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: 6/30/2023


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:

LOGO



Semiannual Report to Shareholders		June 30, 2023

Invesco Active Allocation Fund

Nasdaq:

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



2		Fund Performance
4		Liquidity Risk Management Program
5		Schedule of Investments
9		Financial Statements
12		Financial Highlights
13		Notes to Financial Statements
21		Fund Expenses
22		Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data is 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, 12/31/22 to 6/30/23, 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	8.24	%
Class C Shares	7.86
Class R Shares	8.14
Class Y Shares	8.34
Class R5 Shares	8.42
Class R6 Shares	8.35
MSCI All Country World Index^▼	13.93
Bloomberg Global Aggregate USD Hedged Index^▼	2.96
Custom Invesco Active Allocation Index^∎	11.72
Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

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 Bloomberg Global Aggregate USD Hedged Index tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar.
The Custom Invesco Active Allocation Index is composed of 80% MSCI All Country World Index and 20% Bloomberg Global Aggregate USD Hedged Index.
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 6/30/23, including maximum applicable sales charges

Class A Shares
Inception (4/5/05)	4.54	%
10 Years	5.68
5 Years	3.43
1 Year	3.99

Class C Shares
Inception (4/5/05)	4.51	%
10 Years	5.64
5 Years	3.82
1 Year	8.21

Class R Shares
Inception (4/5/05)	4.62	%
10 Years	6.01
5 Years	4.32
1 Year	9.70

Class Y Shares
Inception (4/5/05)	5.17	%
10 Years	6.54
5 Years	4.85
1 Year	10.28

Class R5 Shares
10 Years	6.40	%
5 Years	4.84
1 Year	10.32
Class R6 Shares

10 Years	6.40	%
5 Years	4.84
1 Year	10.34

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

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

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

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 17, 2023, 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, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns 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, 2023

(Unaudited)

Invesco Active Allocation Fund

Schedule of Investments in Affiliated Issuers–99.65%^(a)


	% of									Change in
	Net									Unrealized
	Assets		Value		Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	06/30/23		12/31/22		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		06/30/23		06/30/23


Alternative Funds–4.75%
Invesco Global Real Estate Income Fund, Class R6		2.40%	$	43,481,788	$	1,506,234	$	–		$	754,052		$	–		$	650,776		5,812,208	$	45,742,074


Invesco Macro Allocation Strategy Fund, Class R6^(b)		2.35%		45,537,838		–		(24,556	)		(662,774	)		(3,272	)		–		6,052,259		44,847,236


Total Alternative Funds				89,019,626		1,506,234		(24,556	)		91,278			(3,272	)		650,776				90,589,310


Domestic Equity Funds–44.22%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		4.94%		106,935,659		–		(22,482,194	)		13,390,198			(3,621,988	)		–		3,362,658		94,221,675


Invesco Main Street Small Cap Fund, Class R6		6.46%		110,633,687		2,225,535		–			10,420,237			–			–		6,305,855		123,279,459


Invesco NASDAQ 100 ETF		4.75%		–		81,887,843		(6,184,171	)		14,555,915			448,916			129,312		596,845		90,708,503


Invesco Russell 1000^®Dynamic Multifactor ETF		12.01%		215,419,331		–		(15,589,451	)		30,035,236			(633,279	)		1,818,625		4,680,111		229,231,837


Invesco S&P 500^®Low Volatility ETF		8.47%		148,832,877		14,708,925		–			(2,024,945	)		–			1,759,892		2,571,515		161,516,857


Invesco S&P 500^®Pure Growth ETF		4.70%		96,001,423		–		(6,622,072	)		1,713,471			(1,366,184	)		805,803		588,140		89,726,638


Invesco S&P SmallCap Low Volatility ETF		–		63,519,817		–		(60,624,633	)		(14,399,247	)		11,504,063			487,049		–		–


Invesco Value Opportunities Fund, Class R6^(b)		2.89%		55,116,230		–		(1,155,774	)		1,358,864			(221,286	)		–		3,371,973		55,098,034


Total Domestic Equity Funds				796,459,024		98,822,303		(112,658,295	)		55,049,729			6,110,242			5,000,681				843,783,003


Fixed Income Funds–22.30%
Invesco 1-30 Laddered Treasury ETF		3.90%		35,009,688		39,380,668		–			(53,382	)		–			665,345		2,548,405		74,336,974


Invesco Core Plus Bond Fund, Class R6		7.11%		139,733,537		7,761,691		(11,147,217	)		2,299,405			(3,019,706	)		3,139,883		14,969,946		135,627,710


Invesco Floating Rate ESG Fund, Class R6		0.08%		–		1,453,340		–			–			–			3,341		214,674		1,453,340


Invesco High Yield Fund, Class R6		2.90%		–		55,067,796		–			318,074			–			922,901		16,194,699		55,385,870


Invesco Income Fund, Class R6		0.94%		19,584,264		539,631		(2,108,026	)		71,167			(130,411	)		536,644		2,632,936		17,956,625


Invesco International Bond Fund, Class R6		1.00%		–		18,537,500		–			521,683			–			249,236		4,391,517		19,059,183


Invesco Master Loan Fund, Class R6		0.68%		14,004,125		665,649		(1,448,813	)		(45,492	)		(90,769	)		658,692		872,133		13,084,700


Invesco Senior Floating Rate Fund, Class R6		1.47%		20,622,107		7,042,532		–			329,261			–			978,760		4,254,392		27,993,900


Invesco Taxable Municipal Bond ETF^(c)		3.27%		66,747,659		–		(6,497,454	)		3,890,786			(1,707,604	)		1,182,786		2,351,540		62,433,387


Invesco Variable Rate Investment Grade ETF^(c)		0.95%		18,441,765		–		(435,697	)		131,598			(2,040	)		508,098		728,631		18,135,626


Total Fixed Income Funds				314,143,145		130,448,807		(21,637,207	)		7,463,100			(4,950,530	)		8,845,686				425,467,315


Foreign Equity Funds–27.80%
Invesco EQV Emerging Markets All Cap Fund, Class R6		3.01%		64,268,620		–		(13,179,634	)		10,278,659			(4,033,856	)		–		1,682,823		57,333,789


Invesco Developing Markets Fund, Class R6		3.18%		67,766,472		–		(14,124,835	)		13,628,117			(6,526,079	)		–		1,565,559		60,743,675


Invesco FTSE RAFI Developed Markets ex-U.S. ETF		2.41%		–		45,474,975		(1,849,291	)		2,270,256			81,864			662,956		1,022,638		45,977,804


Invesco Global Fund, Class R6^(b)		8.00%		191,852,708		–		(75,565,122	)		41,585,228			(5,265,900	)		–		1,635,132		152,606,914


Invesco Global Infrastructure Fund, Class R6		0.94%		18,564,649		203,879		(528,982	)		(186,416	)		(78,385	)		203,878		1,569,847		17,974,745


Invesco International Select Equity Fund, Class R6		–		31,381,131		–		(32,766,611	)		10,908,497			(9,523,017	)		–		–		–


Invesco International Small-Mid Company Fund, Class R6		1.98%		61,811,906		–		(27,810,663	)		(2,907,165	)		6,723,579			–		898,068		37,817,657


Invesco Oppenheimer International Growth Fund, Class R6		1.94%		–		36,861,912		(3,008,433	)		2,909,417			179,944			–		966,584		36,942,840

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–99.65%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	06/30/23			12/31/22		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			06/30/23		06/30/23


Invesco RAFI^™ Strategic Developed ex-US ETF		–		$	79,501,652	$	–	$	(81,632,092	)	$	(6,927,077	)	$	9,057,517		$	–			–	$	–


Invesco S&P Emerging Markets Low Volatility ETF^(c)		4.41%			67,057,261		15,141,156		–			1,999,020			–			1,157,701			3,579,823		84,197,437


Invesco S&P International Developed Low Volatility ETF		1.93%			17,985,984		17,918,664		–			819,045			–			580,711			1,342,731		36,723,693


Total Foreign Equity Funds					600,190,383		115,600,586		(250,465,663	)		74,377,581			(9,384,333	)		2,605,246					530,318,554


Money Market Funds–0.58%
Invesco Government & Agency Portfolio, Institutional Class, 5.05%^(d)		0.20%			2,420,887		94,726,254		(93,236,686	)		–			–			110,914			3,910,455		3,910,455


Invesco Liquid Assets Portfolio, Institutional Class, 5.15%^(d)		0.15%			1,730,064		67,661,610		(66,597,632	)		(318	)		(202	)		71,619			2,793,242		2,793,522


Invesco Treasury Portfolio, Institutional Class, 5.03%^(d)		0.23%			2,766,728		108,258,576		(106,556,212	)		–			–			112,207			4,469,092		4,469,092


Total Money Market Funds					6,917,679		270,646,440		(266,390,530	)		(318	)		(202	)		294,740					11,173,069


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $1,728,172,717)		99.65	%		1,806,729,857		617,024,370		(651,176,251	)		136,981,370			(8,228,095	)		17,397,129					1,901,331,251


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.41%
Invesco Private Government Fund, 5.10%^(d)(e)		0.40%			2,191,900		70,047,844		(64,717,850	)		–			–			222,471	^(f)		7,521,894		7,521,894


Invesco Private Prime Fund, 5.23%^(d)(e)		1.01%			5,636,313		174,675,190		(160,960,417	)		(248	)		(8,825	)		597,691	^(f)		19,343,948		19,342,013


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $26,863,907)		1.41%			7,828,213		244,723,034		(225,678,267	)		(248	)		(8,825	)		820,162					26,863,907


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $1,755,036,624)		101.06%		$	1,814,558,070	$	861,747,404	$	(876,854,518	)	$	136,981,122		$	(8,236,920	)	$	18,217,291				$	1,928,195,158


OTHER ASSETS LESS LIABILITIES		(1.06)%																					(20,302,264	)


NET ASSETS		100.00%																				$	1,907,892,894

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.

^(c)	All or a portion of this security was out on loan at June 30, 2023.

^(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2023.

^(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 1I.

^(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.

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


6		Invesco Active Allocation Fund


Open Futures Contracts^(a)


	Number of		Expiration		Notional				Unrealized
Long Futures Contracts	Contracts		Month		Value		Value		Appreciation


Equity Risk


E-Mini S&P 500 Index		17		September-2023	$	3,815,012	$	68,728	$	68,728


MSCI Emerging Markets Index		269		September-2023		13,421,755		53,800		53,800


Nikkei 225 Index		2		September-2023		459,753		967		967


STOXX Europe 600 Index		38		September-2023		961,588		13,389		13,389


Total Futures Contracts							$	136,884	$	136,884

^(a)	Futures contracts collateralized by $1,035,000 cash held with Merrill Lynch International, the futures commission merchant.


Open Forward Foreign Currency Contracts


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


Currency Risk


09/20/2023	BNP Paribas S.A.		JPY	1,157,220,000		USD	8,409,876	$	293,898


09/20/2023	BNP Paribas S.A.		USD	49,410		DKK	340,000		652


09/05/2023	Citibank, N.A.		USD	6,120,924		BRL	31,535,000		391,746


09/20/2023	Citibank, N.A.		THB	179,665,000		USD	5,241,867		136,298


09/20/2023	Citibank, N.A.		USD	5,129,572		NOK	55,220,000		28,789


09/20/2023	Citibank, N.A.		USD	4,808,845		SEK	51,720,000		4,130


09/20/2023	Goldman Sachs International		KRW	5,278,670,000		USD	4,162,989		140,394


09/20/2023	J.P. Morgan Chase Bank, N.A.		AUD	9,460,000		USD	6,397,646		82,272


09/20/2023	J.P. Morgan Chase Bank, N.A.		USD	502,458		EUR	465,000		6,890


09/20/2023	J.P. Morgan Chase Bank, N.A.		USD	3,816,370		GBP	3,050,000		57,953


09/20/2023	Merrill Lynch International		CNY	18,705,000		USD	2,629,286		33,990


09/20/2023	Morgan Stanley and Co. International PLC		HKD	700,000		USD	89,604		117


09/20/2023	Morgan Stanley and Co. International PLC		USD	5,295,037		COP	22,703,000,000		35,252


09/20/2023	Morgan Stanley and Co. International PLC		USD	5,110,077		HUF	1,790,060,000		35,396


09/20/2023	Standard Chartered Bank PLC		USD	234,707		MXN	4,135,000		3,378


09/20/2023	Standard Chartered Bank PLC		USD	5,221,667		PLN	21,670,000		87,949


Subtotal–Appreciation									1,339,104



Currency Risk


09/20/2023	BNP Paribas S.A.		CZK	112,250,000		USD	5,059,075		(77,018	)


09/20/2023	BNP Paribas S.A.		NZD	8,885,000		USD	5,433,686		(17,274	)


09/20/2023	Citibank, N.A.		USD	1,369,596		TWD	41,755,000		(25,998	)


09/20/2023	Citibank, N.A.		USD	5,856,638		ZAR	108,585,000		(131,872	)


09/20/2023	J.P. Morgan Chase Bank, N.A.		CHF	5,505,000		USD	6,125,584		(74,613	)


09/20/2023	J.P. Morgan Chase Bank, N.A.		CLP	250,300,000		USD	307,154		(2,144	)


09/20/2023	J.P. Morgan Chase Bank, N.A.		USD	127,861		IDR	1,905,000,000		(1,361	)


09/20/2023	Merrill Lynch International		CAD	8,820,000		USD	6,615,945		(49,900	)


09/20/2023	Merrill Lynch International		USD	1,294,609		INR	106,090,000		(5,310	)


09/20/2023	Merrill Lynch International		USD	5,230,818		SGD	6,995,000		(43,573	)


09/05/2023	Morgan Stanley and Co. International PLC		BRL	2,810,000		USD	541,176		(39,151	)


09/20/2023	Morgan Stanley and Co. International PLC		PHP	277,080,000		USD	4,925,954		(76,935	)


Subtotal–Depreciation									(545,149	)


Total Forward Foreign Currency Contracts								$	793,955

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


7		Invesco Active Allocation Fund

Open Centrally Cleared Credit Default Swap Agreements^(a)

(Pay)/

Receive

Implied

Upfront

Unrealized

Buy/Sell

Fixed

Payment

Credit

Payments Paid

Appreciation

Reference Entity

Protection

Rate

Frequency

Maturity Date

Spread^(b)

Notional Value

(Received)

Value

(Depreciation)

Credit Risk

Markit CDX North America Investment Grade Index, Series 40, Version 1

Buy

5.00%

Quarterly

06/20/2028

4.267%

USD

27,250,000

$ 417,201

782,580

$ 365,378

Credit Risk

Markit CDX North America High Yield Index, Series 40, Version 1

Buy

(1.00)

Quarterly

06/20/2028

0.656

USD

154,800,000

(1,967,457

)

(2,324,819

)

(357,361

)

Total Centrally Cleared Credit Default Swap Agreements

$(1,550,256

)

(1,542,239

)

$ 8,017

^(a)	Centrally cleared swap agreements collateralized by $1,546,080 cash held with J.P. Morgan Chase Bank, N.A..

^(b)

Implied credit spreads represent the current level, as of June 30, 2023, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Abbreviations:

AUD	–Australian Dollar

BRL	–Brazilian Real

CAD	–Canadian Dollar

CHF	–Swiss Franc

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

HUF	–Hungarian Forint

IDR	–Indonesian Rupiah

INR	–Indian Rupee

JPY	–Japanese Yen

KRW	–South Korean Won

MXN	–Mexican Peso

NOK	–Norwegian Krone

NZD	–New Zealand Dollar

PHP	–Philippines Peso

PLN	–Polish Zloty

SEK	–Swedish Krona

SGD	–Singapore Dollar

THB	–Thai Baht

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, 2023



Equity Funds	71.26	%

Fixed Income Funds	22.07

Alternative Funds	4.70

Money Market Funds	1.97

*	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, 2023

(Unaudited)


Assets:

Investments in affiliated underlying funds, at value (Cost $1,755,036,624)*	$	1,928,195,158


Other investments:
Variation margin receivable – futures contracts		4,127,772


Variation margin receivable–centrally cleared swap agreements		42,894


Unrealized appreciation on forward foreign currency contracts outstanding		1,339,104


Deposits with brokers:
Cash collateral – exchange-traded futures contracts		1,035,000


Cash collateral – centrally cleared swap agreements		1,546,080


Cash		10,000


Receivable for:
Fund shares sold		720,607


Dividends - affiliated underlying funds		1,403,282


Investment for trustee deferred compensation and retirement plans		123,006


Other assets		92,312


Total assets		1,938,635,215



Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		545,149


Payable for:
Investments purchased - affiliated underlying funds		1,365,399


Fund shares reacquired		996,538


Collateral upon return of securities loaned		26,863,907


Accrued fees to affiliates		753,418


Accrued trustees’ and officers’ fees and benefits		37,003


Accrued other operating expenses		57,901


Trustee deferred compensation and retirement plans		123,006


Total liabilities		30,742,321


Net assets applicable to shares outstanding	$	1,907,892,894



Net assets consist of:
Shares of beneficial interest	$	1,703,362,678


Distributable earnings		204,530,216


	$	1,907,892,894


Net Assets:
Class A	$	1,574,103,459


Class C	$	166,511,171


Class R	$	139,632,942


Class Y	$	27,583,194


Class R5	$	10,424


Class R6	$	51,704



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		122,347,721


Class C		13,347,216


Class R		10,943,837


Class Y		2,101,892


Class R5		810


Class R6		4,022


Class A:
Net asset value per share	$	12.87


Maximum offering price per share (Net asset value of $12.87 ÷ 94.50%)	$	13.62


Class C:
Net asset value and offering price per share	$	12.48


Class R:
Net asset value and offering price per share	$	12.76


Class Y:
Net asset value and offering price per share	$	13.12


Class R5:
Net asset value and offering price per share	$	12.87


Class R6:
Net asset value and offering price per share	$	12.86

*	At June 30, 2023, securities with an aggregate value of $26,413,084 were on loan to brokers.

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, 2023

(Unaudited)


Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $312,297)	$	17,709,426


Interest		428,344


Total investment income		18,137,770



Expenses:
Advisory fees		798,305


Administrative services fees		133,791


Custodian fees		8,153


Distribution fees:
Class A		1,854,830


Class C		841,935


Class R		335,065


Transfer agent fees – A, C, R and Y		949,522


Transfer agent fees – R5		3


Transfer agent fees – R6		6


Trustees’ and officers’ fees and benefits		19,164


Registration and filing fees		65,416


Reports to shareholders		43,456


Professional services fees		29,722


Other		18,817


Total expenses		5,098,185


Less: Fees waived and/or expense offset arrangement(s)		(49,775	)


Net expenses		5,048,410


Net investment income		13,089,360



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares		(8,236,920	)


Foreign currencies		(92	)


Forward foreign currency contracts		2,823,876


Futures contracts		1,151,036


Swap agreements		27,958


		(4,234,142	)


Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		136,981,122


Foreign currencies		73,578


Forward foreign currency contracts		317,572


Futures contracts		1,126,417


Swap agreements		(176,183	)


		138,322,506


Net realized and unrealized gain		134,088,364


Net increase in net assets resulting from operations	$	147,177,724

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, 2023 and the year ended December 31, 2022

(Unaudited)


	June 30, 2023			December 31, 2022


Operations:
Net investment income	$	13,089,360		$	21,574,524


Net realized gain (loss)		(4,234,142	)		28,205,668


Change in net unrealized appreciation (depreciation)		138,322,506			(512,994,170	)


Net increase (decrease) in net assets resulting from operations		147,177,724			(463,213,978	)



Distributions to shareholders from distributable earnings:
Class A		–			(66,983,477	)


Class C		–			(6,373,062	)


Class R		–			(5,367,820	)


Class Y		–			(1,201,353	)


Class R5		–			(477	)


Class R6		–			(1,311	)


Total distributions from distributable earnings		–			(79,927,500	)



Share transactions–net:
Class A		(46,692,404	)		(30,892,240	)


Class C		(14,194,684	)		(25,738,511	)


Class R		1,244,368			(1,315,735	)


Class Y		384,656			553,590


Class R5		–			1,497


Class R6		21,042			17,817


Net increase (decrease) in net assets resulting from share transactions		(59,237,022	)		(57,373,582	)


Net increase (decrease) in net assets		87,940,702			(600,515,060	)



Net assets:
Beginning of period		1,819,952,192			2,420,467,252


End of period	$	1,907,892,894		$	1,819,952,192

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 06/30/23		$11.89		$ 0.09		$ 0.89			$ 0.98			$ –			$ –			$ –		$12.87		8.24	%^(f)		$1,574,103		0.46	%^(f)(g)		0.46	%^(f)(g)		1.49	%^(f)(g)		19	%
Year ended 12/31/22		15.42		0.15		(3.12	)		(2.97	)		(0.17	)		(0.39	)		(0.56	)	11.89		(19.32	)^(f)		1,498,861		0.47	^(f)		0.47	^(f)		1.18	^(f)		20
Year ended 12/31/21		14.70		0.10		1.92			2.02			(0.32	)		(0.98	)		(1.30	)	15.42		13.92	^(f)		1,973,745		0.45	^(f)		0.47	^(f)		0.64	^(f)		16
Year ended 12/31/20		14.66		0.13		1.76			1.89			(0.14	)		(1.71	)		(1.85	)	14.70		13.04	^(f)		1,973,119		0.44	^(f)		0.48	^(f)		0.94	^(f)		70
Eleven months ended 12/31/19		13.89		0.21		1.85			2.06			(0.44	)		(0.85	)		(1.29	)	14.66		14.84			1,867,751		0.52	^(g)		0.56	^(g)		1.52	^(g)		24
Year ended 01/31/19		15.25		0.15		(1.27	)		(1.12	)		(0.24	)		–			(0.24	)	13.89		(7.22	)		1,636,759		0.53			0.57			1.04			38
Year ended 01/31/18		12.68		0.10		2.63			2.73			(0.16	)		–			(0.16	)	15.25		21.62			1,888,596		0.53			0.59			0.75			9
Class C
Six months ended 06/30/23		11.57		0.04		0.87			0.91			–			–			–		12.48		7.86			166,511		1.22	^(g)		1.22	^(g)		0.73	^(g)		19
Year ended 12/31/22		15.01		0.05		(3.03	)		(2.98	)		(0.07	)		(0.39	)		(0.46	)	11.57		(19.93	)		167,991		1.23			1.23			0.42			20
Year ended 12/31/21		14.34		(0.02)		1.86			1.84			(0.19	)		(0.98	)		(1.17	)	15.01		13.01			247,857		1.21			1.23			(0.12	)		16
Year ended 12/31/20		14.35		0.02		1.70			1.72			(0.02	)		(1.71	)		(1.73	)	14.34		12.18			263,343		1.20			1.24			0.18			70
Eleven months ended 12/31/19		13.60		0.10		1.81			1.91			(0.31	)		(0.85	)		(1.16	)	14.35		14.09			342,957		1.28	^(g)		1.32	^(g)		0.76	^(g)		24
Year ended 01/31/19		14.92		0.04		(1.23	)		(1.19	)		(0.13	)		–			(0.13	)	13.60		(7.92	)		489,474		1.28			1.32			0.28			38
Year ended 01/31/18		12.41		(0.00)		2.57			2.57			(0.06	)		–			(0.06	)	14.92		20.72			579,999		1.28			1.34			(0.03	)		9
Class R
Six months ended 06/30/23		11.80		0.08		0.88			0.96			–			–			–		12.76		8.14			139,633		0.72	^(g)		0.72	^(g)		1.23	^(g)		19
Year ended 12/31/22		15.31		0.12		(3.11	)		(2.99	)		(0.13	)		(0.39	)		(0.52	)	11.80		(19.56	)		127,968		0.73			0.73			0.92			20
Year ended 12/31/21		14.60		0.06		1.91			1.97			(0.28	)		(0.98	)		(1.26	)	15.31		13.64			166,900		0.71			0.73			0.38			16
Year ended 12/31/20		14.58		0.09		1.74			1.83			(0.10	)		(1.71	)		(1.81	)	14.60		12.70			147,675		0.70			0.74			0.68			70
Eleven months ended 12/31/19		13.82		0.17		1.83			2.00			(0.39	)		(0.85	)		(1.24	)	14.58		14.54			139,693		0.77	^(g)		0.81	^(g)		1.27	^(g)		24
Year ended 01/31/19		15.17		0.11		(1.26	)		(1.15	)		(0.20	)		–			(0.20	)	13.82		(7.44	)		125,162		0.78			0.82			0.78			38
Year ended 01/31/18		12.62		0.07		2.61			2.68			(0.13	)		–			(0.13	)	15.17		21.28			134,457		0.78			0.84			0.49			9
Class Y
Six months ended 06/30/23		12.11		0.11		0.90			1.01			–			–			–		13.12		8.34			27,583		0.22	^(g)		0.22	^(g)		1.73	^(g)		19
Year ended 12/31/22		15.70		0.19		(3.19	)		(3.00	)		(0.20	)		(0.39	)		(0.59	)	12.11		(19.15	)		25,095		0.23			0.23			1.42			20
Year ended 12/31/21		14.94		0.14		1.96			2.10			(0.36	)		(0.98	)		(1.34	)	15.70		14.24			31,941		0.21			0.23			0.88			16
Year ended 12/31/20		14.88		0.17		1.77			1.94			(0.17	)		(1.71	)		(1.88	)	14.94		13.22			28,284		0.20			0.24			1.18			70
Eleven months ended 12/31/19		14.08		0.24		1.88			2.12			(0.47	)		(0.85	)		(1.32	)	14.88		15.11			26,168		0.28	^(g)		0.32	^(g)		1.76	^(g)		24
Year ended 01/31/19		15.42		0.19		(1.29	)		(1.10	)		(0.24	)		–			(0.24	)	14.08		(7.00	)		24,190		0.29			0.33			1.28			38
Year ended 01/31/18		12.81		0.13		2.68			2.81			(0.20	)		–			(0.20	)	15.42		21.98			63,523		0.28			0.34			0.90			9
Class R5
Six months ended 06/30/23		11.87		0.11		0.89			1.00			–			–			–		12.87		8.42			10		0.19	^(g)		0.19	^(g)		1.76	^(g)		19
Year ended 12/31/22		15.39		0.19		(3.12	)		(2.93	)		(0.20	)		(0.39	)		(0.59	)	11.87		(19.08	)		10		0.17			0.17			1.48			20
Year ended 12/31/21		14.68		0.14		1.92			2.06			(0.37	)		(0.98	)		(1.35	)	15.39		14.19			11		0.19			0.21			0.90			16
Year ended 12/31/20		14.65		0.17		1.75			1.92			(0.18	)		(1.71	)		(1.89	)	14.68		13.29			10		0.18			0.22			1.20			70
Period ended 12/31/19^(h)		14.28		0.16		1.54			1.70			(0.48	)		(0.85	)		(1.33	)	14.65		11.94			10		0.22	^(g)		0.26	^(g)		1.82	^(g)		24
Class R6
Six months ended 06/30/23		11.86		0.11		0.89			1.00			–			–			–		12.86		8.43			52		0.15	^(g)		0.15	^(g)		1.80	^(g)		19
Year ended 12/31/22		15.39		0.18		(3.12	)		(2.94	)		(0.20	)		(0.39	)		(0.59	)	11.86		(19.14	)		27		0.23			0.23			1.42			20
Year ended 12/31/21		14.67		0.14		1.93			2.07			(0.37	)		(0.98	)		(1.35	)	15.39		14.29			14		0.19			0.21			0.90			16
Year ended 12/31/20		14.65		0.17		1.75			1.92			(0.19	)		(1.71	)		(1.90	)	14.67		13.25			10		0.17			0.22			1.21			70
Period ended 12/31/19^(h)		14.28		0.17		1.54			1.71			(0.49	)		(0.85	)		(1.34	)	14.65		12.02			10		0.14	^(g)		0.18	^(g)		1.90	^(g)		24

^(a)	Calculated using average shares outstanding.

^(b)

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

^(c)

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds was 0.49%, 0.49%, 0.53% and 0.63% for the six months ended June 30, 2023 and the years ended December 31, 2022, 2021 and 2020, respectively.

^(d)	Does not include indirect expenses from affiliated fund fees and expenses of 0.62%, 0.63% and 0.63% for the eleven months ended December 31, 2019, and for the years ended January 31, 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)	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, 2023 and the years ended December 31, 2022, 2021 and 2020, respectively.

^(g)	Annualized.

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

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


12		Invesco Active Allocation Fund

Notes to Financial Statements

June 30, 2023

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

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

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

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

Security Valuations – Securities of investment companies listed or traded on an exchange are generally valued at the trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. The Adviser may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.


13		Invesco Active Allocation Fund

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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 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, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Funds could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Each Funds’ securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, each Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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 the 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 based on relative net assets of Class R5 and Class R6. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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.


14		Invesco Active Allocation Fund

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 Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2023, the Fund paid the Adviser $21,716 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated underlying funds on the Statement of Operations.

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.

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

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

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 for hedging 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.

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 net asset value (“NAV”) per share 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.


15		Invesco Active Allocation Fund

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. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of June 30, 2023, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate*


First $3 billion		0.100%


Over $3 billion		0.080%

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

For the six months ended June 30, 2023, 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.


16		Invesco Active Allocation 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. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

For the six months ended June 30, 2023, the Adviser waived advisory fees of $6,654.

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, 2023, 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, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $107,070 in front-end sales commissions from the sale of Class A shares and $1,875 and $2,979 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. 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 Adviser’s 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, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Affiliated Issuers	$	1,890,158,182	$	–		$–	$	1,890,158,182


Money Market Funds		11,173,069		26,863,907		–		38,036,976


Total Investments in Securities		1,901,331,251		26,863,907		–		1,928,195,158



Other Investments - Assets*


Futures Contracts		136,884		–		–		136,884


Forward Foreign Currency Contracts		–		1,339,104		–		1,339,104


Swap Agreements		–		365,378		–		365,378


		136,884		1,704,482		–		1,841,366


17		Invesco Active Allocation Fund


	Level 1		Level 2			Level 3		Total



Other Investments - Liabilities*


Forward Foreign Currency Contracts	$	–	$	(545,149	)		$–	$	(545,149	)


Swap Agreements		–		(357,361	)		–		(357,361	)


		–		(902,510	)		–		(902,510	)


Total Other Investments		136,884		801,972			–		938,856


Total Investments	$	1,901,468,135	$	27,665,879			$–	$	1,929,134,014

*	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, 2023:


	Value
	Credit			Currency		Equity
Derivative Assets	Risk			Risk		Risk			Total


Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	–		$	–	$	136,884		$	136,884


Unrealized appreciation on swap agreements – Centrally Cleared^(a)		365,378			–		–			365,378


Unrealized appreciation on forward foreign currency contracts outstanding		–			1,339,104		–			1,339,104


Total Derivative Assets		365,378			1,339,104		136,884			1,841,366


Derivatives not subject to master netting agreements		(365,378	)		–		(136,884	)		(502,262	)


Total Derivative Assets subject to master netting agreements	$	–		$	1,339,104	$	–		$	1,339,104


	Value
	Credit			Currency
Derivative Liabilities	Risk			Risk			Total


Unrealized depreciation on swap agreements – Centrally Cleared^(a)	$	(357,361	)	$	–		$	(357,361	)


Unrealized depreciation on forward foreign currency contracts outstanding		–			(545,149	)		(545,149	)


Total Derivative Liabilities		(357,361	)		(545,149	)		(902,510	)


Derivatives not subject to master netting agreements		357,361			–			357,361


Total Derivative Liabilities subject to master netting agreements	$	–		$	(545,149	)	$	(545,149	)

^(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, 2023.


	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


BNP Paribas S.A.		$ 294,550		$ (94,292	)		$200,258		$–	$–		$200,258


Citibank, N.A.		560,963		(157,870	)		403,093		–	–		403,093


Goldman Sachs International		140,394		–			140,394		–	–		140,394


J.P. Morgan Chase Bank, N.A.		147,115		(78,118	)		68,997		–	–		68,997


Merrill Lynch International		33,990		(98,783	)		(64,793	)	–	–		(64,793	)


Morgan Stanley and Co. International PLC		70,765		(116,086	)		(45,321	)	–	–		(45,321	)


Standard Chartered Bank PLC		91,327		–			91,327		–	–		91,327


Total		$1,339,104		$(545,149	)		$793,955		$–	$–		$793,955


18		Invesco Active Allocation Fund

Effect of Derivative Investments for the six months ended June 30, 2023

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


	Location of Gain (Loss) on
	Statement of Operations


	Credit			Currency		Equity		Interest
	Risk			Risk		Risk		Rate Risk		Total


Realized Gain:
Forward foreign currency contracts	$	-		$	2,823,876	$	-	$	-	$	2,823,876


Futures contracts		-			-		426,238		724,798		1,151,036


Swap agreements		27,958			-		-		-		27,958


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			317,572		-		-		317,572


Futures contracts		-			-		978,479		147,938		1,126,417


Swap agreements		(176,183	)		-		-		-		(176,183	)


Total	$	(148,225	)	$	3,141,448	$	1,404,717	$	872,736	$	5,270,676

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	$187,325,734	$54,360,843	$	123,155,000

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $43,121.

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.

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 carryforward 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, 2022.

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, 2023 was $346,377,930 and $384,785,721, 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	$	242,686,015


Aggregate unrealized (depreciation) of investments		(73,545,338	)


Net unrealized appreciation of investments	$	169,140,677

Cost of investments for tax purposes is $1,759,993,337.


19		Invesco Active Allocation Fund

NOTE 10–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2023						December 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		3,578,572		$	44,591,920			7,552,885		$	99,240,838


Class C		968,545			11,716,248			1,929,933			24,470,488


Class R		756,646			9,343,554			1,394,339			17,925,314


Class Y		423,636			5,382,704			754,937			10,078,225


Class R5		-			-			110			1,497


Class R6		1,736			21,227			1,352			17,169



Issued as reinvestment of dividends:
Class A		(125	)		(1,605	)		5,483,458			65,691,442


Class C		6			87			543,671			6,339,766


Class R		(1	)		(10	)		450,191			5,357,270


Class Y		-			-			79,245			967,583


Class R6		-			-			75			899



Automatic conversion of Class C shares to Class A shares:
Class A		1,065,968			13,255,112			1,919,489			24,854,209


Class C		(1,097,460	)		(13,255,112	)		(1,977,621	)		(24,854,209	)



Reacquired:
Class A		(8,388,270	)		(104,537,831	)		(16,857,896	)		(220,678,729	)


Class C		(1,043,731	)		(12,655,907	)		(2,485,525	)		(31,694,556	)


Class R		(654,291	)		(8,099,176	)		(1,902,271	)		(24,598,319	)


Class Y		(394,024	)		(4,998,048	)		(796,572	)		(10,492,218	)


Class R6		(15	)		(185	)		(20	)		(251	)


Net increase (decrease) in share activity		(4,782,808	)	$	(59,237,022	)		(3,910,220	)	$	(57,373,582	)


20		Invesco Active Allocation Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2023 through June 30, 2023.

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/23)	Ending Account Value (06/30/23)¹	Expenses Paid During Period²	Ending Account Value (06/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,082.40	$2.38	$1,022.51	$2.31	0.46%
Class C	1,000.00	1,078.60	6.29	1,018.74	6.11	1.22
Class R	1,000.00	1,081.40	3.72	1,021.22	3.61	0.72
Class Y	1,000.00	1,083.40	1.14	1,023.70	1.10	0.22
Class R5	1,000.00	1,084.20	0.98	1,023.85	0.95	0.19
Class R6	1,000.00	1,083.50	0.77	1,024.05	0.75	0.15

The actual ending account value is based on the actual total return of the Fund for the period January 1, 2023 through June 30, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.


21		Invesco Active Allocation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Active Allocation Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC, Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board 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 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, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. 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.

As part of the contract renewal process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly 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. 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 accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, 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. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

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 13, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a

description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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, 2022 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 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


22		Invesco Active Allocation Fund

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 that the Fund underwent a change in investment process in 2020 and recently underwent a change in portfolio management in March 2023. The Board considered that the Fund’s asset allocation achieved through investing in underlying affiliated funds, including its exposure to certain segments of the equity market as well as certain fixed income sectors, 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 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 considered that the implementation of the unique tactical allocation strategy employed by Invesco in managing the Fund represents services that are in addition to, rather than duplicative of, services provided by Invesco to the underlying affiliated funds in which the Fund invests.

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

acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. 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

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 the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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. The Board noted the cyclical and competitive nature of the global asset management industry.

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.

The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

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


23		Invesco Active Allocation Fund

LOGO

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

LOGO


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

LOGO



Semiannual Report to Shareholders		June 30, 2023

Invesco Convertible Securities Fund

Nasdaq:

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



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 is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/22 to 6/30/23, 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	3.92	%
Class C Shares	3.56
Class Y Shares	4.04
Class R5 Shares	4.11
Class R6 Shares	4.15
ICE BofA U.S. Convertible Index^▼(Broad Market/Style-Specific Index)	8.67
Lipper Convertible Securities Funds Index^∎(Peer Group Index)	6.12

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

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

For more information about your Fund

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

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


2		Invesco Convertible Securities Fund



Average Annual Total Returns
As of 6/30/23, including maximum applicable sales charges

Class A Shares
Inception (7/28/97)	6.78	%
10 Years	6.94
5 Years	7.24
1 Year	1.51

Class C Shares
Inception (7/28/97)	6.76	%
10 Years	6.92
5 Years	7.66
1 Year	5.65

Class Y Shares
Inception (7/28/97)	7.28	%
10 Years	7.80
5 Years	8.71
1 Year	7.69

Class R5 Shares
Inception (5/23/11)	7.48	%
10 Years	7.84
5 Years	8.75
1 Year	7.74

Class R6 Shares
Inception (9/24/12)	8.35	%
10 Years	7.93
5 Years	8.84
1 Year	7.82

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.

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.

