended June 30, 2021, the Adviser waived advisory fees of $6,440 and reimbursed class level expenses of $0, $1,736, $3,168, $7,831, $0 and $8,117 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into 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, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2021, IDI advised the Fund that IDI retained $77,250 in front-end sales commissions from the sale of Class A shares and $1,121 and $1,265 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended June 30, 2021, the Fund incurred $8,684 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.


	Level 1		Level 2		Level 3	Total
Investments in Securities
Common Stocks & Other Equity Interests		$3,035,264,487		$ –	$–		$3,035,264,487
Money Market Funds		5,878,768		77,244,098	–		83,122,866
Total Investments		$3,041,143,255		$77,244,098	$–		$3,118,387,353

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

15 Invesco Main Street Mid Cap Fund^®

NOTE 6–Cash Balances

NOTE 7–Tax Information

The Fund had a capital loss carryforward as of December 31, 2020, as follows:


Capital Loss Carryforward*
Expiration	Short-Term			Long-Term			Total
Not subject to expiration		$	36,197,474		$	–		$	36,197,474

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $850,538,664 and $1,030,228,913, 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	$	817,015,098

Aggregate unrealized (depreciation) of investments		(27,309,831	)

Net unrealized appreciation of investments	$	789,705,267

Cost of investments for tax purposes is $2,328,682,086.

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended June 30, 2021^(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		1,964,577		$	59,438,810			3,698,465		$	86,124,388

Class C		271,411			6,252,315			665,419			12,047,700

Class R		552,377			15,559,419			1,001,213			21,399,452

Class Y		848,577			28,161,795			3,103,689			77,249,330

Class R5		46,934			1,396,454			49,401			1,192,957

Class R6		532,777			17,788,643			665,398			17,126,585


Issued as reinvestment of dividends:
Class A		-			-			1,663,716			33,404,747

Class C		-			-			223,469			3,456,952

Class R		-			-			209,279			3,911,472

Class Y		-			-			367,016			8,125,743

Class R5		-			-			12			232

Class R6		-			-			69,895			1,544,682


Automatic conversion of Class C shares to Class A shares:
Class A		217,850			6,593,065			1,036,907			26,690,506

Class C		(284,504	)		(6,593,065	)		(1,347,639	)		(26,690,506	)

16 Invesco Main Street Mid Cap Fund^®


	Summary of Share Activity

	Six months ended June 30, 2021^(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount


Issued in connection with acquisitions:^(b)(c)
Class A		2,902,068		$	91,827,245			27,899,990		$	570,126,566

Class C		306,598			7,425,168			1,278,483			20,135,590

Class R		171,554			5,042,873			1,480,209			28,155,567

Class Y		242,109			8,468,470			1,581,831			35,642,900

Class R5		79,110			2,522,481			572,078			11,736,265

Class R6		32,587			1,139,863			1,083,493			24,374,640


Reacquired:
Class A		(6,493,745	)		(195,479,496	)		(14,327,992	)		(337,818,150	)

Class C		(456,186	)		(10,459,591	)		(1,970,524	)		(35,769,395	)

Class R		(851,208	)		(23,759,187	)		(2,266,686	)		(48,416,730	)

Class Y		(1,851,261	)		(61,442,338	)		(8,032,240	)		(201,523,105	)

Class R5		(55,999	)		(1,716,867	)		(97,157	)		(2,374,884	)

Class R6		(631,654	)		(21,310,130	)		(1,223,335	)		(31,013,349	)

Net increase (decrease) in share activity		(2,456,028	)	$	(69,144,073	)		17,384,390		$	298,840,155

⁽^a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 17% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)

After the close of business on 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	$	14,131,223

Net realized/unrealized gains		160,708,776

Change in net assets resulting from operations	$	174,839,999

^(c)

After the close of business on April 23, 2021, the Fund acquired all the net assets of Invesco Endeavor Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on January 22, 2021. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 3,734,026 shares of the Fund for 7,018,765 shares outstanding of the Target Fund as of the close of business on April 23, 2021. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 23, 2021. The Target Fund’s net assets as of the close of business on April 23, 2021 of $116,426,100, including $20,639,418 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $2,979,176,587 and $3,095,602,688 immediately after the acquisition.

The pro forma results of operations for the six months ended June 30, 2021 assuming the reorganization had been completed on January 1, 2021, the beginning of the semi-annual reporting period are as follows:


Net investment income	$	1,874,713

Net realized/unrealized gains		429,107,556

Change in net assets resulting from operations	$	430,982,269

17 Invesco 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
	(01/01/21)	(06/30/21)¹	Period²	(06/30/21)	Period²	Ratio
Class A	$1,000.00	$1,157.70	$5.83	$1,019.39	$5.46	1.09%
Class C	1,000.00	1,153.50	9.82	1,015.67	9.20	1.84
Class R	1,000.00	1,156.40	7.16	1,018.15	6.71	1.34
Class Y	1,000.00	1,159.20	4.50	1,020.63	4.21	0.84
Class R5	1,000.00	1,159.90	3.86	1,021.22	3.61	0.72
Class R6	1,000.00	1,160.30	3.59	1,021.47	3.36	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 181/365 to reflect the most recent fiscal half year.

18 Invesco Main Street Mid Cap Fund^®

Approval of Investment Advisory and Sub-Advisory Contracts

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, 2020 to the performance of funds in the Broadridge performance universe and against the Russell Midcap^® Index (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 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, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction 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, which did not change its conclusions.

19 Invesco Main Street Mid Cap 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 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. 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 is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating 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.

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 and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board 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 also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial

fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment 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 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 from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods 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 advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

20 Invesco Main Street Mid Cap Fund^®

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

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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/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

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




		Semiannual Report to Shareholders		June 30, 2021

		Invesco Main Street Small Cap Fund^®
		Nasdaq:
		A: OSCAX ∎ C: OSCCX ∎ R: OSCNX ∎ Y: OSCYX ∎ R5: MNSQX ∎ R6: OSSIX

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		2		Fund Performance
		4		Liquidity Risk Management Program
		5		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

Fund Performance


Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	17.40	%

Class C Shares	16.97

Class R Shares	17.22

Class Y Shares	17.55

Class R5 Shares	17.58

Class R6 Shares	17.61

Russell 2000 Index^q	17.54

Source(s): ^qRIMES 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.

2 Invesco Main Street Small Cap Fund^®


Average Annual Total Returns As of 6/30/21, including maximum applicable sales charges

Class A Shares
Inception (5/17/13)	11.47	%
5 Years	14.15
1 Year	49.23
Class C Shares
Inception (5/17/13)	11.37	%
5 Years	14.59
1 Year	55.71
Class R Shares
Inception (5/17/13)	11.91	%
5 Years	15.14
1 Year	57.47
Class Y Shares
Inception (5/17/13)	12.59	%
5 Years	15.78
1 Year	58.25
Class R5 Shares
Inception	12.35	%
5 Years	15.63
1 Year	58.51
Class R6 Shares
Inception (5/17/13)	12.72	%
5 Years	15.94
1 Year	58.53

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Main Street Small Cap Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Main Street Small Cap Fund^®. The Fund was subsequently renamed the Invesco Main Street Small Cap Fund^® (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

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

fluctuate so that you may have a gain or loss when you sell shares.

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

3 Invesco 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.

4 Invesco Main Street Small Cap Fund^®

Schedule of Investments^(a)

June 30, 2021

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–99.29%
Aerospace & Defense–0.71%
Curtiss-Wright Corp.		91,294	$	10,842,075


Air Freight & Logistics–0.62%
Hub Group, Inc., Class A^(b)		143,738		9,483,833


Aluminum–1.32%
Kaiser Aluminum Corp.		163,807		20,228,526


Apparel Retail–0.68%
Foot Locker, Inc.		168,251		10,369,309


Apparel, Accessories & Luxury Goods–0.54%
Carter’s, Inc.		80,807		8,336,858


Application Software–6.45%
Bottomline Technologies (DE), Inc.^(b)		392,238		14,544,185

Envestnet, Inc.^(b)		122,059		9,259,396

Everbridge, Inc.^(b)(c)		53,038		7,217,411

J2 Global, Inc.^(b)(c)		264,568		36,391,328

Olo, Inc., Class A^(b)		262,678		9,821,531

Q2 Holdings, Inc.^(b)		209,728		21,513,898

				98,747,749


Asset Management & Custody Banks–2.26%
Federated Hermes, Inc., Class B		416,010		14,106,899

Focus Financial Partners, Inc., Class A^(b)		422,681		20,500,029

				34,606,928


Auto Parts & Equipment–2.52%
Dorman Products, Inc.^(b)		179,833		18,643,287

Visteon Corp.^(b)		164,482		19,892,453

				38,535,740


Automotive Retail–3.46%
AutoNation, Inc.^(b)		320,535		30,389,923

Monro, Inc.		355,200		22,558,752

				52,948,675


Biotechnology–1.79%
ADC Therapeutics S.A. (Switzerland)^(b)(c)		111,076		2,704,701

Avid Bioservices, Inc.^(b)(c)		408,257		10,471,792

Twist Bioscience Corp.^(b)		106,445		14,183,796

				27,360,289


Building Products–1.07%
Masonite International Corp.^(b)		146,529		16,380,477


Communications Equipment–0.72%
EchoStar Corp., Class A^(b)		453,010		11,003,613


Construction & Engineering–1.46%
Comfort Systems USA, Inc.		129,074		10,169,740

Valmont Industries, Inc.		51,633		12,187,970

				22,357,710


	Shares		Value

Construction Machinery & Heavy Trucks–0.51%
Allison Transmission Holdings, Inc.		197,071	$	7,831,602


Construction Materials–1.38%
Summit Materials, Inc., Class A^(b)		605,109		21,088,049


Data Processing & Outsourced Services–0.41%
Paya Holdings, Inc., Class A^(b)		564,942		6,225,661


Diversified Banks–0.93%
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		400,368		14,193,046


Diversified Metals & Mining–0.97%
Compass Minerals International, Inc.		249,820		14,804,333


Electrical Components & Equipment–2.34%
Atkore, Inc.^(b)		295,813		21,002,723

EnerSys		151,962		14,851,246

				35,853,969


Gas Utilities–3.05%
National Fuel Gas Co.		406,636		21,246,731

Northwest Natural Holding Co.		182,432		9,581,329

Suburban Propane Partners L.P.		1,034,976		15,876,532

				46,704,592


Health Care Equipment–4.84%
AtriCure, Inc.^(b)		265,763		21,082,979

CryoPort, Inc.^(b)(c)		270,864		17,091,519

Heska Corp.^(b)(c)		63,845		14,667,112

Ortho Clinical Diagnostics Holdings PLC^(b)		410,098		8,780,198

Tandem Diabetes Care, Inc.^(b)		128,031		12,470,219

				74,092,027


Health Care Facilities–1.74%
Tenet Healthcare Corp.^(b)		398,935		26,724,656


Health Care Services–3.27%
1Life Healthcare, Inc.^(b)(c)		319,754		10,571,067

Addus HomeCare Corp.^(b)		185,109		16,148,909

LHC Group, Inc.^(b)		116,869		23,404,186

				50,124,162


Health Care Supplies–0.69%
BioLife Solutions, Inc.^(b)		238,278		10,605,754


Health Care Technology–1.49%
Inspire Medical Systems, Inc.^(b)		118,020		22,808,545


Homebuilding–1.21%
TopBuild Corp.^(b)		93,662		18,524,470


Hotel & Resort REITs–0.89%
DiamondRock Hospitality Co.^(b)		1,411,039		13,687,078


Household Products–0.84%
Energizer Holdings, Inc.		301,288		12,949,358


Human Resource & Employment Services–4.12%
ASGN, Inc.^(b)		304,381		29,503,651

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

5 Invesco Main Street Small Cap Fund^®


	Shares		Value

Human Resource & Employment Services–(continued)
Korn Ferry		463,124	$	33,599,646

				63,103,297


Hypermarkets & Super Centers–1.43%
BJ’s Wholesale Club Holdings, Inc.^(b)(c)		460,105		21,891,796


Industrial Machinery–4.77%
EnPro Industries, Inc.		198,243		19,259,307

Evoqua Water Technologies Corp.^(b)		657,230		22,201,229

Rexnord Corp.		632,139		31,632,236

				73,092,772


Internet & Direct Marketing Retail–1.50%
Overstock.com, Inc.^(b)		249,755		23,027,411


Investment Banking & Brokerage–1.64%
Stifel Financial Corp.		387,294		25,119,889


Leisure Facilities–0.65%
Cedar Fair L.P.^(b)		220,841		9,900,302


Life Sciences Tools & Services–2.73%
Adaptive Biotechnologies Corp.^(b)(c)		251,237		10,265,544

Berkeley Lights, Inc.^(b)		161,856		7,252,767

NeoGenomics, Inc.^(b)		329,450		14,881,257

Repligen Corp.^(b)		47,495		9,480,952

				41,880,520


Metal & Glass Containers–0.73%
Silgan Holdings, Inc.		268,753		11,153,250


Multi-Utilities–1.32%
Avista Corp.^(c)		475,167		20,275,376


Office Services & Supplies–0.87%
ACCO Brands Corp.		1,542,472		13,311,533


Oil & Gas Exploration & Production–0.89%
CNX Resources Corp.^(b)		1,003,681		13,710,282


Packaged Foods & Meats–1.61%
Simply Good Foods Co. (The)^(b)		674,311		24,619,095


Personal Products–2.18%
BellRing Brands, Inc., Class A^(b)		677,401		21,229,747

Honest Co., Inc. (The)^(b)(c)		748,781		12,122,765

				33,352,512


Pharmaceuticals–0.87%
Axsome Therapeutics, Inc.^(b)(c)		75,013		5,060,377

Collegium Pharmaceutical, Inc.^(b)(c)		352,604		8,335,559

				13,395,936


Regional Banks–8.41%
BankUnited, Inc.		425,927		18,182,824

Berkshire Hills Bancorp, Inc.		358,871		9,836,654

Cathay General Bancorp		356,551		14,033,847

FB Financial Corp.		194,153		7,245,790

Heritage Financial Corp.		420,795		10,528,291

OceanFirst Financial Corp.		518,407		10,803,602

Pacific Premier Bancorp, Inc.		443,363		18,749,821

Signature Bank		52,365		12,863,462

Silvergate Capital Corp., Class A^(b)		52,751		5,977,743


	Shares		Value

Regional Banks–(continued)
Sterling Bancorp		831,497	$	20,612,811

				128,834,845


Research & Consulting Services–2.54%
CACI International, Inc., Class A^(b)		74,734		19,066,138

KBR, Inc.		518,674		19,787,413

				38,853,551


Restaurants–3.33%
Denny’s Corp.^(b)		950,453		15,672,970

Jack in the Box, Inc.		174,218		19,414,854

Texas Roadhouse, Inc.		165,626		15,933,221

				51,021,045


Semiconductor Equipment–2.97%
Brooks Automation, Inc.		278,384		26,524,427

MKS Instruments, Inc.		107,024		19,044,921

				45,569,348


Semiconductors–1.71%
Allegro MicroSystems, Inc. (Japan)^(b)		314,148		8,701,899

Semtech Corp.^(b)		253,486		17,439,837

				26,141,736


Specialized REITs–3.40%
EPR Properties^(b)		235,451		12,403,559

Four Corners Property Trust, Inc.		742,670		20,505,119

National Storage Affiliates Trust		377,953		19,109,303

				52,017,981


Specialty Chemicals–1.72%
Amyris, Inc.^(b)(c)		558,507		9,142,760

Diversey Holdings Ltd.^(b)		519,619		9,306,376

NewMarket Corp.		24,624		7,928,435

				26,377,571


Thrifts & Mortgage Finance–1.74%
WSFS Financial Corp.		573,071		26,699,378

Total Common Stocks & Other Equity Interests (Cost $1,020,236,988)				1,520,768,510


Money Market Funds–0.71%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		4,190,219		4,190,219

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)(e)		1,972,902		1,973,691

Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		4,788,822		4,788,822

Total Money Market Funds (Cost $10,952,732)				10,952,732

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $1,031,189,720)				1,531,721,242


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–6.66%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		30,616,078		30,616,078

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

6 Invesco Main Street Small Cap Fund^®


	Shares		Value

Money Market Funds–(continued)
Invesco Private Prime Fund, 0.12%^(d)(e)(f)		71,408,953	$	71,437,517

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $102,053,595)				102,053,595

TOTAL INVESTMENTS IN SECURITIES–106.66% (Cost $1,133,243,315)				1,633,774,837

OTHER ASSETS LESS LIABILITIES–(6.66)%				(102,086,593	)

NET ASSETS–100.00%			$	1,531,688,244

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, 2021.

^(d)


											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	December 31, 2020			at Cost			from Sales				Appreciation			Gain			June 30, 2021			Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	4,654,149		$	94,269,660		$	(94,733,590)			$	-		$	-		$	4,190,219		$	1,149
Invesco Liquid Assets Portfolio, Institutional Class			3,322,991			66,314,916			(67,664,548	)			175			157			1,973,691			537
Invesco Treasury Portfolio, Institutional Class			5,319,027			107,736,754			(108,266,959	)			-			-			4,788,822			471
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			79,897,136			(49,281,058	)			-			-			30,616,078			410*
Invesco Private Prime Fund			-			152,288,804			(80,851,634	)			-			347			71,437,517			7,769*
Total		$	13,296,167		$	500,507,270		$	(400,797,789)			$	175		$	504		$	113,006,327		$	10,336

^(e)	The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

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

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2021


Industrials			19.00%

Health Care			17.42

Financials			14.98

Consumer Discretionary			13.88

Information Technology			12.25

Materials			6.13

Consumer Staples			6.07

Utilities			4.38

Real Estate			4.29

Energy			0.89

Money Market Funds Plus Other Assets Less Liabilities			0.71

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

7 Invesco Main Street Small Cap Fund^®

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in securities, at value (Cost $ 1,020,236,988)*	$	1,520,768,510

Investments in affiliated money market funds, at value (Cost $ 113,006,327)		113,006,327

Cash		500,007

Receivable for:
Fund shares sold		1,075,755

Dividends		568,540

Investment for trustee deferred compensation and retirement plans		191,521

Other assets		102,316

Total assets		1,636,212,976


Liabilities:
Payable for:
Fund shares reacquired		1,473,725

Collateral upon return of securities loaned		102,053,595

Accrued fees to affiliates		426,107

Accrued other operating expenses		368,934

Trustee deferred compensation and retirement plans		202,371

Total liabilities		104,524,732

Net assets applicable to shares outstanding	$	1,531,688,244


Net assets consist of:
Shares of beneficial interest	$	950,348,081

Distributable earnings		581,340,163

	$	1,531,688,244



Net Assets:
Class A	$	401,276,848

Class C	$	43,232,954

Class R	$	54,666,990

Class Y	$	461,168,277

Class R5	$	23,889,938

Class R6	$	547,453,237


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		18,526,342

Class C		2,119,466

Class R		2,573,737

Class Y		21,124,280

Class R5		1,099,341

Class R6		24,993,733

Class A:
Net asset value per share	$	21.66

Maximum offering price per share
(Net asset value of $21.66 ÷ 94.50%)	$	22.92

Class C:
Net asset value and offering price per share	$	20.40

Class R:
Net asset value and offering price per share	$	21.24

Class Y:
Net asset value and offering price per share	$	21.83

Class R5:
Net asset value and offering price per share	$	21.73

Class R6:
Net asset value and offering price per share	$	21.90

*	At June 30, 2021, securities with an aggregate value of $98,102,627 were on loan to brokers.

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

8 Invesco Main Street Small Cap Fund^®

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)


Investment income:
Dividends	$	6,865,016

Dividends from affiliated money market funds (includes securities lending income of $ 15,674)		17,831

Total investment income		6,882,847


Expenses:
Advisory fees		4,456,815

Administrative services fees		98,014

Custodian fees		796

Distribution fees:
Class A		314,631

Class C		198,164

Class R		107,321

Transfer agent fees – A, C, R and Y		694,301

Transfer agent fees – R5		2,471

Trustees’ and officers’ fees and benefits		13,979

Registration and filing fees		63,833

Reports to shareholders		51,139

Professional services fees		21,823

Taxes		2,378

Other		6,954

Total expenses		6,032,619

Less: Fees waived and/or expense offset arrangement(s)		(6,002	)

Net expenses		6,026,617

Net investment income		856,230


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (includes net gains from securities sold to affiliates of $ 9,580,162)		91,107,988

Affiliated investment securities		504

Futures contracts		(245,298	)

		90,863,194

Change in net unrealized appreciation of:
Unaffiliated investment securities		113,942,702

Affiliated investment securities		175

Foreign currencies		192

		113,943,069

Net realized and unrealized gain		204,806,263

Net increase in net assets resulting from operations	$	205,662,493

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

9 Invesco Main Street Small Cap Fund^®

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)


	June 30, 2021			December 31, 2020

Operations:
Net investment income	$	856,230		$	2,073,963

Net realized gain		90,863,194			19,108,402

Change in net unrealized appreciation		113,943,069			176,245,310

Net increase in net assets resulting from operations		205,662,493			197,427,675


Distributions to shareholders from distributable earnings:
Class A		(2,679,331	)		(624,765	)

Class C		(573,644	)		(155,272	)

Class R		(567,019	)		(136,825	)

Class Y		(5,289,112	)		(1,883,402	)

Class R5		(216	)		(112	)

Class R6		(7,802,896	)		(6,044,559	)

Total distributions from distributable earnings		(16,912,218	)		(8,844,935	)


Share transactions–net:
Class A		217,554,672			(7,617,458	)

Class C		3,391,772			(7,760,565	)

Class R		15,964,216			1,266,713

Class Y		148,511,968			84,555,244

Class R5		23,949,373			–

Class R6		(264,965,451	)		309,097,730

Net increase in net assets resulting from share transactions		144,406,550			379,541,664

Net increase in net assets		333,156,825			568,124,404


Net assets:
Beginning of period		1,198,531,419			630,407,015

End of period	$	1,531,688,244		$	1,198,531,419

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

10 Invesco 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 06/30/21		$	18.71		$	(0.01	)		$	3.26			$	3.25			$	(0.01	)		$	(0.29	)		$	(0.30	)		$	21.66		17.40	%^(e)		$	401,277		1.11	%^(e)(f)		1.11	%^(e)(f)		(0.11	)%^(e)(f)		26	%
Year ended 12/31/20			15.68			0.01				3.10				3.11				–				(0.08	)			(0.08	)			18.71		19.82	^(e)			158,769		1.20	^(e)		1.23	^(e)		0.03	^(e)		43
Eight months ended 12/31/19			14.62			0.01				1.10				1.11				–				(0.05	)			(0.05	)			15.68		7.58				141,880		1.20	^(g)		1.25	^(g)		0.09	^(g)		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^(h)			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
Class C
Six months ended 06/30/21			17.70			(0.09	)			3.09				3.00				(0.01	)			(0.29	)			(0.30	)			20.40		16.97				43,233		1.87	^(f)		1.87	^(f)		(0.87	)^(f)		26
Year ended 12/31/20			14.95			(0.10	)			2.93				2.83				–				(0.08	)			(0.08	)			17.70		18.92				34,635		1.94			1.99			(0.71	)		43
Eight months ended 12/31/19			14.01			(0.06	)			1.05				0.99				–				(0.05	)			(0.05	)			14.95		7.06				37,488		1.94	^(g)		2.01	^(g)		(0.66	)^(g)		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^(h)			12.57			(0.04	)			(0.69	)			(0.73	)			–				–				–				11.84		(5.81	)			14,441		2.01			2.01			(0.34	)		53
Class R
Six months ended 06/30/21			18.37			(0.04	)			3.21				3.17				(0.01	)			(0.29	)			(0.30	)			21.24		17.28				54,667		1.37	^(f)		1.37	^(f)		(0.37	)^(f)		26
Year ended 12/31/20			15.45			(0.03	)			3.03				3.00				–				(0.08	)			(0.08	)			18.37		19.40				33,457		1.45			1.49			(0.22	)		43
Eight months ended 12/31/19			14.43			(0.02	)			1.09				1.07				–				(0.05	)			(0.05	)			15.45		7.41				26,910		1.45	^(g)		1.51	^(g)		(0.16	)^(g)		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^(h)			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
Class Y
Six months ended 06/30/21			18.83			0.01				3.29				3.30				(0.01	)			(0.29	)			(0.30	)			21.83		17.55				461,168		0.87	^(f)		0.87	^(f)		0.13	^(f)		26
Year ended 12/31/20			15.79			0.05				3.13				3.18				(0.06	)			(0.08	)			(0.14	)			18.83		20.13				266,951		0.90			0.99			0.33			43
Eight months ended 12/31/19			14.69			0.04				1.11				1.15				–				(0.05	)			(0.05	)			15.79		7.82				152,406		0.90	^(g)		1.01	^(g)		0.38	^(g)		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^(h)			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
Class R5
Six months ended 06/30/21			18.74			0.03				3.26				3.29				(0.01	)			(0.29	)			(0.30	)			21.73		17.58				23,890		0.74	^(f)		0.74	^(f)		0.26	^(f)		26
Year ended 12/31/20			15.71			0.07				3.12				3.19				(0.08	)			(0.08	)			(0.16	)			18.74		20.30				13		0.77			0.77			0.46			43
Period ended 12/31/19⁽ⁱ⁾			13.89			0.04				1.83				1.87				–				(0.05	)			(0.05	)			15.71		13.45				11		0.82	^(g)		0.82	^(g)		0.47	^(g)		19
Class R6
Six months ended 06/30/21			18.88			0.03				3.29				3.32				(0.01	)			(0.29	)			(0.30	)			21.90		17.61				547,453		0.68	^(f)		0.68	^(f)		0.32	^(f)		26
Year ended 12/31/20			15.83			0.07				3.15				3.22				(0.09	)			(0.08	)			(0.17	)			18.88		20.31				704,706		0.77			0.77			0.46			43
Eight months ended 12/31/19			14.72			0.05				1.11				1.16				–				(0.05	)			(0.05	)			15.83		7.87				271,711		0.77	^(g)		0.78	^(g)		0.52	^(g)		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^(h)			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

^(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 and 2016, respectively.

^(d)

^(e)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended June 30, 2021 and the year ended December 31, 2020, respectively.

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $262,434, $39,961, $43,284, $378,540, $8,313 and $658,326 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 Main Street Small Cap Fund^®

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek capital appreciation.

The 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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

12 Invesco 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.

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.

13 Invesco Main Street Small Cap Fund^®

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

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.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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, 2021, the effective advisory fee rate incurred by the Fund was 0.65%.

14 Invesco Main Street Small Cap Fund^®

to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least April 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.20%, 1.94%, 1.45%, 0.90%, 0.82% and 0.77%, respectively, of the Fund’s average daily net assets (the “expense limits”). 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 April 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the six months ended June 30, 2021, the Adviser waived advisory fees of $5,483.

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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into 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, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2021, IDI advised the Fund that IDI retained $44,086 in front-end sales commissions from the sale of Class A shares and $157 and $1,096 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 -

Level 3 -


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	1,520,768,510	$	–		$–	$	1,520,768,510
Money Market Funds		10,952,732		102,053,595		–		113,006,327
Total Investments	$	1,531,721,242	$	102,053,595		$–	$	1,633,774,837

NOTE 4–Derivative Investments

15 Invesco Main Street Small Cap Fund^®

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

Effect of Derivative Investments for the six months ended June 30, 2021

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


	Location of Gain (Loss) on Statement of Operations
	Interest Rate Risk
Realized Gain (Loss):
Futures contracts		$(245,298)

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


		Futures Contracts
Average notional value		$39,764,100

NOTE 5–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2021, the Fund engaged in securities purchases of $1,225,346 and securities sales of $16,053,235, which resulted in net realized gains of $9,580,162.

NOTE 6–Expense Offset Arrangement(s)

NOTE 7–Trustees’ and Officers’ Fees and Benefits

NOTE 8–Cash Balances

NOTE 9–Tax Information

The Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 10–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $330,704,988 and $484,128,072, 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	$508,109,129

Aggregate unrealized (depreciation) of investments	(11,754,840	)

Net unrealized appreciation of investments	$496,354,289

16 Invesco Main Street Small Cap Fund^®

Cost of investments for tax purposes is $1,137,420,548.

NOTE 11–Share Information


	Summary of Share Activity

	Six months ended June 30, 2021^(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		1,678,949		$	35,317,888			2,221,278		$	31,936,309

Class C		237,889			4,748,738			526,239			7,230,303

Class R		463,513			9,665,140			450,994			6,491,029

Class Y		6,890,815			146,009,792			10,379,525			160,195,821

Class R5		321,252			7,014,391			-			-

Class R6		902,882			19,493,424			28,419,510			424,098,980


Issued as reinvestment of dividends:
Class A		121,949			2,603,605			33,565			610,270

Class C		27,873			561,078			8,848			152,267

Class R		27,050			566,437			7,653			136,688

Class Y		231,626			4,982,272			97,269			1,780,016

Class R6		347,122			7,487,416			320,110			5,870,823


Automatic conversion of Class C shares to Class A shares:

Class A		89,818			1,887,425			199,559			3,404,848

Class C		(95,141	)		(1,887,425	)		(210,494	)		(3,404,848	)


Issued in connection with acquisitions:^(b)
Class A		9,626,098			209,056,866			-			-

Class C		246,598			5,051,190			-			-

Class R		564,254			12,023,732			-			-

Class Y		2,013,436			44,060,733			-			-

Class R5		793,761			17,290,581			-			-

Class R6		76,583			1,680,846			-			-


Reacquired:
Class A		(1,478,395	)		(31,311,112	)		(3,015,263	)		(43,568,885	)

Class C		(254,565	)		(5,081,809	)		(874,894	)		(11,738,287	)

Class R		(302,090	)		(6,291,093	)		(379,667	)		(5,361,004	)

Class Y		(2,187,502	)		(46,540,829	)		(5,951,237	)		(77,420,593	)

Class R5		(16,392	)		(355,599	)		-			-

Class R6		(13,666,081	)		(293,627,137	)		(8,566,238	)		(120,872,073	)

Net increase in share activity		6,661,302		$	144,406,550			23,666,757		$	379,541,664

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 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, 32% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)

After the close of business on April 23, 2021, the Fund acquired all the net assets of Invesco Select Companies Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on January 22, 2021. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 13,320,730 shares of the Fund for 17,970,769 shares outstanding of the Target Fund as of the close of business on April 23, 2021. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 23, 2021. The Target Fund’s net assets as of the close of business on April 23, 2021 of $289,163,948, including $79,421,792 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,250,800,438 and $1,539,964,385 immediately after the acquisition.


Net investment income			$ 241,908

Net realized/unrealized gains			252,126,859

Change in net assets resulting from operations			$252,368,767

17 Invesco 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.


	Beginning Account Value (01/01/21)		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (01/01/21)		Ending Account Value (06/30/21)¹	Expenses Paid During Period²	Ending Account Value (06/30/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A		$1,000.00	$1,174.00	$5.98	$1,019.29	$5.56	1.11%
Class C		1,000.00	1,169.70	10.06	1,015.52	9.35	1.87
Class R		1,000.00	1,172.20	7.38	1,018.00	6.85	1.37
Class Y		1,000.00	1,175.50	4.69	1,020.48	4.36	0.87
Class R5		1,000.00	1,175.80	3.99	1,021.12	3.71	0.74
Class R6		1,000.00	1,176.10	3.67	1,021.42	3.41	0.68

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 181/365 to reflect the most recent fiscal half year.

18 Invesco Main Street Small Cap Fund^®

Approval of Investment Advisory and Sub-Advisory Contracts

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 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 Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction 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, which did not change its conclusions.

19 Invesco Main Street Small Cap 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 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 is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating 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 also compared the Fund’s effective advisory fee rate (defined for this purpose as 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, 2020.

D.	Economies of Scale and Breakpoints

The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment 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 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 from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending

arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods 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 advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

20 Invesco Main Street Small Cap Fund^®

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



		Semiannual Report to Shareholders		June 30, 2021

		Invesco Peak Retirement™ Funds
		Invesco Peak Retirement™ Destination Fund Invesco Peak Retirement™ 2010 Fund Invesco Peak Retirement™ 2015 Fund Invesco Peak Retirement™ 2020 Fund Invesco Peak Retirement™ 2025 Fund Invesco Peak Retirement™ 2030 Fund Invesco Peak Retirement™ 2035 Fund Invesco Peak Retirement™ 2040 Fund		Invesco Peak Retirement™ 2045 Fund Invesco Peak Retirement™ 2050 Fund Invesco Peak Retirement™ 2055 Fund Invesco Peak Retirement™ 2060 Fund Invesco Peak Retirement™ 2065 Fund

LOGO

Effective April 30, 2021, Invesco Peak Retirement™ Now Fund was renamed Invesco Peak Retirement™ Destination Fund.

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

Liquidity Risk Management Program			16

Schedules of Investments			17

Financial Statements			40

Financial Highlights			56

Notes to Financial Statements			69

Fund Expenses			88

Approval of Investment Advisory and Sub-Advisory Contracts			95

Fund Performance


Performance summary - Invesco Peak Retirement™ Destination Fund
Fund vs. Indexes Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	6.54	%
Class C Shares	6.15
Class R Shares	6.41
Class Y Shares	6.67
Class R5 Shares	6.67
Class R6 Shares	6.67
Bloomberg Barclays U.S. Aggregate Bond Index^▼ (Broad Market Index)	-1.60
Custom Invesco Peak Retirement Destination Benchmark^∎ (Style-Specific Index)	2.46

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 Destination Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM Destination 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 Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.


Average Annual Total Returns
As of 6/30/21, including maximum applicable sales charges

Class A Shares
Inception (12/29/17)	4.05	%
1 Year	10.68

Class C Shares
Inception (12/29/17)	4.97	%
1 Year	15.28

Class R Shares
Inception (12/29/17)	5.48	%
1 Year	16.86

Class Y Shares
Inception (12/29/17)	6.03	%
1 Year	17.55

Class R5 Shares
Inception (12/29/17)	6.03	%
1 Year	17.55

Class R6 Shares
Inception (12/29/17)	6.03	%
1 Year	17.55

Effective April 30, 2021 the Invesco Peak Retirement™ Now Fund was renamed Invesco Peak Retirement™ Destination Fund.

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™ Destination 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™ 2010 Fund
Fund vs. Indexes Cumulative total returns, 4/30/21 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	1.10	%
Class C Shares	0.90
Class R Shares	1.00
Class Y Shares	1.10
Class R5 Shares	1.10
Class R6 Shares	1.10
Bloomberg Barclays U.S. Aggregate Bond Index^▼ (Broad Market Index)	1.03
Custom Invesco Peak Retirement 2010 Benchmark^∎ (Style-Specific Index)	1.61

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 2010 Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM 2010 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.


Cumulative Annual Total Returns
As of 6/30/21, including maximum applicable sales charges

Class A Shares
Inception (4/30/21)	-4.44	%

Class C Shares
Inception (4/30/21)	-0.10	%

Class R Shares
Inception (4/30/21)	1.00	%

Class Y Shares
Inception (4/30/21)	1.10	%

Class R5 Shares
Inception (4/30/21)	1.10	%

Class R6 Shares
Inception (4/30/21)	1.10	%

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.

current prospectus for more information.

Invesco Peak Retirement™ 2010 Fund

Nasdaq: A: PKAFX ∎ C: PKCFX ∎ R: PEKRX

Y: PKYFX ∎ R5: PEKMX ∎ R6: PEKNX

4 Invesco Peak Retirement™ Funds

Fund Performance


Performance summary - Invesco Peak Retirement™ 2015 Fund
Fund vs. Indexes Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	6.47	%
Class C Shares	6.12
Class R Shares	6.29
Class Y Shares	6.64
Class R5 Shares	6.64
Class R6 Shares	6.64
Bloomberg Barclays U.S. Aggregate Bond Index^▼ (Broad Market Index)	-1.60
Custom Invesco Peak Retirement 2015 Benchmark^∎ (Style-Specific Index)	2.54
Source(s): ^▼RIMES Technologies Corp.;^∎Invesco, RIMES Technologies Corp.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

The Custom Invesco Peak Retirement 2015 Benchmark was created by Invesco to serve as a style-specific benchmark for Invesco Peak Retirement^TM 2015 Fund. The index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index, Bloomberg Barclays U.S. Aggregate Bond Index and Bloomberg Barclays U.S. Treasury Bellwethers (3 Month) Index. The current composition of the index will likely be altered in the future to better reflect the Fund’s objective.


Average Annual Total Returns
As of 6/30/21, including maximum applicable sales charges

Class A Shares
Inception (12/29/17)	3.97	%
1 Year	10.77

Class C Shares
Inception (12/29/17)	4.87	%
1 Year	15.34

Class R Shares
Inception (12/29/17)	5.38	%
1 Year	16.93

Class Y Shares
Inception (12/29/17)	5.92	%
1 Year	17.58

Class R5 Shares
Inception (12/29/17)	5.92	%
1 Year	17.58

Class R6 Shares
Inception (12/29/17)	5.92	%
1 Year	17.58

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™ 2015 Fund

Nasdaq: A: PKTMX ∎ C: PKTNX ∎ R: PKTPX

Y: PKTOX ∎ R5: PKTQX ∎ R6: PKTRX

5 Invesco Peak Retirement™ Funds

Fund Performance


Performance summary - Invesco Peak Retirement™ 2020 Fund
Fund vs. Indexes Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	6.26	%
Class C Shares	5.84
Class R Shares	6.09
Class Y Shares	6.51
Class R5 Shares	6.41
Class R6 Shares	6.41
Bloomberg Barclays U.S. Aggregate Bond Index^▼ (Broad Market Index)	-1.60
Custom Invesco Peak Retirement 2020 Benchmark^∎ (Style-Specific Index)	3.23
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.


Average Annual Total Returns
As of 6/30/21, including maximum applicable sales charges

Class A Shares
Inception (12/29/17)	4.82	%
1 Year	11.78

Class C Shares
Inception (12/29/17)	5.75	%
1 Year	16.36

Class R Shares
Inception (12/29/17)	6.25	%
1 Year	17.84

Class Y Shares
Inception (12/29/17)	6.83	%
1 Year	18.52

Class R5 Shares
Inception (12/29/17)	6.83	%
1 Year	18.52

Class R6 Shares
Inception (12/29/17)	6.83	%
1 Year	18.52

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

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™ 2020 Fund

Nasdaq: A: PKTGX ∎ C: PKTHX ∎ R: PKTJX

Y: PKTIX ∎ R5: PKTKX ∎ R6: PKTLX

6 Invesco Peak Retirement™ Funds

Fund Performance


Performance summary - Invesco Peak Retirement™ 2025 Fund
Fund vs. Indexes Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	6.49	%
Class C Shares	6.12
Class R Shares	6.42
Class Y Shares	6.64
Class R5 Shares	6.56
Class R6 Shares	6.55
Bloomberg Barclays U.S. Aggregate Bond Index^▼ (Broad Market Index)	-1.60
Custom Invesco Peak Retirement 2025 Benchmark^∎ (Style-Specific Index)	3.71
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.


Average Annual Total Returns
As of 6/30/21, including maximum applicable sales charges

Class A Shares
Inception (12/29/17)	5.68	%
1 Year	12.84

Class C Shares
Inception (12/29/17)	6.60	%
1 Year	17.70

Class R Shares
Inception (12/29/17)	7.18	%
1 Year	19.23

Class Y Shares
Inception (12/29/17)	7.68	%
1 Year	19.83

Class R5 Shares
Inception (12/29/17)	7.63	%
1 Year	19.63

Class R6 Shares
Inception (12/29/17)	7.65	%
1 Year	19.73

performance.

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

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

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

Fund performance reflects any applicable fee waivers and/or expense

reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco Peak Retirement™ 2025 Fund

Nasdaq: A: PKTAX ∎ C: PKTBX ∎ R: PKTDX

Y: PKTCX ∎ R5: PKTEX ∎ R6: PKTFX

7 Invesco Peak Retirement™ Funds

Fund Performance


Performance summary - Invesco Peak Retirement™ 2030 Fund
Fund vs. Indexes Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	7.56	%
Class C Shares	7.10
Class R Shares	7.41
Class Y Shares	7.61
Class R5 Shares	7.61
Class R6 Shares	7.61
Bloomberg Barclays U.S. Aggregate Bond Index^▼ (Broad Market Index)	-1.60
Custom Invesco Peak Retirement 2030 Benchmark^∎(Style-Specific Index)	5.64
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.


Average Annual Total Returns
As of 6/30/21, including maximum applicable sales charges

Class A Shares
Inception (12/29/17)	6.17	%
1 Year	16.01

Class C Shares
Inception (12/29/17)	7.08	%
1 Year	20.90

Class R Shares
Inception (12/29/17)	7.61	%
1 Year	22.37

Class Y Shares
Inception (12/29/17)	8.16	%
1 Year	22.98

Class R5 Shares
Inception (12/29/17)	8.16	%
1 Year	22.98

Class R6 Shares
Inception (12/29/17)	8.16	%
1 Year	22.98

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

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

Fund performance reflects any applicable fee waivers and/or expense

reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco Peak Retirement™ 2030 Fund

Nasdaq: A: PKKSX ∎ C: PKKTX ∎ R: PKKVX

Y: PKKUX ∎ R5: PKKWX ∎ R6: PKKZX

8 Invesco Peak Retirement™ Funds

Fund Performance


Performance summary - Invesco Peak Retirement™ 2035 Fund
Fund vs. Indexes Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	8.58	%
Class C Shares	8.22
Class R Shares	8.44
Class Y Shares	8.71
Class R5 Shares	8.71
Class R6 Shares	8.71
Bloomberg Barclays U.S. Aggregate Bond Index^▼ (Broad Market Index)	-1.60
Custom Invesco Peak Retirement 2035 Benchmark^∎ (Style-Specific Index)	7.61

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.


Average Annual Total Returns
As of 6/30/21, including maximum applicable sales charges

Class A Shares
Inception (12/29/17)	6.96	%
1 Year	19.26

Class C Shares
Inception (12/29/17)	7.88	%
1 Year	24.37

Class R Shares
Inception (12/29/17)	8.44	%
1 Year	26.02

Class Y Shares
Inception (12/29/17)	8.99	%
1 Year	26.61

Class R5 Shares
Inception (12/29/17)	8.99	%
1 Year	26.61

Class R6 Shares
Inception (12/29/17)	8.99	%
1 Year	26.61

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

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

Fund performance reflects any applicable fee waivers and/or expense

reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco Peak Retirement™ 2035 Fund

Nasdaq: A: PKKMX ∎ C: PKKNX ∎ R: PKKPX

Y: PKKOX ∎ R5: PKKQX ∎ R6: PKKRX

9 Invesco Peak Retirement™ Funds

Fund Performance


Performance summary - Invesco Peak Retirement™ 2040 Fund
Fund vs. Indexes Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	9.84	%
Class C Shares	9.49
Class R Shares	9.72
Class Y Shares	9.97
Class R5 Shares	9.97
Class R6 Shares	9.97
Bloomberg Barclays U.S. Aggregate Bond Index^▼ (Broad Market Index)	-1.60
Custom Invesco Peak Retirement 2040 Benchmark^∎(Style-Specific Index)	9.00

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.


Average Annual Total Returns
As of 6/30/21, including maximum applicable sales charges

Class A Shares
Inception (12/29/17)	7.35	%
1 Year	23.36

Class C Shares
Inception (12/29/17)	8.29	%
1 Year	28.80

Class R Shares
Inception (12/29/17)	8.77	%
1 Year	30.32

Class Y Shares
Inception (12/29/17)	9.36	%
1 Year	30.94

Class R5 Shares
Inception (12/29/17)	9.36	%
1 Year	30.94

Class R6 Shares
Inception (12/29/17)	9.36	%
1 Year	30.94

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

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

Fund performance reflects any applicable fee waivers and/or expense

reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco Peak Retirement™ 2040 Fund

Nasdaq: A: PKKGX ∎ C: PKKHX ∎ R: PKKJX

Y: PKKIX ∎ R5: PKKKX ∎ R6: PKKLX

10 Invesco Peak Retirement™ Funds

Fund Performance


Performance summary - Invesco Peak Retirement™ 2045 Fund
Fund vs. Indexes Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	11.08	%
Class C Shares	10.62
Class R Shares	10.87
Class Y Shares	11.13
Class R5 Shares	11.21
Class R6 Shares	11.22
Russell 3000 Index^▼ (Broad Market Index)	15.11
Custom Invesco Peak Retirement 2045 Benchmark^∎(Style-Specific Index)	10.25

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.


Average Annual Total Returns
As of 6/30/21, including maximum applicable sales charges

Class A Shares
Inception (12/29/17)	7.90	%
1 Year	26.77

Class C Shares
Inception (12/29/17)	8.81	%
1 Year	32.12

Class R Shares
Inception (12/29/17)	9.36	%
1 Year	33.81

Class Y Shares
Inception (12/29/17)	9.89	%
1 Year	34.45

Class R5 Shares
Inception (12/29/17)	9.94	%
1 Year	34.66

Class R6 Shares
Inception (12/29/17)	9.91	%
1 Year	34.55

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

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™ 2045 Fund

Nasdaq: A: PKKAX ∎ C: PKKBX ∎ R: PKKDX

Y: PKKCX ∎ R5: PKKEX ∎ R6: PKKFX

11 Invesco Peak Retirement™ Funds

Fund Performance


Performance summary - Invesco Peak Retirement™ 2050 Fund
Fund vs. Indexes Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	11.33	%
Class C Shares	10.87
Class R Shares	11.15
Class Y Shares	11.45
Class R5 Shares	11.45
Class R6 Shares	11.37
Russell 3000 Index^▼ (Broad Market Index)	15.11
Custom Invesco Peak Retirement 2050 Benchmark^∎ (Style-Specific Index)	11.16

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.


Average Annual Total Returns
As of 6/30/21, including maximum applicable sales charges

Class A Shares
Inception (12/29/17)	8.31	%
1 Year	28.34

Class C Shares
Inception (12/29/17)	9.23	%
1 Year	33.74

Class R Shares
Inception (12/29/17)	9.71	%
1 Year	35.36

Class Y Shares
Inception (12/29/17)	10.34	%
1 Year	36.18

Class R5 Shares
Inception (12/29/17)	10.34	%
1 Year	36.18

Class R6 Shares
Inception (12/29/17)	10.31	%
1 Year	36.08

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

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™ 2050 Fund

Nasdaq: A: PKRSX ∎ C: PKRTX ∎ R: PKRVX

Y: PKRUX ∎ R5: PKRWX ∎ R6: PKRZX

12 Invesco Peak Retirement™ Funds

Fund Performance


Performance summary - Invesco Peak Retirement™ 2055 Fund
Fund vs. Indexes Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	11.52	%
Class C Shares	11.13
Class R Shares	11.49
Class Y Shares	11.65
Class R5 Shares	11.65
Class R6 Shares	11.65
Russell 3000 Index^▼ (Broad Market Index)	15.11
Custom Invesco Peak Retirement 2055 Benchmark^∎ (Style-Specific Index)	11.82

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.


Average Annual Total Returns
As of 6/30/21, including maximum applicable sales charges

Class A Shares
Inception (12/29/17)	8.83	%
1 Year	30.42

Class C Shares
Inception (12/29/17)	9.77	%
1 Year	35.94

Class R Shares
Inception (12/29/17)	10.30	%
1 Year	37.80

Class Y Shares
Inception (12/29/17)	10.85	%
1 Year	38.38

Class R5 Shares
Inception (12/29/17)	10.87	%
1 Year	38.34

Class R6 Shares
Inception (12/29/17)	10.88	%
1 Year	38.34

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

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™ 2055 Fund

Nasdaq: A: PKRMX ∎ C: PKRNX ∎ R: PKRPX

Y: PKROX ∎ R5: PKRQX ∎ R6: PKRRX

13 Invesco Peak Retirement™ Funds

Fund Performance


Performance summary - Invesco Peak Retirement™ 2060 Fund
Fund vs. Indexes Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	11.74	%
Class C Shares	11.26
Class R Shares	11.63
Class Y Shares	11.87
Class R5 Shares	11.78
Class R6 Shares	11.78
Russell 3000 Index^▼ (Broad Market Index)	15.11
Custom Invesco Peak Retirement 2060 Benchmark^∎ (Style-Specific Index)	12.47

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.


Average Annual Total Returns
As of 6/30/21, including maximum applicable sales charges

Class A Shares
Inception (12/29/17)	8.56	%
1 Year	32.37

Class C Shares
Inception (12/29/17)	9.47	%
1 Year	38.01

Class R Shares
Inception (12/29/17)	10.00	%
1 Year	39.75

Class Y Shares
Inception (12/29/17)	10.60	%
1 Year	40.38

Class R5 Shares
Inception (12/29/17)	10.59	%
1 Year	40.38

Class R6 Shares
Inception (12/29/17)	10.59	%
1 Year	40.38

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

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™ 2060 Fund

Nasdaq: A: PKRGX ∎ C: PKRHX ∎ R: PKRJX

Y: PKRIX ∎ R5: PKRKX ∎ R6: PKRLX

14 Invesco Peak Retirement™ Funds

Fund Performance


Performance summary - Invesco Peak Retirement™ 2065 Fund
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	11.75	%
Class C Shares	11.26
Class R Shares	11.60
Class Y Shares	11.93
Class R5 Shares	11.84
Class R6 Shares	11.84
Russell 3000 Index^▼ (Broad Market Index)	15.11
Custom Invesco Peak Retirement 2065 Benchmark^∎ (Style-Specific Index)	12.47

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.


Average Annual Total Returns
As of 6/30/21, including maximum applicable sales charges

Class A Shares
Inception (12/29/17)	9.49	%
1 Year	32.54

Class C Shares
Inception (12/29/17)	10.05	%
1 Year	38.06

Class R Shares
Inception (12/29/17)	10.62	%
1 Year	39.77

Class Y Shares
Inception (12/29/17)	11.22	%
1 Year	40.65

Class R5 Shares
Inception (12/29/17)	11.20	%
1 Year	40.54

Class R6 Shares
Inception (12/29/17)	11.20	%
1 Year	40.54

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

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™ 2065 Fund

Nasdaq: A: PKRAX ∎ C: PKRBX ∎ R: PKRDX

Y: PKRCX ∎ R5: PKREX ∎ R6: PKRFX

15 Invesco Peak Retirement™ Funds

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), 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 each Fund’s liquidity risk that takes into account, as relevant to each Fund’s 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 each Fund 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 such Fund’s assets.

At a meeting held on March 22-24, 2021, 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 January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

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

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

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

∎	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, 2021

(Unaudited)

Invesco Peak Retirement™ Destination Fund

Schedule of Investments in Affiliated Issuers–100.21%^(a)


	% of Net Assets 06/30/21		Value 12/31/20		Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Dividend Income			Shares 06/30/21		Value 06/30/21

Alternative Funds–11.20%
Invesco Global Real Estate Income Fund, Class R6		7.15%	$	154,802	$	179,254	��	$	(36,928	)		$ 23,808		$ 4,466		$	2,653			34,289	$	325,402

Invesco Multi-Asset Income Fund, Class R6		4.05%		101,507		94,724			(14,591	)		2,087		431			4,587			18,658		184,158

Total Alternative Funds				256,309		273,978			(51,519	)		25,895		4,897			7,240					509,560

Domestic Equity Funds–18.51%
Invesco S&P 500^® Enhanced Value ETF		8.35%		205,696		159,395			(47,091	)		53,840		8,130			3,734			9,027		379,970

Invesco S&P 500^® High Dividend Low Volatility ETF		10.16%		244,834		230,384			(68,121	)		49,720		5,274			7,102			10,483		462,091

Total Domestic Equity Funds				450,530		389,779			(115,212	)		103,560		13,404			10,836					842,061

Fixed Income Funds–57.36%
Invesco Core Plus Bond Fund, Class R6		8.62%		446,039		320,483			(365,115	)		2,183		(11,574	)		4,790			34,692		392,016

Invesco Floating Rate ESG Fund, Class R6^(b)		6.08%		204,673		154,164			(88,280	)		4,897		1,264			4,218			37,749		276,701

Invesco Fundamental High Yield^® Corporate Bond ETF		–		127,274		58,895			(184,832	)		(5,903)		4,566			1,297			–		–

Invesco High Yield Bond Factor ETF		6.83%		–		311,999			(5,199	)		4,057		7			3,088			12,056		310,864

Invesco Income Fund, Class R6^(b)		6.08%		216,940		168,323			(113,797	)		4,663		638			4,286			34,663		276,614

Invesco Intermediate Bond Factor Fund, Class R6		4.06%		–		185,069			(3,378	)		2,900		5			781			16,843		184,596

Invesco International Bond Fund, Class R6^(b)		5.39%		179,221		157,508			(78,455	)		(15,390)		2,943			2,276			45,664		245,216

Invesco Short Duration Inflation Protected Fund, Class R6^(b)		4.56%		113,585		102,646			(12,264	)		3,027		485			909			18,837		207,396

Invesco Taxable Municipal Bond ETF		11.18%		50,551		493,401			(50,051	)		14,437		212			3,424			15,327		508,550

Invesco Variable Rate Preferred ETF		4.56%		229,839		154,895			(179,648	)		(3,394)		5,710			4,928			7,886		207,402

Total Fixed Income Funds				1,568,122		2,107,383			(1,081,019	)		11,477		4,256			29,997					2,609,355

Foreign Equity Funds–7.91%
Invesco S&P International Developed Low Volatility ETF		7.91%		127,937		261,133			(37,913	)		7,675		960			4,800			11,640		359,792

Money Market Funds–5.23%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)		2.31%		82,990		1,412,815			(1,390,474	)		–		–			16			105,331		105,331

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(c)		2.92%		78,643		1,412,815			(1,358,745	)		8		–			11			132,668		132,721

Total Money Market Funds				161,633		2,825,630			(2,749,219	)		8		–			27					238,052

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $4,259,350)		100.21%		2,564,531		5,857,903			(4,034,882	)		148,615		23,517			52,900					4,558,820

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–0.00%
Invesco Private Government Fund, 0.02%^(c)		–		–		876,403			(876,403	)		–		–			4	^(d)		–		–

Invesco Private Prime Fund, 0.12%^(c)		–		–		1,316,744			(1,316,744	)		–		–			75	^(d)		–		–

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00%		–		2,193,147			(2,193,147	)		–		–			79					–

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $4,259,350)		100.21%	$	2,564,531	$	8,051,050		$	(6,228,029	)		$148,615		$ 23,517	^(e)	$	52,979	^(e)			$	4,558,820

OTHER ASSETS LESS LIABILITIES		(0.21)%																				(9,515	)

NET ASSETS		100.00%																			$	4,549,305

Investment Abbreviations:

ETF - Exchange-Traded Fund

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

17 Invesco Peak Retirement™ Funds

Schedule of Investments–(continued)

June 30, 2021

(Unaudited)

Notes to Schedule of Investments:

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

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

^(c)	The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

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

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

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

18 Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2021

(Unaudited)

Invesco Peak Retirement™ 2010 Fund

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


	% of Net Assets 06/30/21		Value 04/30/21^(b)	Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain	Dividend Income		Shares 06/30/21		Value 06/30/21

Alternative Funds–9.10%
Invesco Global Real Estate Income Fund, Class R6		6.07%	$–		$ 18,065		$ –			$ 327	$–		$ 87		1,938		$ 18,392

Invesco Multi-Asset Income Fund, Class R6		3.03%	–		9,083		–			112	–		94		932		9,195

Total Alternative Funds			–		27,148		–			439	–		181				27,587

Domestic Equity Funds–21.69%
Invesco Main Street Small Cap Fund, Class R6		0.98%	–		2,975		–			(18)	–		–		135		2,957

Invesco S&P 500^® Enhanced Value ETF		9.45%	–		28,459		–			206	–		137		681		28,665

Invesco S&P 500^® High Dividend Low Volatility ETF		11.26%	–		34,302		–			(140)	–		182		775		34,162

Total Domestic Equity Funds			–		65,736		–			48	–		319				65,784

Fixed Income Funds–54.90%
Invesco Core Plus Bond Fund, Class R6		8.52%	–		25,614		–			228	–		89		2,287		25,842

Invesco Floating Rate ESG Fund, Class R6		6.01%	–		18,107		–			123	–		102		2,487		18,230

Invesco High Yield Bond Factor ETF		6.47%	–		19,512		–			110	–		144		761		19,622

Invesco Income Fund, Class R6		5.48%	–		16,608		–			21	–		86		2,084		16,629

Invesco Intermediate Bond Factor Fund, Class R6		4.01%	–		12,047		–			111	–		36		1,109		12,158

Invesco International Bond Fund, Class R6		4.82%	–		14,972		–			(354)	–		78		2,722		14,618

Invesco Short Duration Inflation Protected Fund, Class R6		4.48%	–		13,543		–			50	–		39		1,235		13,593

Invesco Taxable Municipal Bond ETF		11.12%	–		32,971		–			773	–		147		1,017		33,744

Invesco Variable Rate Preferred ETF		3.99%	–		11,992		–			106	–		85		460		12,098

Total Fixed Income Funds			–		165,366		–			1,168	–		806				166,534

Foreign Equity Funds–8.93%
Invesco Developing Markets Fund, Class R6		1.24%	–		3,677		–			82	–		–		66		3,759

Invesco S&P International Developed Low Volatility ETF		7.69%	–		23,186		–			151	–		169		755		23,337

Total Foreign Equity Funds			–		26,863		–			233	–		169				27,096

Money Market Funds–5.41%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)		1.89%	–		58,396		(52,648	)		–	–		–		5,748		5,748

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(c)		1.35%	–		41,711		(37,605	)		–	–		–		4,104		4,106

Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)		2.17%	–		66,738		(60,169	)		–	–		–		6,569		6,569

Total Money Market Funds			–		166,845		(150,422	)		–	–		–				16,423

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $301,536)		100.03%	$–		$451,958		$(150,422	)		$1,888	$–		$1,475				$303,424

OTHER ASSETS LESS LIABILITIES		(0.03)%															(81	)

NET ASSETS		100.00%															$303,343

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

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

^(b)	Commencement date of April 30, 2021.