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, 2023

(Unaudited)


	Principal Amount		Value


U.S. Dollar Denominated Bonds & Notes–88.57%
Aerospace & Defense–2.01%
Axon Enterprise, Inc., Conv., 0.50%, 12/15/2027^(b)	$	8,000,000	$	8,556,000


Parsons Corp., Conv., 0.25%, 08/15/2025		10,000,000		11,495,000


				20,051,000



Alternative Carriers–0.45%
Match Group Financeco 3, Inc., Conv., 2.00%, 01/15/2030^(b)		5,000,000		4,512,367



Apparel Retail–0.88%
Burlington Stores, Inc., Conv., 2.25%, 04/15/2025		8,410,000		8,783,194



Application Software–10.42%
Bentley Systems, Inc., Conv., 0.13%, 01/15/2026		10,674,000		11,032,050


BILL Holdings, Inc.,
Conv.,
0.00%, 12/01/2025^(c)		2,500,000		2,626,250


0.00%, 04/01/2027^(c)		8,000,000		6,600,000


Box, Inc., Conv., 0.00%, 01/15/2026^(c)		3,000,000		3,741,000


Datadog, Inc., Conv., 0.13%, 06/15/2025		5,479,000		6,826,834


Dropbox, Inc., Conv., 0.00%, 03/01/2026^(c)		9,383,000		8,890,393


Envestnet, Inc., Conv., 2.63%, 12/01/2027^(b)		10,000,000		10,540,000


Five9, Inc., Conv., 0.50%, 06/01/2025		7,701,000		7,443,017


Nice Ltd. (Israel), Conv., 0.00%, 09/15/2025^(c)		9,925,000		9,665,019


PagerDuty, Inc., Conv., 1.25%, 07/01/2025		4,000,000		3,816,050


RingCentral, Inc., Conv., 0.00%, 03/01/2025^(c)		3,750,000		3,466,875


Splunk, Inc., Conv., 1.13%, 06/15/2027		14,793,000		12,832,927


Tyler Technologies, Inc., Conv., 0.25%, 03/15/2026		12,415,000		12,849,525


Workiva, Inc., Conv., 1.13%, 08/15/2026		2,500,000		3,524,609


				103,854,549



Asset Management & Custody Banks–0.86%
Ares Capital Corp., Conv., 4.63%, 03/01/2024		8,500,000		8,515,938



Automobile Manufacturers–1.37%
Ford Motor Co., Conv., 0.00%, 03/15/2026^(c)		12,372,000		13,615,386



Biotechnology–5.74%
Alnylam Pharmaceuticals, Inc., Conv., 1.00%, 09/15/2027^(b)		5,270,000		5,053,254


BioMarin Pharmaceutical, Inc., Conv., 1.25%, 05/15/2027		8,800,000		8,890,683


	Principal Amount		Value


Biotechnology–(continued)
Exact Sciences Corp.,
Conv.,
0.38%, 03/15/2027	$	6,371,000	$	6,876,698


0.38%, 03/01/2028		6,000,000		6,169,055


Insmed, Inc.,
Conv.,
1.75%, 01/15/2025		3,283,000		3,122,133


0.75%, 06/01/2028		5,000,000		4,218,750


Jazz Investments I Ltd.,
1.50%, 08/15/2024		3,500,000		3,341,223


Conv., 2.00%, 06/15/2026		11,700,000		11,948,625


Sarepta Therapeutics, Inc., Conv., 1.25%, 09/15/2027^(b)		7,000,000		7,589,563


				57,209,984



Broadcasting–0.81%
Liberty Media Corp., Conv., 0.50%, 09/01/2024^(b)(d)		7,300,000		8,107,380



Broadline Retail–0.58%
Etsy, Inc.,
Conv.,
0.13%, 09/01/2027		2,778,000		2,329,433


0.25%, 06/15/2028		4,450,000		3,459,875


				5,789,308



Cable & Satellite–1.44%
Cable One, Inc., Conv., 1.13%, 03/15/2028		2,000,000		1,515,000


Liberty Broadband Corp., Conv., 3.13%, 04/06/2026^(b)(d)		13,115,000		12,859,257


				14,374,257



Casinos & Gaming–0.38%
DraftKings Holdings, Inc., Conv., 0.00%, 03/15/2028^(c)		5,000,000		3,780,000



Communications Equipment–0.53%
Lumentum Holdings, Inc., Conv., 0.25%, 03/15/2024		5,000,000		5,310,000



Construction Machinery & Heavy Transportation Equipment– 1.09%
Greenbrier Cos., Inc. (The), Conv., 2.88%, 04/15/2028		11,000,000		10,884,500



Distillers & Vintners–0.50%
MGP Ingredients, Inc., Conv., 1.88%, 11/15/2026^(d)		4,000,000		4,948,000



Education Services–0.48%
Stride, Inc., Conv., 1.13%, 09/01/2027		5,000,000		4,806,159



Electric Utilities–5.72%
Alliant Energy Corp., Conv., 3.88%, 03/15/2026^(b)		11,200,000		11,177,600


American Electric Power Co., Inc., Conv. Investment Units, 6.13%, 08/15/2023		156,900		7,794,792

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)
Duke Energy Corp., Conv., 4.13%, 04/15/2026^(b)	$	11,400,000	$	11,160,600


NRG Energy, Inc., Conv., 2.75%, 09/01/2025^(d)		4,000,000		4,242,000


PPL Capital Funding, Inc., Conv., 2.88%, 03/15/2028^(b)		11,500,000		11,040,000


Southern Co. (The), Conv., 3.88%, 12/15/2025^(b)		11,500,000		11,528,750


				56,943,742



Food Distributors–0.42%
Chefs’ Warehouse, Inc. (The), Conv., 2.38%, 12/15/2028^(b)		4,000,000		4,216,265



Health Care Equipment–7.59%
CONMED Corp., Conv., 2.25%, 06/15/2027		12,000,000		13,452,000


DexCom, Inc.,
Conv.,
0.25%, 11/15/2025		21,880,000		23,465,831


0.38%, 05/15/2028^(b)		2,500,000		2,561,250


Insulet Corp., Conv., 0.38%, 09/01/2026		11,300,000		15,577,050


Integer Holdings Corp., Conv., 2.13%, 02/15/2028^(b)		7,500,000		8,872,500


Integra LifeSciences Holdings Corp., Conv., 0.50%, 08/15/2025		6,000,000		5,508,000


TransMedics Group, Inc., Conv., 1.50%, 06/01/2028^(b)		5,420,000		6,195,229


				75,631,860



Health Care REITs–0.31%
Welltower OP LLC, Conv., 2.75%, 05/15/2028^(b)		3,000,000		3,037,500



Health Care Services–0.32%
NeoGenomics, Inc., Conv., 0.25%, 01/15/2028		4,275,000		3,168,844



Health Care Supplies–0.69%
Lantheus Holdings, Inc., Conv., 2.63%, 12/15/2027^(b)		5,270,000		6,854,119



Health Care Technology–0.24%
NextGen Healthcare, Inc., Conv., 3.75%, 11/15/2027^(b)		2,500,000		2,436,250



Heavy Electrical Equipment–0.24%
Bloom Energy Corp., Conv., 3.00%, 06/01/2028^(b)		2,050,000		2,339,904



Homefurnishing Retail–0.73%
Wayfair, Inc.,
Conv.,
1.00%, 08/15/2026		3,000,000		2,482,691


3.50%, 11/15/2028^(b)		3,000,000		4,788,000


				7,270,691



Hotels, Resorts & Cruise Lines–6.68%
Airbnb, Inc., Conv., 0.00%, 03/15/2026^(c)		10,450,000		9,138,525


Booking Holdings, Inc., Conv., 0.75%, 05/01/2025		11,004,000		16,547,815


Carnival Corp., Conv., 5.75%, 12/01/2027^(b)		5,000,000		8,340,000


	Principal Amount		Value


Hotels, Resorts & Cruise Lines–(continued)
Expedia Group, Inc., Conv., 0.00%, 02/15/2026^(c)	$	14,034,000	$	12,333,079


Marriott Vacations Worldwide Corp., Conv., 3.25%, 12/15/2027^(b)		9,000,000		8,541,000


Royal Caribbean Cruises Ltd., Conv., 6.00%, 08/15/2025^(b)		5,300,000		11,675,900


				66,576,319



Interactive Home Entertainment–0.94%
Spotify USA, Inc., Conv., 0.00%, 03/15/2026^(c)		11,000,000		9,399,500



Interactive Media & Services–0.60%
Snap, Inc., Conv., 0.00%, 05/01/2027^(c)		8,000,000		5,960,000



Internet Services & Infrastructure–5.09%
Akamai Technologies, Inc., Conv., 0.13%, 05/01/2025		11,600,000		12,433,736


Cloudflare, Inc., Conv., 0.00%, 08/15/2026^(c)		8,560,000		7,305,960


MongoDB, Inc., Conv., 0.25%, 01/15/2026		2,000,000		3,985,500


Okta, Inc.,
Conv.,
0.13%, 09/01/2025		6,000,000		5,454,000


0.38%, 06/15/2026		8,582,000		7,367,647


Shopify, Inc. (Canada), Conv., 0.13%, 11/01/2025		15,500,000		14,120,500


				50,667,343



Leisure Facilities–1.11%
NCL Corp. Ltd., Conv., 5.38%, 08/01/2025		2,000,000		2,750,000


Vail Resorts, Inc., Conv., 0.00%, 01/01/2026^(c)		9,262,000		8,318,434


				11,068,434



Life Sciences Tools & Services–0.80%
Illumina, Inc., Conv., 0.00%, 08/15/2023^(c)		8,000,000		7,983,914



Movies & Entertainment–1.70%
IMAX Corp., Conv., 0.50%, 04/01/2026		5,260,000		4,832,888


Liberty Media Corp.-Liberty Formula One, Conv., 2.25%, 08/15/2027^(b)		11,200,000		12,084,800


				16,917,688



Multi-Utilities–2.97%
CMS Energy Corp., Conv., 3.38%, 05/01/2028^(b)		12,200,000		12,059,700


NiSource, Inc., Conv. Investment Units, 7.75%, 03/01/2024		172,700		17,572,225


				29,631,925



Oil & Gas Exploration & Production–2.33%
Northern Oil and Gas, Inc., Conv., 3.63%, 04/15/2029^(b)		10,857,000		12,162,245


Pioneer Natural Resources Co., Conv., 0.25%, 05/15/2025		5,000,000		11,018,392


				23,180,637

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


6		Invesco Convertible Securities Fund


		Principal Amount		Value


Other Specialty Retail–0.53%
National Vision Holdings, Inc., Conv., 2.50%, 05/15/2025		$	5,000,000	$	5,240,000



Packaged Foods & Meats–1.53%
Freshpet, Inc., Conv., 3.00%, 04/01/2028^(b)			2,000,000		2,366,500


Post Holdings, Inc., Conv., 2.50%, 08/15/2027^(b)			12,670,000		12,837,244


					15,203,744



Passenger Airlines–1.17%
American Airlines Group, Inc., Conv., 6.50%, 07/01/2025			3,068,000		3,945,448


Southwest Airlines Co., Conv., 1.25%, 05/01/2025			6,731,000		7,742,333


					11,687,781



Passenger Ground Transportation–1.60%
Uber Technologies, Inc., Conv., 0.00%, 12/15/2025^(c)			17,350,000		15,910,410



Pharmaceuticals–0.78%
Pacira BioSciences, Inc., Conv., 0.75%, 08/01/2025			8,300,000		7,719,000



Real Estate Services–0.67%
Zillow Group, Inc., Conv., 1.38%, 09/01/2026			5,300,000		6,717,750



Research & Consulting Services–1.65%
KBR, Inc., Conv., 2.50%, 11/01/2023			6,430,000		16,480,090



Restaurants–0.68%
Cheesecake Factory, Inc. (The), Conv., 0.38%, 06/15/2026			7,998,000		6,748,313



Semiconductor Materials & Equipment–1.45%
Enphase Energy, Inc., Conv., 0.00%, 03/01/2028^(c)			11,450,000		10,821,137


SolarEdge Technologies, Inc., Conv., 0.00%, 09/15/2025^(c)			3,000,000		3,573,000


					14,394,137



Semiconductors–4.99%
Impinj, Inc., Conv., 1.13%, 05/15/2027	��		3,000,000		3,258,764


MACOM Technology Solutions Holdings, Inc., Conv., 0.25%, 03/15/2026			7,200,000		7,308,000


Microchip Technology, Inc., Conv., 0.13%, 11/15/2024			22,324,000		25,365,645


ON Semiconductor Corp., Conv., 0.50%, 03/01/2029^(b)			12,140,000		13,770,879


					49,703,288



Systems Software–4.63%
CyberArk Software Ltd., Conv., 0.00%, 11/15/2024^(c)			9,000,000		10,237,500


Investment Abbreviations:
Conv.		– Convertible
Pfd.		– Preferred
REIT		– Real Estate Investment Trust


	Principal Amount		Value


Systems Software–(continued)
Palo Alto Networks, Inc., Conv., 0.38%, 06/01/2025	$	9,000,000	$	23,206,500


Rapid7, Inc., Conv., 0.25%, 03/15/2027		3,775,000		3,296,047


Zscaler, Inc., Conv., 0.13%, 07/01/2025		8,000,000		9,364,000


				46,104,047



Technology Hardware, Storage & Peripherals–1.25%
Western Digital Corp., Conv., 1.50%, 02/01/2024		12,800,000		12,473,600



Transaction & Payment Processing Services–1.62%
Block, Inc., Conv., 0.00%, 05/01/2026^(c)		7,653,000		6,359,643


Shift4 Payments, Inc., Conv., 0.00%, 12/15/2025^(c)		9,000,000		9,819,000


				16,178,643


Total U.S. Dollar Denominated Bonds & Notes (Cost $863,672,280)				882,387,760



	Shares
Preferred Stocks–7.45%
Diversified Banks–4.59%
Bank of America Corp., 7.25%, Series L, Conv. Pfd.		19,500		22,850,490


Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd.		19,900		22,924,800


				45,775,290



Electric Utilities–0.79%
NextEra Energy, Inc., 6.93%, Conv. Pfd.		174,400		7,898,576



Industrial Machinery & Supplies & Components–2.07%
Chart Industries, Inc., 6.75%, Series B, Conv. Pfd.		100,000		6,514,000


RBC Bearings, Inc., 5.00%, Series A, Conv. Pfd.		133,044		14,102,664


				20,616,664


Total Preferred Stocks (Cost $74,116,107)				74,290,530



Money Market Funds–3.80%
Invesco Government & Agency Portfolio, Institutional Class, 5.05%^(e)(f)		13,090,575		13,090,575


Invesco Liquid Assets Portfolio, Institutional Class, 5.15%^(e)(f)		9,783,162		9,784,141


Invesco Treasury Portfolio, Institutional Class, 5.03%^(e)(f)		14,960,657		14,960,657


Total Money Market Funds (Cost $37,833,602)				37,835,373


TOTAL INVESTMENTS IN SECURITIES–99.82% (Cost $975,621,989)				994,513,663


OTHER ASSETS LESS LIABILITIES–0.18%				1,762,240


NET ASSETS–100.00%			$	996,275,903

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


7		Invesco Convertible Securities Fund

Notes to Schedule of Investments:

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

^(b)

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, 2023 was $237,264,056, which represented 23.82% of the Fund’s Net Assets.

^(c)	Zero coupon bond issued at a discount.

^(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, 2023.


	Value December 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value June 30, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$11,854,025		$ 37,804,042		$ (36,567,492)		$ -		$ -		$13,090,575		$ 420,092
Invesco Liquid Assets Portfolio, Institutional Class		8,904,180		27,002,887		(26,119,638)		(1,981)		(1,307)		9,784,141		316,176
Invesco Treasury Portfolio, Institutional Class		13,547,457		43,204,619		(41,791,419)		-		-		14,960,657		479,032
Total		$34,305,662		$108,011,548		$(104,478,549)		$(1,981)		$(1,307)		$37,835,373		$1,215,300

^(f)	The rate shown is the 7-day SEC standardized yield as of June 30, 2023.

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2023


Information Technology			28.36%
Health Care			16.16
Consumer Discretionary			13.42
Industrials			9.83
Utilities			9.48
Financials			7.07
Communication Services			5.95
Consumer Staples			2.44
Energy			2.33
Real Estate			0.98
Money Market Funds Plus Other Assets Less Liabilities			3.98

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


8		Invesco Convertible Securities Fund

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $ 937,788,387)	$	956,678,290


Investments in affiliated money market funds, at value (Cost $ 37,833,602)		37,835,373


Cash		136,615


Receivable for:
Fund shares sold		200,490


Dividends		755,833


Interest		2,094,786


Investment for trustee deferred compensation and retirement plans		93,897


Other assets		56,335


Total assets		997,851,619



Liabilities:
Payable for:
Fund shares reacquired		990,406


Accrued fees to affiliates		390,800


Accrued other operating expenses		50,784


Trustee deferred compensation and retirement plans		143,726


Total liabilities		1,575,716


Net assets applicable to shares outstanding	$	996,275,903



Net assets consist of:
Shares of beneficial interest	$	995,274,103


Distributable earnings		1,001,800


	$	996,275,903


Net Assets:
Class A	$	479,038,235


Class C	$	19,541,882


Class Y	$	330,521,235


Class R5	$	672,165


Class R6	$	166,502,386



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		21,995,481


Class C		904,924


Class Y		15,146,822


Class R5		30,868


Class R6		7,642,469


Class A:
Net asset value per share	$	21.78


Maximum offering price per share
(Net asset value of $21.78 ÷ 94.50%)	$	23.05


Class C:
Net asset value and offering price per share	$	21.60


Class Y:
Net asset value and offering price per share	$	21.82


Class R5:
Net asset value and offering price per share	$	21.78


Class R6:
Net asset value and offering price per share	$	21.79

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


9		Invesco Convertible Securities Fund

Statement of Operations

For the six months ended June 30, 2023

(Unaudited)


Investment income:
Interest	$	4,978,178


Dividends		4,757,483


Dividends from affiliated money market funds		1,215,300


Total investment income		10,950,961



Expenses:
Advisory fees		2,529,135


Administrative services fees		78,873


Custodian fees		4,208


Distribution fees:
Class A		600,993


Class C		101,426


Transfer agent fees – A, C and Y		506,237


Transfer agent fees – R5		334


Transfer agent fees – R6		23,966


Trustees’ and officers’ fees and benefits		10,352


Registration and filing fees		49,988


Reports to shareholders		45,163


Professional services fees		34,636


Other		11,338


Total expenses		3,996,649


Less: Fees waived and/or expense offset arrangement(s)		(32,361	)


Net expenses		3,964,288


Net investment income		6,986,673



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(21,709,998	)


Affiliated investment securities		(1,307	)


		(21,711,305	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		53,935,181


Affiliated investment securities		(1,981	)


		53,933,200


Net realized and unrealized gain		32,221,895


Net increase in net assets resulting from operations	$	39,208,568

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


10		Invesco Convertible Securities Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2023 and the year ended December 31, 2022

(Unaudited)


	June 30, 2023			December 31, 2022


Operations:
Net investment income	$	6,986,673		$	10,806,145


Net realized gain (loss)		(21,711,305	)		3,486,068


Change in net unrealized appreciation (depreciation)		53,933,200			(216,569,632	)


Net increase (decrease) in net assets resulting from operations		39,208,568			(202,277,419	)



Distributions to shareholders from distributable earnings:
Class A		(2,979,178	)		(18,142,854	)


Class C		(50,453	)		(644,843	)


Class Y		(2,470,958	)		(14,432,013	)


Class R5		(5,340	)		(22,202	)


Class R6		(1,295,094	)		(5,880,841	)


Total distributions from distributable earnings		(6,801,023	)		(39,122,753	)



Share transactions–net:
Class A		(28,994,080	)		(53,910,378	)


Class C		(3,000,629	)		(15,661,262	)


Class Y		(25,794,263	)		(120,239,335	)


Class R5		98,943			(3,856	)


Class R6		3,123,420			123,442,993


Net increase (decrease) in net assets resulting from share transactions		(54,566,609	)		(66,371,838	)


Net increase (decrease) in net assets		(22,159,064	)		(307,772,010	)



Net assets:
Beginning of period		1,018,434,967			1,326,206,977


End of period	$	996,275,903		$	1,018,434,967

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


11		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 06/30/23		$ 21.09		$ 0.14			$ 0.68			$ 0.82			$(0.13	)		$ –			$(0.13	)		$21.78		3.92	%		$479,038		0.91	%^(d)		0.92	%^(d)		1.29	%^(d)		29	%
Year ended 12/31/22		25.93		0.20			(4.26	)		(4.06	)		(0.19	)		(0.59	)		(0.78	)		21.09		(15.72	)		492,448		0.93			0.93			0.86			45
Year ended 12/31/21		31.91		0.14			1.17			1.31			(0.23	)		(7.06	)		(7.29	)		25.93		4.68			666,916		0.88			0.88			0.43			61
Year ended 12/31/20		24.64		0.23			10.47			10.70			(0.37	)		(3.06	)		(3.43	)		31.91		44.35			675,347		0.91			0.91			0.84			65
Year ended 12/31/19		21.42		0.28			4.28			4.56			(0.36	)		(0.98	)		(1.34	)		24.64		21.42	^(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
Class C
Six months ended 06/30/23		20.91		0.06			0.68			0.74			(0.05	)		–			(0.05	)		21.60		3.56			19,542		1.66	^(d)		1.67	^(d)		0.54	^(d)		29
Year ended 12/31/22		25.72		0.03			(4.22	)		(4.19	)		(0.03	)		(0.59	)		(0.62	)		20.91		(16.35	)^(g)		21,915		1.66	^(g)		1.66	^(g)		0.13	^(g)		45
Year ended 12/31/21		31.73		(0.09	)		1.16			1.07			(0.02	)		(7.06	)		(7.08	)		25.72		3.94	^(h)		44,798		1.60	^(h)		1.60	^(h)		(0.29	)^(h)		61
Year ended 12/31/20		24.51		0.03			10.41			10.44			(0.16	)		(3.06	)		(3.22	)		31.73		43.25			61,221		1.66			1.66			0.09			65
Year ended 12/31/19		21.31		0.10			4.26			4.36			(0.18	)		(0.98	)		(1.16	)		24.51		20.54	^(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
Class Y
Six months ended 06/30/23		21.13		0.16			0.69			0.85			(0.16	)		–			(0.16	)		21.82		4.04			330,521		0.66	^(d)		0.67	^(d)		1.54	^(d)		29
Year ended 12/31/22		25.98		0.26			(4.27	)		(4.01	)		(0.25	)		(0.59	)		(0.84	)		21.13		(15.51	)		345,453		0.68			0.68			1.11			45
Year ended 12/31/21		31.96		0.22			1.17			1.39			(0.31	)		(7.06	)		(7.37	)		25.98		4.93			562,488		0.63			0.63			0.68			61
Year ended 12/31/20		24.68		0.30			10.48			10.78			(0.44	)		(3.06	)		(3.50	)		31.96		44.69			647,484		0.66			0.66			1.09			65
Year ended 12/31/19		21.44		0.33			4.30			4.63			(0.41	)		(0.98	)		(1.39	)		24.68		21.73			582,112		0.67			0.67			1.36			57
Year ended 12/31/18		24.44		0.33			(0.62	)		(0.29	)		(0.63	)		(2.08	)		(2.71	)		21.44		(1.51	)		583,289		0.66			0.66			1.33			62
Class R5
Six months ended 06/30/23		21.08		0.16			0.70			0.86			(0.16	)		–			(0.16	)		21.78		4.11			672		0.64	^(d)		0.65	^(d)		1.56	^(d)		29
Year ended 12/31/22		25.93		0.26			(4.26	)		(4.00	)		(0.26	)		(0.59	)		(0.85	)		21.08		(15.51	)		556		0.64			0.64			1.15			45
Year ended 12/31/21		31.91		0.23			1.17			1.40			(0.32	)		(7.06	)		(7.38	)		25.93		4.96			688		0.60			0.60			0.71			61
Year ended 12/31/20		24.65		0.31			10.46			10.77			(0.45	)		(3.06	)		(3.51	)		31.91		44.70			1,773		0.64			0.64			1.11			65
Year ended 12/31/19		21.43		0.34			4.29			4.63			(0.43	)		(0.98	)		(1.41	)		24.65		21.74			1,334		0.64			0.64			1.39			57
Year ended 12/31/18		24.43		0.34			(0.62	)		(0.28	)		(0.64	)		(2.08	)		(2.72	)		21.43		(1.49	)		1,081		0.64			0.64			1.35			62
Class R6
Six months ended 06/30/23		21.09		0.17			0.70			0.87			(0.17	)		–			(0.17	)		21.79		4.15			166,502		0.57	^(d)		0.58	^(d)		1.63	^(d)		29
Year ended 12/31/22		25.94		0.27			(4.26	)		(3.99	)		(0.27	)		(0.59	)		(0.86	)		21.09		(15.45	)		158,063		0.57			0.57			1.22			45
Year ended 12/31/21		31.92		0.25			1.17			1.42			(0.34	)		(7.06	)		(7.40	)		25.94		5.06			51,316		0.52			0.52			0.79			61
Year ended 12/31/20		24.65		0.33			10.47			10.80			(0.47	)		(3.06	)		(3.53	)		31.92		44.86			55,585		0.56			0.56			1.19			65
Year ended 12/31/19		21.43		0.36			4.29			4.65			(0.45	)		(0.98	)		(1.43	)		24.65		21.82			42,492		0.56			0.56			1.47			57
Year ended 12/31/18		24.43		0.36			(0.62	)		(0.26	)		(0.66	)		(2.08	)		(2.74	)		21.43		(1.41	)		47,908		0.56			0.56			1.43			62

^(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)	Annualized.

^(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 0.98% for Class C shares.

^(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 0.97% for Class C shares.

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


12		Invesco Convertible Securities Fund

Notes to Financial Statements

June 30, 2023

(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.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.


13		Invesco Convertible Securities Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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.

Other Risks – Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

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.


14		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, 2023, the effective advisory fee rate incurred by the Fund was 0.51%.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class 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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

Further, the Adviser has contractually agreed, through at least June 30, 2025, 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, 2023, the Adviser waived advisory fees of $27,517.

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, 2023, 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, 2023, IDI advised the Fund that IDI retained $20,970 in front-end sales commissions from the sale of Class A shares and $1,333 and $413 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


15		Invesco Convertible Securities Fund


	Level 1		Level 2		Level 3		Total


Investments in Securities


U.S. Dollar Denominated Bonds & Notes	$	–	$	882,387,760		$–	$	882,387,760


Preferred Stocks		74,290,530		–		–		74,290,530


Money Market Funds		37,835,373		–		–		37,835,373


Total Investments	$	112,125,903	$	882,387,760		$–	$	994,513,663

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, 2022.

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, 2023 was $269,053,797 and $316,471,250, 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	$ 61,958,595


Aggregate unrealized (depreciation) of investments	(47,751,750	)


Net unrealized appreciation of investments	$ 14,206,845

Cost of investments for tax purposes is $980,306,818.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended				Year ended
	June 30, 2023^(a)				December 31, 2022
	Shares		Amount		Shares		Amount


Sold:
Class A		469,439		$ 10,047,067		1,247,434		$ 28,648,289


Class C		48,888		1,043,119		96,634		2,193,782


Class Y		1,044,823		22,408,855		4,114,601		94,372,792


Class R5		9,438		203,574		518		11,755


Class R6		450,659		9,562,283		6,365,089		142,204,287



Issued as reinvestment of dividends:
Class A		117,062		2,485,802		716,823		15,556,769


Class C		2,103		44,348		27,741		594,742


Class Y		83,015		1,765,430		499,435		10,874,856


Class R5		205		4,340		927		20,114


Class R6		57,403		1,219,154		257,346		5,569,262


16		Invesco Convertible Securities Fund


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount



Automatic conversion of Class C shares to Class A shares:
Class A		62,090			$ 1,319,777			359,355			$ 8,145,807


Class C		(62,656	)		(1,319,777	)		(362,500	)		(8,145,807	)



Reacquired:
Class A		(2,006,317	)		(42,846,726	)		(4,688,973	)		(106,261,243	)


Class C		(131,495	)		(2,768,319	)		(455,541	)		(10,303,979	)


Class Y		(2,331,308	)		(49,968,548	)		(9,912,476	)		(225,486,983	)


Class R5		(5,145	)		(108,971	)		(1,626	)		(35,725	)


Class R6		(358,654	)		(7,658,017	)		(1,107,651	)		(24,330,556	)


Net increase (decrease) in share activity		(2,550,450	)		$(54,566,609	)		(2,842,864	)		$ (66,371,838	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 48% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


17		Invesco Convertible Securities Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

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


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/23)	Ending Account Value (06/30/23)¹	Expenses Paid During Period²	Ending Account Value (06/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,039.20	$4.60	$1,020.28	$4.56	0.91%
Class C	1,000.00	1,035.60	8.38	1,016.56	8.30	1.66
Class Y	1,000.00	1,040.40	3.34	1,021.52	3.31	0.66
Class R5	1,000.00	1,041.10	3.24	1,021.62	3.21	0.64
Class R6	1,000.00	1,041.50	2.89	1,021.97	2.86	0.57

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 Convertible Securities Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Convertible Securities Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against ICE BofA U.S. Convertible 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 and three year periods and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above


19		Invesco Convertible Securities Fund

the performance of the Index for the one year period, reasonably comparable to the performance of the Index for the three year period and below the performance of the Index for the five year period. The Board acknowledged limitations regarding the comparative performance data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of its performance peer funds and the Index. 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 Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and Breakpoints

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. 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.

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.


20		Invesco Convertible Securities Fund

(This page intentionally left blank)

LOGO

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

LOGO


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

LOGO



Semiannual Report to Shareholders		June 30, 2023

Invesco Income Advantage International Fund

Nasdaq:

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



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 is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/22 to 6/30/23, 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	7.83	%
Class C Shares	7.37
Class R Shares	7.60
Class Y Shares	7.96
Class R5 Shares	7.92
Class R6 Shares	7.92
MSCI All Country World ex USA Index^▼(Broad Market/Style-Specific Index)	9.47
Lipper Global Equity Income Funds Index^∎(Peer Group Index)	8.23

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

The MSCI All Country World ex USA^® Index is an index considered representative of developed and emerging market 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 6/30/23, including maximum applicable sales charges

Class A Shares
Inception (9/15/97)	4.78	%
10 Years	2.85
5 Years	-0.03
1 Year	3.26

Class C Shares
Inception (1/2/98)	5.02	%
10 Years	2.81
5 Years	0.34
1 Year	7.42

Class R Shares
Inception (10/31/05)	3.26	%
10 Years	3.17
5 Years	0.85
1 Year	8.99

Class Y Shares
Inception (10/3/08)	4.92	%
10 Years	3.70
5 Years	1.36
1 Year	9.53

Class R5 Shares
Inception (4/30/04)	4.75	%
10 Years	3.82
5 Years	1.45
1 Year	9.53

Class R6 Shares
10 Years	3.65	%
5 Years	1.43
1 Year	9.53

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 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, 2023

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–52.60%
Australia–1.81%
AngloGold Ashanti Ltd.		1,660	$	35,095


APA Group		2,683		17,357


Aurizon Holdings Ltd.		10,849		28,413


BHP Group Ltd.		10,474		312,513


BlueScope Steel Ltd.		775		10,692


Brambles Ltd.		398		3,831


Coles Group Ltd.		1,420		17,453


CSL Ltd.		233		43,116


Fortescue Metals Group Ltd.		2,369		35,282


Glencore PLC		14,294		81,083


James Hardie Industries PLC, CDI^(a)		508		13,541


Mineral Resources Ltd.		99		4,756


Northern Star Resources Ltd.		1,626		13,200


Rio Tinto Ltd.		1,220		93,889


Rio Tinto PLC		711		45,169


Sonic Healthcare Ltd.		369		8,777


South32 Ltd.		17,300		43,631


Telstra Group Ltd.		30,418		87,305


Wesfarmers Ltd.		3,348		110,409


Woodside Energy Group Ltd.		1,867		43,237


Woolworths Group Ltd.		1,110		29,452


				1,078,201



Austria–0.03%
Mondi PLC		1,137		17,360



Belgium–0.85%
Anheuser-Busch InBev S.A./N.V.		3,635		205,872


Groupe Bruxelles Lambert N.V.		3,637		286,639


UCB S.A.		151		13,383


				505,894



Brazil–1.01%
B3 S.A. - Brasil, Bolsa, Balcao		19,397		59,185


Petroleo Brasileiro S.A., Preference Shares		66,698		411,343


Telefonica Brasil S.A.		1,426		12,886


Vale S.A.		6,577		88,212


WEG S.A.		2,829		22,304


Yara International ASA		122		4,308


				598,238



Canada–5.18%
Alimentation Couche-Tard, Inc.		758		38,868


ARC Resources Ltd.		1,387		18,500


Barrick Gold Corp.		1,299		21,974


BCE, Inc.		1,283		58,496


Brookfield Corp.		6,389		215,097


Canadian National Railway Co.		2,340		283,361


Canadian Natural Resources Ltd.		2,171		122,058


Canadian Pacific Kansas City Ltd.		1,819		146,921


Cenovus Energy, Inc.		1,565		26,581


Constellation Software, Inc.		71		147,105


Dollarama, Inc.		987		66,846


	Shares		Value


Canada–(continued)
Enbridge, Inc.		2,827	$	105,078


Fairfax Financial Holdings Ltd.		155		116,101


Franco-Nevada Corp.		38		5,416


George Weston Ltd.		158		18,680


Great-West Lifeco, Inc.		1,735		50,383


Imperial Oil Ltd.		874		44,718


Intact Financial Corp.		520		80,287


Kinross Gold Corp.		251		1,197


Loblaw Cos. Ltd.		524		47,972


Magna International, Inc.		563		31,785


Manulife Financial Corp.		17,312		327,226


Metro, Inc.		280		15,814


Nutrien Ltd.		3,137		185,201


Open Text Corp.		1,093		45,461


Power Corp. of Canada		3,500		94,214


Quebecor, Inc., Class B		2,095		51,634


Rogers Communications, Inc., Class B		1,469		67,021


Shopify, Inc., Class A^(a)		808		52,222


Sun Life Financial, Inc.		2,165		112,863


Suncor Energy, Inc.		5,516		161,805


TC Energy Corp.		521		21,056


Teck Resources Ltd., Class B		1,990		83,731


TELUS Corp.		1,029		20,025


TFI International, Inc.		445		50,699


Thomson Reuters Corp.		304		40,996


Tourmaline Oil Corp.		828		39,014


West Fraser Timber Co. Ltd.		747		64,175


				3,080,581



China–2.57%
Alibaba Group Holding Ltd.^(a)		17,154		178,403


China Life Insurance Co. Ltd., H Shares		75,251		125,577


China Pacific Insurance (Group) Co. Ltd., H Shares		16,451		42,602


China Petroleum & Chemical Corp., H Shares		129,682		76,286


China Resources Land Ltd.		3,776		16,081


China Tower Corp. Ltd., H Shares^(b)		354,908		39,507


CITIC Ltd.		83,569		99,974


COSCO SHIPPING Holdings Co. Ltd., H Shares		57,459		51,903


CSPC Pharmaceutical Group Ltd.		5,663		4,942


Daqo New Energy Corp., ADR^(a)		238		9,449


Dongfeng Motor Group Co. Ltd., H Shares		80,221		36,771


ENN Energy Holdings Ltd.		1,236		15,446


Hello Group, Inc., ADR		282		2,710


KE Holdings, Inc., ADR^(a)		473		7,024


Kingboard Holdings Ltd.		1,234		3,382


Kunlun Energy Co. Ltd.		35,958		28,357


Lenovo Group Ltd.		33,927		35,450


Lufax Holding Ltd., ADR		22,115		31,624


MINISO Group Holding Ltd., ADR		1,359		23,089


NetEase, Inc.		1,411		27,420


New Oriental Education & Technology Group, Inc.^(a)		3,547		14,030


Nongfu Spring Co. Ltd., H Shares^(b)		3,016		16,679

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


5		Invesco Income Advantage International Fund


	Shares		Value


China–(continued)
NXP Semiconductors N.V.		242	$	49,533


PDD Holdings, Inc., ADR^(a)		1,598		110,486


People’s Insurance Co. Group of China Ltd. (The), H Shares		152,673		55,483


PetroChina Co. Ltd., H Shares		119,538		83,070


PICC Property & Casualty Co. Ltd., H Shares		44,812		49,953


Ping An Insurance (Group) Co. of China Ltd., H Shares		17,151		109,890


Sino Biopharmaceutical Ltd.		21,742		9,464


Tencent Holdings Ltd.		2,445		104,065


Tencent Music Entertainment Group, ADR^(a)		5,429		40,066


Trip.com Group Ltd.^(a)		212		7,417


Vipshop Holdings Ltd., ADR^(a)		758		12,507


Yum China Holdings, Inc.		146		8,249


				1,526,889



Denmark–1.82%
AP Moller - Maersk A/S, Class B		100		175,930


Carlsberg A/S, Class B		14		2,238


Novo Nordisk A/S, Class B		5,493		887,195


Tryg A/S		834		18,052


				1,083,415



Finland–0.19%
Sampo OYJ, Class A		730		32,740


Stora Enso OYJ, Class R		418		4,845


UPM-Kymmene OYJ		2,487		74,118


				111,703



France–4.51%
Air Liquide S.A.		1,092		195,776


Airbus SE		336		48,571


Arkema S.A.		377		35,562


AXA S.A.		6,721		198,562


Bollore SE		20,388		127,053


Bouygues S.A.		219		7,355


Capgemini SE		98		18,565


Carrefour S.A.		1,879		35,609


Cie Generale des Etablissements Michelin S.C.A.		533		15,756


Danone S.A.		1,847		113,178


Dassault Systemes SE		638		28,293


Edenred		611		40,913


Eiffage S.A.		164		17,126


ENGIE S.A.		4,417		73,469


Hermes International		24		52,211


Kering S.A.		49		27,138


Legrand S.A.		530		52,577


L’Oreal S.A.		793		370,075


LVMH Moet Hennessy Louis Vuitton SE		316		298,217


Orange S.A.		11,017		128,858


Pernod Ricard S.A.		298		65,840


Publicis Groupe S.A.		1,971		153,756


Safran S.A.		448		70,386


Schneider Electric SE		805		146,725


SCOR SE		1,927		56,645


TotalEnergies SE		4,240		243,005


Vinci S.A.		538		62,530


				2,683,751


	Shares		Value


Germany–3.86%
Allianz SE		907	$	210,976


BASF SE		1,358		65,934


Bayer AG		1,605		88,734


Bayerische Motoren Werke AG		1,286		157,942


Daimler Truck Holding AG		1,034		37,229


Deutsche Bank AG		18,535		194,493


Deutsche Boerse AG		520		96,036


Deutsche Lufthansa AG^(a)		1,847		18,905


Deutsche Telekom AG		6,659		145,146


DHL Group		1,199		58,550


Fresenius Medical Care AG & Co. KGaA		291		13,898


Fresenius SE & Co. KGaA		1,622		44,897


Hannover Rueck SE		174		36,897


Heidelberg Materials AG		1,178		96,731


Knorr-Bremse AG		121		9,238


Mercedes-Benz Group AG		2,021		162,653


Merck KGaA		200		33,066


Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		352		131,995


Porsche Automobil Holding SE, Preference Shares		536		32,240


Rheinmetall AG		49		13,454


RWE AG		931		40,524


SAP SE		1,346		183,788


Siemens AG		1,178		196,076


Siemens Energy AG^(a)		149		2,630


thyssenkrupp AG		1,292		10,104


Volkswagen AG, Preference Shares		1,436		192,607


Vonovia SE		1,185		23,137


				2,297,880



Greece–0.35%
Hellenic Telecommunications Organization S.A.		3,048		52,222


JUMBO S.A.		909		24,979


Mytilineos S.A.		3,738		131,965


				209,166



Hong Kong–0.79%
AIA Group Ltd.		4,720		48,159


CK Asset Holdings Ltd.		8,948		49,659


CK Hutchison Holdings Ltd.		16,215		99,251


Futu Holdings Ltd., ADR^(a)		368		14,625


Hongkong Land Holdings Ltd.		4,553		17,788


Jardine Matheson Holdings Ltd.		1,056		53,561


MTR Corp. Ltd.		3,624		16,681


New World Development Co. Ltd.		2,611		6,449


Prudential PLC		1,184		16,697


Sun Hung Kai Properties Ltd.		6,853		86,436


Swire Pacific Ltd., Class A		7,316		56,287


WH Group Ltd.		9,251		4,916


				470,509



India–0.68%
Dr. Reddy’s Laboratories Ltd., ADR		171		10,792


Hindustan Unilever Ltd.		269		8,785


Housing Development Finance Corp. Ltd.		2,604		89,713


Infosys Ltd., ADR		2,283		36,688


Piramal Enterprises Ltd.		2,126		24,444

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


6		Invesco Income Advantage International Fund


	Shares		Value


India–(continued)
SBI Cards & Payment Services Ltd.		20,916	$	216,218


Tata Steel Ltd.		10,929		14,961


				401,601



Indonesia–0.04%
PT Adaro Energy Indonesia Tbk		14,798		2,209


PT Astra International Tbk		52,812		24,063


PT Telkom Indonesia (Persero) Tbk		1,904		508


				26,780



Ireland–0.78%
AerCap Holdings N.V.^(a)		827		52,531


CRH PLC		4,781		264,066


Flutter Entertainment PLC^(a)		336		67,488


Kerry Group PLC, Class A		801		78,155


				462,240



Israel–0.02%
Check Point Software Technologies Ltd.^(a)		64		8,040


Nice Ltd.^(a)		17		3,508


				11,548



Italy–0.60%
Assicurazioni Generali S.p.A.		7,356		149,815


Enel S.p.A.		3,064		20,640


Eni S.p.A.		3,831		55,241


Ferrari N.V.		310		101,489


Leonardo S.p.A.		235		2,670


Prysmian S.p.A.		449		18,806


Snam S.p.A.		2,103		10,990


				359,651



Japan–7.76%
Advantest Corp.		252		33,759


Ajinomoto Co., Inc.		899		35,794


Astellas Pharma, Inc.		1,698		25,303


Bridgestone Corp.		858		35,256


Canon, Inc.		2,197		57,974


Chugai Pharmaceutical Co. Ltd.		300		8,532


Dai-ichi Life Holdings, Inc.		1,615		30,980


Daiichi Sankyo Co. Ltd.		1,470		46,616


Daito Trust Construction Co. Ltd.		59		5,987


Daiwa House Industry Co. Ltd.		816		21,566


Daiwa Securities Group, Inc.		37,889		196,045


Denso Corp.		245		16,517


East Japan Railway Co.		620		34,382


Eisai Co. Ltd.		240		16,174


FANUC Corp.		1,062		37,340


FUJIFILM Holdings Corp.		926		54,996


Hitachi Ltd.		2,228		137,895


Honda Motor Co. Ltd.		6,109		184,544


Hoya Corp.		34		4,056


Idemitsu Kosan Co. Ltd.		346		6,946


Inpex Corp.		3,411		38,040


ITOCHU Corp.		2,070		82,320


Japan Post Holdings Co. Ltd.		24,884		178,930


Japan Tobacco, Inc.		5,412		118,626


JFE Holdings, Inc.		169		2,425


Kao Corp.		59		2,137


KDDI Corp.		5,540		171,218


	Shares		Value


Japan–(continued)
Keyence Corp.		208	$	98,367


Komatsu Ltd.		2,212		59,853


Marubeni Corp.		1,826		31,195


Mazda Motor Corp.		467		4,564


MEIJI Holdings Co. Ltd.		178		3,976


Mitsubishi Chemical Group Corp.		2,245		13,536


Mitsubishi Corp.		3,140		152,209


Mitsubishi Electric Corp.		4,597		64,600


Mitsubishi Estate Co. Ltd.		2,198		26,218


Mitsui & Co. Ltd.		4,379		164,766


Mitsui Fudosan Co. Ltd.		1,286		25,658


Mitsui OSK Lines Ltd.		2,506		59,969


MS&AD Insurance Group Holdings, Inc.		1,062		37,841


Nexon Co. Ltd.		35		671


NGK Insulators Ltd.		1,144		13,685


Nintendo Co. Ltd.		1,117		50,810


Nippon Steel Corp.		1,957		41,080


Nippon Telegraph & Telephone Corp.		217,575		257,803


Nippon Yusen K.K.		3,337		74,157


Nissan Motor Co. Ltd.		15,475		63,907


Nomura Holdings, Inc.		48,398		183,682


Oriental Land Co. Ltd.		510		19,911


ORIX Corp.		5,433		99,362


Otsuka Holdings Co. Ltd.		102		3,738


Pan Pacific International Holdings Corp.		591		10,591


Recruit Holdings Co. Ltd.		2,182		69,635


Renesas Electronics Corp.^(a)		2,206		41,748


Resona Holdings, Inc.		69,433		332,712


Ricoh Co. Ltd.		1,229		10,494


Seven & i Holdings Co. Ltd.		699		30,223


Shin-Etsu Chemical Co. Ltd.		3,313		110,113


Shiseido Co. Ltd.		140		6,343


SMC Corp.		110		61,138


SoftBank Corp.		13,959		149,333


SoftBank Group Corp.		1,170		55,530


Sompo Holdings, Inc.		798		35,774


Sumitomo Corp.		1,798		38,201


Takeda Pharmaceutical Co. Ltd.		6,419		201,756


Tokio Marine Holdings, Inc.		4,831		111,544


Tokyo Gas Co. Ltd.		1,153		25,190


Toyota Motor Corp.		11,309		180,730


Unicharm Corp.		170		6,299


Yakult Honsha Co. Ltd.		52		3,295


				4,616,565



Luxembourg–0.20%
ArcelorMittal S.A.		4,274		116,443



Malaysia–0.05%
Tenaga Nasional Bhd.		14,085		27,278



Mexico–0.29%
America Movil S.A.B. de C.V., Class B		75,255		81,775


Grupo Bimbo S.A.B. de C.V., Series A		3,596		19,254


Grupo Televisa S.A.B., Series CPO		24,749		25,462


Wal-Mart de Mexico S.A.B. de C.V., Series V		12,307		48,690


				175,181

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


7		Invesco Income Advantage International Fund


	Shares		Value


Netherlands–2.04%
Akzo Nobel N.V.		279	$	22,797


ASML Holding N.V.		471		340,943


EXOR N.V.		1,723		153,955


Ferrovial SE		1,426		45,150


Heineken Holding N.V.		525		45,649


Heineken N.V.		457		47,031


Koninklijke Ahold Delhaize N.V.		4,444		151,584


Koninklijke KPN N.V.		763		2,724


OCI N.V.		454		10,899


Prosus N.V.^(a)		2,047		149,795


Randstad N.V.		60		3,162


Shell PLC		5,916		176,141


Wolters Kluwer N.V.		491		62,345


				1,212,175



New Zealand–0.12%
Spark New Zealand Ltd.		22,924		71,654



Norway–0.16%
Equinor ASA		3,204		93,075


Gjensidige Forsikring ASA		290		4,648


				97,723



Philippines–0.07%
SM Prime Holdings, Inc.		70,286		41,837



Poland–0.04%
Orlen S.A.		1,458		23,111



Portugal–0.01%
Jeronimo Martins SGPS S.A.		131		3,612



Russia–0.00%
Tatneft PJSC, ADR^(c)		576		0


X5 Retail Group N.V., GDR^(a)(b)(c)		422		2,062


				2,062



Singapore–0.00%
Jardine Cycle & Carriage Ltd.		38		981



South Africa–0.66%
Anglo American PLC		1,046		29,648


Aspen Pharmacare Holdings Ltd.		829		8,096


Exxaro Resources Ltd.		959		8,370


Gold Fields Ltd.		3,271		45,439


Impala Platinum Holdings Ltd.		533		3,565


Naspers Ltd., Class N		618		112,004


Remgro Ltd.		10,316		80,604


Sappi Ltd.		13,672		28,332


Sasol Ltd.		2,056		25,533


Sibanye Stillwater Ltd.		2,609		4,029


Thungela Resources Ltd.		1,502		11,840


Woolworths Holdings Ltd.		8,936		33,871


				391,331



South Korea–1.76%
DB Insurance Co. Ltd.		243		13,802


Ecopro BM Co. Ltd.		172		32,966


Ecopro Co. Ltd.		74		43,041


GS Holdings Corp.		2,248		62,751


HMM Co. Ltd.		4,344		62,410


	Shares		Value


South Korea–(continued)
Hyundai Mobis Co. Ltd.		116	$	20,566


Hyundai Motor Co.		326		51,294


Hyundai Steel Co.		433		11,149


Kia Corp.		638		43,021


KT&G Corp.		603		37,962


LG Chem Ltd.		24		12,275


LG Corp.		661		44,357


LG Energy Solution Ltd.^(a)		42		17,757


Posco Future M Co. Ltd.		157		42,522


POSCO Holdings, Inc.		202		59,945


Samsung C&T Corp.		429		34,507


Samsung Electronics Co. Ltd.		7,068		389,563


Samsung SDI Co. Ltd.		14		7,163


SK hynix, Inc.		249		21,956


SK Telecom Co. Ltd.		1,089		38,470


				1,047,477



Spain–1.26%
ACS Actividades de Construccion y Servicios S.A.		2,291		80,551


Amadeus IT Group S.A.^(a)		122		9,301


Cellnex Telecom S.A.^(b)		872		35,351


Iberdrola S.A.		19,033		248,607


Industria de Diseno Textil S.A.		1,271		49,381


Redeia Corp. S.A.		766		12,863


Repsol S.A.		9,305		135,295


Telefonica S.A.		43,755		177,507


				748,856



Sweden–0.52%
Atlas Copco AB, Class A		2,343		33,791


Industrivarden AB, Class C		2,172		59,936


Investor AB, Class B		7,928		158,639


Telefonaktiebolaget LM Ericsson, Class B		603		3,289


Volvo AB, Class B		2,665		55,277


				310,932



Switzerland–1.63%
ABB Ltd.		1,040		40,922


Julius Baer Group Ltd.		1,381		87,076


Kuehne + Nagel International AG, Class R		117		34,587


Novartis AG		4,647		469,010


Partners Group Holding AG		94		88,510


Schindler Holding AG, PC		52		12,199


UBS Group AG		9,245		188,095


Zurich Insurance Group AG		98		46,560


				966,959



Taiwan–1.52%
ASE Technology Holding Co. Ltd.		980		3,496


Catcher Technology Co. Ltd.		2,957		16,688


Cathay Financial Holding Co. Ltd.		22,596		31,419


Chunghwa Telecom Co. Ltd.		12,941		48,404


Delta Electronics, Inc.		2,413		26,831


eMemory Technology, Inc.		13		930


Evergreen Marine Corp. Taiwan Ltd.		9,202		27,779


Far Eastern New Century Corp.		11,053		11,871


Far EasTone Telecommunications Co. Ltd.		8,177		20,658


Formosa Chemicals & Fibre Corp.		6,992		15,093

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


8		Invesco Income Advantage International Fund


	Shares		Value


Taiwan–(continued)
Formosa Plastics Corp.		7,991	$	22,037


Fubon Financial Holding Co. Ltd.		18,071		35,427


Global Unichip Corp.		254		13,197


Hon Hai Precision Industry Co. Ltd.		2,667		9,707


Inventec Corp.		2,277		3,169


Lite-On Technology Corp.		999		3,338


Novatek Microelectronics Corp.		666		9,175


Pegatron Corp.		18,072		43,518


Quanta Computer, Inc.		306		1,499


Taiwan Mobile Co. Ltd.		8,425		25,892


Taiwan Semiconductor Manufacturing Co. Ltd.		20,480		381,651


Uni-President Enterprises Corp.		18,408		45,166


Wan Hai Lines Ltd.		7,908		15,093


Wistron Corp.		19,827		58,108


Yang Ming Marine Transport Corp.		15,716		31,931


				902,077



Thailand–0.29%
Advanced Info Service PCL, NVDR		19,272		116,484


Delta Electronics Thailand PCL, NVDR		16,789		43,705


PTT Exploration & Production PCL, NVDR		3,353		14,233


				174,422



Turkey–0.32%
Hektas Ticaret T.A.S.^(a)		11,652		13,668


KOC Holding A.S.		11,417		45,787


Sasa Polyester Sanayi A.S.^(a)		6,373		13,870


Turk Hava Yollari AO^(a)		10,368		77,745


Turkiye Petrol Rafinerileri A.S.		4,727		14,475


Turkiye Sise ve Cam Fabrikalari A.S.		14,182		24,343


				189,888



United Arab Emirates–0.19%
Emaar Properties PJSC		23,638		41,492


International Holding Co. PJSC^(a)		686		73,691


				115,183



United Kingdom–4.77%
3i Group PLC		9,597		238,334


abrdn PLC		28,937		80,304


Ashtead Group PLC		10		694


AstraZeneca PLC		2,231		319,564


Aviva PLC		14,317		72,158


BAE Systems PLC		5,914		69,779


BP PLC		44,736		262,101


British American Tobacco PLC		9,430		312,854


BT Group PLC		11,142		17,335


CNH Industrial N.V.		2,636		38,100


Coca-Cola Europacific Partners PLC		269		17,332


DCC PLC		1,502		83,955


Diageo PLC		3,626		155,541


Imperial Brands PLC		2,199		48,630


Informa PLC		7,604		70,094


J Sainsbury PLC		11,206		38,362


London Stock Exchange Group PLC		759		80,429


Man Group PLC		15,482		42,946


Marks & Spencer Group PLC^(a)		682		1,669


National Grid PLC		5,382		71,118


Reckitt Benckiser Group PLC		199		14,945


	Shares		Value


United Kingdom–(continued)
RELX PLC		3,481	$	116,051


Rolls-Royce Holdings PLC^(a)		12,537		24,079


Smiths Group PLC		1,226		25,652


Tesco PLC		11,603		36,666


Unilever PLC		6,336		330,375


United Utilities Group PLC		197		2,406


Vodafone Group PLC		244,832		231,004


WPP PLC		3,452		36,084


				2,838,561



United States–3.85%
Atlassian Corp., Class A^(a)		431		72,326


Experian PLC		199		7,647


Ferguson PLC		1,345		212,339


GSK PLC		8,228		145,345


Haleon PLC		5,670		23,334


Holcim AG		507		34,087


JBS S.A.		2,542		9,269


Nestle S.A.		4,458		536,407


Roche Holding AG		1,745		533,264


Sanofi		3,523		377,676


Spotify Technology S.A.^(a)		396		63,578


Stellantis N.V.		14,041		247,160


Swiss Re AG		260		26,181


				2,288,613



Zambia–0.00%
First Quantum Minerals Ltd.		81		1,916


Total Common Stocks & Other Equity Interests (Cost $29,470,148)				31,290,244



	Principal
	Amount
Equity Linked Notes–34.07%
Canada–13.07%
Bank of Montreal (MSCI EAFE Index), 20.51%, 07/10/2023^(b)	$	1,188,000		1,199,164


Bank of Montreal (MSCI EAFE Index), 16.84%, 07/14/2023^(b)		1,172,000		1,178,608


Canadian Imperial Bank of Commerce (MSCI EAFE Index), 21.50%, 07/28/2023^(b)		1,183,000		1,167,908


Canadian Imperial Bank of Commerce (MSCI EAFE Index), 20.50%, 07/03/2023		1,211,000		1,220,542


Royal Bank of Canada (MSCI Emerging Markets Index), 25.00%, 07/11/2023^(b)		1,006,000		1,017,734


Royal Bank of Canada (MSCI Emerging Markets Index), 22.00%, 07/18/2023^(b)		1,009,000		997,399


Toronto-Dominion Bank (The) (MSCI Emerging Markets Index), 22.00%, 08/01/2023^(b)		1,016,000		992,636


				7,773,991



France–3.90%
BNP Paribas Issuance B.V. (MSCI EAFE Index), 18.85%, 07/21/2023^(b)		1,149,000		1,139,025


BNP Paribas Issuance B.V. (MSCI EAFE Index), 18.75%, 07/31/2023^(b)		1,199,000		1,183,883


				2,322,908

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


9		Invesco Income Advantage International Fund


	Principal Amount		Value


United Kingdom–6.40%
HSBC Bank PLC (MSCI EAFE Index), 23.62%, 07/07/2023^(b)	$	1,171,000	$	1,181,514


HSBC Bank PLC (MSCI EAFE Index), 20.92%, 08/11/2023^(b)		1,445,000		1,445,000


HSBC Holdings PLC (MSCI EAFE Index), 16.36%, 07/17/2023^(b)		1,174,000		1,180,906


				3,807,420



United States–10.70%
Citigroup Global Markets Holdings, Inc. (MSCI EAFE Index), 18.85%, 08/07/2023^(b)		1,144,000		1,127,447


Citigroup Global Markets Holdings, Inc. (MSCI Emerging Markets Index), 22.80%, 07/25/2023^(b)		1,001,000		951,537


Goldman Sachs Group, Inc. (The) (MSCI EAFE Index), 16.20%, 08/04/2023^(b)		1,157,000		1,143,906


Goldman Sachs Group, Inc. (The) (MSCI Emerging Markets Index), 16.01%, 07/05/2023^(b)		992,000		1,003,646


Goldman Sachs International (MSCI Emerging Markets Index), 13.01%, 08/08/2023^(b)		1,003,000		987,414


	Principal Amount		Value


United States–(continued)
J.P. Morgan Structured Products B.V. (MSCI EAFE Index), 17.51%, 07/24/2023^(b)	$	1,175,000	$	1,152,239


				6,366,189


Total Equity Linked Notes (Cost $20,395,000)				20,270,508



	Shares
Money Market Funds–20.36%
Invesco Government & Agency Portfolio, Institutional Class, 5.05%^(d)(e)		4,241,768		4,241,768


Invesco Liquid Assets Portfolio, Institutional Class, 5.15%^(d)(e)		3,020,630		3,020,932


Invesco Treasury Portfolio, Institutional Class, 5.03%^(d)(e)		4,847,735		4,847,735


Total Money Market Funds (Cost $12,109,581)				12,110,435


TOTAL INVESTMENTS IN SECURITIES–107.03% (Cost $61,974,729)				63,671,187


OTHER ASSETS LESS LIABILITIES–(7.03)%				(4,183,241	)


NET ASSETS–100.00%			$	59,487,946

Investment Abbreviations:


ADR		– American Depositary Receipt
CDI		– CREST Depository Interest
CPO		– Certificates of Ordinary Participation
GDR		– Global Depositary Receipt
NVDR		– Non-Voting Depositary Receipt
PC		– Participation Certificate

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, 2023 was $19,143,565, which represented 32.18% of the Fund’s Net Assets.

^(c)	Security valued using significant unobservable inputs (Level 3). See Note 3.

^(d)


	Value December 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value June 30, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	3,926,442		$	19,456,157		$	(19,140,831	)		$	-			$	-			$	4,241,768		$	101,920
Invesco Liquid Assets Portfolio, Institutional Class			2,796,563			13,897,255			(13,672,023	)			(470	)			(393	)			3,020,932			73,801
Invesco Treasury Portfolio, Institutional Class			4,487,362			22,235,608			(21,875,235	)			-				-				4,847,735			116,272
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			17,120			11,569			(28,689	)			-				-				-			134*
Invesco Private Prime Fund			41,740			11,892			(53,625	)			(7	)			-				-			361*
Total		$	11,269,227		$	55,612,481		$	(54,770,403	)		$	(477	)		$	(393	)		$	12,110,435		$	292,488

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, 2023.

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


10		Invesco Income Advantage International Fund

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2023


Financials			44.21%


Industrials			7.79


Health Care			5.58


Consumer Staples			5.38


Consumer Discretionary			4.98


Communication Services			4.82


Materials			4.45


Information Technology			3.98


Energy			3.76


Other Sectors, Each Less than 2% of Net Assets			1.72


Money Market Funds Plus Other Assets Less Liabilities			13.33

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


11		Invesco Income Advantage International Fund

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $49,865,148)	$	51,560,752


Investments in affiliated money market funds, at value (Cost $12,109,581)		12,110,435


Deposits with brokers:
Cash collateral – exchange-traded futures contracts		1,079


Cash		7,571


Foreign currencies, at value (Cost $214,458)		212,019


Receivable for:
Fund shares sold		22,144


Dividends		250,604


Interest		135,978


Investment for trustee deferred compensation and retirement plans		47,943


Other assets		47,210


Total assets		64,395,735



Liabilities:
Payable for:
Investments purchased		4,749,000


Fund shares reacquired		37,937


Accrued foreign taxes		303


Accrued fees to affiliates		33,717


Accrued other operating expenses		33,045


Trustee deferred compensation and retirement plans		53,787


Total liabilities		4,907,789


Net assets applicable to shares outstanding	$	59,487,946



Net assets consist of:
Shares of beneficial interest	$	70,479,176


Distributable earnings (loss)		(10,991,230	)


	$	59,487,946


Net Assets:
Class A	$	52,041,543


Class C	$	885,652


Class R	$	1,704,301


Class Y	$	4,335,705


Class R5	$	503,520


Class R6	$	17,225



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		4,224,935


Class C		76,028


Class R		138,084


Class Y		351,143


Class R5		40,416


Class R6		1,384


Class A:
Net asset value per share	$	12.32


Maximum offering price per share (Net asset value of $12.32 ÷ 94.50%)	$	13.04


Class C:
Net asset value and offering price per share	$	11.65


Class R:
Net asset value and offering price per share	$	12.34


Class Y:
Net asset value and offering price per share	$	12.35


Class R5:
Net asset value and offering price per share	$	12.46


Class R6:
Net asset value and offering price per share	$	12.45

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


12		Invesco Income Advantage International Fund

Statement of Operations

For the six months ended June 30, 2023

(Unaudited)


Investment income:
Interest	$	1,675,970


Dividends (net of foreign withholding taxes of $99,240)		735,031


Dividends from affiliated money market funds (includes net securities lending income of $25)		292,018


Total investment income		2,703,019



Expenses:
Advisory fees		220,229


Administrative services fees		4,234


Custodian fees		8,195


Distribution fees:
Class A		64,502


Class C		4,504


Class R		4,144


Transfer agent fees – A, C, R and Y		55,357


Transfer agent fees – R5		221


Transfer agent fees – R6		3


Trustees’ and officers’ fees and benefits		6,656


Registration and filing fees		39,042


Reports to shareholders		9,789


Professional services fees		61,238


Other		11,913


Total expenses		490,027


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(135,756	)


Net expenses		354,271


Net investment income		2,348,748



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $ 441)		(348,876	)


Affiliated investment securities		(393	)


Foreign currencies		(2,910	)


Forward foreign currency contracts		(2,080	)


Futures contracts		118,845


		(235,414	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $ 212)		2,316,985


Affiliated investment securities		(477	)


Foreign currencies		(264	)


Futures contracts		2,552


		2,318,796


Net realized and unrealized gain		2,083,382


Net increase in net assets resulting from operations	$	4,432,130

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


13		Invesco Income Advantage International Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2023 and the year ended December 31, 2022

(Unaudited)


	June 30, 2023			December 31, 2022


Operations:
Net investment income	$	2,348,748		$	4,475,055


Net realized gain (loss)		(235,414	)		(11,726,912	)


Change in net unrealized appreciation (depreciation)		2,318,796			(1,314,338	)


Net increase (decrease) in net assets resulting from operations		4,432,130			(8,566,195	)



Distributions to shareholders from distributable earnings:
Class A		(2,072,580	)		(3,964,473	)


Class C		(32,908	)		(66,117	)


Class R		(64,664	)		(109,626	)


Class Y		(169,916	)		(264,840	)


Class R5		(20,439	)		(43,278	)


Class R6		(706	)		(1,381	)


Total distributions from distributable earnings		(2,361,213	)		(4,449,715	)



Share transactions–net:
Class A		(597,770	)		(1,617,317	)


Class C		(86,583	)		(16,632	)


Class R		51,351			268,141


Class Y		509,450			2,015,756


Class R5		(29,079	)		(42,742	)


Class R6		–			(1,077	)


Net increase (decrease) in net assets resulting from share transactions		(152,631	)		606,129


Net increase (decrease) in net assets		1,918,286			(12,409,781	)



Net assets:
Beginning of period		57,569,660			69,979,441


End of period	$	59,487,946		$	57,569,660

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


14		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 06/30/23		$11.89		$0.49			$ 0.43			$ 0.92			$(0.49	)		$ -			$(0.49	)		$12.32		7.83	%		$52,042		1.21	%^(d)		1.67	%^(d)		8.00	%^(d)		25	%
Year ended 12/31/22		14.56		0.92			(2.68	)		(1.76	)		(0.91	)		-			(0.91	)		11.89		(12.16	)		50,826		1.21			1.59			7.25			97
Year ended 12/31/21		13.02		0.48			1.45			1.93			(0.39	)		-			(0.39	)		14.56		14.84			64,112		1.43			1.55			3.33			115
Year ended 12/31/20		14.04		0.19			(0.95	)		(0.76	)		(0.21	)		(0.05	)		(0.26	)		13.02		(5.16	)		62,139		1.55			1.55			1.54			71
Year ended 12/31/19		12.23		0.29			1.81			2.10			(0.29	)		-			(0.29	)		14.04		17.26			74,917		1.59			1.59			2.19			103
Year ended 12/31/18		13.89		0.28	^(e)		(1.70	)		(1.42	)		(0.24	)		-			(0.24	)		12.23		(10.39	)		70,104		1.59			1.59			2.07	^(e)		111
Class C
Six months ended 06/30/23		11.25		0.42			0.40			0.82			(0.42	)		-			(0.42	)		11.65		7.37			886		1.96	^(d)		2.42	^(d)		7.25	^(d)		25
Year ended 12/31/22		13.76		0.78			(2.52	)		(1.74	)		(0.77	)		-			(0.77	)		11.25		(12.72	)		939		1.96			2.34			6.50			97
Year ended 12/31/21		12.32		0.35			1.36			1.71			(0.27	)		-			(0.27	)		13.76		13.86			1,176		2.18			2.30			2.58			115
Year ended 12/31/20		13.27		0.09			(0.88	)		(0.79	)		(0.13	)		(0.03	)		(0.16	)		12.32		(5.82	)		1,302		2.30			2.30			0.79			71
Year ended 12/31/19		11.56		0.18			1.71			1.89			(0.18	)		-			(0.18	)		13.27		16.40			2,781		2.34			2.34			1.44			103
Year ended 12/31/18		13.13		0.17	^(e)		(1.61	)		(1.44	)		(0.13	)		-			(0.13	)		11.56		(11.08	)		6,782		2.34			2.34			1.32	^(e)		111
Class R
Six months ended 06/30/23		11.92		0.47			0.43			0.90			(0.48	)		-			(0.48	)		12.34		7.60			1,704		1.46	^(d)		1.92	^(d)		7.75	^(d)		25
Year ended 12/31/22		14.58		0.88			(2.66	)		(1.78	)		(0.88	)		-			(0.88	)		11.92		(12.28	)		1,595		1.46			1.84			7.00			97
Year ended 12/31/21		13.04		0.45			1.44			1.89			(0.35	)		-			(0.35	)		14.58		14.55			1,655		1.68			1.80			3.08			115
Year ended 12/31/20		14.06		0.16			(0.95	)		(0.79	)		(0.18	)		(0.05	)		(0.23	)		13.04		(5.41	)		1,307		1.80			1.80			1.29			71
Year ended 12/31/19		12.25		0.26			1.81			2.07			(0.26	)		-			(0.26	)		14.06		16.95			1,818		1.84			1.84			1.94			103
Year ended 12/31/18		13.91		0.25	^(e)		(1.71	)		(1.46	)		(0.20	)		-			(0.20	)		12.25		(10.60	)		1,253		1.84			1.84			1.82	^(e)		111
Class Y
Six months ended 06/30/23		11.92		0.50			0.44			0.94			(0.51	)		-			(0.51	)		12.35		7.96			4,336		0.96	^(d)		1.42	^(d)		8.25	^(d)		25
Year ended 12/31/22		14.59		0.94			(2.66	)		(1.72	)		(0.95	)		-			(0.95	)		11.92		(11.90	)		3,679		0.96			1.34			7.50			97
Year ended 12/31/21		13.05		0.52			1.45			1.97			(0.43	)		-			(0.43	)		14.59		15.10			2,335		1.18			1.30			3.58			115
Year ended 12/31/20		14.07		0.23			(0.96	)		(0.73	)		(0.23	)		(0.06	)		(0.29	)		13.05		(4.89	)		2,001		1.30			1.30			1.79			71
Year ended 12/31/19		12.26		0.33			1.80			2.13			(0.32	)		-			(0.32	)		14.07		17.52			2,910		1.34			1.34			2.44			103
Year ended 12/31/18		13.93		0.32	^(e)		(1.72	)		(1.40	)		(0.27	)		-			(0.27	)		12.26		(10.21	)		2,168		1.34			1.34			2.32	^(e)		111
Class R5
Six months ended 06/30/23		12.03		0.51			0.43			0.94			(0.51	)		-			(0.51	)		12.46		7.92			504		0.96	^(d)		1.32	^(d)		8.25	^(d)		25
Year ended 12/31/22		14.72		0.96			(2.69	)		(1.73	)		(0.96	)		-			(0.96	)		12.03		(11.87	)		514		0.96			1.23			7.50			97
Year ended 12/31/21		13.17		0.53			1.46			1.99			(0.44	)		-			(0.44	)		14.72		15.15			679		1.10			1.16			3.66			115
Year ended 12/31/20		14.20		0.25			(0.97	)		(0.72	)		(0.25	)		(0.06	)		(0.31	)		13.17		(4.74	)		557		1.16			1.16			1.93			71
Year ended 12/31/19		12.38		0.35			1.83			2.18			(0.36	)		-			(0.36	)		14.20		17.69			594		1.17			1.17			2.61			103
Year ended 12/31/18		14.06		0.34	^(e)		(1.73	)		(1.39	)		(0.29	)		-			(0.29	)		12.38		(10.05	)		502		1.21			1.21			2.45	^(e)		111
Class R6
Six months ended 06/30/23		12.02		0.51			0.43			0.94			(0.51	)		-			(0.51	)		12.45		7.92			17		0.96	^(d)		1.26	^(d)		8.25	^(d)		25
Year ended 12/31/22		14.71		0.96			(2.69	)		(1.73	)		(0.96	)		-			(0.96	)		12.02		(11.89	)		17		0.95			1.18			7.51			97
Year ended 12/31/21		13.16		0.53			1.46			1.99			(0.44	)		-			(0.44	)		14.71		15.16			22		1.10			1.15			3.66			115
Year ended 12/31/20		14.21		0.24			(0.98	)		(0.74	)		(0.25	)		(0.06	)		(0.31	)		13.16		(4.88	)		19		1.16			1.16			1.93			71
Year ended 12/31/19		12.38		0.35			1.84			2.19			(0.36	)		-			(0.36	)		14.21		17.77			1,494		1.17			1.17			2.61			103
Year ended 12/31/18		14.06		0.34	^(e)		(1.73	)		(1.39	)		(0.29	)		-			(0.29	)		12.38		(10.03	)		1,483		1.20			1.20			2.46	^(e)		111

^(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)	Annualized.

^(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.

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


15		Invesco Income Advantage International Fund

Notes to Financial Statements

June 30, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Income Advantage International 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 of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.


16		Invesco Income Advantage International Fund

Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

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

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

Equity-Linked Notes – The Fund may invest in Equity-Linked Notes (ELNs). ELNs are hybrid derivative-type instruments, in a single note form, that are specially designed to combine the characteristics of one or more reference securities (such as a single stock, an exchange traded fund, exchange-traded note, or an index or basket of securities (underlying securities)) and a related equity derivative, such as a put or call option. Generally, when purchasing an ELN, the Fund pays the counterparty the current value of the underlying securities plus a commission. Upon the maturity of the note, the Fund generally receives the par value of the note plus a return based on the appreciation of the underlying securities. Investments in ELNs possess the risks associated with the underlying securities, such as management risk, market risk and, as applicable, foreign securities and currency risks. In addition, as a note, ELNs are also subject to certain debt securities risks, such as interest rate and credit risk. An investment in an ELN also bears the risk that the ELN issuer will default or become bankrupt. In such an event, the Fund may have difficulty being repaid, or fail to be repaid, the principal amount of, or income from, its investment. As the holder of an ELN, the Fund generally has no rights to the underlying securities, including no voting rights or rights to receive dividends. Should the prices of the underlying securities move in an unexpected manner, the Fund may not achieve the anticipated benefits of its ELN investments, and it may realize losses, which could be significant and could include the Fund’s entire principal investment.


17		Invesco Income Advantage International Fund

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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2023, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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, 2023, the effective advisory fee rate incurred by the Fund was 0.75%.


18		Invesco Income Advantage International Fund

“Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least April 30, 2024, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to shares to 1.23%, 1.98%, 1.48%, 0.98%, 0.98% and 0.98% respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2024. 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, 2023, the Adviser waived advisory fees of $77,921 and reimbursed class level expenses of $49,071, $857, $1,575, $3,853, $221 and $3 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $1,268 in front-end sales commissions from the sale of Class A shares and $2 and $5 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended June 30, 2023, the Fund incurred $761 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 Adviser’s 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.


19		Invesco Income Advantage International Fund


	Level 1		Level 2		Level 3		Total


Investments in Securities


Australia	$	–	$	1,078,201	$	–	$	1,078,201


Austria		–		17,360		–		17,360


Belgium		–		505,894		–		505,894


Brazil		593,930		4,308		–		598,238


Canada		3,080,581		7,773,991		–		10,854,572


China		294,737		1,232,152		–		1,526,889


Denmark		–		1,083,415		–		1,083,415


Finland		–		111,703		–		111,703


France		–		5,006,659		–		5,006,659


Germany		–		2,297,880		–		2,297,880


Greece		–		209,166		–		209,166


Hong Kong		14,625		455,884		–		470,509


India		47,480		354,121		–		401,601


Indonesia		–		26,780		–		26,780


Ireland		52,531		409,709		–		462,240


Israel		8,040		3,508		–		11,548


Italy		–		359,651		–		359,651


Japan		–		4,616,565		–		4,616,565


Luxembourg		–		116,443		–		116,443


Malaysia		–		27,278		–		27,278


Mexico		175,181		–		–		175,181


Netherlands		–		1,212,175		–		1,212,175


New Zealand		–		71,654		–		71,654


Norway		–		97,723		–		97,723


Philippines		–		41,837		–		41,837


Poland		–		23,111		–		23,111


Portugal		–		3,612		–		3,612


Russia		–		–		2,062		2,062


Singapore		–		981		–		981


South Africa		–		391,331		–		391,331


South Korea		–		1,047,477		–		1,047,477


Spain		–		748,856		–		748,856


Sweden		–		310,932		–		310,932


Switzerland		–		966,959		–966,959


Taiwan		–		902,077		–		902,077


Thailand		–		174,422		–		174,422


Turkey		–		189,888		–		189,888


United Arab Emirates		–		115,183		–		115,183


United Kingdom		17,332		6,628,649		–		6,645,981


United States		145,173		8,509,629		–		8,654,802


Zambia		1,916		–		–		1,916


Money Market Funds		12,110,435		–		–		12,110,435


Total Investments	$	16,541,961	$	47,127,164	$	2,062	$	63,671,187

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.


20		Invesco Income Advantage International Fund

Effect of Derivative Investments for the six months ended June 30, 2023

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


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


Realized Gain (Loss):
Forward foreign currency contracts	$	(2,080)	$	-	$	(2,080	)


Futures contracts		-		118,845		118,845


Change in Net Unrealized Appreciation:
Futures contracts		-		2,552		2,552


Total	$	(2,080)	$	121,397	$	119,317

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


	Forward Foreign Currency Contracts	Futures Contracts


Average notional value	$61,679	$1,048,250

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

NOTE 8–Tax Information

The Fund had a capital loss carryforward as of December 31, 2022, as follows:


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term		Total


Not subject to expiration	$	10,779,572	$	1,255,168	$	12,034,740

*	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, 2023 was $7,674,825 and $8,861,205, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	2,385,644


Aggregate unrealized (depreciation) of investments		(1,490,536	)


Net unrealized appreciation of investments	$	895,108

Cost of investments for tax purposes is $62,776,079.