^(c)	The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

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, 2021

(Unaudited)

Invesco Peak Retirement™ 2015 Fund

Schedule of Investments in Affiliated Issuers–100.20%^(a)


	% of Net Assets 06/30/21		Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Dividend Income			Shares 06/30/21		Value 06/30/21

Alternative Funds–6.39%
Invesco Global Real Estate Income Fund, Class R6		4.39%	$	69,318	$	28,324		$ (27,334	)		$ 8,599		$ (564	)	$	749			8,255	$	78,343

Invesco Multi-Asset Income Fund, Class R6		2.00%		45,867		17,821		(28,098	)		1,544		(1,414	)		1,259			3,619		35,720

Total Alternative Funds				115,185		46,145		(55,432	)		10,143		(1,978	)		2,008					114,063

Domestic Equity Funds–25.31%
Invesco Main Street Small Cap Fund, Class R6		3.24%		–		56,433		–			1,451		592			14			2,643		57,884

Invesco S&P 500^® Enhanced Value ETF		10.11%		92,733		77,686		(15,091	)		23,249		1,916			1,497			4,288		180,493

Invesco S&P 500^® High Dividend Low Volatility ETF		11.96%		110,110		97,730		(15,300	)		20,325		615			2,983			4,843		213,480

Total Domestic Equity Funds				202,843		231,849		(30,391	)		45,025		3,123			4,494					451,857

Fixed Income Funds–52.83%
Invesco Core Plus Bond Fund, Class R6		8.51%		200,579		85,976		(130,584	)		(912)		(3,034	)		1,860			13,454		152,025

Invesco Floating Rate ESG Fund, Class R6^(b)		6.02%		92,082		46,411		(33,607	)		3,236		(686	)		1,619			14,654		107,413

Invesco Fundamental High Yield^® Corporate Bond ETF		–		57,251		9,838		(66,558	)		(3,507)		2,976			518			–		–

Invesco High Yield Bond Factor ETF		6.26%		–		113,122		(2,770	)		1,384		(10	)		1,099			4,333		111,726

Invesco Income Fund, Class R6^(b)		4.51%		97,562		40,932		(59,990	)		(476)		2,559			1,456			10,090		80,522

Invesco Intermediate Bond Factor Fund, Class R6		4.01%		–		71,668		(1,114	)		1,114		5			289			6,540		71,673

Invesco International Bond Fund, Class R6^(b)		4.48%		80,598		35,845		(31,482	)		(6,593)		1,947			630			14,892		79,972

Invesco Short Duration Inflation Protected Fund, Class R6^(b)		4.51%		51,475		33,209		(5,474	)		1,056		219			326			7,306		80,442

Invesco Taxable Municipal Bond ETF		11.03%		22,780		192,488		(23,937	)		5,130		529			1,316			5,937		196,990

Invesco Variable Rate Preferred ETF		3.50%		103,333		36,571		(77,687	)		(4,377)		4,701			1,762			2,378		62,541

Total Fixed Income Funds				705,660		666,060		(433,203	)		(3,945)		9,206			10,875					943,304

Foreign Equity Funds–10.44%
Invesco Emerging Markets All Cap Fund, Class R6		1.49%		–		25,828		–			868		–			–			601		26,696

Invesco Developing Markets Fund, Class R6		1.50%		–		25,465		–			1,306		–			–			470		26,771

Invesco S&P International Developed Low Volatility ETF		7.45%		57,431		86,476		(13,775	)		4,536		(1,693	)		1,713			4,302		132,975

Total Foreign Equity Funds				57,431		137,769		(13,775	)		6,710		(1,693	)		1,713					186,442

Money Market Funds–5.23%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)		2.68%		43,391		487,562		(483,134	)		–		–			7			47,819		47,819

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(c)		2.55%		31,598		487,562		(473,646	)		2		1			4			45,499		45,517

Total Money Market Funds				74,989		975,124		(956,780	)		2		1			11					93,336

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $1,674,458)		100.20%	$	1,156,108	$	2,056,947		$(1,489,581	)		$57,935		$8,659	^(d)(e)		$19,101	^(d)			$	1,789,002

OTHER ASSETS LESS LIABILITIES		(0.20)%																			(3,589	)

NET ASSETS		100.00%																		$	1,785,413

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

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

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

^(c)	The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

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

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


Fund Name		Capital Gain

Invesco Main Street Small Cap Fund		$592

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

20 Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2021

(Unaudited)

Invesco Peak Retirement™ 2020 Fund

Schedule of Investments in Affiliated Issuers–102.00%^(a)


	% of									Change in
	Net									Unrealized
	Assets		Value		Purchases		Proceeds			Appreciation		Realized			Dividend		Shares		Value
	06/30/21		12/31/20		at Cost		from Sales			(Depreciation)		Gain (Loss)			Income		06/30/21		06/30/21

Alternative Funds–4.99%
Invesco Global Real Estate Income Fund, Class R6		2.99%		$ 168,418		$ 142,430		$ (6,829	)		$ 33,474		$ (294	)		$ 3,062		35,532		$ 337,199

Invesco Macro Allocation Strategy Fund, Class R6^(b)		1.00%		111,759		97,387		(97,225	)		2,373		(1,185	)		–		12,123		113,109

Invesco Multi-Asset Income Fund, Class R6		1.00%		–		110,752		–			2,586		–			1,663		11,483		113,338

Total Alternative Funds				280,177		350,569		(104,054	)		38,433		(1,479	)		4,725				563,646

Domestic Equity Funds–29.62%
Invesco Main Street Small Cap Fund, Class R6		4.49%		–		496,163		(2,539	)		13,808		6,153			152		23,172		507,453

Invesco PureBeta^SMMSCI USA ETF		5.02%		310,223		254,222		(62,002	)		64,188		236			2,252		12,934		566,867

Invesco Russell 1000 Dynamic Multifactor ETF		6.53%		308,742		382,864		(42,087	)		86,746		2,093			3,424		15,787		738,358

Invesco S&P 500^® Enhanced Value ETF		3.03%		197,551		160,853		(81,746	)		49,665		15,511			3,577		8,121		341,834

Invesco S&P 500^® High Dividend Low Volatility ETF		4.03%		253,477		223,105		(82,179	)		54,982		6,094			7,515		10,333		455,479

Invesco U.S. Managed Volatility Fund, Class R6		6.52%		421,983		360,951		(122,276	)		58,969		17,425			–		54,036		737,052

Total Domestic Equity Funds				1,491,976		1,878,158		(392,829	)		328,358		47,512			16,920				3,347,043

Fixed Income Funds–49.20%
Invesco Core Plus Bond Fund, Class R6		8.54%		1,009,363		787,303		(809,474	)		(930)		(21,288	)		11,549		85,396		964,974

Invesco Floating Rate ESG Fund, Class R6^(c)		5.02%		449,516		320,278		(214,327	)		13,602		(1,187	)		9,027		77,470		567,858

Invesco Fundamental High Yield^® Corporate Bond ETF		–		335,982		194,822		(526,766	)		(13,835)		9,797			3,501		–		–

Invesco High Yield Bond Factor ETF		6.03%		–		671,599		–			9,357		–			6,890		26,409		680,956

Invesco Income Fund, Class R6^(c)		1.51%		280,729		227,553		(344,374	)		1,987		4,856			4,783		21,367		170,506

Invesco Intermediate Bond Factor Fund, Class R6		4.02%		–		447,005		–			7,413		–			1,977		41,461		454,418

Invesco International Bond Fund, Class R6^(c)		3.00%		420,296		287,063		(331,484	)		(24,468)		(10,921	)		4,421		63,185		339,305

Invesco Short Duration Inflation Protected Fund, Class R6		4.52%		–		504,310		–			6,142		–			1,443		46,363		510,452

Invesco Taxable Municipal Bond ETF		11.05%		335,636		961,398		(66,406	)		17,490		1,142			11,193		37,651		1,249,260

Invesco Variable Rate Investment Grade ETF^(c)		4.01%		419,707		354,176		(322,358	)		1,417		(42	)		1,991		18,041		452,739

Invesco Variable Rate Preferred ETF		1.50%		167,689		126,225		(125,503	)		(1,352)		2,786			4,009		6,458		169,845

Total Fixed Income Funds				3,418,918		4,881,732		(2,740,692	)		16,823		(14,857	)		60,784				5,560,313

Foreign Equity Funds–11.96%
Invesco Emerging Markets All Cap Fund, Class R6		3.23%		–		356,439		(3,337	)		12,228		113			–		8,227		365,443

Invesco Developing Markets Fund, Class R6		3.25%		–		347,775		–			18,991		–			–		6,439		366,766

Invesco International Small-Mid Company Fund, Class R6		1.49%		55,981		309,013		(199,631	)		11,198		(8,077	)		–		2,866		168,484

Invesco RAFI™ Strategic Developed ex-US ETF		2.49%		55,796		447,789		(257,358	)		14,863		20,144			4,490		9,128		281,234

Invesco S&P International Developed Low Volatility ETF		1.50%		55,751		313,423		(205,632	)		4,024		1,666			3,690		5,475		169,232

Total Foreign Equity Funds				167,528		1,774,439		(665,958	)		61,304		13,846			8,180				1,351,159

Money Market Funds–6.23%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)		3.01%		239,496		2,374,091		(2,273,591	)		–		–			36		339,996		339,996

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)		3.22%		264,218		2,374,091		(2,273,589	)		15		10			30		364,599		364,745

Total Money Market Funds				503,714		4,748,182		(4,547,180	)		15		10			66				704,741

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $10,822,965)		102.00%		5,862,313		13,633,080		(8,450,713	)		444,933		45,032			90,675				11,526,902

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

21 Invesco Peak Retirement™ Funds

Schedule of Investments–(continued)

June 30, 2021

(Unaudited)

Invesco Peak Retirement™ 2020 Fund (continued)

Schedule of Investments in Affiliated Issuers–102.00%^(a)


	% of Net Assets 06/30/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Dividend Income			Shares 06/30/21	Value 06/30/21

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–0.00%
Invesco Private Government Fund, 0.02%^(d)		–		$	–	$	2,245,798	$	(2,245,798	)		$ –		$ –			$ 5	^(e)	–	$	–

Invesco Private Prime Fund, 0.12%^(d)		–			–		3,472,230		(3,472,230	)		–		–			87	^(e)	–		–

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		–		5,718,028		(5,718,028	)		–		–			92				–

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $10,822,965)		102.00	%	$	5,862,313	$	19,351,108	$	(14,168,741	)		$444,933		$45,032	^(f)(g)		$90,767	^(f)		$	11,526,902

OTHER ASSETS LESS LIABILITIES		(2.00	)%																		(226,424	)

NET ASSETS		100.00	%																	$	11,300,478

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, 2021.

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

^(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

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

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

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


Fund Name		Capital Gain

Invesco Main Street Small Cap Fund		$6,132

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

22 Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2021

(Unaudited)

Invesco Peak Retirement™ 2025 Fund

Schedule of Investments in Affiliated Issuers–99.52%^(a)


	% of Net Assets 06/30/21		Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/21		Value 06/30/21

Alternative Funds–4.94%
Invesco Global Real Estate Income Fund, Class R6		2.95%	$	394,774	$	151,489	$	(32,024	)	$	58,760		$	(618	)	$	5,301		60,314	$	572,381

Invesco Macro Allocation Strategy Fund, Class R6^(b)		1.99%		261,590		129,036		(13,738	)		8,372			(274	)		–		41,263		384,986

Total Alternative Funds				656,364		280,525		(45,762	)		67,132			(892	)		5,301				957,367

Domestic Equity Funds–36.82%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		2.97%		196,231		379,367		(50,721	)		40,246			10,961			–		14,764		576,084

Invesco Main Street Small Cap Fund, Class R6		5.20%		–		990,692		(9,439	)		26,448			12,550			316		46,007		1,007,546

Invesco PureBeta^SMMSCI USA ETF		5.98%		787,877		323,645		(93,950	)		128,544			11,593			4,514		26,415		1,157,709

Invesco Russell 1000 Dynamic Multifactor ETF		8.73%		992,773		649,049		(180,528	)		215,957			14,280			8,160		36,167		1,691,531

Invesco U.S. Managed Volatility Fund, Class R6		13.94%		1,839,228		759,050		(186,081	)		262,320			27,219			–		198,074		2,701,736

Total Domestic Equity Funds				3,816,109		3,101,803		(520,719	)		673,515			76,603			12,990				7,134,606

Fixed Income Funds–42.86%
Invesco Core Plus Bond Fund, Class R6		6.98%		2,420,961		877,159		(1,899,669	)		1,706			(47,657	)		19,286		119,690		1,352,500

Invesco Floating Rate ESG Fund, Class R6^(c)		3.99%		1,182,541		485,942		(924,172	)		10,942			18,838			19,069		105,599		774,041

Invesco Fundamental High Yield^® Corporate Bond ETF		–		916,363		137,538		(1,047,971	)		(48,357	)		42,427			4,377		–		–

Invesco High Yield Bond Factor ETF		4.98%		–		973,293		(21,124	)		13,669			(87	)		10,042		37,454		965,751

Invesco Income Fund, Class R6^(c)		2.00%		655,215		265,894		(547,550	)		(1,839	)		16,110			9,639		48,541		387,352

Invesco Intermediate Bond Factor Fund, Class R6		3.49%		–		686,314		(20,891	)		11,255			37			3,041		61,744		676,715

Invesco International Bond Fund, Class R6^(c)		1.99%		985,931		296,092		(840,325	)		(73,176	)		19,828			4,597		71,641		384,713

Invesco Short Duration Inflation Protected Fund, Class R6		3.99%		–		783,369		(21,077	)		9,909			7			2,229		70,137		772,208

Invesco Taxable Municipal Bond ETF		10.97%		848,287		1,447,941		(189,577	)		14,276			5,148			21,507		64,077		2,126,075

Invesco Variable Rate Investment Grade ETF^(c)		4.47%		1,109,306		494,261		(740,288	)		(336	)		4,399			4,108		34,541		866,806

Total Fixed Income Funds				8,118,604		6,447,803		(6,252,644	)		(61,951	)		59,050			97,895				8,306,161

Foreign Equity Funds–14.83%
Invesco Emerging Markets All Cap Fund, Class R6		3.95%		–		762,895		(22,692	)		25,344			(102	)		–		17,232		765,445

Invesco Developing Markets Fund, Class R6		3.96%		–		761,670		(33,572	)		40,195			(73	)		–		13,487		768,220

Invesco International Small-Mid Company Fund, Class R6		1.48%		132,488		511,028		(361,562	)		17,965			(13,252	)		–		4,876		286,667

Invesco PureBeta^SMFTSE Developed ex-North America ETF		0.99%		129,925		64,556		(15,083	)		8,138			4,338			2,028		6,515		191,874

Invesco RAFI™ Strategic Developed ex-US ETF		2.96%		130,318		776,223		(403,855	)		25,408			45,989			8,703		18,633		574,083

Invesco S&P International Developed Low Volatility ETF		1.49%		130,277		510,703		(364,165	)		7,106			4,098			6,589		9,318		288,019

Total Foreign Equity Funds				523,008		3,387,075		(1,200,929	)		124,156			40,998			17,320				2,874,308

Money Market Funds–0.07%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)		0.03%		72,621		2,103,781		(2,170,486	)		–			–			8		5,916		5,916

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)		–		51,635		1,485,922		(1,537,562	)		–			5			5		–		–

Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)		0.04%		82,996		2,404,321		(2,480,556	)		–			–			3		6,761		6,761

Total Money Market Funds				207,252		5,994,024		(6,188,604	)		–			5			16				12,677

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $17,655,538)		99.52%		13,321,337		19,211,230		(14,208,658	)		802,852			175,764			133,522				19,285,119

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

23 Invesco Peak Retirement™ Funds

Schedule of Investments–(continued)

June 30, 2021

(Unaudited)

Invesco Peak Retirement™ 2025 Fund (continued)

Schedule of Investments in Affiliated Issuers–99.52%^(a)


	% of Net Assets 06/30/21		Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Dividend Income			Shares 06/30/21	Value 06/30/21

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–0.00%
Invesco Private Government Fund, 0.02%^(d)		–	$	–	$	1,532,711	$	(1,532,711	)		$ –	$	–		$	7	^(e)	–	$	–

Invesco Private Prime Fund, 0.12%^(d)		–		–		2,753,874		(2,753,874	)		–		–			109	^(e)	–		–

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00%		–		4,286,585		(4,286,585	)		–		–			116				–

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $17,655,538)		99.52%	$	13,321,337	$	23,497,815	$	(18,495,243	)		$802,852	$	175,764	^(f)(g)	$	133,638	^(f)		$	19,285,119

OTHER ASSETS LESS LIABILITIES		0.48%																		93,629

NET ASSETS		100.00%																	$	19,378,748

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, 2021.

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

^(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

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

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

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


Fund Name		Capital Gain

Invesco Main Street Small Cap Fund		$12,705

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

24 Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2021

(Unaudited)

Invesco Peak Retirement™ 2030 Fund

Schedule of Investments in Affiliated Issuers–100.04%^(a)


	% of Net Assets 06/30/21		Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/21		Value 06/30/21

Alternative Funds–4.94%
Invesco Global Real Estate Income Fund, Class R6		2.95%	$	572,053	$	398,708	$	(39,154	)		$ 106,141			$ (2,978)		$	9,472		109,038	$	1,034,770

Invesco Macro Allocation Strategy Fund, Class R6^(b)		1.99%		379,611		322,074		(16,297	)		13,426			(562	)		–		74,839		698,252

Total Alternative Funds				951,664		720,782		(55,451	)		119,567			(3,540	)		9,472				1,733,022

Domestic Equity Funds–44.09%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		5.00%		1,342,557		839,360		(566,370	)		115,218			21,460			–		44,906		1,752,225

Invesco Main Street Small Cap Fund, Class R6		4.92%		–		1,706,479		(26,307	)		46,646			21,450			538		78,844		1,726,679

Invesco PureBeta^SMMSCI USA ETF		5.98%		1,149,485		861,712		(152,206	)		226,343			14,013			8,099		47,900		2,099,347

Invesco Russell 1000 Dynamic Multifactor ETF		11.74%		1,430,121		2,469,699		(235,949	)		436,043			18,980			17,480		88,067		4,118,894

Invesco S&P SmallCap Low Volatility ETF		0.99%		764,771		309,767		(824,296	)		379			98,241			4,002		7,440		348,862

Invesco U.S. Managed Volatility Fund, Class R6		15.46%		2,962,309		2,196,924		(291,817	)		529,196			25,096			–		397,486		5,421,708

Total Domestic Equity Funds				7,649,243		8,383,941		(2,096,945	)		1,353,825			199,240			30,119				15,467,715

Fixed Income Funds–32.91%
Invesco Core Plus Bond Fund, Class R6		3.49%		3,047,567		1,660,073		(3,408,506	)		(10,048	)		(63,015	)		22,673		108,502		1,226,071

Invesco Floating Rate ESG Fund, Class R6^(c)		2.99%		858,876		615,951		(450,703	)		24,333			1,073			18,029		143,178		1,049,498

Invesco Fundamental High Yield^® Corporate Bond ETF		–		855,943		318,174		(1,166,367	)		(34,505	)		26,755			6,321		–		–

Invesco High Yield Bond Factor ETF		3.99%		–		1,395,051		(13,538	)		19,525			(36	)		14,327		54,334		1,401,002

Invesco Income Fund, Class R6^(c)		2.00%		858,172		568,648		(744,768	)		12,710			6,115			14,416		87,750		700,245

Invesco Intermediate Bond Factor Fund, Class R6		3.00%		–		1,051,642		(18,097	)		17,201			(9	)		4,654		95,870		1,050,737

Invesco International Bond Fund, Class R6^(c)		1.98%		951,738		446,299		(645,624	)		(59,713	)		5,722			7,410		129,515		695,497

Invesco Short Duration Inflation Protected Fund, Class R6^(c)		1.99%		475,484		392,595		(182,502	)		6,369			7,436			3,389		63,481		698,924

Invesco Taxable Municipal Bond ETF		9.49%		950,060		2,598,056		(268,887	)		42,221			6,670			30,190		100,305		3,328,120

Invesco Variable Rate Investment Grade ETF^(c)		3.98%		1,520,716		1,166,568		(1,296,585	)		3,219			1,631			6,981		55,590		1,395,031

Total Fixed Income Funds				9,518,556		10,213,057		(8,195,577	)		21,312			(7,658	)		128,390				11,545,125

Foreign Equity Funds–17.53%
Invesco Emerging Markets All Cap Fund, Class R6		4.45%		95,132		1,450,606		(25,639	)		38,509			2,257			–		35,139		1,560,865

Invesco Developing Markets Fund, Class R6		4.21%		–		1,474,152		(75,769	)		76,461			534			–		25,902		1,475,378

Invesco International Select Equity Fund, Class R6^(b)		1.97%		94,521		626,622		(27,245	)		(11,506	)		8,292			–		43,769		690,684

Invesco International Small-Mid Company Fund, Class R6		1.48%		189,787		959,341		(636,800	)		32,066			(24,113	)		–		8,850		520,281

Invesco PureBeta^SMFTSE Developed ex-North America ETF		0.98%		190,210		152,911		(18,217	)		19,741			1,023			3,625		11,737		345,668

Invesco RAFI™ Strategic Developed ex-US ETF		2.96%		189,517		1,383,597		(657,321	)		60,167			61,875			15,582		33,685		1,037,835

Invesco S&P International Developed Low Volatility ETF		1.48%		189,387		947,071		(634,276	)		12,404			5,938			11,771		16,840		520,524

Total Foreign Equity Funds				948,554		6,994,300		(2,075,267	)		227,842			55,806			30,978				6,151,235

Money Market Funds–0.57%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)		0.16%		279,187		4,126,531		(4,351,078	)		–			–			19		54,640		54,640

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)		0.23%		199,374		2,946,416		(3,063,729	)		–			18			13		82,047		82,079

Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)		0.18%		319,071		4,716,035		(4,972,660	)		–			–			8		62,446		62,446

Total Money Market Funds				797,632		11,788,982		(12,387,467	)		–			18			40				199,165

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $32,211,125)		100.04%		19,865,649		38,101,062		(24,810,707	)		1,722,546			243,866			198,999				35,096,262

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

25 Invesco Peak Retirement™ Funds

Schedule of Investments–(continued)

June 30, 2021

(Unaudited)

Invesco Peak Retirement™ 2030 Fund (continued)

Schedule of Investments in Affiliated Issuers–100.04%^(a)


	% of Net Assets 06/30/21		Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Dividend Income			Shares 06/30/21		Value 06/30/21

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–0.00%
Invesco Private Government Fund, 0.02%^(d)		–	$	–	$	2,446,650	$	(2,446,650	)		$ –		$ –		$	11	^(e)		–	$	–

Invesco Private Prime Fund, 0.12%^(d)		–		–		4,605,968		(4,605,968	)		–		–			165	^(e)		–		–

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00%		–		7,052,618		(7,052,618	)		–		–			176					–

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $32,211,125)		100.04%	$	19,865,649	$	45,153,680	$	(31,863,325	)		$1,722,546		$243,866	^(f)(g)	$	199,175	^(f)			$	35,096,262

OTHER ASSETS LESS LIABILITIES		(0.04)%																			(14,628	)

NET ASSETS		100.00%																		$	35,081,634

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, 2021.

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

^(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

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

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

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


Fund Name		Capital Gain

Invesco Main Street Small Cap Fund		$21,589

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

26 Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2021

(Unaudited)

Invesco Peak Retirement™ 2035 Fund

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


	% of Net Assets 06/30/21		Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/21		Value 06/30/21

Alternative Funds–4.93%
Invesco Global Real Estate Income Fund, Class R6		2.94%	$	275,287	$	160,960	$	(14,351	)		$ 45,249			$ (220	)	$	4,155		49,202	$	466,925

Invesco Macro Allocation Strategy Fund, Class R6^(b)		1.99%		182,666		133,905		(7,355	)		6,119			(119	)		–		33,785		315,216

Total Alternative Funds				457,953		294,865		(21,706	)		51,368			(339	)		4,155				782,141

Domestic Equity Funds–51.26%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		6.62%		692,215		424,159		(152,437	)		81,011			5,139			–		26,911		1,050,087

Invesco Main Street Small Cap Fund, Class R6		4.50%		461,834		235,410		(59,588	)		76,405			8,376			213		32,597		713,868

Invesco PureBeta^SMMSCI USA ETF		7.00%		553,176		498,875		(62,049	)		112,943			6,772			3,640		25,320		1,109,717

Invesco Russell 1000 Dynamic Multifactor ETF		12.19%		825,828		994,491		(93,546	)		194,758			11,847			7,861		41,338		1,933,378

Invesco S&P SmallCap Low Volatility ETF		2.97%		321,968		158,632		(57,853	)		47,217			1,703			2,565		10,059		471,667

Invesco U.S. Managed Volatility Fund, Class R6		17.98%		1,839,318		961,497		(232,727	)		261,886			22,449			–		209,122		2,852,423

Total Domestic Equity Funds				4,694,339		3,273,064		(658,200	)		774,220			56,286			14,279				8,131,140

Fixed Income Funds–22.97%
Invesco Core Plus Bond Fund, Class R6		3.00%		870,904		380,118		(758,269	)		(4,937	)		(12,379	)		6,823		42,074		475,437

Invesco Floating Rate ESG Fund, Class R6^(c)		1.00%		229,726		67,552		(142,622	)		4,374			(745	)		2,363		21,591		158,263

Invesco Fundamental High Yield^® Corporate Bond ETF		–		183,066		39,218		(220,891	)		(9,434	)		8,041			1,125		–		–

Invesco High Yield Bond Factor ETF		2.99%		–		482,970		(15,371	)		6,472			(14	)		4,813		18,385		474,057

Invesco Income Fund, Class R6^(c)		1.50%		137,699		105,271		(9,095	)		3,050			772			3,324		29,773		237,591

Invesco Intermediate Bond Factor Fund, Class R6		2.50%		–		407,283		(16,825	)		6,350			47			1,726		36,210		396,855

Invesco International Bond Fund, Class R6^(c)		1.49%		274,850		115,216		(138,677	)		(22,918	)		8,585			2,031		43,944		235,977

Invesco Short Duration Inflation Protected Fund, Class R6^(c)		1.49%		228,803		143,042		(139,777	)		373			4,972			1,143		21,534		237,093

Invesco Taxable Municipal Bond ETF		6.02%		640,051		520,037		(206,679	)		(7,103	)		8,349			10,386		28,772		954,655

Invesco Variable Rate Investment Grade ETF^(c)		2.98%		914,709		394,973		(838,438	)		(3,643	)		5,924			2,806		18,860		473,292

Total Fixed Income Funds				3,479,808		2,655,680		(2,486,644	)		(27,416	)		23,552			36,540				3,643,220

Foreign Equity Funds–20.57%
Invesco Emerging Markets All Cap Fund, Class R6		5.43%		45,783		818,014		(23,550	)		17,444			3,200			–		19,381		860,891

Invesco Developing Markets Fund, Class R6		5.25%		46,538		756,768		(8,038	)		37,238			60			–		14,617		832,566

Invesco International Select Equity Fund, Class R6^(b)		1.97%		90,982		228,227		(6,036	)		(1,835	)		1,803			–		19,844		313,141

Invesco International Small-Mid Company Fund, Class R6		2.00%		91,337		417,403		(202,412	)		18,418			(7,658	)		–		5,393		317,088

Invesco PureBeta^SMFTSE Developed ex-North America ETF		0.99%		91,534		58,052		(1,950	)		9,093			(20	)		1,587		5,321		156,709

Invesco RAFI™ Strategic Developed ex-US ETF		2.96%		91,179		620,282		(295,628	)		18,349			35,332			6,704		15,239		469,514

Invesco S&P International Developed Low Volatility ETF		1.97%		91,140		414,241		(200,791	)		6,568			1,898			5,653		10,128		313,056

Total Foreign Equity Funds				548,493		3,312,987		(738,405	)		105,275			34,615			13,944				3,262,965

Money Market Funds–0.56%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)		0.18%		277,562		1,659,601		(1,909,219	)		–			–			8		27,944		27,944

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)		0.18%		199,001		1,185,430		(1,355,439	)		–			19			6		28,999		29,011

Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)		0.20%		317,214		1,896,687		(2,181,966	)		–			–			3		31,935		31,935

Total Money Market Funds				793,777		4,741,718		(5,446,624	)		–			19			17				88,890

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $14,182,279)		100.29%		9,974,370		14,278,314		(9,351,579	)		903,447			114,133			68,935				15,908,356

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

27 Invesco Peak Retirement™ Funds

Schedule of Investments–(continued)

June 30, 2021

(Unaudited)

Invesco Peak Retirement™ 2035 Fund (continued)

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


	% of Net Assets 06/30/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Dividend Income			Shares 06/30/21		Value 06/30/21

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–0.00%
Invesco Private Government Fund, 0.02%^(d)		–		$	–	$	1,080,473	$	(1,080,473	)		$ –		$ –			$ 6	^(e)		–	$	–

Invesco Private Prime Fund, 0.12%^(d)		–			–		1,968,436		(1,968,436	)		–		–			119	^(e)		–		–

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		–		3,048,909		(3,048,909	)		–		–			125					–

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $14,182,279)		100.29	%	$	9,974,370	$	17,327,223	$	(12,400,488	)		$903,447		$114,133	^(f)(g)		$69,060	^(f)			$	15,908,356

OTHER ASSETS LESS LIABILITIES		(0.29	)%																			(45,863	)

NET ASSETS		100.00	%																		$	15,862,493

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, 2021.

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

^(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

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

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

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


Fund Name		Capital Gain

Invesco Main Street Small Cap Fund		$8,569

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

28 Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2021

(Unaudited)

Invesco Peak Retirement™ 2040 Fund

Schedule of Investments in Affiliated Issuers–100.11%^(a)


	% of Net Assets 06/30/21		Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/21		Value 06/30/21

Alternative Funds–1.95%
Invesco Global Real Estate Income Fund, Class R6		1.95%		$ 260,542		$ 294,047		$ (202,130	)		$ 39,985			$ 8,445			$ 4,601		42,243		$ 400,889

Invesco Macro Allocation Strategy Fund, Class R6^(b)		–		172,898		185,774		(354,291	)		(11,298	)		6,917			–		–		–

Total Alternative Funds				433,440		479,821		(556,421	)		28,687			15,362			4,601				400,889

Domestic Equity Funds–59.06%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		9.05%		873,503		1,059,860		(199,881	)		106,000			23,697			–		47,749		1,863,179

Invesco Main Street Small Cap Fund, Class R6		5.45%		524,530		598,837		(115,027	)		111,576			16,147			350		51,233		1,122,007

Invesco PureBeta^SMMSCI USA ETF		10.03%		698,080		1,430,895		(265,808	)		189,138			14,609			5,573		47,160		2,066,914

Invesco Russell 1000 Dynamic Multifactor ETF		13.50%		1,042,436		1,586,312		(156,468	)		296,589			11,421			12,567		59,446		2,780,290

Invesco S&P SmallCap Low Volatility ETF		2.97%		348,286		354,944		(159,451	)		57,485			10,041			3,739		13,037		611,305

Invesco U.S. Managed Volatility Fund, Class R6		18.06%		1,566,781		1,916,643		(132,009	)		352,157			15,802			–		272,682		3,719,374

Total Domestic Equity Funds				5,053,616		6,947,491		(1,028,644	)		1,112,945			91,717			22,229				12,163,069

Fixed Income Funds–14.82%
Invesco Core Plus Bond Fund, Class R6		0.99%		390,486		315,269		(491,424	)		(374	)		(9,963	)		3,439		18,053		203,994

Invesco High Yield Bond Factor ETF		1.98%		–		410,442		(8,572	)		5,729			(15	)		4,267		15,807		407,584

Invesco Income Fund, Class R6^(c)		0.99%		217,228		213,206		(231,283	)		3,236			1,674			4,119		25,550		203,892

Invesco Intermediate Bond Factor Fund, Class R6		2.47%		–		514,230		(14,198	)		8,440			30			2,301		46,396		508,502

Invesco International Bond Fund, Class R6^(c)		0.98%		173,447		128,452		(87,278	)		(18,053	)		4,886			2,087		37,403		200,854

Invesco Short Duration Inflation Protected Fund, Class R6^(c)		–		129,933		139,089		(270,398	)		(2,879	)		4,390			507		–		–

Invesco Taxable Municipal Bond ETF		4.95%		562,498		745,408		(293,497	)		(2,572	)		7,585			10,655		30,724		1,019,422

Invesco Variable Rate Investment Grade ETF^(c)		2.46%		865,728		588,814		(948,148	)		514			804			2,646		20,224		507,521

Total Fixed Income Funds				2,339,320		3,054,910		(2,344,798	)		(5,959	)		9,391			30,021				3,051,769

Foreign Equity Funds–23.70%
Invesco Emerging Markets All Cap Fund, Class R6		5.68%		87,360		1,074,576		(17,765	)		20,597			4,812			–		26,330		1,169,580

Invesco Developing Markets Fund, Class R6		5.73%		87,456		1,050,073		(6,574	)		47,387			857			–		20,702		1,179,199

Invesco International Select Equity Fund, Class R6^(b)		2.47%		86,072		525,583		(96,950	)		(12,638	)		6,959			–		32,258		509,026

Invesco International Small-Mid Company Fund, Class R6		1.99%		173,397		501,244		(278,866	)		24,368			(10,419	)		–		6,969		409,724

Invesco PureBeta^SMFTSE Developed ex-North America ETF		2.94%		129,952		469,181		(24,672	)		29,849			939			6,353		20,551		605,249

Invesco RAFI™ Strategic Developed ex-US ETF		2.93%		172,615		767,308		(405,772	)		34,980			34,683			9,042		19,598		603,814

Invesco S&P International Developed Low Volatility ETF		1.96%		129,407		557,473		(294,003	)		9,291			2,042			7,633		13,077		404,210

Total Foreign Equity Funds				866,259		4,945,438		(1,124,602	)		153,834			39,873			23,028				4,880,802

Money Market Funds–0.58%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)		0.19%		59,148		2,442,918		(2,462,759	)		–			–			11		39,307		39,307

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)		0.17%		42,240		1,744,941		(1,752,068	)		–			4			7		35,103		35,117

Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)		0.22%		67,597		2,791,906		(2,814,580	)		–			–			5		44,923		44,923

Total Money Market Funds				168,985		6,979,765		(7,029,407	)		–			4			23				119,347

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $18,442,887)		100.11%		8,861,620		22,407,425		(12,083,872	)		1,289,507			156,347			79,902				20,615,876

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

29 Invesco Peak Retirement™ Funds

Schedule of Investments–(continued)

June 30, 2021

(Unaudited)

Invesco Peak Retirement™ 2040 Fund (continued)

Schedule of Investments in Affiliated Issuers–100.11%^(a)


	% of Net Assets 06/30/21		Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Dividend Income			Shares 06/30/21		Value 06/30/21

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–0.00%
Invesco Private Government Fund, 0.02%^(d)		–	$	–	$	1,513,832	$	(1,513,832	)		$ –		$ –			$ 8	^(e)		–	$	–

Invesco Private Prime Fund, 0.12%^(d)		–		–		2,635,639		(2,635,639	)		–		–			130	^(e)		–		–

Total Investments Purchased with Cash Collateral from

Securities on Loan (Cost $0)		0.00%		–		4,149,471		(4,149,471	)		–		–			138					–

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $18,442,887)		100.11%	$	8,861,620	$	26,556,896	$	(16,233,343	)		$1,289,507		$156,347	(f)(g)		$80,040	^(f)			$	20,615,876

OTHER ASSETS LESS LIABILITIES		(0.11)%																			(23,042	)

NET ASSETS		100.00%																		$	20,592,834

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, 2021.

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

^(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

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

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

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


Fund Name		Capital Gain

Invesco Main Street Small Cap Fund		$14,056

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

30 Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2021

(Unaudited)

Invesco Peak Retirement™ 2045 Fund

Schedule of Investments in Affiliated Issuers–99.80%^(a)


	% of Net Assets 06/30/21		Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 06/30/21		Value 06/30/21

Alternative Funds–0.00%
Invesco Global Real Estate Income Fund, Class R6		–		$ 189,133		$ 45,976		$ (245,996	)		$ (5,669	)		$ 16,556			$ 1,221			–		$ –

Domestic Equity Funds–63.99%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		8.98%		634,043		272,533		(149,111	)		54,417			18,160			–			21,272		830,042

Invesco Main Street Small Cap Fund, Class R6		5.97%		475,930		228,458		(238,554	)		61,980			30,821			174			25,189		551,645

Invesco PureBeta^SMMSCI USA ETF		12.00%		728,396		320,428		(70,363	)		118,512			12,350			4,085			25,311		1,109,323

Invesco Russell 1000 Dynamic Multifactor ETF		17.03%		1,008,665		538,109		(167,065	)		169,012			25,837			6,878			33,666		1,574,558

Invesco S&P SmallCap Low Volatility ETF		3.00%		316,020		64,434		(139,319	)		24,106			12,301			1,698			5,919		277,542

Invesco U.S. Managed Volatility Fund, Class R6		17.01%		947,771		525,662		(63,772	)		153,508			8,622			–			115,233		1,571,791

Total Domestic Equity Funds				4,110,825		1,949,624		(828,184	)		581,535			108,091			12,835					5,914,901

Fixed Income Funds–9.99%
Invesco 1-30 Laddered Treasury ETF		–		314,511		58,086		(355,158	)		4,757			(22,196	)		441			–		–

Invesco High Yield Bond Factor ETF		1.49%		–		138,253		(2,006	)		1,961			–			1,441			5,360		138,208

Invesco Intermediate Bond Factor Fund, Class R6		2.50%		–		232,394		(5,043	)		3,845			23			1,042			21,097		231,219

Invesco Taxable Municipal Bond ETF		4.01%		188,471		290,867		(116,496	)		3,387			4,193			3,139			11,164		370,422

Invesco Variable Rate Investment Grade ETF^(c)		1.99%		691,298		102,140		(610,532	)		(8,448	)		9,571			1,003			7,326		183,846

Total Fixed Income Funds				1,194,280		821,740		(1,089,235	)		5,502			(8,409	)		7,066					923,695

Foreign Equity Funds–25.79%
Invesco Emerging Markets All Cap Fund, Class R6		6.20%		94,089		474,985		(11,837	)		12,880			2,918			–			12,900		573,035

Invesco Developing Markets Fund, Class R6		6.22%		95,847		468,528		(17,521	)		24,545			3,682			–			10,096		575,081

Invesco International Select Equity Fund, Class R6^(b)		2.46%		93,759		176,063		(42,981	)		(17,048	)		17,433			–			14,400		227,226

Invesco International Small-Mid Company Fund, Class R6		1.97%		156,834		144,288		(125,797	)		10,276			(3,082	)		–			3,105		182,519

Invesco PureBeta^SMFTSE Developed ex-North America ETF		3.97%		125,753		274,602		(55,139	)		19,247			2,085			4,000			12,446		366,548

Invesco RAFI™ Strategic Developed ex-US ETF		2.98%		125,310		332,937		(220,754	)		6,448			31,223			4,277			8,931		275,164

Invesco S&P International Developed Low Volatility ETF		1.99%		125,238		174,904		(122,100	)		4,493			1,472			3,416			5,953		184,007

Total Foreign Equity Funds				816,830		2,046,307		(596,129	)		60,841			55,731			11,693					2,383,580

Money Market Funds–0.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)		0.01%		63,733		767,461		(829,767	)		–			–			4			1,427		1,427

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)		–		51,674		548,186		(599,866	)		–			6			3			–		–

Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)		0.02%		72,838		877,098		(948,305	)		–			–			2			1,631		1,631

Total Money Market Funds				188,245		2,192,745		(2,377,938	)		–			6			9					3,058

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $7,738,695)		99.80%		6,499,313		7,056,392		(5,137,482	)		642,209			171,975			32,824					9,225,234

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–0.00%
Invesco Private Government Fund, 0.02%^(d)		–		17,613		323,783		(341,396	)		–			–			3	^(e)		–		–

Invesco Private Prime Fund, 0.12%^(d)		–		24,883		520,701		(545,586	)		–			2			49	^(e)		–		–

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00%		42,496		844,484		(886,982	)		–			2			52					–

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $7,738,695)		99.80%		$6,541,809		$7,900,876		$(6,024,464	)		$642,209			$171,977	^(f)(g)		$32,876	^(f)				$9,225,234

OTHER ASSETS LESS LIABILITIES		0.20%																				18,907

NET ASSETS		100.00%																				$9,244,141

Investment Abbreviations:

ETF - Exchange-Traded Fund

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

31 Invesco Peak Retirement™ Funds

Schedule of Investments–(continued)

June 30, 2021

(Unaudited)

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, 2021.

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

^(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

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

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

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


Fund Name		Capital Gain

Invesco Main Street Small Cap Fund		$6,990

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

32 Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2021

(Unaudited)

Invesco Peak Retirement™ 2050 Fund

Schedule of Investments in Affiliated Issuers–100.47%^(a)


	% of Net Assets 06/30/21		Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 06/30/21		Value 06/30/21

Alternative Funds–0.00%
Invesco Global Real Estate Income Fund, Class R6		–		$ 116,870		$ 147,774		$ (276,935	)		$ (3,220)			$15,511			$ 1,375			–		$ –

Domestic Equity Funds–67.60%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		7.98%		588,788		895,424		(300,199	)		87,822			(4,732	)		–			32,473		1,267,103

Invesco Main Street Small Cap Fund, Class R6		6.19%		530,343		738,115		(400,389	)		109,091			17,819			302			44,880		982,866

Invesco PureBeta^SMMSCI USA ETF		15.01%		823,412		1,364,846		(60,529	)		254,740			(609	)		8,463			54,346		2,381,860

Invesco Russell 1000 Dynamic Multifactor ETF		18.96%		1,001,554		1,904,382		(203,523	)		306,245			1,178			12,618			64,354		3,009,836

Invesco S&P SmallCap Low Volatility ETF		3.49%		352,645		355,668		(212,432	)		51,934			6,050			3,250			11,812		553,865

Invesco U.S. Managed Volatility Fund, Class R6		15.97%		762,760		1,547,789		(13,907	)		237,322			1,071			–			185,852		2,535,035

Total Domestic Equity Funds				4,059,502		6,806,224		(1,190,979	)		1,047,154			20,777			24,633					10,730,565

Fixed Income Funds–4.99%
Invesco 1-30 Laddered Treasury ETF		–		406,820		266,841		(642,250	)		5,367			(36,778	)		813			–		–

Invesco Intermediate Bond Factor Fund, Class R6		2.00%		–		311,736		–			5,132			–			1,387			28,911		316,868

Invesco Taxable Municipal Bond ETF		2.00%		–		305,802		–			10,934			–			2,024			9,546		316,736

Invesco Variable Rate Investment Grade ETF^(c)		0.99%		406,162		260,484		(509,092	)		(2,163	)		2,550			958			6,290		157,848

Total Fixed Income Funds				812,982		1,144,863		(1,151,342	)		19,270			(34,228	)		5,182					791,452

Foreign Equity Funds–26.95%
Invesco Emerging Markets All Cap Fund, Class R6		6.42%		89,415		911,566		(3,220	)		21,446			14			–			22,945		1,019,221

Invesco Developing Markets Fund, Class R6		6.44%		89,524		899,687		(7,175	)		40,866			38			–			17,959		1,022,940

Invesco International Select Equity Fund, Class R6^(b)		2.95%		88,066		456,261		(71,883	)		(20,652	)		16,602			–			29,683		468,394

Invesco International Small-Mid Company Fund, Class R6		2.24%		177,450		415,877		(250,823	)		22,854			(10,525	)		–			6,036		354,833

Invesco PureBeta^SMFTSE Developed ex-North America ETF		3.95%		144,321		527,002		(76,320	)		32,822			(899	)		6,827			21,287		626,926

Invesco RAFI™ Strategic Developed ex-US ETF		2.97%		144,281		631,721		(362,011	)		19,776			36,886			7,294			15,276		470,653

Invesco S&P International Developed Low Volatility ETF		1.98%		145,902		379,809		(219,914	)		7,614			1,284			5,802			10,181		314,695

Total Foreign Equity Funds				878,959		4,221,923		(991,346	)		124,726			43,400			19,923					4,277,662

Money Market Funds–0.93%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)		0.32%		23,967		2,121,950		(2,095,627	)		–			–			10			50,290		50,290

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)		0.25%		17,117		1,515,679		(1,492,522	)		–			2			6			40,260		40,276

Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)		0.36%		27,390		2,425,086		(2,395,002	)		–			–			4			57,474		57,474

Total Money Market Funds				68,474		6,062,715		(5,983,151	)		–			2			20					148,040

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $14,025,346)		100.47%		5,936,787		18,383,499		(9,593,753	)		1,187,930			45,462			51,133					15,947,719

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–0.00%
Invesco Private Government Fund, 0.02%^(d)		–		–		364,559		(364,559	)		–			–			2	^(e)		–		–

Invesco Private Prime Fund, 0.12%^(d)		–		–		590,924		(590,924	)		–			–			53	^(e)		–		–

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00%		–		955,483		(955,483	)		–			–			55					–

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $14,025,346)		100.47%		$5,936,787		$19,338,982		$(10,549,236	)		$1,187,930			$45,462	^(f)		$51,188					$15,947,719

OTHER ASSETS LESS LIABILITIES		(0.47)%																				(74,377	)

NET ASSETS		100.00%																				$15,873,342

Investment Abbreviations:

ETF - Exchange-Traded Fund

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

33 Invesco Peak Retirement™ Funds

Schedule of Investments–(continued)

June 30, 2021

(Unaudited)

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, 2021.

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

^(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

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

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


Fund Name		Capital Gain

Invesco Main Street Small Cap Fund		$12,113

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

34 Invesco Peak Retirement™ Funds

Schedule of Investments

June 30, 2021

(Unaudited)

Invesco Peak Retirement™ 2055 Fund

Schedule of Investments in Affiliated Issuers–100.57%^(a)


	% of Net Assets 06/30/21		Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/21		Value 06/30/21

Domestic Equity Funds–67.72%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		8.15%	$	298,515	$	131,881	$	(74,951	)		$ 31,284			$ (659	)		$ –		9,894	$	386,070

Invesco Main Street Small Cap Fund, Class R6		6.18%		298,770		91,524		(140,751	)		20,050			26,436			86		13,360		292,588

Invesco PureBeta^SMMSCI USA ETF		14.98%		492,006		199,726		(63,537	)		81,206			(6	)		2,664		16,186		709,395

Invesco Russell 1000 Dynamic Multifactor ETF		18.93%		534,210		355,947		(97,033	)		96,568			6,328			3,660		19,158		896,020

Invesco S&P SmallCap Low Volatility ETF		3.48%		208,304		53,700		(120,932	)		11,426			12,367			1,049		3,516		164,865

Invesco U.S. Managed Volatility Fund, Class R6		16.00%		342,082		349,284		(4,476	)		70,489			195			–		55,541		757,574

Total Domestic Equity Funds				2,173,887		1,182,062		(501,680	)		311,023			44,661			7,459				3,206,512

Fixed Income Funds–4.97%
Invesco 1-30 Laddered Treasury ETF		–		190,037		35,610		(214,447	)		2,472			(13,672	)		290		–		–

Invesco Intermediate Bond Factor Fund, Class R6		1.99%		–		92,841		–			1,490			–			401		8,607		94,331

Invesco Taxable Municipal Bond ETF		1.99%		–		95,955		(5,017	)		3,104			23			582		2,835		94,065

Invesco Variable Rate Investment Grade ETF^(c)		0.99%		102,159		18,897		(74,236	)		(619	)		803			177		1,872		46,978

Total Fixed Income Funds				292,196		243,303		(293,700	)		6,447			(12,846	)		1,450				235,374

Foreign Equity Funds–26.88%
Invesco Emerging Markets All Cap Fund, Class R6		6.41%		44,961		250,858		–			7,635			–			–		6,832		303,454

Invesco Developing Markets Fund, Class R6		6.43%		60,062		230,206		–			14,280			–			–		5,347		304,548

Invesco International Select Equity Fund, Class R6^(b)		2.94%		59,070		93,685		(14,107	)		(4,820	)		5,151			–		8,807		138,979

Invesco International Small-Mid Company Fund, Class R6		2.22%		88,490		55,714		(43,635	)		6,177			(1,450	)		–		1,791		105,296

Invesco PureBeta^SMFTSE Developed ex-North America ETF		3.94%		87,252		125,996		(37,323	)		10,742			(35	)		2,037		6,337		186,632

Invesco RAFI™ Strategic Developed ex-US ETF		2.96%		87,369		148,942		(115,248	)		3,172			15,889			2,143		4,548		140,124

Invesco S&P International Developed Low Volatility ETF		1.98%		73,416		73,354		(56,020	)		2,322			616			1,623		3,031		93,688

Total Foreign Equity Funds				500,620		978,755		(266,333	)		39,508			20,171			5,803				1,272,721

Money Market Funds–1.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)		0.34%		19,925		372,040		(375,961	)		–			–			2		16,004		16,004

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)		0.27%		14,231		265,743		(267,107	)		–			1			1		12,863		12,868

Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)		0.39%		22,771		425,188		(429,668	)		–			–			1		18,291		18,291

Total Money Market Funds				56,927		1,062,971		(1,072,736	)		–			1			4				47,163

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $3,946,233)		100.57%	$	3,023,630	$	3,467,091	$	(2,134,449	)		$356,978			$51,987	^(e)		$14,716			$	4,761,770

OTHER ASSETS LESS LIABILITIES		(0.57)%																			(27,050	)

NET ASSETS		100.00%																		$	4,734,720

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, 2021.

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

^(d)

The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

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


Fund Name		Capital Gain

Invesco Main Street Small Cap Fund		$3,441

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, 2021

(Unaudited)

Invesco Peak Retirement™ 2060 Fund

Schedule of Investments in Affiliated Issuers–100.58%^(a)


	% of Net Assets 06/30/21		Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 06/30/21		Value 06/30/21

Domestic Equity Funds–67.76%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		8.18%	$	367,327	$	217,857	$	(97,051	)		$ 38,756			$ 2,566			$ –			13,569	$	529,455

Invesco Main Street Small Cap Fund, Class R6		6.20%		422,740		142,527		(216,477	)		39,141			18,320			121			18,328		401,385

Invesco PureBeta^SMMSCI USA ETF		14.96%		678,739		376,741		(204,822	)		113,959			3,537			4,156			22,090		968,154

Invesco Russell 1000 Dynamic Multifactor ETF		18.99%		697,937		504,097		(115,657	)		141,203			1,536			5,228			26,280		1,229,116

Invesco S&P SmallCap Low Volatility ETF		3.49%		293,206		113,420		(218,636	)		22,896			15,264			1,667			4,823		226,150

Invesco U.S. Managed Volatility Fund, Class R6		15.94%		364,570		570,743		–			96,458			–			–			75,644		1,031,771

Total Domestic Equity Funds				2,824,519		1,925,385		(852,643	)		452,413			41,223			11,172					4,386,031

Fixed Income Funds–5.00%
Invesco 1-30 Laddered Treasury ETF		–		145,265		88,629		(216,654	)		1,865			(19,105	)		489			–		–

Invesco Intermediate Bond Factor Fund, Class R6		2.00%		–		127,284		–			2,081			–			559			11,804		129,365

Invesco Taxable Municipal Bond ETF		2.00%		–		131,117		(5,812	)		4,312			50			805			3,908		129,667

Invesco Variable Rate Investment Grade ETF^(c)		1.00%		36,211		28,084		–			182			–			227			2,569		64,469

Total Fixed Income Funds				181,476		375,114		(222,466	)		8,440			(19,055	)		2,080					323,501

Foreign Equity Funds–26.93%
Invesco Emerging Markets All Cap Fund, Class R6		6.43%		73,930		332,240		–			10,133			–			–			9,372		416,303

Invesco Developing Markets Fund, Class R6		6.44%		74,424		322,742		–			19,405			–			–			7,313		416,571

Invesco International Select Equity Fund, Class R6^(b)		2.95%		72,817		141,001		(22,966	)		(7,201	)		7,630			–			12,122		191,281

Invesco International Small-Mid Company Fund, Class R6		2.22%		129,014		75,662		(66,979	)		9,047			(2,811	)		–			2,448		143,933

Invesco PureBeta^SMFTSE Developed ex-North America ETF		3.95%		108,166		189,325		(56,220	)		14,794			(636	)		2,864			8,673		255,429

Invesco RAFI™ Strategic Developed ex-US ETF		2.95%		108,491		224,707		(167,796	)		12,723			13,174			3,022			6,209		191,299

Invesco S&P International Developed Low Volatility ETF		1.99%		90,480		115,391		(80,998	)		3,184			467			2,299			4,158		128,524

Total Foreign Equity Funds				657,322		1,401,068		(394,959	)		62,085			17,824			8,185					1,743,340

Money Market Funds–0.89%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)		0.30%		18,349		668,844		(667,560	)		–			–			3			19,633		19,633

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)		0.24%		13,080		477,746		(475,282	)		–			1			2			15,538		15,545

Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)		0.35%		20,971		764,393		(762,926	)		–			–			1			22,438		22,438

Total Money Market Funds				52,400		1,910,983		(1,905,768	)		–			1			6					57,616

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $5,452,780)		100.58%		3,715,717		5,612,550		(3,375,836	)		522,938			39,993			21,443					6,510,488

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 0.02%^(d)		–		–		263,384		(263,384	)		–			–			3	^(e)		–		–

Invesco Private Prime Fund, 0.12%^(d)		–		–		393,577		(393,577	)		–			–			30	^(e)		–		–

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00%		–		656,961		(656,961	)		–			–			33					–

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $5,452,780)		100.58%	$	3,715,717	$	6,269,511	$	(4,032,797	)		$522,938			$39,993	^(f)		$21,476				$	6,510,488

OTHER ASSETS LESS LIABILITIES		(0.58)%																				(37,822	)

NET ASSETS		100.00%																			$	6,472,666

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)

June 30, 2021

(Unaudited)

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, 2021.