21		Invesco Income Advantage International Fund

NOTE 10–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		47,272			$ 575,963			112,648			$ 1,482,722


Class C		2,204			25,577			15,946			190,876


Class R		8,296			101,118			19,730			262,615


Class Y		44,123			529,418			159,553			2,150,970


Class R5		431			5,334			2,853			35,376



Issued as reinvestment of dividends:
Class A		153,677			1,880,675			288,224			3,605,512


Class C		2,610			30,215			5,157			60,985


Class R		5,273			64,664			8,788			109,606


Class Y		13,141			161,134			19,956			246,887


Class R5		1,651			20,439			3,418			43,278


Class R6		-			-			4			58



Automatic conversion of Class C shares to Class A shares:
Class A		7,045			86,359			11,730			144,450


Class C		(7,450	)		(86,359	)		(12,403	)		(144,450	)



Reacquired:
Class A		(256,350	)		(3,140,767	)		(543,804	)		(6,850,001	)


Class C		(4,836	)		(56,016	)		(10,617	)		(124,043	)


Class R		(9,348	)		(114,431	)		(8,171	)		(104,080	)


Class Y		(14,709	)		(181,102	)		(30,933	)		(382,101	)


Class R5		(4,374	)		(54,852	)		(9,713	)		(121,396	)


Class R6		-			-			(95	)		(1,135	)


Net increase (decrease) in share activity		(11,344	)		$ (152,631	)		32,271			$ 606,129

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 13% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


22		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.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/23)	Ending Account Value (06/30/23)¹	Expenses Paid During Period²	Ending Account Value (06/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,078.30	$6.24	$1,018.79	$6.06	1.21%
Class C	1,000.00	1,073.70	10.08	1,015.08	9.79	1.96
Class R	1,000.00	1,076.00	7.52	1,017.55	7.30	1.46
Class Y	1,000.00	1,079.60	4.95	1,020.03	4.81	0.96
Class R5	1,000.00	1,079.20	4.95	1,020.03	4.81	0.96
Class R6	1,000.00	1,079.20	4.95	1,020.03	4.81	0.96

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.


23		Invesco Income Advantage International Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Income Advantage International Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, 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. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

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

and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. 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 considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund. 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, 2022 to the performance of funds in the Broadridge performance universe and against the MSCI ACWI ex-USA 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 above the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board considered


24		Invesco Income Advantage International Fund

that the Fund had changed its name, investment strategy and index against which future performance will be compared on July 15, 2021, and that performance results prior to such date reflected that of the Fund’s former strategy. As a result, the Board did not consider performance of the Fund prior to such date to be particularly relevant. 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 considered information provided regarding the more recent performance of the Fund utilizing the new strategy as well as other 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 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 July 15, 2021 in connection with the Fund’s repositioning. 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

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

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.


25		Invesco Income Advantage International Fund

(This page intentionally left blank)

LOGO

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

LOGO


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

LOGO


Semiannual Report to Shareholders		June 30, 2023

Invesco Income Allocation Fund

Nasdaq:

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



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 is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance


Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/22 to 6/30/23, 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	2.88	%
Class C Shares	2.49
Class R Shares	2.65
Class Y Shares	2.91
Class R5 Shares	3.01
Class R6 Shares	3.05
S&P 500 Index^q(Broad Market Index)	16.89
Custom Invesco Income Allocation Index^∎(Style-Specific Index)	6.21
Lipper Mixed-Asset Target Allocation Conservative Funds Index¨(Peer Group Index)	4.62
Source(s): ^qRIMES 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: S&P 500^®, MSCI EAFE^®, FTSE NAREIT Equity REITs and Bloomberg U.S. Universal. The composition of the index may change based on the Fund’s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective. The MSCI EAFE^®Index is considered representative of stocks of Europe, Australasia and the Far East and is computed using the net return, which withholds applicable taxes for nonresident investors. The FTSE NAREIT Equity REITs Index is considered representative of US real estate investment trusts (REITs). The Bloomberg 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 6/30/23, including maximum applicable sales charges

Class A Shares
Inception (10/31/05)	4.18	%
10 Years	3.24
5 Years	1.16
1 Year	-3.17

Class C Shares
Inception (10/31/05)	4.16	%
10 Years	3.19
5 Years	1.55
1 Year	0.70

Class R Shares
Inception (10/31/05)	4.25	%
10 Years	3.56
5 Years	2.06
1 Year	2.10

Class Y Shares
Inception (10/3/08)	5.31	%
10 Years	4.08
5 Years	2.55
1 Year	2.61

Class R5 Shares
Inception (10/31/05)	4.77	%
10 Years	4.07
5 Years	2.56
1 Year	2.63

Class R6 Shares
10 Years	3.98	%
5 Years	2.58
1 Year	2.80

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, 2023

(Unaudited)

Invesco Income Allocation Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–99.96%


	% of Net Assets 06/30/23			Value 12/31/22		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/23		Value 06/30/23

Alternative Funds–13.99%
Invesco Global Real Estate Income Fund, Class R6		3.99	%	$	31,171,300	$	237,545	$	(15,491,715	)	$	1,387,624		$	(876,736	)	$	237,545		2,087,423	$	16,428,018

Invesco Multi-Asset Income Fund, Class R6		10.00	%		42,725,008		1,515,061		(4,380,677	)		2,857,258			(1,490,665	)		1,515,061		5,271,865		41,225,985

Total Alternative Funds					73,896,308		1,752,606		(19,872,392	)		4,244,882			(2,367,401	)		1,752,606				57,654,003

Domestic Equity Funds–11.32%
Invesco Dividend Income Fund, Class R6		3.54	%		24,720,742		206,446		(10,236,214	)		(2,330,952	)		2,204,569			206,446		590,616		14,564,591

Invesco S&P 500^®Enhanced Value ETF		–			24,570,839		1,527,710		(25,212,810	)		(7,883,406	)		6,997,667			224,664		–		–

Invesco S&P 500^®High Dividend Low Volatility ETF^(a)		4.27	%		29,855,418		1,145,516		(11,648,452	)		(3,674,158	)		1,900,554			492,976		425,124		17,578,878

Invesco S&P 500^®Pure Value ETF		3.51	%		–		14,904,781		(1,188,053	)		709,349			49,871			92,947		186,666		14,475,948

Total Domestic Equity Funds					79,146,999		17,784,453		(48,285,529	)		(13,179,167	)		11,152,661			1,017,033				46,619,417

Fixed Income Funds–62.59%
Invesco 1-30 Laddered Treasury ETF		9.65	%		40,766,577		1,565,972		(3,236,433	)		977,062			(315,693	)		490,917		1,362,958		39,757,485

Invesco Core Plus Bond Fund, Class R6		9.95	%		42,967,487		1,237,899		(2,959,535	)		248,727			(483,135	)		973,273		4,526,649		41,011,443

Invesco Corporate Bond Fund, Class R6		12.73	%		31,028,803		23,784,100		(2,373,455	)		333,217			(329,139	)		1,062,621		8,555,224		52,443,526

Invesco Floating Rate ESG Fund, Class R6		0.55	%		–		2,290,262		–			–			–			5,266		338,296		2,290,262

Invesco Fundamental High Yield^®Corporate Bond ETF		–			29,791,436		–		(29,805,458	)		3,161,814			(3,147,792	)		293,318		–		–

Invesco High Yield Fund, Class R6		10.01	%		–		42,606,146		(1,602,038	)		240,565			3,069			702,799		12,060,742		41,247,742

Invesco Income Fund, Class R6		8.21	%		26,756,383		9,273,267		(1,963,815	)		(123,296	)		(122,028	)		885,412		4,959,019		33,820,511

Invesco International Bond Fund, Class R6		2.98	%		12,755,094		475,292		(1,076,263	)		298,896			(175,544	)		279,246		2,828,911		12,277,475

Invesco Master Loan Fund, Class R6		5.03	%		24,248,411		1,113,342		(4,421,405	)		(242,496	)		13,557			1,101,206		1,380,475		20,711,409

Invesco Taxable Municipal Bond ETF^(a)		3.48	%		22,312,321		310,439		(9,016,831	)		2,462,879			(1,730,401	)		333,239		540,053		14,338,407

Total Fixed Income Funds					230,626,512		82,656,719		(56,455,233	)		7,357,368			(6,287,106	)		6,127,297				257,898,260

Foreign Equity Funds–11.75%
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		3.95	%		–		16,892,985		(1,474,249	)		804,599			71,608			234,957		362,432		16,294,943

Invesco RAFI^™ Strategic Developed ex-US ETF		–			21,370,246		–		(21,993,094	)		1,799,990			(1,177,142	)		–		–		–

Invesco S&P International Developed Low Volatility ETF		3.91	%		22,570,077		–		(6,811,214	)		904,596			(556,333	)		426,561		588,926		16,107,126

iShares Global Infrastructure ETF^(b)		3.89	%		–		16,786,811		(988,581	)		181,010			31,414			230,331		341,015		16,010,654

Total Foreign Equity Funds					43,940,323		33,679,796		(31,267,138	)		3,690,195			(1,630,453	)		891,849				48,412,723

Money Market Funds–0.31%
Invesco Government & Agency Portfolio, Institutional Class, 5.05%^(c)		0.11	%		11		26,119,739		(25,676,070	)		–			–			14,278		443,680		443,680

Invesco Liquid Assets Portfolio, Institutional Class, 4.92%^(c)		0.08	%		–		18,656,956		(18,339,908	)		–			(188	)		9,591		316,828		316,860

Invesco Treasury Portfolio, Institutional Class, 5.03%^(c)		0.12	%		12		29,851,130		(29,344,079	)		–			–			14,924		507,063		507,063

Total Money Market Funds					23		74,627,825		(73,360,057	)		–			(188	)		38,793				1,267,603

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $425,698,543)		99.96	%		427,610,165		210,501,399		(229,240,349	)		2,113,278			867,513			9,827,578				411,852,006

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


5		Invesco Income Allocation Fund

Invesco Income Allocation Fund (continued)

Schedule of Investments in Affiliated and Unaffiliated Issuers–99.96%


	%of Net Assets 06/30/23			Value 12/31/22		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Dividend Income			Shares 06/30/23		Value 06/30/23

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.23%
Invesco Private Government Fund, 5.10%^(c)(d)		0.90	%	$	2,073,105	$	34,159,428	$	(32,502,691	)	$	–		$	–	$	60,600	^(e)		3,729,842	$	3,729,842

Invesco Private Prime Fund, 5.23%^(c)(d)		2.33	%		5,330,842		79,815,526		(75,554,987	)		(745	)		386		166,829	^(e)		9,591,982		9,591,022

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,321,155)		3.23	%		7,403,947		113,974,954		(108,057,678	)		(745	)		386		227,429					13,320,864

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $439,019,698)		103.19	%	$	435,014,112	$	324,476,353	$	(337,298,027	)	$	2,112,533		$	867,899	$	10,055,007				$	425,172,870

OTHER ASSETS LESS LIABILITIES		(3.19	)%																			(13,129,450	)

NET ASSETS		100.00	%																		$	412,043,420

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at June 30, 2023.

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

^(c)	The rate shown is the 7-day SEC standardized yield as of June 30, 2023.

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

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

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2023


Fixed Income Funds		60.66%
Equity Funds		22.35
Alternative Funds		13.56
Money Market Funds		3.43

*	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, 2023

(Unaudited)


Assets:
Investments in affiliated underlying funds, at value (Cost $423,190,054)*	$409,162,216

Investments in unaffiliated underlying funds, at value (Cost $15,829,644)	16,010,654

Receivable for:
Fund shares sold	877,715

Dividends - affiliated underlying funds	1,090,162

Investment for trustee deferred compensation and retirement plans	32,824

Other assets	57,985

Total assets	427,231,556


Liabilities:
Payable for:
Investments purchased - affiliated underlying funds	1,106,051

Fund shares reacquired	481,420

Collateral upon return of securities loaned	13,321,155

Accrued fees to affiliates	200,675

Accrued other operating expenses	39,841

Trustee deferred compensation and retirement plans	38,994

Total liabilities	15,188,136

Net assets applicable to shares outstanding	$412,043,420


Net assets consist of:
Shares of beneficial interest	$456,185,474

Distributable earnings (loss)	(44,142,054	)

	$412,043,420


Net Assets:
Class A			$356,433,443

Class C			$ 24,919,041

Class R			$ 3,847,419

Class Y			$ 26,374,802

Class R5			$ 62,584

Class R6			$ 406,131


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A			34,890,908

Class C			2,436,190

Class R			376,363

Class Y			2,582,167

Class R5			6,128

Class R6			39,769

Class A:
Net asset value per share			$ 10.22

Maximum offering price per share (Net asset value of $10.22 ÷ 94.50%)			$ 10.81

Class C:
Net asset value and offering price per share			$ 10.23

Class R:
Net asset value and offering price per share			$ 10.22

Class Y:
Net asset value and offering price per share			$ 10.21

Class R5:
Net asset value and offering price per share			$ 10.21

Class R6:
Net asset value and offering price per share			$ 10.21

*	At June 30, 2023, securities with an aggregate value of $13,101,065 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, 2023

(Unaudited)


Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $41,212)	$ 9,638,459

Dividends from unaffiliated underlying funds	230,331

Interest	80,516

Total investment income	9,949,306


Expenses:
Administrative services fees	32,004

Custodian fees	1,877

Distribution fees:
Class A	454,771

Class C	138,838

Class R	9,084

Transfer agent fees – A, C, R and Y	226,673

Transfer agent fees – R5	36

Transfer agent fees – R6	46

Trustees’ and officers’ fees and benefits	7,840

Registration and filing fees	53,460

Reports to shareholders	21,007

Professional services fees	21,524

Other	7,933

Total expenses	975,093

Less: Expense offset arrangement(s)	(2,053	)

Net expenses	973,040

Net investment income	8,976,266


Realized and unrealized gain from:
Net realized gain from:
Affiliated underlying fund shares	836,485

Unaffiliated underlying fund shares	31,414

	867,899

Change in net unrealized appreciation of:
Affiliated underlying fund shares	1,931,523

Unaffiliated underlying fund shares	181,010

	2,112,533

Net realized and unrealized gain	2,980,432

Net increase in net assets resulting from operations	$11,956,698

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, 2023 and the year ended December 31, 2022

(Unaudited)


	June 30,			December 31,
	2023			2022

Operations:
Net investment income	$	8,976,266		$	15,637,345

Net realized gain (loss)		867,899			(7,372,451	)

Change in net unrealized appreciation (depreciation)		2,112,533			(72,982,115	)

Net increase (decrease) in net assets resulting from operations		11,956,698			(64,717,221	)


Distributions to shareholders from distributable earnings:
Class A		(6,047,329	)		(13,588,812	)

Class C		(355,779	)		(966,467	)

Class R		(56,246	)		(130,234	)

Class Y		(494,242	)		(1,287,015	)

Class R5		(1,346	)		(4,154	)

Class R6		(6,040	)		(5,592	)

Total distributions from distributable earnings		(6,960,982	)		(15,982,274	)


Share transactions–net:
Class A		(14,081,127	)		(24,462,024	)

Class C		(5,024,896	)		(10,376,817	)

Class R		337,649			(929,219	)

Class Y		(2,184,492	)		(13,917,530	)

Class R5		(32,020	)		(21,428	)

Class R6		63,901			220,424

Net increase (decrease) in net assets resulting from share transactions		(20,920,985	)		(49,486,594	)

Net increase (decrease) in net assets		(15,925,269	)		(130,186,089	)


Net assets:
Beginning of period		427,968,689			558,154,778

End of period	$	412,043,420		$	427,968,689

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 06/30/23		$10.10		$0.22		$ 0.07			$ 0.29			$(0.17	)		$ –			$(0.17	)		$10.22		2.88	%		$356,433		0.43	%^(e)		0.43	%^(e)		4.27	%^(e)		32	%
Year ended 12/31/22		11.84		0.35		(1.73	)		(1.38	)		(0.36	)		–			(0.36	)		10.10		(11.78	)		366,254		0.37			0.43			3.25			30
Year ended 12/31/21		11.37		0.34		0.51			0.85			(0.38	)		–			(0.38	)		11.84		7.56			458,085		0.25			0.42			2.90			16
Year ended 12/31/20		11.60		0.40		(0.17	)		0.23			(0.46	)		(0.00	)		(0.46	)		11.37		2.33			414,703		0.25			0.43			3.65			66
Year ended 12/31/19		10.76		0.49		1.12			1.61			(0.53	)		(0.24	)		(0.77	)		11.60		15.19			434,337		0.25			0.44			4.28			14
Year ended 12/31/18		11.70		0.44		(0.96	)		(0.52	)		(0.42	)		–			(0.42	)		10.76		(4.53	)		323,945		0.25			0.45			3.86			20
Class C
Six months ended 06/30/23		10.11		0.18		0.07			0.25			(0.13	)		–			(0.13	)		10.23		2.49			24,919		1.18	^(e)		1.18	^(e)		3.52	^(e)		32
Year ended 12/31/22		11.85		0.27		(1.73	)		(1.46	)		(0.28	)		–			(0.28	)		10.11		(12.43	)		29,588		1.12			1.18			2.50			30
Year ended 12/31/21		11.38		0.25		0.51			0.76			(0.29	)		–			(0.29	)		11.85		6.76			46,368		1.00			1.17			2.15			16
Year ended 12/31/20		11.61		0.31		(0.16	)		0.15			(0.38	)		(0.00	)		(0.38	)		11.38		1.56			57,434		1.00			1.18			2.90			66
Year ended 12/31/19		10.78		0.41		1.10			1.51			(0.44	)		(0.24	)		(0.68	)		11.61		14.22			78,374		1.00			1.19			3.53			14
Year ended 12/31/18		11.71		0.35		(0.94	)		(0.59	)		(0.34	)		–			(0.34	)		10.78		(5.15	)		110,370		1.00			1.20			3.11			20
Class R
Six months ended 06/30/23		10.11		0.21		0.06			0.27			(0.16	)		–			(0.16	)		10.22		2.65			3,847		0.68	^(e)		0.68	^(e)		4.02	^(e)		32
Year ended 12/31/22		11.84		0.32		(1.72	)		(1.40	)		(0.33	)		–			(0.33	)		10.11		(11.91	)		3,470		0.62			0.68			3.00			30
Year ended 12/31/21		11.38		0.31		0.50			0.81			(0.35	)		–			(0.35	)		11.84		7.20			5,115		0.50			0.67			2.65			16
Year ended 12/31/20		11.60		0.37		(0.16	)		0.21			(0.43	)		(0.00	)		(0.43	)		11.38		2.17			4,975		0.50			0.68			3.40			66
Year ended 12/31/19		10.77		0.46		1.11			1.57			(0.50	)		(0.24	)		(0.74	)		11.60		14.80			6,847		0.50			0.69			4.03			14
Year ended 12/31/18		11.70		0.40		(0.94	)		(0.54	)		(0.39	)		–			(0.39	)		10.77		(4.68	)		8,601		0.50			0.70			3.61			20
Class Y
Six months ended 06/30/23		10.10		0.23		0.06			0.29			(0.18	)		–			(0.18	)		10.21		2.91			26,375		0.18	^(e)		0.18	^(e)		4.52	^(e)		32
Year ended 12/31/22		11.83		0.38		(1.73	)		(1.35	)		(0.38	)		–			(0.38	)		10.10		(11.48	)		28,227		0.12			0.18			3.50			30
Year ended 12/31/21		11.37		0.37		0.50			0.87			(0.41	)		–			(0.41	)		11.83		7.74			48,311		0.00			0.17			3.15			16
Year ended 12/31/20		11.60		0.42		(0.16	)		0.26			(0.49	)		(0.00	)		(0.49	)		11.37		2.59			49,435		0.00			0.18			3.90			66
Year ended 12/31/19		10.76		0.52		1.11			1.63			(0.55	)		(0.24	)		(0.79	)		11.60		15.48			70,139		0.00			0.19			4.53			14
Year ended 12/31/18		11.70		0.47		(0.96	)		(0.49	)		(0.45	)		–			(0.45	)		10.76		(4.29	)		57,009		0.00			0.20			4.11			20
Class R5
Six months ended 06/30/23		10.09		0.23		0.07			0.30			(0.18	)		–			(0.18	)		10.21		3.01			63		0.17	^(e)		0.17	^(e)		4.53	^(e)		32
Year ended 12/31/22		11.83		0.38		(1.73	)		(1.35	)		(0.39	)		–			(0.39	)		10.09		(11.55	)		93		0.11			0.16			3.51			30
Year ended 12/31/21		11.37		0.37		0.50			0.87			(0.41	)		–			(0.41	)		11.83		7.74			136		0.00			0.16			3.15			16
Year ended 12/31/20		11.60		0.42		(0.16	)		0.26			(0.49	)		(0.00	)		(0.49	)		11.37		2.59			367		0.00			0.16			3.90			66
Year ended 12/31/19		10.77		0.52		1.10			1.62			(0.55	)		(0.24	)		(0.79	)		11.60		15.37			1,712		0.00			0.16			4.53			14
Year ended 12/31/18		11.70		0.47		(0.95	)		(0.48	)		(0.45	)		–			(0.45	)		10.77		(4.20	)		1,807		0.00			0.18			4.11			20
Class R6
Six months ended 06/30/23		10.09		0.23		0.08			0.31			(0.19	)		–			(0.19	)		10.21		3.05			406		0.10	^(e)		0.10	^(e)		4.60	^(e)		32
Year ended 12/31/22		11.83		0.38		(1.73	)		(1.35	)		(0.39	)		–			(0.39	)		10.09		(11.51	)		337		0.06			0.09			3.56			30
Year ended 12/31/21		11.36		0.37		0.51			0.88			(0.41	)		–			(0.41	)		11.83		7.83			139		0.00			0.12			3.15			16
Year ended 12/31/20		11.60		0.45		(0.20	)		0.25			(0.49	)		(0.00	)		(0.49	)		11.36		2.50			10		0.00			0.14			3.90			66
Year ended 12/31/19		10.77		0.53		1.09			1.62			(0.55	)		(0.24	)		(0.79	)		11.60		15.37			187		0.00			0.13			4.53			14
Year ended 12/31/18		11.70		0.47		(0.95	)		(0.48	)		(0.45	)		–			(0.45	)		10.77		(4.20	)		145		0.00			0.15			4.11			20

^(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 0.42%, 0.42%, 0.45%, 0.51%, 0.52% and 0.56% for the six months ended June 30, 2023 and the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively.

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

^(e)	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, 2023

(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 listed or traded on an exchange are generally valued at the trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. 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.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


11		Invesco Income Allocation Fund

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

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for


12		Invesco Income Allocation Fund

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 Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2023, the Fund paid the Adviser $3,992 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated underlying funds on the Statement of Operations.

Other Risks - Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

The Adviser has contractually agreed, through at least June 30, 2023, to reimburse expenses to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 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”). 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. The Adviser did not reimburse expenses during the period under these expense limits. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

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, 2023, 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, 2023, IDI advised the Fund that IDI retained $12,864 in front-end sales commissions from the sale of Class A shares and $12,061 and $26 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 Adviser’s


13		Invesco Income Allocation Fund


		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		$394,573,749		$ –		$–		$394,573,749

Unaffiliated Issuers		16,010,654		–		–		16,010,654

Money Market Funds		1,267,603		13,320,864		–		14,588,467

Total Investments		$411,852,006		$13,320,864		$–		$425,172,870

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Tax Information

The Fund had a capital loss carryforward as of December 31, 2022, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	6,822,310	$	17,700,842	$	24,523,152

*	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, 2023 was $135,873,574 and $155,880,292, 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	$	12,701,969

Aggregate unrealized (depreciation) of investments		(35,170,987	)

Net unrealized appreciation (depreciation) of investments	$	(22,469,018	)

Cost of investments for tax purposes is $447,641,888.


14		Invesco Income Allocation Fund

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended						Year ended
	June 30, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount

Sold:
Class A		1,979,563		$	20,376,367			7,103,803		$	76,464,730

Class C		67,307			695,691			222,019			2,404,896

Class R		50,630			521,437			100,775			1,094,491

Class Y		245,492			2,525,370			625,101			6,744,550

Class R5		105			1,108			6,743			77,809

Class R6		9,268			94,567			28,699			292,417


Issued as reinvestment of dividends:
Class A		486,332			4,980,700			1,054,439			11,167,729

Class C		28,094			288,267			73,472			780,705

Class R		5,491			56,247			11,994			127,241

Class Y		27,650			283,099			70,588			752,844

Class R5		111			1,136			348			3,713

Class R6		574			5,876			500			5,250


Automatic conversion of Class C shares to Class A shares:
Class A		142,541			1,455,105			247,882			2,658,020

Class C		(142,368	)		(1,455,105	)		(247,606	)		(2,658,020	)


Reacquired:
Class A		(3,986,083	)		(40,893,299	)		(10,839,541	)		(114,752,503	)

Class C		(443,182	)		(4,553,749	)		(1,034,470	)		(10,904,398	)

Class R		(23,128	)		(240,035	)		(201,243	)		(2,150,951	)

Class Y		(486,489	)		(4,992,961	)		(1,982,322	)		(21,414,924	)

Class R5		(3,297	)		(34,264	)		(9,343	)		(102,950	)

Class R6		(3,470	)		(36,542	)		(7,583	)		(77,243	)

Net increase (decrease) in share activity		(2,044,859	)	$	(20,920,985	)		(4,775,745	)	$	(49,486,594	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 59% 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 (01/01/23)	Ending Account Value (06/30/23)¹	Expenses Paid During Period²	Ending Account Value (06/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,028.80	$2.16	$1,022.66	$2.16	0.43%
Class C	1,000.00	1,024.90	5.92	1,018.94	5.91	1.18
Class R	1,000.00	1,026.50	3.42	1,021.42	3.41	0.68
Class Y	1,000.00	1,029.10	0.91	1,023.90	0.90	0.18
Class R5	1,000.00	1,030.10	0.86	1,023.95	0.85	0.17
Class R6	1,000.00	1,030.50	0.50	1,024.30	0.50	0.10

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.


16		Invesco Income Allocation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Income Allocation Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. 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

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, 2022 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 second quintile of its performance universe for the one year period, the fifth quintile for the three year period 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 above the performance of the Index for the one year period and below the performance of the Index for


17		Invesco Income Allocation Fund

the three and five year periods. The Board considered that the Fund underwent a change in investment process in 2020 and recently underwent a change in portfolio management in March 2023. The Board considered that the Fund’s asset allocation achieved through investing in underlying affiliated funds, including its exposure to certain segments of the equity market as well alternative strategies, 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 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 the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco 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. The Board noted the cyclical and competitive nature of the global asset management industry.

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.

securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.


18		Invesco Income Allocation Fund

(This page intentionally left blank)

LOGO

Go paperless with eDelivery

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

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


∎		Fund reports and prospectuses
∎		Quarterly statements
∎		Daily confirmations
∎		Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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

LOGO


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

LOGO


Semiannual Report to Shareholders		June 30, 2023

Invesco International Diversified Fund

Nasdaq:

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



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 is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance


Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/22 to 6/30/23, 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	11.63	%
Class C Shares	11.20
Class R Shares	11.48
Class Y Shares	11.72
Class R5 Shares	11.79
Class R6 Shares	11.79
MSCI All Country World ex USA Index^q	9.47
Source(s): ^qRIMES Technologies Corp.
The MSCI All Country World ex USA^®Index is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

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 6/30/23, including maximum applicable sales charges

Class A Shares
Inception (9/27/05)	5.25	%
10 Years	4.55
5 Years	1.14
1 Year	8.18

Class C Shares
Inception (9/27/05)	5.23	%
10 Years	4.52
5 Years	1.52
1 Year	12.58

Class R Shares
Inception (9/27/05)	5.29	%
10 Years	4.87
5 Years	2.03
1 Year	14.14

Class Y Shares
Inception (9/27/05)	5.89	%
10 Years	5.41
5 Years	2.55
1 Year	14.67

Class R5 Shares
10 Years	5.30	%
5 Years	2.59
1 Year	14.75

Class R6 Shares
Inception (8/28/12)	6.68	%
10 Years	5.62
5 Years	2.70
1 Year	14.88

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.

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 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, 2023

(Unaudited)

Invesco International Diversified Fund

Schedule of Investments in Affiliated Issuers–99.52%^(a)


	% of
	Net										Change in
	Assets			Value		Purchases		Proceeds			Unrealized		Realized		Dividend		Shares		Value
	06/30/23			12/31/22		at Cost		from Sales			Appreciation		Gain		Income		06/30/23		06/30/23
Foreign Equity Funds–99.52%
Invesco Developing Markets Fund, Class R6		19.72	%		$ 466,673,274		$13,400,643		$ (81,599,422	)		$ 45,033,337		$ 5,377,926		$–		11,569,221	$ 448,885,758
Invesco International Equity Fund, Class R6		25.16	%		583,517,330		–		(85,437,971	)		70,311,630		4,259,123		–		25,806,675	572,650,112
Invesco International Small-Mid Company Fund, Class R6		29.45	%		707,750,993		4,399,765		(96,832,783	)		48,847,280		6,069,387		–		15,916,282	670,234,642
Invesco Oppenheimer International Growth Fund, Class R6		25.19	%		583,012,390		1,666,373		(97,396,495	)		67,148,128		19,035,764		–		15,004,347	573,466,160
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $1,496,129,474)		99.52	%		$2,340,953,987		$19,466,781		$(361,266,671	)		$231,340,375		$34,742,200		$–			$2,265,236,672
OTHER ASSETS LESS LIABILITIES		0.48	%																10,984,862
NET ASSETS		100.00	%																$2,276,221,534

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, 2023


Invesco International Small-Mid Company Fund, Class R6		29.59%
Invesco Oppenheimer International Growth Fund, Class R6		25.31
Invesco International Equity Fund, Class R6		25.28
Invesco Developing Markets Fund, Class R6		19.82

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, 2023

(Unaudited)


Assets:

Investments in affiliated underlying funds, at value (Cost $1,496,129,474)		$2,265,236,672
Cash		12,397,903
Receivable for:
Interest		60
Fund shares sold		2,302,980
Investment for trustee deferred compensation and retirement plans		164,032
Other assets		111,129
Total assets		2,280,212,776

Liabilities:
Payable for:
Fund shares reacquired		2,862,067
Accrued fees to affiliates		829,768
Accrued trustees’ and officers’ fees and benefits		19,681
Accrued other operating expenses		98,786
Trustee deferred compensation and retirement plans		180,940
Total liabilities		3,991,242
Net assets applicable to shares outstanding		$2,276,221,534

Net assets consist of:
Shares of beneficial interest		$1,711,212,568
Distributable earnings		565,008,966
		$2,276,221,534


Net Assets:
Class A	$	877,635,087

Class C	$	80,267,045

Class R	$	127,197,464

Class Y	$	863,053,393

Class R5	$	31,049

Class R6	$	328,037,496


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		56,088,863

Class C		5,497,229

Class R		8,339,667

Class��Y		54,209,983

Class R5		1,973

Class R6		20,480,972

Class A:
Net asset value per share	$	15.65

Maximum offering price per share (Net asset value of $15.65 ÷ 94.50%)	$	16.56

Class C:
Net asset value and offering price per share	$	14.60

Class R:
Net asset value and offering price per share	$	15.25

Class Y:
Net asset value and offering price per share	$	15.92

Class R5:
Net asset value and offering price per share	$	15.74

Class R6:
Net asset value and offering price per share	$	16.02

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, 2023

(Unaudited)


Expenses:

Custodian fees	$	4,084

Distribution fees:
Class A		1,077,985

Class C		416,984

Class R		319,815

Transfer agent fees – A, C, R and Y		1,264,333

Transfer agent fees – R5		15

Transfer agent fees – R6		57,946

Trustees’ and officers’ fees and benefits		19,063

Registration and filing fees		74,242

Reports to shareholders		103,209

Professional services fees		34,501

Other		(9,612	)

Total expenses		3,362,565

Less: Expense offset arrangement(s)		(31,147	)

Net expenses		3,331,418

Net investment income (loss)		(3,331,418	)


Realized and unrealized gain from:
Net realized gain from affiliated underlying fund shares		34,742,200

Change in net unrealized appreciation of affiliated underlying fund shares		231,340,375

Net realized and unrealized gain		266,082,575

Net increase in net assets resulting from operations	$	262,751,157

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, 2023 and the year ended December 31, 2022

(Unaudited)


	June 30,			December 31,
	2023			2022


Operations:
Net investment income (loss)	$	(3,331,418	)	$	12,137,177

Net realized gain (loss)		34,742,200			(127,879,473	)

Change in net unrealized appreciation (depreciation)		231,340,375			(946,231,538	)

Net increase (decrease) in net assets resulting from operations		262,751,157			(1,061,973,834	)


Distributions to shareholders from distributable earnings:
Class A		–			(109,807,177	)

Class C		–			(11,734,501	)

Class R		–			(16,350,183	)

Class Y		–			(116,865,722	)

Class R5		–			(3,778	)

Class R6		–			(57,455,724	)

Total distributions from distributable earnings		–			(312,217,085	)


Share transactions–net:
Class A		(55,989,784	)		(55,551,595	)

Class C		(11,308,360	)		(29,672,442	)

Class R		(10,645,862	)		6,282,249

Class Y		(106,640,517	)		(393,070,728	)

Class R5		–			(25,327	)

Class R6		(146,523,946	)		(126,965,668	)

Net increase (decrease) in net assets resulting from share transactions		(331,108,469	)		(599,003,511	)

Net increase (decrease) in net assets		(68,357,312	)		(1,973,194,430	)


Net assets:
Beginning of period		2,344,578,846			4,317,773,276

End of period	$	2,276,221,534		$	2,344,578,846

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 06/30/23		$14.02		$(0.03	)		$ 1.66			$ 1.63			$ –			$ –			$ –			$15.65		11.63	%		$ 877,635		0.40	%^(f)		0.40	%^(f)		(0.40	)%^(f)		1	%
Year ended 12/31/22		21.53		0.05			(5.49	)		(5.44	)		(0.06	)		(2.01	)		(2.07	)		14.02		(25.32	)		838,141		0.44			0.44			0.26			15
Year ended 12/31/21		22.41		0.06			0.77			0.83			(0.11	)		(1.60	)		(1.71	)		21.53		3.89			1,337,605		0.42			0.42			0.26			20
Year ended 12/31/20		18.88		(0.01	)		3.79			3.78			(0.19	)		(0.06	)		(0.25	)		22.41		20.56			1,403,095		0.44			0.44			(0.04	)		12
Eight months ended 12/31/19		18.00		0.14			1.14			1.28			(0.18	)		(0.22	)		(0.40	)		18.88		7.16			1,279,901		0.44	^(f)		0.44	^(f)		1.16	^(f)		5
Year ended 04/30/19		18.47		0.13			(0.47	)		(0.34	)		(0.13	)		–			(0.13	)		18.00		(1.73	)		1,226,049		0.45			0.45			0.76			7
Year ended 04/30/18		15.75		0.08			2.71			2.79			(0.07	)		–			(0.07	)		18.47		17.73			1,406,336		0.47			0.48			0.48			30
Class C
Six months ended 06/30/23		13.13		(0.08	)		1.55			1.47			–			–			–			14.60		11.20			80,267		1.15	^(f)		1.15	^(f)		(1.15	)^(f)		1
Year ended 12/31/22		20.49		(0.08	)		(5.21	)		(5.29	)		(0.06	)		(2.01	)		(2.07	)		13.13		(25.88	)		82,628		1.19			1.19			(0.49	)		15
Year ended 12/31/21		21.46		(0.11	)		0.74			0.63			–			(1.60	)		(1.60	)		20.49		3.11			164,886		1.17			1.17			(0.49	)		20
Year ended 12/31/20		18.24		(0.14	)		3.61			3.47			(0.19	)		(0.06	)		(0.25	)		21.46		19.58			211,223		1.19			1.19			(0.79	)		12
Eight months ended 12/31/19		17.48		0.05			1.11			1.16			(0.18	)		(0.22	)		(0.40	)		18.24		6.68			282,376		1.19	^(f)		1.19	^(f)		0.40	^(f)		5
Year ended 04/30/19		17.92		0.00			(0.44	)		(0.44	)		–			–			–			17.48		(2.46	)		417,155		1.20			1.20			0.01			7
Year ended 04/30/18		15.34		(0.05	)		2.63			2.58			–			–			–			17.92		16.82			480,204		1.22			1.23			(0.27	)		30
Class R
Six months ended 06/30/23		13.68		(0.05	)		1.62			1.57			–			–			–			15.25		11.48			127,197		0.65	^(f)		0.65	^(f)		(0.65	)^(f)		1
Year ended 12/31/22		21.13		0.00			(5.38	)		(5.38	)		(0.06	)		(2.01	)		(2.07	)		13.68		(25.52	)		123,943		0.69			0.69			0.01			15
Year ended 12/31/21		22.02		0.00			0.76			0.76			(0.05	)		(1.60	)		(1.65	)		21.13		3.62			179,362		0.67			0.67			0.01			20
Year ended 12/31/20		18.61		(0.05	)		3.71			3.66			(0.19	)		(0.06	)		(0.25	)		22.02		20.21			196,106		0.69			0.69			(0.29	)		12
Eight months ended 12/31/19		17.77		0.11			1.13			1.24			(0.18	)		(0.22	)		(0.40	)		18.61		7.03			187,607		0.69	^(f)		0.69	^(f)		0.90	^(f)		5
Year ended 04/30/19		18.23		0.09			(0.46	)		(0.37	)		(0.09	)		–			(0.09	)		17.77		(1.96	)		200,643		0.70			0.70			0.51			7
Year ended 04/30/18		15.56		0.04			2.66			2.70			(0.03	)		–			(0.03	)		18.23		17.38			215,588		0.72			0.73			0.23			30
Class Y
Six months ended 06/30/23		14.25		(0.01	)		1.68			1.67			–			–			–			15.92		11.72			863,053		0.15	^(f)		0.15	^(f)		(0.15	)^(f)		1
Year ended 12/31/22		21.83		0.09			(5.57	)		(5.48	)		(0.09	)		(2.01	)		(2.10	)		14.25		(25.15	)		871,554		0.19			0.19			0.51			15
Year ended 12/31/21		22.71		0.12			0.78			0.90			(0.18	)		(1.60	)		(1.78	)		21.83		4.17			1,823,128		0.17			0.17			0.51			20
Year ended 12/31/20		19.10		0.04			3.84			3.88			(0.21	)		(0.06	)		(0.27	)		22.71		20.83			2,019,871		0.19			0.19			0.21			12
Eight months ended 12/31/19		18.17		0.17			1.16			1.33			(0.18	)		(0.22	)		(0.40	)		19.10		7.37			2,349,592		0.17	^(f)		0.19	^(f)		1.43	^(f)		5
Year ended 04/30/19		18.65		0.18			(0.48	)		(0.30	)		(0.18	)		–			(0.18	)		18.17		(1.41	)		2,386,585		0.16			0.20			1.05			7
Year ended 04/30/18		15.91		0.13			2.73			2.86			(0.12	)		–			(0.12	)		18.65		18.00			1,968,444		0.22			0.23			0.73			30
Class R5
Six months ended 06/30/23		14.08		(0.01	)		1.67			1.66			–			–			–			15.74		11.79			31		0.12	^(f)		0.12	^(f)		(0.12	)^(f)		1
Year ended 12/31/22		21.61		0.10			(5.51	)		(5.41	)		(0.11	)		(2.01	)		(2.12	)		14.08		(25.09	)		28		0.10			0.10			0.60			15
Year ended 12/31/21		22.50		0.15			0.78			0.93			(0.22	)		(1.60	)		(1.82	)		21.61		4.32			73		0.07			0.07			0.61			20
Year ended 12/31/20		18.93		0.07			3.80			3.87			(0.24	)		(0.06	)		(0.30	)		22.50		20.96			24		0.05			0.05			0.35			12
Period ended 12/31/19^(g)		17.05		0.16			2.12			2.28			(0.18	)		(0.22	)		(0.40	)		18.93		13.42			11		0.07	^(f)		0.07	^(f)		1.52	^(f)		5
Class R6
Six months ended 06/30/23		14.33		(0.00	)		1.69			1.69			–			–			–			16.02		11.79			328,037		0.05	^(f)		0.05	^(f)		(0.05	)^(f)		1
Year ended 12/31/22		21.94		0.11			(5.58	)		(5.47	)		(0.13	)		(2.01	)		(2.14	)		14.33		(25.02	)		428,285		0.04			0.04			0.66			15
Year ended 12/31/21		22.82		0.16			0.78			0.94			(0.22	)		(1.60	)		(1.82	)		21.94		4.31			812,719		0.03			0.03			0.65			20
Year ended 12/31/20		19.19		0.07			3.86			3.93			(0.24	)		(0.06	)		(0.30	)		22.82		20.99			842,979		0.04			0.04			0.36			12
Eight months ended 12/31/19		18.23		0.19			1.17			1.36			(0.18	)		(0.22	)		(0.40	)		19.19		7.51			805,573		0.03	^(f)		0.03	^(f)		1.57	^(f)		5
Year ended 04/30/19		18.73		0.20			(0.49	)		(0.29	)		(0.21	)		–			(0.21	)		18.23		(1.37	)		734,849		0.04			0.04			1.17			7
Year ended 04/30/18		15.96		0.16			2.75			2.91			(0.14	)		–			(0.14	)		18.73		18.28			461,321		0.05			0.05			0.90			30

^(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 were 0.77%, 0.77%, 0.82% and 0.81% for the six months ended June 30, 2023 and the years ended December 31, 2022, 2021 and 2020, respectively.