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

^(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

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

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


Fund Name		Capital Gain

Invesco Main Street Small Cap Fund		$4,866

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, 2021

(Unaudited)

Invesco Peak Retirement™ 2065 Fund

Schedule of Investments in Affiliated Issuers–99.69%^(a)


	% of Net Assets 06/30/21		Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/21		Value 06/30/21

Domestic Equity Funds–67.28%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		8.16%	$	281,865	$	159,801	$	(73,180	)		$ 30,074			$ 1,326			$ –		10,248	$	399,886

Invesco Main Street Small Cap Fund, Class R6		6.12%		324,431		124,088		(186,698	)		19,824			21,824			83		13,705		300,140

Invesco PureBeta^SMMSCI USA ETF		14.95%		520,902		301,437		(173,871	)		80,940			3,085			2,937		16,713		732,493

Invesco Russell 1000 Dynamic Multifactor ETF		18.72%		532,462		400,186		(116,524	)		98,997			2,319			3,784		19,616		917,440

Invesco S&P SmallCap Low Volatility ETF		3.43%		224,803		80,880		(164,329	)		9,182			17,799			1,186		3,590		168,335

Invesco U.S. Managed Volatility Fund, Class R6		15.90%		280,896		447,882		(18,404	)		67,129			1,835			–		57,136		779,338

Total Domestic Equity Funds				2,165,359		1,514,274		(733,006	)		306,146			48,188			7,990				3,297,632

Fixed Income Funds–4.98%
Invesco 1-30 Laddered Treasury ETF		–		112,138		53,285		(153,503	)		1,404			(13,324	)		331		–		–

Invesco Intermediate Bond Factor Fund, Class R6		1.99%		–		96,086		–			1,503			–			405		8,904		97,589

Invesco Taxable Municipal Bond ETF		2.00%		–		98,835		(4,197	)		3,140			36			586		2,948		97,814

Invesco Variable Rate Investment Grade ETF^(c)		0.99%		27,939		20,448		–			128			–			159		1,933		48,509

Total Fixed Income Funds				140,077		268,654		(157,700	)		6,175			(13,288	)		1,481				243,912

Foreign Equity Funds–26.75%
Invesco Emerging Markets All Cap Fund, Class R6		6.38%		56,969		250,493		(2,673	)		7,990			(138	)		–		7,038		312,641

Invesco Developing Markets Fund, Class R6		6.39%		57,015		250,282		(8,088	)		14,152			(42	)		–		5,501		313,319

Invesco International Select Equity Fund, Class R6^(b)		2.93%		56,116		105,727		(18,546	)		(6,871	)		7,084			–		9,094		143,510

Invesco International Small-Mid Company Fund, Class R6		2.21%		98,293		55,462		(50,506	)		6,914			(1,906	)		–		1,842		108,257

Invesco PureBeta^SMFTSE Developed ex-North America ETF		3.93%		83,844		142,975		(44,614	)		10,573			(109	)		2,090		6,542		192,669

Invesco RAFI™ Strategic Developed ex-US ETF		2.95%		83,558		162,277		(120,003	)		2,007			16,475			2,200		4,684		144,314

Invesco S&P International Developed Low Volatility ETF		1.96%		69,727		84,636		(61,143	)		2,306			635			1,654		3,111		96,161

Total Foreign Equity Funds				505,522		1,051,852		(305,573	)		37,071			21,999			5,944				1,310,871

Money Market Funds–0.68%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)		0.06%		13,231		519,220		(529,591	)		–			–			2		2,860		2,860

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)		0.55%		15,189		370,871		(358,986	)		–			1			2		27,064		27,075

Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)		0.07%		15,122		593,394		(605,247	)		–			–			1		3,269		3,269

Total Money Market Funds				43,542		1,483,485		(1,493,824	)		–			1			5				33,204

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $4,123,205)		99.69%	$	2,854,500	$	4,318,265	$	(2,690,103	)		$349,392			$56,900	^(e)		$15,420			$	4,885,619

OTHER ASSETS LESS LIABILITIES		0.31%																			15,251

NET ASSETS		100.00%																		$	4,900,870

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, 2021.

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

^(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

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


Fund Name		Capital Gain

Invesco Main Street Small Cap Fund		$3,329

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

38 Invesco Peak Retirement™ Funds

Portfolio Composition*

June 30, 2021

(Unaudited)


Invesco Peak Retirement™ Destination Fund

By fund type, based on total investments
Fixed Income Funds	57.24	%
Equity Funds	26.36
Alternative Funds	11.18
Money Market Funds	5.22

Invesco Peak Retirement™ 2010 Fund

By fund type, based on total investments
Fixed Income Funds	54.89	%
Equity Funds	30.61
Alternative Funds	9.09
Money Market Funds	5.41

Invesco Peak Retirement™ 2015 Fund

By fund type, based on total investments
Fixed Income Funds	52.73	%
Equity Funds	35.68
Alternative Funds	6.37
Money Market Funds	5.22

Invesco Peak Retirement™ 2020 Fund

By fund type, based on total investments
Fixed Income Funds	48.24	%
Equity Funds	40.76
Alternative Funds	4.89
Money Market Funds	6.11

Invesco Peak Retirement™ 2025 Fund

By fund type, based on total investments
Equity Funds	51.90	%
Fixed Income Funds	43.07
Alternative Funds	4.96
Money Market Funds	0.07

Invesco Peak Retirement™ 2030 Fund

By fund type, based on total investments
Equity Funds	61.60	%
Fixed Income Funds	32.89
Alternative Funds	4.94
Money Market Funds	0.57

Invesco Peak Retirement™ 2035 Fund

By fund type, based on total investments
Equity Funds	71.62	%
Fixed Income Funds	22.90
Alternative Funds	4.92
Money Market Funds	0.56


Invesco Peak Retirement™ 2040 Fund

By fund type, based on total investments
Equity Funds	82.68	%
Fixed Income Funds	14.80
Alternative Funds	1.94
Money Market Funds	0.58

Invesco Peak Retirement™ 2045 Fund

By fund type, based on total investments
Equity Funds	89.96	%
Fixed Income Funds	10.01
Money Market Funds	0.03

Invesco Peak Retirement™ 2050 Fund

By fund type, based on total investments
Equity Funds	94.11	%
Fixed Income Funds	4.96
Money Market Funds	0.93

Invesco Peak Retirement™ 2055 Fund

By fund type, based on total investments
Equity Funds	94.07	%
Fixed Income Funds	4.94
Money Market Funds	0.99

Invesco Peak Retirement™ 2060 Fund

By fund type, based on total investments
Equity Funds	94.15	%
Fixed Income Funds	4.97
Money Market Funds	0.88

Invesco Peak Retirement™ 2065 Fund

By fund type, based on total investments
Equity Funds	94.33	%
Fixed Income Funds	4.99
Money Market Funds	0.68

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

Data presented here are as of June 30, 2021

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

39 Invesco Peak Retirement™ Funds

Statements of Assets and Liabilities

June 30, 2021

(Unaudited)


	Invesco Peak Retirement™ Destination Fund		Invesco Peak Retirement™ 2010 Fund		Invesco Peak Retirement™ 2015 Fund		Invesco Peak Retirement™ 2020 Fund		Invesco Peak Retirement™ 2025 Fund		Invesco Peak Retirement™ 2030 Fund
Assets:
Investments in affiliated underlying funds, at value		$4,558,820		$303,424		$1,789,002		$11,526,902		$19,285,119		$35,096,262
Receivable for: Investments sold - affiliated underlying funds		–		–		–		5,862		135,350		45,003
Fund shares sold		57		–		165		2,529		56,883		22,649
Dividends - affiliated underlying funds		3,203		206		1,133		5,421		7,878		10,693
Investment for trustee deferred compensation and retirement plans		12,735		–		12,734		12,739		12,754		12,755
Other assets		59,318		87,851		53,901		55,073		56,104		59,113
Total assets		4,634,133		391,481		1,856,935		11,608,526		19,554,088		35,246,475

Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		3,211		206		1,135		206,401		7,897		10,718
Fund shares reacquired		–		–		–		–		–		4,579
Amount due custodian		–		–		–		–		33,306		–
Accrued fees to affiliates		35,644		75,869		34,696		63,272		97,527		110,126
Accrued trustees’ and officers’ fees and benefits		458		–		416		361		–		371
Accrued other operating expenses		32,780		12,063		22,541		25,275		23,856		26,292
Trustee deferred compensation and retirement plans		12,735		–		12,734		12,739		12,754		12,755
Total liabilities		84,828		88,138		71,522		308,048		175,340		164,841
Net assets applicable to shares outstanding		$4,549,305		$303,343		$1,785,413		$11,300,478		$19,378,748		$35,081,634

Net assets consist of:
Shares of beneficial interest		$4,331,216		$300,060		$1,672,122		$10,563,884		$17,444,748		$31,824,825
Distributable earnings		218,089		3,283		113,291		736,594		1,934,000		3,256,809
		$4,549,305		$303,343		$1,785,413		$11,300,478		$19,378,748		$35,081,634

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–(continued)

June 30, 2021

(Unaudited)


	Invesco Peak Retirement™ Destination Fund		Invesco Peak Retirement™ 2010 Fund		Invesco Peak Retirement™ 2015 Fund		Invesco Peak Retirement™ 2020 Fund		Invesco Peak Retirement™ 2025 Fund		Invesco Peak Retirement™ 2030 Fund

Net Assets:
Class A		$3,777,944		$ 10,116		$ 863,908		$ 6,657,259		$14,472,304		$22,954,139

Class C		$ 181,995		$ 10,104		$ 219,564		$ 1,835,392		$ 2,600,027		$ 5,034,773

Class R		$ 120,483		$ 10,112		$ 214,479		$ 2,228,967		$ 2,128,433		$ 6,764,798

Class Y		$ 42,635		$ 10,120		$ 44,327		$ 114,058		$ 154,795		$ 304,663

Class R5		$ 106,576		$ 10,121		$ 110,798		$ 116,216		$ 11,988		$ 12,029

Class R6		$ 319,672		$252,770		$ 332,337		$ 348,586		$ 11,201		$ 11,232


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		354,833		1,001		78,331		576,824		1,209,069		1,877,085

Class C		17,084		1,001		20,104		160,657		220,570		417,120

Class R		11,308		1,001		19,525		193,938		178,478		555,906

Class Y		4,001		1,001		4,001		9,819		12,861		24,765

Class R5		10,001		1,001		10,001		10,001		997		978

Class R6		30,001		25,001		30,001		30,001		931		913

Class A: Net asset value per share		$ 10.65		$ 10.11		$ 11.03		$ 11.54		$ 11.97		$ 12.23

Maximum offering price per share (Net asset value ÷ 94.50%)		$ 11.27		$ 10.70		$ 11.67		$ 12.21		$ 12.67		$ 12.94

Class C: Net asset value and offering price per share		$ 10.65		$ 10.09		$ 10.92		$ 11.42		$ 11.79		$ 12.07

Class R: Net asset value and offering price per share		$ 10.65		$ 10.10		$ 10.98		$ 11.49		$ 11.93		$ 12.17

Class Y: Net asset value and offering price per share		$ 10.66		$ 10.11		$ 11.08		$ 11.62		$ 12.04		$ 12.30

Class R5: Net asset value and offering price per share		$ 10.66		$ 10.11		$ 11.08		$ 11.62		$ 12.02		$ 12.30

Class R6: Net asset value and offering price per share		$ 10.66		$ 10.11		$ 11.08		$ 11.62		$ 12.03		$ 12.30

Cost of Investments in affiliated underlying funds		$4,259,350		$301,536		$1,674,458		$10,822,965		$17,655,538		$32,211,125

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, 2021

(Unaudited)


	Invesco Peak Retirement™ 2035 Fund			Invesco Peak Retirement™ 2040 Fund			Invesco Peak Retirement™ 2045 Fund			Invesco Peak Retirement™ 2050 Fund			Invesco Peak Retirement™ 2055 Fund			Invesco Peak Retirement™ 2060 Fund
Assets:
Investments in affiliated underlying funds, at value		$	15,908,356		$	20,615,876		$	9,225,234		$	15,947,719		$	4,761,770		$	6,510,488

Receivable for:
Investments sold - affiliated underlying funds			–			3,979			110,776			43,976			–			–

Fund shares sold			19,868			25,296			13,850			31,525			11,981			7,710

Dividends - affiliated underlying funds			3,212			2,255			359			478			141			194

Investment for trustee deferred compensation and retirement plans			12,747			12,744			12,742			12,741			12,736			12,737

Other assets			55,292			58,712			54,536			58,088			54,054			54,104

Total assets			15,999,475			20,718,862			9,417,497			16,094,527			4,840,682			6,585,233


Liabilities:
Payable for:
Investments purchased - affiliated underlying funds			3,215			2,253			39,956			95,206			23,520			25,336

Amount due custodian			–			–			27,794			–			–			–

Accrued fees to affiliates			97,654			85,296			69,046			88,763			46,212			50,840

Accrued trustees’ and officers’ fees and benefits			–			403			527			411			413			418

Accrued other operating expenses			23,366			25,332			23,291			24,064			23,081			23,236

Trustee deferred compensation and retirement plans			12,747			12,744			12,742			12,741			12,736			12,737

Total liabilities			136,982			126,028			173,356			221,185			105,962			112,567

Net assets applicable to shares outstanding		$	15,862,493		$	20,592,834		$	9,244,141		$	15,873,342		$	4,734,720		$	6,472,666


Net assets consist of:
Shares of beneficial interest		$	14,006,772		$	18,213,386		$	7,596,088		$	13,976,394		$	3,899,800		$	5,437,283

Distributable earnings			1,855,721			2,379,448			1,648,053			1,896,948			834,920			1,035,383

		$	15,862,493		$	20,592,834		$	9,244,141		$	15,873,342		$	4,734,720		$	6,472,666

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, 2021

(Unaudited)


	Invesco Peak Retirement™ 2035 Fund			Invesco Peak Retirement™ 2040 Fund			Invesco Peak Retirement™ 2045 Fund			Invesco Peak Retirement™ 2050 Fund			Invesco Peak Retirement™ 2055 Fund			Invesco Peak Retirement™ 2060 Fund

Net Assets:
Class A		$	8,833,311		$	11,965,356		$	5,050,912		$	8,690,032		$	2,514,774		$	3,231,951

Class C		$	3,125,166		$	2,605,585		$	1,659,144		$	2,648,037		$	772,189		$	525,292

Class R		$	2,952,223		$	5,317,336		$	2,109,049		$	3,739,739		$	831,961		$	2,076,245

Class Y		$	928,853		$	681,511		$	119,189		$	270,135		$	86,560		$	111,490

Class R5		$	11,916		$	11,993		$	28,706		$	131,367		$	132,326		$	131,939

Class R6		$	11,024		$	11,053		$	277,141		$	394,032		$	396,910		$	395,749


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A			704,753			940,508			390,665			665,021			190,888			246,219

Class C			252,570			207,367			130,512			206,023			59,471			40,585

Class R			236,711			420,564			164,112			288,604			63,529			159,144

Class Y			73,713			53,286			9,179			20,564			6,550			8,451

Class R5			946			938			2,209			10,001			10,001			10,001

Class R6			875			864			21,343			30,001			30,001			30,001

Class A:
Net asset value per share		$	12.53		$	12.72		$	12.93		$	13.07		$	13.17		$	13.13

Maximum offering price per share (Net asset value ÷ 94.50%)		$	13.26		$	13.46		$	13.68		$	13.83		$	13.94		$	13.89

Class C:
Net asset value and offering price per share		$	12.37		$	12.57		$	12.71		$	12.85		$	12.98		$	12.94

Class R:
Net asset value and offering price per share		$	12.47		$	12.64		$	12.85		$	12.96		$	13.10		$	13.05

Class Y:
Net asset value and offering price per share		$	12.60		$	12.79		$	12.98		$	13.14		$	13.22		$	13.19

Class R5:
Net asset value and offering price per share		$	12.60		$	12.79		$	13.00		$	13.14		$	13.23		$	13.19

Class R6:
Net asset value and offering price per share		$	12.60		$	12.79		$	12.99		$	13.13		$	13.23		$	13.19

Cost of Investments in affiliated underlying funds		$	14,182,279		$	18,442,887		$	7,738,695		$	14,025,346		$	3,946,233		$	5,452,780

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, 2021

(Unaudited)


	Invesco Peak Retirement™ 2065 Fund

Assets:
Investments in affiliated underlying funds, at value		$	4,885,619

Receivable for: Fund shares sold			28,476

Dividends - affiliated underlying funds			147

Investment for trustee deferred compensation and retirement plans			12,735

Other assets			54,472

Total assets			4,981,449


Liabilities:
Payable for: Investments purchased - affiliated underlying funds			145

Accrued fees to affiliates			44,217

Accrued trustees’ and officers’ fees and benefits			412

Accrued other operating expenses			23,070

Trustee deferred compensation and retirement plans			12,735

Total liabilities			80,579

Net assets applicable to shares outstanding		$	4,900,870


Net assets consist of:
Shares of beneficial interest		$	4,097,808

Distributable earnings			803,062

		$	4,900,870

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

44 Invesco Peak Retirement™ Funds

Statements of Assets and Liabilities–(continued)

June 30, 2021

(Unaudited)


	Invesco Peak Retirement™ 2065 Fund


Net Assets:
Class A		$	2,834,377

Class C		$	595,203

Class R		$	628,077

Class Y		$	306,669

Class R5		$	134,154

Class R6		$	402,390


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A			209,801

Class C			45,280

Class R			47,278

Class Y			22,856

Class R5			10,001

Class R6			30,001

Class A: Net asset value per share		$	13.51

Maximum offering price per share (Net asset value ÷ 94.50%)		$	14.30

Class C: Net asset value and offering price per share		$	13.14

Class R: Net asset value and offering price per share		$	13.28

Class Y: Net asset value and offering price per share		$	13.42

Class R5: Net asset value and offering price per share		$	13.41

Class R6: Net asset value and offering price per share		$	13.41

Cost of Investments in affiliated underlying funds		$	4,123,205

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

45 Invesco Peak Retirement™ Funds

Statements of Operations

For the six months ended June 30, 2021

(Unaudited)


	Invesco Peak Retirement™ Destination Fund			Invesco Peak Retirement™ 2010 Fund¹			Invesco Peak Retirement™ 2015 Fund			Invesco Peak Retirement™ 2020 Fund				Invesco Peak Retirement™ 2025 Fund				Invesco Peak Retirement™ 2030 Fund

Investment income:
Dividends from affiliated underlying funds		$	52,226		$	1,475		$	18,630		$	90,561			$	133,242			$	198,954

Securities lending income			925			–			–			1,409				2,102				3,133

Total investment income			53,151			1,475			18,630			91,970				135,344				202,087


Expenses:
Administrative services fees			230			27			114			587				1,170				1,896

Custodian fees			1,578			167			794			505				848				834

Distribution fees:
Class A			3,617			4			836			6,614				15,547				24,532

Class C			872			17			467			8,166				12,405				20,386

Class R			203			9			377			4,764				4,336				13,801

Transfer agent fees – A, C, R and Y			1,711			24			682			3,717				7,598				17,937

Transfer agent fees – R5			4			1			2			3				2				2

Transfer agent fees – R6			10			21			7			8				24				22

Trustees’ and officers’ fees and benefits			10,525			2,898			10,467			10,454				9,470				10,216

Registration and filing fees			41,963			22,310			41,874			42,360				42,732				43,521

Reports to shareholders			–			3,491			4,051			5,285				8,325				7,094

Professional services fees			16,956			7,090			16,462			16,156				16,444				16,464

Taxes			20			–			12			–				–				–

Other			(2,249)			1,914			5,216			5,121				5,282				5,794

Total expenses			75,440			37,973			81,361			103,740				124,183				162,499

Less: Fees waived and/or expenses reimbursed			(69,546)			(37,893)			(79,099)			(79,840	)			(84,730	)			(91,982	)

Net expenses			5,894			80			2,262			23,900				39,453				70,517

Net investment income			47,257			1,395			16,368			68,070				95,891				131,570


Realized and unrealized gain from:
Net realized gain from:
Affiliated underlying fund shares			24,191			–			8,538			39,014				163,339				222,322

Capital gain distributions from affiliated underlying fund shares			–			–			592			6,132				12,705				21,589

			24,191			–			9,130			45,146				176,044				243,911

Change in net unrealized appreciation of affiliated underlying fund shares			148,615			1,888			57,935			444,933				802,852				1,722,546

Net realized and unrealized gain			172,806			1,888			67,065			490,079				978,896				1,966,457

Net increase in net assets resulting from operations		$	220,063		$	3,283		$	83,433		$	558,149			$	1,074,787			$	2,098,027

¹	For the period April 30, 2021 (commencement of investment operations) through June 30, 2021.

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

46 Invesco Peak Retirement™ Funds

Statements of Operations-(continued)

For the six months ended June 30, 2021

(Unaudited)


	Invesco Peak Retirement™ 2035 Fund				Invesco Peak Retirement™ 2040 Fund				Invesco Peak Retirement™ 2045 Fund				Invesco Peak Retirement™ 2050 Fund				Invesco Peak Retirement™ 2055 Fund				Invesco Peak Retirement™ 2060 Fund

Investment income:
Dividends from affiliated underlying funds		$	68,893			$	79,865			$	32,799			$	51,133			$	14,716			$	21,443

Securities lending income			1,355				3,254				728				1,524				–				2,655

Total investment income			70,248				83,119				33,527				52,657				14,716				24,098


Expenses:
Administrative services fees			919				1,060				613				786				253				356

Custodian fees			891				833				809				1,717				796				786

Distribution fees:
Class A			8,737				11,980				5,621				8,699				2,549				3,291

Class C			13,466				11,205				7,322				11,028				3,053				2,104

Class R			5,971				10,972				4,416				7,381				1,596				4,512

Transfer agent fees – A, C, R and Y			14,413				15,196				12,141				19,986				11,761				14,452

Transfer agent fees – R5			1				3				2				3				3				1

Transfer agent fees – R6			7				25				21				8				8				2

Trustees’ and officers’ fees and benefits			8,140				10,522				10,706				10,515				10,489				10,487

Registration and filing fees			42,467				43,593				42,128				43,300				41,965				41,990

Reports to shareholders			8,135				8,963				3,580				6,283				4,263				2,723

Professional services fees			16,223				16,709				17,459				16,187				17,284				16,294

Taxes			–				25				–				–				–				–

Other			5,311				5,062				5,336				5,177				4,560				5,218

Total expenses			124,681				136,148				110,154				131,070				98,580				102,216

Less: Fees waived and/or expenses reimbursed			(90,885	)			(93,552	)			(88,326	)			(96,612	)			(89,040	)			(88,970	)

Net expenses			33,796				42,596				21,828				34,458				9,540				13,246

Net investment income			36,452				40,523				11,699				18,199				5,176				10,852


Realized and unrealized gain from:
Net realized gain from: Affiliated underlying fund shares			105,606				142,328				165,010				33,349				48,546				35,127

Capital gain distributions from affiliated underlying fund shares			8,569				14,056				6,990				12,113				3,441				4,866

			114,175				156,384				172,000				45,462				51,987				39,993

Change in net unrealized appreciation of affiliated underlying fund shares			903,447				1,289,507				642,209				1,187,930				356,978				522,938

Net realized and unrealized gain			1,017,622				1,445,891				814,209				1,233,392				408,965				562,931

Net increase in net assets resulting from operations		$	1,054,074			$	1,486,414			$	825,908			$	1,251,591			$	414,141			$	573,783

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

47 Invesco Peak Retirement™ Funds

Statements of Operations–(continued)

For the six months ended June 30, 2021

(Unaudited)


	Invesco Peak Retirement™ 2065 Fund

Investment income:
Dividends from affiliated underlying funds		$	15,420


Expenses:
Administrative services fees			250

Custodian fees			784

Distribution fees:
Class A			2,813

Class C			2,241

Class R			1,055

Transfer agent fees – A, C, R and Y			10,262

Transfer agent fees – R5			3

Transfer agent fees – R6			8

Trustees’ and officers’ fees and benefits			10,487

Registration and filing fees			42,162

Reports to shareholders			5,230

Professional services fees			16,479

Taxes			4

Other			5,407

Total expenses			97,185

Less: Fees waived and/or expenses reimbursed			(88,633)

Net expenses			8,552

Net investment income			6,868


Realized and unrealized gain from:
Net realized gain from:
Affiliated underlying fund shares			53,571

Capital gain distributions from affiliated underlying fund shares			3,329

			56,900

Change in net unrealized appreciation of affiliated underlying fund shares			349,392

Net realized and unrealized gain			406,292

Net increase in net assets resulting from operations		$	413,160

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

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)


	Invesco Peak Retirement™ Destination Fund						Invesco Peak Retirement™ 2010 Fund¹
	June 30, 2021			December 31, 2020			June 30, 2021

Operations:
Net investment income		$	47,257		$	44,069		$	1,395

Net realized gain (loss)			24,191			(88,970)			–

Change in net unrealized appreciation			148,615			135,828			1,888

Net increase in net assets resulting from operations			220,063			90,927			3,283


Distributions to shareholders from distributable earnings:
Class A			(41,678)			(36,281)			–

Class C			(1,799)			(2,934)			–

Class R			(1,108)			(905)			–

Class Y			(650)			(1,599)			–

Class R5			(1,624)			(3,997)			–

Class R6			(4,872)			(11,989)			–

Total distributions from distributable earnings			(51,731)			(57,705)			–


Share transactions–net:
Class A			1,695,912			1,429,657			10,010

Class C			54,613			26,264			10,010

Class R			75,292			29,548			10,010

Class Y			–			–			10,010

Class R5			–			–			10,010

Class R6			–			–			250,010

Net increase in net assets resulting from share transactions			1,825,817			1,485,469			300,060

Net increase in net assets			1,994,149			1,518,691			303,343


Net assets:
Beginning of period			2,555,156			1,036,465			–

End of period		$	4,549,305		$	2,555,156		$	303,343

¹	For the period April 30, 2021 (commencement of investment operations) through June 30, 2021.

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, 2021 and the year ended December 31, 2020

(Unaudited)


	Invesco Peak Retirement™ 2015 Fund						Invesco Peak Retirement™ 2020 Fund
	June 30, 2021			December 31, 2020			June 30, 2021			December 31, 2020

Operations:
Net investment income		$	16,368		$	25,066		$	68,070		$	59,554

Net realized gain (loss)			9,130			(19,396)			45,146			(51,165)

Change in net unrealized appreciation			57,935			40,660			444,933			222,537

Net increase in net assets resulting from operations			83,433			46,330			558,149			230,926


Distributions to shareholders from distributable earnings:
Class A			–			(14,738)			–			(47,046)

Class C			–			(1,320)			–			(11,952)

Class R			–			(3,150)			–			(19,539)

Class Y			–			(1,255)			–			(1,985)

Class R5			–			(3,137)			–			(2,383)

Class R6			–			(9,411)			–			(7,149)

Total distributions from distributable earnings			–			(33,011)			–			(90,054)


Share transactions–net:
Class A			303,493			334,858			3,231,902			2,294,180

Class C			165,385			38,044			823,859			574,072

Class R			82,435			109,050			1,055,337			624,557

Class Y			–			–			15,352			44,950

Net increase in net assets resulting from share transactions			551,313			481,952			5,126,450			3,537,759

Net increase in net assets			634,746			495,271			5,684,599			3,678,631


Net assets:
Beginning of period			1,150,667			655,396			5,615,879			1,937,248

End of period		$	1,785,413		$	1,150,667		$	11,300,478		$	5,615,879

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, 2021 and the year ended December 31, 2020

(Unaudited)


	Invesco Peak Retirement™ 2025 Fund							Invesco Peak Retirement™ 2030 Fund
	June 30, 2021				December 31, 2020			June 30, 2021			December 31, 2020

Operations:
Net investment income		$	95,891			$	164,356		$	131,570		$	160,094

Net realized gain (loss)			176,044				125,232			243,911			100,584

Change in net unrealized appreciation			802,852				745,465			1,722,546			1,063,917

Net increase in net assets resulting from operations			1,074,787				1,035,053			2,098,027			1,324,595


Distributions to shareholders from distributable earnings:
Class A			–				(192,405)			–			(210,015)

Class C			–				(40,019)			–			(23,564)

Class R			–				(26,346)			–			(40,621)

Class Y			–				(3,518)			–			(3,609)

Class R5			–				(2,701)			–			(2,132)

Class R6			–				(8,103)			–			(6,396)

Total distributions from distributable earnings			–				(273,092)			–			(286,337)


Share transactions–net:
Class A			4,459,761				5,353,035			7,415,783			11,048,753

Class C			381,123				1,244,213			2,721,290			1,378,114

Class R			614,739				755,667			3,832,348			1,727,838

Class Y			28,124				50,177			123,219			(13,909)

Class R5			(11,500	)			(90,000)			(13,200)			(90,000)

Class R6			(241,000	)			(100,000)			(247,800)			(100,000)

Net increase in net assets resulting from share transactions			5,231,247				7,213,092			13,831,640			13,950,796

Net increase in net assets			6,306,034				7,975,053			15,929,667			14,989,054


Net assets:
Beginning of period			13,072,714				5,097,661			19,151,967			4,162,913

End of period		$	19,378,748			$	13,072,714		$	35,081,634		$	19,151,967

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, 2021 and the year ended December 31, 2020

(Unaudited)


	Invesco Peak Retirement™ 2035 Fund							Invesco Peak Retirement™ 2040 Fund
	June 30, 2021				December 31, 2020			June 30, 2021				December 31, 2020

Operations:
Net investment income		$	36,452			$	78,736		$	40,523			$	62,182

Net realized gain (loss)			114,175				23,953			156,384				40,992

Change in net unrealized appreciation			903,447				725,851			1,289,507				810,720

Net increase in net assets resulting from operations			1,054,074				828,540			1,486,414				913,894


Distributions to shareholders from distributable earnings:
Class A			–				(67,323)			–				(54,736)

Class C			–				(26,366)			–				(11,573)

Class R			–				(25,108)			–				(29,867)

Class Y			–				(15,875)			–				(8,777)

Class R5			–				(2,403)			–				(1,792)

Class R6			–				(7,209)			–				(5,376)

Total distributions from distributable earnings			–				(144,284)			–				(112,121)


Share transactions–net:
Class A			4,090,070				2,610,475			6,910,209				2,331,666

Class C			628,406				1,526,916			1,219,503				868,438

Class R			862,132				962,908			2,423,085				2,012,032

Class Y			104,339				360,421			76,960				394,245

Class R5			(15,300	)			(90,000)			(15,800	)			(90,012)

Class R6			(255,543	)			(100,000)			(259,627	)			(99,928)

Net increase in net assets resulting from share transactions			5,414,104				5,270,720			10,354,330				5,416,441

Net increase in net assets			6,468,178				5,954,976			11,840,744				6,218,214


Net assets:
Beginning of period			9,394,315				3,439,339			8,752,090				2,533,876

End of period		$	15,862,493			$	9,394,315		$	20,592,834			$	8,752,090

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

52 Invesco Peak Retirement™ Funds

Statements of Changes in Net Assets–(continued)

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)


	Invesco Peak Retirement™ 2045 Fund						Invesco Peak Retirement™ 2050 Fund
	June 30, 2021			December 31, 2020			June 30, 2021			December 31, 2020

Operations:
Net investment income		$	11,699		$	42,088		$	18,199		$	33,899

Net realized gain (loss)			172,000			(9,309)			45,462			(70,021)

Change in net unrealized appreciation			642,209			760,172			1,187,930			654,226

Net increase in net assets resulting from operations			825,908			792,951			1,251,591			618,104


Distributions to shareholders from distributable earnings:
Class A			–			(44,340)			–			(33,610)

Class C			–			(9,187)			–			(11,007)

Class R			–			(15,155)			–			(14,585)

Class Y			–			(1,940)			–			(3,074)

Class R5			–			(1,742)			–			(1,821)

Class R6			–			(5,226)			–			(5,463)

Total distributions from distributable earnings			–			(77,590)			–			(69,560)


Share transactions–net:
Class A			1,044,572			2,278,005			5,133,035			1,695,359

Class C			454,683			337,665			1,294,545			761,173

Class R			478,643			928,426			2,238,738			671,009

Class Y			7,393			28,905			42,605			5,309

Class R5			–			(90,000)			–			–

Class R6			–			(100,000)			–			–

Net increase in net assets resulting from share transactions			1,985,291			3,383,001			8,708,923			3,132,850

Net increase in net assets			2,811,199			4,098,362			9,960,514			3,681,394


Net assets:
Beginning of period			6,432,942			2,334,580			5,912,828			2,231,434

End of period		$	9,244,141		$	6,432,942		$	15,873,342		$	5,912,828

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

53 Invesco Peak Retirement™ Funds

Statements of Changes in Net Assets–(continued)

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)


	Invesco Peak Retirement™ 2055 Fund						Invesco Peak Retirement™ 2060 Fund
	June 30, 2021			December 31, 2020			June 30, 2021			December 31, 2020

Operations:
Net investment income		$	5,176		$	18,493		$	10,852		$	21,342

Net realized gain (loss)			51,987			(30,618)			39,993			(68,252)

Change in net unrealized appreciation			356,978			428,832			522,938			487,027

Net increase in net assets resulting from operations			414,141			416,707			573,783			440,117


Distributions to shareholders from distributable earnings:
Class A			–			(19,179)			–			(22,923)

Class C			–			(3,539)			–			(2,623)

Class R			–			(5,592)			–			(8,635)

Class Y			–			(766)			–			(1,198)

Class R5			–			(1,665)			–			(1,535)

Class R6			–			(4,995)			–			(4,605)

Total distributions from distributable earnings			–			(35,736)			–			(41,519)


Share transactions–net:
Class A			748,206			950,639			958,889			1,261,729

Class C			251,454			328,952			160,489			226,322

Class R			278,569			273,613			1,079,336			501,029

Class Y			24,101			(14,720)			7,375			41,143

Net increase in net assets resulting from share transactions			1,302,330			1,538,484			2,206,089			2,030,223

Net increase in net assets			1,716,471			1,919,455			2,779,872			2,428,821


Net assets:
Beginning of period			3,018,249			1,098,794			3,692,794			1,263,973

End of period		$	4,734,720		$	3,018,249		$	6,472,666		$	3,692,794

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

54 Invesco Peak Retirement™ Funds

Statements of Changes in Net Assets–(continued)

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)


	Invesco Peak Retirement™ 2065 Fund
	June 30, 2021		December 31, 2020

Operations:
Net investment income		$ 6,868		$ 16,856

Net realized gain (loss)		56,900		(5,307)

Change in net unrealized appreciation		349,392		383,808

Net increase in net assets resulting from operations		413,160		395,357


Distributions to shareholders from distributable earnings:
Class A		–		(21,168)

Class C		–		(3,134)

Class R		–		(4,030)

Class Y		–		(3,880)

Class R5		–		(1,836)

Class R6		–		(5,508)

Total distributions from distributable earnings		–		(39,556)


Share transactions–net:
Class A		1,059,045		1,096,179

Class C		249,824		199,554

Class R		273,967		189,869

Class Y		76,181		154,951

Net increase in net assets resulting from share transactions		1,659,017		1,640,553

Net increase in net assets		2,072,177		1,996,354


Net assets:
Beginning of period		2,828,693		832,339

End of period		$4,900,870		$2,828,693

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

55 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™ Destination Fund


	Net asset value, beginning of period			Net investment income^(a)^(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Six months ended 06/30/21		$	10.14		$	0.14		$	0.52			$	0.66			$	(0.15	)		$	–			$	(0.15	)		$	10.65		6.54	%		$	3,778		0.32	%^(f)		4.19	%^(f)		2.63	%^(f)		38	%
Year ended 12/31/20			10.17			0.30			0.05				0.35				(0.37	)			(0.01	)			(0.38	)			10.14		3.71				1,948		0.35			11.12			3.11			130
Year ended 12/31/19			9.27			0.40			0.93				1.33				(0.37	)			(0.06	)			(0.43	)			10.17		14.50				486		0.37			21.66			3.97			30
Period ended 12/31/18^(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 06/30/21			10.14			0.10			0.52				0.62				(0.11	)			–				(0.11	)			10.65		6.15				182		1.07	^(f)		4.94	^(f)		1.88	^(f)		38
Year ended 12/31/20			10.16			0.23			0.06				0.29				(0.30	)			(0.01	)			(0.31	)			10.14		3.03				119		1.10			11.87			2.36			130
Year ended 12/31/19			9.27			0.32			0.92				1.24				(0.29	)			(0.06	)			(0.35	)			10.16		13.53				93		1.12			22.41			3.22			30
Period ended 12/31/18^(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 06/30/21			10.14			0.12			0.53				0.65				(0.14	)			–				(0.14	)			10.65		6.41				120		0.57	^(f)		4.44	^(f)		2.38	^(f)		38
Year ended 12/31/20			10.17			0.28			0.05				0.33				(0.35	)			(0.01	)			(0.36	)			10.14		3.45				42		0.60			11.37			2.86			130
Year ended 12/31/19			9.27			0.37			0.93				1.30				(0.34	)			(0.06	)			(0.40	)			10.17		14.21				10		0.62			21.91			3.72			30
Period ended 12/31/18^(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 06/30/21			10.15			0.15			0.52				0.67				(0.16	)			–				(0.16	)			10.66		6.67				43		0.07	^(f)		3.94	^(f)		2.88	^(f)		38
Year ended 12/31/20			10.17			0.32			0.06				0.38				(0.39	)			(0.01	)			(0.40	)			10.15		4.07				41		0.10			10.87			3.36			130
Year ended 12/31/19			9.28			0.42			0.92				1.34				(0.39	)			(0.06	)			(0.45	)			10.17		14.66				41		0.12			21.41			4.22			30
Period ended 12/31/18^(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 06/30/21			10.15			0.15			0.52				0.67				(0.16	)			–				(0.16	)			10.66		6.67				107		0.07	^(f)		3.84	^(f)		2.88	^(f)		38
Year ended 12/31/20			10.17			0.32			0.06				0.38				(0.39	)			(0.01	)			(0.40	)			10.15		4.07				101		0.10			10.73			3.36			130
Year ended 12/31/19			9.28			0.42			0.92				1.34				(0.39	)			(0.06	)			(0.45	)			10.17		14.66				102		0.12			21.26			4.22			30
Period ended 12/31/18^(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 06/30/21			10.14			0.15			0.53				0.68				(0.16	)			–				(0.16	)			10.66		7.40				320		0.07	^(f)		3.84	^(f)		2.88	^(f)		38
Year ended 12/31/20			10.17			0.32			0.05				0.37				(0.39	)			(0.01	)			(0.40	)			10.14		3.97				304		0.10			10.73			3.45			130
Year ended 12/31/19			9.28			0.42			0.92				1.34				(0.39	)			(0.06	)			(0.45	)			10.17		14.66				305		0.12			21.26			4.22			30
Period ended 12/31/18^(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 is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(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%, 0.50%, 0.47% and 0.44% for the six months ended June 30, 2021 and the years ended December 31, 2020, 2019 and 2018, respectively.

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

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $2,918, $176, $82, $42, $105 and $314 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™ 2010 Fund


	Net asset value, beginning of period			Net investment income^(a)(b)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Net asset value, end of period			Total return ^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover ^(e)
Class A
Period ended 06/30/21^(f)		$	10.00		$	0.04		$	0.07		$	0.11		$	10.11		0.90	%		$	10		0.35	%^(g)		75.37	%^(g)		2.51	%^(g)		0	%
Class C
Period ended 06/30/21^(f)			10.00			0.03			0.06			0.09			10.09		0.70				10		1.10	^(g)		76.12	^(g)		1.76	^(g)		0
Class R
Period ended 06/30/21^(f)			10.00			0.04			0.06			0.10			10.10		0.80				10		0.60	^(g)		75.62	^(g)		2.26	^(g)		0
Class Y
Period ended 06/30/21^(f)			10.00			0.05			0.06			0.11			10.11		0.90				10		0.10	^(g)		75.12	^(g)		2.76	^(g)		0
Class R5
Period ended 06/30/21^(f)			10.00			0.05			0.06			0.11			10.11		0.90				10		0.10	^(g)		74.81	^(g)		2.76	^(g)		0
Class R6
Period ended 06/30/21^(f)			10.00			0.05			0.06			0.11			10.11		0.90				253		0.10	^(g)		74.81	^(g)		2.76	^(g)		0

^(a)	Calculated using average shares outstanding.

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

^(c)

^(d)

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 they invest. Because the underlying funds have varied expenses and fee levels and the Funds may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Funds will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Funds. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Funds invests in. The effect of the estimated underlying fund expenses that the Funds bear indirectly is included in the Funds’ total return. Estimated acquired fund fees from underlying funds were 0.39%.

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

^(f)	Commencement date of April 30, 2021.

^(g)	Ratios are annualized and based on average daily net assets (000’s omitted) of $10, $10, $10, $10, $10 and $253 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

57 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 06/30/21		$	10.36		$	0.13		$	0.54			$	0.67			$	–			$	–			$	–			$	11.03		6.47	%		$	864		0.33	%^(f)		11.80	%^(f)		2.36	%^(f)			40	%
Year ended 12/31/20			10.30			0.31			0.05				0.36				(0.30	)			(0.00	)			(0.30	)			10.36		3.53				520		0.36			18.52			3.13				75
Year ended 12/31/19			9.35			0.36			0.98				1.34				(0.33	)			(0.06	)			(0.39	)			10.30		14.25				181		0.39			23.68			3.54				68
Period ended 12/31/18^(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 06/30/21			10.29			0.09			0.54				0.63				–				–				–				10.92		6.12				220		1.08	^(f)		12.55	^(f)		1.61	^(f)	��		40
Year ended 12/31/20			10.28			0.23			0.05				0.28				(0.27	)			(0.00	)			(0.27	)			10.29		2.81				50		1.11			19.27			2.38				75
Year ended 12/31/19			9.30			0.27			0.97				1.24				(0.20	)			(0.06	)			(0.26	)			10.28		13.29				10		1.14			24.43			2.79				68
Period ended 12/31/18^(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 06/30/21			10.33			0.11			0.54				0.65				–				–				–				10.98		6.29				214		0.58	^(f)		12.05	^(f)		2.11	^(f)			40
Year ended 12/31/20			10.28			0.29			0.05				0.34				(0.29	)			(0.00	)			(0.29	)			10.33		3.37				123		0.61			18.77			2.88				75
Year ended 12/31/19			9.34			0.33			0.96				1.29				(0.29	)			(0.06	)			(0.35	)			10.28		13.78				10		0.64			23.93			3.29				68
Period ended 12/31/18^(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 06/30/21			10.39			0.14			0.55				0.69				–				–				–				11.08		6.64				44		0.08	^(f)		11.55	^(f)		2.61	^(f)			40
Year ended 12/31/20			10.31			0.33			0.06				0.39				(0.31	)			(0.00	)			(0.31	)			10.39		3.84				42		0.11			18.27			3.38				75
Year ended 12/31/19			9.37			0.38			0.97				1.35				(0.35	)			(0.06	)			(0.41	)			10.31		14.35				41		0.14			23.43			3.79				68
Period ended 12/31/18^(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 06/30/21			10.39			0.14			0.55				0.69				–				–				–				11.08		6.64				111		0.08	^(f)		11.41	^(f)		2.61	^(f)			40
Year ended 12/31/20			10.31			0.33			0.06				0.39				(0.31	)			(0.00	)			(0.31	)			10.39		3.84				104		0.11			18.09			3.38				75
Year ended 12/31/19			9.37			0.38			0.97				1.35				(0.35	)			(0.06	)			(0.41	)			10.31		14.35				103		0.14			23.23			3.79				68
Period ended 12/31/18^(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 06/30/21			10.39			0.14			0.55				0.69				–				–				–				11.08		6.64				332		0.08	^(f)		11.41	^(f)		2.61	^(f)			40
Year ended 12/31/20			10.31			0.33			0.06				0.39				(0.31	)			(0.00	)			(0.31	)			10.39		3.84				312		0.11			18.09			3.38				75
Year ended 12/31/19			9.37			0.38			0.97				1.35				(0.35	)			(0.06	)			(0.41	)			10.31		14.35				309		0.14			23.23			3.79				68
Period ended 12/31/18^(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 is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(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%, 0.47%, 0.46% and 0.41% for the six months ended June 30, 2021 and the years ended December 31, 2020, 2019 and 2018, respectively.

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

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $674, $94, $152, $43, $108 and $324 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™ 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 06/30/21		$	10.86		$	0.09		$	0.59			$	0.68			$	–			$	–			$	–			$	11.54		6.26	%		$	6,657		0.34	%^(f)		2.04	%^(f)		1.62	%^(f)		44	%
Year ended 12/31/20			10.35			0.25			0.48				0.73				(0.20	)			(0.02	)			(0.22	)			10.86		7.12				3,105		0.38			6.05			2.46			78
Year ended 12/31/19			9.39			0.36			0.92				1.28				(0.23	)			(0.09	)			(0.32	)			10.35		13.59				757		0.40			12.58			3.44			49
Period ended 12/31/18^(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 06/30/21			10.79			0.05			0.58				0.63				–				–				–				11.42		5.84				1,835		1.09	^(f)		2.79	^(f)		0.87	^(f)		44
Year ended 12/31/20			10.30			0.17			0.49				0.66				(0.15	)			(0.02	)			(0.17	)			10.79		6.47				919		1.13			6.80			1.71			78
Year ended 12/31/19			9.38			0.27			0.92				1.19				(0.18	)			(0.09	)			(0.27	)			10.30		12.74				302		1.15			13.33			2.69			49
Period ended 12/31/18^(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 06/30/21			10.83			0.08			0.58				0.66				–				–				–				11.49		6.09				2,229		0.59	^(f)		2.29	^(f)		1.37	^(f)		44
Year ended 12/31/20			10.33			0.22			0.49				0.71				(0.19	)			(0.02	)			(0.21	)			10.83		6.88				1,063		0.63			6.30			2.21			78
Year ended 12/31/19			9.39			0.33			0.92				1.25				(0.22	)			(0.09	)			(0.31	)			10.33		13.29				421		0.65			12.83			3.19			49
Period ended 12/31/18^(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 06/30/21			10.92			0.10			0.60				0.70				–				–				–				11.62		6.41				114		0.09	^(f)		1.79	^(f)		1.87	^(f)		44
Year ended 12/31/20			10.38			0.28			0.50				0.78				(0.22	)			(0.02	)			(0.24	)			10.92		7.52				92		0.13			5.80			2.71			78
Year ended 12/31/19			9.41			0.38			0.92				1.30				(0.24	)			(0.09	)			(0.33	)			10.38		13.79				42		0.15			12.33			3.69			49
Period ended 12/31/18^(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 06/30/21			10.92			0.10			0.60				0.70				–				–				–				11.62		6.41				116		0.09	^(f)		1.71	^(f)		1.87	^(f)		44
Year ended 12/31/20			10.38			0.28			0.50				0.78				(0.22	)			(0.02	)			(0.24	)			10.92		7.52				109		0.13			5.68			2.71			78
Year ended 12/31/19			9.41			0.38			0.92				1.30				(0.24	)			(0.09	)			(0.33	)			10.38		13.79				104		0.15			12.21			3.69			49
Period ended 12/31/18^(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 06/30/21			10.92			0.10			0.60				0.70				–				–				–				11.62		6.41				349		0.09	^(f)		1.71	^(f)		1.87	^(f)		44
Year ended 12/31/20			10.38			0.28			0.50				0.78				(0.22	)			(0.02	)			(0.24	)			10.92		7.52				328		0.13			5.68			2.71			78
Year ended 12/31/19			9.41			0.38			0.92				1.30				(0.24	)			(0.09	)			(0.33	)			10.38		13.79				311		0.15			12.21			3.69			49
Period ended 12/31/18^(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 is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(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%, 0.46%, 0.44% and 0.41% for the six months ended June 30, 2021 and the years ended December 31, 2020, 2019 and 2018, respectively.

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

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $5,335, $1,647, $1,921, $108, $113 and $338 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™ 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 06/30/21		$	11.24		$	0.07		$	0.66			$	0.73			$	–			$	–			$	–			$	11.97		6.49	%		$	14,472		0.33	%^(f)		1.33	%^(f)		1.26	%^(f)		47	%
Year ended 12/31/20			10.46			0.25			0.79				1.04				(0.23	)			(0.03	)			(0.26	)			11.24		9.91				9,224		0.37			2.27			2.34			81
Year ended 12/31/19			9.35			0.39			0.97				1.36				(0.19	)			(0.06	)			(0.25	)			10.46		14.53				3,358		0.42			7.05			3.75			42
Period ended 12/31/18^(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 06/30/21			11.11			0.03			0.65				0.68				–				–				–				11.79		6.12				2,600		1.08	^(f)		2.08	^(f)		0.51	^(f)		47
Year ended 12/31/20			10.37			0.16			0.79				0.95				(0.18	)			(0.03	)			(0.21	)			11.11		9.16				2,068		1.12			3.02			1.59			81
Year ended 12/31/19			9.33			0.31			0.95				1.26				(0.16	)			(0.06	)			(0.22	)			10.37		13.56				680		1.17			7.80			3.00			42
Period ended 12/31/18^(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 06/30/21			11.21			0.06			0.66				0.72				–				–				–				11.93		6.42				2,128		0.58	^(f)		1.58	^(f)		1.01	^(f)		47
Year ended 12/31/20			10.44			0.22			0.79				1.01				(0.21	)			(0.03	)			(0.24	)			11.21		9.67				1,405		0.62			2.52			2.09			81
Year ended 12/31/19			9.35			0.36			0.97				1.33				(0.18	)			(0.06	)			(0.24	)			10.44		14.24				582		0.67			7.30			3.50			42
Period ended 12/31/18^(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 06/30/21			11.29			0.09			0.66				0.75				–				–				–				12.04		6.64				155		0.08	^(f)		1.08	^(f)		1.51	^(f)		47
Year ended 12/31/20			10.49			0.27			0.80				1.07				(0.24	)			(0.03	)			(0.27	)			11.29		10.22				116		0.12			2.02			2.59			81
Year ended 12/31/19			9.37			0.42			0.96				1.38				(0.20	)			(0.06	)			(0.26	)			10.49		14.70				58		0.17			6.80			4.00			42
Period ended 12/31/18^(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 06/30/21			11.28			0.09			0.65				0.74				–				–				–				12.02		6.56				12		0.08	^(f)		1.01	^(f)		1.51	^(f)		47
Year ended 12/31/20			10.49			0.27			0.79				1.06				(0.24	)			(0.03	)			(0.27	)			11.28		10.13				22		0.12			1.89			2.59			81
Year ended 12/31/19			9.37			0.42			0.96				1.38				(0.20	)			(0.06	)			(0.26	)			10.49		14.70				105		0.17			6.66			4.00			42
Period ended 12/31/18^(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 06/30/21			11.29			0.09			0.65				0.74				–				–				–				12.03		6.55				11		0.08	^(f)		1.01	^(f)		1.51	^(f)		47
Year ended 12/31/20			10.49			0.27			0.80				1.07				(0.24	)			(0.03	)			(0.27	)			11.29		10.22				238		0.12			1.89			2.59			81
Year ended 12/31/19			9.37			0.42			0.96				1.38				(0.20	)			(0.06	)			(0.26	)			10.49		14.70				315		0.17			6.66			4.00			42
Period ended 12/31/18^(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 is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(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%, 0.46%, 0.45% and 0.39% for the six months ended June 30, 2021 and the years ended December 31, 2020, 2019 and 2018, respectively.

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

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $12,540, $2,502, $1,749, $166, $22 and $236 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™ 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 06/30/21		$	11.37		$	0.06		$	0.80			$	0.86			$	–			$	–			$	–			$	12.23		7.56	%		$	22,954		0.33	%^(f)		0.95	%^(f)		1.03	%^(f)		42	%
Year ended 12/31/20			10.51			0.21			0.85				1.06				(0.18	)			(0.02	)			(0.20	)			11.37		10.11				14,133		0.37			2.11			2.03			55
Year ended 12/31/19			9.25			0.35			1.18				1.53				(0.21	)			(0.06	)			(0.27	)			10.51		16.55				2,357		0.42			7.35			3.37			37
Period ended 12/31/18^(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 06/30/21			11.27			0.02			0.78				0.80				–				–				–				12.07		7.10				5,035		1.08	^(f)		1.70	^(f)		0.28	^(f)		42
Year ended 12/31/20			10.44			0.13			0.86				0.99				(0.14	)			(0.02	)			(0.16	)			11.27		9.46				2,041		1.12			2.86			1.28			55
Year ended 12/31/19			9.24			0.27			1.17				1.44				(0.18	)			(0.06	)			(0.24	)			10.44		15.62				571		1.17			8.10			2.62			37
Period ended 12/31/18^(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 06/30/21			11.33			0.05			0.79				0.84				–				–				–				12.17		7.41				6,765		0.58	^(f)		1.20	^(f)		0.78	^(f)		42
Year ended 12/31/20			10.48			0.18			0.86				1.04				(0.17	)			(0.02	)			(0.19	)			11.33		9.90				2,549		0.62			2.36			1.78			55
Year ended 12/31/19			9.25			0.32			1.17				1.49				(0.20	)			(0.06	)			(0.26	)			10.48		16.14				651		0.67			7.60			3.12			37
Period ended 12/31/18^(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 06/30/21			11.43			0.08			0.79				0.87				–				–				–				12.30		7.61				305		0.08	^(f)		0.70	^(f)		1.28	^(f)		42
Year ended 12/31/20			10.54			0.24			0.86				1.10				(0.19	)			(0.02	)			(0.21	)			11.43		10.49				164		0.12			1.86			2.28			55
Year ended 12/31/19			9.26			0.37			1.19				1.56				(0.22	)			(0.06	)			(0.28	)			10.54		16.87				162		0.17			7.10			3.62			37
Period ended 12/31/18^(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 06/30/21			11.43			0.08			0.79				0.87				–				–				–				12.30		7.61				12		0.08	^(f)		0.60	^(f)		1.28	^(f)		42
Year ended 12/31/20			10.54			0.24			0.86				1.10				(0.19	)			(0.02	)			(0.21	)			11.43		10.49				24		0.12			1.71			2.28			55
Year ended 12/31/19			9.26			0.37			1.19				1.56				(0.22	)			(0.06	)			(0.28	)			10.54		16.87				105		0.17			6.84			3.62			37
Period ended 12/31/18^(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 06/30/21			11.43			0.08			0.79				0.87				–				–				–				12.30		7.61				11		0.08	^(f)		0.60	^(f)		1.28	^(f)		42
Year ended 12/31/20			10.54			0.24			0.86				1.10				(0.19	)			(0.02	)			(0.21	)			11.43		10.49				242		0.12			1.71			2.28			55
Year ended 12/31/19			9.26			0.37			1.19				1.56				(0.22	)			(0.06	)			(0.28	)			10.54		16.87				316		0.17			6.84			3.62			37
Period ended 12/31/18^(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 is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(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%, 0.45%, 0.45% and 0.39% for the six months ended June 30, 2021 and the years ended December 31, 2020, 2019 and 2018, respectively.

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

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $19,788, $4,111, $5,566, $254, $24 and $241 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™ 2035 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 06/30/21		$	11.54		$	0.04			$	0.95			$	0.99			$	–			$	–			$	–			$	12.53		8.58	%		$	8,833		0.34	%^(f)		1.72	%^(f)		0.72	%^(f)		30	%
Year ended 12/31/20			10.53			0.17				1.06				1.23				(0.18	)			(0.04	)			(0.22	)			11.54		11.72				4,187		0.39			3.04			1.63			78
Year ended 12/31/19			9.12			0.33				1.33				1.66				(0.18	)			(0.07	)			(0.25	)			10.53		18.28				1,264		0.43			9.46			3.24			34
Period ended 12/31/18^(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 06/30/21			11.43			(0.00	)			0.94				0.94				–				–				–				12.37		8.22				3,125		1.09	^(f)		2.47	^(f)		(0.03	)^(f)		30
Year ended 12/31/20			10.46			0.09				1.04				1.13				(0.12	)			(0.04	)			(0.16	)			11.43		10.85				2,287		1.14			3.79			0.88			78
Year ended 12/31/19			9.11			0.25				1.33				1.58				(0.16	)			(0.07	)			(0.23	)			10.46		17.32				588		1.18			10.21			2.49			34
Period ended 12/31/18^(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 06/30/21			11.50			0.03				0.94				0.97				–				–				–				12.47		8.44				2,952		0.59	^(f)		1.97	^(f)		0.47	^(f)		30
Year ended 12/31/20			10.50			0.14				1.06				1.20				(0.16	)			(0.04	)			(0.20	)			11.50		11.46				1,897		0.64			3.29			1.38			78
Year ended 12/31/19			9.11			0.31				1.33				1.64				(0.18	)			(0.07	)			(0.25	)			10.50		17.98				824		0.68			9.71			2.99			34
Period ended 12/31/18^(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 06/30/21			11.59			0.06				0.95				1.01				–				–				–				12.60		8.71				929		0.09	^(f)		1.47	^(f)		0.97	^(f)		30
Year ended 12/31/20			10.56			0.20				1.07				1.27				(0.20	)			(0.04	)			(0.24	)			11.59		12.05				752		0.14			2.79			1.88			78
Year ended 12/31/19			9.14			0.36				1.32				1.68				(0.19	)			(0.07	)			(0.26	)			10.56		18.45				341		0.18			9.21			3.49			34
Period ended 12/31/18^(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 06/30/21			11.59			0.06				0.95				1.01				–				–				–				12.60		8.71				12		0.09	^(f)		1.25	^(f)		0.97	^(f)		30
Year ended 12/31/20			10.56			0.20				1.07				1.27				(0.20	)			(0.04	)			(0.24	)			11.59		12.05				25		0.14			2.56			1.88			78
Year ended 12/31/19			9.14			0.35				1.33				1.68				(0.19	)			(0.07	)			(0.26	)			10.56		18.45				106		0.18			8.98			3.49			34
Period ended 12/31/18^(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 06/30/21			11.59			0.06				0.95				1.01				–				–				–				12.60		8.71				11		0.09	^(f)		1.25	^(f)		0.97	^(f)		30
Year ended 12/31/20			10.56			0.20				1.07				1.27				(0.20	)			(0.04	)			(0.24	)			11.59		12.05				247		0.14			2.56			1.88			78
Year ended 12/31/19			9.13			0.35				1.34				1.69				(0.19	)			(0.07	)			(0.26	)			10.56		18.58				317		0.18			8.98			3.49			34
Period ended 12/31/18^(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 0.46%, 0.44%, 0.44% and 0.38% for the six months ended June 30, 2021 and the years ended December 31, 2020, 2019 and 2018, respectively.

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

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $7,048, $2,716, $2,408, $870, $26 and $248 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™ 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 06/30/21		$	11.58		$	0.04			$	1.10			$	1.14			$	–			$	–			$	–			$	12.72			9.84	%		$	11,965		0.34	%^(f)		1.44	%^(f)		0.63	%^(f)		30	%
Year ended 12/31/20			10.50			0.16				1.09				1.25				(0.12	)			(0.05	)			(0.17	)			11.58			11.87				4,222		0.40			3.74			1.51			80
Year ended 12/31/19			9.03			0.29				1.48				1.77				(0.19	)			(0.11	)			(0.30	)			10.50			19.61				1,538		0.44			11.33			2.83			51
Period ended 12/31/18^(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 06/30/21			11.48			(0.01	)			1.10				1.09				–				–				–				12.57			9.49				2,606		1.09	^(f)		2.19	^(f)		(0.12	)^(f)		30
Year ended 12/31/20			10.45			0.08				1.08				1.16				(0.08	)			(0.05	)			(0.13	)			11.48			11.06				1,189		1.15			4.49			0.76			80
Year ended 12/31/19			9.03			0.21				1.48				1.69				(0.16	)			(0.11	)			(0.27	)			10.45			18.73				179		1.19			12.08			2.08			51
Period ended 12/31/18^(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 06/30/21			11.52			0.02				1.10				1.12				–				–				–				12.64			9.72				5,317		0.59	^(f)		1.69	^(f)		0.38	^(f)		30
Year ended 12/31/20			10.48			0.13				1.07				1.20				(0.11	)			(0.05	)			(0.16	)			11.52			11.40				2,521		0.65			3.99			1.26			80
Year ended 12/31/19			9.03			0.27				1.47				1.74				(0.18	)			(0.11	)			(0.29	)			10.48		��	19.32				301		0.69			11.58			2.58			51
Period ended 12/31/18^(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 06/30/21			11.63			0.05				1.11				1.16				–				–				–				12.79			9.97				682		0.09	^(f)		1.19	^(f)		0.88	^(f)		30
Year ended 12/31/20			10.54			0.19				1.08				1.27				(0.13	)			(0.05	)			(0.18	)			11.63			12.06				547		0.15			3.49			1.76			80
Year ended 12/31/19			9.05			0.31				1.49				1.80				(0.20	)			(0.11	)			(0.31	)			10.54			19.90				95		0.19			11.08			3.08			51
Period ended 12/31/18^(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 06/30/21			11.63			0.05				1.11				1.16				–				–				–				12.79			9.97				12		0.09	^(f)		1.03	^(f)		0.88	^(f)		30
Year ended 12/31/20			10.54			0.18				1.09				1.27				(0.13	)			(0.05	)			(0.18	)			11.63			12.06				25		0.15			3.16			1.76			80
Year ended 12/31/19			9.05			0.31				1.49				1.80				(0.20	)			(0.11	)			(0.31	)			10.54			19.90				105		0.19			10.81			3.08			51
Period ended 12/31/18^(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 06/30/21			11.63			0.05				1.11				1.16				–				–				–				12.79			9.97				11		0.09	^(f)		1.03	^(f)		0.88	^(f)		30
Year ended 12/31/20			10.54			0.18				1.09				1.27				(0.13	)			(0.05	)			(0.18	)			11.63			12.06				248		0.15			3.16			1.76			80
Year ended 12/31/19			9.05			0.31				1.49				1.80				(0.20	)			(0.11	)			(0.31	)			10.54			19.90				316		0.19			10.81			3.08			51
Period ended 12/31/18^(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 0.44%, 0.43%, 0.43% and 0.36% for the six months month ended June 30, 2021 and the years ended December 31, 2020, 2019 and 2018, respectively.

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

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $9,664, $2,260, $4,425, $626, $26 and $251 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™ 2045 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 06/30/21		$	11.64		$	0.03			$	1.26			$	1.29			$	–			$	–			$	–			$	12.93		11.08	%		$	5,051		0.36	%^(f)		2.54	%^(f)		0.47	%^(f)		34	%
Year ended 12/31/20			10.65			0.13				1.02				1.15				(0.10	)			(0.06	)			(0.16	)			11.64		10.80				3,544		0.41			4.59			1.28			86
Year ended 12/31/19			9.00			0.27				1.69				1.96				(0.18	)			(0.13	)			(0.31	)			10.65		21.81				915		0.45			12.89			2.66			45
Period ended 12/31/18^(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 06/30/21			11.49			(0.02	)			1.24				1.22				–				–				–				12.71		10.62				1,659		1.11	^(f)		3.29	^(f)		(0.28	)^(f)		34
Year ended 12/31/20			10.53			0.05				1.01				1.06				(0.04	)	��		(0.06	)			(0.10	)			11.49		10.06				1,062		1.16			5.34			0.53			86
Year ended 12/31/19			8.94			0.20				1.67				1.87				(0.15	)			(0.13	)			(0.28	)			10.53		20.95				599		1.20			13.64			1.91			45
Period ended 12/31/18^(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 06/30/21			11.59			0.01				1.25				1.26				–				–				–				12.85		10.87				2,109		0.61	^(f)		2.79	^(f)		0.22	^(f)		34
Year ended 12/31/20			10.61			0.11				1.01				1.12				(0.08	)			(0.06	)			(0.14	)			11.59		10.57				1,451		0.66			4.84			1.03			86
Year ended 12/31/19			8.99			0.25				1.67				1.92				(0.17	)			(0.13	)			(0.30	)			10.61		21.39				340		0.70			13.14			2.41			45
Period ended 12/31/18^(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 06/30/21			11.68			0.04				1.26				1.30				–				–				–				12.98		11.13				119		0.11	^(f)		2.29	^(f)		0.72	^(f)		34
Year ended 12/31/20			10.67			0.16				1.02				1.18				(0.11	)			(0.06	)			(0.17	)			11.68		11.12				100		0.16			4.34			1.53			86
Year ended 12/31/19			9.01			0.30				1.68				1.98				(0.19	)			(0.13	)			(0.32	)			10.67		22.00				54		0.20			12.64			2.91			45
Period ended 12/31/18^(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 06/30/21			11.69			0.04				1.27				1.31				–				–				–				13.00		11.21				29		0.11	^(f)		2.00	^(f)		0.72	^(f)		34
Year ended 12/31/20			10.67			0.16				1.03				1.19				(0.11	)			(0.06	)			(0.17	)			11.69		11.21				26		0.16			4.00			1.53			86
Year ended 12/31/19			9.01			0.30				1.68				1.98				(0.19	)			(0.13	)			(0.32	)			10.67		22.00				107		0.20			12.32			2.91			45
Period ended 12/31/18^(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 06/30/21			11.68			0.04				1.27				1.31				–				–				–				12.99		11.22				277		0.11	^(f)		2.00	^(f)		0.72	^(f)		34
Year ended 12/31/20			10.67			0.16				1.02				1.18				(0.11	)			(0.06	)			(0.17	)			11.68		11.12				249		0.16			4.00			1.53			86
Year ended 12/31/19			9.01			0.30				1.68				1.98				(0.19	)			(0.13	)			(0.32	)			10.67		22.00				320		0.20			12.32			2.91			45
Period ended 12/31/18^(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 0.43%, 0.42%, 0.42% and 0.35% for the six months month ended June 30, 2021 and the years ended December 31, 2020, 2019 and 2018, respectively.

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

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $4,534, $1,477, $1,781, $110, $27 and $265 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

Financial Highlights–(continued)

(Unaudited)

Invesco Peak 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 06/30/21		$	11.74		$	0.03			$	1.30			$	1.33			$	–			$	–			$	–			$	13.07		11.33	%		$	8,690		0.36	%^(f)		1.89	%^(f)		0.46	%^(f)		29	%
Year ended 12/31/20			10.71			0.12				1.08				1.20				(0.10	)			(0.07	)			(0.17	)			11.74		11.19				2,855		0.41			5.23			1.22			87
Year ended 12/31/19			9.02			0.23				1.84				2.07				(0.19	)			(0.19	)			(0.38	)			10.71		22.93				913		0.44			11.49			2.22			59
Period ended 12/31/18^(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 06/30/21			11.59			(0.02	)			1.28				1.26				–				–				–				12.85		10.87				2,648		1.11	^(f)		2.64	^(f)		(0.29	)^(f)		29
Year ended 12/31/20			10.62			0.05				1.05				1.10				(0.06	)			(0.07	)			(0.13	)			11.59		10.31				1,141		1.16			5.98			0.47			87
Year ended 12/31/19			8.96			0.15				1.83				1.98				(0.13	)			(0.19	)			(0.32	)			10.62		22.15				277		1.19			12.24			1.47			59
Period ended 12/31/18^(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 06/30/21			11.66			0.01				1.29				1.30				–				–				–				12.96		11.15				3,740		0.61	^(f)		2.14	^(f)		0.21	^(f)		29
Year ended 12/31/20			10.66			0.10				1.05				1.15				(0.08	)			(0.07	)			(0.15	)			11.66		10.81				1,244		0.66			5.48			0.97			87
Year ended 12/31/19			9.00			0.20				1.82				2.02				(0.17	)			(0.19	)			(0.36	)			10.66		22.50				433		0.69			11.74			1.97			59
Period ended 12/31/18^(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 06/30/21			11.79			0.04				1.31				1.35				–				–				–				13.14		11.45				270		0.11	^(f)		1.64	^(f)		0.71	^(f)		29
Year ended 12/31/20			10.74			0.15				1.09				1.24				(0.12	)			(0.07	)			(0.19	)			11.79		11.49				201		0.16			4.98			1.47			87
Year ended 12/31/19			9.03			0.25				1.85				2.10				(0.20	)			(0.19	)			(0.39	)			10.74		23.28				178		0.19			11.24			2.47			59
Period ended 12/31/18^(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 06/30/21			11.79			0.04				1.31				1.35				–				–				–				13.14		11.45				131		0.11	^(f)		1.31	^(f)		0.71	^(f)		29
Year ended 12/31/20			10.74			0.15				1.09				1.24				(0.12	)			(0.07	)			(0.19	)			11.79		11.49				118		0.16			4.45			1.47			87
Year ended 12/31/19			9.03			0.25				1.85				2.10				(0.20	)			(0.19	)			(0.39	)			10.74		23.28				107		0.19			10.83			2.47			59
Period ended 12/31/18^(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 06/30/21			11.79			0.04				1.30				1.34				–				–				–				13.13		11.37				394		0.11	^(f)		1.31	^(f)		0.71	^(f)		29
Year ended 12/31/20			10.74			0.15				1.09				1.24				(0.12	)			(0.07	)			(0.19	)			11.79		11.50				354		0.16			4.45			1.47			87
Year ended 12/31/19			9.03			0.25				1.85				2.10				(0.20	)			(0.19	)			(0.39	)			10.74		23.28				322		0.19			10.83			2.47			59
Period ended 12/31/18^(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 0.43%, 0.42%, 0.41% and 0.36% for the six months ended June 30, 2021 and the years ended December 31, 2020, 2019 and 2018, respectively.

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

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $7,017, $2,224, $2,977, $246, $125 and $376 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.

65 Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2055 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 06/30/21		$	11.81		$	0.02			$	1.34			$	1.36			$	–			$	–			$	–			$	13.17		11.52	%		$	2,515		0.37	%^(f)		5.07	%^(f)		0.39	%^(f)		28	%
Year ended 12/31/20			10.62			0.12				1.22				1.34				(0.09	)			(0.06	)			(0.15	)			11.81		12.66				1,549		0.42			9.21			1.13			86
Year ended 12/31/19			8.94			0.22				1.91				2.13				(0.20	)			(0.25	)			(0.45	)			10.62		23.92				382		0.45			23.79			2.15			54
Period ended 12/31/18^(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 06/30/21			11.68			(0.02	)			1.32				1.30				–				–				–				12.98		11.13				772		1.12	^(f)		5.82	^(f)		(0.36	)^(f)		28
Year ended 12/31/20			10.55			0.04				1.20				1.24				(0.05	)			(0.06	)			(0.11	)			11.68		11.78				457		1.17			9.96			0.38			86
Year ended 12/31/19			8.90			0.14				1.92				2.06				(0.16	)			(0.25	)			(0.41	)			10.55		23.17				78		1.20			24.54			1.40			54
Period ended 12/31/18^(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 06/30/21			11.75			0.01				1.34				1.35				–				–				–				13.10		11.49				832		0.62	^(f)		5.32	^(f)		0.14	^(f)		28
Year ended 12/31/20			10.58			0.09				1.21				1.30				(0.07	)			(0.06	)			(0.13	)			11.75		12.38				483		0.67			9.46			0.88			86
Year ended 12/31/19			8.93			0.20				1.89				2.09				(0.19	)			(0.25	)			(0.44	)			10.58		23.43				149		0.70			24.04			1.90			54
Period ended 12/31/18^(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 06/30/21			11.84			0.04				1.34				1.38				–				–				–				13.22		11.65				87		0.12	^(f)		4.82	^(f)		0.64	^(f)		28
Year ended 12/31/20			10.64			0.14				1.22				1.36				(0.10	)			(0.06	)			(0.16	)			11.84		12.87				55		0.17			8.96			1.38			86
Year ended 12/31/19			8.94			0.25				1.91				2.16				(0.21	)			(0.25	)			(0.46	)			10.64		24.26				64		0.20			23.54			2.40			54
Period ended 12/31/18^(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 06/30/21			11.85			0.04				1.34				1.38				–				–				–				13.23		11.65				132		0.12	^(f)		4.12	^(f)		0.64	^(f)		28
Year ended 12/31/20			10.64			0.14				1.23				1.37				(0.10	)			(0.06	)			(0.16	)			11.85		12.96				118		0.17			8.15			1.38			86
Year ended 12/31/19			8.94			0.25				1.91				2.16				(0.21	)			(0.25	)			(0.46	)			10.64		24.26				106		0.20			22.61			2.40			54
Period ended 12/31/18^(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 06/30/21			11.85			0.04				1.34				1.38				–				–				–				13.23		11.65				397		0.12	^(f)		4.12	^(f)		0.64	^(f)		28
Year ended 12/31/20			10.64			0.14				1.23				1.37				(0.10	)			(0.06	)			(0.16	)			11.85		12.96				355		0.17			8.15			1.38			86
Year ended 12/31/19			8.94			0.25				1.91				2.16				(0.21	)			(0.25	)			(0.46	)			10.64		24.26				319		0.20			22.61			2.40			54
Period ended 12/31/18^(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 0.43%, 0.44%, 0.40% and 0.35% for the six months ended June 30, 2021 and the years ended December 31, 2020, 2019 and 2018, respectively.

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

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $2,056, $616, $644, $71, $126 and $379 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.

66 Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2060 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 06/30/21		$	11.75		$	0.03			$	1.35			$	1.38			$	–			$	–			$	–			$	13.13		11.74	%		$	3,232		0.37	%^(f)		3.68	%^(f)		0.51	%^(f)		27	%
Year ended 12/31/20			10.72			0.12				1.05				1.17				(0.07	)			(0.07	)			(0.14	)			11.75		10.94				1,988		0.43			8.43			1.17			86
Year ended 12/31/19			8.91			0.24				1.97				2.21				(0.18	)			(0.22	)			(0.40	)			10.72		24.84				562		0.45			19.50			2.33			50
Period ended 12/31/18^(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 06/30/21			11.63			(0.01	)			1.32				1.31				–				–				–				12.94		11.26				525		1.12	^(f)		4.43	^(f)		(0.24	)^(f)		27
Year ended 12/31/20			10.65			0.04				1.04				1.08				(0.03	)			(0.07	)			(0.10	)			11.63		10.15				321		1.18			9.18			0.42			86
Year ended 12/31/19			8.89			0.16				1.97				2.13				(0.15	)			(0.22	)			(0.37	)			10.65		23.97				56		1.20			20.25			1.58			50
Period ended 12/31/18^(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 06/30/21			11.70			0.02				1.33				1.35				–				–				–				13.05		11.54				2,076		0.62	^(f)		3.93	^(f)		0.26	^(f)		27
Year ended 12/31/20			10.69			0.09				1.05				1.14				(0.06	)			(0.07	)			(0.13	)			11.70		10.64				819		0.68			8.68			0.92			86
Year ended 12/31/19			8.90			0.22				1.96				2.18				(0.17	)			(0.22	)			(0.39	)			10.69		24.57				173		0.70			19.75			2.08			50
Period ended 12/31/18^(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 06/30/21			11.80			0.05				1.34				1.39				–				–				–				13.19		11.78				111		0.12	^(f)		3.43	^(f)		0.76	^(f)		27
Year ended 12/31/20			10.74			0.14				1.07				1.21				(0.08	)			(0.07	)			(0.15	)			11.80		11.32				93		0.18			8.18			1.42			86
Year ended 12/31/19			8.91			0.26				1.98				2.24				(0.19	)			(0.22	)			(0.41	)			10.74		25.17				43		0.20			19.25			2.58			50
Period ended 12/31/18^(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 06/30/21			11.80			0.05				1.34				1.39				–				–				–				13.19		11.78				132		0.12	^(f)		2.85	^(f)		0.76	^(f)		27
Year ended 12/31/20			10.74			0.14				1.07				1.21				(0.08	)			(0.07	)			(0.15	)			11.80		11.32				118		0.18			7.36			1.42			86
Year ended 12/31/19			8.91			0.26				1.98				2.24				(0.19	)			(0.22	)			(0.41	)			10.74		25.17				107		0.20			18.62			2.58			50
Period ended 12/31/18^(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 06/30/21			11.80			0.05				1.34				1.39				–				–				–				13.19		11.78				396		0.12	^(f)		2.85	^(f)		0.76	^(f)		27
Year ended 12/31/20			10.74			0.14				1.07				1.21				(0.08	)			(0.07	)			(0.15	)			11.80		11.32				354		0.18			7.36			1.42			86
Year ended 12/31/19			8.91			0.26				1.98				2.24				(0.19	)			(0.22	)			(0.41	)			10.74		25.17				322		0.20			18.62			2.58			50
Period ended 12/31/18^(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 0.43%, 0.41%, 0.40% and 0.35% for the six months ended June 30, 2021 and the years ended December 31, 2020, 2019 and 2018, respectively.

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

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $2,654, $424, $1,820, $104, $126 and $378 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.

67 Invesco Peak Retirement™ Funds

Financial Highlights–(continued)

(Unaudited)

Invesco Peak Retirement™ 2065 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 06/30/21		$	12.09		$	0.03			$	1.39			$	1.42			$	–			$	–			$	–			$	13.51		11.75	%		$	2,834		0.38	%^(f)		5.05	%^(f)		0.42	%^(f)		31	%
Year ended 12/31/20			10.79			0.13				1.34				1.47				(0.12	)			(0.05	)			(0.17	)			12.09		13.66				1,536		0.42			11.26			1.21			82
Year ended 12/31/19			9.00			0.21				2.00				2.21				(0.19	)			(0.23	)			(0.42	)			10.79		24.56				216		0.43			23.83			2.00			49
Period ended 12/31/18^(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 06/30/21			11.81			(0.02	)			1.35				1.33				–				–				–				13.14		11.26				595		1.13	^(f)		5.80	^(f)		(0.33	)^(f)		31
Year ended 12/31/20			10.60			0.05				1.30				1.35				(0.09	)			(0.05	)			(0.14	)			11.81		12.72				299		1.17			12.01			0.46			82
Year ended 12/31/19			8.88			0.13				1.95				2.08				(0.13	)			(0.23	)			(0.36	)			10.60		23.46				71		1.18			24.58			1.25			49
Period ended 12/31/18^(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 06/30/21			11.90			0.01				1.37				1.38				–				–				–				13.28		11.60				628		0.63	^(f)		5.30	^(f)		0.17	^(f)		31
Year ended 12/31/20			10.65			0.10				1.31				1.41				(0.11	)			(0.05	)			(0.16	)			11.90		13.25				309		0.67			11.51			0.96			82
Year ended 12/31/19			8.90			0.18				1.98				2.16				(0.18	)			(0.23	)			(0.41	)			10.65		24.23				75		0.68			24.08			1.75			49
Period ended 12/31/18^(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 06/30/21			11.99			0.04				1.39				1.43				–				–				–				13.42		11.93				307		0.13	^(f)		4.80	^(f)		0.67	^(f)		31
Year ended 12/31/20			10.70			0.15				1.32				1.47				(0.13	)			(0.05	)			(0.18	)			11.99		13.80				205		0.17			11.01			1.46			82
Year ended 12/31/19			8.92			0.23				1.98				2.21				(0.20	)			(0.23	)			(0.43	)			10.70		24.82				43		0.18			23.58			2.25			49
Period ended 12/31/18^(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 06/30/21			11.99			0.04				1.38				1.42				–				–				–				13.41		11.84				134		0.13	^(f)		4.19	^(f)		0.67	^(f)		31
Year ended 12/31/20			10.70			0.15				1.32				1.47				(0.13	)			(0.05	)			(0.18	)			11.99		13.80				120		0.17			10.12			1.46			82
Year ended 12/31/19			8.92			0.23				1.98				2.21				(0.20	)			(0.23	)			(0.43	)			10.70		24.82				107		0.18			22.73			2.25			49
Period ended 12/31/18^(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 06/30/21			11.99			0.04				1.38				1.42				–				–				–				13.41		11.84				402		0.13	^(f)		4.19	^(f)		0.67	^(f)		31
Year ended 12/31/20			10.70			0.15				1.32				1.47				(0.13	)			(0.05	)			(0.18	)			11.99		13.80				360		0.17			10.12			1.46			82
Year ended 12/31/19			8.92			0.23				1.98				2.21				(0.20	)			(0.23	)			(0.43	)			10.70		24.82				321		0.18			22.73			2.25			49
Period ended 12/31/18^(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 0.43% 0.45%, 0.39% and 0.38% for the six months ended June 30, 2021 and the years ended December 31, 2020, 2019 and 2018, respectively.

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

^(f)	Ratios are annualized and based on average daily net assets (000’s omitted) of $2,269, $452, $425, $229, $128 and $384 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.

68 Invesco Peak Retirement™ Funds

Notes to Financial Statements

June 30, 2021

(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™ Destination Fund (formerly Invesco Peak Retirement™ Now Fund), Invesco Peak Retirement™ 2010 Fund (commenced investment operations on April 30, 2021), Invesco Peak Retirement™ 2015 Fund, Invesco Peak Retirement™ 2020 Fund, Invesco Peak Retirement™ 2025 Fund, Invesco Peak Retirement™ 2030 Fund, Invesco Peak Retirement™ 2035 Fund, Invesco Peak Retirement™ 2040 Fund, Invesco Peak Retirement™ 2045 Fund, Invesco Peak Retirement™ 2050 Fund, Invesco Peak Retirement™ 2055 Fund, Invesco Peak Retirement™ 2060 Fund and Invesco Peak Retirement™ 2065 Fund (collectively, the “Funds”). Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or each class will be voted on exclusively by the shareholders of each Fund or each class.

The investment objective of each Fund is total return over time, consistent with its strategic target allocation.

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

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

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

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

69 Invesco Peak Retirement™ Funds

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.

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 Peak Retirement™ Destination Fund generally declares and pays dividends from net investment income, if any, monthly. Invesco Peak Retirement™ 2010 Fund, Invesco Peak Retirement™ 2015 Fund, Invesco Peak Retirement™ 2020 Fund, Invesco Peak Retirement™ 2025 Fund, Invesco Peak Retirement™ 2030 Fund, Invesco Peak Retirement™ 2035 Fund, Invesco Peak Retirement™ 2040 Fund, Invesco Peak Retirement™ 2045 Fund, Invesco Peak Retirement™ 2050 Fund, Invesco Peak Retirement™ 2055 Fund, Invesco Peak Retirement™ 2060 Fund and Invesco Peak Retirement™ 2065 Fund generally declare and pay dividends from net investment income, if any, annually.

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

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.

70 Invesco Peak Retirement™ Funds

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 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.

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.

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

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).

Effective April 30, 2021, Invesco has contractually agreed, through at least April 30, 2022, to reimburse expenses to the extent necessary to limit total annual fund operating expenses after expense reimbursement (including prior fiscal year-end Acquired Fund Fees and Expenses and

71 Invesco Peak Retirement™ Funds

excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares for each Fund as shown in the following table (the “expense limits”):


	Class A			Class C			Class R			Class Y			Class R5			Class R6			Acquired Fund Fees and Expenses
Invesco Peak Retirement™ Destination Fund		0.74	%		1.49	%		0.99	%		0.49	%		0.49	%		0.49	%		0.46	%
Invesco Peak Retirement™ 2010 Fund		0.74	%		1.49	%		0.99	%		0.49	%		0.49	%		0.49	%		0.39	%
Invesco Peak Retirement™ 2015 Fund		0.74	%		1.49	%		0.99	%		0.49	%		0.49	%		0.49	%		0.43	%
Invesco Peak Retirement™ 2020 Fund		0.74	%		1.49	%		0.99	%		0.49	%		0.49	%		0.49	%		0.44	%
Invesco Peak Retirement™ 2025 Fund		0.74	%		1.49	%		0.99	%		0.49	%		0.49	%		0.49	%		0.45	%
Invesco Peak Retirement™ 2030 Fund		0.74	%		1.49	%		0.99	%		0.49	%		0.49	%		0.49	%		0.46	%
Invesco Peak Retirement™ 2035 Fund		0.74	%		1.49	%		0.99	%		0.49	%		0.49	%		0.49	%		0.46	%
Invesco Peak Retirement™ 2040 Fund		0.74	%		1.49	%		0.99	%		0.49	%		0.49	%		0.49	%		0.44	%
Invesco Peak Retirement™ 2045 Fund		0.74	%		1.49	%		0.99	%		0.49	%		0.49	%		0.49	%		0.43	%
Invesco Peak Retirement™ 2050 Fund		0.74	%		1.49	%		0.99	%		0.49	%		0.49	%		0.49	%		0.43	%
Invesco Peak Retirement™ 2055 Fund		0.74	%		1.49	%		0.99	%		0.49	%		0.49	%		0.49	%		0.43	%
Invesco Peak Retirement™ 2060 Fund		0.74	%		1.49	%		0.99	%		0.49	%		0.49	%		0.49	%		0.43	%
Invesco Peak Retirement™ 2065 Fund		0.74	%		1.49	%		0.99	%		0.49	%		0.49	%		0.49	%		0.43	%

Prior to April 30, 2021, Invesco had contractually agreed to reimburse expenses to the extent necessary to limit total annual fund operating expenses after expense reimbursement (including prior fiscal year-end Acquired Fund Fees and Expenses and excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares for each Fund as shown in the following table:


	Class A			Class C			Class R			Class Y			Class R5			Class R6			Acquired Fund Fees and Expenses
Invesco Peak Retirement™ Destination Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.50	%
Invesco Peak Retirement™ 2015 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.47	%
Invesco Peak Retirement™ 2020 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.46	%
Invesco Peak Retirement™ 2025 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.46	%
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	%		0.42	%
Invesco Peak Retirement™ 2055 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.44	%
Invesco Peak Retirement™ 2060 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.41	%
Invesco Peak Retirement™ 2065 Fund		0.81	%		1.56	%		1.06	%		0.56	%		0.56	%		0.56	%		0.45	%

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, 2022. 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.

72 Invesco Peak Retirement™ Funds

For the six months ended June 30, 2021, the Adviser reimbursed the following expenses:


	Fund Level		Class A			Class C			Class R			Class Y			Class R5		Class R6
Invesco Peak Retirement™ Destination Fund		$67,822		$	1,551		$	93		$	44		$	22		$4		$	10
Invesco Peak Retirement™ 2010 Fund		37,847			6			6			6			6		1			21
Invesco Peak Retirement™ 2015 Fund		78,407			478			66			108			31		2			7
Invesco Peak Retirement™ 2020 Fund		76,112			2,195			685			792			45		3			8
Invesco Peak Retirement™ 2025 Fund		77,106			5,621			1,118			784			75		2			24
Invesco Peak Retirement™ 2030 Fund		74,020			11,931			2,459			3,395			153		2			22
Invesco Peak Retirement™ 2035 Fund		76,464			7,725			3,019			2,691			978		1			7
Invesco Peak Retirement™ 2040 Fund		78,329			8,594			2,046			3,972			584		2			25
Invesco Peak Retirement™ 2045 Fund		76,162			6,968			2,272			2,729			172		2			21
Invesco Peak Retirement™ 2050 Fund		76,615			11,257			3,597			4,729			403		3			8
Invesco Peak Retirement™ 2055 Fund		77,268			7,156			2,136			2,224			245		3			8
Invesco Peak Retirement™ 2060 Fund		74,516			7,668			1,226			5,257			300		1			2
Invesco Peak Retirement™ 2065 Fund		78,360			6,899			1,374			1,293			696		3			8

The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended June 30, 2021 (for the period April 30, 2021 (commencement of investment operatations) through June 30, 2021, for Invesco Peak Retirement^TM 2010 Fund), expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as custodian and fund accountant and provides certain administrative services to the Funds.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended June 30, 2021 (for the period April 30, 2021 (commencement of investment operatations) through June 30, 2021, for Invesco Peak Retirement^TM 2010 Fund), expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of each Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to each Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). Each Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of each Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund. For the six months ended June 30, 2021 (for the period April 30, 2021 (commencement of investment operatations) through June 30, 2021, for Invesco Peak Retirement^TM 2010 Fund), expenses incurred under the Plans are shown in the Statements of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Funds. Front-end sales commissions are deducted from proceeds from the sales of each Fund’s shares prior to investment in Class A shares of the Funds. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2021 (for the period April 30, 2021 (commencement of investment operatations) through June 30, 2021, for Invesco Peak Retirement^TM 2010 Fund), IDI advised the Funds that IDI retained the following front-end sales commissions from the sale of Class A shares and received the following in CDSC imposed on redemptions by shareholders:


	Front End Sales Charge		Contingent Deferred Sales Charges
			Class A		Class C
Invesco Peak Retirement™ Destination Fund		$ 2,433	$	0	$	0
Invesco Peak Retirement™ 2015 Fund		143		0		0
Invesco Peak Retirement™ 2020 Fund		1,496		0		0
Invesco Peak Retirement™ 2025 Fund		3,830		0		37
Invesco Peak Retirement™ 2030 Fund		12,654		0		1
Invesco Peak Retirement™ 2035 Fund		11,515		0		0
Invesco Peak Retirement™ 2040 Fund		7,811		0		0
Invesco Peak Retirement™ 2045 Fund		5,497		0		0
Invesco Peak Retirement™ 2050 Fund		9,346		0		113
Invesco Peak Retirement™ 2055 Fund		4,197		0		0
Invesco Peak Retirement™ 2060 Fund		4,098		0		0
Invesco Peak Retirement™ 2065 Fund		3,147		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.

73 Invesco Peak Retirement™ Funds

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, 2021, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plans represent unsecured claims against the general assets of the Funds.

NOTE 5–Cash Balances

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

NOTE 6–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.

74 Invesco Peak Retirement™ Funds

The Funds below had a capital loss carryforward as of December 31, 2020, as follows:


	Short-Term		Long-Term

Fund	Not subject to Expiration		Not subject to Expiration		Total*
Invesco Peak Retirement™ Destination Fund		$21,312		$10,044		$31,356
Invesco Peak Retirement™ 2015 Fund		4,612		10,935		15,547
Invesco Peak Retirement™ 2020 Fund		54,517		–		54,517
Invesco Peak Retirement™ 2030 Fund		7,423		–		7,423
Invesco Peak Retirement™ 2035 Fund		37,443		–		37,443
Invesco Peak Retirement™ 2045 Fund		24,343		–		24,343
Invesco Peak Retirement™ 2050 Fund		79,467		–		79,467
Invesco Peak Retirement™ 2055 Fund		31,892		–		31,892
Invesco Peak Retirement™ 2060 Fund		62,815		3,601		66,416
Invesco Peak Retirement™ 2065 Fund		12,259		2,606		14,865

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

NOTE 7–Investment Transactions

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


					At June 30, 2021
	For the six months ended June 30, 2021*				Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation
	Purchases		Sales		Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation
Invesco Peak Retirement™ Destination Fund		$3,032,273		$1,285,663		$4,327,357		$231,785		$(322	)		$231,463
Invesco Peak Retirement™ 2010 Fund¹		285,113		–		301,536		2,400		(512	)		1,888
Invesco Peak Retirement™ 2015 Fund		1,081,823		532,801		1,683,867		105,135		–			105,135
Invesco Peak Retirement™ 2020 Fund		8,884,898		3,903,533		10,853,471		673,431		–			673,431
Invesco Peak Retirement™ 2025 Fund		13,217,206		8,020,054		17,703,817		1,581,302		–			1,581,302
Invesco Peak Retirement™ 2030 Fund		26,312,080		12,423,240		32,226,833		2,869,429		–			2,869,429
Invesco Peak Retirement™ 2035 Fund		9,536,596		3,904,955		14,195,508		1,712,848		–			1,712,848
Invesco Peak Retirement™ 2040 Fund		15,427,660		5,054,465		18,470,235		2,148,399		(2,758	)		2,145,641
Invesco Peak Retirement™ 2045 Fund		4,863,647		2,759,544		7,759,680		1,465,554		–			1,465,554
Invesco Peak Retirement™ 2050 Fund		12,320,784		3,610,602		14,046,140		1,901,579		–			1,901,579
Invesco Peak Retirement™ 2055 Fund		2,404,120		1,061,713		3,958,459		803,311		–			803,311
Invesco Peak Retirement™ 2060 Fund		3,701,567		1,470,068		5,469,267		1,041,221		–			1,041,221
Invesco Peak Retirement™ 2065 Fund		2,834,780		1,196,279		4,129,668		755,951		–			755,951

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

¹	For the period April 30, 2021 (commencement of investment operations) through June 30, 2021.

75 Invesco Peak Retirement™ Funds

NOTE 8–Share Information

Invesco Peak Retirement™ Destination Fund


	Summary of Share Activity


	Six months ended June 30, 2021^(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		195,924			$2,040,401			268,479			$2,588,824

Class C		10,735			112,126			10,514			106,005

Class R		7,119			74,458			3,052			28,995


Issued as reinvestment of dividends:
Class A		3,920			40,996			3,550			34,197

Class C		161			1,688			272			2,594

Class R		93			971			56			553


Automatic conversion of Class C shares to Class A shares:
Class A		78			818			1,764			17,786

Class C		(78	)		(818	)		(1,763	)		(17,786	)


Reacquired:
Class A		(37,298	)		(386,303	)		(129,390	)		(1,211,150	)

Class C		(5,449	)		(58,383	)		(6,413	)		(64,549	)

Class R		(13	)		(137	)		-			-

Net increase in share activity		175,192			$1,825,817			150,121			$1,485,469

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 8% 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, 50% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

76 Invesco Peak Retirement™ Funds

NOTE 8–Share Information–(continued)

Invesco Peak Retirement™ 2010 Fund


	Summary of Share Activity
	June 30, 2021^(a)(b)
	Shares		Amount
Sold:
Class A		1,001		$ 10,010

Class C		1,001		10,010

Class R		1,001		10,010

Class Y		1,001		10,010

Class R5		1,001		10,010

Class R6		25,001		250,010

Net increase in share activity		30,006		$300,060

^(a)	Commencement date of April 30, 2021.

^(b)	100% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

Invesco Peak Retirement™ 2015 Fund


	Summary of Share Activity


	Six months ended June 30, 2021^(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		41,113			$442,984			43,650			$435,348

Class C		15,229			165,385			3,772			37,001

Class R		7,627			82,511			10,625			106,195


Issued as reinvestment of dividends:
Class A		-			-			1,316			13,530

Class C		-			-			102			1,043

Class R		-			-			279			2,855


Reacquired:
Class A		(13,040	)		(139,491	)		(12,297	)		(114,020	)
Class R		(7	)		(76	)		-			-

Net increase in share activity		50,922			$551,313			47,447			$481,952

^(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 7% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

In addition, 62% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

77 Invesco Peak Retirement™ Funds

NOTE 8–Share Information–(continued)

Invesco Peak Retirement™ 2020 Fund


	Summary of Share Activity


	Six months ended June 30, 2021^(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		308,364			$3,424,406			229,331			$2,437,301

Class C		85,764			938,986			70,284			719,764

Class R		111,487			1,227,754			112,859			1,153,439

Class Y		1,394			15,352			4,329			43,918


Issued as reinvestment of dividends:
Class A		-			-			4,285			46,145

Class C		-			-			1,100			11,776

Class R		-			-			1,800			19,330

Class Y		-			-			95			1,032


Automatic conversion of Class C shares to Class A shares:
Class A		3,867			43,746			15,193			156,191

Class C		(3,901	)		(43,746	)		(15,325	)		(156,191	)

Reacquired:
Class A		(21,367	)		(236,250	)		(36,052	)		(345,457	)

Class C		(6,429	)		(71,381	)		(124	)		(1,277	)

Class R		(15,672	)		(172,417	)		(57,346	)		(548,212	)

Net increase in share activity		463,507			$5,126,450			330,429			$3,537,759

^(a)	16% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

78 Invesco Peak Retirement™ Funds

NOTE 8–Share Information–(continued)

Invesco Peak Retirement™ 2025 Fund


	Summary of Share Activity


	Six months ended June 30, 2021^(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		480,794			$5,529,956			627,738			$6,648,132

Class C		69,914			791,472			163,236			1,713,237

Class R		53,783			622,104			123,867			1,288,885

Class Y		6,892			80,336			7,504			80,616

Issued as reinvestment of dividends:
Class A		-			-			17,180			191,386

Class C		-			-			3,616			39,811

Class R		-			-			2,350			26,108

Class Y		-			-			198			2,212


Automatic conversion of Class C shares to Class A shares:
Class A		8,157			95,483			31,942			357,851

Class C		(8,273	)		(95,483	)		(32,361	)		(357,851	)


Reacquired:
Class A		(100,398	)		(1,165,678	)		(177,432	)		(1,844,334	)

Class C		(27,161	)		(314,866	)		(13,910	)		(150,984	)

Class R		(647	)		(7,365	)		(56,632	)		(559,326	)

Class Y		(4,337	)		(52,212	)		(2,918	)		(32,651	)

Class R5		(961	)		(11,500	)		(8,043	)		(90,000	)

Class R6		(20,133	)		(241,000	)		(8,937	)		(100,000	)

Net increase in share activity		457,630			$5,231,247			677,398			$7,213,092

^(a)

79 Invesco Peak Retirement™ Funds

NOTE 8–Share Information–(continued)

Invesco Peak Retirement™ 2030 Fund


	Summary of Share Activity


	Six months ended June 30, 2021						Year ended December 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		914,553			$10,665,316			1,053,914			$11,408,515

Class C		297,184			3,435,091			175,736			1,900,095

Class R		357,379			4,145,660			189,959			1,998,432

Class Y		10,494			123,673			1,769			18,142


Issued as reinvestment of dividends:
Class A		-			-			18,563			209,209

Class C		-			-			2,096			23,408

Class R		-			-			3,601			40,435

Class Y		-			-			243			2,756


Automatic conversion of Class C shares to Class A shares:
Class A		11,211			134,849			7,061			78,600

Class C		(11,343	)		(134,849	)		(7,125	)		(78,600	)


Reacquired:
Class A		(291,221	)		(3,384,382	)		(61,387	)		(647,571	)

Class C		(49,814	)		(578,952	)		(44,300	)		(466,789	)

Class R		(26,376	)		(313,312	)		(30,743	)		(311,029	)

Class Y		(38	)		(454	)		(3,090	)		(34,807	)

Class R5		(1,079	)		(13,200	)		(7,944	)		(90,000	)

Class R6		(20,262	)		(247,800	)		(8,826	)		(100,000	)

Net increase in share activity		1,190,688			$13,831,640			1,289,527			$13,950,796

80 Invesco Peak Retirement™ Funds

NOTE 8–Share Information–(continued)

Invesco Peak Retirement™ 2035 Fund


	Summary of Share Activity


	Six months ended June 30, 2021^(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		367,429			$4,397,310			264,421			$2,821,056

Class C		59,016			706,265			178,740			1,905,240

Class R		81,422			977,996			123,871			1,323,563

Class Y		12,292			148,122			34,162			378,173


Issued as reinvestment of dividends:
Class A		-			-			5,799			66,285

Class C		-			-			2,313			26,201

Class R		-			-			2,188			24,906

Class Y		-			-			1,299			14,913


Automatic conversion of Class C shares to Class A shares:
Class A		3,951			47,900			7,223			81,710

Class C		(3,996	)		(47,900	)		(7,294	)		(81,710	)


Reacquired:
Class A		(29,481	)		(355,140	)		(34,640	)		(358,576	)

Class C		(2,459	)		(29,959	)		(29,978	)		(322,815	)

Class R		(9,678	)		(115,864	)		(39,546	)		(385,561	)

Class Y		(3,483	)		(43,783	)		(2,845	)		(32,665	)

Class R5		(1,222	)		(15,300	)		(7,833	)		(90,000	)

Class R6		(20,415	)		(255,543	)		(8,711	)		(100,000	)

Net increase in share activity		453,376			$5,414,104			489,169			$5,270,720

^(a)	9% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

81 Invesco Peak Retirement™ Funds

NOTE 8–Share Information–(continued)

Invesco Peak Retirement™ 2040 Fund


	Summary of Share Activity

	Six months ended June 30, 2021						Year ended December 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		660,473		$	7,936,826			260,854		$	2,773,561

Class C		124,066			1,466,422			92,370			926,105

Class R		226,632			2,730,239			193,947			2,048,463

Class Y		9,334			114,400			40,134			418,412


Issued as reinvestment of dividends:
Class A		-			-			4,691			53,761

Class C		-			-			1,008			11,449

Class R		-			-			2,606			29,713

Class Y		-			-			701			8,060


Automatic conversion of Class C shares to Class A shares:
Class A		2,204			27,678			504			5,792

Class C		(2,231	)		(27,678	)		(509	)		(5,792	)


Reacquired:
Class A		(86,781	)		(1,054,295	)		(47,836	)		(501,448	)

Class C		(18,030	)		(219,241	)		(6,386	)		(63,324	)

Class R		(24,936	)		(307,154	)		(6,392	)		(66,144	)

Class Y		(3,118	)		(37,440	)		(2,815	)		(32,227	)

Class R5		(1,244	)		(15,800	)		(7,819	)		(90,012	)

Class R6		(20,449	)		(259,627	)		(8,688	)		(99,928	)

Net increase in share activity		865,920		$	10,354,330			516,370		$	5,416,441

82 Invesco Peak Retirement™ Funds

NOTE 8–Share Information–(continued)

Invesco Peak Retirement™ 2045 Fund


	Summary of Share Activity

	Six months ended June 30, 2021^(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		130,108		$	1,599,941			233,505		$	2,418,417

Class C		44,060			528,032			45,163			442,845

Class R		44,853			552,113			110,280			1,098,710

Class Y		618			7,677			7,194			69,803


Issued as reinvestment of dividends:
Class A		-			-			3,611			41,525

Class C		-			-			800			9,077

Class R		-			-			1,311			15,015

Class Y		-			-			108			1,243


Automatic conversion of Class C shares to Class A shares:
Class A		1,706			21,342			6,114			68,946

Class C		(1,732	)		(21,342	)		(6,195	)		(68,946	)


Reacquired:
Class A		(45,533	)		(576,711	)		(24,830	)		(250,883	)

Class C		(4,296	)		(52,007	)		(4,142	)		(45,311	)

Class R		(5,942	)		(73,470	)		(18,471	)		(185,299	)

Class Y		(23	)		(284	)		(3,748	)		(42,141	)

Class R5		-			-			(7,792	)		(90,000	)

Class R6		-			-			(8,658	)		(100,000	)

Net increase in share activity		163,819		$	1,985,291			334,250		$	3,383,001

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 14% 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, 7% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

83 Invesco Peak Retirement™ Funds

NOTE 8–Share Information–(continued)

Invesco Peak Retirement™ 2050 Fund


	Summary of Share Activity

	Six months ended June 30, 2021^(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		482,841		$	5,881,772			201,720		$	2,133,718

Class C		121,882			1,468,711			90,090			948,963

Class R		204,669			2,515,079			93,804			936,321

Class Y		3,516			42,979			2,869			30,241


Issued as reinvestment of dividends:
Class A		-			-			2,835			32,855

Class C		-			-			926			10,596

Class R		-			-			1,254			14,434

Class Y		-			-			201			2,345


Automatic conversion of Class C shares to Class A shares:
Class A		808			10,189			838			9,781

Class C		(820	)		(10,189	)		(848	)		(9,781	)


Reacquired:
Class A		(61,865	)		(758,926	)		(47,416	)		(480,995	)

Class C		(13,456	)		(163,977	)		(17,870	)		(188,605	)

Class R		(22,755	)		(276,341	)		(28,974	)		(279,746	)

Class Y		(30	)		(374	)		(2,581	)		(27,277	)

Net increase in share activity		714,790		$	8,708,923			296,848		$	3,132,850

^(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 6% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

In addition, 4% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

84 Invesco Peak Retirement™ Funds

NOTE 8–Share Information–(continued)

Invesco Peak Retirement™ 2055 Fund


	Summary of Share Activity

	Six months ended June 30, 2021^(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		76,468		$	954,854			104,797		$	1,054,937

Class C		21,680			267,711			35,173			365,083

Class R		22,505			279,898			26,573			268,615

Class Y		1,928			24,151			635			6,614


Issued as reinvestment of dividends:
Class A		-			-			1,668			19,179

Class C		-			-			297			3,428

Class R		-			-			470			5,453

Class Y		-			-			9			99


Reacquired:
Class A		(16,742	)		(206,648	)		(11,243	)		(123,477	)

Class C		(1,318	)		(16,257	)		(3,756	)		(39,559	)

Class R		(108	)		(1,329	)		(43	)		(455	)

Class Y		(4	)		(50	)		(2,027	)		(21,433	)

Net increase in share activity		104,409		$	1,302,330			152,553		$	1,538,484

^(a)	14% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

85 Invesco Peak Retirement™ Funds

NOTE 8–Share Information–(continued)

Invesco Peak Retirement™ 2060 Fund


	Summary of Share Activity

	Six months ended June 30, 2021^(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		88,826		$	1,103,037			127,508		$	1,356,110

Class C		14,514			179,474			22,596			229,218

Class R		89,279			1,080,803			54,716			506,785

Class Y		598			7,400			3,806			40,584


Issued as reinvestment of dividends:
Class A		-			-			1,931			22,359

Class C		-			-			220			2,523

Class R		-			-			739			8,508

Class Y		-			-			50			584


Reacquired:
Class A		(11,763	)		(144,148	)		(12,698	)		(116,740	)

Class C		(1,528	)		(18,985	)		(503	)		(5,419	)

Class R		(120	)		(1,467	)		(1,651	)		(14,264	)

Class Y		(2	)		(25	)		(2	)		(25	)

Net increase in share activity		179,804		$	2,206,089			196,712		$	2,030,223

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 19% 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, 21% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

86 Invesco Peak Retirement™ Funds

NOTE 8–Share Information–(continued)

Invesco Peak Retirement™ 2065 Fund


	Summary of Share Activity

	Six months ended June 30, 2021^(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		105,823		$	1,352,054			114,916		$	1,174,946

Class C		22,977			288,047			22,693			237,206

Class R		21,930			281,480			18,749			187,713

Class Y		5,723			76,181			17,131			202,178


Issued as reinvestment of dividends:
Class A		-			-			1,717			20,441

Class C		-			-			261			3,036

Class R		-			-			330			3,871

Class Y		-			-			241			2,848


Reacquired:
Class A		(23,064	)		(293,009	)		(9,643	)		(99,208	)

Class C		(3,035	)		(38,223	)		(4,268	)		(40,688	)

Class R		(584	)		(7,513	)		(165	)		(1,715	)

Class Y		-			-			(4,240	)		(50,075	)

Net increase in share activity		129,770		$	1,659,017			157,722		$	1,640,553

^(a)

In addition, 14% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

87 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, 2021 through June 30, 2021 (for the period, April 30, 2021 (commencement of investment operations) through June 30, 2021, for Invesco Peak Retirement^TM 2010 Fund).

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 Peak Retirement™ Destination Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
Invesco Peak Retirement™ Destination Fund	Beginning Account Value (01/01/21)	Ending Account Value (06/30/21)¹	Expenses Paid During Period^2,3	Ending Account Value (06/30/21)	Expenses Paid During Period^2,4	Annualized Expense Ratio²
Class A	$1,000.00	$1,065.40	$1.64	$1,023.21	$1.61	0.32%
Class C	1,000.00	1,061.50	5.47	1,019.49	5.36	1.07
Class R	1,000.00	1,064.10	2.92	1,021.97	2.86	0.57
Class Y	1,000.00	1,066.70	0.36	1,024.45	0.35	0.07
Class R5	1,000.00	1,066.70	0.36	1,024.45	0.35	0.07
Class R6	1,000.00	1,066.70	0.36	1,024.45	0.35	0.07

The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value, which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. Effective April 30, 2021, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.74%, 1.49%, 0.99%, 0.49%, 0.49% and 0.49% of the Fund’s 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 0.28%, 1.03%, 0.53%, 0.03%, 0.03% and 0.03% for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³	The actual expenses paid, restated as if the changes discussed above had been in effect throughout the entire most recent half year, are $1.43, $5.26, $2.71, $0.15, $0.15 and $0.15 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴	The hypothetical expenses paid, restated as if the changes discussed above had been in effect throughout the entire most recent half year, are $1.40, $5.16, $2.66, $0.15, $0.15 and $0.15 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

88 Invesco Peak Retirement™ Funds

Invesco Peak Retirement™ 2010 Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
Invesco Peak Retirement™ 2010 Fund	Beginning Account Value (01/01/21)	Ending Account Value (06/30/21)¹	Expenses Paid During Period²	Ending Account Value (06/30/21)	Expenses Paid During Period³	Annualized Expense Ratio²
Class A	$1,000.00	$1,009.00	$0.59	$1,023.06	$1.76	0.35%
Class C	1,000.00	1,007.00	1.84	1,019.34	5.51	1.10
Class R ��	1,000.00	1,008.00	1.01	1,021.82	3.01	0.60
Class Y	1,000.00	1,009.00	0.17	1,024.30	0.50	0.10
Class R5	1,000.00	1,009.00	0.17	1,024.30	0.50	0.10
Class R6	1,000.00	1,009.00	0.17	1,024.30	0.50	0.10

The actual ending account value is based on the actual total return of the Fund for the period April 30, 2021 (commencement of investment operations) through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value, which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

Actual expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 61 (as of close of business April 30, 2021 (commencement of investment operations) through June 30, 2021)/365. Because the Fund has not been in existence for a full six month period, the actual ending account value and expense information shown may not provide a meaningful comparison to the 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.

Hypothetical expenses are equal to the annualized expense ratio indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect a one-half year period. The hypothetical ending account value and expenses may be used to compare ongoing costs of investing in the Fund and other funds because such data is based on a full six month period.