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

^(e)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $103,226,025 and sold of $86,850,094 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco International Allocation Fund into the Fund.

^(f)	Annualized.

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

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


9		Invesco International Diversified Fund

Notes to Financial Statements

June 30, 2023

(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 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.

Security Valuations – Securities of investment companies listed or traded on an exchange are generally valued at the trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. 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.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


10		Invesco International Diversified 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.

Other Risks – Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


11		Invesco International Diversified Fund

sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2023, to reimburse expenses to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 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”). 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. The Adviser did not reimburse expenses during the period under these limits. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

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, 2023, 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, 2023, IDI advised the Fund that IDI retained $40,351 in front-end sales commissions from the sale of Class A shares and $923 and $3,647 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 Adviser’s 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, 2023, 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


12		Invesco International Diversified 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.

NOTE 7–Tax Information

The Fund had a capital loss carryforward as of December 31, 2022, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	76,234,771	$	82,045,247	$	158,280,018

*	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, 2023 was $19,466,781 and $361,266,671, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	684,000,069

Aggregate unrealized (depreciation) of investments		–

Net unrealized appreciation of investments	$	684,000,069

Cost of investments for tax purposes is $1,581,236,603.

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended						Year ended
	June 30, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount

Sold:
Class A		1,905,401		$	29,045,771			4,166,805		$	71,384,490

Class C		252,296			3,594,519			552,171			8,898,630

Class R		538,107			7,993,817			1,131,838			18,910,093

Class Y		3,940,530			60,987,399			12,035,575			207,644,155

Class R6		2,059,214			31,924,622			7,117,851			123,909,430


Issued as reinvestment of dividends:
Class A		-			-			7,240,485			102,241,217

Class C		-			-			833,265			11,024,367

Class R		-			-			1,181,096			16,275,523

Class Y		-			-			6,779,405			97,284,462

Class R5		-			-			193			2,742

Class R6		-			-			3,874,365			55,907,084


Automatic conversion of Class C shares to Class A shares:
Class A		428,670			6,519,819			903,229			15,202,129

Class C		(458,601	)		(6,519,819	)		(952,903	)		(15,202,129	)


13		Invesco International Diversified Fund


	Summary of Share Activity

	Six months ended						Year ended
	June 30, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount


Reacquired:
Class A		(6,019,701	)	$	(91,555,374	)		(14,657,386	)	$	(244,379,431	)

Class C		(587,845	)		(8,383,060	)		(2,186,473	)		(34,393,310	)

Class R		(1,255,462	)		(18,639,679	)		(1,742,819	)		(28,903,367	)

Class Y		(10,895,322	)		(167,627,916	)		(41,183,465	)		(697,999,345	)

Class R5		-			-			(1,608	)		(28,069	)

Class R6		(11,467,293	)		(178,448,568	)		(18,142,862	)		(306,782,182	)

Net increase (decrease) in share activity		(21,560,006	)	$	(331,108,469	)		(33,051,238	)	$	(599,003,511	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 34% 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.


14		Invesco International Diversified Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/23)	Ending Account Value (06/30/23)¹	Expenses Paid During Period²	Ending Account Value (06/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,116.30	$2.10	$1,022.81	$2.01	0.40%
Class C	1,000.00	1,112.00	6.02	1,019.09	5.76	1.15
Class R	1,000.00	1,114.80	3.41	1,021.57	3.26	0.65
Class Y	1,000.00	1,117.20	0.79	1,024.05	0.75	0.15
Class R5	1,000.00	1,117.90	0.63	1,024.20	0.60	0.12
Class R6	1,000.00	1,117.90	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.


15		Invesco International Diversified Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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 International Diversified Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. 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

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, 2022 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 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


16		Invesco International Diversified 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 that the Fund’s stock selection in and overweight exposures to certain sectors and capitalization sizes, as well as stock selection in certain regions detracted from Fund performance. The Board noted that the Fund is a fund of funds that invests primarily in certain 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 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

D.	Economies of Scale and Breakpoints

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

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


17		Invesco International Diversified Fund

(This page intentionally left blank)

LOGO

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

LOGO


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

LOGO



Semiannual Report to Shareholders		June 30, 2023

Invesco Main Street Mid Cap Fund^®

Nasdaq:

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



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 is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/22 to 6/30/23, 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	10.15	%
Class C Shares	9.70
Class R Shares	9.97
Class Y Shares	10.23
Class R5 Shares	10.33
Class R6 Shares	10.35
Russell Midcap Index^▼	9.01

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 6/30/23, including maximum applicable sales charges

Class A Shares
Inception (8/2/99)	9.44	%
10 Years	8.22
5 Years	5.97
1 Year	11.11

Class C Shares
Inception (8/2/99)	9.43	%
10 Years	8.18
5 Years	6.38
1 Year	15.65

Class R Shares
Inception (3/1/01)	8.36	%
10 Years	8.56
5 Years	6.93
1 Year	17.27

Class Y Shares
Inception (8/2/99)	10.09	%
10 Years	9.10
5 Years	7.45
1 Year	17.82

Class R5 Shares
10 Years	8.99	%
5 Years	7.49
1 Year	17.96

Class R6 Shares
Inception (10/26/12)	10.52	%
10 Years	9.29
5 Years	7.62
1 Year	18.01

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.

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 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, 2023

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–99.12%
Advertising–2.04%
Interpublic Group of Cos., Inc. (The)		695,452	$	26,830,538


Trade Desk, Inc. (The), Class A^(b)		300,924		23,237,351


				50,067,889



Aerospace & Defense–3.22%
Curtiss-Wright Corp.		222,490		40,862,513


Howmet Aerospace, Inc.		766,903		38,007,713


				78,870,226



Application Software–6.00%
Manhattan Associates, Inc.^(b)		216,185		43,211,058


Synopsys, Inc.^(b)		144,970		63,121,388


Tyler Technologies, Inc.^(b)		97,705		40,691,201


				147,023,647



Asset Management & Custody Banks–1.71%
Federated Hermes, Inc., Class B^(c)		615,184		22,054,346


Northern Trust Corp.		267,836		19,857,361


				41,911,707



Automotive Parts & Equipment–3.09%
Aptiv PLC^(b)		359,418		36,692,983


Mobileye Global, Inc., Class A (Israel)^(b)(c)		280,895		10,791,986


Visteon Corp.^(b)		197,416		28,350,912


				75,835,881



Automotive Retail–0.74%
O’Reilly Automotive, Inc.^(b)		19,005		18,155,477



Casinos & Gaming–0.99%
Boyd Gaming Corp.^(c)		348,890		24,202,499



Communications Equipment–1.58%
Motorola Solutions, Inc.		132,208		38,773,962



Construction & Engineering–0.99%
Valmont Industries, Inc.		83,463		24,291,906



Construction Machinery & Heavy Transportation Equipment–0.87%
Allison Transmission Holdings, Inc.		376,185		21,239,405



Construction Materials–2.30%
Summit Materials, Inc., Class A^(b)		699,518		26,476,756


Vulcan Materials Co.		132,292		29,823,909


				56,300,665



Consumer Staples Merchandise Retail–1.11%
BJ’s Wholesale Club Holdings, Inc.^(b)(c)		433,473		27,313,134



Distillers & Vintners–1.01%
Constellation Brands, Inc., Class A		100,278		24,681,424



Distributors–1.37%
LKQ Corp.		575,187		33,516,147



Diversified Financial Services–1.16%
Equitable Holdings, Inc.^(c)		1,048,335		28,472,779


	Shares		Value


Electric Utilities–1.31%
American Electric Power Co., Inc.		381,590	$	32,129,878



Electrical Components & Equipment–4.47%
Generac Holdings, Inc.^(b)(c)		113,670		16,951,607


Hubbell, Inc.		127,906		42,408,513


Regal Rexnord Corp.		97,832		15,056,345


Rockwell Automation, Inc.		107,024		35,259,057


				109,675,522



Electronic Equipment & Instruments–1.12%
Keysight Technologies, Inc.^(b)		164,106		27,479,550



Environmental & Facilities Services–1.83%
Republic Services, Inc.		292,307		44,772,663



Fertilizers & Agricultural Chemicals–0.97%
Mosaic Co. (The)		682,897		23,901,395



Financial Exchanges & Data–1.30%
Cboe Global Markets, Inc.		231,749		31,983,679



Footwear–0.93%
Deckers Outdoor Corp.^(b)		42,979		22,678,299



Health Care Equipment–4.20%
Baxter International, Inc.		438,632		19,984,074


DexCom, Inc.^(b)		253,513		32,578,955


GE HealthCare Technologies, Inc.^(b)(c)		145,470		11,817,983


Zimmer Biomet Holdings, Inc.		264,788		38,553,133


				102,934,145



Health Care Facilities–3.47%
Acadia Healthcare Co., Inc.^(b)		353,904		28,184,914


Encompass Health Corp.		354,708		24,017,279


Tenet Healthcare Corp.^(b)		405,432		32,994,056


				85,196,249



Health Care Supplies–1.24%
Cooper Cos., Inc. (The)		79,190		30,363,822



Homebuilding–2.69%
D.R. Horton, Inc.		279,358		33,995,075


TopBuild Corp.^(b)		120,432		32,037,321


				66,032,396



Hotels, Resorts & Cruise Lines–1.17%
Choice Hotels International, Inc.		243,094		28,568,407



Household Products–1.47%
Church & Dwight Co., Inc.		360,018		36,084,604



Human Resource & Employment Services–2.69%
ASGN, Inc.^(b)		264,961		20,039,000


Korn Ferry		458,788		22,728,358


Paylocity Holding Corp.^(b)(c)		126,300		23,306,139


				66,073,497



Industrial Machinery & Supplies & Components–5.10%
Lincoln Electric Holdings, Inc.		130,518		25,924,790

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 & Supplies & Components–(continued)
Otis Worldwide Corp.		431,177	$	38,379,065


Parker-Hannifin Corp.		65,033		25,365,471


Xylem, Inc.		313,762		35,335,877


				125,005,203



Industrial REITs–0.99%
First Industrial Realty Trust, Inc.		459,955		24,212,031



Insurance Brokers–1.57%
Arthur J. Gallagher & Co.		175,113		38,449,561



Interactive Home Entertainment–1.33%
Electronic Arts, Inc.		252,172		32,706,708



Interactive Media & Services–1.20%
Pinterest, Inc., Class A^(b)		1,076,702		29,437,033



Internet Services & Infrastructure–1.65%
MongoDB, Inc.^(b)		98,558		40,506,352



Investment Banking & Brokerage–1.56%
Raymond James Financial, Inc.		369,758		38,369,788



IT Consulting & Other Services–1.12%
Amdocs Ltd.		277,056		27,386,986



Life Sciences Tools & Services–0.85%
Illumina, Inc.^(b)(c)		110,762		20,766,767



Managed Health Care–0.74%
Centene Corp.^(b)		268,210		18,090,765



Metal, Glass & Plastic Containers–2.03%
Crown Holdings, Inc.^(c)		270,008		23,455,595


Silgan Holdings, Inc.		560,885		26,299,898


				49,755,493



Multi-line Insurance–1.18%
Hartford Financial Services Group, Inc. (The)		402,013		28,952,976



Multi-Utilities–2.98%
CMS Energy Corp.		597,189		35,084,854


WEC Energy Group, Inc.		429,458		37,895,374


				72,980,228



Oil & Gas Exploration & Production–3.10%
APA Corp.		821,456		28,069,151


Chesapeake Energy Corp.^(c)		334,319		27,975,814


Marathon Oil Corp.		871,497		20,061,861


				76,106,826



Oil & Gas Storage & Transportation–1.18%
Cheniere Energy, Inc.		190,576		29,036,159



Other Specialized REITs–1.12%
Lamar Advertising Co., Class A^(c)		276,824		27,474,782



Other Specialty Retail–1.59%
Bath & Body Works, Inc.		396,624		14,873,400


Tractor Supply Co.^(c)		109,436		24,196,300


				39,069,700

Investment Abbreviations:

REIT – Real Estate Investment Trust


	Shares		Value


Regional Banks–2.49%
Columbia Banking System, Inc.^(c)		820,261	$	16,634,893


M&T Bank Corp.		186,293		23,055,622


Webster Financial Corp.^(c)		565,699		21,355,137


				61,045,652



Research & Consulting Services–2.54%
CACI International, Inc., Class A^(b)		105,932		36,105,863


TransUnion		334,917		26,234,049


				62,339,912



Retail REITs–1.24%
Kimco Realty Corp.		1,538,354		30,336,341



Semiconductor Materials & Equipment–2.47%
KLA Corp.		64,912		31,483,618


MKS Instruments, Inc.		268,125		28,984,313


				60,467,931



Semiconductors–1.13%
Marvell Technology, Inc.		461,937		27,614,594



Single-Family Residential REITs–1.34%
American Homes 4 Rent, Class A		924,360		32,768,562



Soft Drinks & Non-alcoholic Beverages–0.93%
Celsius Holdings, Inc.^(b)(c)		81,332		12,133,921


Coca-Cola Consolidated, Inc.		16,953		10,782,447


				22,916,368



Telecom Tower REITs–0.65%
SBA Communications Corp., Class A		69,122		16,019,715


Total Common Stocks & Other Equity Interests (Cost $1,896,245,358)				2,430,347,287



Money Market Funds–0.71%
Invesco Government & Agency Portfolio, Institutional Class, 5.05%^(d)(e)		6,110,505		6,110,505


Invesco Liquid Assets Portfolio, Institutional Class, 5.15%^(d)(e)		4,363,067		4,363,503


Invesco Treasury Portfolio, Institutional Class, 5.03%^(d)(e)		6,983,434		6,983,434


Total Money Market Funds (Cost $17,457,461)				17,457,442


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–99.83% (Cost $1,913,702,819)				2,447,804,729



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–4.86%
Invesco Private Government Fund, 5.10%^(d)(e)(f)		33,073,967		33,073,967


Invesco Private Prime Fund, 5.23%^(d)(e)(f)		86,071,396		86,062,787


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $119,141,785)				119,136,754


TOTAL INVESTMENTS IN SECURITIES–104.69% (Cost $2,032,844,604)				2,566,941,483


OTHER ASSETS LESS LIABILITIES–(4.69)%				(115,064,926	)


NET ASSETS–100.00%			$	2,451,876,557

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


6		Invesco Main Street Mid Cap Fund^®

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at June 30, 2023.

^(d)


	Value December 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value June 30, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	3,887,964	$	90,657,608	$	(88,435,067)	$	-	$	-	$	6,110,505		$ 199,218
Invesco Liquid Assets Portfolio, Institutional Class		2,777,233		64,755,434		(63,165,773)		(19)		(3,372)		4,363,503		128,581
Invesco Treasury Portfolio, Institutional Class		4,443,388		103,608,695		(101,068,649)		-		-		6,983,434		201,867
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		36,445,618		262,608,334		(265,979,985)		-		-		33,073,967		662,326*
Invesco Private Prime Fund		93,717,304		475,437,912		(483,065,616)		(11,868)		(14,945)		86,062,787		1,824,854*
Total	$	141,271,507	$	997,067,983	$	(1,001,715,090)	$	(11,887)	$	(18,317)	$	136,594,196		$3,016,846

^(e)	The rate shown is the 7-day SEC standardized yield as of June 30, 2023.

^(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, 2023



Industrials	21.71	%

Information Technology	15.06

Consumer Discretionary	12.56

Financials	10.98

Health Care	10.49

Real Estate	5.33

Materials	5.30

Communication Services	4.58

Consumer Staples	4.53

Energy	4.29

Utilities	4.29

Money Market Funds Plus Other Assets Less Liabilities	0.88

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, 2023

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $ 1,896,245,358)*	$	2,430,347,287


Investments in affiliated money market funds, at value (Cost $ 136,599,246)		136,594,196


Cash		5,000,000


Receivable for:
Fund shares sold		561,159


Dividends		1,609,519


Investment for trustee deferred compensation and retirement plans		577,257


Other assets		219,427


Total assets		2,574,908,845



Liabilities:

Payable for:
Fund shares reacquired		2,034,129


Collateral upon return of securities loaned		119,141,785


Accrued fees to affiliates		1,198,879


Accrued other operating expenses		49,225


Trustee deferred compensation and retirement plans		608,270


Total liabilities		123,032,288


Net assets applicable to shares outstanding	$	2,451,876,557



Net assets consist of:

Shares of beneficial interest	$	1,989,846,378


Distributable earnings		462,030,179


	$	2,451,876,557


Net Assets:

Class A	$	1,809,557,068


Class C	$	66,144,175


Class R	$	143,306,204


Class Y	$	327,919,509


Class R5	$	14,374,405


Class R6	$	90,575,196



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

Class A		70,388,663


Class C		3,678,335


Class R		6,127,070


Class Y		11,267,651


Class R5		553,818


Class R6		3,111,764


Class A:
Net asset value per share	$	25.71


Maximum offering price per share (Net asset value of $25.71 ÷ 94.50%)	$	27.21


Class C:
Net asset value and offering price per share	$	17.98


Class R:
Net asset value and offering price per share	$	23.39


Class Y:
Net asset value and offering price per share	$	29.10


Class R5:
Net asset value and offering price per share	$	25.96


Class R6:
Net asset value and offering price per share	$	29.11

*	At June 30, 2023, securities with an aggregate value of $117,623,880 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, 2023

(Unaudited)


Investment income:

Dividends	$	15,155,447


Dividends from affiliated money market funds (includes net securities lending income of $ 271,011)		800,677


Total investment income		15,956,124



Expenses:

Advisory fees		7,289,285


Administrative services fees		168,644


Custodian fees		6,578


Distribution fees:
Class A		2,120,044


Class C		327,862


Class R		349,870


Transfer agent fees – A, C, R and Y		1,729,206


Transfer agent fees – R5		5,442


Transfer agent fees – R6		12,423


Trustees’ and officers’ fees and benefits		15,918


Registration and filing fees		72,509


Reports to shareholders		89,906


Professional services fees		39,630


Other		(61,421	)


Total expenses		12,165,896


Less: Fees waived and/or expense offset arrangement(s)		(58,932	)


Net expenses		12,106,964


Net investment income		3,849,160



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		(11,446,153	)


Affiliated investment securities		(18,317	)


		(11,464,470	)


Change in net unrealized appreciation (depreciation) of: Unaffiliated investment securities		237,263,412


Affiliated investment securities		(11,887	)


		237,251,525


Net realized and unrealized gain		225,787,055


Net increase in net assets resulting from operations	$	229,636,215

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, 2023 and the year ended December 31, 2022

(Unaudited)


	June 30, 2023			December 31, 2022

Operations:

Net investment income	$	3,849,160		$	9,086,660



Net realized gain (loss)		(11,464,470	)		(9,911,571	)


Change in net unrealized appreciation (depreciation)		237,251,525			(427,614,166	)


Net increase (decrease) in net assets resulting from operations		229,636,215			(428,439,077	)



Distributions to shareholders from distributable earnings:

Class A		–			(63,970,132	)



Class C		–			(3,394,552	)



Class R		–			(5,534,162	)



Class Y		–			(11,211,195	)



Class R5		–			(559,132	)



Class R6		–			(2,974,376	)


Total distributions from distributable earnings		–			(87,643,549	)



Share transactions–net:

Class A		(82,755,615	)		(117,153,382	)


Class C		(7,171,212	)		(12,709,797	)


Class R		(11,102,841	)		(11,468,950	)


Class Y		(13,960,486	)		(54,503,086	)


Class R5		(795,150	)		(575,616	)


Class R6		1,747,053			2,965,885


Net increase (decrease) in net assets resulting from share transactions		(114,038,251	)		(193,444,946	)


Net increase (decrease) in net assets		115,597,964			(709,527,572	)



Net assets:

Beginning of period		2,336,278,593			3,045,806,165



End of period	$	2,451,876,557		$	2,336,278,593

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 06/30/23		$23.34		$ 0.04			$ 2.33			$ 2.37			$ –			$ –			$ –			$25.71		10.15	%^(e)		$1,809,557		1.04	%^(e)(f)		1.04	%^(e)(f)		0.32	%^(e)(f)		15	%
Year ended 12/31/22		28.30		0.09			(4.16	)		(4.07	)		(0.03	)		(0.86	)		(0.89	)		23.34		(14.35	)^(e)		1,723,024		1.06	^(e)		1.06	^(e)		0.35	^(e)		54
Year ended 12/31/21		27.52		(0.04	)		6.20			6.16			(0.07	)		(5.31	)		(5.38	)		28.30		23.02			2,217,085		1.06			1.06			(0.13	)		65
Year ended 12/31/20		26.13		0.06			2.06			2.12			–			(0.73	)		(0.73	)		27.52		9.13	^(e)		1,946,102		1.10	^(e)		1.11	^(e)		0.27	^(e)		76
Six months ended 12/31/19		25.18		0.07			2.18			2.25			–			(1.30	)		(1.30	)		26.13		8.95			1,326,188		1.10	^(f)		1.12	^(f)		0.51	^(f)		27
Year ended 06/30/19		27.59		0.08			0.25			0.33			–			(2.74	)		(2.74	)		25.18		2.50			1,364,726		1.09			1.09			0.30			59
Year ended 06/30/18		28.59		0.02			2.84			2.86			(0.12	)		(3.74	)		(3.86	)		27.59		10.67			1,383,592		1.09			1.10			0.08			60
Class C
Six months ended 06/30/23		16.39		(0.04	)		1.63			1.59			–			–			–			17.98		9.70			66,144		1.80	^(f)		1.80	^(f)		(0.44	)^(f)		15
Year ended 12/31/22		20.29		(0.07	)		(2.97	)		(3.04	)		–			(0.86	)		(0.86	)		16.39		(14.95	)		67,259		1.82			1.82			(0.41	)		54
Year ended 12/31/21		21.11		(0.21	)		4.70			4.49			–			(5.31	)		(5.31	)		20.29		22.08			97,388		1.81			1.81			(0.88	)		65
Year ended 12/31/20		20.41		(0.09	)		1.52			1.43			–			(0.73	)		(0.73	)		21.11		8.29			90,764		1.84			1.87			(0.47	)		76
Six months ended 12/31/19		20.00		(0.02	)		1.73			1.71			–			(1.30	)		(1.30	)		20.41		8.56			111,246		1.84	^(f)		1.88	^(f)		(0.23	)^(f)		27
Year ended 06/30/19		22.69		(0.09	)		0.14			0.05			–			(2.74	)		(2.74	)		20.00		1.75			123,764		1.84			1.85			(0.46	)		59
Year ended 06/30/18		24.22		(0.16	)		2.37			2.21			–			(3.74	)		(3.74	)		22.69		9.84			269,651		1.84			1.85			(0.68	)		60
Class R
Six months ended 06/30/23		21.27		0.01			2.11			2.12			–			–			–			23.39		9.97			143,306		1.30	^(f)		1.30	^(f)		0.06	^(f)		15
Year ended 12/31/22		25.90		0.02			(3.79	)		(3.77	)		–			(0.86	)		(0.86	)		21.27		(14.53	)		140,983		1.32			1.32			0.09			54
Year ended 12/31/21		25.58		(0.11	)		5.75			5.64			(0.01	)		(5.31	)		(5.32	)		25.90		22.73			184,312		1.31			1.31			(0.38	)		65
Year ended 12/31/20		24.41		0.01			1.89			1.90			–			(0.73	)		(0.73	)		25.58		8.87			163,178		1.34			1.37			0.03			76
Six months ended 12/31/19		23.63		0.03			2.05			2.08			–			(1.30	)		(1.30	)		24.41		8.81			145,346		1.34	^(f)		1.38	^(f)		0.27	^(f)		27
Year ended 06/30/19		26.13		0.01			0.23			0.24			–			(2.74	)		(2.74	)		23.63		2.28			152,799		1.34			1.35			0.05			59
Year ended 06/30/18		27.28		(0.05	)		2.69			2.64			(0.05	)		(3.74	)		(3.79	)		26.13		10.37			171,923		1.34			1.35			(0.18	)		60
Class Y
Six months ended 06/30/23		26.40		0.08			2.62			2.70			–			–			–			29.10		10.23			327,920		0.80	^(f)		0.80	^(f)		0.56	^(f)		15
Year ended 12/31/22		31.87		0.17			(4.67	)		(4.50	)		(0.11	)		(0.86	)		(0.97	)		26.40		(14.10	)		310,823		0.82			0.82			0.59			54
Year ended 12/31/21		30.40		0.04			6.87			6.91			(0.13	)		(5.31	)		(5.44	)		31.87		23.31			436,518		0.81			0.81			0.12			65
Year ended 12/31/20		28.69		0.14			2.30			2.44			–			(0.73	)		(0.73	)		30.40		9.44			395,290		0.84			0.87			0.53			76
Six months ended 12/31/19		27.49		0.11			2.39			2.50			–			(1.30	)		(1.30	)		28.69		9.11			458,670		0.84	^(f)		0.88	^(f)		0.77	^(f)		27
Year ended 06/30/19		29.84		0.15			0.30			0.45			(0.06	)		(2.74	)		(2.80	)		27.49		2.73			477,999		0.84			0.85			0.55			59
Year ended 06/30/18		30.62		0.10			3.05			3.15			(0.19	)		(3.74	)		(3.93	)		29.84		10.96			596,309		0.84			0.85			0.32			60
Class R5
Six months ended 06/30/23		23.53		0.08			2.35			2.43			–			–			–			25.96		10.33			14,374		0.73	^(f)		0.73	^(f)		0.63	^(f)		15
Year ended 12/31/22		28.54		0.17			(4.19	)		(4.02	)		(0.13	)		(0.86	)		(0.99	)		23.53		(14.06	)		13,795		0.75			0.75			0.66			54
Year ended 12/31/21		27.70		0.06			6.25			6.31			(0.16	)		(5.31	)		(5.47	)		28.54		23.41			17,284		0.74			0.74			0.19			65
Year ended 12/31/20		26.19		0.16			2.08			2.24			–			(0.73	)		(0.73	)		27.70		9.58			14,535		0.72			0.72			0.65			76
Six months ended 12/31/19		25.18		0.11			2.20			2.31			–			(1.30	)		(1.30	)		26.19		9.19			11		0.72	^(f)		0.72	^(f)		0.88	^(f)		27
Period ended 06/30/19^(g)		23.91		0.02			1.25			1.27			–			–			–			25.18		5.31			11		0.72	^(f)		0.74	^(f)		0.66	^(f)		59
Class R6
Six months ended 06/30/23		26.38		0.09			2.64			2.73			–			–			–			29.11		10.35			90,575		0.68	^(f)		0.68	^(f)		0.68	^(f)		15
Year ended 12/31/22		31.86		0.21			(4.68	)		(4.47	)		(0.15	)		(0.86	)		(1.01	)		26.38		(14.00	)		80,394		0.68			0.68			0.73			54
Year ended 12/31/21		30.38		0.09			6.87			6.96			(0.17	)		(5.31	)		(5.48	)		31.86		23.50			93,221		0.67			0.68			0.26			65
Year ended 12/31/20		28.63		0.18			2.30			2.48			–			(0.73	)		(0.73	)		30.38		9.60			87,060		0.67			0.69			0.70			76
Six months ended 12/31/19		27.41		0.13			2.39			2.52			–			(1.30	)		(1.30	)		28.63		9.21			65,001		0.67	^(f)		0.69	^(f)		0.94	^(f)		27
Year ended 06/30/19		29.77		0.20			0.29			0.49			(0.11	)		(2.74	)		(2.85	)		27.41		2.92			123,716		0.67			0.68			0.71			59
Year ended 06/30/18		30.57		0.15			3.03			3.18			(0.24	)		(3.74	)		(3.98	)		29.77		11.11			337,300		0.67			0.67			0.49			60

^(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 and 2018, respectively.

^(d)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2021, the portfolio turnover calculation excludes the value of securities purchased of $96,615,194 in connection with the acquisition of Invesco Endeavor Fund into the Fund. For the year ended December 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $654,478,527 in connection with the acquisition of Invesco Mid Cap Core Equity Fund into the Fund.

^(e)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended June 30, 2023 and the years ended December 31, 2022 and 2020.

^(f)	Annualized.

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

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


11		Invesco Main Street Mid Cap Fund^®

Notes to Financial Statements

June 30, 2023

(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 of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.


12		Invesco Main Street Mid Cap 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. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund 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^®

(collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2023, the Fund paid the Adviser $16,503 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate*


First $ 200 million		0.735%


Next $200 million		0.730%


Next $200 million		0.690%


Next $200 million		0.660%


Next $4.2 billion		0.600%


Over $5 billion		0.580%

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

For the six months ended June 30, 2023, the effective advisory fee rate incurred by the Fund was 0.62%.


14		Invesco Main Street Mid Cap Fund^®

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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

For the six months ended June 30, 2023, the Adviser waived advisory fees of $11,812.

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, 2023, IDI advised the Fund that IDI retained $60,939 in front-end sales commissions from the sale of Class A shares and $1,489 and $1,072 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended June 30, 2023, the Fund incurred $18,262 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 Adviser’s 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	$	2,430,347,287	$	–		$–	$	2,430,347,287


Money Market Funds		17,457,442		119,136,754		–		136,594,196


Total Investments	$	2,447,804,729	$	119,136,754		$–	$	2,566,941,483

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase securities from or sell securities to certain other affiliated 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 that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended June 30, 2023, the Fund engaged in securities purchases of $13,000,030.


15		Invesco Main Street Mid Cap Fund^®

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.

NOTE 8–Tax Information

The Fund had a capital loss carryforward as of December 31, 2022, as follows:


Capital Loss Carryforward*

Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$65,707,134	$–	$65,707,134

*	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, 2023 was $356,587,634 and $475,817,565, 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	$591,014,428


Aggregate unrealized (depreciation) of investments	(56,982,174	)


Net unrealized appreciation of investments	$534,032,254

Cost of investments for tax purposes is $2,032,909,229.

NOTE 10–Share Information


	Summary of Share Activity


	Six months ended				Year ended
	June 30, 2023^(a)				December 31, 2022
	Shares		Amount		Shares		Amount


Sold:
Class A		1,525,556	$	36,901,795		3,724,323	$	92,878,240


Class C		235,971		4,012,875		513,421		9,128,755


Class R		387,809		8,552,719		754,696		17,214,956


Class Y		592,824		16,236,942		1,309,201		36,854,972


Class R5		29,567		723,988		83,613		2,067,184


Class R6		439,467		12,006,510		611,788		17,039,515


16		Invesco Main Street Mid Cap Fund^®


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Class A		-		$	-			2,654,164		$	61,683,358


Class C		-			-			205,887			3,359,828


Class R		-			-			260,901			5,522,448


Class Y		-			-			370,664			9,741,062


Class R5		-			-			23,834			558,441


Class R6		-			-			109,305			2,870,348



Automatic conversion of Class C shares to Class A shares:
Class A		195,945			4,713,775			383,621			9,494,074


Class C		(279,621	)		(4,713,775	)		(537,395	)		(9,494,074	)



Reacquired:
Class A		(5,139,866	)		(124,371,185	)		(11,305,114	)		(281,209,054	)


Class C		(381,605	)		(6,470,312	)		(877,003	)		(15,704,306	)


Class R		(890,293	)		(19,655,560	)		(1,502,386	)		(34,206,354	)


Class Y		(1,100,761	)		(30,197,428	)		(3,602,287	)		(101,099,120	)


Class R5		(61,954	)		(1,519,138	)		(126,864	)		(3,201,241	)


Class R6		(374,773	)		(10,259,457	)		(599,972	)		(16,943,978	)


Net increase (decrease) in share activity		(4,821,734	)	$	(114,038,251	)		(7,545,603	)	$	(193,444,946	)

^(a)

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


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.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/23)	Ending Account Value (06/30/23)¹	Expenses Paid During Period²	Ending Account Value (06/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,101.50	$5.42	$1,019.64	$5.21	1.04%
Class C	1,000.00	1,097.00	9.36	1,015.87	9.00	1.80
Class R	1,000.00	1,099.70	6.77	1,018.35	6.51	1.30
Class Y	1,000.00	1,102.30	4.17	1,020.83	4.01	0.80
Class R5	1,000.00	1,103.30	3.81	1,021.17	3.66	0.73
Class R6	1,000.00	1,103.50	3.55	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 Mid Cap Fund^®

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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 Main Street Mid Cap Fund’s^® (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 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 fourth quintile of its performance universe for the one and three year periods and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above


19		Invesco Main Street Mid Cap Fund^®

the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with 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

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.

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 acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. 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

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 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.


20		Invesco Main Street Mid Cap Fund^®

compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.


21		Invesco Main Street Mid Cap Fund^®

(This page intentionally left blank)

LOGO

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

LOGO


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

LOGO



Semiannual Report to Shareholders		June 30, 2023

Invesco Main Street Small Cap Fund^®

Nasdaq:

A: OSCAX ∎ C: OSCCX ∎ R: OSCNX ∎ Y: OSCYX ∎ R5: MNSQX ∎ R6: OSSIX



2		Fund Performance
4		Liquidity Risk Management Program
5		Schedule of Investments
9		Financial Statements
12		Financial Highlights
13		Notes to Financial Statements
19		Fund Expenses
20		Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/22 to 6/30/23, 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	9.11	%
Class C Shares	8.66
Class R Shares	8.93
Class Y Shares	9.19
Class R5 Shares	9.30
Class R6 Shares	9.28
Russell 2000 Index^▼	8.09

Source(s): ^▼RIMES Technologies Corp.

The Russell 2000^® Index is an unmanaged index considered representative of small-cap stocks. The Russell 2000^® Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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


2		Invesco Main Street Small Cap Fund^®



Average Annual Total Returns
As of 6/30/23, including maximum applicable sales charges

Class A Shares
Inception (5/17/13)	8.54	%
10 Years	8.81
5 Years	5.63
1 Year	8.61

Class C Shares
Inception (5/17/13)	8.47	%
10 Years	8.73
5 Years	6.02
1 Year	13.02

Class R Shares
Inception (5/17/13)	8.83	%
10 Years	9.10
5 Years	6.54
1 Year	14.57

Class Y Shares
Inception (5/17/13)	9.47	%
10 Years	9.73
5 Years	7.10
1 Year	15.15

Class R5 Shares
10 Years	9.57	%
5 Years	7.14
1 Year	15.33

Class R6 Shares
Inception (5/17/13)	9.60	%
10 Years	9.87
5 Years	7.26
1 Year	15.41

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 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, 2023

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–98.77%
Aerospace & Defense–2.62%
BWX Technologies, Inc.^(b)		218,617	$	15,646,419


Curtiss-Wright Corp.		137,563		25,264,820


				40,911,239



Air Freight & Logistics–1.26%
Hub Group, Inc., Class A^(c)		245,507		19,719,122



Aluminum–1.51%
Century Aluminum Co.^(c)		970,782		8,465,219


Kaiser Aluminum Corp.^(b)		212,444		15,219,488


				23,684,707



Apparel, Accessories & Luxury Goods–0.60%
Capri Holdings Ltd.^(c)		262,417		9,418,146



Application Software–3.09%
Consensus Cloud Solutions, Inc.^(b)(c)		174,033		5,395,023


Envestnet, Inc.^(b)(c)		242,790		14,409,586


HashiCorp, Inc., Class A^(b)(c)		528,488		13,835,816


Sprout Social, Inc., Class A^(b)(c)		317,707		14,665,355


				48,305,780



Asset Management & Custody Banks–1.26%
Federated Hermes, Inc., Class B		551,731		19,779,556



Automotive Parts & Equipment–2.37%
Dorman Products, Inc.^(c)		225,070		17,742,268


Visteon Corp.^(c)		134,829		19,362,793


				37,105,061



Automotive Retail–2.88%
AutoNation, Inc.^(b)(c)		224,672		36,983,258


Murphy USA, Inc.		25,778		8,019,793


				45,003,051



Biotechnology–2.56%
ADMA Biologics, Inc.^(b)(c)		2,571,014		9,487,042


Ascendis Pharma A/S, ADR (Denmark)^(c)		102,693		9,165,350


Avid Bioservices, Inc.^(b)(c)		304,851		4,258,769


Bridgebio Pharma, Inc.^(b)(c)		327,552		5,633,894


IVERIC bio, Inc.^(c)		293,264		11,537,006


				40,082,061



Building Products–1.32%
Zurn Elkay Water Solutions Corp.		769,272		20,685,724



Casinos & Gaming–1.11%
Boyd Gaming Corp.		250,354		17,367,057



Commercial & Residential Mortgage Finance–0.66%
PennyMac Financial Services, Inc.		145,865		10,255,768



Construction & Engineering–1.27%
Valmont Industries, Inc.		68,131		19,829,528



Construction Machinery & Heavy Transportation Equipment– 1.38%
Allison Transmission Holdings, Inc.		381,481		21,538,417


	Shares		Value


Construction Materials–2.02%
Summit Materials, Inc., Class A^(c)		836,972	$	31,679,390



Consumer Staples Merchandise Retail–0.98%
BJ’s Wholesale Club Holdings, Inc.^(b)(c)		243,437		15,338,965



Diversified Banks–0.46%
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		265,599		7,266,789



Electric Utilities–1.06%
Portland General Electric Co.^(b)		354,335		16,593,508



Electrical Components & Equipment–2.85%
Atkore, Inc.^(b)(c)		209,486		32,667,247


Regal Rexnord Corp.		77,075		11,861,842


				44,529,089



Electronic Components–2.41%
Belden, Inc.		185,914		17,782,674


Vishay Intertechnology, Inc.		676,684		19,894,510


				37,677,184



Electronic Equipment & Instruments–1.09%
Itron, Inc.^(c)		236,201		17,030,092



Environmental & Facilities Services–1.91%
ABM Industries, Inc.		235,847		10,058,875


Casella Waste Systems, Inc., Class A^(c)		219,420		19,846,539


				29,905,414



Footwear–0.62%
Steven Madden Ltd.^(b)		299,016		9,774,833



Health Care Equipment–3.86%
AtriCure, Inc.^(c)		361,453		17,841,320


Inspire Medical Systems, Inc.^(c)		86,923		28,218,683


TransMedics Group, Inc.^(b)(c)		170,332		14,304,481


				60,364,484



Health Care Facilities–4.61%
Acadia Healthcare Co., Inc.^(c)		398,204		31,712,967


Encompass Health Corp.		226,638		15,345,659


Tenet Healthcare Corp.^(c)		307,314		25,009,213


				72,067,839



Health Care Services–1.86%
Addus HomeCare Corp.^(c)		167,890		15,563,403


Guardant Health, Inc.^(b)(c)		378,862		13,563,260


				29,126,663



Health Care Technology–0.88%
Evolent Health, Inc., Class A^(b)(c)		452,173		13,700,842



Home Furnishings–0.64%
Tempur Sealy International, Inc.^(b)		249,409		9,993,819



Homebuilding–3.24%
KB Home		323,530		16,729,736

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


5		Invesco Main Street Small Cap Fund^®


	Shares		Value


Homebuilding–(continued)
TopBuild Corp.^(c)		127,386	$	33,887,224


				50,616,960



Hotel & Resort REITs–1.23%
DiamondRock Hospitality Co.		2,396,236		19,193,850



Human Resource & Employment Services–3.55%
ASGN, Inc.^(c)		245,486		18,566,106


Korn Ferry		334,886		16,590,253


Paycor HCM, Inc.^(b)(c)		857,733		20,302,540


				55,458,899



Industrial Machinery & Supplies & Components–2.99%
3D Systems Corp.^(c)		437,578		4,345,149


EnPro Industries, Inc.		221,473		29,573,290


Esab Corp.		193,109		12,849,473


				46,767,912



Interactive Media & Services–1.61%
Ziff Davis, Inc.^(b)(c)		359,830		25,209,690



Investment Banking & Brokerage–1.39%
Stifel Financial Corp.		363,950		21,716,896



IT Consulting & Other Services–0.58%
Endava PLC, ADR (United Kingdom)^(b)(c)		175,748		9,101,989



Leisure Products–0.58%
Topgolf Callaway Brands Corp.^(b)(c)		456,977		9,070,993



Life Sciences Tools & Services–1.05%
BioLife Solutions, Inc.^(c)		435,995		9,635,489


CryoPort, Inc.^(c)		395,746		6,826,619


				16,462,108



Metal, Glass & Plastic Containers–1.10%
Silgan Holdings, Inc.		365,518		17,139,139



Oil & Gas Drilling–0.85%
Helmerich & Payne, Inc.		374,903		13,290,311



Oil & Gas Equipment & Services–0.81%
NOV, Inc.^(b)		793,343		12,725,222



Oil & Gas Exploration & Production–2.17%
Chesapeake Energy Corp.^(b)		187,257		15,669,666


CNX Resources Corp.^(b)(c)		1,028,488		18,224,807


				33,894,473



Oil & Gas Storage & Transportation–1.32%
Equitrans Midstream Corp.		2,163,940		20,687,266



Other Specialized REITs–2.48%
Four Corners Property Trust, Inc.		806,230		20,478,242


Outfront Media, Inc.^(b)		1,162,008		18,266,766


				38,745,008



Personal Care Products–1.46%
BellRing Brands, Inc.^(c)		624,773		22,866,692



Pharmaceuticals–2.63%
Collegium Pharmaceutical, Inc.^(b)(c)		479,565		10,305,852


Intra-Cellular Therapies, Inc.^(c)		247,415		15,666,318


	Shares		Value


Pharmaceuticals–(continued)
Reata Pharmaceuticals, Inc., Class A^(b)(c)		148,573	$	15,148,503


				41,120,673



Property & Casualty Insurance–1.25%
Definity Financial Corp. (Canada)		736,081		19,530,664



Real Estate Operating Companies–0.80%
DigitalBridge Group, Inc.		852,350		12,538,069



Regional Banks–5.71%
Berkshire Hills Bancorp, Inc.		473,540		9,816,484


Cathay General Bancorp		393,462		12,665,542


Columbia Banking System, Inc.		693,089		14,055,845


OceanFirst Financial Corp.		561,896		8,776,816


Pacific Premier Bancorp, Inc.		585,027		12,098,358


Webster Financial Corp.		312,731		11,805,595


Wintrust Financial Corp.		163,126		11,846,210


WSFS Financial Corp.		218,816		8,253,740


				89,318,590



Research & Consulting Services–2.34%
CACI International, Inc., Class A^(c)		61,444		20,942,573


KBR, Inc.		240,934		15,675,166


				36,617,739



Restaurants–1.62%
Papa John’s International, Inc.^(b)		123,620		9,126,865


Texas Roadhouse, Inc.		144,473		16,221,428


				25,348,293



Semiconductor Materials & Equipment–1.01%
MKS Instruments, Inc.		145,559		15,734,928



Semiconductors–3.02%
Allegro MicroSystems, Inc. (Japan)^(b)(c)		404,590		18,263,193


Ambarella, Inc.^(b)(c)		169,390		14,172,861


MACOM Technology Solutions Holdings, Inc.^(b)(c)		225,411		14,771,183


				47,207,237



Soft Drinks & Non-alcoholic Beverages–0.92%
Coca-Cola Consolidated, Inc.		22,605		14,377,232



Steel–0.85%
Commercial Metals Co.		251,494		13,243,674



Systems Software–2.10%
Gitlab, Inc., Class A^(b)(c)		361,315		18,466,810


Progress Software Corp.		247,913		14,403,745


				32,870,555



Transaction & Payment Processing Services–0.97%
Marqeta, Inc., Class A^(c)		3,117,773		15,183,555


Total Common Stocks & Other Equity Interests (Cost $1,167,679,031)				1,544,772,745



Money Market Funds–1.33%
Invesco Government & Agency Portfolio, Institutional Class, 5.05%^(d)(e)		7,748,768		7,748,767


Invesco Liquid Assets Portfolio, Institutional Class, 5.15%^(d)(e)		4,295,051		4,295,481

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 Treasury Portfolio, Institutional Class, 5.03%^(d)(e)		8,855,734	$	8,855,734


Total Money Market Funds (Cost $20,899,959)				20,899,982


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10% (Cost $1,188,578,990)				1,565,672,727



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–12.08%
Invesco Private Government Fund, 5.10%^(d)(e)(f)		50,868,852		50,868,852


	Shares		Value


Money Market Funds–(continued)
Invesco Private Prime Fund, 5.23%^(d)(e)(f)		138,050,985	$	138,037,177


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $188,913,162)				188,906,029


TOTAL INVESTMENTS IN SECURITIES–112.18% (Cost $1,377,492,152)				1,754,578,756


OTHER ASSETS LESS LIABILITIES—(12.18)%				(190,537,584	)


NET ASSETS–100.00%			$	1,564,041,172

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)	All or a portion of this security was out on loan at June 30, 2023.

^(c)	Non-income producing security.

^(d)


	Value December 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value June 30, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 6,219,757	$	89,671,171	$	(88,142,161	)	$	-	$	-	$	7,748,767		$ 234,545
Invesco Liquid Assets Portfolio, Institutional Class		3,205,039		64,050,836		(62,958,686	)		(1,380)		(328)		4,295,481		140,962
Invesco Treasury Portfolio, Institutional Class		7,108,293		102,481,338		(100,733,897	)		-		-		8,855,734		267,412
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		63,136,710		228,746,104		(241,013,962	)		-		-		50,868,852		1,064,290*
Invesco Private Prime Fund		162,351,537		421,554,288		(445,831,544	)		(25,374)		(11,730)		138,037,177		2,885,177*
Total		$242,021,336	$	906,503,737	$	(938,680,250	)	$	(26,754)	$	(12,058)	$	209,806,011		$ 4,592,386

^(e)	The rate shown is the 7-day SEC standardized yield as of June 30, 2023.

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

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


7		Invesco Main Street Small Cap Fund^®

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2023



Industrials	21.49	%

Health Care	17.45

Consumer Discretionary	13.66

Information Technology	13.30

Financials	11.70

Materials	5.48

Energy	5.15

Real Estate	4.51

Consumer Staples	3.36

Other Sectors, Each Less than 2% of Net Assets	2.67

Money Market Funds Plus Other Assets Less Liabilities	1.23

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


8		Invesco Main Street Small Cap Fund^®

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $1,167,679,031)*	$	1,544,772,745


Investments in affiliated money market funds, at value (Cost $209,813,121)		209,806,011


Cash		500,007


Foreign currencies, at value (Cost $65,425)		65,092


Receivable for:
Investments sold		11,037,380


Fund shares sold		1,431,486


Dividends		984,437


Investment for trustee deferred compensation and retirement plans		133,380


Other assets		134,830


Total assets		1,768,865,368



Liabilities:
Payable for:
Investments purchased		14,317,412


Fund shares reacquired		924,307


Collateral upon return of securities loaned		188,913,162


Accrued fees to affiliates		399,311


Accrued other operating expenses		129,065


Trustee deferred compensation and retirement plans		140,939


Total liabilities		204,824,196


Net assets applicable to shares outstanding	$	1,564,041,172



Net assets consist of:
Shares of beneficial interest	$	1,227,930,442


Distributable earnings		336,110,730


	$	1,564,041,172


Net Assets:
Class A	$	344,714,676


Class C	$	31,464,507


Class R	$	61,960,396


Class Y	$	578,237,320


Class R5	$	8,874,542


Class R6	$	538,789,731



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		17,883,453


Class C		1,766,406


Class R		3,297,249


Class Y		29,676,130


Class R5		457,755


Class R6		27,564,977


Class A:
Net asset value per share	$	19.28


Maximum offering price per share (Net asset value of $19.28 ÷ 94.50%)	$	20.40


Class C:
Net asset value and offering price per share	$	17.81


Class R:
Net asset value and offering price per share	$	18.79


Class Y:
Net asset value and offering price per share	$	19.48


Class R5:
Net asset value and offering price per share	$	19.39


Class R6:
Net asset value and offering price per share	$	19.55

*	At June 30, 2023, securities with an aggregate value of $186,485,094 were on loan to brokers.

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


9		Invesco Main Street Small Cap Fund^®

Statement of Operations

For the six months ended June 30, 2023

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $22,594)	$	9,105,410


Dividends from affiliated money market funds (includes net securities lending income of $126,464)		769,383


Total investment income		9,874,793



Expenses:
Advisory fees		4,708,859


Administrative services fees		105,267


Custodian fees		5,999


Distribution fees:
Class A		404,076


Class C		154,549


Class R		129,942


Transfer agent fees – A, C, R and Y		652,291


Transfer agent fees – R5		2,634


Transfer agent fees – R6		73,607


Trustees’ and officers’ fees and benefits		12,115


Registration and filing fees		65,712


Reports to shareholders		54,656


Professional services fees		31,503


Other		15,094


Total expenses		6,416,304


Less: Fees waived and/or expense offset arrangement(s)		(30,627	)


Net expenses		6,385,677


Net investment income		3,489,116



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (includes net gains from securities sold to affiliates of $3,167,188)		68,323,831


Affiliated investment securities		(12,058	)


Foreign currencies		1,297


		68,313,070


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		59,531,106


Affiliated investment securities		(26,754	)


Foreign currencies		(240	)


		59,504,112


Net realized and unrealized gain		127,817,182


Net increase in net assets resulting from operations	$	131,306,298

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


10		Invesco Main Street Small Cap Fund^®

Statement of Changes in Net Assets

For the six months ended June 30, 2023 and the year ended December 31, 2022

(Unaudited)


	June 30, 2023			December 31, 2022


Operations:
Net investment income	$	3,489,116		$	5,102,309


Net realized gain (loss)		68,313,070			(80,233,971	)


Change in net unrealized appreciation (depreciation)		59,504,112			(205,094,730	)


Net increase (decrease) in net assets resulting from operations		131,306,298			(280,226,392	)



Distributions to shareholders from distributable earnings:
Class A		–			(144,712	)


Class Y		–			(1,456,560	)


Class R5		–			(31,462	)


Class R6		–			(2,534,347	)


Total distributions from distributable earnings		–			(4,167,081	)



Return of capital:
Class A		–			(26,386	)


Class Y		–			(265,577	)


Class R5		–			(5,736	)


Class R6		–			(462,092	)


Total return of capital		–			(759,791	)


Total distributions		–			(4,926,872	)



Share transactions–net:
Class A		(4,966,083	)		(22,451,163	)


Class C		(2,148,732	)		(4,501,468	)


Class R		8,072,780			698,301


Class Y		(2,631,923	)		58,197,893


Class R5		246,503			344,297


Class R6		9,461,793			(151,172,732	)


Net increase (decrease) in net assets resulting from share transactions		8,034,338			(118,884,872	)


Net increase (decrease) in net assets		139,340,636			(404,038,136	)



Net assets:
Beginning of period		1,424,700,536			1,828,738,672


End of period	$	1,564,041,172		$	1,424,700,536

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


11		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			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^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(d)
Class A
Six months ended 06/30/23		$17.67		$0.03			$1.58			$1.61			$ –			$ –			$ –			$ –			$19.28		9.11	%		$344,715		1.07	%^(e)		1.07	%^(e)		0.28	%^(e)		29	%
Year ended 12/31/22		21.07		0.02			(3.41	)		(3.39	)		(0.01	)		–			(0.00	)		(0.01	)		17.67		(16.09	)		320,730		1.11			1.11			0.12			36
Year ended 12/31/21		18.71		(0.06	)		4.06			4.00			(0.01	)		(1.63	)		–			(1.64	)		21.07		21.73			408,430		1.11			1.11			(0.28	)		58
Year ended 12/31/20		15.68		0.01			3.10			3.11			–			(0.08	)		–			(0.08	)		18.71		19.82	^(f)		158,769		1.20	^(f)		1.23	^(f)		0.03	^(f)		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	^(e)		1.25	^(e)		0.09	^(e)		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
Class C
Six months ended 06/30/23		16.39		(0.04	)		1.46			1.42			–			–			–			–			17.81		8.66			31,465		1.82	^(e)		1.82	^(e)		(0.47	)^(e)		29
Year ended 12/31/22		19.68		(0.11	)		(3.18	)		(3.29	)		–			–			–			–			16.39		(16.72	)		31,022		1.86			1.86			(0.63	)		36
Year ended 12/31/21		17.70		(0.21	)		3.83			3.62			(0.01	)		(1.63	)		–			(1.64	)		19.68		20.81			42,392		1.86			1.86			(1.03	)		58
Year ended 12/31/20		14.95		(0.10	)		2.93			2.83			–			(0.08	)		–			(0.08	)		17.70		18.92			34,635		1.94			1.99			(0.71	)		43
Eight months ended 12/31/19		14.01		(0.06	)		1.05			0.99			–			(0.05	)		–			(0.05	)		14.95		7.06			37,488		1.94	^(e)		2.01	^(e)		(0.66	)^(e)		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
Class R
Six months ended 06/30/23		17.25		0.00			1.54			1.54			–			–			–			–			18.79		8.93			61,960		1.32	^(e)		1.32	^(e)		0.03	^(e)		29
Year ended 12/31/22		20.60		(0.02	)		(3.33	)		(3.35	)		–			–			–			–			17.25		(16.26	)		48,875		1.36			1.36			(0.13	)		36
Year ended 12/31/21		18.37		(0.11	)		3.98			3.87			(0.01	)		(1.63	)		–			(1.64	)		20.60		21.42			57,441		1.36			1.36			(0.53	)		58
Year ended 12/31/20		15.45		(0.03	)		3.03			3.00			–			(0.08	)		–			(0.08	)		18.37		19.40			33,457		1.45			1.49			(0.22	)		43
Eight months ended 12/31/19		14.43		(0.02	)		1.09			1.07			–			(0.05	)		–			(0.05	)		15.45		7.41			26,910		1.45	^(e)		1.51	^(e)		(0.16	)^(e)		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
Class Y
Six months ended 06/30/23		17.84		0.05			1.59			1.64			–			–			–			–			19.48		9.19			578,237		0.82	^(e)		0.82	^(e)		0.53	^(e)		29
Year ended 12/31/22		21.27		0.07			(3.44	)		(3.37	)		(0.05	)		–			(0.01	)		(0.06	)		17.84		(15.87	)		533,098		0.86			0.86			0.37			36
Year ended 12/31/21		18.83		(0.01	)		4.09			4.08			(0.01	)		(1.63	)		–			(1.64	)		21.27		22.03			566,299		0.86			0.86			(0.03	)		58
Year ended 12/31/20		15.79		0.05			3.13			3.18			(0.06	)		(0.08	)		–			(0.14	)		18.83		20.13			266,951		0.90			0.99			0.33			43
Eight months ended 12/31/19		14.69		0.04			1.11			1.15			–			(0.05	)		–			(0.05	)		15.79		7.82			152,406		0.90	^(e)		1.01	^(e)		0.38	^(e)		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
Class R5
Six months ended 06/30/23		17.74		0.06			1.59			1.65			–			–			–			–			19.39		9.30			8,875		0.75	^(e)		0.75	^(e)		0.60	^(e)		29
Year ended 12/31/22		21.16		0.09			(3.43	)		(3.34	)		(0.07	)		–			(0.01	)		(0.08	)		17.74		(15.78	)		7,887		0.74			0.74			0.49			36
Year ended 12/31/21		18.74		0.01			4.06			4.07			(0.02	)		(1.63	)		–			(1.65	)		21.16		22.08			9,028		0.77			0.77			0.06			58
Year ended 12/31/20		15.71		0.07			3.12			3.19			(0.08	)		(0.08	)		–			(0.16	)		18.74		20.30			13		0.77			0.77			0.46			43
Period ended 12/31/19^(g)		13.89		0.04			1.83			1.87			–			(0.05	)		–			(0.05	)		15.71		13.45			11		0.82	^(e)		0.82	^(e)		0.47	^(e)		19
Class R6
Six months ended 06/30/23		17.88		0.06			1.61			1.67			–			–			–			–			19.55		9.34			538,790		0.71	^(e)		0.71	^(e)		0.64	^(e)		29
Year ended 12/31/22		21.36		0.10			(3.47	)		(3.37	)		(0.09	)		–			(0.02	)		(0.11	)		17.88		(15.79	)		483,088		0.71			0.71			0.52			36
Year ended 12/31/21		18.88		0.03			4.10			4.13			(0.02	)		(1.63	)		–			(1.65	)		21.36		22.23			745,149		0.68			0.68			0.15			58
Year ended 12/31/20		15.83		0.07			3.15			3.22			(0.09	)		(0.08	)		–			(0.17	)		18.88		20.31			704,706		0.77			0.77			0.46			43
Eight months ended 12/31/19		14.72		0.05			1.11			1.16			–			(0.05	)		–			(0.05	)		15.83		7.87			271,711		0.77	^(e)		0.78	^(e)		0.52	^(e)		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

^(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 and 2018, respectively.

^(d)

^(e)	Annualized.

^(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)	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 Main Street Small Cap Fund^®

Notes to Financial Statements

June 30, 2023

(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 of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.


13		Invesco Main Street Small Cap 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. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund 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.


14		Invesco Main Street Small Cap Fund^®

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2023, the Fund paid the Adviser $7,211 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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

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, 2023, the effective advisory fee rate incurred by the Fund was 0.64%.


15		Invesco Main Street Small Cap Fund^®

For the six months ended June 30, 2023, the Adviser waived advisory fees of $14,865.

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, 2023, 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, 2023, IDI advised the Fund that IDI retained $40,500 in front-end sales commissions from the sale of Class A shares and $73 and $472 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 Adviser’s 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	$	1,544,772,745	$	–		$–	$	1,544,772,745


Money Market Funds		20,899,982		188,906,029		–		209,806,011


Total Investments	$	1,565,672,727	$	188,906,029		$–	$	1,754,578,756

NOTE 4–Security Transactions with Affiliated Funds


16		Invesco Main Street Small Cap Fund^®

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

NOTE 8–Tax Information

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

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, 2022, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$48,246,091

$40,555,699

$88,801,790

*	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, 2023 was $432,555,425 and $420,290,333, 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	$410,638,368


Aggregate unrealized (depreciation) of investments	(50,024,765	)



Net unrealized appreciation of investments	$360,613,603

Cost of investments for tax purposes is $1,393,965,153.

NOTE 10–Share Information


	Summary of Share Activity



	Six months ended				Year ended
	June 30, 2023^(a)				December 31, 2022
	Shares		Amount		Shares		Amount


Sold:
Class A		1,011,438	$	18,614,273		2,219,819	$	41,006,882


Class C		112,276		1,909,065		330,840		5,673,120


Class R		762,745		13,409,281		614,480		11,038,254


Class Y		7,891,688		147,063,410		13,356,772		245,585,442


Class R5		42,174		779,930		64,975		1,215,021


Class R6		1,892,991		34,809,745		2,580,112		51,618,286



Issued as reinvestment of dividends:
Class A		–		–		8,483		154,815


Class Y		–		–		84,262		1,552,097


Class R5		–		–		2,017		36,956


Class R6		–		–		153,034		2,826,543


17		Invesco Main Street Small Cap Fund^®


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount



Automatic conversion of Class C shares to Class A shares:
Class A		91,709		$	1,673,949			165,697		$	3,055,056


Class C		(99,066	)		(1,673,949	)		(177,972	)		(3,055,056	)



Reacquired:
Class A		(1,372,910	)		(25,254,305	)		(3,627,922	)		(66,667,916	)


Class C		(139,772	)		(2,383,848	)		(414,068	)		(7,119,532	)


Class R		(299,611	)		(5,336,501	)		(568,184	)		(10,339,953	)


Class Y		(8,100,976	)		(149,695,333	)		(10,178,306	)		(188,939,646	)


Class R5		(28,937	)		(533,427	)		(49,055	)		(907,680	)


Class R6		(1,339,022	)		(25,347,952	)		(10,613,106	)		(205,617,561	)


Net increase (decrease) in share activity		424,727		$	8,034,338			(6,048,122	)	$	(118,884,872	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 35% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 20% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


18		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.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/23)	Ending Account Value (06/30/23)¹	Expenses Paid During Period²	Ending Account Value (06/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,091.10	$5.55	$1,019.49	$5.36	1.07%
Class C	1,000.00	1,086.60	9.42	1,015.77	9.10	1.82
Class R	1,000.00	1,089.30	6.84	1,018.25	6.61	1.32
Class Y	1,000.00	1,091.90	4.25	1,020.73	4.11	0.82
Class R5	1,000.00	1,093.00	3.89	1,021.08	3.76	0.75
Class R6	1,000.00	1,092.80	3.68	1,021.27	3.56	0.71

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.


19		Invesco Main Street Small Cap Fund^®

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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 Main Street Small Cap Fund’s^® (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the Russell 2000^® 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, the second quintile for the three year period and the first quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance


20		Invesco Main Street Small Cap Fund^®

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 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 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, 2022.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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

agency and distribution services to the Fund. The Board 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 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.


21		Invesco Main Street Small Cap Fund^®

Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.


22		Invesco Main Street Small Cap Fund^®

(This page intentionally left blank)

LOGO

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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

LOGO


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

LOGO



Semiannual Report to Shareholders		June 30, 2023

Invesco Quality Income Fund

Nasdaq:

A: VKMGX ∎ C: VUSCX ∎ R: VUSRX ∎ Y: VUSIX ∎ R5: VUSJX ∎ R6: VUSSX



2		Fund Performance
4		Liquidity Risk Management Program
5		Schedule of Investments
12		Financial Statements
15		Financial Highlights
16		Notes to Financial Statements
22		Fund Expenses
23		Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/22 to 6/30/23, 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	2.07	%
Class C Shares	1.69
Class R Shares	1.94
Class Y Shares	2.08
Class R5 Shares	2.21
Class R6 Shares	2.14
Bloomberg U.S. Mortgage-Backed Securities Index^▼(Broad Market/Style-Specific Index)	1.87

Source(s): ^▼RIMES Technologies Corp. The Bloomberg U.S. Mortgage-Backed Securities Index represents mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae and Freddie Mac. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

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 Quality Income Fund


Average Annual Total Returns
As of 6/30/23, including maximum applicable sales charges

Class A Shares
Inception (5/31/84)	5.24	%
10 Years	0.59
5 Years	-1.00
1 Year	-5.95

Class C Shares
Inception (8/13/93)	3.18	%
10 Years	0.43
5 Years	-0.88
1 Year	-3.52

Class R Shares
10 Years	0.75	%
5 Years	-0.43
1 Year	-2.05

Class Y Shares
Inception (9/25/06)	2.37	%
10 Years	1.28
5 Years	0.10
1 Year	-1.64

Class R5 Shares
Inception (6/1/10)	1.81	%
10 Years	1.33
5 Years	0.13
1 Year	-1.51

Class R6 Shares
10 Years	1.26	%
5 Years	0.21
1 Year	-1.53

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, 2023

(Unaudited)


	Principal Amount		Value
U.S. Government Sponsored Agency Mortgage-Backed Securities–105.54%
Collateralized Mortgage Obligations–5.50%

Fannie Mae Grantor Trust, Series 1999-T2, Class A1, 7.50%, 01/19/2039^(a)	$	103,502	$ 104,318
Fannie Mae Interest STRIPS,
IO,
7.50%, 01/25/2024 to 01/25/2032^(b)		81,216	7,231
6.50%, 10/25/2024 to 02/25/2033^(b)		1,016,709	141,087
7.00%, 02/25/2028^(b)		169,893	14,766
8.00%, 05/25/2030^(b)		235,528	39,248
6.00%, 02/25/2033 to 09/25/2035^(b)(d)		1,344,241	192,921
5.50%, 11/25/2033 to 06/25/2035^(b)		618,642	98,223
PO,
0.00%, 09/25/2032^(c)		35,872	31,225

Fannie Mae REMICs,
3.50%, 09/25/2023 to 08/25/2042^(b)		1,425,327	164,653
4.00%, 07/25/2024 to 08/25/2047^(b)		741,962	452,682
2.50%, 12/25/2025 to 08/25/2049^(b)		21,796,709	3,149,354
5.50%, 12/25/2025 to 07/25/2046^(b)		370,848	109,803
7.00%, 03/18/2027 to 05/25/2033^(b)		411,882	234,422
6.50%, 10/25/2028 to 05/25/2033^(b)		104,981	92,931
6.15% (1 mo. USD LIBOR + 1.00%), 12/25/2031 to 12/25/2032^(e)		325,720	330,060
6.11% (1 mo. USD LIBOR + 1.00%), 03/18/2032 to 12/18/2032^(e)		280,020	284,253
5.65% (1 mo. USD LIBOR + 0.50%), 08/25/2032 to 06/25/2046^(e)		1,004,228	991,222
5.61% (1 mo. USD LIBOR + 0.50%), 10/18/2032^(e)		30,954	30,858
5.55% (1 mo. USD LIBOR + 0.40%), 03/25/2033 to 03/25/2042^(e)		171,622	169,122
5.49% (1 mo. USD LIBOR + 0.34%), 06/25/2035^(e)		732,330	721,756
5.50% (1 mo. USD LIBOR + 0.35%), 08/25/2035 to 10/25/2035^(e)		556,655	550,651
5.68% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036^(e)		121,066	138,107
5.32% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036^(e)		159,192	177,440
6.09% (1 mo. USD LIBOR + 0.94%), 06/25/2037^(e)		590,262	594,301
5.60% (1 mo. USD LIBOR + 0.45%), 08/25/2037^(e)		344,886	337,552


	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
6.60%, 06/25/2039^(a)	$	323,407	$ 334,296
5.00%, 04/25/2040		140,052	137,491
2.00%, 05/25/2044 to 03/25/2051^(b)		6,521,817	1,014,967
IO,
3.00%, 10/25/2026 to 07/25/2045^(b)		7,185,990	4,013,207
8.00%, 08/18/2027 to 09/18/2027^(b)		133,657	12,355
0.75%, 10/25/2031^(b)		2,937	47
1.55% (6.70% - (1.00 x 1 mo. USD LIBOR)), 10/25/2031 to 05/25/2035^(b)(e)		567,643	35,422
2.75% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031^(b)(e)		69,986	6,224
2.79% (7.90% - (1.00 x 1 mo. USD LIBOR)), 12/18/2031^(b)(e)		54,894	3,648
2.80% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032^(b)(e)		45,826	3,715
2.89% (8.00% - (1.00 x 1 mo. USD LIBOR)), 03/18/2032^(b)(e)		110,259	9,708
2.95% (8.10% - (1.00 x 1 mo. USD LIBOR)), 03/25/2032 to 04/25/2032^(b)(e)		148,679	14,338
1.85% (7.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032 to 08/25/2032^(b)(e)		238,593	15,297
2.65% (7.80% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032^(b)(e)		48,115	4,582
2.85% (8.00% - (1.00 x 1 mo. USD LIBOR)), 07/25/2032 to 09/25/2032^(b)(e)		323,968	32,045
2.99% (8.10% - (1.00 x 1 mo. USD LIBOR)), 12/18/2032^(b)(e)		200,971	15,537
3.10% (8.25% - (1.00 x 1 mo. USD LIBOR)), 02/25/2033 to 05/25/2033^(b)(e)		265,942	32,944
6.00%, 05/25/2033^(b)		15,137	2,367
0.90% (6.05% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035 to 07/25/2038^(b)(e)		766,525	40,916
1.60% (6.75% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035^(b)(e)		45,221	2,653
1.45% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035^(b)(e)		162,929	8,050
1.40% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041^(b)(e)		133,894	9,352
1.00% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042^(b)(e)		391,680	38,174
4.50%, 02/25/2043^(b)		322,034	45,263
0.75% (5.90% - (1.00 x 1 mo. USD LIBOR)), 09/25/2047^(b)(e)		1,608,242	106,924
0.00%, 02/25/2056^(d)		4,486,365	228,411

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)
Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series KC02, Class X1, IO, 1.91%, 03/25/2024^(d)	$	215,269,605	$ 590,721
Series KC03, Class X1, IO, 0.63%, 11/25/2024^(d)		20,915,426	179,603
Series K051, Class X1, IO, 0.63%, 09/25/2025^(d)		55,956,013	520,335
Series K734, Class X1, IO, 0.78%, 02/25/2026^(d)		16,614,749	214,250
Series K735, Class X1, IO, 1.10%, 05/25/2026^(d)		15,538,146	337,582
Series K093, Class X1, IO, 1.09%, 05/25/2029^(d)		13,177,685	582,036
Series Q004, Class AFL, 4.95% (12 mo. MTA Rate + 0.74%), 05/25/2044^(e)		357,514	357,517

Freddie Mac REMICs,
5.00%, 09/15/2023		1,813	1,807
2.00%, 12/15/2023		93,651	92,333
3.94% (COFI 11 + 1.37%), 03/15/2024^(e)		15,196	15,225
4.00%, 10/15/2024 to 03/15/2045^(b)		240,788	148,875
3.50%, 11/15/2025 to 05/15/2032		573,341	546,421
3.00%, 07/15/2026 to 05/15/2040^(b)		3,594,289	349,025
1.50%, 08/15/2027		5,999,318	5,458,668
6.95%, 03/15/2028		95,085	95,922
6.50%, 08/15/2028 to 03/15/2032		1,033,570	1,039,117
5.71% (1 mo. USD LIBOR + 0.60%), 01/15/2029 to 12/15/2032^(e)		77,830	77,999
6.00%, 01/15/2029 to 04/15/2029		159,021	159,463
5.46% (1 mo. USD LIBOR + 0.35%), 02/15/2029^(e)		81,575	81,201
6.07% (1 mo. USD LIBOR + 0.90%), 03/15/2029^(e)		94,833	95,288
5.51% (1 mo. USD LIBOR + 0.40%), 06/15/2029 to 01/15/2033^(e)		133,566	133,027
5.76% (1 mo. USD LIBOR + 0.65%), 07/15/2029^(e)		22,991	23,025
8.00%, 03/15/2030		42,946	44,458
6.06% (1 mo. USD LIBOR + 0.95%), 08/15/2031^(e)		74,640	75,627
5.61% (1 mo. USD LIBOR + 0.50%), 02/15/2032 to 03/15/2032^(e)		227,538	226,946
6.11% (1 mo. USD LIBOR + 1.00%), 02/15/2032 to 03/15/2032^(e)		153,713	155,890
5.66% (1 mo. USD LIBOR + 0.55%), 03/15/2032 to 10/15/2036^(e)		467,630	460,090
6.02% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035^(e)		21,374	24,701
5.41% (1 mo. USD LIBOR + 0.30%), 03/15/2036^(e)		1,156,119	1,133,102
5.56% (1 mo. USD LIBOR + 0.45%), 07/15/2037^(e)		66,517	65,431


	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
4.07% (1 mo. USD LIBOR + 0.50%), 03/15/2042^(e)	$	104,999	$ 101,421
IO,
0.89% (6.00% - (1.00 x 1 mo. USD LIBOR)), 03/15/2024 to 04/15/2038^(b)(e)		91,784	2,369
2.54% (7.65% - (1.00 x 1 mo. USD LIBOR)), 07/15/2026^(b)(e)		13,214	272
2.50%, 09/15/2027 to 09/25/2048^(b)		10,311,909	1,974,744
3.59% (8.70% - (1.00 x 1 mo. USD LIBOR)), 07/17/2028^(b)(e)		8,401	77
2.99% (8.10% - (1.00 x 1 mo. USD LIBOR)), 06/15/2029 to 09/15/2029^(b)(e)		140,102	7,513
1.59% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035^(b)(e)		654,110	28,907
1.64% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035^(b)(e)		97,190	4,616
1.61% (6.72% - (1.00 x 1 mo. USD LIBOR)), 05/15/2035^(b)(e)		156,817	7,306
1.89% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037^(b)(e)		12,933	1,160
0.96% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038^(b)(e)		812,419	56,969
, 02/15/2039^(d)		1,778,272	92,651
1.14% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039^(b)(e)		212,250	12,444
0.99% (6.10% - (1.00 x 1 mo. USD LIBOR)), 01/15/2044^(b)(e)		266,789	23,949

Freddie Mac Seasoned Loans Structured Transaction, Series 2019-1, Class A2, 3.50%, 05/25/2029		2,000,000	1,849,610
Freddie Mac STRIPS,
IO,
3.00%, 12/15/2027^(b)		311,962	15,088
3.27%, 12/15/2027^(d)		79,608	3,402
6.50%, 02/01/2028^(b)		19,785	1,898
7.00%, 09/01/2029^(b)		193,842	25,371
7.50%, 12/15/2029^(b)		14,106	2,002
8.00%, 06/15/2031^(b)		351,634	64,331
6.00%, 12/15/2032^(b)		73,528	9,014
0.00%, 12/01/2031 to 03/01/2032^(c)		190,292	164,715
5.61%(1 mo. USD LIBOR + 0.50%), 05/15/2036^(e)		519,476	513,489