Invesco Peak Retirement™ 2015 Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
Invesco Peak Retirement™ 2015 Fund	Beginning Account Value (01/01/21)	Ending Account Value (06/30/21)¹	Expenses Paid During Period^2,3	Ending Account Value (06/30/21)	Expenses Paid During Period^2,4	Annualized Expense Ratio²
Class A	$1,000.00	$1,064.70	$1.69	$1,023.16	$1.66	0.33%
Class C	1,000.00	1,061.20	5.52	1,019.44	5.41	1.08
Class R	1,000.00	1,062.90	2.97	1,021.92	2.91	0.58
Class Y	1,000.00	1,066.40	0.41	1,024.40	0.40	0.08
Class R5	1,000.00	1,066.40	0.41	1,024.40	0.40	0.08
Class R6	1,000.00	1,066.40	0.41	1,024.40	0.40	0.08

The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value, which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. Effective April 30, 2021, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.74%, 1.49%, 0.99%, 0.49%, 0.49% and 0.49% of the Fund’s 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 0.31%, 1.06%, 0.56%, 0.06%, 0.06% and 0.06% for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³	The actual expenses paid, restated as if the changes discussed above had been in effect throughout the entire most recent half year, are $1.59, $5.42, $2.86, $0.31, $0.31 and $0.31 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴	The hypothetical expenses paid, restated as if the changes discussed above had been in effect throughout the entire most recent half year, are $1.56, $5.31, $2.81, $0.30, $0.30 and $0.30 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

89 Invesco Peak Retirement™ Funds

Invesco Peak Retirement™ 2020 Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
Invesco Peak Retirement™ 2020 Fund	Beginning Account Value (01/01/21)	Ending Account Value (06/30/21)¹	Expenses Paid During Period^2,3	Ending Account Value (06/30/21)	Expenses Paid During Period^2,4	Annualized Expense Ratio²
Class A	$1,000.00	$1,062.60	$1.74	$1,023.11	$1.71	0.34%
Class C	1,000.00	1,058.40	5.56	1,019.39	5.46	1.09
Class R	1,000.00	1,060.90	3.01	1,021.87	2.96	0.59
Class Y	1,000.00	1,065.10	0.46	1,024.35	0.45	0.09
Class R5	1,000.00	1,064.10	0.46	1,024.35	0.45	0.09
Class R6	1,000.00	1,064.10	0.46	1,024.35	0.45	0.09

The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value, which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. Effective April 30, 2021, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.74%, 1.49%, 0.99%, 0.49%, 0.49% and 0.49% of the Fund’s 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 0.30%, 1.05%, 0.55%, 0.05%, 0.05% and 0.05% for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³	The actual expenses paid, restated as if the changes discussed above had been in effect throughout the entire most recent half year, are $1.53, $5.36, $2.81, $0.26, $0.26 and $0.26 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴	The hypothetical expenses paid, restated as if the changes discussed above had been in effect throughout the entire most recent half year, are $1.51, $5.26, $2.76, $0.25, $0.25 and $0.25 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

Invesco Peak Retirement™ 2025 Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
Invesco Peak Retirement™ 2025 Fund	Beginning Account Value (01/01/21)	Ending Account Value (06/30/21)¹	Expenses Paid During Period^2,3	Ending Account Value (06/30/21)	Expenses Paid During Period^2,4	Annualized Expense Ratio²
Class A	$1,000.00	$1,064.90	$1.69	$1,023.16	$1.66	0.33%
Class C	1,000.00	1,061.20	5.52	1,019.44	5.41	1.08
Class R	1,000.00	1,064.20	2.97	1,021.92	2.91	0.58
Class Y	1,000.00	1,066.40	0.41	1,024.40	0.40	0.08
Class R5	1,000.00	1,065.60	0.41	1,024.40	0.40	0.08
Class R6	1,000.00	1,065.50	0.41	1,024.40	0.40	0.08

The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value, which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. Effective April 30, 2021, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.74%, 1.49%, 0.99%, 0.49%, 0.49% and 0.49% of the Fund’s 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 0.29%, 1.04%, 0.54%, 0.04%, 0.04% and 0.04% for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³	The actual expenses paid, restated as if the changes discussed above had been in effect throughout the entire most recent half year, are $1.48, $5.32, $2.76, $0.20, $0.20 and $0.20 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴	The hypothetical expenses paid, restated as if the changes discussed above had been in effect throughout the entire most recent half year, are $1.45, $5.21, $2.71, $0.20, $0.20 and $0.20 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

90 Invesco Peak Retirement™ Funds

Invesco Peak Retirement™ 2030 Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
Invesco Peak Retirement™ 2030 Fund	Beginning Account Value (01/01/21)	Ending Account Value (06/30/21)¹	Expenses Paid During Period^2,3	Ending Account Value (06/30/21)	Expenses Paid During Period^2,4	Annualized Expense Ratio²
Class A	$1,000.00	$1,075.60	$1.70	$1,023.16	$1.66	0.33%
Class C	1,000.00	1,071.00	5.55	1,019.44	5.41	1.08
Class R	1,000.00	1,074.10	2.98	1,021.92	2.91	0.58
Class Y	1,000.00	1,076.10	0.41	1,024.40	0.40	0.08
Class R5	1,000.00	1,076.10	0.41	1,024.40	0.40	0.08
Class R6	1,000.00	1,076.10	0.41	1,024.40	0.40	0.08

The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value, which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

³	The actual expenses paid, restated as if the changes discussed above had been in effect throughout the entire most recent half year, are $1.44, $5.29, $2.73, $0.15, $0.15 and $0.15 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴	The hypothetical expenses paid, restated as if the changes discussed above had been in effect throughout the entire most recent half year, are $1.40, $5.16, $2.66, $0.15, $0.15 and $0.15 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

Invesco Peak Retirement™ 2035 Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
Invesco Peak Retirement™ 2035 Fund	Beginning Account Value (01/01/21)	Ending Account Value (06/30/21)¹	Expenses Paid During Period^2,3	Ending Account Value (06/30/21)	Expenses Paid During Period^2,4	Annualized Expense Ratio²
Class A	$1,000.00	$1,085.80	$1.76	$1,023.11	$1.71	0.34%
Class C	1,000.00	1,082.20	5.63	1,019.39	5.46	1.09
Class R	1,000.00	1,084.40	3.05	1,021.87	2.96	0.59
Class Y	1,000.00	1,087.10	0.47	1,024.35	0.45	0.09
Class R5	1,000.00	1,087.10	0.47	1,024.35	0.45	0.09
Class R6	1,000.00	1,087.10	0.47	1,024.35	0.45	0.09

The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value, which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

³	The actual expenses paid, restated as if the changes discussed above had been in effect throughout the entire most recent half year, are $1.45, $5.32, $2.74, $0.16, $0.16 and $0.16 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴	The hypothetical expenses paid, restated as if the changes discussed above had been in effect throughout the entire most recent half year, are $1.40, $5.16, $2.66, $0.15, $0.15 and $0.15 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

91 Invesco Peak Retirement™ Funds

Invesco Peak Retirement™ 2040 Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
Invesco Peak Retirement™ 2040 Fund	Beginning Account Value (01/01/21)	Ending Account Value (06/30/21)¹	Expenses Paid During Period^2,3	Ending Account Value (06/30/21)	Expenses Paid During Period^2,4	Annualized Expense Ratio²
Class A	$1,000.00	$1,098.40	$1.77	$1,023.11	$1.71	0.34%
Class C	1,000.00	1,094.90	5.66	1,019.39	5.46	1.09
Class R	1,000.00	1,097.20	3.07	1,021.87	2.96	0.59
Class Y	1,000.00	1,099.70	0.47	1,024.35	0.45	0.09
Class R5	1,000.00	1,099.70	0.47	1,024.35	0.45	0.09
Class R6	1,000.00	1,099.70	0.47	1,024.35	0.45	0.09

The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value, which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. Effective April 30, 2021, 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 expense of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.74%, 1.49%, 0.99%, 0.49%, 0.49% and 0.49% of the Fund’s 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 0.30%, 1.05%, 0.55%, 0.05%, 0.05% and 0.05% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³	The actual expenses paid, restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year, are $1.56, $5.45, $2.86, $0.26, $0.26 and $0.26 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 $$1.51, $5.26, $2.76, $0.25, $0.25 and $0.25 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

Invesco Peak Retirement™ 2045 Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
Invesco Peak Retirement™ 2045 Fund	Beginning Account Value (01/01/21)	Ending Account Value (06/30/21)¹	Expenses Paid During Period^2,3	Ending Account Value (06/30/21)	Expenses Paid During Period^2,4	Annualized Expense Ratio²
Class A	$1,000.00	$1,110.80	$1.88	$1,023.01	$1.81	0.36%
Class C	1,000.00	1,106.20	5.80	1,019.29	5.56	1.11
Class R	1,000.00	1,108.70	3.19	1,021.77	3.06	0.61
Class Y	1,000.00	1,111.30	0.58	1,024.25	0.55	0.11
Class R5	1,000.00	1,112.10	0.58	1,024.25	0.55	0.11
Class R6	1,000.00	1,112.20	0.58	1,024.25	0.55	0.11

The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value, which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. Effective April 30, 2021, 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 expense of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.74%, 1.49%, 0.99%, 0.49%, 0.49% and 0.49% of the Fund’s 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 0.31%, 1.06%, 0.56%, 0.06%, 0.06% and 0.06% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³	The actual expenses paid, restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year, are $1.62, $5.54, $2.93, $0.31, $0.31 and $0.31 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 $1.56, $5.31, $2.81, $0.30, $0.30 and $0.30 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

92 Invesco Peak Retirement™ Funds

Invesco Peak Retirement™ 2050 Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
Invesco Peak Retirement™ 2050 Fund	Beginning Account Value (01/01/21)	Ending Account Value (06/30/21)¹	Expenses Paid During Period^2,3	Ending Account Value (06/30/21)	Expenses Paid During Period^2,4	Annualized Expense Ratio²
Class A	$1,000.00	$1,113.30	$1.89	$1,023.01	$1.81	0.36%
Class C	1,000.00	1,108.70	5.80	1,019.29	5.56	1.11
Class R	1,000.00	1,111.50	3.19	1,021.77	3.06	0.61
Class Y	1,000.00	1,114.50	0.58	1,024.25	0.55	0.11
Class R5	1,000.00	1,114.50	0.58	1,024.25	0.55	0.11
Class R6	1,000.00	1,113.70	0.58	1,024.25	0.55	0.11

The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value, which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. Effective April 30, 2021, 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 expense of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.74%, 1.49%, 0.99%, 0.49%, 0.49% and 0.49% of the Fund’s 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 0.31%, 1.06%, 0.56%, 0.06%, 0.06% and 0.06% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³	The actual expenses paid, restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year, are $1.62, $5.54, $2.93, $0.31, $0.31 and $0.31 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 $1.56, $5.31, $2.81, $0.30, $0.30 and $0.30 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

Invesco Peak Retirement™ 2055 Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
Invesco Peak Retirement™ 2055 Fund	Beginning Account Value (01/01/21)	Ending Account Value (06/30/21)¹	Expenses Paid During Period^2,3	Ending Account Value (06/30/21)	Expenses Paid During Period^2,4	Annualized Expense Ratio²
Class A	$1,000.00	$1,115.20	$1.94	$1,022.96	$1.86	0.37%
Class C	1,000.00	1,111.30	5.86	1,019.24	5.61	1.12
Class R	1,000.00	1,114.90	3.25	1,021.72	3.11	0.62
Class Y	1,000.00	1,116.50	0.63	1,024.20	0.60	0.12
Class R5	1,000.00	1,116.50	0.63	1,024.20	0.60	0.12
Class R6	1,000.00	1,116.50	0.63	1,024.20	0.60	0.12

The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value, which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. Effective April 30, 2021, 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 expense of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.74%, 1.49%, 0.99%, 0.49%, 0.49% and 0.49% of the Fund’s 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 0.31%, 1.06%, 0.56%, 0.06%, 0.06% and 0.06% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³	The actual expenses paid, restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year, are $1.63, $5.55, $2.94, $0.31, $0.31 and $0.31 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 $1.56, $5.31, $2.81, $0.30, $0.30 and $0.30 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

93 Invesco Peak Retirement™ Funds

Invesco Peak Retirement™ 2060 Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
Invesco Peak Retirement™ 2060 Fund	Beginning Account Value (01/01/21)	Ending Account Value (06/30/21)¹	Expenses Paid During Period^2,3	Ending Account Value (06/30/21)	Expenses Paid During Period^2,4	Annualized Expense Ratio²
Class A	$1,000.00	$1,117.40	$1.94	$1,022.96	$1.86	0.37%
Class C	1,000.00	1,112.60	5.87	1,019.24	5.61	1.12
Class R	1,000.00	1,116.30	3.25	1,021.72	3.11	0.62
Class Y	1,000.00	1,118.70	0.63	1,024.20	0.60	0.12
Class R5	1,000.00	1,117.80	0.63	1,024.20	0.60	0.12
Class R6	1,000.00	1,117.80	0.63	1,024.20	0.60	0.12

The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value, which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. Effective April 30, 2021, 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 expense of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.74%, 1.49%, 0.99%, 0.49%, 0.49% and 0.49% of the Fund’s 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 0.31%, 1.06%, 0.56%, 0.06%, 0.06% and 0.06% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³	The actual expenses paid, restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year, are $1.63, $5.55, $2.94, $0.32, $0.32 and $0.32 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 $1.56, $5.31, $2.81, $0.30, $0.30 and $0.30 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

Invesco Peak Retirement™ 2065 Fund


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
Invesco Peak Retirement™ 2065 Fund	Beginning Account Value (01/01/21)	Ending Account Value (06/30/21)¹	Expenses Paid During Period^2,3	Ending Account Value (06/30/21)	Expenses Paid During Period^2,4	Annualized Expense Ratio²
Class A	$1,000.00	$1,117.50	$2.00	$1,022.91	$1.91	0.38%
Class C	1,000.00	1,112.60	5.92	1,019.19	5.66	1.13
Class R	1,000.00	1,116.00	3.31	1,021.67	3.16	0.63
Class Y	1,000.00	1,119.30	0.68	1,024.15	0.65	0.13
Class R5	1,000.00	1,118.40	0.68	1,024.15	0.65	0.13
Class R6	1,000.00	1,118.40	0.68	1,024.15	0.65	0.13

The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value, which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. Effective April 30, 2021, 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 expense of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.74%, 1.49%, 0.99%, 0.49%, 0.49% and 0.49% of the Fund’s 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 0.31%, 1.06%, 0.56%, 0.06%, 0.06% and 0.06% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³	The actual expenses paid, restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year, are $1.63, $5.55, $2.94, $0.32, $0.32 and $0.32 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 $1.56, $5.31, $2.81, $0.30, $0.30 and $0.30 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

94 Invesco Peak Retirement™ Funds

Approval of Investment Advisory and Sub-Advisory Contracts

(Invesco Peak Retirement^TM 2010 Fund)

At a meeting held on January 22, 2021, 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 Invesco Peak Retirement 2010 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), effective April 28, 2021.

In doing so, the Board followed a process similar to the process that it follows in annually reviewing and approving investment advisory agreements and sub-advisory contracts for the series portfolios of funds advised by Invesco Advisers and considered the information provided in the most recent annual review process as well as the information provided with respect to the Fund. After evaluating the factors discussed below, among others, the Board: (i) approved the investment advisory agreement and the sub-advisory contracts for the Fund 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, and (ii) approved submission of the agreements to the initial shareholder of the Fund.

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 Fund will be assigned to one of the Sub-Committees. 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.

In evaluating the fairness and reasonableness of compensation under the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Board was assisted in its review by the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees, and by independent legal

counsel. The discussion below serves as a summary 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 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.

The discussion below is a summary 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. This information is current as of January 22, 2021.

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 will 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 and will provide to the Fund, 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 concluded that the nature, extent and quality of the services to be provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

B.	Fund Investment Performance

The Board did not consider the performance of the Fund because the Fund is new and has no performance history. The Board did review performance expectations for the Fund as well as information provided regarding the experience of the portfolio managers in managing the other Invesco Funds in the “Peak Retirement” suite offered by Invesco.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board noted that the Fund is a fund of funds and invests its assets primarily 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 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.

The Board noted that Invesco Advisers will contractually agree to limit expenses of the Fund through at least April 30, 2022 in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers

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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 will be payable to any Affiliated Sub-Advisers for their services to the Fund.

D.	Economies of Scale and Breakpoints

The Board noted that Invesco 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 will share 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 will 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 will continue 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 noted that Invesco Advisers and its affiliates will not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits to be received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees to be received for providing administrative, transfer agency and distribution services to the Fund. 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 will be 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.

(Invesco Peak Retirement^TM Destination Fund (formerly, 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)

determined that the absence of compensation payable thereunder by each Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that 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 has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committee and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to each Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for

96 Invesco Peak Retirement™ Funds

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. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

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 and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. 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 observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. 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 to each Fund 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.

Invesco Peak Retirement^TM Destination Fund (formerly, Invesco Peak Retirement^TM Now Fund)

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, which did not change its conclusions. The Board further noted that, effective April 30, 2021, the Fund’s investment strategy was changed to extend the glide path, increase equity exposure and provide the ability to invest directly in derivatives, among other changes, and discussed with management the potential benefits of such changes from a performance standpoint.

Invesco Peak Retirement^TM 2015 Fund

The Board noted that the Fund only had three full years of performance history and compared the Fund’s investment performance during the past three years ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2015 Index (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, two and three 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, two and three 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. and international equities with value, dividend yield and low volatility factor tilts, and alternatives, including global real estate, 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, which did not change its conclusions. The Board further noted that, effective April 30, 2021, the Fund’s investment strategy was changed to extend the glide path, increase equity exposure and provide the ability to invest directly in derivatives, among other changes, and discussed with management the potential benefits of such changes from a performance standpoint.

Invesco Peak Retirement^TM 2020 Fund

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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, two and three 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 underweight allocation to U.S. equities and its allocation to U.S. equities with value and low volatility factor tilts, as well as an overweight allocation to alternatives, including global real estate, 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, which did not change its conclusions. The Board further noted that, effective April 30, 2021, the Fund’s investment strategy was changed to extend the glide path, increase equity exposure and provide the ability to invest directly in derivatives, among other changes, and discussed with management the potential benefits of such changes from a performance standpoint.

Invesco Peak Retirement^TM 2025 Fund

The Board noted that the Fund only had three full years of performance history and compared the Fund’s investment performance during the past three years ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2025 Index (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, two and three 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, two and three 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 underweight allocation to U.S. equities and its allocation to U.S. equities with value and low volatility factor tilts, as well as an overweight allocation to alternatives, including global real estate, 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, which did not change its conclusions. The Board further noted that, effective April 30, 2021, the Fund’s investment strategy was changed to extend the glide path, increase equity exposure and provide the ability to invest directly in derivatives,

among other changes, and discussed with management the potential benefits of such changes from a performance standpoint.

Invesco Peak Retirement^TM 2030 Fund

The Board noted that the Fund only had three full years of performance history and compared the Fund’s investment performance during the past three years ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2030 Index (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, two and three 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, two and three 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 underweight allocation to U.S. equities and its allocation to U.S. equities with value and low volatility factor tilts, as well as an overweight allocation to alternatives, including global real estate, 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, which did not change its conclusions. The Board further noted that, effective April 30, 2021, the Fund’s investment strategy was changed to extend the glide path, increase equity exposure and provide the ability to invest directly in derivatives, among other changes, and discussed with management the potential benefits of such changes from a performance standpoint.

Invesco Peak Retirement^TM 2035 Fund

value and low volatility factor tilts, as well as an overweight allocation to alternatives, including global real estate, 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, which did not change its conclusions. The Board further noted that, effective April 30, 2021, the Fund’s investment strategy was changed to extend the glide path, increase equity exposure and provide the ability to invest directly in derivatives, among other changes, and discussed with management the potential benefits of such changes from a performance standpoint.

Invesco Peak Retirement^TM 2040 Fund

The Board noted that the Fund only had three full years of performance history and compared the Fund’s investment performance during the past three years ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2040 Index (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, two and three 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, two and three 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 underweight allocation to U.S. equities and its allocation to U.S. equities with value and low volatility factor tilts, as well as an overweight allocation to alternatives, including global real estate, 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, which did not change its conclusions. The Board further noted that, effective April 30, 2021, the Fund’s investment strategy was changed to extend the glide path, increase equity exposure and provide the ability to invest directly in derivatives, among other changes, and discussed with management the potential benefits of such changes from a performance standpoint.

Invesco Peak Retirement^TM 2045 Fund

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Invesco Peak Retirement 2045 Index (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, two and three 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, two and three 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 underweight allocation to U.S. equities and its allocation to U.S. equities with value and low volatility factor tilts, as well as an overweight allocation to alternatives, including global real estate, 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, which did not change its conclusions. The Board further noted that, effective April 30, 2021, the Fund’s investment strategy was changed to extend the glide path, increase equity exposure and provide the ability to invest directly in derivatives, among other changes, and discussed with management the potential benefits of such changes from a performance standpoint.

Invesco Peak Retirement^TM 2050 Fund

The Board noted that the Fund only had three full years of performance history and compared the Fund’s investment performance during the past three years ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2050 Index (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, two and three 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, two and three 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 underweight allocation to U.S. equities and its allocation to U.S. equities with value and low volatility factor tilts, as well as an overweight allocation to real estate 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, which did not change its

conclusions. The Board further noted that, effective April 30, 2021, the Fund’s investment strategy was changed to extend the glide path, increase equity exposure and provide the ability to invest directly in derivatives, among other changes, and discussed with management the potential benefits of such changes from a performance standpoint.

Invesco Peak Retirement^TM 2055 Fund

The Board noted that the Fund only had three full years of performance history and compared the Fund’s investment performance during the past three years ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2055 Index (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, two and three 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, two and three 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 underweight allocation to U.S. equities and its allocation to U.S. equities with value and low volatility factor tilts, as well as an overweight allocation to real estate 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, which did not change its conclusions. The Board further noted that, effective April 30, 2021, the Fund’s investment strategy was changed to extend the glide path, increase equity exposure and provide the ability to invest directly in derivatives, among other changes, and discussed with management the potential benefits of such changes from a performance standpoint.

Invesco Peak Retirement^TM 2060 Fund

Board considered how the performance of certain underlying funds in which the Fund invests impacted Fund performance, noting that the Fund’s underweight allocation to U.S. equities and its allocation to U.S. equities with value and low volatility factor tilts, as well as an overweight allocation to real estate 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, which did not change its conclusions. The Board further noted that, effective April 30, 2021, the Fund’s investment strategy was changed to extend the glide path, increase equity exposure and provide the ability to invest directly in derivatives, among other changes, and discussed with management the potential benefits of such changes from a performance standpoint.

Invesco Peak Retirement^TM 2065 Fund

The Board noted that the Fund only had three full years of performance history and compared the Fund’s investment performance during the past three years ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Peak Retirement 2065 Index (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 and two year periods and the fourth 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 below the performance of the Index for the one, two and three 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 underweight allocation to U.S. equities and its allocation to U.S. equities with value and low volatility factor tilts, as well as an overweight allocation to real estate 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, which did not change its conclusions. The Board further noted that, effective April 30, 2021, the Fund’s investment strategy was changed to extend the glide path, increase equity exposure and provide the ability to invest directly in derivatives, among other changes, and discussed with management the potential benefits of such changes from a performance standpoint.

99 Invesco Peak Retirement™ Funds

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 calculating 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 each Fund’s total expense ratio and its various components. For Invesco Peak Retirement^TM 2015 Fund and Invesco Peak Retirement^TM 2020 Fund, the Board noted that there were only five funds (including each Fund) in the expense group. For Invesco Peak Retirement^TM 2040 Fund, Invesco Peak Retirement^TM 2045 Fund and Invesco Peak Retirement^TM 2055 Fund, the Board noted that each Fund’s total expense ratio was in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses. The Board further noted that, in connection with the changes to each Fund’s investment strategy and glide path effective April 30, 2021, each Fund’s total expense ratio was expected to decrease.

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 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 also shares in economies of scale through Invesco Advisers’

ability to negotiate lower fee arrangements with third party service providers. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment 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 that such methodology had recently been reviewed and enhanced. 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 most Funds individually. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the 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 received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to each Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of each Fund.

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

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

100 Invesco Peak Retirement™ Funds

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


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



		Semiannual Report to Shareholders		June 30, 2021

		Invesco Quality Income Fund
		Nasdaq:
		A: VKMGX ∎ C: VUSCX ∎ R: VUSRX ∎ Y: VUSIX ∎ R5: VUSJX ∎ R6: VUSSX

LOGO


		2		Fund Performance
		4		Liquidity Risk Management Program
		5		Schedule of Investments
		12		Financial Statements
		15		Financial Highlights
		16		Notes to Financial Statements
		23		Fund Expenses
		24		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

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-1.08	%
Class C Shares	-1.40
Class R Shares	-1.23
Class Y Shares	-0.84
Class R5 Shares	-0.87
Class R6 Shares	-0.84

Bloomberg Barclays U.S. Mortgage-Backed Securities Index^q (Broad Market/Style-Specific Index)	-0.77

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.


2 Invesco Quality Income Fund



Average Annual Total Returns
As of 6/30/21, including maximum applicable sales charges

Class A Shares
Inception (5/31/84)	5.87	%
10 Years	2.32
5 Years	1.34
1 Year	-3.16

Class C Shares
Inception (8/13/93)	3.86	%
10 Years	2.14
5 Years	1.48
1 Year	-0.58

Class R Shares
10 Years	2.48	%
5 Years	1.94
1 Year	0.88

Class Y Shares
Inception (9/25/06)	3.50	%
10 Years	3.03
5 Years	2.49
1 Year	1.46

Class R5 Shares
Inception (6/1/10)	3.20	%
10 Years	3.08
5 Years	2.56
1 Year	1.29

Class R6 Shares
10 Years	2.93	%
5 Years	2.57
1 Year	1.50

Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, Van Kampen U.S. Mortgage Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class C and Class Y shares, respectively, of Invesco Van Kampen U.S. Mortgage Fund (renamed Invesco U.S. Mortgage Fund and subsequently Invesco Quality Income Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C and Class Y shares are those for Class A, Class C and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R shares incepted on May 15, 2020. Performance shown prior to that date is that of the Fund’s Class A shares at net asset value, restated to reflect the higher 12b-1 fees applicable to Class R shares.

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

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.


3 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.


4 Invesco Quality Income Fund

Schedule of Investments

June 30, 2021

(Unaudited)


	Principal Amount		Value
U.S. Government Sponsored Agency Mortgage-Backed Securities–104.12%
Collateralized Mortgage Obligations–5.30%
Fannie Mae ACES, IO, 0.30%, 12/25/2022^(a)	$	90,510,102	$	190,261

Fannie Mae Grantor Trust, 7.50%, 01/19/2039^(b)		155,821		168,702

Fannie Mae Interest STRIPS, IO, 7.50%, 05/25/2023 to 01/25/2032^(c)		329,832		26,602

6.50%, 10/25/2024 to 02/25/2033^(c)		1,713,114		281,535

7.00%, 02/25/2028^(c)		343,052		41,447

8.00%, 05/25/2030^(c)		368,565		73,755

6.00%, 02/25/2033 to 09/25/2035^(a)(c)		2,090,338		351,502

5.50%, 11/25/2033 to 06/25/2035^(c)		954,583		159,294

PO, 0.00%, 09/25/2032^(d)		57,333		53,950

Fannie Mae REMICs, 8.50%, 09/25/2021		3		3

3.50%, 09/25/2023 to 08/25/2042^(c)		2,252,525		291,272

4.00%, 07/25/2024 to 08/25/2047^(c)		2,348,938		1,730,726

2.50%, 12/25/2025 to 10/25/2026		1,224,719		1,267,978

5.50%, 12/25/2025 to 07/25/2046^(c)		1,116,352		768,643

7.00%, 03/18/2027 to 05/25/2033^(c)		663,235		456,524

6.50%, 10/25/2028 to 05/25/2033^(c)		200,921		204,327

1.09% (1 mo. USD LIBOR + 1.00%), 12/25/2031 to 12/25/2032^(e)		507,523		518,600

1.08% (1 mo. USD LIBOR + 1.00%), 03/18/2032 to 12/18/2032^(e)		442,038		451,613

0.59% (1 mo. USD LIBOR + 0.50%), 08/25/2032 to 06/25/2046^(e)		1,566,117		1,584,659

0.58% (1 mo. USD LIBOR + 0.50%), 10/18/2032^(e)		47,315		47,633

0.49% (1 mo. USD LIBOR + 0.40%), 03/25/2033 to 03/25/2042^(e)		282,751		285,091

0.43% (1 mo. USD LIBOR + 0.34%), 06/25/2035^(e)		1,165,116		1,172,735

0.44% (1 mo. USD LIBOR + 0.35%), 08/25/2035 to 10/25/2035^(e)		1,112,532		1,119,975

24.23% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036^(e)		173,117		282,061

23.86% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036^(e)		128,355		204,181


	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
23.86% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036^(e)	$	130,718	$	210,986

1.03% (1 mo. USD LIBOR + 0.94%), 06/25/2037^(e)		886,737		893,458

0.54% (1 mo. USD LIBOR + 0.45%), 08/25/2037^(e)		372,712		377,706

2.75%, 01/25/2039		1,208,635		1,220,637

6.61%, 06/25/2039^(b)		464,646		549,140

5.00%, 04/25/2040 to 09/25/2047^(c)(e)		3,196,248		955,483

2.00%, 05/25/2044 to 03/25/2051^(c)		7,940,769		1,943,935

IO, 6.61% (6.70% - (1.00 x 1 mo. USD LIBOR)), 02/25/2024 to 05/25/2035^(c)(e)		902,239		154,445

3.00%, 10/25/2026 to 01/25/2031^(c)		7,014,544		395,834

8.00%, 08/18/2027 to 09/18/2027^(c)		299,715		42,707

0.75%, 10/25/2031^(c)		4,930		97

7.81% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031^(c)(e)		107,443		21,674

7.82% (7.90% - (1.00 x 1 mo. USD LIBOR)), 12/18/2031^(c)(e)		102,478		18,389

7.86% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032^(c)(e)		74,975		14,344

7.92% (8.00% - (1.00 x 1 mo. USD LIBOR)), 03/18/2032^(c)(e)		168,071		36,916

8.01% (8.10% - (1.00 x 1 mo. USD LIBOR)), 03/25/2032 to 04/25/2032^(c)(e)		230,624		49,021

6.91% (7.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032 to 08/25/2032^(c)(e)		355,473		61,446

7.71% (7.80% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032^(c)(e)		79,786		16,124

7.91% (8.00% - (1.00 x 1 mo. USD LIBOR)), 07/25/2032 to 09/25/2032^(c)(e)		518,001		110,112

8.02% (8.10% - (1.00 x 1 mo. USD LIBOR)), 12/18/2032^(c)(e)		321,922		63,053

8.16% (8.25% - (1.00 x 1 mo. USD LIBOR)), 02/25/2033 to 05/25/2033^(c)(e)		420,504		97,761

6.00%, 05/25/2033^(c)		22,715		4,752

5.96% (6.05% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035 to 07/25/2038^(c)(e)		1,220,170		196,059

6.66% (6.75% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035^(c)(e)		73,367		12,190

6.51% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035^(c)(e)		261,863		40,204

6.56% (6.65% - (1.00 x 1 mo. USD LIBOR)), 03/25/2039^(c)(e)		2,123,969		127,007

6.46% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041^(c)(e)		223,986		43,451

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


5 Invesco Quality Income Fund


	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
6.06% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042^(c)(^e)	$	645,789	$	133,418

4.50%, 02/25/2043^(c)		493,646		80,138

1.65%, 02/25/2056^(a)		7,569,683		484,836

Freddie Mac Multifamily Structured Pass-Through Ctfs., Series KC02, Class X1, IO, 1.91%, 03/25/2024^(a)		252,875,537		2,287,310

Series KC03, Class X1, IO, 0.63%, 11/25/2024^(a)		22,139,262		317,526

0.67%, 09/25/2025^(b)		61,432,211		1,245,145

Series K734, Class X1, IO, 0.79%, 02/25/2026^(a)		16,913,920		437,330

Series K735, Class X1, IO, 1.10%, 05/25/2026^(a)		15,873,981		667,834

Series K093, Class X1, IO, 1.09%, 05/25/2029^(a)		13,261,034		882,135

Series Q004, Class AFL, 0.86%(12 mo. MTA Rate + 0.74%), 05/25/2044^(e)		621,072		620,563

Freddie Mac REMICs, 5.00%, 09/15/2023		120,442		124,639

2.00%, 12/15/2023		491,800		500,516

1.75% (COFI + 1.37%), 03/15/2024^(e)		124,195		126,012

2.50%, 07/15/2024 to 07/15/2038^(c)		3,472,664		2,231,609

4.00%, 10/15/2024 to 03/15/2045^(c)		1,400,365		703,426

5.50%, 04/15/2025		6		6

3.50%, 11/15/2025 to 05/15/2032		1,330,925		1,408,136

3.00%, 04/15/2026 to 05/15/2040^(c)		8,327,395		1,619,711

1.50%, 08/15/2027		5,999,353		6,094,986

6.95%, 03/15/2028		185,702		209,604

6.50%, 08/15/2028 to 03/15/2032		1,771,373		2,005,938

0.67% (1 mo. USD LIBOR + 0.60%), 01/15/2029 to 12/15/2032^(e)		121,018		122,583

6.00%, 01/15/2029 to 04/15/2029		287,587		324,334

0.42% (1 mo. USD LIBOR + 0.35%), 02/15/2029^(e)		153,630		150,385

0.99% (1 mo. USD LIBOR + 0.90%), 03/15/2029^(e)		171,523		174,492

0.47% (1 mo. USD LIBOR + 0.40%), 06/15/2029 to 11/15/2039^(e)		261,344		262,763

0.72% (1 mo. USD LIBOR + 0.65%), 07/15/2029^(e)		41,029		41,414

8.00%, 03/15/2030		77,693		92,706

1.02% (1 mo. USD LIBOR + 0.95%), 08/15/2031^(e)		121,431		124,442

0.57% (1 mo. USD LIBOR + 0.50%), 02/15/2032 to 03/15/2032^(e)		361,141		363,690

1.07% (1 mo. USD LIBOR + 1.00%), 02/15/2032 to 03/15/2032^(e)		238,633		244,178

0.62% (1 mo. USD LIBOR + 0.55%), 03/15/2032 to 10/15/2036^(e)		611,515		621,583


	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
24.48% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035^(e)	$	32,788	$	54,148

0.37% (1 mo. USD LIBOR + 0.30%), 03/15/2036^(e)		1,811,884		1,822,087

0.52% (1 mo. USD LIBOR + 0.45%), 07/15/2037^(e)		127,117		128,825

0.61% (1 mo. USD LIBOR + 0.50%), 03/15/2042^(e)		164,979		167,603

IO, 5.93% (6.00% - (1.00 x 1 mo. USD LIBOR)), 03/15/2024 to 04/15/2038^(c)(e)		555,932		39,203

7.58% (7.65% - (1.00 x 1 mo. USD LIBOR)), 07/15/2026^(c)(e)		33,155		3,444

8.62% (8.70% - (1.00 x 1 mo. USD LIBOR)), 07/17/2028^(c)(e)		104,464		8,534

8.03% (8.10% - (1.00 x 1 mo. USD LIBOR)), 06/15/2029 to 09/15/2029^(c)(e)		244,767		40,793

6.63% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035^(c)(e)		982,919		157,757

6.68% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035^(c)(e)		173,985		26,969

6.65% (6.72% - (1.00 x 1 mo. USD LIBOR)), 05/15/2035^(c)(e)		278,602		41,043

6.93% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037^(c)(e)		21,979		4,325

6.00% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038^(c)(e)		1,233,481		216,674

1.84%, 02/15/2039^(a)		3,292,789		210,007

6.18% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039^(c)(e)		303,759		51,694

6.03% (6.10% - (1.00 x 1 mo. USD LIBOR)), 01/15/2044^(c)(e)		434,329		63,161

Freddie Mac Seasoned Loans Structured Transaction, Series 2019-1, Class A2, 3.50%, 05/25/2029		2,000,000		2,209,632

Freddie Mac STRIPS, IO, 3.00%, 12/15/2027^(c)		723,757		45,038

3.27%, 12/15/2027^(a)		186,530		10,038

6.50%, 02/01/2028^(c)		43,666		5,894

7.00%, 09/01/2029^(c)		337,254		57,164

7.50%, 12/15/2029^(c)		22,868		4,148

8.00%, 06/15/2031^(c)		569,828		120,848

6.00%, 12/15/2032^(c)		116,034		17,824

0.00%, 12/01/2031 to 03/01/2032^(d)		301,756		286,098

0.57%(1 mo. USD LIBOR + 0.50%), 05/15/2036^(e)		837,186		845,562

Freddie Mac Structured Pass-Through Ctfs., 6.50%, 02/25/2043		1,427,603		1,699,357

Freddie Mac Whole Loan Securities Trust, Series 2015-SC02, Class 1A, 3.00%, 09/25/2045		450,497		452,636

				52,883,894

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


6 Invesco Quality Income Fund


	Principal Amount		Value
Federal Home Loan Mortgage Corp. (FHLMC)–18.43%
5.00%, 10/01/2021 to 06/01/2040	$	3,095,285	$	3,548,978

6.50%, 04/01/2022 to 04/01/2034		872,786		972,698

9.00%, 08/01/2022 to 05/01/2025		5,762		6,211

6.00%, 10/01/2022 to 10/01/2029		359,818		407,497

5.50%, 01/01/2024 to 12/01/2036		247,446		267,617

2.50%, 02/01/2031 to 09/01/2050		10,101,172		10,497,446

8.50%, 03/01/2031 to 08/01/2031		149,261		176,137

7.00%, 10/01/2031 to 10/01/2037		265,440		304,599

7.50%, 01/01/2032 to 08/01/2037		7,018,353		8,129,177

3.00%, 02/01/2032 to 04/01/2051		82,679,623		87,230,228

8.00%, 08/01/2032		103,752		120,406

4.50%, 05/01/2038 to 11/01/2049		8,592,017		9,490,840

5.35%, 07/01/2038 to 10/17/2038		1,291,787		1,459,698

5.80%, 10/01/2038 to 01/20/2039		618,166		697,996

5.45%, 11/25/2038		1,322,815		1,486,476

4.00%, 06/01/2042 to 07/01/2049		27,703,925		30,439,110

3.50%, 09/01/2045 to 05/01/2050		26,491,858		28,527,827

				183,762,941


Federal National Mortgage Association (FNMA)–57.64%
6.00%, 07/01/2021 to 05/01/2040		3,056,936		3,411,242

5.50%, 11/01/2021 to 04/01/2038		4,914,840		5,516,993

5.00%, 06/01/2022 to 01/01/2041		3,301,763		3,727,810

2.00%, 03/01/2023 to 01/01/2051		43,186,649		44,324,899

4.50%, 04/01/2023 to 07/01/2044		6,076,761		6,724,436

7.00%, 07/01/2023 to 01/01/2036		1,947,064		2,216,437

6.50%, 08/01/2023 to 11/01/2038		3,524,070		3,982,217

0.38%, 08/25/2025		4,000,000		3,942,365

0.50%, 11/07/2025		17,000,000		16,805,378

1.88%, 09/24/2026		5,358,000		5,620,204

7.50%, 02/01/2027 to 08/01/2037		2,855,213		3,295,970

3.59%, 10/01/2028		9,586,000		10,960,117

3.79%, 11/01/2028		10,962,000		12,697,415

3.00%, 02/01/2029 to 06/01/2051		115,835,343		122,827,012

9.50%, 04/01/2030		12,217		13,493

8.50%, 07/01/2032 to 10/01/2032		221,895		267,891

5.63%, 08/01/2032		104,673		110,795

8.00%, 04/01/2033		238,238		285,953


	Principal Amount		Value
Federal National Mortgage Association (FNMA)–(continued)
3.50%, 11/01/2034 to 05/01/2050	$	98,053,881	$	105,670,170

2.50%, 03/01/2035 to 10/01/2050		15,999,928		16,738,771

5.45%, 01/01/2038		258,659		278,458

4.00%, 02/01/2042 to 03/01/2050		65,647,226		72,211,330

TBA, 2.00%, 07/01/2036^(f)		14,650,000		15,111,532

2.50%, 07/01/2051^(f)		114,075,000		117,996,329

				574,737,217


Government National Mortgage Association (GNMA)–10.89%
8.00%, 11/15/2021 to 09/15/2028		6,589		6,614

9.50%, 11/15/2021		586		588

7.00%, 11/15/2022 to 01/20/2030		233,875		251,563

9.00%, 02/15/2023		226		226

6.50%, 01/15/2024 to 10/15/2028		52,787		58,851

3.00%, 12/16/2025 to 02/20/2050		3,718,575		3,900,019

6.00%, 06/15/2028 to 04/20/2029		127,150		143,333

7.50%, 06/15/2028 to 08/15/2028		155,913		159,502

5.50%, 05/15/2033 to 10/15/2034		393,363		454,414

4.77%, 07/17/2033		135,611		139,270

7.13%, 11/20/2033^(b)		1,700,054		1,940,498

5.00%, 11/20/2037		418,451		463,429

5.89%, 01/20/2039^(b)		1,061,081		1,238,016

4.51%, 07/20/2041^(b)		1,024,817		1,143,222

2.29%, 09/20/2041		899,117		933,639

0.54% (1 mo. USD LIBOR + 0.45%), 07/20/2044^(e)		641,364		645,072

3.50%, 05/20/2046 to 06/20/2050		23,862,608		25,371,644

4.00%, 02/20/2048 to 03/20/2050		6,001,237		6,536,590

IO, 6.58% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041^(c)(e)		1,749,705		272,975

4.50%, 09/16/2047^(c)		1,059,980		157,528

6.13% (6.20% - (1.00 x 1 mo. USD LIBOR)), 10/16/2047^(c)(e)		1,002,142		184,892

TBA, 2.00%, 07/01/2051^(f)		30,284,000		30,844,728

2.50%, 07/01/2051^(f)		23,848,000		24,680,817

Series 2020-137, Class A, 1.50%, 04/16/2062		9,091,552		9,073,297

				108,600,727


Uniform Mortgage-Backed Securities–11.86%
TBA, 1.50%, 07/01/2036^(f)		17,200,000		17,408,617

2.00%, 07/01/2051^(f)		99,899,000		100,874,578

				118,283,195

Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $1,046,156,413)				1,038,267,974

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


7 Invesco Quality Income Fund


	Principal Amount		Value
U.S. Treasury Securities–15.74%

U.S. Treasury Bills–0.32%
0.01% - 0.05%, 07/15/2021^(g)(h)	$	3,213,000	$	3,212,960

U.S. Treasury Notes–15.42%
0.13%, 12/31/2022		3,300,000		3,297,809

0.13%, 02/28/2023		15,000,000		14,983,008

0.13%, 04/30/2023		15,000,000		14,973,633

0.25%, 03/15/2024		15,000,000		14,942,578

1.13%, 02/28/2025		15,000,000		15,277,148

0.38%, 01/31/2026		12,000,000		11,761,406

0.75%, 03/31/2026		8,000,000		7,965,312

0.75%, 04/30/2026		15,000,000		14,925,586

1.13%, 02/28/2027		16,000,000		16,118,125

0.50%, 10/31/2027		14,000,000		13,463,516

1.25%, 03/31/2028		11,000,000		11,045,117

1.25%, 04/30/2028		15,000,000		15,049,219

				153,802,457

Total U.S. Treasury Securities (Cost $156,895,509)				157,015,417


Asset-Backed Securities–7.74%
Adjustable Rate Mortgage Trust, Series 2005-7, Class 2A21, 0.77%, 10/25/2035^(b)		274,727		256,000

Agate Bay Mortgage Trust, Series 2015-2, Class B1, 3.69%, 03/25/2045^(b)(i)		2,160,468		2,200,281

Banc of America Funding Trust, Series 2006-3, Class 5A5, 5.50%, 03/25/2036		38,919		38,789

Series 2006-A, Class 1A1, 2.71%, 02/20/2036^(b)		405,997		407,299

Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-1, Class 2A1, 2.86%, 03/25/2035^(b⁾		1,064,646		1,059,945

Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.65%, 01/15/2051^(a)		17,626,550		479,670

BX Commercial Mortgage Trust, Series 2018-BIOA, Class C, 1.19%, 03/15/2037⁽ⁱ⁾		6,500,000		6,519,593

CCG Receivables Trust, Series 2018-1, Class C, 3.42%, 06/16/2025⁽ⁱ⁾		190,000		190,212

Series 2019-1, Class B, 3.22%, 09/14/2026⁽ⁱ⁾		1,400,000		1,444,763

Series 2019-1, Class C, 3.57%, 09/14/2026⁽ⁱ⁾		340,000		351,398

Series 2019-2, Class C, 2.89%, 03/15/2027⁽ⁱ⁾		405,000		415,147

CD Mortgage Trust, Series 2017- CD6, Class XA, IO, 1.06%, 11/13/2050^(a)		7,351,892		280,169

Chase Mortgage Finance Corp., Series 2016-2, Class M4, 3.71%, 12/25/2045^(b)(i)		1,846,142		1,867,190

Series 2016-SH1, Class M3, 3.75%, 04/25/2045^(b)(i)		1,809,260		1,834,883


	Principal Amount		Value
Chase Mortgage Finance Trust, Series 2005-A1, Class 3A1, 3.00%, 12/25/2035^(b)	$	17,293	$	17,026

Series 2007-A2, Class 2A1, 2.77%, 06/25/2035^(b)		342,956		349,045

Series 2007-A2, Class 2A4, 2.77%, 06/25/2035^(b)		316,818		320,269

CHL Mortgage Pass-Through Trust, Series 2004-29, Class 1A1, 0.63% (1 mo. USD LIBOR + 0.54%), 02/25/2035^(e)		232,730		228,509

Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class XA, IO, 1.17%, 11/10/2046^(a)		5,179,873		103,641

Series 2017-C4, Class XA, IO, 1.23%, 10/12/2050^(a)		19,524,153		944,415

Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A4, 1.87%, 08/25/2034^(b)		67,782		66,284

Series 2005-11, Class A2A, 2.53% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035^(e)		703,633		712,322

Series 2006-AR2, Class 1A2, 2.57%, 03/25/2036^(b)		22,034		21,377

Commercial Mortgage Trust, Series 2013-LC13, Class XA, IO, 1.18%, 08/10/2046^(a)		19,858,267		362,179

Series 2015-CR24, Class XA, IO, 0.90%, 08/10/2048^(a)		40,188,552		1,071,592

Commonbond Student Loan Trust, Series 2018-CGS, Class A1, 3.87%, 02/25/2046⁽ⁱ⁾		1,538,539		1,588,229

Credit Suisse Mortgage Capital Trust, Series 2013-7, Class B1, 3.52%, 08/25/2043^(b)(i)		2,338,407		2,377,841

Credit Suisse Mortgage Loan Trust, Series 2015-1, Class A9, 3.50%, 05/25/2045^(b)(i)		599,997		609,491

CSFB Mortgage-Backed Pass-Through Ctfs., Series 2004-AR5, Class 5A1, 2.76%, 06/25/2034^(b)		481,555		499,581

Dell Equipment Finance Trust, Series 2019-2, Class D, 2.48%, 04/22/2025⁽ⁱ⁾		875,000		885,508

Deutsche Mortgage Securities, Inc. Re-REMIC Trust Ctfs., Series 2007-WM1, Class A1, 3.02%, 06/27/2037^(b)(i)		2,011,982		2,047,368

Galton Funding Mortgage Trust, Series 2018-1, Class A33, 3.50%, 11/25/2057^(b)(i)		1,128,248		1,144,589

GMACM Mortgage Loan Trust, Series 2005-AR3, Class 2A1, 3.01%, 06/19/2035^(b)		836,747		867,820

GSAA Home Equity Trust, Series 2007-7, Class A4, 0.63% (1 mo. USD LIBOR + 0.54%), 07/25/2037^(e)		46,709		46,194

GSR Mortgage Loan Trust, Series 2004-12, Class 3A6, 1.46%, 12/25/2034^(b)		267,023		270,876

Series 2005-AR, Class 6A1, 3.08%, 07/25/2035^(b)		162,137		168,300

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


8 Invesco Quality Income Fund


	Principal Amount		Value
Home Partners of America Trust, Series 2017-1, Class C, 1.63% (1 mo. USD LIBOR + 1.55%), 07/17/2034^(e)(i)	$	3,000,000	$	3,008,645

Series 2017-1, Class D, 1.98% (1 mo. USD LIBOR + 1.90%), 07/17/2034^(e)(i)		6,620,000		6,626,447

Invitation Homes Trust, Series 2017-SFR2, Class C, 1.53% (1 mo. USD LIBOR + 1.45%), 12/17/2036^(e)(i)		3,207,459		3,217,309

Series 2018-SFR3, Class B, 1.23% (1 mo. USD LIBOR + 1.15%), 07/17/2037^(e)(i)		5,000,000		5,023,621

Series 2018-SFR4, Class C, 1.48% (1 mo. USD LIBOR + 1.40%), 01/17/2038^(e)(i)		4,229,000		4,249,207

JP Morgan Mortgage Trust, Series 2005-A1, Class 3A1, 2.70%, 02/25/2035^(b)		639,686		631,049

Series 2005-A3, Class 6A5, 2.63%, 06/25/2035^(b)		405,671		416,395

Series 2014-1, Class 1A17, 0.79%, 01/25/2044^(b)(i)		1,211,100		1,231,219

Series 2015-3, Class A3, 3.50%, 05/25/2045^(b)(i)		1,181,720		1,200,157

Series 2017-5, Class A1, 3.09%, 10/26/2048^(b)(i)		1,605,797		1,650,836

Series 2019-INV2, Class A15, 3.50%, 02/25/2050^(b)(i)		383,314		391,208

Luminent Mortgage Trust, Series 2006-1, Class A1, 0.81% (1 mo. USD LIBOR + 0.72%), 04/25/2036^(e)		39,888		36,162

MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A2, 2.70%, 04/21/2034^(b)		159,814		162,672

Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 3A, 2.25%, 11/25/2035^(b)		346,678		350,335

Series 2005-A, Class A1, 0.55% (1 mo. USD LIBOR + 0.46%), 03/25/2030^(e)		395,651		395,610

Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.92%, 12/15/2050^(a)		6,706,778		276,378

Progress Residential Trust, Series 2020-SFR1, Class C, 2.18%, 04/17/2037⁽ⁱ⁾		2,500,000		2,535,243

RBSSP Resecuritization Trust, Series 2010-1, Class 2A1, 2.24%, 07/26/2045^(b)(i)		84,421		84,851

Residential Accredit Loans, Inc. Trust, Series 2006-QO2, Class A2, 0.63% (1 mo. USD LIBOR + 0.54%), 02/25/2046^(e)		43,525		13,458

Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		42,675		40,564

Sapphire Aviation Finance II Ltd., Series 2020-1A, Class B, 4.34%, 03/15/2040⁽ⁱ⁾		5,610,803		5,048,511

Shellpoint Asset Funding Trust, Series 2013-1, Class A3, 3.75%, 07/25/2043^(b)(i)		627,411		636,528


	Principal Amount		Value
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-13, Class A2, 0.39% (1 mo. USD LIBOR + 0.30%), 09/25/2034^(e)	$	289,897	$	277,129

Series 2004-20, Class 3A1, 2.98%, 01/25/2035^(b)		87,672		89,040

Structured Asset Mortgage Investments II Trust, Series 2005-AR2, Class 2A1, 0.55% (1 mo. USD LIBOR + 0.46%), 05/25/2045^(e)		662,593		662,976

Structured Asset Sec Mortgage Pass-Through Ctfs., Series 2002-21A, Class B1II, 2.32%, 11/25/2032^(b)		98,110		98,626

UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.14%, 11/15/2050^(a)		12,814,387		563,814

Vendee Mortgage Trust, Series 1999-3, Class IO, 0.00%, 10/15/2029^(a)		6,480,269		6

Series 2001-3, Class IO, 0.00%, 10/15/2031^(a)		2,988,759		80

Series 2002-2, Class IO, 0.03%, 01/15/2032^(a)		7,833,492		6,669

Series 2002-3, Class IO, 0.26%, 08/15/2032^(a)		10,122,787		82,073

Series 2003-1, Class IO, 0.12%, 11/15/2032^(a)		15,351,946		45,474

Verus Securitization Trust, Series 2019-INV3, Class A2, 2.95%, 11/25/2059^(b)(i)		2,370,139		2,418,889

WaMu Mortgage Pass-Through Ctfs. Trust, Series 2003-AR10, Class A7, 2.55%, 10/25/2033^(b)		196,187		198,393

Series 2007-HY2, Class 2A1, 3.02%, 11/25/2036^(b)		62,455		59,537

Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, IO, 1.02%, 12/15/2050^(a)		9,286,846		443,282

Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051⁽ⁱ⁾		2,900,000		2,953,760

Total Asset-Backed Securities (Cost $78,276,097)				77,173,948


Agency Credit Risk Transfer Notes–0.27%
Fannie Mae Connecticut Avenue Securities, Series 2015-C03, Class 2M2, 5.09% (1 mo. USD LIBOR + 5.00%), 07/25/2025^(e)		972,108		985,723

Freddie Mac, Series 2018-HRP2, Class M2, STACR^®, 1.34% (1 mo. USD LIBOR + 1.25%), 02/25/2047^(e)(i)		1,178,670		1,178,986

Series 2019-HRP1, Class M2, STACR^®, 1.49% (1 mo. USD LIBOR + 1.40%), 02/25/2049^(e)(i)		493,748		497,331

Total Agency Credit Risk Transfer Notes (Cost $2,607,793)				2,662,040

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


9 Invesco Quality Income Fund


	Shares		Value

Money Market Funds–0.38%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(j)(k)		1,334,953	$	1,334,953

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(j)(k)		943,464		943,841

Invesco Treasury Portfolio, Institutional Class, 0.01%^(j)(k)		1,525,607		1,525,607

Total Money Market Funds (Cost $3,804,401)				3,804,401

TOTAL INVESTMENTS IN SECURITIES–128.25% (Cost $1,287,740,213)				1,278,923,780

OTHER ASSETS LESS LIABILITIES –(28.25)%				(281,734,140	)

NET ASSETS–100.00%			$	997,189,640


Investment Abbreviations:

ACES		– Automatically Convertible Extendable Security
COFI		– Cost of Funds Index
Ctfs.		– Certificates
IO		– Interest Only
LIBOR		– London Interbank Offered Rate
MTA		– Moving Treasury Average
PO		– Principal Only
REMICs		– Real Estate Mortgage Investment Conduits
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 only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on June 30, 2021.

^(b)	Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on June 30, 2021.

^(c)	Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

^(d)	Zero coupon bond issued at a discount.

^(e)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2021.

^(f)	Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1J.

^(g)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1I.

^(h)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

⁽ⁱ⁾

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, 2021 was $65,429,241, which represented 6.56% of the Fund’s Net Assets.

^(j)


							Change in
	Value		Purchases		Proceeds		Unrealized		Realized		Value
	December 31, 2020		at Cost		from Sales		Appreciation		Gain		June 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$11,733,420		$100,625,049		$(111,023,516)		$ -		$-		$1,334,953		$ -
Invesco Liquid Assets Portfolio, Institutional Class		8,380,092		71,836,491		(79,273,580)		838		-		943,841		377
Invesco Treasury Portfolio, Institutional Class		13,409,570		115,000,056		(126,884,019)		-		-		1,525,607		268
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		21,839,216		(21,839,216)		-		-		-		20*
Invesco Private Prime Fund		-		46,829,981		(46,829,981)		-		-		-		595*
Total		$33,523,082		$356,130,793		$(385,850,312)		$838		$-		$3,804,401		$1,260

^(k)	The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

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


10 Invesco Quality Income Fund

Open Futures Contracts



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

Interest Rate Risk

U.S. Treasury 2 Year Notes		158		September-2021	$	(34,810,609	)	$	55,236		$	55,236

U.S. Treasury 5 Year Notes		979		September-2021		(120,837,665	)		273,366			273,366

U.S. Treasury 10 Year Notes		611		September-2021		(80,957,500	)		(473,865	)		(473,865	)

U.S. Treasury 10 Year Ultra Notes		141		September-2021		(20,755,641	)		(363,815	)		(363,815	)

U.S. Treasury Ultra Bonds		31		September-2021		(5,973,312	)		(257,998	)		(257,998	)

Total Futures Contracts								$	(767,076	)	$	(767,076	)

Portfolio Composition

By security type, based on Total Investments

as of June 30, 2021


U.S. Government Sponsored Agency Mortgage-Backed Securities	81.18	%
U.S. Treasury Securities	12.28
Asset-Backed Securities	6.03
Security types each less than 1% portfolio	0.21
Money Market Funds	0.30

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


11 Invesco Quality Income Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in securities, at value (Cost $ 1,283,935,812)	$	1,275,119,379

Investments in affiliated money market funds, at value (Cost $ 3,804,401)		3,804,401

Cash		107,526

Receivable for:
Investments sold		32,331,077

Fund shares sold		207,758

Dividends		89

Interest		2,778,790

Principal paydowns		2,854

Investment for trustee deferred compensation and retirement plans		271,450

Other assets		82,318

Total assets		1,314,705,642


Liabilities:
Other investments:
Variation margin payable - futures contracts		311,275

Payable for:
Investments purchased		314,842,282

Dividends		437,844

Fund shares reacquired		1,097,612

Accrued fees to affiliates		492,624

Accrued other operating expenses		49,940

Trustee deferred compensation and retirement plans		284,425

Total liabilities		317,516,002

Net assets applicable to shares outstanding	$	997,189,640


Net assets consist of:
Shares of beneficial interest	$	1,077,693,017

Distributable earnings (loss)		(80,503,377	)

	$	997,189,640


Net Assets:
Class A	$	745,780,952

Class C	$	41,134,267

Class R	$	25,502,836

Class Y	$	152,146,205

Class R5	$	461,976

Class R6	$	32,163,404


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

Class A		64,265,252

Class C		3,567,551

Class R		2,199,547

Class Y		13,059,921

Class R5		39,762

Class R6		2,760,799

Class A:
Net asset value per share	$	11.60

Maximum offering price per share (Net asset value of $11.60 ÷ 95.75%)	$	12.11

Class C:
Net asset value and offering price per share	$	11.53

Class R:
Net asset value and offering price per share	$	11.59

Class Y:
Net asset value and offering price per share	$	11.65

Class R5:
Net asset value and offering price per share	$	11.62

Class R6:
Net asset value and offering price per share	$	11.65

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


12 Invesco Quality Income Fund

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)


Investment income:
Interest	$	7,503,414

Dividends from affiliated money market funds (includes securities lending income of $ 196)		841

Total investment income		7,504,255


Expenses:
Advisory fees		2,155,331

Administrative services fees		84,819

Custodian fees		15,938

Distribution fees:
Class A		951,080

Class C		234,292

Class R		66,446

Transfer agent fees – A, C, R and Y		772,238

Transfer agent fees – R5		220

Transfer agent fees – R6		6,209

Trustees’ and officers’ fees and benefits		19,582

Registration and filing fees		63,859

Reports to shareholders		40,478

Professional services fees		41,642

Other		16,368

Total expenses		4,468,502

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(242,637	)

Net expenses		4,225,865

Net investment income		3,278,390


Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		1,844,238

Futures contracts		2,379,639

		4,223,877

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(15,885,674	)

Affiliated investment securities		838

Futures contracts		(948,593	)

		(16,833,429	)

Net realized and unrealized gain (loss)		(12,609,552	)

Net increase (decrease) in net assets resulting from operations	$	(9,331,162)

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


13 Invesco Quality Income Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)


	June 30, 2021			December 31, 2020

Operations:
Net investment income	$	3,278,390		$	22,097,562

Net realized gain		4,223,877			37,148,453

Change in net unrealized appreciation (depreciation)		(16,833,429	)		(6,951,444	)

Net increase (decrease) in net assets resulting from operations		(9,331,162	)		52,294,571


Distributions to shareholders from distributable earnings:
Class A		(12,903,953	)		(23,122,916	)

Class C		(593,848	)		(1,332,187	)

Class R		(398,285	)		(591,176	)

Class Y		(3,152,180	)		(6,224,427	)

Class R5		(7,769	)		(2,818,925	)

Class R6		(583,660	)		(2,473,646	)

Total distributions from distributable earnings		(17,639,695	)		(36,563,277	)


Share transactions–net:
Class A		(51,152,204	)		505,809,357

Class C		(11,501,011	)		44,527,497

Class R		(1,615,193	)		27,566,316

Class Y		(29,268,740	)		162,698,345

Class R5		78,004			(133,687,327	)

Class R6		(53,724	)		8,997,464

Net increase (decrease) in net assets resulting from share transactions		(93,512,868	)		615,911,652

Net increase (decrease) in net assets		(120,483,725	)		631,642,946


Net assets:
Beginning of period		1,117,673,365			486,030,419

End of period	$	997,189,640		$	1,117,673,365

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


14 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 (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed		Ratio of expenses to average net assets without fee waivers and/or expenses absorbed		Ratio of net investment income (loss) to average net assets		Portfolio turnover ^(c)

Class A
Six months ended 06/30/21		$11.90		$0.04			$(0.15	)		$(0.11	)		$(0.19	)		$11.60		(0.92	)%^(d)		$745,781		0.81%^(d)(e)		0.85%^(d)(e)		0.60%^(d)(e)		204%
Year ended 12/31/20		11.72		0.26			0.36			0.62			(0.44	)		11.90		5.33	^(f)		816,715		0.83^(f)		0.85^(f)		2.15^(f)		979
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)(g)		472

Class C
Six months ended 06/30/21		11.82		(0.01	)		(0.14	)		(0.15	)		(0.14	)		11.53		(1.24	)		41,134		1.61^(e)		1.61^(e)		(0.20)^(e)		204
Year ended 12/31/20		11.64		0.16			0.37			0.53			(0.35	)		11.82		4.57	^(f)		53,821		1.60^(f)		1.60^(f)		1.38^(f)		979
Year ended 12/31/19		11.40		0.27			0.32			0.59			(0.35	)		11.64		5.19			8,659		1.68		1.68		2.28		448
Year ended 12/31/18		11.87		0.27			(0.38	)		(0.11	)		(0.36	)		11.40		(0.93	)		9,179		1.70		1.70		2.34		416
Year ended 12/31/17		12.02		0.16			(0.01	)		0.15			(0.30	)		11.87		1.28			13,178		1.72		1.72		1.39		516
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^(g)		472

Class R
Six months ended 06/30/21		11.89		0.02			(0.15	)		(0.13	)		(0.17	)		11.59		(1.07	)		25,503		1.11^(e)		1.11^(e)		0.30^(e)		204
Period ended 12/31/20^(h)		11.79		0.14			0.21			0.35			(0.25	)		11.89		2.99			27,785		1.10⁽ⁱ⁾		1.10⁽ⁱ⁾		1.88⁽ⁱ⁾		979

Class Y
Six months ended 06/30/21		11.95		0.05			(0.14	)		(0.09	)		(0.21	)		11.65		(0.76	)		152,146		0.53^(e)		0.61^(e)		0.88^(e)		204
Year ended 12/31/20		11.77		0.29			0.36			0.65			(0.47	)		11.95		5.59			185,925		0.52		0.61		2.46		979
Year ended 12/31/19		11.53		0.38			0.33			0.71			(0.47	)		11.77		6.21			20,339		0.68		0.68		3.28		448
Year ended 12/31/18		12.00		0.39			(0.38	)		0.01			(0.48	)		11.53		0.11			13,189		0.70		0.70		3.34		416
Year ended 12/31/17		12.15		0.29			(0.01	)		0.28			(0.43	)		12.00		2.32			67,027		0.72		0.72		2.39		516
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^(g)		472

Class R5
Six months ended 06/30/21		11.91		0.05			(0.13	)		(0.08	)		(0.21	)		11.62		(0.70	)		462		0.54^(e)		0.56^(e)		0.87^(e)		204
Year ended 12/31/20		11.76		0.30			0.33			0.63			(0.48	)		11.91		5.42			395		0.46		0.46		2.52		979
Year ended 12/31/19		11.52		0.40			0.32			0.72			(0.48	)		11.76		6.36			132,657		0.55		0.55		3.41		448
Year ended 12/31/18		12.00		0.40			(0.39	)		0.01			(0.49	)		11.52		0.16			142,812		0.56		0.56		3.48		416
Year ended 12/31/17		12.15		0.30			(0.01	)		0.29			(0.44	)		12.00		2.46			176,010		0.58		0.58		2.53		516
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^(g)		472

Class R6
Six months ended 06/30/21		11.95		0.05			(0.14	)		(0.09	)		(0.21	)		11.65		(0.75	)		32,163		0.49^(e)		0.50^(e)		0.92^(e)		204
Year ended 12/31/20		11.77		0.30			0.36			0.66			(0.48	)		11.95		5.69			33,032		0.46		0.46		2.52		979
Year ended 12/31/19		11.53		0.40			0.32			0.72			(0.48	)		11.77		6.35			22,379		0.55		0.55		3.41		448
Year ended 12/31/18		12.00		0.40			(0.38	)		0.02			(0.49	)		11.53		0.25			19,097		0.56		0.56		3.48		416
Year ended 12/31/17^(j)		12.14		0.23			(0.04	)		0.19			(0.33	)		12.00		1.61			10		0.58⁽ⁱ⁾		0.58⁽ⁱ⁾		2.53⁽ⁱ⁾		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 year ended December 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $1,606,141,382 in connection with the acquisition of Invesco Oppenheimer Limited-Term Government Fund into the Fund.

^(d)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended June 30, 2021 and the years ended December 31, 2019, 2018, 2017 and 2016.

^(e)	Ratios are annualized and based on average daily net assets (000’s omitted) of $787,500, $47,360, $26,799, $176,358, $444 and $32,816 for Class A, Class C, Class R, 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 0.24% and 0.99% for Class A and Class C shares, respectively.

^(g)	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.

^(h)	Commencement date after the close of business on May 15, 2020.

⁽ⁱ⁾	Annualized.

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

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


15 Invesco Quality Income Fund

Notes to Financial Statements

June 30, 2021

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

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


16 Invesco Quality Income Fund

on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund 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.

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.

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.

J.	Dollar Rolls and Forward Commitment Transactions - The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund


17 Invesco Quality Income 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.

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

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.

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


Average Daily Net Assets		Rate
First $100 million		0.470%
Next $150 million		0.440%
Next $250 million		0.4125%
Next $2 billion		0.3825%
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%

For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.41%.

Effective June 1, 2021, the Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to June 1, 2021, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.80%, 1.60%, 1.10%, 0.50%, 0.53% and 0.48%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. 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, 2021, the Adviser waived advisory fees of $2,702 and reimbursed class level expenses of $163,881, $0, $0, $74,014, $41 and $1,214 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.


18 Invesco Quality Income Fund

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, Class C and Class R 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, up to 1.00% of Class C average daily net assets and up to 0.50% of Class R average daily net assets. The fees are accrued daily and paid monthly.

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, 2021, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2021, IDI advised the Fund that IDI retained $27,388 in front-end sales commissions from the sale of Class A shares and $11,105 and $3,014 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	$	–		$	1,038,267,974		$ –	$	1,038,267,974

U.S. Treasury Securities		–			157,015,417		–		157,015,417

Asset-Backed Securities		–			77,173,948		–		77,173,948

Agency Credit Risk Transfer Notes		–			2,662,040		–		2,662,040

Money Market Funds		3,804,401			–		–		3,804,401

Total Investments in Securities		3,804,401			1,275,119,379		–		1,278,923,780


Other Investments - Assets*

Futures Contracts		328,602			–		–		328,602


Other Investments - Liabilities*

Futures Contracts		(1,095,678	)		–		–		(1,095,678	)

Total Other Investments		(767,076	)		–		–		(767,076	)

Total Investments	$	3,037,325		$	1,275,119,379		$ –	$	1,278,156,704

*	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.


19 Invesco Quality Income 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, 2021:


	Value
	Interest
Derivative Assets	Rate Risk

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	328,602

Derivatives not subject to master netting agreements		(328,602	)

Total Derivative Assets subject to master netting agreements	$	-


	Value
	Interest
Derivative Liabilities	Rate Risk

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(1,095,678	)

Derivatives not subject to master netting agreements		1,095,678

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, 2021

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


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

Realized Gain:
Futures contracts		$2,379,639

Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(948,593)

Total		$1,431,046

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


	Futures
	Contracts

Average notional value	$	220,880,753

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


20 Invesco Quality Income Fund

The Fund had a capital loss carryforward as of December 31, 2020, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	17,188,616	$	48,160,070	$	65,348,686

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $2,900,000 and $95,135,199, 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	$	14,973,563

Aggregate unrealized (depreciation) of investments		(24,795,216	)

Net unrealized appreciation (depreciation) of investments	$	(9,821,653	)

Cost of investments for tax purposes is $1,287,978,357.

NOTE 10–Share Information


				Summary of Share Activity

	Six months ended						Year ended
	June 30, 2021^(a)						December 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		2,853,706		$	33,673,325			9,608,985		$	113,931,060

Class C		286,563			3,354,696			1,543,605			18,182,166

Class R^(b)		258,206			3,047,204			268,172			3,174,177

Class Y		3,104,241			36,822,471			8,221,237			97,658,153

Class R5		6,643			78,512			1,004,337			11,838,726

Class R6		927,077			10,929,712			985,393			11,740,401


Issued as reinvestment of dividends:
Class A		930,776			10,928,205			1,598,746			19,010,511

Class C		43,166			503,931			92,700			1,096,373

Class R^(b)		33,301			390,624			48,868			581,505

Class Y		176,848			2,085,122			406,157			4,852,030

Class R5		634			7,445			225,459			2,674,292

Class R6		41,961			494,179			167,169			1,993,591


Automatic conversion of Class C shares to Class A shares:
Class A		293,648			3,448,706			1,231,595			14,657,324

Class C		(295,494	)		(3,448,706	)		(1,239,080	)		(14,657,324	)


Issued in connection with acquisitions:^(c)
Class A		-			-			48,990,326			578,299,738

Class C		-			-			4,934,324			57,865,657

Class R^(b)		-			-			2,383,124			28,131,270

Class Y		-			-			26,919,297			318,931,517

Class R5		-			-			861			10,195

Class R6		-			-			12,974,888			153,708,207


21 Invesco Quality Income Fund


	Summary of Share Activity

	Six months ended						Year ended
	June 30, 2021^(a)						December 31, 2020

	Shares			Amount			Shares			Amount


Reacquired:
Class A		(8,445,535	)	$	(99,202,440	)		(18,559,225	)	$	(220,089,276	)

Class C		(1,019,190	)		(11,910,932	)		(1,522,712	)		(17,959,375	)

Class R^(b)		(429,100	)		(5,053,021	)		(363,024	)		(4,320,636	)

Class Y		(5,783,712	)		(68,176,333	)		(21,712,815	)		(258,743,355	)

Class R5		(683	)		(7,953	)		(12,476,505	)		(148,210,540	)

Class R6		(973,383	)		(11,477,615	)		(13,264,473	)		(158,444,735	)

Net increase (decrease) in share activity		(7,990,327	)	$	(93,512,868	)		52,467,409		$	615,911,652

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 16% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)	Commencement date after the close of business on May 15, 2020.

^(c)

After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Limited-Term Government Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 96,202,820 shares of the Fund for 255,839,890 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $1,136,946,584, including $20,367,708 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $516,826,874 and $1,653,773,458 immediately after the acquisition.


Net investment income	$	29,401,833

Net realized/unrealized gains		52,565,798

Change in net assets resulting from operations	$	81,967,631


22 Invesco Quality Income 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)		Annualized Expense Ratio²
	Beginning Account Value	Ending Account Value	Expenses Paid During	Ending Account Value	Expenses Paid During
	(01/01/21)	(06/30/21)¹	Period^2,3	(06/30/21)	Period^2,4
Class A	$1,000.00	$989.20	$4.00	$1,020.78	$4.06	0.81%
Class C	1,000.00	986.00	7.93	1,016.81	8.05	1.61
Class R	1,000.00	987.70	5.47	1,019.29	5.56	1.11
Class Y	1,000.00	991.60	2.62	1,022.17	2.66	0.53
Class R5	1,000.00	991.30	2.67	1,022.12	2.71	0.54
Class R6	1,000.00	991.60	2.42	1,022.36	2.46	0.49

Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. Effective June 1, 2021, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 0.85%, 1.61%, 1.11%, 0.61%, 0.56%, and 0.50% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³	The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent fiscal half year are $4.19, $7.93, $5.47, $3.01, $2.76 and $2.47 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 $4.26, $8.05, $5.56, $3.06, $2.81 and $2.51 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.


23 Invesco Quality Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

The Board’s Evaluation Process

that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed 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 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 and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. 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 observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of

Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. 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, 2020 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays U.S. Mortgage-Backed Securities Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period and the third quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period and reasonably comparable to the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses


24 Invesco Quality Income 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. 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 is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating 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 and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board 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 also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

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 most Funds individually. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the 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. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods 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 advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

federal securities laws and consistent with best execution obligations.


25 Invesco Quality Income Fund

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

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

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.


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


SEC file number(s): 811-02699 and 002-57526		Invesco Distributors, Inc.		VK-QINC-SAR-1




		Semiannual Report to Shareholders		June 30, 2021

		Invesco Select Risk: Conservative Investor Fund
		Nasdaq: A: OACIX ∎ C: OCCIX ∎ R: ONCIX ∎ Y: OYCIX ∎ R5: PXCIX ∎ R6: PXCCX

LOGO


		2		Fund Performance
		4		Liquidity Risk Management Program
		5		Schedule of Investments
		7		Financial Statements
		10		Financial Highlights
		11		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

Fund Performance


Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	2.39	%
Class C Shares	2.02
Class R Shares	2.30
Class Y Shares	2.48
Class R5 Shares	2.59
Class R6 Shares	2.59
Bloomberg Barclays Global Aggregate Bond Index, Hedged^q	-1.52
MSCI All Country World Index^q	12.30
Custom Invesco Select Risk: Conservative Investor Index^∎	1.15
Source(s): ^qRIMES 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 MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

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.


2		Invesco Select Risk: Conservative Investor Fund


Average Annual Total Returns
As of 6/30/21, including maximum applicable sales charges

Class A Shares
Inception (4/5/05)	2.64	%
10 Years	4.15
5 Years	4.52
1 Year	6.38

Class C Shares
Inception (4/5/05)	2.59	%
10 Years	4.12
5 Years	4.94
1 Year	10.75

Class R Shares
Inception (4/5/05)	2.72	%
10 Years	4.49
5 Years	5.48
1 Year	12.30

Class Y Shares
Inception (4/5/05)	3.29	%
10 Years	5.02
5 Years	6.00
1 Year	12.84

Class R5 Shares
10 Years	4.82	%
5 Years	5.87
1 Year	12.92

Class R6 Shares
10 Years	4.82	%
5 Years	5.88
1 Year	12.92

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. Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R and Class Y shares are those for Class A, Class C, Class R and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

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

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


3		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.


4		Invesco Select Risk: Conservative Investor Fund

Schedule of Investments

June 30, 2021

(Unaudited)

Invesco Select Risk: Conservative Investor Fund

Schedule of Investments in Affiliated Issuers–99.75%^(a)


	% of Net Assets 06/30/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/21		Value 06/30/21
Alternative Funds–5.16%
Invesco Fundamental Alternatives Fund, Class R6		–		$	13,986,535	$	–	$	(14,154,114	)	$	(16,558	)	$	184,137		$	–		–	$	–

Invesco Global Real Estate Income Fund, Class R6		1.95	%		10,227,659		745,473		(3,059,393	)		824,624			414,275			107,416		964,451		9,152,638

Invesco Macro Allocation Strategy Fund, Class R6^(b)		3.21	%		14,661,433		3,971,589		(4,012,128	)		371,024			68,731			–		1,614,217		15,060,649

Invesco Master Event-Linked Bond Fund, Class R6		–			3,960,574		101,705		(3,502,539	)		1,018,436			(1,578,176	)		97,279		–		–

Total Alternative Funds					42,836,201		4,818,767		(24,728,174	)		2,197,526			(911,033	)		204,695				24,213,287

Domestic Equity Funds–10.87%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		1.98	%		10,845,900		806,896		(3,341,235	)		522,255			475,205			–		238,570		9,309,021

Invesco Main Street Small Cap Fund, Class R6		1.47	%		–		8,791,942		(1,981,465	)		48,112			137,021			2,878		314,155		6,879,988

Invesco Russell 1000 Dynamic Multifactor ETF		1.72	%		18,608,499		–		(13,366,335	)		(2,357,561	)		5,199,077			77,285		172,839		8,083,680

Invesco S&P 500^®Low Volatility ETF		1.97	%		11,341,029		–		(3,009,885	)		586,035			348,633			94,997		152,123		9,265,812

Invesco S&P 500^®Pure Growth ETF		2.51	%		19,781,494		–		(9,996,120	)		55,511			1,961,207			653		64,100		11,802,092

Invesco S&P 500^®Pure Value ETF		1.22	%		18,173,537		–		(16,650,442	)		(1,448,988	)		5,639,483			131,001		74,039		5,713,590

Total Domestic Equity Funds					78,750,459		9,598,838		(48,345,482	)		(2,594,636	)		13,760,626			306,814				51,054,183

Fixed Income Funds–75.46%
Invesco 1–30 Laddered Treasury ETF		11.97	%		–		69,285,810		(14,829,756	)		1,391,316			315,431			190,670		1,545,907		56,162,801

Invesco Core Plus Bond Fund, Class R6		17.38	%		115,621,032		3,376,261		(35,834,738	)		(439,380	)		(1,144,469	)		1,165,243		7,219,355		81,578,706

Invesco Fundamental High Yield^®Corporate Bond ETF		6.44	%		35,190,716		5,204,413		(10,375,920	)		28,659			167,538			660,749		1,546,336		30,215,406

Invesco Income Fund, Class R6^(c)		3.72	%		29,738,894		457,226		(13,329,093	)		(685,647	)		1,313,650			437,998		2,189,949		17,475,793

Invesco International Bond Fund, Class R6		6.90	%		77,383,125		4,136,334		(43,374,220	)		(8,740,491	)		2,994,733			829,533		6,033,423		32,399,481

Invesco Master Loan Fund, Class R6		7.69	%		46,707,873		953,722		(12,664,644	)		2,290,563			(1,180,705	)		898,217		2,275,821		36,106,809

Invesco Taxable Municipal Bond ETF		13.95	%		74,498,238		8,968,057		(17,419,306	)		(281,741	)		(266,335	)		1,026,440		1,974,048		65,498,913

Invesco Variable Rate Investment Grade ETF		7.41	%		45,693,665		–		(11,086,469	)		47,196			138,169			189,171		1,386,434		34,792,561

Total Fixed Income Funds					424,833,543		92,381,823		(158,914,146	)		(6,389,525	)		2,338,012			5,398,021				354,230,470

Foreign Equity Funds–7.57%
Invesco Developing Markets Fund, Class R6		2.46	%		–		14,416,415		(3,396,787	)		384,492			122,533			–		202,364		11,526,653

Invesco Global Infrastructure Fund, Class R6		0.73	%		4,152,129		32,840		(1,210,003	)		280,802			170,312			32,840		279,908		3,426,080

Invesco International Select Equity Fund, Class R6^(b)		2.42	%		11,772,020		2,047,572		(2,575,944	)		58,017			79,479			–		721,239		11,381,144

Invesco S&P International Developed Low Volatility ETF		1.96	%		11,519,699		–		(2,681,524	)		131,189			231,276			170,665		297,659		9,200,640

Total Foreign Equity Funds					27,443,848		16,496,827		(9,864,258	)		854,500			603,600			203,505				35,534,517

Money Market Funds–0.69%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)		0.21	%		1,233,888		36,601,883		(36,877,661	)		–			–			103		958,110		958,110

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)		0.25	%		1,651,899		26,144,202		(26,606,105	)		126			39			131		1,189,685		1,190,161

Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)		0.23	%		1,410,158		41,830,723		(42,145,898	)		–			–			41		1,094,983		1,094,983

Total Money Market Funds					4,295,945		104,576,808		(105,629,664	)		126			39			275				3,243,254

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $445,495,906)		99.75	%	$	578,159,996	$	227,873,063	$	(347,481,724	)	$	(5,932,009	)^(e)	$	15,791,244	^(e)(f)	$	6,113,310			$	468,275,711

OTHER ASSETS LESS LIABILITIES		0.25	%																			1,150,213

NET ASSETS		100.00	%																		$	469,425,924

Investment Abbreviations:

ETF – Exchange-Traded Fund

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


5		Invesco Select Risk: Conservative Investor Fund

Notes to Schedule of Investments:

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

^(b)	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, 2021.

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

^(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

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

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


Fund Name	Capital Gain

Invesco Main Street Small Cap Fund		$115,622

Open Futures Contracts^(a)


Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value				Unrealized Appreciation (Depreciation)
Equity Risk
E-Mini S&P 500 Index		5		September-2021		$	1,072,150		$	10,841			$	10,841
Interest Rate Risk
Canada 10 Year Bonds		45		September-2021			5,282,672			60,890				60,890
EURO-BTP		54		September-2021			9,694,859			62,641				62,641
Euro Bund		32		September-2021			6,549,515			41,305				41,305
EURO-OAT		59		September-2021			11,126,320			50,957				50,957
Japan 10 Year Bonds		29		September-2021			39,596,832			(54,927	)			(54,927	)
Long Gilt		72		September-2021			12,758,452			46,686				46,686
Subtotal										207,552				207,552
Total Futures Contracts									$	218,393			$	218,393

^(a)	Futures contracts collateralized by $1,010,984 cash held with Merrill Lynch International, the futures commission merchant.

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2021


Fixed Income Funds	75.65	%
Equity Funds	18.49
Alternative Funds	5.17
Money Market Funds	0.69

*	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.


6		Invesco Select Risk: Conservative Investor Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in affiliates, at value (Cost $445,495,906)	$	468,275,711

Other investments:
Variation margin receivable – futures contracts		240,196

Deposits with brokers:
Cash collateral – exchange-traded futures contracts		1,010,984

Cash		10,000

Receivable for:
Fund shares sold		542,678

Dividends		476,578

Investment for trustee deferred compensation and retirement plans		32,728

Other assets		78,083

Total assets		470,666,958


Liabilities:
Payable for:
Investments purchased		499,048

Fund shares reacquired		376,293

Accrued fees to affiliates		258,605

Accrued trustees’ and officers’ fees and benefits		3,175

Accrued other operating expenses		71,185

Trustee deferred compensation and retirement plans		32,728

Total liabilities		1,241,034

Net assets applicable to shares outstanding	$	469,425,924


Net assets consist of:
Shares of beneficial interest	$	429,496,286

Distributable earnings		39,929,638

	$	469,425,924


Net Assets:
Class A	$	348,952,527

Class C	$	63,505,700

Class R	$	49,267,300

Class Y	$	7,671,932

Class R5	$	10,833

Class R6	$	17,632


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		33,963,489

Class C		6,273,641

Class R		4,812,370

Class Y		742,584

Class R5		1,053

Class R6		1,714

Class A:
Net asset value per share	$	10.27

Maximum offering price per share
(Net asset value of $10.27 ÷ 94.50%)	$	10.87

Class C:
Net asset value and offering price per share	$	10.12

Class R:
Net asset value and offering price per share	$	10.24

Class Y:
Net asset value and offering price per share	$	10.33

Class R5:
Net asset value and offering price per share	$	10.29

Class R6:
Net asset value and offering price per share	$	10.29

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


7		Invesco Select Risk: Conservative Investor Fund

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)



Investment income:
Dividends from affiliated underlying funds	$	6,113,310


Expenses:
Custodian fees		1,567

Distribution fees:
Class A		546,795

Class C		326,044

Class R		122,816

Transfer agent fees – A, C, R and Y		369,577

Transfer agent fees – R5		4

Transfer agent fees – R6		6

Trustees’ and officers’ fees and benefits		12,514

Registration and filing fees		46,553

Reports to shareholders		26,282

Professional services fees		18,688

Taxes		47,228

Other		13,134

Total expenses		1,531,208

Less: Expenses reimbursed and/or expense offset arrangement(s)		(240,519	)

Net expenses		1,290,689

Net investment income		4,822,621


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares		16,011,673

Foreign currencies		95

Futures contracts		(1,083,480	)

Capital gain distributions from affiliated underlying fund shares		115,622

		15,043,910

Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		(6,268,060	)

Foreign currencies		(33,649	)

Futures contracts		(34,263	)

		(6,335,972	)

Net realized and unrealized gain		8,707,938

Net increase in net assets resulting from operations	$	13,530,559

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


8		Invesco Select Risk: Conservative Investor Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)


	June 30, 2021				December 31, 2020
Operations:
Net investment income		$	4,822,621			$	9,317,781
Net realized gain			15,043,910				30,134,961
Change in net unrealized appreciation (depreciation)			(6,335,972	)			2,686,700
Net increase in net assets resulting from operations			13,530,559				42,139,442

Distributions to shareholders from distributable earnings:
Class A			–				(9,106,360	)
Class C			–				(1,084,172	)
Class R			–				(956,249	)
Class Y			–				(206,906	)
Class R5			–				(251	)
Class R6			–				(251	)
Total distributions from distributable earnings			–				(11,354,189	)

Share transactions–net:
Class A			(113,165,328	)			12,699,579
Class C			(6,373,770	)			(24,711,856	)
Class R			(3,338,615	)			(173,607	)
Class Y			(1,395,305	)			152,309
Class R6			6,693				–
Net increase (decrease) in net assets resulting from share transactions			(124,266,325	)			(12,033,575	)
Net increase (decrease) in net assets			(110,735,766	)			18,751,678

Net assets:
Beginning of period			580,161,690				561,410,012
End of period		$	469,425,924			$	580,161,690

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


9		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 06/30/21		$	10.03		$	0.09		$	0.15			$	0.24			$	–			$	–			$	–			$	10.27		2.39	%^(f)		$	348,953		0.35	%^(f)(g)		0.43	%^(f)(g)		1.78	%^(f)(g)		22	%
Year ended 12/31/20			9.46			0.18			0.60				0.78				(0.21	)			–				(0.21	)			10.03		8.29	^(f)			451,258		0.33	^(f)		0.43	^(f)		1.85	^(f)		80
Eleven months ended 12/31/19			9.31			0.21			0.56				0.77				(0.33	)			(0.29	)			(0.62	)			9.46		8.26				415,244		0.43	^(h)		0.53	^(h)		2.39	^(h)		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⁽ⁱ⁾			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
Class C
Six months ended 06/30/21			9.92			0.05			0.15				0.20				–				–				–				10.12		2.02				63,506		1.11	^(g)		1.19	^(g)		1.02	^(g)		22
Year ended 12/31/20			9.35			0.10			0.61				0.71				(0.14	)			–				(0.14	)			9.92		7.55				68,581		1.09			1.19			1.09			80
Eleven months ended 12/31/19			9.20			0.14			0.55				0.69				(0.25	)			(0.29	)			(0.54	)			9.35		7.48				88,939		1.19	^(h)		1.29	^(h)		1.63	^(h)		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⁽ⁱ⁾			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
Class R
Six months ended 06/30/21			10.01			0.08			0.15				0.23				–				–				–				10.24		2.30				49,267		0.61	^(g)		0.69	^(g)		1.52	^(g)		22
Year ended 12/31/20			9.44			0.15			0.61				0.76				(0.19	)			–				(0.19	)			10.01		8.03				51,481		0.59			0.69			1.59			80
Eleven months ended 12/31/19			9.29			0.19			0.55				0.74				(0.30	)			(0.29	)			(0.59	)			9.44		7.99				49,017		0.68	^(h)		0.78	^(h)		2.13	^(h)		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⁽ⁱ⁾			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
Class Y
Six months ended 06/30/21			10.08			0.10			0.15				0.25				–				–				–				10.33		2.48				7,672		0.11	^(g)		0.19	^(g)		2.02	^(g)		22
Year ended 12/31/20			9.49			0.20			0.63				0.83				(0.24	)			–				(0.24	)			10.08		8.71				8,821		0.09			0.19			2.09			80
Eleven months ended 12/31/19			9.34			0.23			0.56				0.79				(0.35	)			(0.29	)			(0.64	)			9.49		8.47				8,189		0.19	^(h)		0.29	^(h)		2.63	^(h)		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⁽ⁱ⁾			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
Class R5
Six months ended 06/30/21			10.03			0.10			0.16				0.26				–				–				–				10.29		2.59				11		0.05	^(g)		0.13	^(g)		2.08	^(g)		22
Year ended 12/31/20			9.45			0.20			0.62				0.82				(0.24	)			–				(0.24	)			10.03		8.67				11		0.04			0.14			2.14			80
Period ended 12/31/19^(j)			9.50			0.16			0.43				0.59				(0.35	)			(0.29	)			(0.64	)			9.45		6.30				10		0.15	^(h)		0.25	^(h)		2.67	^(h)		6
Class R6
Six months ended 06/30/21			10.03			0.10			0.16				0.26				–				–				–				10.29		2.59				18		0.05	^(g)		0.13	^(g)		2.08	^(g)		22
Year ended 12/31/20			9.45			0.20			0.62				0.82				(0.24	)			–				(0.24	)			10.03		8.67				11		0.04			0.14			2.14			80
Period ended 12/31/19^(j)			9.50			0.16			0.44				0.60				(0.36	)			(0.29	)			(0.65	)			9.45		6.31				10		0.07	^(h)		0.17	^(h)		2.75	^(h)		6

^(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 the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds was 0.47% and 0.55% for the six months ended June 30, 2021 and the year ended December 31, 2020.

^(d)	Does not include indirect expenses from affiliated fund fees and expenses of 0.46%, 0.48%, 0.53%, 0.54% and 0.53% for the eleven months ended December 31, 2019, and for the years ended January 31, 2019, 2018, 2017 and 2016, respectively.

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

^(f)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended June 30, 2021 and the year ended December 31, 2020.

^(g)	Ratios are annualized and based on average daily net assets (000’s omitted) of $455,155, $65,749, $49,534, $9,493, $11 and $16 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(h)	Annualized.

⁽ⁱ⁾	The last business day of the reporting period was January��29, 2016.

^(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.


10		Invesco Select Risk: Conservative Investor Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek total return.

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

The 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.


11		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.

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.


12		Invesco Select Risk: Conservative 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.

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

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 does not pay an advisory fee. However, the Fund pays advisory fees to the Advisor indirectly as a shareholder of the underlying funds.

The Adviser has contractually agreed, through April 30, 2022, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.50%, 1.25%, 0.75%, 0.25%, 0.20% and 0.15%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to May 31, 2021, Invesco had contractually agreed to waive fees and/or reimburse certain Fund expenses at an annual rate of 0.10% of the Fund’s average daily net assets. In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the expense reimbursement agreement, it will terminate on April 30, 2022. During its term, the expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement without approval of the Board of Trustees. 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 reimbursements prior to the end of each fiscal year.

For the six months ended June 30, 2021, the Adviser reimbursed class level expenses of $188,217, $27,333, $20,501, $3,929, $4 and $7 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into 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, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2021, IDI advised the Fund that IDI retained $41,730 in front-end sales commissions from the sale of Class A shares and $1,735 and $797 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


13		Invesco Select Risk: Conservative Investor Fund

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.

Level 1

Level 2

Level 3

Total

Investments in Securities

Affiliated Issuers

$465,032,457

$–

$465,032,457

Money Market Funds

3,243,254

–

3,243,254

Total Investments in Securities

468,275,711

–

468,275,711

Other Investments - Assets*

Futures Contracts

273,320

–

273,320

Other Investments - Liabilities*

Futures Contracts

(54,927

)

–

(54,927

)

Total Other Investments

218,393

–

218,393

Total Investments

$468,494,104

$–

$468,494,104

*	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, 2021:


	Value
Derivative Assets	Equity Risk			Interest Rate Risk			Total

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	10,841		$	262,479		$	273,320

Derivatives not subject to master netting agreements		(10,841	)		(262,479	)		(273,320	)

Total Derivative Assets subject to master netting agreements	$	-		$	-		$	-


	Value
Derivative Liabilities	Equity Risk			Interest Rate Risk			Total

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	-		$	(54,927	)	$	(54,927	)

Derivatives not subject to master netting agreements		-			54,927			54,927

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, 2021

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


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

Realized Gain (Loss):
Futures contracts	$	152,312	$	(1,235,792	)	$	(1,083,480	)


14		Invesco Select Risk: Conservative Investor Fund


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

Change in Net Unrealized Appreciation (Depreciation):
Futures contracts	$	(12,700	)	$	(21,563	)	$	(34,263	)

Total	$	139,612		$	(1,257,355	)	$	(1,117,743	)

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


	Futures Contracts

Average notional value	$	87,173,933

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 Fund had a capital loss carryforward as of December 31, 2020, as follows:


Capital Loss Carryforward*

Expiration	Short-Term	Long-Term		Total

Not subject to expiration	$–		$8,789,242		$8,789,242

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $123,296,255 and $241,852,060, 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	$	23,324,836

Aggregate unrealized (depreciation) of investments		(1,956,185	)

Net unrealized appreciation of investments	$	21,368,651

Cost of investments for tax purposes is $447,125,453.


15		Invesco Select Risk: Conservative Investor Fund

NOTE 10–Share Information


	Summary of Share Activity

	Six months ended June 30, 2021^(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		4,178,537		$	42,229,784			6,943,913		$	65,709,180

Class C		816,246			8,137,388			1,930,745			17,728,957

Class R		433,039			4,358,962			1,377,592			12,870,672

Class Y		217,543			2,201,599			239,075			2,224,344

Class R6		662			6,698			-			-


Issued as reinvestment of dividends:
Class A		-			-			890,069			8,874,077

Class C		-			-			108,600			1,070,611

Class R		-			-			96,031			955,442

Class Y		-			-			18,560			185,785


Automatic conversion of Class C shares to Class A shares:
Class A		539,268			5,452,474			1,736,145			16,974,667

Class C		(546,380	)		(5,452,474	)		(1,757,261	)		(16,974,667	)


Reacquired:
Class A		(15,725,712	)		(160,847,586	)		(8,510,124	)		(78,858,345	)

Class C		(908,566	)		(9,058,684	)		(2,879,745	)		(26,536,757	)

Class R		(763,755	)		(7,697,577	)		(1,525,369	)		(13,999,721	)

Class Y		(350,408	)		(3,596,904	)		(244,843	)		(2,257,820	)

Class R6		(1	)		(5	)		-			-

Net increase (decrease) in share activity		(12,109,527	)	$	(124,266,325	)		(1,576,612	)	$	(12,033,575	)

^(a)

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


16		Invesco Select Risk: Conservative Investor Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (01/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio²
	Beginning Account Value (01/01/21)	Ending Account Value (06/30/21)¹	Expenses Paid During Period^2,3	Ending Account Value (06/30/21)	Expenses Paid During Period^2,4	Annualized Expense Ratio²
Class A	$1,000.00	$1,023.90	$1.76	$1,023.06	$1.76	0.35%
Class C	1,000.00	1,020.20	5.56	1,019.29	5.56	1.11
Class R	1,000.00	1,023.00	3.06	1,021.77	3.06	0.61
Class Y	1,000.00	1,024.80	0.55	1,024.25	0.55	0.11
Class R5	1,000.00	1,025.90	0.25	1,024.55	0.25	0.05
Class R6	1,000.00	1,025.90	0.25	1,024.55	0.25	0.05

Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. Effective June 1, 2021, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.50%, 1.25%, 0.75%, 0.25%, 0.20% and 0.15% 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 to 0.41%, 1.17%, 0.67%, 0.17%, 0.11% and 0.11% for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³	The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $2.06, $5.86, $3.36, $0.85, $0.55 and $0.55 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴	The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $2.06, $5.86, $3.36, $0.85, $0.55 and $0.55 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.


17		Invesco Select Risk: Conservative Investor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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, 2020 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Select Risk: Conservative Investor Index (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 third quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one and five year periods and below the performance of the Index for the three year period. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction 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 Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different


18		Invesco Select Risk: Conservative Investor Fund

performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that

because Invesco Advisers does not charge the Fund any fees pursuant to the Fund’s investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.

D.	Economies of Scale and Breakpoints

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 that such methodology had recently been reviewed and enhanced. 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 most Funds individually. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.


19		Invesco Select Risk: 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/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.


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



		Semiannual Report to Shareholders		June 30, 2021

		Invesco Select Risk: Growth Investor Fund
		Nasdaq:
		A: AADAX ∎ C: AADCX ∎ R: AADRX ∎ S: AADSX ∎ Y: AADYX ∎ R5: AADIX ∎ R6: AAESX

LOGO


		2		Fund Performance
		4		Liquidity Risk Management Program
		5		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

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	9.68	%
Class C Shares	9.30
Class R Shares	9.58
Class S Shares	9.76
Class Y Shares	9.84
Class R5 Shares	9.89
Class R6 Shares	9.89
Bloomberg Barclays Global Aggregate Bond Index, Hedged^▼	-1.52
MSCI All Country World Index^▼	12.30
Custom Invesco Select Risk: Growth Investor Index^∎	9.43

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 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: Growth Investor Index is composed of 80% MSCI All Country World Index and 20% Bloomberg Barclays Global Aggregate Bond Index, Hedged. 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.


2		Invesco Select Risk: Growth Investor Fund


Average Annual Total Returns
As of 6/30/21, including maximum applicable sales charges

Class A Shares
Inception (4/30/04)	6.41	%
10 Years	7.31
5 Years	9.37
1 Year	25.89

Class C Shares
Inception (4/30/04)	6.40	%
10 Years	7.27
5 Years	9.79
1 Year	31.33

Class R Shares
Inception (4/30/04)	6.51	%
10 Years	7.66
5 Years	10.35
1 Year	32.97

Class S Shares
Inception (9/25/09)	8.81	%
10 Years	8.03
5 Years	10.73
1 Year	33.40

Class Y Shares
Inception (10/3/08)	8.43	%
10 Years	8.18
5 Years	10.88
1 Year	33.64

Class R5 Shares
Inception (4/30/04)	7.12	%
10 Years	8.30
5 Years	10.99
1 Year	33.75

Class R6 Shares
10 Years	8.08	%
5 Years	10.93
1 Year	33.75

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.


3		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.


4		Invesco Select Risk: Growth Investor Fund

Schedule of Investments

June 30, 2021

(Unaudited)

Invesco Select Risk: Growth Investor Fund

Schedule of Investments in Affiliated Issuers–100.11%^(a)


	% of Net Assets 06/30/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/21		Value 06/30/21
Alternative Funds–4.97%
Invesco Fundamental Alternatives Fund, Class R6		–		$	26,253,146	$	–	$	(26,567,719	)	$	(128,416	)	$	442,989		$	–		–	$	–
Invesco Global Real Estate Income Fund, Class R6		1.74	%		21,319,927		697,741		(4,683,164	)		2,007,936			288,194			207,258		2,068,560		19,630,634
Invesco Macro Allocation Strategy Fund, Class R6^(b)		3.23	%		26,774,908		8,793,127		–			820,407			–			–		3,900,155		36,388,442
Invesco Master Event–Linked Bond Fund, Class R6		–			7,013,706		180,108		(6,202,560	)		92,606			(1,083,860	)		172,262		–		–
Total Alternative Funds					81,361,687		9,670,976		(37,453,443	)		2,792,533			(352,677	)		379,520				56,019,076
Domestic Equity Funds–43.08%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		9.05	%		74,682,050		24,761,205		(5,496,311	)		7,417,712			601,031			–		2,613,165		101,965,687
Invesco Main Street Small Cap Fund, Class R6		8.13	%		106,213,845		1,259,519		(32,442,001	)		7,580,580			10,264,645			30,587		4,184,825		91,647,656
Invesco Russell 1000 Dynamic Multifactor ETF		7.22	%		83,006,379		–		(15,536,220	)		9,582,286			4,325,905			435,300		1,739,969		81,378,350
Invesco S&P 500^®Low Volatility ETF		6.38	%		68,334,182		1,935,986		(4,124,293	)		5,496,594			270,923			588,799		1,180,650		71,913,392
Invesco S&P 500^®Pure Growth ETF^(c)		4.98	%		63,275,332		3,032,977		(17,437,074	)		2,784,356			4,432,700			2,416		304,629		56,088,291
Invesco S&P SmallCap Low Volatility ETF		7.32	%		99,963,901		–		(32,178,859	)		7,216,759			7,507,765			566,449		1,759,641		82,509,566
Total Domestic Equity Funds					495,475,689		30,989,687		(107,214,758	)		40,078,287			27,402,969			1,623,551				485,502,942
Fixed Income Funds–15.88%
Invesco 1–30 Laddered Treasury ETF		2.00	%		–		22,036,362		(105,387	)		557,097			89			60,699		618,997		22,488,161
Invesco Core Plus Bond Fund, Class R6		7.43	%		83,929,791		6,021,181		(5,090,749	)		(873,675	)		(246,449	)		913,647		7,410,628		83,740,099
Invesco Income Fund, Class R6^(d)		1.73	%		20,003,647		3,610,905		(4,608,177	)		402,737			60,247			345,119		2,438,063		19,455,743
Invesco Taxable Municipal Bond ETF		3.75	%		30,296,027		12,124,629		(198,010	)		4,733			(7,422	)		477,703		1,272,452		42,219,957
Invesco Variable Rate Investment Grade ETF^(d)		0.97	%		11,457,290		411,950		(936,740	)		47,670			1,103			46,442		437,512		10,979,364
Total Fixed Income Funds					145,686,755		44,205,027		(10,939,063	)		138,562			(192,432	)		1,843,610				178,883,324
Foreign Equity Funds–35.83%
Invesco Emerging Markets All Cap Fund, Class R6		3.23	%		24,340,678		11,685,013		(763,023	)		1,087,873			46,116			–		819,375		36,396,657
Invesco Developing Markets Fund, Class R6		5.27	%		24,573,836		34,657,621		(2,532,046	)		2,575,824			108,967			–		1,042,560		59,384,202
Invesco Global Fund, Class R6^(b)		11.18	%		112,903,781		8,865,266		(9,353,953	)		13,175,256			450,404			–		968,129		126,040,754
Invesco Global Infrastructure Fund, Class R6		0.98	%		10,650,372		83,950		(794,211	)		1,080,663			56,396			83,950		904,998		11,077,170
Invesco International Select Equity Fund, Class R6^(b)		3.30	%		36,786,039		337,114		(439,568	)		487,674			39,217			–		2,358,078		37,210,476
Invesco International Small–Mid Company Fund, Class R6		3.78	%		38,065,912		3,606,394		(1,737,791	)		2,559,107			76,480			–		724,104		42,570,102
Invesco RAFI^™ Strategic Developed ex–US ETF^(c⁾		2.92	%		31,318,591		–		(2,442,680	)		3,663,598			407,565			411,732		1,069,363		32,947,074
Invesco S&P Emerging Markets Low Volatility ETF		2.23	%		24,273,124		–		(1,179,220	)		1,904,905			106,681			382,379		1,038,275		25,105,490
Invesco S&P International Developed Low Volatility ETF		2.94	%		31,490,580		609,277		–			976,254			–			483,879		1,070,078		33,076,111
Total Foreign Equity Funds					334,402,913		59,844,635		(19,242,492	)		27,511,154			1,291,826			1,361,940				403,808,036
Money Market Funds–0.35%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)		0.12	%		2,496,991		23,262,695		(24,394,319	)		–			–			207		1,365,367		1,365,367

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


5		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 06/30/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Dividend Income			Shares 06/30/21		Value 06/30/21
Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(e)		0.09	%	$	1,856,660	$	16,578,200	$	(17,424,514	)	$	121	$	64		$	130			1,010,127	$	1,010,531

Invesco Treasury Portfolio, Institutional Class, 0.01%^(e)		0.14	%		2,853,704		26,585,937		(27,879,222	)		–		–			83			1,560,419		1,560,419

Total Money Market Funds					7,207,355		66,426,832		(69,698,055	)		121		64			420					3,936,317

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $910,199,788)		100.11	%		1,064,134,399		211,137,157		(244,547,811	)		70,520,657		28,149,750			5,209,041					1,128,149,695

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.11%
Invesco Private Government Fund, 0.02%^(e)(f)		0.03	%		4,087,142		54,000,735		(57,714,340	)		–		–			151	^(g)		373,537		373,537

Invesco Private Prime Fund, 0.12%^(e)(f)		0.08	%		6,130,713		94,389,808		(99,649,885	)		–		952			2,007	^(g)		871,239		871,588

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,245,125)		0.11	%		10,217,855		148,390,543		(157,364,225	)		–		952			2,158					1,245,125

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $911,444,913)		100.22	%	$	1,074,352,254	$	359,527,700	$	(401,912,036	)	$	70,520,657	$	28,150,702	^(h)(i)	$	5,211,199	⁽ⁱ⁾			$	1,129,394,820

OTHER ASSETS LESS LIABILITIES		(0.22	)%																			(2,458,702	)

NET ASSETS		100.00	%																		$	1,126,936,118

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, 2021.

^(c)	All or a portion of this security was out on loan at June 30, 2021.

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

^(e)	The rate shown is the 7–day SEC standardized yield as of June 30, 2021.

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

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

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


Fund Name	Capital Gain
Invesco Main Street Small Cap Fund	$	1,228,932

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

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


6		Invesco Select Risk: Growth Investor Fund

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2021


Equity Funds	78.74	%
Fixed Income Funds	15.84
Alternative Funds	4.96
Money Market Funds	0.46

*	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: Growth Investor Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in affiliated underlying funds, at value (Cost $911,444,913)*	$	1,129,394,820

Receivable for:
Dividends - affiliated underlying funds		201,749

Fund shares sold		617,546

Investment for trustee deferred compensation and retirement plans		201,555

Other assets		87,226

Total assets		1,130,502,896


Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		201,705

Fund shares reacquired		1,154,681

Collateral upon return of securities loaned		1,245,125

Accrued fees to affiliates		643,850

Accrued other operating expenses		102,511

Trustee deferred compensation and retirement plans		218,906

Total liabilities		3,566,778

Net assets applicable to shares outstanding	$	1,126,936,118


Net assets consist of:
Shares of beneficial interest	$	856,317,432

Distributable earnings		270,618,686

	$	1,126,936,118


Net Assets:
Class A	$	1,005,745,876

Class C	$	56,299,864

Class R	$	24,780,023

Class S	$	24,973,014

Class Y	$	13,834,323

Class R5	$	135,548

Class R6	$	1,167,470


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		58,023,217

Class C		3,303,011

Class R		1,434,939

Class S		1,441,906

Class Y		799,502

Class R5		7,768

Class R6		66,907

Class A:
Net asset value per share	$	17.33

Maximum offering price per share (Net asset value of $17.33 ÷ 94.50%)	$	18.34

Class C:
Net asset value and offering price per share	$	17.05

Class R:
Net asset value and offering price per share	$	17.27

Class S:
Net asset value and offering price per share	$	17.32

Class Y:
Net asset value and offering price per share	$	17.30

Class R5:
Net asset value and offering price per share	$	17.45

Class R6:
Net asset value and offering price per share	$	17.45

*	At June 30, 2021, securities with an aggregate value of $1,214,035 were on loan to brokers.

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


8		Invesco Select Risk: Growth Investor Fund

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)


Investment income:

Dividends from affiliated underlying funds (includes securities lending income of $ 75,796)	$	5,271,904


Expenses:
Administrative services fees		81,110

Custodian fees		2,306

Distribution fees:
Class A		1,217,820

Class C		286,718

Class R		56,792

Class S		18,133

Transfer agent fees – A, C, R, S and Y		862,771

Transfer agent fees – R5		78

Trustees’ and officers’ fees and benefits		14,943

Registration and filing fees		68,804

Reports to shareholders		69,806

Professional services fees		18,641

Other		12,321

Total expenses		2,710,243

Less: Expense offset arrangement(s)		(759	)

Net expenses		2,709,484

Net investment income		2,562,420


Realized and unrealized gain from:
Net realized gain from:

Affiliated underlying fund shares		26,934,703

Capital gain distributions from affiliated underlying fund shares		1,228,932

		28,163,635

Change in net unrealized appreciation of affiliated underlying fund shares		70,520,657

Net realized and unrealized gain		98,684,292

Net increase in net assets resulting from operations	$	101,246,712

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


9		Invesco Select Risk: Growth Investor Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)


	June 30, 2021			December 31, 2020

Operations:
Net investment income	$	2,562,420		$	8,170,687

Net realized gain		28,163,635			96,705,341

Change in net unrealized appreciation		70,520,657			7,345,082

Net increase in net assets resulting from operations		101,246,712			112,221,110


Distributions to shareholders from distributable earnings:
Class A		–			(98,165,277	)

Class C		–			(6,815,985	)

Class R		–			(2,169,184	)

Class S		–			(2,486,920	)

Class Y		–			(1,144,725	)

Class R5		–			(48,255	)

Class R6		–			(61,584	)

Total distributions from distributable earnings		–			(110,891,930	)


Share transactions–net:
Class A		(32,956,131	)		56,275,195

Class C		(7,008,586	)		(14,377,780	)

Class R		1,253,594			672,313

Class S		(914,722	)		837,895

Class Y		2,159,415			494,302

Class R5		(348,640	)		455,236

Class R6		496,850			531,649

Net increase (decrease) in net assets resulting from share transactions		(37,318,220	)		44,888,810

Net increase in net assets		63,928,492			46,217,990


Net assets:
Beginning of period		1,063,007,626			1,016,789,636

End of period	$	1,126,936,118		$	1,063,007,626

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


10		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 (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 06/30/21		$15.80		$ 0.04			$ 1.49			$ 1.53			$ –			$ –			$ –			$17.33		9.68	%		$1,005,746		0.46	%^(f)		0.46	%^(f)		0.51	%^(f)		13	%
Year ended 12/31/20		15.79		0.14			1.71			1.85			(0.27	)		(1.57	)		(1.84	)		15.80		11.87			948,121		0.47			0.47			0.92			90
Year ended 12/31/19		14.37		0.28			2.68			2.96			(0.22	)		(1.32	)		(1.54	)		15.79		20.59			889,968		0.49			0.49			1.76			32
Year ended 12/31/18		16.05		0.20			(1.53	)		(1.33	)		(0.20	)		(0.15	)		(0.35	)		14.37		(8.27	)		739,240		0.50			0.50			1.26			16
Year ended 12/31/17		14.12		0.20			2.02			2.22			(0.29	)		–			(0.29	)		16.05		15.77			844,780		0.55			0.55			1.32			14
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
Class C
Six months ended 06/30/21		15.60		(0.02	)		1.47			1.45			–			–			–			17.05		9.30			56,300		1.21	^(f)		1.21	^(f)		(0.24	)^(f)		13
Year ended 12/31/20		15.64		0.02			1.70			1.72			(0.19	)		(1.57	)		(1.76	)		15.60		11.09			58,187		1.22			1.22			0.17			90
Year ended 12/31/19		14.26		0.16			2.64			2.80			(0.10	)		(1.32	)		(1.42	)		15.64		19.64			73,066		1.24			1.24			1.01			32
Year ended 12/31/18		15.91		0.08			(1.51	)		(1.43	)		(0.07	)		(0.15	)		(0.22	)		14.26		(8.95	)		118,925		1.25			1.25			0.51			16
Year ended 12/31/17		14.00		0.09			1.99			2.08			(0.17	)		–			(0.17	)		15.91		14.86			147,229		1.30			1.30			0.57			14
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
Class R
Six months ended 06/30/21		15.76		0.02			1.49			1.51			–			–			–			17.27		9.58			24,780		0.71	^(f)		0.71	^(f)		0.26	^(f)		13
Year ended 12/31/20		15.75		0.10			1.71			1.81			(0.23	)		(1.57	)		(1.80	)		15.76		11.64			21,447		0.72			0.72			0.67			90
Year ended 12/31/19		14.34		0.24			2.66			2.90			(0.17	)		(1.32	)		(1.49	)		15.75		20.26			20,690		0.74			0.74			1.51			32
Year ended 12/31/18		16.01		0.16			(1.52	)		(1.36	)		(0.16	)		(0.15	)		(0.31	)		14.34		(8.49	)		18,275		0.75			0.75			1.01			16
Year ended 12/31/17		14.09		0.16			2.01			2.17			(0.25	)		–			(0.25	)		16.01		15.43			21,598		0.80			0.80			1.07			14
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
Class S
Six months ended 06/30/21		15.78		0.05			1.49			1.54			–			–			–			17.32		9.76			24,973		0.36	^(f)		0.36	^(f)		0.61	^(f)		13
Year ended 12/31/20		15.77		0.15			1.72			1.87			(0.29	)		(1.57	)		(1.86	)		15.78		11.98			23,627		0.37			0.37			1.02			90
Year ended 12/31/19		14.35		0.30			2.67			2.97			(0.23	)		(1.32	)		(1.55	)		15.77		20.73			22,788		0.39			0.39			1.86			32
Year ended 12/31/18		16.03		0.22			(1.53	)		(1.31	)		(0.22	)		(0.15	)		(0.37	)		14.35		(8.17	)		20,700		0.40			0.40			1.36			16
Year ended 12/31/17		14.10		0.22			2.02			2.24			(0.31	)		–			(0.31	)		16.03		15.90			25,358		0.45			0.45			1.42			14
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
Class Y
Six months ended 06/30/21		15.75		0.06			1.49			1.55			–			–			–			17.30		9.84			13,834		0.21	^(f)		0.21	^(f)		0.76	^(f)		13
Year ended 12/31/20		15.74		0.17			1.72			1.89			(0.31	)		(1.57	)		(1.88	)		15.75		12.16			10,589		0.22			0.22			1.17			90
Year ended 12/31/19		14.33		0.32			2.67			2.99			(0.26	)		(1.32	)		(1.58	)		15.74		20.86			10,233		0.24			0.24			2.01			32
Year ended 12/31/18		16.02		0.24			(1.54	)		(1.30	)		(0.24	)		(0.15	)		(0.39	)		14.33		(8.08	)		8,271		0.25			0.25			1.51			16
Year ended 12/31/17		14.09		0.24			2.02			2.26			(0.33	)		–			(0.33	)		16.02		16.08			10,561		0.30			0.30			1.57			14
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
Class R5
Six months ended 06/30/21		15.88		0.07			1.50			1.57			–			–			–			17.45		9.89			136		0.11	^(f)		0.11	^(f)		0.86	^(f)		13
Year ended 12/31/20		15.86		0.19			1.72			1.91			(0.32	)		(1.57	)		(1.89	)		15.88		12.20			453		0.14			0.14			1.25			90
Year ended 12/31/19		14.42		0.34			2.69			3.03			(0.27	)		(1.32	)		(1.59	)		15.86		21.05			33		0.15			0.15			2.10			32
Year ended 12/31/18		16.12		0.26			(1.56	)		(1.30	)		(0.25	)		(0.15	)		(0.40	)		14.42		(8.02	)		25		0.16			0.16			1.60			16
Year ended 12/31/17		14.17		0.26			2.04			2.30			(0.35	)		–			(0.35	)		16.12		16.26			25		0.19			0.19			1.68			14
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
Class R6
Six months ended 06/30/21		15.88		0.08			1.49			1.57			–			–			–			17.45		9.89			1,167		0.05	^(f)		0.05	^(f)		0.92	^(f)		13
Year ended 12/31/20		15.85		0.19			1.73			1.92			(0.32	)		(1.57	)		(1.89	)		15.88		12.27			584		0.14			0.14			1.25			90
Year ended 12/31/19		14.42		0.34			2.68			3.02			(0.27	)		(1.32	)		(1.59	)		15.85		20.98			11		0.15			0.15			2.10			32
Year ended 12/31/18		16.11		0.26			(1.55	)		(1.29	)		(0.25	)		(0.15	)		(0.40	)		14.42		(7.96	)		10		0.16			0.16			1.60			16
Period ended 12/31/17^(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)

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.56%, 0.56%, 0.58%, 0.55%, 0.58% and 0.61% for the six months ended June 30, 2021 and for the years ended December 31, 2020, 2019, 2018, 2017, and 2016, 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 $982,330, $57,819, $22,905, $24,378, $11,855, $285 and $1,046 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: Growth Investor Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is long-term growth of capital consistent with a higher level of risk relative to the broad stock market.