Freddie Mac Structured Pass-Through Ctfs., Series T-54, Class 2A, 6.50%, 02/25/2043		1,214,532	1,266,875

Freddie Mac Whole Loan Securities Trust, Series 2015-SC02, Class 1A, 3.00%, 09/25/2045		243,819	213,675
			35,055,672

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)–27.54%
5.50%, 01/01/2024 to 05/01/2053	$	31,356,388	$	31,350,068


6.00%, 07/01/2024 to 10/01/2029		172,304		174,990


6.50%, 10/17/2024 to 04/01/2034		394,799		404,768


9.00%, 01/01/2025 to 05/01/2025		2,183		2,198


2.50%, 02/01/2031 to 04/01/2052		41,547,028		35,627,223


8.50%, 03/01/2031 to 08/01/2031		95,352		99,289


7.00%, 10/01/2031 to 10/01/2037		154,614		160,284


7.50%, 01/01/2032 to 08/01/2037		4,091,891		4,219,134


3.00%, 02/01/2032 to 05/01/2050		31,474,106		28,508,366


8.00%, 08/01/2032		59,239		61,274


5.00%, 01/01/2037 to 07/01/2052		9,051,352		8,933,270


4.50%, 05/01/2038 to 07/01/2052		16,711,652		16,272,298


5.35%, 07/01/2038 to 10/17/2038		1,026,213		1,026,220


5.45%, 11/25/2038		1,024,916		1,028,847


5.80%, 01/20/2039		433,393		429,785


4.00%, 06/01/2042 to 07/01/2049		17,163,802		16,466,764


3.50%, 09/01/2045 to 05/01/2050		17,685,917		16,410,739


2.00%, 12/01/2051 to 01/01/2052		17,382,060		14,295,954


				175,471,471



Federal National Mortgage Association (FNMA)–53.60%
6.50%, 08/01/2023 to 11/01/2038		1,909,405		1,962,718


5.50%, 01/01/2024 to 04/01/2038		2,681,549		2,726,830


6.00%, 04/01/2024 to 05/01/2040		1,401,762		1,439,107


5.00%, 03/01/2025 to 01/01/2053		8,840,419		8,744,089


4.50%, 07/01/2025 to 07/01/2044		3,644,352		3,601,085


7.50%, 02/01/2027 to 08/01/2037		1,640,774		1,682,874


3.00%, 02/01/2029 to 01/01/2052		61,436,843		55,564,275


7.00%, 04/01/2029 to 01/01/2036		1,169,570		1,187,218


9.50%, 04/01/2030		3,233		3,274


5.63%, 08/01/2032		58,410		57,544


8.50%, 10/01/2032		136,062		143,106


8.00%, 04/01/2033		138,323		144,894


3.50%, 11/01/2034 to 05/01/2050		42,131,701		39,496,746


2.50%, 03/01/2035 to 11/01/2051		52,628,837		45,252,735


2.00%, 09/01/2035 to 01/01/2052		58,209,468		49,265,785


5.45%, 01/01/2038		238,036		236,002


	Principal Amount		Value


Federal National Mortgage Association (FNMA)–(continued)
4.00%, 02/01/2042 to 03/01/2050	$	35,165,092	$	33,646,746


TBA,
4.00%, 07/01/2038^(f)		11,600,000		11,198,078


2.00%, 07/01/2053^(f)		67,879,000		55,371,765


2.50%, 07/01/2053^(f)		6,055,000		5,135,397


4.50%, 07/01/2053^(f)		14,800,000		14,229,969


5.00%, 07/01/2053^(f)		10,680,000		10,465,566


				341,555,803



Government National Mortgage Association (GNMA)–18.90%
7.00%, 09/15/2023 to 01/20/2030		153,260		153,460


6.50%, 01/15/2024 to 10/15/2028		18,301		18,697


3.00%, 12/16/2025 to 02/20/2050		2,712,392		2,443,429


6.00%, 06/15/2028 to 04/20/2029		62,311		63,088


7.50%, 06/15/2028 to 08/15/2028		95,651		95,615


8.00%, 09/15/2028		2,985		2,981


5.50%, 05/15/2033 to 10/15/2034		254,766		257,915


7.08%, 11/20/2033^(a)		726,277		745,108


5.00%, 11/20/2037		286,071		280,069


5.89%, 01/20/2039^(a)		725,245		735,850


4.52%, 07/20/2041^(a)		767,361		744,637


2.96%, 09/20/2041		564,375		545,220


3.41% (1 mo. USD LIBOR + 0.45%), 07/20/2044^(e)		414,888		401,746


3.50%, 05/20/2046 to 06/20/2050		11,445,016		10,708,595


4.00%, 02/20/2048 to 03/20/2050		3,934,505		3,732,928


IO,
1.49% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041^(b)(e)		1,120,137		57,493


4.50%, 09/16/2047^(b)		712,570		111,480


1.04% (6.20% - (1.00 x 1 mo. USD LIBOR)), 10/16/2047^(b)(e)		646,636		52,872


TBA,
2.00%, 07/01/2053^(f)		4,984,000		4,190,259


2.50%, 07/01/2053^(f)		23,848,000		20,654,604


3.00%, 07/01/2053^(f)		19,750,000		17,650,791


3.50%, 07/01/2053^(f)		7,300,000		6,738,527


4.50%, 07/01/2053^(f)		23,100,000		22,296,914


5.00%, 07/01/2053^(f)		18,040,000		17,728,528


5.50%, 07/01/2053^(f)		4,000,000		3,981,563


Series 2020-137, Class A, 1.50%, 04/16/2062		7,849,700		6,079,660


				120,472,029


Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $743,355,963)				672,554,975



Commercial Paper–10.02%
Diversified Banks–10.02%
BNP Paribas S.A. (France), 0.00%, 02/08/2024		8,000,000		7,724,818


BPCE S.A. (France), 0.00%, 11/15/2023^(g)		20,000,000		19,576,723

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


7		Invesco Quality Income Fund


	Principal Amount		Value
Diversified Banks–(continued)

Societe Generale S.A. (France), 0.00%, 11/15/2023^(g)	$	20,000,000	$ 19,580,480

Svenska Handelsbanken AB (Sweden), 5.78%(SOFR + 0.69%), 08/29/2023^(e)(g)		3,000,000	3,000,000
Toronto-Dominion Bank (The) (Canada), 5.71%(SOFR + 0.62%), 04/26/2024^(e)(g)(h)		14,000,000	14,000,000
Total Commercial Paper (Cost $63,944,934)			63,882,021

Asset-Backed Securities–6.07%

Adjustable Rate Mortgage Trust, Series 2005-7, Class 2A21, 0.77%, 10/25/2035^(a)		154,230	131,218

Agate Bay Mortgage Trust, Series 2015-2, Class B1, 3.61%, 03/25/2045^(a)(g)		1,435,512	1,317,075
Banc of America Funding Trust,

Series 2006-3, Class 5A5, 5.50%, 03/25/2036		24,606	21,183
Series 2006-A, Class 1A1, 4.45%, 02/20/2036^(a)		189,107	177,882

Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-1, Class 2A1, 4.04%, 03/25/2035^(a)		630,032	576,742

Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.68%, 01/15/2051^(d)		12,733,977	233,834

BINOM Securitization Trust, Series 2021-INV1, Class A1, 2.03%, 06/25/2056^(a)(g)		3,052,236	2,603,187

CCG Receivables Trust, Series 2019-2, Class C, 2.89%, 03/15/2027^(g)		405,000	404,423

CD Mortgage Trust, Series 2017- CD6, Class XA, IO, 1.02%, 11/13/2050^(d)		6,629,818	164,679
Chase Mortgage Finance Corp.,

Series 2016-2, Class M4, 3.75%, 12/25/2045^(g)		1,496,702	1,283,351
Series 2016-SH1, Class M3, 3.75%, 04/25/2045^(a)(g)		1,135,085	980,209
Chase Mortgage Finance Trust,

Series 2005-A1, Class 3A1, 3.94%, 12/25/2035^(a)		14,022	12,006
Series 2007-A2, Class 2A1, 4.14%, 06/25/2035^(a)		186,795	181,128
Series 2007-A2, Class 2A4, 4.14%, 06/25/2035^(a)		172,559	166,456
Citigroup Commercial Mortgage Trust,

Series 2013-GC17, Class XA, IO, 1.13%, 11/10/2046^(d)		3,524,001	803
Series 2017-C4, Class XA, IO, 1.17%, 10/12/2050^(d)		17,117,529	530,385
Citigroup Mortgage Loan Trust,

Series 2004-UST1, Class A4, 5.75%, 08/25/2034^(a)		52,861	49,043
Series 2005-11, Class A2A, 5.41% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035^(e)		490,764	457,902
Series 2006-AR2, Class 1A2, 2.56%, 03/25/2036^(a)		10,749	10,129


	Principal Amount		Value
COMM Mortgage Trust,

Series 2013-LC13, Class XA, IO, 1.11%, 08/10/2046^(d)	$	8,381,446	$ 218

Series 2015-CR24, Class XA, IO, 0.83%, 08/10/2048^(d)		33,816,984	382,639

Commonbond Student Loan Trust, Series 2018-CGS, Class A1, 3.87%, 02/25/2046^(g)		763,420	720,095

Countrywide Home Loans Mortgage Pass-Through Trust, Series 2004-29, Class 1A1, 5.69% (1 mo. USD LIBOR + 0.54%), 02/25/2035^(e)		143,017	127,493

Credit Suisse Mortgage Capital Trust, Series 2013-7, Class B1, 3.54%, 08/25/2043^(a)(g)		1,242,642	1,164,719

Credit Suisse Mortgage Loan Trust, Series 2015-1, Class A9, 3.50%, 05/25/2045^(a)(g)		309,905	275,116

CSFB Mortgage-Backed Pass-Through Ctfs., Series 2004-AR5, Class 5A1, 4.75%, 06/25/2034^(a)		289,528	277,897

Deutsche Mortgage Securities, Inc. Re-REMIC Trust Ctfs., Series 2007-WM1, Class A1, 4.06%, 06/27/2037^(a)(g)		1,413,135	1,255,053

Galton Funding Mortgage Trust, Series 2018-1, Class A33, 3.50%, 11/25/2057^(a)(g)		312,387	278,114

GMACM Mortgage Loan Trust, Series 2005-AR3, Class 2A1, 2.96%, 06/19/2035^(a)		613,622	563,075

GSAA Home Equity Trust, Series 2007-7, Class A4, 5.69% (1 mo. USD LIBOR + 0.54%), 07/25/2037^(e)		23,590	22,646
GSR Mortgage Loan Trust,

Series 2004-12, Class 3A6, 1.46%, 12/25/2034^(a)		161,007	144,455

Series 2005-AR4, Class 6A1, 4.66%, 07/25/2035^(a)		105,067	98,075

Invitation Homes Trust, Series 2018-SFR4, Class C, 6.55% (1 mo. USD LIBOR + 1.40%), 01/17/2038^(e)(g)		4,228,805	4,202,875
JP Morgan Mortgage Trust,

Series 2005-A1, Class 3A1, 4.16%, 02/25/2035^(a)		379,297	356,992

Series 2005-A3, Class 6A5, 4.40%, 06/25/2035^(a)		182,959	181,448

Series 2014-1, Class 1A17, 0.79%, 01/25/2044^(a)(g)		559,968	512,549

Series 2015-3, Class A3, 3.50%, 05/25/2045^(a)(g)		573,592	515,591

Series 2017-5, Class A1, 3.36%, 10/26/2048^(a)(g)		369,892	360,897

Series 2019-INV2, Class A15, 3.50%, 02/25/2050^(a)(g)		145,530	129,518

Luminent Mortgage Trust, Series 2006-1, Class A1, 5.87% (1 mo. USD LIBOR + 0.72%), 04/25/2036^(e)		30,153	25,460

MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A2, 4.58%, 04/21/2034^(a)		101,820	98,245

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


8		Invesco Quality Income Fund


	Principal Amount		Value


Merrill Lynch Mortgage Investors Trust,
Series 2005-3, Class 3A, 2.39%, 11/25/2035	$	213,448	$	197,843


Series 2005-A, Class A1, 5.61% (1 mo. USD LIBOR + 0.46%), 03/25/2030^(e)		240,351		220,722


Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.99%, 12/15/2050^(d)		5,432,250		169,776


Progress Residential Trust, Series 2020-SFR1, Class C, 2.18%, 04/17/2037^(g)		2,500,000		2,315,105


Residential Accredit Loans, Inc. Trust,
Series 2006-QO2, Class A2, 5.69% (1 mo. USD LIBOR + 0.54%), 02/25/2046^(e)		40,763		8,648


Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		27,534		20,808


Sapphire Aviation Finance II Ltd., Series 2020-1A, Class B, 4.34%, 03/15/2040^(g)		5,610,803		4,076,613


SGR Residential Mortgage Trust, Series 2021-2, Class A1, 1.74%, 12/25/2061^(a)(g)		6,975,462		5,681,703


Shellpoint Asset Funding Trust, Series 2013-1, Class A3, 3.75%, 07/25/2043^(a)(g)		372,072		341,873


Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-13, Class A2, 5.45% (1 mo. USD LIBOR + 0.30%), 09/25/2034^(e)		228,338		205,109


Series 2004-20, Class 3A1, 3.93%, 01/25/2035^(a)		44,227		43,805


Structured Asset Mortgage Investments II Trust, Series 2005-AR2, Class 2A1, 5.61% (1 mo. USD LIBOR + 0.46%), 05/25/2045^(e)		431,533		391,264


Structured Asset Sec Mortgage Pass-Through Ctfs., Series 2002-21A, Class B1II, 6.04%, 11/25/2032^(a)		23,076		22,849


UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.22%, 11/15/2050^(d)		10,134,855		296,942


Vendee Mortgage Trust,
Series 1999-3, Class IO, 0.00%, 10/15/2029^(d)		3,563,900		4


Series 2001-3, Class IO, 0.00%, 10/15/2031^(d)		1,883,176		2


Series 2002-2, Class IO, 0.00%, 01/15/2032^(d)		5,027,841		434


Series 2002-3, Class IO, 0.25%, 08/15/2032^(d)		5,880,393		28,463


Series 2003-1, Class IO, 0.05%, 11/15/2032^(d)		9,396,518		17,020


Verus Securitization Trust, Series 2019-INV3, Class A2, 2.95%, 11/25/2059^(a)(g)		865,591		830,401


WaMu Mortgage Pass-Through Ctfs. Trust,
Series 2003-AR10, Class A7, 4.23%, 10/25/2033^(a)		130,026		123,005


Series 2007-HY2, Class 2A1, 3.87%, 11/25/2036^(a)		42,805		38,374


	Principal Amount		Value


Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, IO, 1.01%, 12/15/2050^(d)	$	9,045,970	$	279,105


Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051^(g)		2,849,250		2,383,668


Total Asset-Backed Securities (Cost $45,733,189)				38,688,341



Agency Credit Risk Transfer Notes–3.64%
Fannie Mae Connecticut Avenue Securities,
Series 2022-R03, Class 1M1, 7.17% (30 Day Average SOFR + 2.10%), 03/25/2042^(e)(g)		4,360,432		4,379,132


Series 2022-R06, Class 1M1, 7.82% (30 Day Average SOFR + 2.75%), 05/25/2042^(e)(g)		3,440,208		3,508,939


Series 2023-R02, Class 1M2, 8.42% (30 Day Average SOFR + 3.35%), 01/25/2043^(e)(g)		5,550,000		5,647,736


Freddie Mac,
Series 2022-DNA4, Class M1B, STACR^®, 8.42% (30 Day Average SOFR + 3.35%), 05/25/2042^(e)(g)		4,615,000		4,672,404


Series 2022-HQA3, Class M1, STACR^®, 7.37% (30 Day Average SOFR + 2.30%), 08/25/2042^(e)(g)		4,928,675		4,962,413


Total Agency Credit Risk Transfer Notes (Cost $23,027,552)				23,170,624



Certificates of Deposit–2.98%
Diversified Banks–2.98%
Canadian Imperial Bank of Commerce (Canada), 5.79% (SOFR + 0.73%), 08/04/2023^(e)		9,000,000		9,000,000


Wells Fargo Bank N.A., 5.56% (SOFR + 0.50%), 01/19/2024^(e)		10,000,000		10,007,266


Total Certificates of Deposit (Cost $19,000,000)				19,007,266



U.S. Treasury Securities–0.21%
U.S. Treasury Bills–0.21%
4.74% - 4.79%, 04/18/2024 (Cost $1,329,746)^(i)(j)		1,381,000		1,323,733



	Shares
Money Market Funds–1.16%
Invesco Government & Agency Portfolio, Institutional Class, 5.05%^(k)(l) (Cost $7,413,224)		7,413,224		7,413,224


TOTAL INVESTMENTS IN SECURITIES–129.62% (Cost $903,804,608)				826,040,184


OTHER ASSETS LESS LIABILITIES–(29.62)%				(188,786,398	)


NET ASSETS–100.00%			$	637,253,786

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


9		Invesco Quality Income Fund

Investment Abbreviations:



COFI		– Cost of Funds Index
Ctfs.		– Certificates
IO		– Interest Only
LIBOR		– London Interbank Offered Rate
MTA		– Moving Treasury Average
PO		– Principal Only
REMICs		– Real Estate Mortgage Investment Conduits
SOFR		– Secured Overnight Financing Rate
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 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, 2023.

^(b)	Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

^(c)	Zero coupon bond issued at a discount.

^(d)

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, 2023.

^(e)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2023.

^(f)	Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1I.

^(g)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2023 was $110,959,962, which represented 17.41% of the Fund’s Net Assets.

^(h)	Security valued using significant unobservable inputs (Level 3). See Note 3.

⁽ⁱ⁾	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1H.

^(j)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(k)


	Value December 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation	Realized Gain	Value June 30, 2023	Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$16,552,417	$	81,951,225	$	(91,090,418	)	$-	$-	$7,413,224		$198,862

^(l)	The rate shown is the 7-day SEC standardized yield as of June 30, 2023.


Open Futures Contracts


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


Interest Rate Risk


U.S. Treasury 10 Year Ultra Notes		71		September-2023	$	8,409,063		$	(79,320	)	$	(79,320	)


U.S. Treasury Long Bonds		93		September-2023		11,802,281			21,070			21,070


U.S. Treasury Ultra Bonds		7		September-2023		953,531			12,687			12,687


Subtotal–Long Futures Contracts									(45,563	)		(45,563	)



Short Futures Contracts


Interest Rate Risk


U.S. Treasury 2 Year Notes		163		September-2023		(33,145,031	)		459,827			459,827


U.S. Treasury 5 Year Notes		345		September-2023		(36,947,344	)		716,930			716,930


U.S. Treasury 10 Year Notes		41		September-2023		(4,602,891	)		87,283			87,283


Subtotal–Short Futures Contracts									1,264,040			1,264,040


Total Futures Contracts								$	1,218,477		$	1,218,477

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


10		Invesco Quality Income Fund

Portfolio Composition

By security type, based on Total Investments

as of June 30, 2023



U.S. Government Sponsored Agency Mortgage-Backed Securities			81.42%

Commercial Paper			7.73

Asset-Backed Securities			4.68

Agency Credit Risk Transfer Notes			2.81

Certificates of Deposit			2.30

Security types each less than 1% of portfolio			0.16

Money Market Funds			0.90

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, 2023

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $ 896,391,384)	$	818,626,960


Investments in affiliated money market funds, at value (Cost $ 7,413,224)		7,413,224


Other investments:
Variation margin receivable – futures contracts		98,921


Cash collateral – TBA commitments		287,226


Cash		65,028


Receivable for:
Investments sold		923


Fund shares sold		1,146,402


Dividends		22,120


Interest		2,417,742


Principal paydowns		509


Investment for trustee deferred compensation and retirement plans		214,141


Other assets		76,247


Total assets		830,369,443



Liabilities:
Payable for:
TBA sales commitment		190,844,969


Dividends		281,959


Fund shares reacquired		1,357,295


Accrued fees to affiliates		331,303


Accrued other operating expenses		78,048


Trustee deferred compensation and retirement plans		222,083


Total liabilities		193,115,657


Net assets applicable to shares outstanding	$	637,253,786



Net assets consist of:
Shares of beneficial interest	$	861,846,682


Distributable earnings (loss)		(224,592,896	)


	$	637,253,786


Net Assets:
Class A	$	491,839,183


Class C	$	18,158,510


Class R	$	18,079,514


Class Y	$	87,442,838


Class R5	$	160,420


Class R6	$	21,573,321



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		50,770,425


Class C		1,885,588


Class R		1,867,492


Class Y		8,992,188


Class R5		16,538


Class R6		2,218,426


Class A:
Net asset value per share	$	9.69


Maximum offering price per share (Net asset value of $9.69 ÷ 95.75%)	$	10.12


Class C:
Net asset value and offering price per share	$	9.63


Class R:
Net asset value and offering price per share	$	9.68


Class Y:
Net asset value and offering price per share	$	9.72


Class R5:
Net asset value and offering price per share	$	9.70


Class R6:
Net asset value and offering price per share	$	9.72

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, 2023

(Unaudited)


Investment income:
Interest	$	10,697,749


Dividends from affiliated money market funds		198,862


Total investment income		10,896,611



Expenses:
Advisory fees		1,358,308


Administrative services fees		48,452


Custodian fees		20,329


Distribution fees:
Class A		614,299


Class C		91,734


Class R		48,332


Transfer agent fees – A, C, R and Y		459,766


Transfer agent fees – R5		74


Transfer agent fees – R6		3,219


Trustees’ and officers’ fees and benefits		8,609


Registration and filing fees		48,633


Reports to shareholders		37,317


Professional services fees		34,197


Other		(63,907	)


Total expenses		2,709,362


Less: Fees waived and/or expense offset arrangement(s)		(19,736	)


Net expenses		2,689,626


Net investment income		8,206,985



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(16,281,031	)


Futures contracts		(578,398	)


		(16,859,429	)


Change in net unrealized appreciation of:
Unaffiliated investment securities		20,946,802


Futures contracts		974,388


		21,921,190


Net realized and unrealized gain		5,061,761


Net increase in net assets resulting from operations	$	13,268,746

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, 2023 and the year ended December 31, 2022

(Unaudited)


	June 30, 2023			December 31, 2022


Operations:
Net investment income	$	8,206,985		$	11,487,593


Net realized gain (loss)		(16,859,429	)		(35,951,502	)


Change in net unrealized appreciation (depreciation)		21,921,190			(80,306,481	)


Net increase (decrease) in net assets resulting from operations		13,268,746			(104,770,390	)



Distributions to shareholders from distributable earnings:
Class A		(8,805,782	)		(16,334,116	)


Class C		(251,315	)		(478,546	)


Class R		(313,439	)		(548,387	)


Class Y		(1,566,948	)		(2,663,489	)


Class R5		(2,801	)		(6,617	)


Class R6		(418,577	)		(872,066	)


Total distributions from distributable earnings		(11,358,862	)		(20,903,221	)



Share transactions–net:
Class A		(20,970,217	)		(87,661,083	)


Class C		(939,904	)		(9,564,788	)


Class R		(1,474,034	)		(1,496,150	)


Class Y		5,369,860			(9,384,216	)


Class R5		21,158			(302,893	)


Class R6		486,669			(7,666,318	)


Net increase (decrease) in net assets resulting from share transactions		(17,506,468	)		(116,075,448	)


Net increase (decrease) in net assets		(15,596,584	)		(241,749,059	)



Net assets:
Beginning of period		652,850,370			894,599,429


End of period	$	637,253,786		$	652,850,370

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 06/30/23		$ 9.66		$ 0.12		$0.08		$0.20		$(0.17)		$ 9.69		2.07	%^(d)		$491,839		0.84	%^(d)(e)		0.85	%^(d)(e)		2.53	%^(d)(e)		242%
Year ended 12/31/22		11.36		0.16		(1.57)		(1.41)		(0.29)		9.66		(12.52	)^(d)		511,108		0.85	^(d)		0.85	^(d)		1.53	^(d)		520
Year ended 12/31/21		11.90		0.07		(0.25)		(0.18)		(0.36)		11.36		(1.55	)^(f)		697,347		0.84	^(f)		0.86	^(f)		0.57	^(f)		401
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
Class C
Six months ended 06/30/23		9.60		0.09		0.07		0.16		(0.13)		9.63		1.69			18,159		1.60	^(e)		1.61	^(e)		1.77	^(e)		242
Year ended 12/31/22		11.28		0.08		(1.55)		(1.47)		(0.21)		9.60		(13.12	)		19,025		1.61			1.61			0.77			520
Year ended 12/31/21		11.82		(0.02)		(0.25)		(0.27)		(0.27)		11.28		(2.35	)^(f)		32,752		1.62	^(f)		1.62	^(f)		(0.21	)^(f)		401
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
Class R
Six months ended 06/30/23		9.65		0.11		0.08		0.19		(0.16)		9.68		1.94			18,080		1.10	^(e)		1.11	^(e)		2.27	^(e)		242
Year ended 12/31/22		11.35		0.13		(1.57)		(1.44)		(0.26)		9.65		(12.76	)		19,497		1.11			1.11			1.27			520
Year ended 12/31/21		11.89		0.03		(0.25)		(0.22)		(0.32)		11.35		(1.84	)		24,551		1.12			1.12			0.29			401
Period ended 12/31/20^(g)		11.79		0.14		0.21		0.35		(0.25)		11.89		2.99			27,785		1.10	^(e)		1.10	^(e)		1.88	^(e)		979
Class Y
Six months ended 06/30/23		9.70		0.14		0.06		0.20		(0.18)		9.72		2.08			87,443		0.60	^(e)		0.61	^(e)		2.77	^(e)		242
Year ended 12/31/22		11.40		0.18		(1.57)		(1.39)		(0.31)		9.70		(12.26	)		82,042		0.61			0.61			1.77			520
Year ended 12/31/21		11.95		0.10		(0.26)		(0.16)		(0.39)		11.40		(1.35	)		106,019		0.57			0.62			0.84			401
Year ended 12/31/20		11.77		0.29		0.36		0.65		(0.47)		11.95		5.59			185,925		0.52			0.61			2.46			979
Year ended 12/31/19		11.53		0.38		0.33		0.71		(0.47)		11.77		6.21			20,339		0.68			0.68			3.28			448
Year ended 12/31/18		12.00		0.39		(0.38)		0.01		(0.48)		11.53		0.11			13,189		0.70			0.70			3.34			416
Class R5
Six months ended 06/30/23		9.67		0.14		0.07		0.21		(0.18)		9.70		2.21			160		0.56	^(e)		0.56	^(e)		2.81	^(e)		242
Year ended 12/31/22		11.37		0.19		(1.57)		(1.38)		(0.32)		9.67		(12.26	)		139		0.57			0.57			1.81			520
Year ended 12/31/21		11.91		0.10		(0.25)		(0.15)		(0.39)		11.37		(1.29	)		489		0.56			0.57			0.85			401
Year ended 12/31/20		11.76		0.30		0.33		0.63		(0.48)		11.91		5.42			395		0.46			0.46			2.52			979
Year ended 12/31/19		11.52		0.40		0.32		0.72		(0.48)		11.76		6.36			132,657		0.55			0.55			3.41			448
Year ended 12/31/18		12.00		0.40		(0.39)		0.01		(0.49)		11.52		0.16			142,812		0.56			0.56			3.48			416
Class R6
Six months ended 06/30/23		9.70		0.14		0.07		0.21		(0.19)		9.72		2.14			21,573		0.49	^(e)		0.49	^(e)		2.88	^(e)		242
Year ended 12/31/22		11.40		0.20		(1.57)		(1.37)		(0.33)		9.70		(12.16	)		21,040		0.50			0.50			1.88			520
Year ended 12/31/21		11.95		0.11		(0.26)		(0.15)		(0.40)		11.40		(1.30	)		33,442		0.51			0.51			0.90			401
Year ended 12/31/20		11.77		0.30		0.36		0.66		(0.48)		11.95		5.69			33,032		0.46			0.46			2.52			979
Year ended 12/31/19		11.53		0.40		0.32		0.72		(0.48)		11.77		6.35			22,379		0.55			0.55			3.41			448
Year ended 12/31/18		12.00		0.40		(0.38)		0.02		(0.49)		11.53		0.25			19,097		0.56			0.56			3.48			416

^(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, 2023 and for the years ended December 31, 2022, 2019 and 2018, respectively.

^(e)	Annualized.

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

^(g)	Commencement date of May 15, 2020 for Class R.

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, 2023

(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 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 of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.


16		Invesco Quality Income 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, 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.

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.

Dollar Rolls and Forward Commitment Transactions – The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate.

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.

J.	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.

Other Risks – Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund’s income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and


17		Invesco Quality Income Fund

asset-backed securities and the Fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $100 million		0.4700%


Next $150 million		0.4400%


Next $250 million		0.4125%


Next $2 billion		0.3825%


Next $2.5 billion		0.3800%


Next $2.5 billion		0.3650%


Next $2.5 billion		0.3400%


Next $2.5 billion		0.2950%


Over $12.5 billion		0.2700%

For the six months ended June 30, 2023, the effective advisory fee rate incurred by the Fund was 0.42%.

The Adviser has contractually agreed, through at least June 30, 2023, 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”). 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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

For the six months ended June 30, 2023, the Adviser waived advisory fees of $4,079.

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, 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 0.50% of the average net assets of Class R shares. Prior to February 10, 2023, the Fund pursuant to the Class R Plan, paid 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $10,039 in front-end sales commissions from the sale of Class A shares and $49 and $93 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


18		Invesco Quality Income Fund

market prices are not readily available. 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 Adviser’s 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	$	–		$	672,554,975	$	–	$	672,554,975


Commercial Paper		–			49,882,021		14,000,000		63,882,021


Asset-Backed Securities		–			38,688,341		–		38,688,341


Agency Credit Risk Transfer Notes		–			23,170,624		–		23,170,624


Certificates of Deposit		–			19,007,266		–		19,007,266


U.S. Treasury Securities		–			1,323,733		–		1,323,733


Money Market Funds		7,413,224			–		–		7,413,224


Total Investments in Securities		7,413,224			804,626,960		14,000,000		826,040,184



Other Investments - Assets*


Futures Contracts		1,297,797			–		–		1,297,797



Other Investments - Liabilities*


Futures Contracts		(79,320	)		–		–		(79,320	)


Total Other Investments		1,218,477			–		–		1,218,477


Total Investments	$	8,631,701		$	804,626,960	$	14,000,000	$	827,258,661

*	Unrealized appreciation (depreciation).

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the six months ended June 30, 2023:


	Value 12/31/22	Purchases at Cost	Proceeds from Sales	Accrued Discounts/ Premiums	Realized Gain	Change in Unrealized Appreciation	Transfers into Level 3	Transfers out of Level 3	Value 06/30/23


Commercial Paper	$-	$14,000,000	$-	$-	$-	$-	$-	$-		$14,000,000

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as level 3 at period end:

Fair Value

at 06/30/23

Valuation

Technique

Unobservable
Inputs

Range of
Unobservable
Inputs

Unobservable

Input Used

Toronto-Dominion Bank (The)

$14,000,000

Purchase Price

Original Cost

N/A

100% of Par ^(a)

^(a)

The Fund values certain fixed income securities at the original purchase price when they are new issues and not initially covered by a pricing vendor. The Adviser periodically reviews the financial statements and monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation.

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, 2023:


	Value
Derivative Assets	Interest Rate Risk


Unrealized appreciation on futures contracts –Exchange-Traded^(a)	$	1,297,797


Derivatives not subject to master netting agreements		(1,297,797	)


Total Derivative Assets subject to master netting agreements	$	–


	Value
Derivative Liabilities	Interest Rate Risk


Unrealized depreciation on futures contracts –Exchange-Traded^(a)	$	(79,320	)


Derivatives not subject to master netting agreements		79,320


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, 2023

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		$(578,398)


Change in Net Unrealized Appreciation:
Futures contracts		974,388


Total		$ 395,990

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


	Futures Contracts


Average notional value	$	107,219,913

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 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.

NOTE 8–Tax Information


20		Invesco Quality Income Fund

The Fund had a capital loss carryforward as of December 31, 2022, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$73,818,980

$56,249,613

$130,068,593

*	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, 2023 was $5,202,493 and $18,071,500, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$ 2,328,840


Aggregate unrealized (depreciation) of investments	(79,194,021	)


Net unrealized appreciation (depreciation) of investments	$(76,865,181	)

Cost of investments for tax purposes is $904,123,842.

NOTE 10–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		1,347,526		$	13,182,319			3,372,175		$	35,129,235


Class C		222,816			2,172,171			390,796			4,059,915


Class R		94,603			929,319			352,401			3,685,988


Class Y		2,853,453			28,181,916			4,316,746			44,291,312


Class R5		1,944			18,911			18,411			194,453


Class R6		356,957			3,520,752			406,909			4,263,706



Issued as reinvestment of dividends:
Class A		766,781			7,515,436			1,370,790			13,965,439


Class C		23,237			226,355			41,871			424,011


Class R		31,443			307,894			53,209			540,200


Class Y		126,303			1,242,321			202,453			2,061,206


Class R5		266			2,610			517			5,374


Class R6		35,958			353,721			63,882			654,044



Automatic conversion of Class C shares to Class A shares:
Class A		121,213			1,189,545			355,040			3,669,718


Class C		(121,943	)		(1,189,545	)		(357,288	)		(3,669,718	)



Reacquired:
Class A		(4,371,197	)		(42,857,517	)		(13,604,332	)		(140,425,475	)


Class C		(219,720	)		(2,148,885	)		(996,999	)		(10,378,996	)


Class R		(278,117	)		(2,711,247	)		(549,950	)		(5,722,338	)


Class Y		(2,447,000	)		(24,054,377	)		(5,360,927	)		(55,736,734	)


Class R5		(37	)		(363	)		(47,530	)		(502,720	)


Class R6		(344,004	)		(3,387,804	)		(1,234,913	)		(12,584,068	)


Net increase (decrease) in share activity		(1,799,518	)	$	(17,506,468	)		(11,206,739	)	$	(116,075,448	)

^(a)

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


21		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)
	Beginning Account Value (01/01/23)	Ending Account Value (06/30/23)¹	Expenses Paid During Period²	Ending Account Value (06/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,020.70	$4.21	$1,020.63	$4.21	0.84%
Class C	1,000.00	1,016.90	8.00	1,016.86	8.00	1.60
Class R	1,000.00	1,019.40	5.51	1,019.34	5.51	1.10
Class Y	1,000.00	1,020.80	3.01	1,021.82	3.01	0.60
Class R5	1,000.00	1,022.10	2.81	1,022.02	2.81	0.56
Class R6	1,000.00	1,021.40	2.46	1,022.36	2.46	0.49

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.


22		Invesco Quality Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Quality Income Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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 accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, 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. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a description of, and reports related to, Invesco

Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. 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, 2022 to the performance of funds in the Broadridge performance universe and against the Bloomberg U.S. Mortgage-Backed Securities 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 and five year periods and the third 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


23		Invesco Quality Income Fund

performance of the Index for the one and five year periods and reasonably comparable to the performance of the Index for the three year period. 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 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.

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

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. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

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.


24		Invesco Quality Income Fund

(This page intentionally left blank)

LOGO

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

LOGO


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

LOGO



Semiannual Report to Shareholders			June 30, 2023

Invesco Select Risk: Conservative Investor Fund

Nasdaq:

A: OACIX ∎ C: OCCIX ∎ R: ONCIX ∎ Y: OYCIX ∎ R5: PXCIX ∎ R6: PXCCX



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 is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/22 to 6/30/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	4.19	%
Class C Shares	3.87
Class R Shares	4.08
Class Y Shares	4.30
Class R5 Shares	4.45
Class R6 Shares	4.33
Bloomberg Global Aggregate USD Hedged Index^▼	2.96
MSCI All Country World Index^▼	13.93
Custom Invesco Select Risk: Conservative Investor Index^∎	5.14

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.
The Bloomberg Global Aggregate USD Hedged Index 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: Conservative Investor Index is composed of 20% MSCI All Country World Index and 80% Bloomberg Global Aggregate USD Hedged Index.
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: Conservative Investor Fund



Average Annual Total Returns
As of 6/30/23, including maximum applicable sales charges

Class A Shares
Inception (4/5/05)	1.67	%
10 Years	2.25
5 Years	0.28
1 Year	-3.17

Class C Shares
Inception (4/5/05)	1.63	%
10 Years	2.22
5 Years	0.65
1 Year	0.68

Class R Shares
Inception (4/5/05)	1.70	%
10 Years	2.57
5 Years	1.16
1 Year	2.14

Class Y Shares
Inception (4/5/05)	2.26	%
10 Years	3.09
5 Years	1.66
1 Year	2.68

Class R5 Shares
10 Years	2.97	%
5 Years	1.69
1 Year	2.83

Class R6 Shares
10 Years	2.95	%
5 Years	1.67
1 Year	2.71

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.