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

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

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


12		Invesco Select Risk: Growth 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.

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.

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

J.	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


13		Invesco Select Risk: Growth Investor Fund

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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

The Adviser has contractually agreed, through June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.90%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into 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, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2021, IDI advised the Fund that IDI retained $64,524 in front-end sales commissions from the sale of Class A shares and $19,204 and $611 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.


14		Invesco Select Risk: Growth Investor Fund


	Level 1		Level 2		Level 3		Total

Investments in Securities

Affiliated Issuers		$1,124,213,378		$ –		$–		$1,124,213,378

Money Market Funds		3,936,317		1,245,125		–		5,181,442

Total Investments		$1,128,149,695		$1,245,125		$–		$1,129,394,820

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

NOTE 6–Cash Balances

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $144,710,325 and $174,849,756, 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	$	217,398,726

Aggregate unrealized (depreciation) of investments		–

Net unrealized appreciation of investments	$	217,398,726

Cost of investments for tax purposes is $911,996,094.

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended June 30, 2021^(a)				Year ended December 31, 2020
	Shares		Amount		Shares		Amount

Sold:
Class A		3,128,686	$	52,102,175		7,550,400	$	110,421,587

Class C		314,197		5,161,372		828,152		11,874,273

Class R		178,855		2,981,210		312,909		4,787,434

Class S		12,452		208,013		30,727		452,683

Class Y		216,719		3,654,083		199,589		3,030,442

Class R5		83		1,406		23,476		408,705

Class R6		31,238		515,792		33,318		488,312


15		Invesco Select Risk: Growth Investor Fund


	Summary of Share Activity

	Six months ended June 30, 2021^(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount

Issued as reinvestment of dividends:
Class A		-		$	-			6,097,767		$	95,125,208

Class C		-			-			435,577			6,707,887

Class R		-			-			139,404			2,169,128

Class S		-			-			159,561			2,485,964

Class Y		-			-			67,938			1,056,429

Class R5		-			-			2,974			46,608

Class R6		-			-			3,849			60,309


Automatic conversion of Class C shares to Class A shares:
Class A		206,291			3,443,815			915,737			14,081,303

Class C		(209,426	)		(3,443,815	)		(927,951	)		(14,081,303	)


Reacquired:
Class A		(5,313,008	)		(88,502,121	)		(10,927,493	)		(163,352,903	)

Class C		(532,502	)		(8,726,143	)		(1,275,880	)		(18,878,637	)

Class R		(104,594	)		(1,727,616	)		(404,933	)		(6,284,249	)

Class S		(67,729	)		(1,122,735	)		(138,260	)		(2,100,752	)

Class Y		(89,323	)		(1,494,668	)		(245,418	)		(3,592,569	)

Class R5		(20,832	)		(350,046	)		(5	)		(77	)

Class R6		(1,128	)		(18,942	)		(1,045	)		(16,972	)

Net increase (decrease) in share activity		(2,250,021	)	$	(37,318,220	)		2,880,393		$	44,888,810

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 32% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


16		Invesco Select Risk: Growth 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
	(01/01/21)	(06/30/21)¹	Period²	(06/30/21)	Period²	Ratio
Class A	$1,000.00	$1,096.80	$2.39	$1,022.51	$2.31	0.46%
Class C	1,000.00	1,093.00	6.28	1,018.79	6.06	1.21
Class R	1,000.00	1,095.80	3.69	1,021.27	3.56	0.71
Class S	1,000.00	1,097.60	1.87	1,023.01	1.81	0.36
Class Y	1,000.00	1,098.40	1.09	1,023.75	1.05	0.21
Class R5	1,000.00	1,098.90	0.57	1,024.25	0.55	0.11
Class R6	1,000.00	1,098.90	0.26	1,024.55	0.25	0.05

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 181/365 to reflect the most recent fiscal half year.


17		Invesco Select Risk: Growth Investor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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


18		Invesco Select Risk: Growth Investor Fund

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Select Risk: Growth Investor Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s asset allocation achieved through investing in underlying affiliated funds, including its exposure to alternative asset classes and large-cap equities with value and low volatility factor tilts, negatively 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, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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 calculating 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.

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 that such methodology had recently been reviewed and enhanced. 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 most Funds individually. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound

and have the resources necessary to perform their obligations under the sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates


19		Invesco Select Risk: Growth Investor Fund

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Fund holdings and proxy voting information


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



		Semiannual Report to Shareholders		June 30, 2021

		Invesco Select Risk: High Growth Investor Fund
		Nasdaq: A: OAAIX ⬛ C: OCAIX ⬛ R: ONAIX ⬛ Y: OYAIX ⬛ R5: PXQIX ⬛R6: PXGGX

LOGO


		2		Fund Performance
		4		Liquidity Risk Management Program
		5		Schedule of Investments
		7		Financial Statements
		10		Financial Highlights
		11		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

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	10.59	%
Class C Shares	10.19
Class R Shares	10.47
Class Y Shares	10.72
Class R5 Shares	10.81
Class R6 Shares	10.81
Bloomberg Barclays Global Aggregate Bond Index, Hedged^▼	-1.52
MSCI All Country World Index^▼	12.30
Custom Invesco Select Risk: High Growth Investor Index^∎	10.86
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 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 is composed of 90% MSCI All Country World Index and 10% Bloomberg Barclays Global Aggregate Bond Index, Hedged.
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.

2 Invesco Select Risk: High Growth Investor Fund


Average Annual Total Returns
As of 6/30/21, including maximum applicable sales charges

Class A Shares
Inception (4/5/05)	7.25	%
10 Years	8.49
5 Years	11.36
1 Year	29.97

Class C Shares
Inception (4/5/05)	7.22	%
10 Years	8.46
5 Years	11.77
1 Year	35.48

Class R Shares
Inception (4/5/05)	7.39	%
10 Years	8.84
5 Years	12.33
1 Year	37.22

Class Y Shares
Inception (4/5/05)	7.99	%
10 Years	9.41
5 Years	12.90
1 Year	37.86

Class R5 Shares
10 Years	9.18	%
5 Years	12.77
1 Year	38.00

Class R6 Shares
10 Years	9.19	%
5 Years	12.79
1 Year	38.05

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

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

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

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

3 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.

4 Invesco Select Risk: High Growth Investor Fund

Schedule of Investments

June 30, 2021

(Unaudited)

Invesco Select Risk: High Growth Investor Fund

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


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	06/30/21			12/31/20		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			06/30/21		06/30/21

Alternative Funds–4.96%
Invesco Fundamental Alternatives Fund, Class R6		–		$	21,834,962	$	–	$	(22,096,590	)	$	(316,092	)	$	577,720		$	–			–	$	–

Invesco Global Real Estate Income Fund, Class R6		1.72	%		15,380,602		158,201		(1,356,783	)		1,606,333			184,970			158,201			1,683,174		15,973,323

Invesco Macro Allocation Strategy Fund, Class R6^(b)		3.24	%		22,256,704		7,953,313		(864,511	)		678,605			14,810			–			3,219,606		30,038,921

Invesco Master Event-Linked Bond Fund, Class R6		–			5,904,235		151,617		(5,221,401	)		298,381			(1,132,832	)		145,020			–		–

Total Alternative Funds					65,376,503		8,263,131		(29,539,285	)		2,267,227			(355,332	)		303,221					46,012,244

Domestic Equity Funds–48.81%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		10.02	%		81,843,124		14,538,962		(11,678,568	)		7,502,990			629,253			–			2,379,184		92,835,761

Invesco Main Street Small Cap Fund, Class R6		9.87	%		90,532,074		2,581,327		(15,553,145	)		10,446,655			4,738,936			31,451			4,177,268		91,482,184

Invesco Russell 1000 Dynamic Multifactor ETF		8.20	%		74,583,341		–		(11,346,316	)		8,392,393			4,379,876			406,447			1,625,172		76,009,294

Invesco S&P 500^®Low Volatility ETF		6.48	%		57,445,636		3,798,806		(6,193,877	)		4,564,854			447,932			500,912			986,100		60,063,351

Invesco S&P 500^®Pure Growth ETF		5.33	%		71,910,948		882,909		(30,649,512	)		1,760,792			5,527,769			2,308			268,482		49,432,906

Invesco S&P SmallCap Low Volatility ETF		8.91	%		89,689,478		463,134		(20,705,079	)		8,545,391			4,593,964			547,415			1,761,290		82,586,888

Total Domestic Equity Funds					466,004,601		22,265,138		(96,126,497	)		41,213,075			20,317,730			1,488,533					452,410,384

Fixed Income Funds–6.02%
Invesco 1-30 Laddered Treasury ETF		2.01	%		–		18,879,384		(686,285	)		462,503			14,130			51,963			513,893		18,669,732

Invesco Core Plus Bond Fund, Class R6		4.01	%		34,915,561		5,008,942		(2,361,332	)		(284,842	)		(101,151	)		394,967			3,290,016		37,177,178

Total Fixed Income Funds					34,915,561		23,888,326		(3,047,617	)		177,661			(87,021	)		446,930					55,846,910

Foreign Equity Funds–39.60%
Invesco Emerging Markets All Cap Fund, Class R6		3.47	%		22,586,038		9,860,813		(1,370,547	)		1,004,653			35,850			–			723,026		32,116,807

Invesco Developing Markets Fund, Class R6		5.21	%		25,536,696		24,175,599		(3,921,362	)		2,379,663			109,208			–			847,609		48,279,804

Invesco Global Fund, Class R6^(b)		11.92	%		109,949,148		–		(12,060,773	)		10,322,678			2,311,498			–			848,933		110,522,551

Invesco Global Infrastructure Fund, Class R6		0.98	%		8,782,910		103,930		(735,172	)		901,643			57,917			69,907			744,381		9,111,228

Invesco International Select Equity Fund, Class R6^(b)		3.92	%		35,378,992		1,430,757		(970,320	)		491,276			(10,603	)		–			2,301,654		36,320,102

Invesco International Small-Mid Company Fund, Class R6		4.21	%		37,153,996		2,955,725		(3,606,013	)		2,336,393			204,759			–			664,141		39,044,860

Invesco RAFI^™ Strategic Developed ex-US ETF		3.94	%		35,592,803		–		(3,732,707	)		3,746,736			898,304			456,377			1,184,847		36,505,136

Invesco S&P Emerging Markets Low Volatility ETF		2.48	%		22,312,856		–		(1,169,729	)		1,722,345			156,669			352,220			952,115		23,022,141

Invesco S&P International Developed Low Volatility ETF		3.47	%		29,619,863		2,707,597		(1,191,510	)		955,172			23,008			476,887			1,038,956		32,114,130

Total Foreign Equity Funds					326,913,302		41,234,421		(28,758,133	)		23,860,559			3,786,610			1,355,391					367,036,759

Money Market Funds–0.56%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)		0.17	%		2,052,347		18,561,790		(19,004,151	)		–			–			191			1,609,986		1,609,986

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(c)		0.19	%		1,945,044		13,258,422		(13,466,632	)		96			98			156			1,736,334		1,737,028

Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)		0.20	%		2,345,539		21,213,475		(21,719,030	)		–			–			76			1,839,984		1,839,984

Total Money Market Funds					6,342,930		53,033,687		(54,189,813	)		96			98			423					5,186,998

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $673,527,128)		99.95	%	$	899,552,897	$	148,684,703	$	(211,661,345	)	$	67,518,618		$	23,662,085	^(d)(e)	$	3,594,498	^(e)			$	926,493,295

OTHER ASSETS LESS LIABILITIES		0.05	%																				417,662

NET ASSETS		100.00	%																			$	926,910,957


Investment Abbreviations:

ETF - Exchange-Traded Fund

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

5 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, 2021.

^(c)	The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

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


Fund Name	Capital Gain

Invesco Main Street Small Cap Fund	$	1,263,663

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


Open Futures Contracts^(a)

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

Equity Risk

E-Mini S&P 500 Index	27	September-2021	$	5,789,610	$	58,542		$	58,542

MSCI Emerging Markets Index	6	September-2021		409,440		200			200

Nikkei 225 Index	1	September-2021		259,058		(544	)		(544	)

S&P/ASX 200 Index	1	September-2021		135,422		(621	)		(621	)

S&P/TSX 60 Index	1	September-2021		194,046		1,302			1,302

Stoxx Europe 600 Index	28	September-2021		749,015		(9,077	)		(9,077	)

Total Futures Contracts					$	49,802		$	49,802



^(a) Futures contracts collateralized by $440,681 cash held with Merrill Lynch International, the futures commission merchant.

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2021


Equity Funds			88.44%

Fixed Income Funds			6.03

Alternative Funds			4.97

Money Market Funds			0.56

*	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.

6 Invesco Select Risk: High Growth Investor Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in affiliates, at value (Cost $673,527,128)	$	926,493,295

Other investments:
Variation margin receivable – futures contracts		145,666

Deposits with brokers:
Cash collateral – exchange-traded futures contracts		440,681

Cash		10,000

Foreign currencies, at value (Cost $0)		1,643

Receivable for:
Fund shares sold		598,726

Dividends		68,104

Investment for trustee deferred compensation and retirement plans		42,833

Other assets		80,558

Total assets		927,881,506


Liabilities:
Payable for:
Investments purchased		68,066

Fund shares reacquired		304,566

Accrued fees to affiliates		423,861

Accrued trustees’ and officers’ fees and benefits		5,734

Accrued other operating expenses		125,489

Trustee deferred compensation and retirement plans		42,833

Total liabilities		970,549

Net assets applicable to shares outstanding	$	926,910,957


Net assets consist of:
Shares of beneficial interest	$	631,818,743

Distributable earnings		295,092,214

	$	926,910,957


Net Assets:
Class A	$	722,846,117

Class C	$	105,650,729

Class R	$	84,953,026

Class Y	$	13,111,030

Class R5	$	10,002

Class R6	$	340,053


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		43,544,277

Class C		6,644,055

Class R		5,130,812

Class Y		783,065

Class R5		602

Class R6		20,477

Class A:
Net asset value per share	$	16.60

Maximum offering price per share (Net asset value of $16.60 ÷ 94.50%)	$	17.57

Class C:
Net asset value and offering price per share	$	15.90

Class R:
Net asset value and offering price per share	$	16.56

Class Y:
Net asset value and offering price per share	$	16.74

Class R5:
Net asset value and offering price per share	$	16.61

Class R6:
Net asset value and offering price per share	$	16.61

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 Operations

For the six months ended June 30, 2021

(Unaudited)


Investment income:
Dividends from affiliated underlying funds	$	2,612,495


Expenses:
Distribution fees:
Class A		882,912

Class C		526,041

Class R		202,718

Transfer agent fees – A, C, R and Y		732,503

Transfer agent fees – R5		2

Transfer agent fees – R6		57

Trustees’ and officers’ fees and benefits		13,298

Registration and filing fees		50,712

Reports to shareholders		32,591

Professional services fees		15,991

Taxes		746

Other		9,030

Total expenses		2,466,601

Less: Expense offset arrangement(s)		(978	)

Net expenses		2,465,623

Net investment income		146,872


Realized and unrealized gain (loss) from:
Net realized gain from:
Affiliated underlying fund shares		23,380,425

Foreign currencies		35

Futures contracts		1,055,388

Capital gain distributions from affiliated underlying fund shares		1,263,663

		25,699,511

Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		67,518,618

Foreign currencies		(8,914	)

Futures contracts		(110,972	)

		67,398,732

Net realized and unrealized gain		93,098,243

Net increase in net assets resulting from operations	$	93,245,115

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 Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)


	June 30, 2021			December 31, 2020
Operations:
Net investment income	$	146,872		$	3,935,927
Net realized gain		25,699,511			130,790,648
Change in net unrealized appreciation (depreciation)		67,398,732			(31,977,679	)
Net increase in net assets resulting from operations		93,245,115			102,748,896

Distributions to shareholders from distributable earnings:
Class A		–			(112,443,328	)
Class C		–			(19,858,674	)
Class R		–			(12,611,632	)
Class Y		–			(2,208,552	)
Class R5		–			(1,793	)
Class R6		–			(1,798	)
Total distributions from distributable earnings		–			(147,125,777	)

Share transactions–net:
Class A		(53,482,801	)		77,539,560
Class C		(9,481,256	)		(15,195,137	)
Class R		(1,237,216	)		14,635,149
Class Y		(1,174,750	)		(7,472,987	)
Class R6		311,122			12
Net increase (decrease) in net assets resulting from share transactions		(65,064,901	)		69,506,597
Net increase in net assets		28,180,214			25,129,716

Net assets:
Beginning of period		898,730,743			873,601,027
End of period	$	926,910,957		$	898,730,743

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

9 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 06/30/21		$	15.01		$	0.01			$	1.58			$	1.59			$	–			$	–			$	–			$	16.60		10.59	%^(f)		$	722,846		0.43	%^(f)(g)		0.43	%^(f)(g)		0.13	%^(f)(g)		10	%
Year ended 12/31/20			15.84			0.09				2.01				2.10				(0.10	)			(2.83	)			(2.93	)			15.01		13.52	^(f)			702,842		0.42	^(f)		0.42	^(f)		0.62	^(f)		70
Eleven months ended 12/31/19			16.13			0.19				2.53				2.72				(0.18	)			(2.83	)			(3.01	)			15.84		16.94				657,555		0.46	^(h)		0.46	^(h)		1.21	^(h)		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⁽ⁱ⁾			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
Class C
Six months ended 06/30/21			14.43			(0.05	)			1.52				1.47				–				–				–				15.90		10.19				105,651		1.19	^(g)		1.19	^(g)		(0.63	)^(g)		10
Year ended 12/31/20			15.37			(0.02	)			1.93				1.91				(0.02	)			(2.83	)			(2.85	)			14.43		12.66				104,858		1.18			1.18			(0.14	)		70
Eleven months ended 12/31/19			15.71			0.07				2.46				2.53				(0.04	)			(2.83	)			(2.87	)			15.37		16.16				127,666		1.22	^(h)		1.22	^(h)		0.45	^(h)		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⁽ⁱ⁾			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
Class R
Six months ended 06/30/21			14.99			(0.01	)			1.58				1.57				–				–				–				16.56		10.47				84,953		0.69	^(g)		0.69	^(g)		(0.13	)^(g)		10
Year ended 12/31/20			15.83			0.05				2.00				2.05				(0.06	)			(2.83	)			(2.89	)			14.99		13.22				78,109		0.68			0.68			0.36			70
Eleven months ended 12/31/19			16.11			0.15				2.53				2.68				(0.13	)			(2.83	)			(2.96	)			15.83		16.72				66,628		0.72	^(h)		0.72	^(h)		0.96	^(h)		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⁽ⁱ⁾			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
Class Y
Six months ended 06/30/21			15.12			0.03				1.59				1.62				–				–				–				16.74		10.72				13,111		0.19	^(g)		0.19	^(g)		0.37	^(g)		10
Year ended 12/31/20			15.93			0.13				2.03				2.16				(0.14	)			(2.83	)			(2.97	)			15.12		13.82				12,904		0.18			0.18			0.86			70
Eleven months ended 12/31/19			16.20			0.23				2.55				2.78				(0.22	)			(2.83	)			(3.05	)			15.93		17.24				21,733		0.22	^(h)		0.22	^(h)		1.46	^(h)		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⁽ⁱ⁾			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
Class R5
Six months ended 06/30/21			14.99			0.04				1.58				1.62				–				–				–				16.61		10.81				10		0.07	^(g)		0.07	^(g)		0.49	^(g)		10
Year ended 12/31/20			15.82			0.14				2.01				2.15				(0.15	)			(2.83	)			(2.98	)			14.99		13.83				9		0.14			0.14			0.90			70
Period ended 12/31/19^(j)			16.60			0.16				2.12				2.28				(0.23	)			(2.83	)			(3.06	)			15.82		13.83				10		0.14	^(h)		0.14	^(h)		1.53	^(h)		31
Class R6
Six months ended 06/30/21			14.99			0.04				1.58				1.62				–				–				–				16.61		10.81				340		0.07	^(g)		0.07	^(g)		0.49	^(g)		10
Year ended 12/31/20			15.82			0.14				2.01				2.15				(0.15	)			(2.83	)			(2.98	)			14.99		13.87				9		0.10			0.14			0.94			70
Period ended 12/31/19^(j)			16.60			0.17				2.12				2.29				(0.24	)			(2.83	)			(3.07	)			15.82		13.90				10		0.10	^(h)		0.10	^(h)		1.58	^(h)		31

^(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 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 0.57% and 0.64% for the six months ended June 30, 2021 and the year ended December 31, 2020 respectively.

^(d)	Does not include indirect expenses from affiliated fund fees and expenses of 0.67%, 0.71%, 0.70%, 0.70% and 0.68% for the eleven months ended December 31, 2019, and for the years ended January 31, 2019, January 31, 2018, January 31, 2017 and January 29, 2016, respectively.

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

^(f)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended June 30, 2021 and the year ended ended December 31, 2020.

^(g)	Ratios are annualized and based on average daily net assets (000’s omitted) of $732,631, $106,080, $81,759, $13,616, $10 and $280 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(h)	Annualized.

⁽ⁱ⁾	The last business day of the reporting period was January 29, 2016.

^(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.

10 Invesco Select Risk: High Growth Investor Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek total return.

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

The 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.

11 Invesco Select Risk: High Growth 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.

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.

12 Invesco Select Risk: High Growth Investor Fund

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

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 does not pay an advisory fee. However, the Fund pays advisory fees to the Advisor indirectly as a shareholder of the underlying funds.

The Adviser has contractually agreed, through April 30, 2022, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.45%, 1.20%, 0.70%, 0.20%, 0.15% and 0.10%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the expense reimbursement agreement, it will terminate on April 30, 2022. During its term, the expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

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, 2021, IDI advised the Fund that IDI retained $75,022 in front-end sales commissions from the sale of Class A shares and $2,516 and $2,568 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.

13 Invesco Select Risk: High Growth 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.


	Level 1			Level 2		Level 3		Total

Investments in Securities

Affiliated Issuers	$	921,306,297			$–		$–	$	921,306,297

Money Market Funds		5,186,998			–		–		5,186,998

Total Investments in Securities		926,493,295			–		–		926,493,295


Other Investments – Assets*

Futures Contracts		60,044			–		–		60,044


Other Investments – Liabilities*

Futures Contracts		(10,242	)		–		–		(10,242	)

Total Other Investments		49,802			–		–		49,802

Total Investments	$	926,543,097			$–		$–	$	926,543,097

*	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, 2021:


	Value
Derivative Assets	Equity Risk

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	60,044

Derivatives not subject to master netting agreements		(60,044	)

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)	$	(10,242	)

Derivatives not subject to master netting agreements		10,242

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, 2021

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


	Location of Gain (Loss) on Statement of Operations
	Equity Risk

Realized Gain:
Futures contracts		$1,055,388

Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(110,972)

Total		$944,416

14 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	$	7,126,779

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

NOTE 8–Tax Information

The Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $95,651,016 and $157,471,532, 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	$	252,074,514

Aggregate unrealized (depreciation) of investments		(869,096	)

Net unrealized appreciation of investments	$	251,205,418

Cost of investments for tax purposes is $675,337,679.

NOTE 10–Share Information


	Summary of Share Activity

	Six months ended June 30, 2021				Year ended December 31, 2020
	Shares		Amount		Shares		Amount

Sold:
Class A		2,250,559	$	35,793,016		3,766,213	$	55,731,468

Class C		526,536		8,048,284		1,172,018		16,664,301

Class R		523,803		8,334,584		1,013,843		15,038,771

Class Y		139,927		2,236,629		295,588		4,450,502

Class R6		19,990		312,985		1		10


Issued as reinvestment of dividends:
Class A		-		-		7,476,052		110,643,287

Class C		-		-		1,385,200		19,711,412

Class R		-		-		852,647		12,604,454

Class Y		-		-		132,110		1,968,440

Class R6		-		-		-		2

15 Invesco Select Risk: High Growth Investor Fund


	Summary of Share Activity

	Six months ended June 30, 2021						Year ended December 31, 2020
	Shares			Amount			Shares			Amount

Automatic conversion of Class C shares to Class A shares:
Class A		377,858		$	6,037,406			1,600,717		$	23,715,740

Class C		(393,796	)		(6,037,406	)		(1,661,206	)		(23,715,740	)


Reacquired:
Class A		(5,908,314	)		(95,313,223	)		(7,535,932	)		(112,550,935	)

Class C		(753,994	)		(11,492,134	)		(1,935,574	)		(27,855,110	)

Class R		(603,580	)		(9,571,800	)		(865,742	)		(13,008,076	)

Class Y		(210,421	)		(3,411,379	)		(938,427	)		(13,891,929	)

Class R6		(116	)		(1,863	)		-			-

Net increase (decrease) in share activity		(4,031,548	)	$	(65,064,901	)		4,757,508		$	69,506,597

16 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, 2021 through June 30, 2021.

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
	(01/01/21)	(06/30/21)¹	Period²	(06/30/21)	Period²	Ratio
Class A	$1,000.00	$1,105.90	$2.25	$1,022.66	$2.16		0.43	%
Class C	1,000.00	1,101.90	6.20	1,018.89	5.96		1.19
Class R	1,000.00	1,104.70	3.60	1,021.37	3.46		0.69
Class Y	1,000.00	1,107.20	0.99	1,023.85	0.95		0.19
Class R5	1,000.00	1,108.10	0.37	1,024.45	0.35		0.07
Class R6	1,000.00	1,108.10	0.37	1,024.45	0.35		0.07

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 181/365 to reflect the most recent fiscal half year.

17 Invesco Select Risk: High Growth Investor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. 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. At meetings held on June 10, 2021, 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, 2021. 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

purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

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 considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. 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 observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. 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

18 Invesco Select Risk: High Growth Investor Fund

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Select Risk: High Growth Investor Index (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 considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction 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 and large-cap equities with value and low volatility factor tilts, negatively 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, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

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 that such methodology had recently been reviewed and enhanced. 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 most Funds individually. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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

19 Invesco Select Risk: High Growth Investor Fund

LOGO

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^∎

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^∎

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^∎

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^∎

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information


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



		Semiannual Report to Shareholders		June 30, 2021

		Invesco Select Risk: Moderately Conservative Investor Fund
		Nasdaq:
		A: CAAMX ∎ C: CACMX ∎ R: CMARX ∎ S: CMASX ∎ Y: CAAYX ∎ R5: CMAIX ∎ R6: CNSSX

LOGO


		2		Fund Performance
		4		Liquidity Risk Management Program
		5		Schedule of Investments
		7		Financial Statements
		10		Financial Highlights
		11		Notes to Financial Statements
		16		Fund Expenses
		17		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

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	5.36	%
Class C Shares	5.02
Class R Shares	5.25
Class S Shares	5.49
Class Y Shares	5.50
Class R5 Shares	5.57
Class R6 Shares	5.48
Bloomberg Barclays Global Aggregate Bond Index, Hedged^▼	-1.52
MSCI All Country World Index^▼	12.30
Custom Invesco Select Risk: Moderately Conservative Index^∎	3.85
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 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: Moderately Conservative Index is composed of 40% MSCI All Country World Index and 60% Bloomberg Barclays Global Aggregate Bond Index, Hedged. 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.

2 Invesco Select Risk: Moderately Conservative Investor Fund


Average Annual Total Returns
As of 6/30/21, including maximum applicable sales charges

Class A Shares
Inception (4/29/05)	4.77	%
10 Years	5.19
5 Years	5.80
1 Year	13.24

Class C Shares
Inception (4/29/05)	4.77	%
10 Years	5.13
5 Years	6.19
1 Year	17.94

Class R Shares
Inception (4/29/05)	4.88	%
10 Years	5.51
5 Years	6.73
1 Year	19.50

Class S Shares
Inception (6/3/11)	5.81	%
10 Years	5.89
5 Years	7.10
1 Year	19.92

Class Y Shares
Inception (10/3/08)	6.42	%
10 Years	6.03
5 Years	7.26
1 Year	20.06

Class R5 Shares
Inception (4/29/05)	5.43	%
10 Years	6.08
5 Years	7.31
1 Year	20.18

Class R6 Shares
10 Years	5.90	%
5 Years	7.24
1 Year	20.08

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

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

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

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

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

3 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.

4 Invesco Select Risk: Moderately Conservative Investor Fund

Schedule of Investments

June 30, 2021

(Unaudited)

Invesco Select Risk: Moderately Conservative Investor Fund

Schedule of Investments in Affiliated Issuers–100.12%^(a)


	% of Net Assets 06/30/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/21		Value 06/30/21

Alternative Funds-5.01%
Invesco Fundamental Alternatives Fund, Class R6		–		$	8,762,959	$	–	$	(8,867,955	)	$	(37,443	)	$	142,439		$	–		–	$	–

Invesco Global Real Estate Income Fund, Class R6		1.79	%		6,288,773		173,934		(593,832	)		674,809			33,958			64,656		693,113		6,577,642

Invesco Macro Allocation Strategy Fund, Class R6^(b)		3.22	%		8,724,998		2,842,412		–			266,967			–			–		1,268,422		11,834,377

Invesco Master Event-Linked Bond Fund, Class R6		–			2,331,045		59,860		(2,061,456	)		32,382			(361,831	)		57,254		–		–

Total Alternative Funds					26,107,775		3,076,206		(11,523,243	)		936,715			(185,434	)		121,910				18,412,019

Domestic Equity Funds-19.99%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		4.60	%		12,452,772		4,413,860		(1,306,687	)		1,232,599			111,911			–		433,225		16,904,455

Invesco Main Street Small Cap Fund, Class R6		1.47	%		15,925,952		74,547		(12,989,532	)		(1,561,641	)		4,035,222			1,810		247,115		5,411,811
																							��
Invesco Russell 1000 Dynamic Multifactor ETF		4.20	%		15,474,557		–		(2,633,186	)		1,830,973			790,847			82,223		330,622		15,463,191

Invesco S&P 500^®Low Volatility ETF		2.25	%		7,948,167		156,107		(481,530	)		633,310			25,696			67,697		135,967		8,281,750

Invesco S&P 500^®Pure Growth ETF		4.01	%		15,817,896		970,233		(3,913,794	)		820,933			1,050,166			635		80,086		14,745,434

Invesco S&P 500^®Pure Value ETF		2.00	%		13,634,840		–		(9,389,390	)		22,060			3,074,212			113,808		95,137		7,341,722

Invesco S&P SmallCap Low Volatility ETF		1.46	%		8,726,915		–		(4,623,601	)		169,424			1,094,057			46,545		114,455		5,366,795

Total Domestic Equity Funds					89,981,099		5,614,747		(35,337,720	)		3,147,658			10,182,111			312,718				73,515,158

Fixed Income Funds-55.36%
Invesco 1-30 Laddered Treasury ETF		9.96	%		–		35,833,725		(98,291	)		907,778			716			98,907		1,008,641		36,643,928

Invesco Core Plus Bond Fund, Class R6		13.60	%		58,845,474		2,363,186		(10,325,678	)		(679,307	)		(177,878	)		589,625		4,427,062		50,025,797

Invesco Fundamental High Yield^®Corporate Bond ETF		4.41	%		10,640,523		5,469,862		–			91,206			–			237,465		829,150		16,201,591

Invesco Income Fund, Class R6^(c)		2.70	%		14,078,260		538,237		(4,965,204	)		32,302			270,368			207,622		1,246,205		9,944,716

Invesco International Bond Fund, Class R6^(c)		5.33	%		32,770,710		3,261,038		(13,845,905	)		(2,281,224	)		(194,657	)		303,264		3,650,598		19,603,713

Invesco Master Loan Fund, Class R6		4.46	%		13,561,377		2,471,472		–			359,455			–			294,688		1,033,211		16,392,304

Invesco Taxable Municipal Bond ETF		11.99	%		38,317,769		6,100,002		(65,186	)		(266,812	)		(1,962	)		546,037		1,328,626		44,083,811

Invesco Variable Rate Investment Grade ETF^(c)(d)		2.91	%		19,080,890		1,019,630		(9,451,944	)		108,990			(28,952	)		49,135		426,868		10,712,252

Total Fixed Income Funds					187,295,003		57,057,152		(38,752,208	)		(1,727,612	)		(132,365	)		2,326,743				203,608,112

Foreign Equity Funds-19.45%
Invesco Developing Markets Fund, Class R6		3.51	%		–		12,946,535		(421,006	)		395,390			3,761			–		226,908		12,924,680

Invesco Global Fund, Class R6^(b)		7.78	%		16,050,989		11,347,658		(1,404,937	)		2,494,291			117,440			–		219,721		28,605,441

Invesco Global Infrastructure Fund, Class R6		1.02	%		3,461,890		27,901		(90,678	)		364,777			4,056			27,901		307,839		3,767,946

Invesco International Select Equity Fund, Class R6^(b)		2.41	%		6,869,278		1,967,268		–			44,317			–			–		562,792		8,880,863

Invesco International Small-Mid Company Fund, Class R6		1.79	%		6,528,605		–		(354,443	)		376,642			22,449			–		111,809		6,573,253

Invesco RAFI^™ Strategic Developed ex-US ETF		0.99	%		3,462,908		–		(284,743	)		385,554			64,097			45,555		117,748		3,627,816

Invesco S&P International Developed Low Volatility ETF		1.95	%		6,853,705		121,357		(15,672	)		212,025			107			105,031		232,013		7,171,522

Total Foreign Equity Funds					43,227,375		26,410,719		(2,571,479	)		4,272,996			211,910			178,487				71,551,521

Money Market Funds-0.31%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)		0.14	%		564,111		21,899,184		(21,973,005	)		–			–			119		490,290		490,290

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

5 Invesco Select Risk: Moderately Conservative Investor Fund

Invesco Select Risk: Moderately Conservative Investor Fund (continued)

Schedule of Investments in Affiliated Issuers–100.12%^(a)


	% of Net Assets 06/30/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Dividend Income			Shares 06/30/21		Value 06/30/21

Money Market Funds-(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(e)		0.02	%	$	402,778	$	15,598,603	$	(15,915,946	)	$	–	$	40		$	53			85,441	$	85,475

Invesco Treasury Portfolio, Institutional Class, 0.01%^(e)		0.15	%		644,699		25,027,639		(25,112,007	)		–		–			48			560,331		560,331

Total Money Market Funds					1,611,588		62,525,426		(63,000,958	)		–		40			220					1,136,096

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $326,874,945)		100.12	%		348,222,840		154,684,250		(151,185,608	)		6,629,757		10,076,262			2,940,078					368,222,906

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.05%
Invesco Private Government Fund, 0.02%^(e)(f)		0.01	%		1,186,189		38,779,370		(39,910,155	)		–		–			78	^(g)		55,404		55,404

Invesco Private Prime Fund, 0.12%^(e)(f)		0.04	%		1,779,284		59,495,054		(61,145,515	)		–		453			1,159	^(g)		129,224		129,276

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $184,680)		0.05	%		2,965,473		98,274,424		(101,055,670	)		–		453			1,237					184,680

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $327,059,625)		100.17	%	$	351,188,313	$	252,958,674	$	(252,241,278	)	$	6,629,757		$10,076,715	^(h)(i)		$2,941,315	⁽ⁱ⁾			$	368,407,586

OTHER ASSETS LESS LIABILITIES		(0.17	)%																			(633,358	)

NET ASSETS		100.00	%																		$	367,774,228

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, 2021.

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

^(d)	All or a portion of this security was out on loan at June 30, 2021.

^(e)	The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

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

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

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


Fund Name	Capital Gain
Invesco Main Street Small Cap Fund	$	72,737

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

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2021


Fixed Income Funds	55.27	%
Equity Funds	39.37
Alternative Funds	5.00
Money Market Funds	0.36

*	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.

6 Invesco Select Risk: Moderately Conservative Investor Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in affiliated underlying funds, at value (Cost $327,059,625)*		$368,407,586
Receivable for:
Fund shares sold		107,426
Dividends - affiliated underlying funds		218,402
Investment for trustee deferred compensation and retirement plans		77,345
Other assets		82,751
Total assets		368,893,510

Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		227,081
Fund shares reacquired		400,915
Collateral upon return of securities loaned		184,680
Accrued fees to affiliates		161,782
Accrued other operating expenses		58,911
Trustee deferred compensation and retirement plans		85,913
Total liabilities		1,119,282
Net assets applicable to shares outstanding		$367,774,228

Net assets consist of:
Shares of beneficial interest		$318,432,723
Distributable earnings		49,341,505
		$367,774,228


Net Assets:
Class A		$319,144,283
Class C		$ 24,979,980
Class R		$ 9,647,643
Class S		$ 2,104,346
Class Y		$ 11,764,834
Class R5		$ 106,098
Class R6		$ 27,044

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		26,156,373
Class C		2,070,877
Class R		794,179
Class S		172,222
Class Y		965,588
Class R5		8,655
Class R6		2,207
Class A:
Net asset value per share		$ 12.20
Maximum offering price per share (Net asset value of $12.20 ÷ 94.50%)		$ 12.91
Class C:
Net asset value and offering price per share		$ 12.06
Class R:
Net asset value and offering price per share		$ 12.15
Class S:
Net asset value and offering price per share		$ 12.22
Class Y:
Net asset value and offering price per share		$ 12.18
Class R5:
Net asset value and offering price per share		$ 12.26
Class R6:
Net asset value and offering price per share		$ 12.25

*	At June 30, 2021, a security with a value of $180,684 was on loan to brokers.

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 Operations

For the six months ended June 30, 2021

(Unaudited)


Investment income:
Dividends from affiliated underlying funds (includes securities lending income of $ 53,391)	$	2,807,012


Expenses:
Administrative services fees		26,337

Custodian fees		1,533

Distribution fees:
Class A		384,395

Class C		130,944

Class R		22,493

Class S		1,530

Transfer agent fees – A, C, R, S and Y		207,769

Transfer agent fees – R5		8

Transfer agent fees – R6		11

Trustees’ and officers’ fees and benefits		10,907

Registration and filing fees		60,739

Reports to shareholders		22,842

Professional services fees		15,623

Other		8,028

Total expenses		893,159

Less: Expense offset arrangement(s)		(176	)

Net expenses		892,983

Net investment income		1,914,029


Realized and unrealized gain from:
Net realized gain from:

Affiliated underlying fund shares		10,190,436

Capital gain distributions from affiliated underlying fund shares		72,737

		10,263,173

Change in net unrealized appreciation of affiliated underlying fund shares		6,629,757

Net realized and unrealized gain		16,892,930

Net increase in net assets resulting from operations	$	18,806,959

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 Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)


	June 30, 2021			December 31, 2020
Operations:
Net investment income	$	1,914,029		$	5,524,222
Net realized gain		10,263,173			21,688,403
Change in net unrealized appreciation		6,629,757			5,910,939
Net increase in net assets resulting from operations		18,806,959			33,123,564

Distributions to shareholders from distributable earnings:
Class A		(2,960,557	)		(21,872,346	)
Class C		(148,486	)		(2,167,211	)
Class R		(75,682	)		(585,735	)
Class S		(20,558	)		(150,207	)
Class Y		(128,787	)		(887,160	)
Class R5		(719	)		(901	)
Class R6		(269	)		(958	)
Total distributions from distributable earnings		(3,335,058	)		(25,664,518	)

Share transactions-net:
Class A		5,673,359			36,640,278
Class C		(3,728,361	)		(6,076,705	)
Class R		1,386,799			(33,169	)
Class S		4,000			95,392
Class Y		898,448			(244,232	)
Class R5		94,022			–
Class R6		13,800			2,007
Net increase in net assets resulting from share transactions		4,342,067			30,383,571
Net increase in net assets		19,813,968			37,842,617

Net assets:
Beginning of period		347,960,260			310,117,643
End of period	$	367,774,228		$	347,960,260

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

9 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 06/30/21		$	11.69		$	0.07		$	0.55			$	0.62			$	(0.11	)		$	–			$	(0.11	)		$	12.20		5.36	%		$	319,144		0.45	%^(f)		0.45	%^(f)		1.13	%^(f)		25	%
Year ended 12/31/20			11.47			0.20			0.94				1.14				(0.27	)			(0.65	)			(0.92	)			11.69		10.23				300,116		0.47			0.47			1.81			86
Year ended 12/31/19			10.68			0.35			1.18				1.53				(0.35	)			(0.39	)			(0.74	)			11.47		14.39				257,703		0.48			0.48			3.01			28
Year ended 12/31/18			11.63			0.28			(0.80	)			(0.52	)			(0.28	)			(0.15	)			(0.43	)			10.68		(4.50	)			210,248		0.50			0.50			2.43			23
Year ended 12/31/17			11.13			0.24			0.63				0.87				(0.34	)			(0.03	)			(0.37	)			11.63		7.87				233,998		0.53			0.53			2.11			11
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
Class C
Six months ended 06/30/21			11.55			0.02			0.56				0.58				(0.07	)			–				(0.07	)			12.06		5.02				24,980		1.20	^(f)		1.20	^(f)		0.38	^(f)		25
Year ended 12/31/20			11.34			0.12			0.92				1.04				(0.18	)			(0.65	)			(0.83	)			11.55		9.40				27,569		1.22			1.22			1.06			86
Year ended 12/31/19			10.57			0.26			1.16				1.42				(0.26	)			(0.39	)			(0.65	)			11.34		13.45				33,282		1.23			1.23			2.26			28
Year ended 12/31/18			11.51			0.19			(0.79	)			(0.60	)			(0.19	)			(0.15	)			(0.34	)			10.57		(5.21	)			57,060		1.25			1.25			1.68			23
Year ended 12/31/17			11.02			0.16			0.61				0.77				(0.25	)			(0.03	)			(0.28	)			11.51		7.02				69,800		1.28			1.28			1.36			11
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
Class R
Six months ended 06/30/21			11.64			0.05			0.56				0.61				(0.10	)			–				(0.10	)			12.15		5.25				9,648		0.70	^(f)		0.70	^(f)		0.88	^(f)		25
Year ended 12/31/20			11.42			0.18			0.93				1.11				(0.24	)			(0.65	)			(0.89	)			11.64		9.99				7,877		0.72			0.72			1.56			86
Year ended 12/31/19			10.64			0.32			1.17				1.49				(0.32	)			(0.39	)			(0.71	)			11.42		14.05				7,777		0.73			0.73			2.76			28
Year ended 12/31/18			11.58			0.25			(0.79	)			(0.54	)			(0.25	)			(0.15	)			(0.40	)			10.64		(4.68	)			7,410		0.75			0.75			2.18			23
Year ended 12/31/17			11.09			0.21			0.62				0.83				(0.31	)			(0.03	)			(0.34	)			11.58		7.52				8,359		0.78			0.78			1.86			11
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
Class S
Six months ended 06/30/21			11.70			0.07			0.57				0.64				(0.12	)			–				(0.12	)			12.22		5.49				2,104		0.35	^(f)		0.35	^(f)		1.23	^(f)		25
Year ended 12/31/20			11.48			0.22			0.93				1.15				(0.28	)			(0.65	)			(0.93	)			11.70		10.33				2,012		0.37			0.37			1.91			86
Year ended 12/31/19			10.70			0.36			1.17				1.53				(0.36	)			(0.39	)			(0.75	)			11.48		14.39				1,877		0.38			0.38			3.11			28
Year ended 12/31/18			11.64			0.29			(0.79	)			(0.50	)			(0.29	)			(0.15	)			(0.44	)			10.70		(4.31	)			1,814		0.40			0.40			2.53			23
Year ended 12/31/17			11.14			0.26			0.62				0.88				(0.35	)			(0.03	)			(0.38	)			11.64		7.97				2,106		0.43			0.43			2.21			11
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
Class Y
Six months ended 06/30/21			11.67			0.08			0.56				0.64				(0.13	)			–				(0.13	)			12.18		5.50				11,765		0.20	^(f)		0.20	^(f)		1.38	^(f)		25
Year ended 12/31/20			11.45			0.23			0.93				1.16				(0.29	)			(0.65	)			(0.94	)			11.67		10.52				10,363		0.22			0.22			2.06			86
Year ended 12/31/19			10.67			0.37			1.18				1.55				(0.38	)			(0.39	)			(0.77	)			11.45		14.59				9,457		0.23			0.23			3.26			28
Year ended 12/31/18			11.62			0.31			(0.80	)			(0.49	)			(0.31	)			(0.15	)			(0.46	)			10.67		(4.27	)			6,268		0.25			0.25			2.68			23
Year ended 12/31/17			11.12			0.27			0.63				0.90				(0.37	)			(0.03	)			(0.40	)			11.62		8.15				6,232		0.28			0.28			2.36			11
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
Class R5
Six months ended 06/30/21			11.74			0.08			0.57				0.65				(0.13	)			–				(0.13	)			12.26		5.57				106		0.18	^(f)		0.18	^(f)		1.40	^(f)		25
Year ended 12/31/20			11.52			0.24			0.93				1.17				(0.30	)			(0.65	)			(0.95	)			11.74		10.51				11		0.19			0.19			2.09			86
Year ended 12/31/19			10.73			0.38			1.18				1.56				(0.38	)			(0.39	)			(0.77	)			11.52		14.69				11		0.19			0.20			3.30			28
Year ended 12/31/18			11.68			0.31			(0.80	)			(0.49	)			(0.31	)			(0.15	)			(0.46	)			10.73		(4.18	)			10		0.21			0.21			2.72			23
Year ended 12/31/17			11.18			0.28			0.62				0.90				(0.37	)			(0.03	)			(0.40	)			11.68		8.16				11		0.24			0.24			2.40			11
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
Class R6
Six months ended 06/30/21			11.74			0.08			0.56				0.64				(0.13	)			–				(0.13	)			12.25		5.48				27		0.18	^(f)		0.18	^(f)		1.40	^(f)		25
Year ended 12/31/20			11.52			0.24			0.93				1.17				(0.30	)			(0.65	)			(0.95	)			11.74		10.51				12		0.19			0.19			2.09			86
Year ended 12/31/19			10.73			0.38			1.18				1.56				(0.38	)			(0.39	)			(0.77	)			11.52		14.69				10		0.19			0.20			3.30			28
Year ended 12/31/18			11.67			0.31			(0.79	)			(0.48	)			(0.31	)			(0.15	)			(0.46	)			10.73		(4.10	)			9		0.21			0.21			2.72			23
Period ended 12/31/17^(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)

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.53%, 0.53%, 0.51%, 0.53%, 0.53% and 0.55% for the six months ended June 30, 2021 and for the years ended December 31, 2020, 2019, 2018, 2017 and 2016, 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 $310,065, $26,406, $9,072, $2,056, $11,605, $17 and $23 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.

10 Invesco Select Risk: Moderately Conservative Investor Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is total return consistent with a lower level of risk relative to the broad stock market.

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

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

11 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.

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.

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

J.	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

12 Invesco Select Risk: Moderately Conservative Investor Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

The Adviser has contractually agreed, through June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.40%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

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, 2021, IDI advised the Fund that IDI retained $15,285 in front-end sales commissions from the sale of Class A shares and $3,847 and $1,041 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.

13 Invesco Select Risk: Moderately Conservative Investor Fund


	Level 1		Level 2		Level 3		Total
Investments in Securities
Affiliated Issuers		$367,086,810		$ –		$–		$367,086,810
Money Market Funds		1,136,096		184,680		–		1,320,776
Total Investments		$368,222,906		$184,680		$–		$368,407,586

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.

The Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $92,158,824 and $88,184,650, 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	$	38,007,908

Aggregate unrealized (depreciation) of investments		(27,480	)

Net unrealized appreciation of investments	$	37,980,428

Cost of investments for tax purposes is $330,427,158.

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended June 30, 2021^(a)				Year ended December 31, 2020
	Shares		Amount		Shares		Amount

Sold:
Class A		2,656,431	$	31,717,054		7,150,515	$	79,261,386

Class C		274,310		3,225,935		935,799		10,302,259

Class R		203,738		2,419,948		188,716		2,113,106

Class S		327		3,900		911		10,200

Class Y		272,553		3,250,594		959,243		9,919,696

Class R5		9,097		111,066		-		-

Class R6		1,276		15,301		169		1,940

14 Invesco Select Risk: Moderately Conservative Investor Fund


	Summary of Share Activity

	Six months ended June 30, 2021^(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		228,361		$	2,729,143			1,797,699		$	20,504,825

Class C		11,873			140,072			183,186			2,071,420

Class R		6,320			75,255			51,200			581,822

Class S		1,718			20,558			13,163			150,207

Class Y		9,313			111,302			75,326			851,051

Class R5		48			595			-			-

Class R6		13			154			11			125

Automatic conversion of Class C shares to Class A shares:
Class A		145,937			1,748,097			602,958			6,891,827

Class C		(147,695	)		(1,748,097	)		(609,825	)		(6,891,827	)

Reacquired:
Class A		(2,554,262	)		(30,520,935	)		(6,345,708	)		(70,017,760	)

Class C		(453,786	)		(5,346,271	)		(1,057,023	)		(11,558,557	)

Class R		(92,784	)		(1,108,404	)		(243,931	)		(2,728,097	)

Class S		(1,717	)		(20,458	)		(5,694	)		(65,015	)

Class Y		(204,315	)		(2,463,448	)		(972,216	)		(11,014,979	)

Class R5		(1,439	)		(17,639	)		-			-

Class R6		(137	)		(1,655	)		(5	)		(58	)

Net increase in share activity		365,180		$	4,342,067			2,724,494		$	30,383,571

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 42% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

15 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
	(01/01/21)	(06/30/21)¹	Period²	(06/30/21)	Period²	Ratio
Class A	$1,000.00	$1,053.60	$2.29	$1,022.56	$2.26		0.45	%
Class C	1,000.00	1,050.20	6.10	1,018.84	6.01		1.20
Class R	1,000.00	1,052.50	3.56	1,021.32	3.51		0.70
Class S	1,000.00	1,054.90	1.78	1,023.06	1.76		0.35
Class Y	1,000.00	1,055.00	1.02	1,023.80	1.00		0.20
Class R5	1,000.00	1,055.70	0.92	1,023.90	0.90		0.18
Class R6	1,000.00	1,054.80	0.92	1,023.90	0.90		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 181/365 to reflect the most recent fiscal half year.

16 Invesco Select Risk: Moderately Conservative Investor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

C.	Advisory and Sub-Advisory Fees and Fund Expenses

17 Invesco Select Risk: Moderately Conservative Investor Fund

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 that such methodology had recently been reviewed and enhanced. 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 most Funds individually. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub- Advisers are financially sound

and have the resources necessary to perform their obligations under the sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

18 Invesco Select Risk: Moderately Conservative Investor Fund

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		Semiannual Report to Shareholders		June 30, 2021
		Invesco Select Risk: Moderate Investor Fund
		Nasdaq:
		A: OAMIX ∎ C: OCMIX ∎ R: ONMIX ∎ S: PXMSX ∎ Y: OYMIX ∎ R5: PXMQX ∎ R6: PXMMX

LOGO


		2		Fund Performance
		4		Liquidity Risk Management Program
		5		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

Fund Performance


Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares		7.36%
Class C Shares		7.03
Class R Shares		7.26
Class S Shares		7.44
Class Y Shares		7.56
Class R5 Shares		7.62
Class R6 Shares		7.62
Bloomberg Barclays Global Aggregate Bond Index, Hedged^▼		-1.52
MSCI All Country World Index^▼		12.30
Custom Invesco Select Risk: Moderate Investor Index^∎		6.63
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 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 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.


2		Invesco Select Risk: Moderate Investor Fund


Average Annual Total Returns
As of 6/30/21, including maximum applicable sales charges

Class A Shares
Inception (4/5/05)	4.67	%
10 Years	6.77
5 Years	8.44
1 Year	19.54

Class C Shares
Inception (4/5/05)	4.63	%
10 Years	6.72
5 Years	8.85
1 Year	24.62

Class R Shares
Inception (4/5/05)	4.76	%
10 Years	7.09
5 Years	9.38
1 Year	26.14

Class S Shares
10 Years	7.40	%
5 Years	9.71
1 Year	26.66

Class Y Shares
Inception (4/5/05)	5.34	%
10 Years	7.64
5 Years	9.95
1 Year	26.93

Class R5 Shares
10 Years	7.46	%
5 Years	9.84
1 Year	27.00

Class R6 Shares
10 Years	7.47	%
5 Years	9.85
1 Year	27.00

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. Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R and Class Y shares are those for Class A, Class C, Class R and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Class S shares incepted on May 15, 2020. Performance shown above is that of the Fund’s and the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

Class R6 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of the predecessor fund’s

Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

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

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

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


3		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.


4		Invesco Select Risk: Moderate Investor Fund

Schedule of Investments

June 30, 2021

(Unaudited)

Invesco Select Risk: Moderate Investor Fund

Schedule of Investments in Affiliated Issuers–99.93%^(a)


	% of Net Assets 06/30/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 06/30/21		Value 06/30/21
Alternative Funds–4.94%
Invesco Fundamental Alternatives Fund, Class R6		-		$	56,470,899	$	-	$	(57,147,547	)	$	(287,369	)	$	964,017		$	-			-	$	-
Invesco Global Real Estate Income Fund, Class R6		1.71	%		39,778,266		404,147		(6,073,239	)		4,141,664			408,849			404,147			4,073,729		38,659,687
Invesco Macro Allocation Strategy Fund, Class R6^(b)		3.23	%		57,561,657		18,363,570		(4,983,329	)		1,674,881			85,368			-			7,792,299		72,702,147
Invesco Master Event-Linked Bond Fund, Class R6		-			15,354,307		394,289		(13,578,565	)		2,060,257			(4,230,288	)		377,072			-		-
Total Alternative Funds					169,165,129		19,162,006		(81,782,680	)		7,589,433			(2,772,054	)		781,219					111,361,834
Domestic Equity Funds–31.74%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		7.23	%		163,541,574		11,318,872		(27,911,813	)		12,274,346			3,675,220			-			4,174,736		162,898,199
Invesco Main Street Small Cap Fund, Class R6		4.91	%		200,028,292		1,631,264		(121,327,521	)		(6,427,958	)		38,393,134			39,615			5,055,048		110,705,562
Invesco Russell 1000 Dynamic Multifactor ETF		4.95	%		127,858,252		-		(56,196,680	)		26,299,860			13,531,045			648,561			2,383,846		111,492,477
Invesco S&P 500^® Low Volatility ETF		4.96	%		114,284,157		4,953,600		(17,210,784	)		8,168,352			1,627,090			971,363			1,835,863		111,822,415
Invesco S&P 500^® Pure Growth ETF		4.04	%		115,469,143		-		(37,060,303	)		5,193,034			7,552,808			4,362			495,083		91,154,682
Invesco S&P 500^® Pure Value ETF		1.96	%		-		46,748,422		(4,143,422	)		1,320,985			204,065			170,277			571,855		44,130,050
Invesco S&P SmallCap Low Volatility ETF		3.69	%		190,416,805		-		(134,751,765	)		(4,937,798	)		32,557,042			891,386			1,776,163		83,284,284
Total Domestic Equity Funds					911,598,223		64,652,158		(398,602,288	)		41,890,821			97,540,404			2,725,564					715,487,669
Fixed Income Funds–35.93%
Invesco 1-30 Laddered Treasury ETF		5.76	%		-		135,246,089		(8,743,693	)		3,218,223			188,304			374,322			3,575,803		129,908,923
Invesco Core Plus Bond Fund, Class R6		7.98	%		342,025,626		17,770,912		(154,822,081	)		(18,124,307	)		(6,882,676	)		2,936,617			15,926,325		179,967,474
Invesco Fundamental High Yield^® Corporate Bond ETF		3.49	%		-		82,163,578		(4,170,310	)		522,524			23,480			697,692			4,019,410		78,539,272
Invesco Income Fund, Class R6^(c)		2.00	%		70,686,423		5,079,940		(32,237,775	)		(253,625	)		1,741,812			1,013,659			5,635,470		44,971,050
Invesco International Bond Fund, Class R6^(c)		2.97	%		83,427,711		3,533,793		(13,315,203	)		(5,253,589	)		324,147			(542,751	)		12,476,371		66,998,114
Invesco Master Loan Fund, Class R6		3.24	%		47,743,181		28,484,009		(4,648,107	)		1,955,818			(485,898	)		1,235,078			4,604,297		73,049,003
Invesco Taxable Municipal Bond ETF		7.51	%		151,142,821		30,885,207		(11,687,003	)		(775,893	)		(181,763	)		2,065,336			5,104,984		169,383,369
Invesco Variable Rate Investment Grade ETF^(c)		2.98	%		80,402,701		4,995,452		(18,525,066	)		203,493			119,822			313,679			2,677,089		67,181,548
Total Fixed Income Funds					775,428,463		308,158,980		(248,149,238	)		(18,507,356	)		(5,152,772	)		8,093,632					809,998,753
Foreign Equity Funds–26.60%
Invesco Emerging Markets All Cap Fund, Class R6		3.20	%		34,762,248		42,282,231		(6,886,273	)		1,851,332			169,313			-			1,624,918		72,178,851
Invesco Developing Markets Fund, Class R6		3.95	%		44,952,427		53,587,484		(13,880,784	)		3,911,407			457,848			-			1,562,998		89,028,382
Invesco Global Fund, Class R6^(b)		7.91	%		175,663,810		13,365,748		(31,838,636	)		16,648,293			4,490,073			-			1,369,762		178,329,288
Invesco Global Infrastructure Fund, Class R6		0.98	%		23,265,598		181,068		(3,860,663	)		2,162,566			302,993			181,068			1,801,598		22,051,562
Invesco International Select Equity Fund, Class R6^(b)		2.92	%		45,749,690		23,625,660		(3,482,297	)		(216,922	)		252,085			-			4,177,960		65,928,216
Invesco International Small-Mid Company Fund, Class R6		2.47	%		47,633,263		11,636,792		(7,522,012	)		3,354,933			484,529			-			945,527		55,587,505
Invesco RAFI™ Strategic Developed ex-US ETF		1.47	%		22,877,239		10,698,052		(3,696,087	)		3,000,483			248,735			373,599			1,075,249		33,128,422

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


5		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 06/30/21			Value 12/31/20		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Dividend Income			Shares 06/30/21		Value 06/30/21
Invesco S&P Emerging Markets Low Volatility ETF		1.73	%	$	-	$	41,183,624	$	(2,894,380	)	$	645,385	$	69,138		$	339,403			1,613,059	$	39,003,767
Invesco S&P International Developed Low Volatility ETF		1.97	%		44,841,738		848,514		(2,674,123	)		1,260,400		137,617			680,523			1,436,886		44,414,146
Total Foreign Equity Funds					439,746,013		197,409,173		(76,735,255	)		32,617,877		6,612,331			1,574,593					599,650,139
Money Market Funds–0.72%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)		0.27	%		4,765,370		150,119,734		(148,781,576	)		-		-			591			6,103,528		6,103,528
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)		0.14	%		3,499,368		107,228,382		(107,454,819	)		111		240			254			3,271,973		3,273,282
Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)		0.31	%		5,446,137		171,565,411		(170,036,087	)		-		-			235			6,975,461		6,975,461
Total Money Market Funds					13,710,875		428,913,527		(426,272,482	)		111		240			1,080					16,352,271
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $1,856,381,434)		99.93	%	$	2,309,648,703	$	1,018,295,844	$	(1,231,541,943	)	$	63,590,886	$	96,228,149	^(e)(f)	$	13,176,088	^(f)			$	2,252,850,666
OTHER ASSETS LESS LIABILITIES		0.07	%																			1,526,959
NET ASSETS		100.00	%																		$	2,254,377,625

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, 2021.

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

^(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2021. ^(e)Includes capital gains distributions from affiliated underlying funds as follows:


Fund Name	Capital Gain
Invesco Main Street Small Cap Fund	$	1,591,649

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


Open Futures Contracts^(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Equity Risk
E-Mini S&P 500 Index		45		September-2021	$	9,649,350	$	97,570		$	97,570
MSCI Emerging Markets Index		6		September-2021		409,440		200			200
Nikkei 225 Index		1		September-2021		259,058		(544	)		(544	)
S&P/ASX 200 Index		1		September-2021		135,422		(621	)		(621	)
S&P/TSX 60 Index		1		September-2021		194,046		1,303			1,303
Stoxx Europe 600 Index		23		September-2021		615,262		(7,456	)		(7,456	)
Subtotal								90,452			90,452

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


6		Invesco Select Risk: Moderate Investor Fund


Open Futures Contracts^(a)– (continued)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Canada 10 Year Bonds		69		September-2021	$	8,100,097	$	93,364		$	93,364
EURO-BTP		83		September-2021		14,901,357		96,299			96,299
Euro Bund		49		September-2021		10,028,944		63,249			63,249
EURO-OAT		92		September-2021		17,349,517		79,458			79,458
Japan 10 Year Bonds		45		September-2021		61,443,359		(85,232	)		(85,232	)
Long Gilt		111		September-2021		19,669,281		71,975			71,975
Subtotal								319,113			319,113
Total Futures Contracts							$	409,565		$	409,565

^(a)	Futures contracts collateralized by $2,115,317 cash held with Merrill Lynch International, the futures commission merchant.

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2021


Equity Funds	58.38	%
Fixed Income Funds	35.95
Alternative Funds	4.94
Money Market Funds	0.73

*	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: Moderate Investor Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in affiliated underlying funds, at value (Cost $1,856,381,434)	$	2,252,850,666
Other investments:
Variation margin receivable – futures contracts		562,544
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		2,115,317
Cash		10,000
Foreign currencies, at value (Cost $0)		1,643
Receivable for:
Fund shares sold		751,699
Dividends – affiliated underlying funds		885,593
Investment for trustee deferred compensation and retirement plans		220,980
Other assets		106,085
Total assets		2,257,504,527

Liabilities:
Payable for:
Investments purchased – affiliated underlying funds		925,959
Fund shares reacquired		686,503
Accrued fees to affiliates		1,030,244
Accrued trustees’ and officers’ fees and benefits		11,706
Accrued other operating expenses		230,860
Trustee deferred compensation and retirement plans		241,630
Total liabilities		3,126,902
Net assets applicable to shares outstanding	$	2,254,377,625

Net assets consist of:
Shares of beneficial interest	$	1,739,786,139
Distributable earnings		514,591,486
	$	2,254,377,625


Net Assets:
Class A	$	1,793,885,887

Class C	$	244,003,071

Class R	$	156,629,214

Class S	$	26,615,543

Class Y	$	31,269,653

Class R5	$	11,585

Class R6	$	1,962,672


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		139,778,997

Class C		19,552,919

Class R		12,319,400

Class S		2,071,754

Class Y		2,415,407

Class R5		901

Class R6		152,642

Class A:
Net asset value per share	$	12.83

Maximum offering price per share (Net asset value of $12.83 ÷ 94.50%)	$	13.58

Class C:
Net asset value and offering price per share	$	12.48

Class R:
Net asset value and offering price per share	$	12.71

Class S:
Net asset value and offering price per share	$	12.85

Class Y:
Net asset value and offering price per share	$	12.95

Class R5:
Net asset value and offering price per share	$	12.86

Class R6:
Net asset value and offering price per share	$	12.86

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


8		Invesco Select Risk: Moderate Investor Fund

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)


Investment income:
Dividends from affiliated underlying funds	$	11,478,966

Expenses:
Custodian fees		278
Distribution fees:
Class A		2,285,295
Class C		1,234,613
Class R		383,839
Class S		19,638
Transfer agent fees – A, C, R, S and Y		1,585,762
Trustees’ and officers’ fees and benefits		23,806
Registration and filing fees		69,698
Reports to shareholders		49,589
Professional services fees		30,491
Taxes		473
Other		25,110
Total expenses		5,708,592
Less: Expenses reimbursed and/or expense offset arrangement(s)		(683,648	)
Net expenses		5,024,944
Net investment income		6,454,022

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares		96,333,622
Foreign currencies		139
Futures contracts		(327,424	)
Capital gain distributions from affiliated underlying fund shares		1,591,649
		97,597,986
Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		63,590,886
Foreign currencies		(57,630	)
Futures contracts		(186,369	)
		63,346,887
Net realized and unrealized gain		160,944,873
Net increase in net assets resulting from operations	$	167,398,895

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


9		Invesco Select Risk: Moderate Investor Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)


	June 30, 2021			December 31, 2020

Operations:
Net investment income	$	6,454,022		$	24,438,550

Net realized gain		97,597,986			228,568,227

Change in net unrealized appreciation		63,346,887			62,436,351

Net increase in net assets resulting from operations		167,398,895			315,443,128


Distributions to shareholders from distributable earnings:
Class A		–			(167,706,820	)

Class C		–			(27,946,505	)

Class R		–			(14,777,296	)

Class S		–			(2,009,347	)

Class Y		–			(2,737,032	)

Class R5		–			(2,300	)

Class R6		–			(167,945	)

Total distributions from distributable earnings		–			(215,347,245	)


Share transactions–net:
Class A		(192,672,665	)		607,909,174

Class C		(23,470,287	)		(28,203,400	)

Class R		(7,658,762	)		19,823,192

Class S		(1,621,641	)		22,527,739

Class Y		(52,237	)		9,423,010

Class R5		–			(1,109	)

Class R6		(341,832	)		1,984,738

Net increase (decrease) in net assets resulting from share transactions		(225,817,424	)		633,463,344

Net increase (decrease) in net assets		(58,418,529	)		733,559,227


Net assets:
Beginning of period		2,312,796,154			1,579,236,927

End of period	$	2,254,377,625		$	2,312,796,154

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


10		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 (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 06/30/21		$11.95		$ 0.04			$ 0.84		$ 0.88		$ –		$ –		$ –		$12.83		7.36	%^(f)		$1,793,886		0.34	%^(f)(g)		0.40	%^(f)(g)		0.64	%^(f)(g)		26	%
Year ended 12/31/20		11.96		0.16			1.14		1.30		(0.18)		(1.13)		(1.31)		11.95		11.67	^(f)		1,851,149		0.31	^(f)		0.38	^(f)		1.42	^(f)		88
Eleven months ended 12/31/19		11.72		0.22			1.32		1.54		(0.36)		(0.94)		(1.30)		11.96		13.13			1,156,291		0.40	^(h)		0.47	^(h)		1.95	^(h)		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⁽ⁱ⁾		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
Class C
Six months ended 06/30/21		11.66		(0.01	)		0.83		0.82		–		–		–		12.48		7.03			244,003		1.10	^(g)		1.16	^(g)		(0.12	)^(g)		26
Year ended 12/31/20		11.72		0.07			1.09		1.16		(0.09)		(1.13)		(1.22)		11.66		10.70			250,605		1.08			1.15			0.65			88
Eleven months ended 12/31/19		11.49		0.13			1.29		1.42		(0.25)		(0.94)		(1.19)		11.72		12.44			273,048		1.16	^(h)		1.23	^(h)		1.19	^(h)		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⁽ⁱ⁾		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
Class R
Six months ended 06/30/21		11.85		0.02			0.84		0.86		–		–		–		12.71		7.26			156,629		0.60	^(g)		0.66	^(g)		0.38	^(g)		26
Year ended 12/31/20		11.88		0.13			1.12		1.25		(0.15)		(1.13)		(1.28)		11.85		11.32			153,448		0.58			0.65			1.15			88
Eleven months ended 12/31/19		11.65		0.19			1.30		1.49		(0.32)		(0.94)		(1.26)		11.88		12.84			131,445		0.66	^(h)		0.73	^(h)		1.69	^(h)		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⁽ⁱ⁾		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
Class S
Six months ended 06/30/21		11.96		0.05			0.84		0.89		–		–		–		12.85		7.44			26,616		0.25	^(g)		0.31	^(g)		0.73	^(g)		26
Period ended 12/31/20^(j)		10.46		0.11			2.38		2.49		(0.19)		(0.80)		(0.99)		11.96		23.86			26,339		0.23	^(h)		0.30	^(h)		1.50	^(h)		88
Class Y
Six months ended 06/30/21		12.04		0.06			0.85		0.91		–		–		–		12.95		7.56			31,270		0.10	^(g)		0.16	^(g)		0.88	^(g)		26
Year ended 12/31/20		12.03		0.19			1.15		1.34		(0.20)		(1.13)		(1.33)		12.04		11.97			29,097		0.08			0.15			1.65			88
Eleven months ended 12/31/19		11.78		0.25			1.32		1.57		(0.38)		(0.94)		(1.32)		12.03		13.39			18,433		0.16	^(h)		0.23	^(h)		2.19	^(h)		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⁽ⁱ⁾		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
Class R5
Six months ended 06/30/21		11.95		0.06			0.85		0.91		–		–		–		12.86		7.62			12		(0.04	)^(g)		0.02	^(g)		1.02	^(g)		26
Year ended 12/31/20		11.95		0.20			1.14		1.34		(0.21)		(1.13)		(1.34)		11.95		12.04			11		0.00			0.07			1.73			88
Period ended 12/31/19^(k)		12.03		0.17			1.08		1.25		(0.39)		(0.94)		(1.33)		11.95		10.45			10		0.09	^(h)		0.16	^(h)		2.26	^(h)		16
Class R6
Six months ended 06/30/21		11.95		0.06			0.85		0.91		–		–		–		12.86		7.62			1,963		(0.04	)^(g)		0.02	^(g)		1.02	^(g)		26
Year ended 12/31/20		11.95		0.20			1.14		1.34		(0.21)		(1.13)		(1.34)		11.95		12.04			2,147		(0.01	)		0.06			1.74			88
Period ended 12/31/19^(k)		12.03		0.18			1.08		1.26		(0.40)		(0.94)		(1.34)		11.95		10.49			10		0.04	^(h)		0.11	^(h)		2.31	^(h)		16

^(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 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 0.58% and 0.58% for the six months ended June 30, 2021 and the year ended December 31, 2020, respectively.

^(d)	Does not include indirect expenses from affiliated fund fees and expenses of 0.56%, 0.57%, 0.58%, 0.59% and 0.57% for the eleven months ended December 31, 2019, and for the years ended January 31, 2019, 2018, 2017 and 2016, 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 connection with the acquisition of Invesco Moderate Allocation Fund into the Fund.

^(f)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% and 0.23% for the six months ended June 30, 2021 and the year ended ended December 31, 2020, respectively.

^(g)	Ratios are annualized and based on average daily net assets (000’s omitted) of $1,896,950, $248,969, $154,808, $26,401, $31,116, $11 and $2,002 for Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares, respectively.

^(h)	Annualized.

⁽ⁱ⁾	The last business day of the reporting period was January 29, 2016.

^(j)	Commencement date of May 15, 2020.

^(k)	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: Moderate Investor Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek total return.

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

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

The 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: 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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

The Fund 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.

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.

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.


13		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.

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

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 does not pay an advisory fee. However, the Fund pays advisory fees to the Advisor indirectly as a shareholder of the underlying funds.

The Adviser has contractually agreed, through April 30, 2022, to reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares to 0.47%, 1.23%, 0.72%, 0.37%, 0.22%, 0.17% and 0.12%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to May 31, 2021, Invesco had contractually agreed to waive fees and/or reimburse certain Fund expenses at an annual rate of 0.07% of the Fund’s average daily net assets. In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the expense reimbursement agreement, it will terminate on April 30, 2022. During its term, the expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement without approval of the Board of Trustees.

For the six months ended June 30, 2021, the Adviser reimbursed class level expenses of $547,670, $72,254, $44,754, $7,628, $8,906, $3 and $582 of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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, 2021, IDI advised the Fund that IDI retained $133,430 in front-end sales commissions from the sale of Class A shares and $19,674 and $1,651 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.


14		Invesco Select Risk: Moderate Investor 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
Affiliated Issuers	$	2,236,498,395		$-	$-	$	2,236,498,395
Money Market Funds		16,352,271		-	-		16,352,271
Total Investments in Securities		2,252,850,666		-	-		2,252,850,666
Other Investments - Assets*
Futures Contracts		503,418		-	-		503,418
Other Investments - Liabilities*
Futures Contracts		(93,853	)	-	-		(93,853	)
Total Other Investments		409,565		-	-		409,565
Total Investments	$	2,253,260,231		$-	$-	$	2,253,260,231

* 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, 2021:


	Value
Derivative Assets	Equity Risk			Interest Rate Risk			Total

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	99,073		$	404,345		$	503,418

Derivatives not subject to master netting agreements		(99,073	)		(404,345	)		(503,418	)

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)	$	(8,621	)	$	(85,232	)	$	(93,853	)

Derivatives not subject to master netting agreements		8,621			85,232			93,853

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.


15		Invesco Select Risk: Moderate Investor Fund

Effect of Derivative Investments for the six months ended June 30, 2021

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


	Location of Gain (Loss) on Statement of Operations
	Equity Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Futures contracts	$	1,645,064		$	(1,972,488	)	$	(327,424	)
Change in Net Unrealized Appreciation (Depreciation): Futures contracts		(152,602	)		(33,767	)		(186,369	)
Total	$	1,492,462		$	(2,006,255	)	$	(513,793	)

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


	Futures Contracts
Average notional value	$	143,915,401

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 Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $589,382,318 and $805,269,461, 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	$	394,197,670

Aggregate unrealized (depreciation) of investments		(93,853	)

Net unrealized appreciation of investments	$	394,103,817


Cost of investments for tax purposes is $1,859,156,414.


16		Invesco Select Risk: Moderate Investor Fund

NOTE 10–Share Information


	Summary of Share Activity
	Six months ended June 30, 2021^(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		8,285,391		$	102,885,920			12,306,657		$	141,286,967
Class C		1,544,786			18,688,273			3,213,962			35,533,014
Class R		1,174,435			14,443,647			2,162,762			24,351,230
Class S^(b)		33,294			410,237			31,041			358,310
Class Y		637,199			7,997,966			726,444			8,365,822
Class R6		32,010			394,550			154,631			1,717,397

Issued as reinvestment of dividends:
Class A		-			-			14,248,854			163,587,050
Class C		-			-			2,497,418			27,674,819
Class R		-			-			1,307,147			14,757,039
Class S^(b)		-			-			169,406			2,005,763
Class Y		-			-			220,885			2,557,765
Class R6		-			-			14,032			165,996

Automatic conversion of Class C shares to Class A shares:
Class A		1,291,903			16,096,396			5,444,591			63,656,237
Class C		(1,326,053	)		(16,096,396	)		(5,578,307	)		(63,656,237	)

Issued in connection with acquisitions:^(c)
Class A		-			-			50,447,810			514,365,956
Class C		-			-			5,131,231			51,047,872
Class R		-			-			1,408,979			14,251,643
Class S^(b)		-			-			2,184,197			22,270,081
Class Y		-			-			777,850			7,986,783
Class R5		-			-			1,178			12,020
Class R6		-			-			11,444			116,719

Reacquired:
Class A		(24,705,623	)		(311,654,981	)		(24,200,196	)		(274,987,036	)
Class C		(2,152,689	)		(26,062,164	)		(7,083,974	)		(78,802,868	)
Class R		(1,800,582	)		(22,102,409	)		(2,995,581	)		(33,536,720	)
Class S^(b)		(164,417	)		(2,031,878	)		(181,767	)		(2,106,415	)
Class Y		(638,628	)		(8,050,203	)		(840,076	)		(9,487,360	)
Class R5		-			-			(1,108	)		(13,129	)
Class R6		(59,008	)		(736,382	)		(1,298	)		(15,374	)
Net increase (decrease) in share activity		(17,847,982	)	$	(225,817,424	)		61,578,213		$	633,463,344

^(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 9% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

^(b)	Commencement date of May 15, 2020.

^(c)

After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco Moderate Allocation Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 59,962,688 shares of the Fund for 55,694,016 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $610,051,074, including $12,599,534 of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,330,094,502 and $1,940,145,576 immediately after the acquisition.


Net investment income	$	26,617,483

Net realized/unrealized gains		195,167,232

Change in net assets resulting from operations	$	221,784,715


17		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 (01/01/21)	Ending Account Value (06/30/21)¹	Expenses Paid During Period^2,3	Ending Account Value (06/30/21)	Expenses Paid During Period^2,4	Annualized Expense Ratio²
Class A	$1,000.00	$1,073.60	$1.75	$1,023.11	$1.71	0.34%
Class C	1,000.00	1,070.30	5.65	1,019.34	5.51	1.10
Class R	1,000.00	1,072.60	3.08	1,021.82	3.01	0.60
Class S	1,000.00	1,074.40	1.29	1,023.55	1.25	0.25
Class Y	1,000.00	1,075.60	0.51	1,024.30	0.50	0.10
Class R5	1,000.00	1,076.20	(0.21)	1,024.99	(0.20)	(0.04)
Class R6	1,000.00	1,076.20	(0.21)	1,024.99	(0.20)	(0.04)

Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. Effective June 1, 2021, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class 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% 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 to 0.40%, 1.16%, 0.66%, 0.31%, 0.16%, 0.02% and 0.02% for of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares, respectively.

³	The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $1.98, $5.75, $3.27, $1.54, $0.79, $0.10 and $0.10 for of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares, respectively.

⁴	The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $2.01, $5.81, $3.31, $1.56, $0.80, $0.10 and $0.10 for of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares, respectively.


18		Invesco Select Risk: Moderate Investor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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


19		Invesco Select Risk: Moderate Investor Fund

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Select Risk: Moderate Investor Index (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 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, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction 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, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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 calculating 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.

D.	Economies of Scale and Breakpoints

means of sharing economies of scale with shareholders. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment 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 that such methodology had recently been reviewed and enhanced. 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 most Funds individually. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.

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


20		Invesco Select Risk: Moderate Investor Fund

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


21		Invesco Select Risk: Moderate Investor Fund

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Fund holdings and proxy voting information


The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.
Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.


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



		Semiannual Report to Shareholders		June 30, 2021

		Invesco Small Cap Growth Fund
		Nasdaq:
		A: GTSAX ∎ C: GTSDX ∎ R: GTSRX ∎ Y: GTSYX ∎ Investor: GTSIX ∎ R5: GTSVX ∎ R6: GTSFX

LOGO



		2		Fund Performance
		4		Liquidity Risk Management Program
		5		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

Fund Performance


Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	8.91	%
Class C Shares	8.55
Class R Shares	8.77
Class Y Shares	9.05
Investor Class Shares	8.96
Class R5 Shares	9.12
Class R6 Shares	9.16
S&P 500 Index^▼(Broad Market Index)	15.25
Russell 2000 Growth Index^▼(Style-Specific Index)	8.98
Lipper Small-Cap Growth Funds Index∎ (Peer Group Index)	10.41

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.

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.

2 Invesco Small Cap Growth Fund


Average Annual Total Returns
As of 6/30/21, including maximum applicable sales charges

Class A Shares
Inception (10/18/95)	12.02	%
10 Years	14.61
5 Years	20.13
1 Year	53.41

Class C Shares
Inception (5/3/99)	10.72	%
10 Years	14.57
5 Years	20.59
1 Year	60.22

Class R Shares
Inception (6/3/02)	11.29	%
10 Years	14.97
5 Years	21.19
1 Year	61.92

Class Y Shares
Inception (10/3/08)	15.98	%
10 Years	15.55
5 Years	21.79
1 Year	62.72

Investor Class Shares
Inception (4/7/06)	11.91	%
10 Years	15.29
5 Years	21.53
1 Year	62.46

Class R5 Shares
Inception (3/15/02)	11.42	%
10 Years	15.71
5 Years	21.94
1 Year	62.89

Class R6 Shares
10 Years	15.74	%
5 Years	22.06
1 Year	63.04

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 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.

3 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.

4 Invesco Small Cap Growth Fund

Schedule of Investments^(a)

June 30, 2021

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–98.75%
Aerospace & Defense–0.35%
Mercury Systems, Inc.^(b)		231,503	$	15,344,019


Alternative Carriers–0.83%
Iridium Communications, Inc.^(b)		901,897		36,066,861


Application Software–13.11%
Altair Engineering, Inc., Class A^(b)(c)		492,727		33,983,381

Anaplan, Inc.^(b)		444,169		23,674,208

Avalara, Inc.^(b)		200,330		32,413,394

Bill.com Holdings, Inc.^(b)		294,237		53,898,334

Black Knight, Inc.^(b)		242,962		18,946,177

Blackline, Inc.^(b)(c)		421,395		46,888,622

Cerence, Inc.^(b)(c)		156,282		16,676,852

Duck Creek Technologies, Inc.^(b)(c)		237,808		10,347,026

Everbridge, Inc.^(b)(c)		179,812		24,468,817

Fair Isaac Corp.^(b)		53,586		26,936,610

Five9, Inc.^(b)		224,645		41,197,646

Guidewire Software, Inc.^(b)(c)		296,974		33,474,909

LivePerson, Inc.^(b)(c)		558,634		35,328,014

Nuance Communications, Inc.^(b)		87,422		4,759,254

Pegasystems, Inc.		296,456		41,263,711

Q2 Holdings, Inc.^(b)		486,291		49,883,731

Smartsheet, Inc., Class A^(b)		454,525		32,871,248

Zendesk, Inc.^(b)(c)		283,388		40,904,224

				567,916,158


Auto Parts & Equipment–1.70%
Fox Factory Holding Corp.^(b)(c)		285,443		44,432,057

Visteon Corp.^(b)		241,891		29,254,298

				73,686,355


Biotechnology–10.42%
Abcam PLC (United Kingdom)^(b)		1,235,455		23,574,758

Ascendis Pharma A/S, ADR (Denmark)^(b)		165,066		21,714,432

CareDx, Inc.^(b)		907,985		83,098,787

ChemoCentryx, Inc.^(b)(c)		298,629		3,998,643

Halozyme Therapeutics, Inc.^(b)		934,134		42,419,025

Heron Therapeutics, Inc.^(b)(c)		781,147		12,123,402

Immunovant, Inc.^(b)(c)		391,581		4,139,011

Intellia Therapeutics, Inc.^(b)		289,575		46,885,088

Iovance Biotherapeutics, Inc.^(b)(c)		442,760		11,520,615

Kodiak Sciences, Inc.^(b)(c)		170,470		15,853,710

Mirati Therapeutics, Inc.^(b)		100,320		16,204,690

Natera, Inc.^(b)		587,016		66,643,927

Sage Therapeutics, Inc.^(b)(c)		202,646		11,512,319

Translate Bio, Inc.^(b)(c)		868,295		23,912,844

Twist Bioscience Corp.^(b)(c)		509,172		67,847,169

				451,448,420


Brewers–0.80%
Boston Beer Co., Inc. (The), Class A^(b)(c)		33,778		34,480,582


Building Products–2.55%
Builders FirstSource, Inc.^(b)(c)		1,187,993		50,679,781

Simpson Manufacturing Co., Inc.		229,548		25,351,281


	Shares		Value

Building Products–(continued)
Trex Co., Inc.^(b)		338,084	$	34,555,566

				110,586,628


Casinos & Gaming–2.27%
Caesars Entertainment, Inc.^(b)		558,732		57,968,445

Penn National Gaming, Inc.^(b)		529,326		40,488,146

				98,456,591


Construction & Engineering–2.38%
AECOM^(b)		575,950		36,469,154

Construction Partners, Inc.^(b)		944,883		29,669,326

Valmont Industries, Inc.		156,170		36,863,929

				103,002,409


Construction Machinery & Heavy Trucks–0.69%
Terex Corp.		631,266		30,060,887


Construction Materials–0.69%
Eagle Materials, Inc.		210,012		29,844,805


Consumer Finance–0.40%
LendingTree, Inc.^(b)(c)		81,000		17,162,280


Distributors–0.82%
Pool Corp.		77,475		35,534,684


Diversified Support Services–0.57%
IAA, Inc.^(b)		449,339		24,506,949


Electrical Components & Equipment–2.49%
Array Technologies, Inc.^(b)(c)		739,031		11,528,884

Generac Holdings, Inc.^(b)		65,108		27,029,586

Shoals Technologies Group, Inc., Class A^(b)(c)		883,964		31,380,722

Vicor Corp.^(b)		359,410		38,004,013

				107,943,205


Electronic Components–1.57%
II-VI, Inc.^(b)(c)		464,525		33,719,870

Littelfuse, Inc.		133,834		34,099,565

				67,819,435


Electronic Manufacturing Services–1.36%
Fabrinet (Thailand)^(b)		318,067		30,493,083

IPG Photonics Corp.^(b)(c)		134,113		28,266,997

				58,760,080


Environmental & Facilities Services–0.82%
Clean Harbors, Inc.^(b)		380,665		35,455,138


Financial Exchanges & Data–0.87%
Morningstar, Inc.		146,573		37,685,384


Food Distributors–0.68%
Performance Food Group Co.^(b)		602,532		29,216,777


General Merchandise Stores–0.52%
Ollie’s Bargain Outlet Holdings, Inc.^(b)(c)		266,664		22,434,442

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

5 Invesco Small Cap Growth Fund


	Shares		Value

Health Care Equipment–7.29%
AtriCure, Inc.^(b)		577,955	$	45,849,170

CONMED Corp.^(c)		263,678		36,237,267

CryoPort, Inc.^(b)(c)		629,066		39,694,065

Inari Medical, Inc.^(b)		410,118		38,255,807

Insulet Corp.^(b)		102,676		28,185,589

iRhythm Technologies, Inc.^(b)		202,756		13,452,861

Masimo Corp.^(b)(c)		132,738		32,182,328

Mesa Laboratories, Inc.		88,401		23,971,699

Nevro Corp.^(b)		167,001		27,687,096

Tandem Diabetes Care, Inc.^(b)		311,097		30,300,848

				315,816,730


Health Care Services–0.87%
LHC Group, Inc.^(b)		187,118		37,472,251


Health Care Technology–0.75%
Schrodinger, Inc.^(b)(c)		429,041		32,439,790


Home Improvement Retail–1.10%
Floor & Decor Holdings, Inc., Class A^(b)		451,022		47,673,025


Homebuilding–0.80%
Installed Building Products, Inc.^(c)		284,355		34,793,678


Homefurnishing Retail–1.23%
RH^(b)		78,704		53,440,016


Hotels, Resorts & Cruise Lines–0.83%
Marriott Vacations Worldwide Corp.^(b)		225,585		35,935,691


Human Resource & Employment Services–0.70%
ASGN, Inc.^(b)		312,639		30,304,098


Industrial Machinery–5.50%
Evoqua Water Technologies Corp.^(b)		1,151,125		38,885,002

Kennametal, Inc.		784,392		28,175,361

Kornit Digital Ltd. (Israel)^(b)		397,479		49,418,564

Nordson Corp.		128,682		28,246,986

Timken Co. (The)		403,177		32,492,034

Welbilt, Inc.^(b)		2,624,058		60,746,943

				237,964,890


Industrial REITs–0.65%
EastGroup Properties, Inc.		171,474		28,198,899


Insurance Brokers–0.23%
Goosehead Insurance, Inc., Class A^(c)		78,721		10,021,183


Internet & Direct Marketing Retail–1.49%
Overstock.com, Inc.^(b)		553,890		51,068,658

Shutterstock, Inc.		138,696		13,615,786

				64,684,444


Internet Services & Infrastructure–0.41%
BigCommerce Holdings, Inc., Series 1^(b)(c)		276,178		17,929,476


Investment Banking & Brokerage–1.10%
LPL Financial Holdings, Inc.		353,671		47,738,512


Leisure Facilities–0.69%
Planet Fitness, Inc., Class A^(b)		395,624		29,770,706


Life Sciences Tools & Services–8.88%
Adaptive Biotechnologies Corp.^(b)(c)		450,544		18,409,228


	Shares		Value

Life Sciences Tools & Services–(continued)
Avantor, Inc.^(b)		1,491,622	$	52,967,497

Bio-Techne Corp.		79,415		35,757,398

Bruker Corp.		472,037		35,865,371

Maravai LifeSciences Holdings, Inc., Class A^(b)(c)		1,077,237		44,953,100

NanoString Technologies, Inc.^(b)(c)		482,801		31,280,677

NeoGenomics, Inc.^(b)(c)		814,882		36,808,220

Repligen Corp.^(b)		391,463		78,143,844

Syneos Health, Inc.^(b)		563,647		50,440,770

				384,626,105


Motorcycle Manufacturers–0.73%
Harley-Davidson, Inc.		687,733		31,511,926


Other Diversified Financial Services–0.38%
VPC Impact Acquisition Holdings, Class A^(b)		1,650,834		16,524,848


Pharmaceuticals–0.81%
Catalent, Inc.^(b)		323,728		35,001,471


Research & Consulting Services–0.56%
Clarivate PLC (United Kingdom)^(b)(c)		872,295		24,014,281


Restaurants–1.69%
Texas Roadhouse, Inc.		393,047		37,811,121
Wingstop, Inc.		223,498		35,229,990

				73,041,111


Semiconductor Equipment–0.67%
MKS Instruments, Inc.		162,440		28,906,198


Semiconductors–7.26%
Allegro MicroSystems, Inc. (Japan)^(b)		1,179,766		32,679,518

Ambarella, Inc.^(b)		282,085		30,078,723

Cree, Inc.^(b)(c)		314,257		30,775,188

Lattice Semiconductor Corp.^(b)(c)		1,212,153		68,098,755

MACOM Technology Solutions Holdings, Inc.^(b)		527,345		33,792,268

Power Integrations, Inc.		437,410		35,893,865

Semtech Corp.^(b)		554,792		38,169,690

Silicon Laboratories, Inc.^(b)		294,408		45,118,026

				314,606,033


Specialty Chemicals–2.19%
Axalta Coating Systems Ltd.^(b)		889,977		27,135,399

Danimer Scientific, Inc.^(b)(c)		874,691		21,911,009

Element Solutions, Inc.		1,963,218		45,900,037

				94,946,445


Specialty Stores–0.88%
Five Below, Inc.^(b)		197,316		38,135,263


Steel–0.90%
Cleveland-Cliffs, Inc.^(b)(c)		1,806,707		38,952,603


Systems Software–0.55%
Qualys, Inc.^(b)(c)		236,027		23,765,559


Trading Companies & Distributors–1.54%
SiteOne Landscape Supply, Inc.^(b)		221,008		37,407,814

WESCO International, Inc.^(b)		283,222		29,120,886

				66,528,700

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

6 Invesco Small Cap Growth Fund


	Shares		Value

Trucking–2.18%
Knight-Swift Transportation Holdings, Inc.		331,734	$	15,080,628

Lyft, Inc., Class A^(b)(c)		713,845		43,173,345

Saia, Inc.^(b)		172,112		36,055,743

				94,309,716

Total Common Stocks & Other Equity Interests (Cost $2,437,539,022)				4,276,465,737


Money Market Funds–1.80%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		27,440,480		27,440,480

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)(e)		19,109,829		19,117,473

Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		31,360,548		31,360,548

Total Money Market Funds (Cost $77,918,499)				77,918,501

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)–100.55% (Cost $2,515,457,521)				4,354,384,238


	Shares		Value

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–12.98%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		169,112,191	$	169,112,191

Invesco Private Prime Fund, 0.12%^(d)(e)(f)		393,158,538		393,315,805

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $562,427,992)				562,427,996

TOTAL INVESTMENTS IN SECURITIES–113.53% (Cost $3,077,885,513)				4,916,812,234

OTHER ASSETS LESS LIABILITIES–(13.53)%				(586,081,986	)

NET ASSETS–100.00%			$	4,330,730,248


Investment Abbreviations:
ADR – American Depositary Receipt
REIT – Real Estate Investment Trust
Notes to Schedule of Investments:
^(a)		Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
^(b)		Non-income producing security.
^(c)		All or a portion of this security was out on loan at June 30, 2021.
^(d)		Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2021.


	Value December 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value June 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$15,693,873		$171,652,302	$	(159,905,695	)		$ -		$ -		$27,440,480		$4,745
Invesco Liquid Assets Portfolio, Institutional Class		11,034,856		122,170,404		(114,088,890	)		1,087		16		19,117,473		2,333
Invesco Treasury Portfolio, Institutional Class		17,935,855		196,174,060		(182,749,367	)		-		-		31,360,548		1,900
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		10,705,412		418,951,132		(260,544,353	)		-		-		169,112,191		3,028	*
Invesco Private Prime Fund		16,058,118		730,037,088		(352,781,444	)		4		2,039		393,315,805		59,830	*
Total		$71,428,114		$1,638,984,986	$	(1,070,069,749	)		$1,091		$2,055		$640,346,497		$71,836

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

^(e)	The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

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

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

7 Invesco Small Cap Growth Fund

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2021


Health Care	29.02	%

Information Technology	24.93

Industrials	20.33

Consumer Discretionary	14.75

Materials	3.78

Financials	2.98

Other Sectors, Each Less than 2% of Net Assets	2.96

Money Market Funds Plus Other Assets Less Liabilities	1.25

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, 2021

(Unaudited)


Assets:
Investments in securities, at value (Cost $ 2,437,539,022)*	$	4,276,465,737
Investments in affiliated money market funds, at value (Cost $ 640,346,491)		640,346,497
Foreign currencies, at value and cost		167
Receivable for:
Investments sold		105,369
Fund shares sold		1,541,587
Dividends		386,358
Investment for trustee deferred compensation and retirement plans		494,687
Other assets		87,716
Total assets		4,919,428,118

Liabilities:
Payable for:
Investments purchased		5,240,554
Fund shares reacquired		18,697,012
Collateral upon return of securities loaned		562,427,992
Accrued fees to affiliates		1,538,133
Accrued other operating expenses		245,355
Trustee deferred compensation and retirement plans		548,824
Total liabilities		588,697,870
Net assets applicable to shares outstanding	$	4,330,730,248

Net assets consist of:
Shares of beneficial interest	$	1,890,813,365
Distributable earnings		2,439,916,883
	$	4,330,730,248


Net Assets:
Class A	$	1,067,146,614
Class C	$	18,895,054
Class R	$	129,114,253
Class Y	$	290,264,908
Investor Class	$	263,162,175
Class R5	$	1,679,415,602
Class R6	$	882,731,642

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		20,505,422
Class C		679,142
Class R		2,791,660
Class Y		5,297,922
Investor Class		4,714,785
Class R5		27,053,927
Class R6		14,084,018
Class A:
Net asset value per share	$	52.04
Maximum offering price per share (Net asset value of $52.04 ÷ 94.50%)	$	55.07
Class C:
Net asset value and offering price per share	$	27.82
Class R:
Net asset value and offering price per share	$	46.25
Class Y:
Net asset value and offering price per share	$	54.79
Investor Class:
Net asset value and offering price per share	$	55.82
Class R5:
Net asset value and offering price per share	$	62.08
Class R6:
Net asset value and offering price per share	$	62.68

*	At June 30, 2021, securities with an aggregate value of $543,929,487 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, 2021

(Unaudited)


Investment income:
Dividends	$	1,956,591
Dividends from affiliated money market funds (includes securities lending income of $115,328)		124,306
Total investment income		2,080,897

Expenses:
Advisory fees		14,195,390
Administrative services fees		322,519
Custodian fees		17,181
Distribution fees:
Class A		1,317,665
Class C		94,894
Class R		333,377
Investor Class		252,844
Transfer agent fees – A, C, R, Y and Investor		1,869,098
Transfer agent fees – R5		691,120
Transfer agent fees – R6		12,083
Trustees’ and officers’ fees and benefits		26,156
Registration and filing fees		66,701
Reports to shareholders		45,386
Professional services fees		33,585
Other		29,852
Total expenses		19,307,851
Less: Fees waived and/or expense offset arrangement(s)		(19,789	)
Net expenses		19,288,062
Net investment income (loss)		(17,207,165	)

Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities (includes net gains from securities sold to affiliates of $ 8,738,464)		477,312,166
Affiliated investment securities		2,055
Foreign currencies		212
		477,314,433
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(95,275,079	)
Affiliated investment securities		1,091
Foreign currencies		(4	)
		(95,273,992	)
Net realized and unrealized gain		382,040,441
Net increase in net assets resulting from operations	$	364,833,276

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, 2021 and the year ended December 31, 2020

(Unaudited)


	June 30, 2021			December 31, 2020
Operations:
Net investment income (loss)	$	(17,207,165	)	$	(19,592,534	)
Net realized gain		477,314,433			549,241,982
Change in net unrealized appreciation (depreciation)		(95,273,992	)		1,020,165,111
Net increase in net assets resulting from operations		364,833,276			1,549,814,559

Distributions to shareholders from distributable earnings:
Class A		–			(121,472,394	)
Class C		–			(4,405,456	)
Class R		–			(19,932,931	)
Class Y		–			(35,770,358	)
Investor Class		–			(29,742,893	)
Class R5		–			(166,195,355	)
Class R6		–			(87,388,759	)
Total distributions from distributable earnings		–			(464,908,146	)

Share transactions–net:
Class A		(70,878,960	)		257,693,946
Class C		(4,337,291	)		12,033,163
Class R		(19,006,715	)		(13,120,849	)
Class Y		(37,511,834	)		4,202,122
Investor Class		(8,696,453	)		(108,497	)
Class R5		(23,398,126	)		28,634,139
Class R6		(28,453,949	)		103,653,891
Net increase (decrease) in net assets resulting from share transactions		(192,283,328	)		392,987,915
Net increase in net assets		172,549,948			1,477,894,328

Net assets:
Beginning of period		4,158,180,300			2,680,285,972
End of period	$	4,330,730,248		$	4,158,180,300

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 06/30/21		$	47.78		$	(0.26	)		$	4.52			$	4.26			$	–			$	–			$	–			$	52.04		8.91	%		$	1,067,147		1.15	%^(d)		1.15	%^(d)		(1.05	)%^(d)		14	%
Year ended 12/31/20			35.35			(0.35	)			19.40				19.05				–				(6.62	)			(6.62	)			47.78		57.00				1,047,921		1.15			1.15			(0.90	)		51
Year ended 12/31/19			31.02			(0.09	)			7.59				7.50				–				(3.17	)			(3.17	)			35.35		24.32				499,603		1.17			1.17			(0.25	)		31
Year ended 12/31/18			37.31			(0.18	)			(3.08	)			(3.26	)			–				(3.03	)			(3.03	)			31.02		(9.04	)			502,315		1.18			1.18			(0.47	)		21
Year ended 12/31/17			32.66			(0.17	)			8.26				8.09				–				(3.44	)			(3.44	)			37.31		24.91				617,955		1.20			1.20			(0.48	)		21
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
Class C
Six months ended 06/30/21			25.63			(0.23	)			2.42				2.19				–				–				–				27.82		8.55	^(e)			18,895		1.84	^(d)(e)		1.84	^(d)(e)		(1.74	)^(d)(e)		14
Year ended 12/31/20			21.39			(0.38	)			11.24				10.86				–				(6.62	)			(6.62	)			25.63		55.86	^(e)			21,567		1.87	^(e)		1.87	^(e)		(1.62	)^(e)		51
Year ended 12/31/19			19.95			(0.23	)			4.84				4.61				–				(3.17	)			(3.17	)			21.39		23.32				3,686		1.92			1.92			(1.00	)		31
Year ended 12/31/18			25.33			(0.32	)			(2.03	)			(2.35	)			–				(3.03	)			(3.03	)			19.95		(9.72	)			11,053		1.93			1.93			(1.22	)		21
Year ended 12/31/17			23.24			(0.31	)			5.84				5.53				–				(3.44	)			(3.44	)			25.33		23.99				14,502		1.95			1.95			(1.23	)		21
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
Class R
Six months ended 06/30/21			42.52			(0.29	)			4.02				3.73				–				–				–				46.25		8.77				129,114		1.40	^(d)		1.40	^(d)		(1.30	)^(d)		14
Year ended 12/31/20			32.08			(0.39	)			17.45				17.06				–				(6.62	)			(6.62	)			42.52		56.59				137,020		1.40			1.40			(1.15	)		51
Year ended 12/31/19			28.46			(0.17	)			6.96				6.79				–				(3.17	)			(3.17	)			32.08		24.01				118,302		1.42			1.42			(0.50	)		31
Year ended 12/31/18			34.58			(0.26	)			(2.83	)			(3.09	)			–				(3.03	)			(3.03	)			28.46		(9.27	)			124,450		1.43			1.43			(0.72	)		21
Year ended 12/31/17			30.55			(0.25	)			7.72				7.47				–				(3.44	)			(3.44	)			34.58		24.60				135,751		1.45			1.45			(0.73	)		21
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
Class Y
Six months ended 06/30/21			50.24			(0.21	)			4.76				4.55				–				–				–				54.79		9.05				290,265		0.90	^(d)		0.90	^(d)		(0.80	)^(d)		14
Year ended 12/31/20			36.83			(0.26	)			20.29				20.03				–				(6.62	)			(6.62	)			50.24		57.38				301,301		0.90			0.90			(0.65	)		51
Year ended 12/31/19			32.14			(0.00	)			7.86				7.86				–				(3.17	)			(3.17	)			36.83		24.59				217,477		0.92			0.92			0.00			31
Year ended 12/31/18			38.43			(0.08	)			(3.18	)			(3.26	)			–				(3.03	)			(3.03	)			32.14		(8.77	)			216,750		0.93			0.93			(0.22	)		21
Year ended 12/31/17			33.48			(0.08	)			8.47				8.39				0.00				(3.44	)			(3.44	)			38.43		25.22				208,233		0.95			0.95			(0.23	)		21
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
Investor Class
Six months ended 06/30/21			51.24			(0.27	)			4.85				4.58				–				–				–				55.82		8.94	^(e)			263,162		1.10	^(d)(e)		1.10	^(d)(e)		(1.00	)^(d)(e)		14
Year ended 12/31/20			37.52			(0.33	)			20.67				20.34				–				(6.62	)			(6.62	)			51.24		57.11	^(e)			249,837		1.07	^(e)		1.07	^(e)		(0.82	)^(e)		51
Year ended 12/31/19			32.76			(0.08	)			8.01				7.93				–				(3.17	)			(3.17	)			37.52		24.34				187,171		1.13			1.13			(0.21	)		31
Year ended 12/31/18			39.21			(0.19	)			(3.23	)			(3.42	)			–				(3.03	)			(3.03	)			32.76		(9.01	)			168,567		1.18			1.18			(0.47	)		21
Year ended 12/31/17			34.18			(0.17	)			8.64				8.47				–				(3.44	)			(3.44	)			39.21		24.91				241,104		1.19			1.19			(0.47	)		21
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
Class R5
Six months ended 06/30/21			56.89			(0.20	)			5.39				5.19				–				–				–				62.08		9.12				1,679,416		0.77	^(d)		0.77	^(d)		(0.67	)^(d)		14
Year ended 12/31/20			41.01			(0.24	)			22.74				22.50				–				(6.62	)			(6.62	)			56.89		57.56				1,564,134		0.80			0.80			(0.55	)		51
Year ended 12/31/19			35.45			0.05				8.68				8.73				–				(3.17	)			(3.17	)			41.01		24.75				1,156,887		0.80			0.80			0.12			31
Year ended 12/31/18			42.02			(0.04	)			(3.50	)			(3.54	)			–				(3.03	)			(3.03	)			35.45		(8.69	)			1,192,199		0.81			0.81			(0.10	)		21
Year ended 12/31/17			36.29			(0.04	)			9.22				9.18				0.00				(3.44	)			(3.44	)			42.02		25.41				1,292,036		0.82			0.82			(0.10	)		21
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
Class R6
Six months ended 06/30/21			57.42			(0.18	)			5.44				5.26				–				–				–				62.68		9.16				882,732		0.69	^(d)		0.69	^(d)		(0.59	)^(d)		14
Year ended 12/31/20			41.31			(0.20	)			22.93				22.73				–				(6.62	)			(6.62	)			57.42		57.70				836,400		0.71			0.71			(0.46	)		51
Year ended 12/31/19			35.66			0.09				8.73				8.82				–				(3.17	)			(3.17	)			41.31		24.86				497,160		0.71			0.71			0.21			31
Year ended 12/31/18			42.20			0.00				(3.51	)			(3.51	)			–				(3.03	)			(3.03	)			35.66		(8.58	)			353,791		0.71			0.71			0.00			21
Year ended 12/31/17			36.41			0.00				9.23				9.23				0.00				(3.44	)			(3.44	)			42.20		25.49				303,737		0.73			0.73			(0.01	)		21
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

(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 year ended December 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $331,583,749 and sold of $4,662,552 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Small Cap Discovery Fund into the Fund.

(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $1,062,868, $20,320, $134,456, $291,202 , $258,973 , $1,663,257 and $857,549 for Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

(e)

The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.94% and 0.97% for Class C and 0.20% and 0.17% for Investor Class for the six months ended June 30, 2021 and the year ended December 31, 2020, 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, 2021

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

Effective as of the close of business on March 18, 2002, the Fund’s shares were offered on a limited basis to certain investors.

The 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

13 Invesco Small Cap Growth Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund 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.

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

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

14 Invesco Small Cap Growth Fund

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, 2021, the effective advisory fee rate incurred by the Fund was 0.67%.

Effective June 1, 2021, the Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to June 1, 2021, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 1.19%, 1.94%, 1.44%, 0.94%, 1.19%, 0.80% and 0.71%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the six months ended June 30, 2021, the Adviser waived advisory fees of $19,353.

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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Investor Class, 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 Investor Class (collectively the “Plan”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares, up to a maximum annual rate of 1.00% of the average daily net assets of Class C shares and up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The Fund pursuant to the Class R Plan, pays IDI compensation at the annual rate of 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2021, IDI advised the Fund that IDI retained $16,776 in front-end sales commissions from the sale of Class A shares and $166 and $186 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended June 30, 2021, the Fund incurred $2,820 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.

15 Invesco Small Cap Growth Fund

Level 2 –

Level 3 –


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$4,252,890,979		$ 23,574,758		$–		$4,276,465,737
Money Market Funds		77,918,501		562,427,996		–		640,346,497
Total Investments		$4,330,809,480		$586,002,754		$–		$4,916,812,234

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, 2021, the Fund engaged in securities sales of $21,363,082, which resulted in net realized gains of $8,738,464.

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 Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $590,829,803 and $790,490,285, 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	$	1,921,993,358
Aggregate unrealized (depreciation) of investments		(86,174,792	)
Net unrealized appreciation of investments	$	1,835,818,566

Cost of investments for tax purposes is $ 3,080,993,668.

16 Invesco Small Cap Growth Fund

NOTE 10–Share Information


	Summary of Share Activity
	Six months ended June 30, 2021^(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		1,495,486		$	75,791,013			2,173,321		$	86,144,742
Class C		32,379			877,238			54,726			1,288,336
Class R		233,704			10,629,512			562,947			18,878,122
Class Y		460,294			24,266,339			1,018,273			39,071,805
Investor Class		119,266			6,481,618			204,702			8,229,201
Class R5		2,978,256			181,358,285			5,075,207			234,959,892
Class R6		2,012,808			122,535,150			4,351,175			177,806,234
Issued as reinvestment of dividends:
Class A		—			—			2,737,720			118,718,343
Class C		—			—			174,861			4,255,009
Class R		—			—			532,373			19,932,227
Class Y		—			—			749,904			33,332,188
Investor Class		—			—			631,449			28,435,177
Class R5		—			—			3,288,852			164,586,658
Class R6		—			—			1,722,246			87,260,651

Automatic conversion of Class C shares to Class A shares:
Class A		31,879			1,621,482			93,012			4,152,970
Class C		(59,506	)		(1,621,482	)		(167,758	)		(4,152,970	)

Issued in connection with acquisitions:^(b)
Class A		—			—			9,588,764			308,748,097
Class C		—			—			816,233			15,440,190
Class Y		—			—			1,176,671			39,578,691
Class R5		—			—			186,572			7,019,696
Class R6		—			—			1,349,565			51,175,880

Reacquired:
Class A		(2,953,047	)		(148,291,455	)		(6,795,027	)		(260,070,206	)
Class C		(135,346	)		(3,593,047	)		(208,779	)		(4,797,402	)
Class R		(664,674	)		(29,636,227	)		(1,560,589	)		(51,931,198	)
Class Y		(1,159,128	)		(61,778,173	)		(2,852,817	)		(107,780,562	)
Investor Class		(280,733	)		(15,178,071	)		(948,030	)		(36,772,875	)
Class R5		(3,418,586	)		(204,756,411	)		(9,263,733	)		(377,932,107	)
Class R6		(2,496,216	)		(150,989,099	)		(4,890,696	)		(212,588,874	)
Net increase (decrease) in share activity		(3,803,164	)	$	(192,283,328	)		9,801,144		$	392,987,915

^(a)

^(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.


Net investment income	$	(21,265,401)
Net realized/unrealized gains		1,537,391,174
Change in net assets resulting from operations	$	1,516,125,773

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 (01/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (01/01/21)	Ending Account Value (06/30/21)¹	Expenses Paid During Period²	Ending Account Value (06/30/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,089.10	$5.96	$1,019.09	$5.76	1.15%
Class C	1,000.00	1,085.50	9.51	1,015.67	9.20	1.84
Class R	1,000.00	1,087.70	7.25	1,017.85	7.00	1.40
Class Y	1,000.00	1,090.50	4.66	1,020.33	4.51	0.90
Investor Class	1,000.00	1,089.60	5.70	1,019.34	5.51	1.10
Class R5	1,000.00	1,091.20	3.99	1,020.98	3.86	0.77
Class R6	1,000.00	1,091.60	3.58	1,021.37	3.46	0.69

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 181/365 to reflect the most recent fiscal half year.

18 Invesco Small Cap Growth Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

C.	Advisory and Sub-Advisory Fees and Fund Expenses

19 Invesco Small Cap Growth Fund

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 is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating 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.

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 and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board 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 requested and received additional information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense

reimbursements, as well as Invesco Advisers’ investment 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 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 from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods 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 advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

20 Invesco Small Cap Growth Fund

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SEC file number(s): 811-02699 and 002-57526		Invesco Distributors, Inc.		SCG-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 10, 2021, 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 10, 2021, 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 3, 2021

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 3, 2021


By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		September 3, 2021

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