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, 2023

(Unaudited)


Invesco Select Risk: Conservative Investor Fund
Schedule of Investments in Affiliated Issuers–99.58%^(a)
	% of Net Assets 06/30/23			Value 12/31/22		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/23		Value 06/30/23


Alternative Funds–4.90%
Invesco Global Real Estate Income Fund, Class R6		1.96	%	$	7,579,479	$	362,521	$	(808,047	)	$	144,186		$	33,192		$	105,069		929,013	$	7,311,331


Invesco Macro Allocation Strategy Fund, Class R6^(b)		2.94	%		10,596,254		801,677		(278,603	)		(125,980	)		(34,697	)		–		1,478,900		10,958,651


Total Alternative Funds					18,175,733		1,164,198		(1,086,650	)		18,206			(1,505	)		105,069				18,269,982


Domestic Equity Funds–10.76%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		2.14	%		5,293,956		2,359,554		(398,246	)		711,786			(1,116	)		–		284,295		7,965,934


Invesco Main Street Small Cap Fund, Class R6		1.35	%		4,735,550		432,556		(597,586	)		538,424			(80,122	)		–		257,229		5,028,822


Invesco Russell 1000^® Dynamic Multifactor ETF		2.81	%		9,843,737		301,923		(1,052,446	)		1,393,056			(22,722	)		81,972		213,629		10,463,548


Invesco S&P 500^® Low Volatility ETF		2.20	%		9,570,047		428,391		(1,599,644	)		(123,013	)		(60,107	)		100,053		130,802		8,215,674


Invesco S&P 500^® Pure Growth ETF		1.25	%		8,729,704		698,705		(4,637,915	)		(379,288	)		267,352			62,101		30,667		4,678,558


Invesco S&P 500^® Pure Value ETF		1.01	%		5,754,378		–		(1,950,778	)		(426,632	)		392,195			56,816		48,603		3,769,163


Total Domestic Equity Funds					43,927,372		4,221,129		(10,236,615	)		1,714,333			495,480			300,942				40,121,699


Fixed Income Funds–77.29%
Invesco 1-30 Laddered Treasury ETF		12.59	%		62,791,886		1,323,598		(18,418,300	)		4,825,604			(3,569,239	)		658,933		1,609,652		46,953,549


Invesco Core Plus Bond Fund, Class R6		17.51	%		74,777,453		2,181,607		(11,351,812	)		2,688,984			(3,012,266	)		1,596,263		7,205,736		65,283,966


Invesco Floating Rate ESG Fund, Class R6		0.75	%		–		2,786,405		–			–			–			6,406		411,581		2,786,405


Invesco Fundamental High Yield^® Corporate Bond ETF		–			18,476,144		161,674		(18,644,857	)		1,673,557			(1,666,518	)		183,207		–		–


Invesco High Yield Fund, Class R6		10.49	%		–		39,318,681		(441,201	)		225,279			5,379			653,007		11,435,128		39,108,138


Invesco Income Fund, Class R6		0.99	%		6,402,490		140,340		(2,890,933	)		(15,031	)		34,567			139,731		538,333		3,671,433


Invesco International Bond Fund, Class R6		7.75	%		15,870,511		15,068,197		(2,587,098	)		698,809			(151,086	)		512,961		6,658,832		28,899,333


Invesco Master Loan Fund, Class R6		6.75	%		28,835,120		1,353,251		(4,733,840	)		(17,450	)		(254,280	)		1,338,415		1,678,507		25,182,801


Invesco Taxable Municipal Bond ETF^(c)		8.30	%		37,958,912		660,012		(8,933,967	)		3,475,815			(2,235,120	)		632,826		1,164,808		30,925,652


Invesco Variable Rate Investment Grade ETF		12.16	%		34,878,214		12,064,976		(1,959,774	)		342,937			1,324			1,141,630		1,821,120		45,327,677


Total Fixed Income Funds					279,990,730		75,058,741		(69,961,782	)		13,898,504			(10,847,239	)		6,863,379				288,138,954


Foreign Equity Funds–6.01%
Invesco Developing Markets Fund, Class R6		1.24	%		5,760,099		–		(1,748,910	)		1,394,784			(806,920	)		–		118,532		4,599,053


Invesco FTSE RAFI Developed Markets ex-U.S. ETF		0.94	%		–		3,711,371		(386,301	)		173,602			17,155			50,695		78,199		3,515,827


Invesco Global Infrastructure Fund, Class R6		0.95	%		3,674,829		44,981		(155,195	)		(30,056	)		(15,597	)		40,722		307,333		3,518,962


Invesco International Select Equity Fund, Class R6		0.00	%		4,560,426		–		(4,766,782	)		1,606,909			(1,400,550	)		–		–		3


Invesco Oppenheimer International Growth Fund, Class R6		0.96	%		–		3,760,498		(484,100	)		282,209			24,786			–		93,757		3,583,393


Invesco RAFI™ Strategic Developed ex-US ETF		–			5,830,446		–		(6,003,114	)		596,541			(423,873	)		–		–		–


Invesco S&P Emerging Markets Low Volatility ETF		0.97	%		3,748,559		20,520		(225,688	)		108,928			(25,229	)		55,130		154,213		3,627,090


Invesco S&P International Developed Low Volatility ETF		0.95	%		3,768,321		10,787		(309,609	)		91,341			(7,802	)		78,781		129,910		3,553,038


Total Foreign Equity Funds					27,342,680		7,548,157		(14,079,699	)		4,224,258			(2,638,030	)		225,328				22,397,366


Money Market Funds–0.62%
Invesco Government & Agency Portfolio, Institutional Class, 5.05%^(d)		0.22	%		700,953		15,012,873		(14,901,637	)		–			–			22,716		812,189		812,189

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


5		Invesco Select Risk: Conservative Investor Fund


Invesco Select Risk: Conservative Investor Fund (continued)
Schedule of Investments in Affiliated Issuers–99.58%^(a)
	% of Net Assets 06/30/23			Value 12/31/22		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 06/30/23		Value 06/30/23


Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 5.15%^(d)		0.15	%	$	500,821	$	10,723,481	$	(10,644,027	)	$	(43	)	$	(404	)	$	16,609			579,771	$	579,828


Invesco Treasury Portfolio, Institutional Class, 5.03%^(d)		0.25	%		801,089		17,157,569		(17,030,442	)		–			–			25,907			928,216		928,216


Total Money Market Funds					2,002,863		42,893,923		(42,576,106	)		(43	)		(404	)		65,232					2,320,233


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $398,684,724)		99.58	%		371,439,378		130,886,148		(137,940,852	)		19,855,258			(12,991,698	)		7,559,950					371,248,234


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.18%
Invesco Private Government Fund, 5.10%^(d)(e)		0.33	%		–		18,586,229		(17,352,247	)		–			–			81,697	^(f)		1,233,982		1,233,982


Invesco Private Prime Fund, 5.23%^(d)(e)		0.85	%		–		45,676,136		(42,499,555	)		(320	)		(3,166	)		218,922	^(f)		3,173,413		3,173,095


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,407,397)		1.18	%		–		64,262,365		(59,851,802	)		(320	)		(3,166	)		300,619					4,407,077


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $403,092,121)		100.76	%	$	371,439,378	$	195,148,513	$	(197,792,654	)	$	19,854,938		$	(12,994,864	)	$	7,860,569				$	375,655,311


OTHER ASSETS LESS LIABILITIES		(0.76	)%																				(2,826,324	)


NET ASSETS		100.00	%																			$	372,828,987

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.

^(c)	All or a portion of this security was out on loan at June 30, 2023.

^(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2023.

^(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.

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2023


Fixed Income Funds			76.70%


Equity Funds			16.65


Alternative Funds			4.86


Money Market Funds			1.79

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

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, 2023

(Unaudited)


Assets:
Investments in affiliated underlying funds, at value (Cost $403,092,121)*	$	375,655,311


Other investments:
Variation margin receivable – futures contracts		1,982,758


Cash		10,000


Receivable for:
Fund shares sold		310,828


Dividends - affiliated underlying funds		948,370


Investment for trustee deferred compensation and retirement plans		39,081


Other assets		89,901


Total assets		379,036,249



Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		957,006


Fund shares reacquired		601,320


Collateral upon return of securities loaned		4,407,397


Accrued fees to affiliates		169,521


Accrued trustees’ and officers’ fees and benefits		3,330


Accrued other operating expenses		29,607


Trustee deferred compensation and retirement plans		39,081


Total liabilities		6,207,262


Net assets applicable to shares outstanding	$	372,828,987



Net assets consist of:

Shares of beneficial interest	$	418,329,698


Distributable earnings		(45,500,711	)


	$	372,828,987


Net Assets:
Class A	$	289,577,527


Class C	$	35,039,040


Class R	$	41,215,255


Class Y	$	6,966,154


Class R5	$	8,893


Class R6	$	22,118



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

Class A		34,285,500


Class C		4,206,934


Class R		4,895,979


Class Y		820,369


Class R5		1,053


Class R6		2,620


Class A:
Net asset value per share	$	8.45


Maximum offering price per share (Net asset value of $8.45 ÷ 94.50%)	$	8.94


Class C:
Net asset value and offering price per share	$	8.33


Class R:
Net asset value and offering price per share	$	8.42


Class Y:
Net asset value and offering price per share	$	8.49


Class R5:
Net asset value and offering price per share	$	8.45


Class R6:
Net asset value and offering price per share	$	8.44

*	At June 30, 2023, security with a value of $4,334,500 was on loan to brokers.

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, 2023

(Unaudited)


Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $ 53,994)	$	7,613,944


Interest		83,987


Total investment income		7,697,931



Expenses:

Custodian fees		6,743


Distribution fees:
Class A		349,983


Class C		186,339


Class R		102,652


Transfer agent fees – A, C, R and Y		223,745


Transfer agent fees – R5		1


Transfer agent fees – R6		1


Trustees’ and officers’ fees and benefits		8,376


Registration and filing fees		51,001


Reports to shareholders		12,894


Professional services fees		19,431


Other		7,775


Total expenses		968,941


Less: Expense offset arrangement(s)		(8,504	)


Net expenses		960,437


Net investment income		6,737,494



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Affiliated underlying fund shares		(12,994,864	)


Foreign currencies		(1	)


Futures contracts		(585,887	)


		(13,580,752	)


Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		19,854,938


Foreign currencies		(257,128	)


Futures contracts		2,567,750


		22,165,560


Net realized and unrealized gain		8,584,808


Net increase in net assets resulting from operations	$	15,322,302

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, 2023 and the year ended December 31, 2022

(Unaudited)


	June 30, 2023			December 31, 2022


Operations:

Net investment income	$	6,737,494		$	8,927,132


Net realized gain (loss)		(13,580,752	)		(15,557,895	)


Change in net unrealized appreciation (depreciation)		22,165,560			(66,685,187	)


Net increase (decrease) in net assets resulting from operations		15,322,302			(73,315,950	)



Distributions to shareholders from distributable earnings:

Class A		–			(7,877,419	)


Class C		–			(739,246	)


Class R		–			(1,002,758	)


Class Y		–			(203,313	)


Class R5		–			(275	)


Class R6		–			(275	)


Total distributions from distributable earnings		–			(9,823,286	)



Share transactions–net:

Class A		(9,749,570	)		(6,424,050	)


Class C		(4,756,216	)		(11,238,113	)


Class R		(1,278,116	)		625,963


Class Y		(297,440	)		602,418


Class R6		12,992			(7,827	)


Net increase (decrease) in net assets resulting from share transactions		(16,068,350	)		(16,441,609	)


Net increase (decrease) in net assets		(746,048	)		(99,580,845	)



Net assets:

Beginning of period		373,575,035			473,155,880


End of period	$	372,828,987		$	373,575,035

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 06/30/23		$ 8.11		$0.15		$ 0.19			$ 0.34			$ –			$ –			$ –			$ 8.45		4.19	%^(f)		$289,578		0.42	%^(f)(g)		0.42	%^(f)(g)		3.69	%^(f)(g)		24	%
Year ended 12/31/22		9.88		0.20		(1.74	)		(1.54	)		(0.16	)		(0.07	)		(0.23	)		8.11		(15.62	)^(f)		287,368		0.41	^(f)		0.41	^(f)		2.32	^(f)		21
Year ended 12/31/21		10.03		0.17		0.14			0.31			(0.35	)		(0.11	)		(0.46	)		9.88		3.11	^(f)		357,004		0.37	^(f)		0.42	^(f)		1.68	^(f)		27
Year ended 12/31/20		9.46		0.18		0.60			0.78			(0.21	)		–			(0.21	)		10.03		8.29	^(f)		451,258		0.33	^(f)		0.43	^(f)		1.85	^(f)		80
Eleven months ended 12/31/19		9.31		0.21		0.56			0.77			(0.33	)		(0.29	)		(0.62	)		9.46		8.26			415,244		0.43	^(g)		0.53	^(g)		2.39	^(g)		6
Year ended 01/31/19		9.67		0.22		(0.37	)		(0.15	)		(0.21	)		–			(0.21	)		9.31		(1.49	)		396,318		0.42			0.52			2.35			45
Year ended 01/31/18		9.02		0.17		0.69			0.86			(0.21	)		–			(0.21	)		9.67		9.53			445,732		0.42			0.53			1.82			7
Class C
Six months ended 06/30/23		8.02		0.12		0.19			0.31			–			–			–			8.33		3.87			35,039		1.18	^(g)		1.18	^(g)		2.93	^(g)		24
Year ended 12/31/22		9.77		0.14		(1.73	)		(1.59	)		(0.09	)		(0.07	)		(0.16	)		8.02		(16.34	)		38,359		1.17			1.17			1.56			21
Year ended 12/31/21		9.92		0.09		0.14			0.23			(0.27	)		(0.11	)		(0.38	)		9.77		2.31			59,281		1.13			1.18			0.92			27
Year ended 12/31/20		9.35		0.10		0.61			0.71			(0.14	)		–			(0.14	)		9.92		7.55			68,581		1.09			1.19			1.09			80
Eleven months ended 12/31/19		9.20		0.14		0.55			0.69			(0.25	)		(0.29	)		(0.54	)		9.35		7.48			88,939		1.19	^(g)		1.29	^(g)		1.63	^(g)		6
Year ended 01/31/19		9.56		0.15		(0.38	)		(0.23	)		(0.13	)		–			(0.13	)		9.20		(2.30	)		125,385		1.17			1.27			1.60			45
Year ended 01/31/18		8.92		0.10		0.67			0.77			(0.13	)		–			(0.13	)		9.56		8.69			139,290		1.17			1.28			1.06			7
Class R
Six months ended 06/30/23		8.09		0.14		0.19			0.33			–			–			–			8.42		4.08			41,215		0.68	^(g)		0.68	^(g)		3.43	^(g)		24
Year ended 12/31/22		9.86		0.17		(1.74	)		(1.57	)		(0.13	)		(0.07	)		(0.20	)		8.09		(15.90	)		40,864		0.67			0.67			2.06			21
Year ended 12/31/21		10.01		0.14		0.14			0.28			(0.32	)		(0.11	)		(0.43	)		9.86		2.84			49,057		0.63			0.68			1.42			27
Year ended 12/31/20		9.44		0.15		0.61			0.76			(0.19	)		–			(0.19	)		10.01		8.03			51,481		0.59			0.69			1.59			80
Eleven months ended 12/31/19		9.29		0.19		0.55			0.74			(0.30	)		(0.29	)		(0.59	)		9.44		7.99			49,017		0.68	^(g)		0.78	^(g)		2.13	^(g)		6
Year ended 01/31/19		9.65		0.20		(0.37	)		(0.17	)		(0.19	)		–			(0.19	)		9.29		(1.73	)		44,044		0.67			0.77			2.10			45
Year ended 01/31/18		9.01		0.15		0.67			0.82			(0.18	)		–			(0.18	)		9.65		9.18			45,605		0.66			0.77			1.59			7
Class Y
Six months ended 06/30/23		8.14		0.16		0.19			0.35			–			–			–			8.49		4.30			6,966		0.18	^(g)		0.18	^(g)		3.93	^(g)		24
Year ended 12/31/22		9.93		0.22		(1.76	)		(1.54	)		(0.18	)		(0.07	)		(0.25	)		8.14		(15.53	)		6,967		0.17			0.17			2.56			21
Year ended 12/31/21		10.08		0.20		0.14			0.34			(0.38	)		(0.11	)		(0.49	)		9.93		3.38			7,785		0.13			0.18			1.92			27
Year ended 12/31/20		9.49		0.20		0.63			0.83			(0.24	)		–			(0.24	)		10.08		8.71			8,821		0.09			0.19			2.09			80
Eleven months ended 12/31/19		9.34		0.23		0.56			0.79			(0.35	)		(0.29	)		(0.64	)		9.49		8.47			8,189		0.19	^(g)		0.29	^(g)		2.63	^(g)		6
Year ended 01/31/19		9.71		0.24		(0.38	)		(0.14	)		(0.23	)		–			(0.23	)		9.34		(1.31	)		6,671		0.18			0.28			2.59			45
Year ended 01/31/18		9.06		0.20		0.68			0.88			(0.23	)		–			(0.23	)		9.71		9.78			6,195		0.17			0.28			2.14			7
Class R5
Six months ended 06/30/23		8.09		0.17		0.19			0.36			–			–			–			8.45		4.45			9		0.08	^(g)		0.08	^(g)		4.03	^(g)		24
Year ended 12/31/22		9.87		0.23		(1.75	)		(1.52	)		(0.19	)		(0.07	)		(0.26	)		8.09		(15.42	)		9		0.07			0.07			2.66			21
Year ended 12/31/21		10.03		0.20		0.14			0.34			(0.39	)		(0.11	)		(0.50	)		9.87		3.38			10		0.10			0.15			1.95			27
Year ended 12/31/20		9.45		0.20		0.62			0.82			(0.24	)		–			(0.24	)		10.03		8.67			11		0.04			0.14			2.14			80
Period ended 12/31/19^(h)		9.50		0.16		0.43			0.59			(0.35	)		(0.29	)		(0.64	)		9.45		6.30			10		0.15	^(g)		0.25	^(g)		2.67	^(g)		6
Class R6
Six months ended 06/30/23		8.09		0.17		0.18			0.35			–			–			–			8.44		4.33			22		0.08	^(g)		0.08	^(g)		4.03	^(g)		24
Year ended 12/31/22		9.87		0.23		(1.75	)		(1.52	)		(0.19	)		(0.07	)		(0.26	)		8.09		(15.41	)		9		0.07			0.07			2.66			21
Year ended 12/31/21		10.03		0.20		0.14			0.34			(0.39	)		(0.11	)		(0.50	)		9.87		3.37			18		0.10			0.15			1.95			27
Year ended 12/31/20		9.45		0.20		0.62			0.82			(0.24	)		–			(0.24	)		10.03		8.67			11		0.04			0.14			2.14			80
Period ended 12/31/19^(h)		9.50		0.16		0.44			0.60			(0.36	)		(0.29	)		(0.65	)		9.45		6.31			10		0.07	^(g)		0.17	^(g)		2.75	^(g)		6

^(a)	Calculated using average shares outstanding.

^(b)

^(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 0.42%, 0.42%, 0.47% and 0.55% for the six months ended June 30, 2023 and the years ended December 31, 2022, 2021 and 2020, respectively.

^(d)	Does not include indirect expenses from affiliated fund fees and expenses of 0.46%, 0.48% and 0.53% for the eleven months ended December 31, 2019, and for the years ended January 31, 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)	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, 2023 and the years ended December 31, 2022, 2021 and 2020, respectively.

^(g)	Annualized.

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

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


10		Invesco Select Risk: Conservative Investor Fund

Notes to Financial Statements

June 30, 2023

(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 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 listed or traded on an exchange are generally valued at the trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. 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.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


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.


12		Invesco Select Risk: Conservative Investor Fund

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 Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2023, the Fund paid the Adviser $1,191 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated underlying funds on 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.

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.

Other Risks – Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


13		Invesco Select Risk: Conservative Investor Fund

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, 2024. 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 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, 2023, IDI advised the Fund that IDI retained $16,574 in front-end sales commissions from the sale of Class A shares and $7,406 and $564 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 2 -
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 Adviser’s 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	$	368,928,001	$	–		$–	$	368,928,001


Money Market Funds		2,320,233		4,407,077		–		6,727,310


Total Investments	$	371,248,234	$	4,407,077		$–	$	375,655,311

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, 2023:


14		Invesco Select Risk: Conservative Investor Fund

Effect of Derivative Investments for the six months ended June 30, 2023

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	$	105,310	$	(691,197	)	$	(585,887	)


Change in Net Unrealized Appreciation:
Futures contracts		26,823		2,540,927			2,567,750


Total	$	132,133	$	1,849,730		$	1,981,863

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


	Futures Contracts


Average notional value	$	65,583,698

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.

NOTE 8–Tax Information

The Fund had a capital loss carryforward as of December 31, 2022, as follows:


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term		Total


Not subject to expiration	$	4,100,876	$	9,241,189	$	13,342,065

*	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, 2023 was $87,992,225 and $95,364,746, 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	$ 11,373,797


Aggregate unrealized (depreciation) of investments	(39,423,567	)


Net unrealized appreciation (depreciation) of investments	$(28,049,770	)

Cost of investments for tax purposes is $403,705,081.


15		Invesco Select Risk: Conservative Investor Fund

NOTE 10–Share Information


	Summary of Share Activity


	Six months ended June 30, 2023^(a)						Year ended December 31, 2022
	Shares			Amount			Shares			Amount


Sold:

Class A		3,856,460		$	32,355,119			7,485,091		$	65,209,057


Class C		396,428			3,283,262			739,809			6,427,846


Class R		571,208			4,768,637			930,994			8,142,117


Class Y		192,252			1,621,180			249,946			2,190,915


Class R6		1,567			12,992			11			98



Issued as reinvestment of dividends:

Class A		–			–			926,391			7,586,867


Class C		–			–			89,431			725,288


Class R		–			–			122,510			1,000,908


Class Y		–			–			22,710			186,675



Automatic conversion of Class C shares to Class A shares:

Class A		344,531			2,885,971			760,823			6,720,693


Class C		(348,839	)		(2,885,971	)		(771,541	)		(6,720,693	)



Reacquired:

Class A		(5,368,551	)		(44,990,660	)		(9,835,742	)		(85,940,667	)


Class C		(621,627	)		(5,153,507	)		(1,341,309	)		(11,670,554	)


Class R		(726,856	)		(6,046,753	)		(976,092	)		(8,517,062	)


Class Y		(227,843	)		(1,918,620	)		(200,955	)		(1,775,172	)


Class R6		–			–			(813	)		(7,925	)


Net increase (decrease) in share activity		(1,931,270	)	$	(16,068,350	)		(1,798,736	)	$	(16,441,609	)

^(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 11% 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


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/23)	Ending Account Value (06/30/23)¹	Expenses Paid During Period²	Ending Account Value (06/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,041.90	$2.13	$1,022.71	$2.11	0.42%
Class C	1,000.00	1,038.70	5.96	1,018.94	5.91	1.18
Class R	1,000.00	1,040.80	3.44	1,021.42	3.41	0.68
Class Y	1,000.00	1,043.00	0.91	1,023.90	0.90	0.18
Class R5	1,000.00	1,044.50	0.41	1,024.40	0.40	0.08
Class R6	1,000.00	1,043.30	0.41	1,024.40	0.40	0.08

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: Conservative Investor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Select Risk: Conservative Investor Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC, Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. 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

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, 2022 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 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


18		Invesco Select Risk: Conservative Investor Fund

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 that the Fund’s asset allocation achieved through investing in underlying affiliated funds, including its exposure to certain fixed income securities in a rising interest rate environment, negatively impacted Fund performance. The Board further considered that the Fund underwent investment strategy changes in 2020 and recently underwent a change in portfolio management in March 2023. 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

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 the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco 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. The Board noted the cyclical and competitive nature of the global asset management industry.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.


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

LOGO


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

LOGO



Semiannual Report to Shareholders		June 30, 2023

Invesco Select Risk: Growth Investor Fund

Nasdaq:

A: AADAX ∎ C: AADCX ∎ R: AADRX ∎ S: AADSX ∎ Y: AADYX ∎ R5: AADIX ∎ R6: AAESX



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 is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/22 to 6/30/23, 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	8.04	%
Class C Shares	7.70
Class R Shares	8.00
Class S Shares	8.06
Class Y Shares	8.23
Class R5 Shares	8.24
Class R6 Shares	8.24
Bloomberg Global Aggregate USD Hedged Index^▼	2.96
MSCI All Country World Index^▼	13.93
Custom Invesco Select Risk: Growth Investor Index^∎	11.70

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.
The Bloomberg Global Aggregate USD Hedged Index 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 Global Aggregate USD Hedged Index. 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 in-sights about market and economic news and trends.


2		Invesco Select Risk: Growth Investor Fund



Average Annual Total Returns
As of 6/30/23, including maximum applicable sales charges
Class A Shares
Inception (4/30/04)	5.20	%
10 Years	4.98
5 Years	3.15
1 Year	4.11

Class C Shares
Inception (4/30/04)	5.18	%
10 Years	4.94
5 Years	3.52
1 Year	8.36

Class R Shares
Inception (4/30/04)	5.25	%
10 Years	5.31
5 Years	4.05
1 Year	9.86

Class S Shares
Inception (9/25/09)	6.75	%
10 Years	5.67
5 Years	4.40
1 Year	10.21

Class Y Shares
Inception (10/3/08)	6.59	%
10 Years	5.83
5 Years	4.57
1 Year	10.49

Class R5 Shares
Inception (4/30/04)	5.85	%
10 Years	5.92
5 Years	4.62
1 Year	10.53

Class R6 Shares
10 Years	5.79	%
5 Years	4.66
1 Year	10.45

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: 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, 2023

(Unaudited)


Invesco Select Risk: Growth Investor Fund
Schedule of Investments in Affiliated Issuers–100.03%

	% of Net Assets 06/30/23		Value 12/31/22		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/23		Value 06/30/23


Alternative Funds–4.77%
Invesco Global Real Estate Income Fund, Class R6		2.41%	$	20,916,820	$	1,215,888	$	–		$	337,356		$	–		$	319,683		2,855,154	$	22,470,064


Invesco Macro Allocation Strategy Fund, Class R6^(a)		2.36%		20,422,651		2,573,296		(627,397	)		(254,459	)		(83,597	)		–		2,973,076		22,030,494


Total Alternative Funds				41,339,471		3,789,184		(627,397	)		82,897			(83,597	)		319,683				44,500,558


Domestic Equity Funds–44.82%
Invesco Discovery Mid Cap Growth Fund, Class R6^(a)		4.92%		51,851,339		4,154,684		(15,071,327	)		7,723,045			(2,804,095	)		–		1,636,461		45,853,646


Invesco Main Street Small Cap Fund, Class R6		6.49%		54,101,504		2,936,847		(1,678,105	)		4,862,768			336,041			–		3,097,650		60,559,055


Invesco NASDAQ 100 ETF		5.14%		–		40,226,154		–			7,688,885			–			68,307		315,272		47,915,039


Invesco Russell 1000^® Dynamic Multifactor ETF		12.16%		105,282,525		–		(6,375,869	)		14,701,343			(202,548	)		893,793		2,315,342		113,405,451


Invesco S&P 500^® Low Volatility ETF		8.51%		72,087,890		9,121,664		(791,201	)		(1,002,104	)		(73,652	)		877,748		1,263,216		79,342,597


Invesco S&P 500^® Pure Growth ETF		4.70%		45,454,043		4,336,437		(5,958,972	)		887,543			(864,916	)		407,759		287,455		43,854,135


Invesco S&P SmallCap Low Volatility ETF		–		30,441,894		856,921		(29,855,114	)		(9,044,929	)		7,601,228			239,852		–		–


Invesco Value Opportunities Fund, Class R6^(a)		2.90%		27,864,983		–		(1,419,769	)		760,060			(134,926	)		–		1,656,692		27,070,348


Total Domestic Equity Funds				387,084,178		61,632,707		(61,150,357	)		26,576,611			3,857,132			2,487,459				418,000,271


Fixed Income Funds–21.93%
Invesco 1-30 Laddered Treasury ETF		3.69%		17,297,931		17,166,348		–			(30,057	)		–			322,720		1,180,467		34,434,222


Invesco Core Plus Bond Fund, Class R6		6.90%		64,860,015		3,396,884		(3,483,023	)		517,691			(949,915	)		1,507,091		7,101,728		64,341,652


Invesco Floating Rate ESG Fund, Class R6		0.08%		–		701,611		–			–			–			1,613		103,635		701,611


Invesco High Yield Fund, Class R6		2.92%		–		27,051,176		–			156,249			–			453,361		7,955,387		27,207,425


Invesco Income Fund, Class R6		0.95%		9,114,051		258,675		(517,827	)		490			(36,144	)		257,209		1,293,145		8,819,245


Invesco International Bond Fund, Class R6		1.00%		–		9,106,253		–			256,269			–			122,433		2,157,263		9,362,522


Invesco Master Loan Fund, Class R6		0.67%		6,733,467		320,037		(699,435	)		(21,679	)		(43,820	)		316,690		419,151		6,288,570


Invesco Senior Floating Rate Fund, Class R6		1.47%		8,402,785		5,167,795		–			172,741			–			449,363		2,088,651		13,743,321


Invesco Taxable Municipal Bond ETF^(b)		3.29%		31,354,271		1,336,389		(3,018,254	)		1,752,716			(755,730	)		579,476		1,155,156		30,669,392


Invesco Variable Rate Investment Grade ETF		0.96%		8,273,526		850,161		(271,827	)		60,037			(3,094	)		250,355		357,927		8,908,803


Total Fixed Income Funds				146,036,046		65,355,329		(7,990,366	)		2,864,457			(1,788,703	)		4,260,311				204,476,763


Foreign Equity Funds–28.18%
Invesco EQV Emerging Markets All Cap Fund, Class R6		3.02%		31,347,121		–		(6,126,848	)		4,968,471			(2,024,405	)		–		826,661		28,164,339


Invesco Developing Markets Fund, Class R6		3.20%		34,557,939		–		(8,327,279	)		5,781,956			(2,173,216	)		–		769,057		29,839,400


Invesco FTSE RAFI Developed Markets ex-U.S. ETF		2.49%		–		22,338,830		(290,397	)		1,145,698			8,826			334,564		516,080		23,202,957


Invesco Global Fund, Class R6^(a)		8.17%		97,964,429		–		(39,953,962	)		27,005,306			(8,855,397	)		–		816,033		76,160,376


Invesco Global Infrastructure Fund, Class R6		0.95%		8,582,623		373,580		–			(126,381	)		–			100,152		771,163		8,829,822


Invesco International Select Equity Fund, Class R6		–		15,031,411		–		(15,695,048	)		527,131			136,508			–		–		2


Invesco International Small-Mid Company Fund, Class R6		1.97%		31,583,865		–		(15,130,350	)		5,700,058			(3,758,293	)		–		436,839		18,395,280


Invesco Oppenheimer International Growth Fund, Class R6		2.06%		–		18,107,834		(437,067	)		1,511,664			12,188			–		502,214		19,194,619


Invesco RAFI^™ Strategic Developed ex-US ETF		–		41,581,429		–		(42,820,861	)		(3,358,154	)		4,597,586			–		–		–


Invesco S&P Emerging Markets Low Volatility ETF		4.39%		33,893,339		6,988,177		(946,064	)		1,091,591			(88,766	)		567,935		1,740,573		40,938,277


Invesco S&P International Developed Low Volatility ETF		1.93%		8,811,664		8,825,845		–			402,414			–			284,986		659,595		18,039,923


Total Foreign Equity Funds				303,353,820		56,634,266		(129,727,876	)		44,649,754			(12,144,969	)		1,287,637				262,764,995

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–100.03%

	% of Net Assets 06/30/23		Value 12/31/22		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 06/30/23		Value 06/30/23


Money Market Funds–0.33%
Invesco Government & Agency Portfolio, Institutional Class, 5.05%^(c)(d)		0.11%	$	1,704,075	$	45,381,434	$	(46,017,671	)	$	–		$	–		$	39,809			1,067,838	$	1,067,838


Invesco Liquid Assets Portfolio, Institutional Class, 5.15%^(c)(d)		0.09%		1,248,729		32,415,309		(32,869,765	)		(111	)		(37	)		27,172			794,046		794,125


Invesco Treasury Portfolio, Institutional Class, 5.03%^(c)(d)		0.13%		1,947,514		51,864,496		(52,591,624	)		–			–			41,480			1,220,386		1,220,386


Total Money Market Funds				4,900,318		129,661,239		(131,479,060	)		(111	)		(37	)		108,461					3,082,349


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $887,864,165)		100.03%		882,713,833		317,072,725		(330,975,056	)		74,173,608			(10,160,174	)		8,463,551					932,824,936


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.18%
Invesco Private Government Fund, 5.10%^(c)(d)		0.61%		1,264,757		54,589,803		(50,165,589	)		–			–			125,982	^(e)		5,688,971		5,688,971


Invesco Private Prime Fund, 5.23%^(c)(d)		1.57%		3,252,231		120,644,328		(109,264,854	)		(27	)		(2,895	)		339,009	^(e)		14,630,246		14,628,783


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $20,317,781)		2.18%		4,516,988		175,234,131		(159,430,443	)		(27	)		(2,895	)		464,991					20,317,754


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $908,181,946)		102.21%	$	887,230,821	$	492,306,856	$	(490,405,499	)	$	74,173,581		$	(10,163,069	)	$	8,928,542				$	953,142,690


OTHER ASSETS LESS LIABILITIES		(2.21)%																				(20,597,270	)


NET ASSETS		100.00%																			$	932,545,420

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	All or a portion of this security was out on loan at June 30, 2023.

^(c)	The rate shown is the 7-day SEC standardized yield as of June 30, 2023.

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

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

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2023


Equity Funds			71.43%


Fixed Income Funds			21.45


Alternative Funds			4.67


Money Market Funds			2.45

*	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: Growth Investor Fund

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)


Assets:

Investments in affiliated underlying funds, at value (Cost $908,181,946)*	$	953,142,690


Receivable for:
Dividends - affiliated underlying funds		673,796


Fund shares sold		1,139,131


Investment for trustee deferred compensation and retirement plans		125,777


Other assets		93,573


Total assets		955,174,967



Liabilities:

Payable for:
Investments purchased - affiliated underlying funds		659,759


Fund shares reacquired		961,455


Collateral upon return of securities loaned		20,317,781


Accrued fees to affiliates		461,663


Accrued other operating expenses		92,474


Trustee deferred compensation and retirement plans		136,415


Total liabilities		22,629,547


Net assets applicable to shares outstanding	$	932,545,420



Net assets consist of:

Shares of beneficial interest	$	881,533,058


Distributable earnings		51,012,362


	$	932,545,420


Net Assets:

Class A	$	829,943,511


Class C	$	41,716,093


Class R	$	29,681,510


Class S	$	18,385,046


Class Y	$	12,177,406


Class R5	$	51,887


Class R6	$	589,967



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

Class A		59,408,794


Class C		3,045,514


Class R		2,134,053


Class S		1,317,452


Class Y		873,767


Class R5		3,691


Class R6		41,949


Class A:
Net asset value per share	$	13.97


Maximum offering price per share (Net asset value of $13.97 ÷ 94.50%)	$	14.78


Class C:
Net asset value and offering price per share	$	13.70


Class R:
Net asset value and offering price per share	$	13.91


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


Class Y:
Net asset value and offering price per share	$	13.94


Class R5:
Net asset value and offering price per share	$	14.06


Class R6:
Net asset value and offering price per share	$	14.06

*	At June 30, 2023, security with a value of $19,981,875 was on loan to brokers.

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


7		Invesco Select Risk: Growth Investor Fund

Statement of Operations

For the six months ended June 30, 2023

(Unaudited)


Investment income:

Dividends from affiliated underlying funds (includes net securities lending income of $69,949)	$	8,533,500


Interest		64,796


Total investment income		8,598,296



Expenses:

Administrative services fees		66,241


Custodian fees		1,270


Distribution fees:
Class A		1,010,247


Class C		204,883


Class R		68,018


Class S		13,617


Transfer agent fees – A, C, R, S and Y		605,282


Transfer agent fees – R5		24


Transfer agent fees – R6		73


Trustees’ and officers’ fees and benefits		9,460


Registration and filing fees		62,638


Reports to shareholders		33,508


Professional services fees		24,886


Other		11,469


Total expenses		2,111,616


Less: Expense offset arrangement(s)		(17,548	)


Net expenses		2,094,068


Net investment income		6,504,228



Realized and unrealized gain (loss) from:

Net realized gain (loss) from affiliated underlying fund shares		(10,163,069	)


Change in net unrealized appreciation of affiliated underlying fund shares		74,173,581


Net realized and unrealized gain		64,010,512


Net increase in net assets resulting from operations	$	70,514,740

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


8		Invesco Select Risk: Growth Investor Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2023 and the year ended December 31, 2022

(Unaudited)


	June 30, 2023			December 31, 2022


Operations:

Net investment income	$	6,504,228		$	11,050,261


Net realized gain (loss)		(10,163,069	)		4,924,213


Change in net unrealized appreciation (depreciation)		74,173,581			(228,250,134	)


Net increase (decrease) in net assets resulting from operations		70,514,740			(212,275,660	)



Distributions to shareholders from distributable earnings:
Class A		–			(43,731,932	)


Class C		–			(2,022,504	)


Class R		–			(1,310,594	)


Class S		–			(1,019,840	)


Class Y		–			(694,228	)


Class R5		–			(2,647	)


Class R6		–			(6,868	)


Total distributions from distributable earnings		–			(48,788,613	)



Share transactions–net:

Class A		(20,396,803	)		3,419,049


Class C		(1,374,523	)		(1,867,405	)


Class R		2,417,374			5,448,140


Class S		(993,040	)		(811,152	)


Class Y		(439,307	)		238,568


Class R5		2,872			8,007


Class R6		442,697			(443,787	)


Net increase (decrease) in net assets resulting from share transactions		(20,340,730	)		5,991,420


Net increase (decrease) in net assets		50,174,010			(255,072,853	)



Net assets:

Beginning of period		882,371,410			1,137,444,263


End of period	$	932,545,420		$	882,371,410

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


9		Invesco Select Risk: Growth Investor Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period		Net investment income^(a)(b)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(c)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover ^(e)
Class A
Six months ended 06/30/23		$12.93		$0.10		$ 0.94			$ 1.04			$ –			$ –			$ –			$13.97		8.04	%		$ 829,944		0.43	%^(f)		0.43	%^(f)		1.47	%^(f)		21	%
Year ended 12/31/22		16.85		0.17		(3.33	)		(3.16	)		(0.19	)		(0.57	)		(0.76	)		12.93		(18.79	)		787,335		0.43			0.43			1.22			29
Year ended 12/31/21		15.80		0.14		1.98			2.12			(0.25	)		(0.82	)		(1.07	)		16.85		13.55			1,017,511		0.45			0.45			0.83			19
Year ended 12/31/20		15.79		0.14		1.71			1.85			(0.27	)		(1.57	)		(1.84	)		15.80		11.87			948,121		0.47			0.47			0.92			90
Year ended 12/31/19		14.37		0.28		2.68			2.96			(0.22	)		(1.32	)		(1.54	)		15.79		20.59			889,968		0.49			0.49			1.76			32
Year ended 12/31/18		16.05		0.20		(1.53	)		(1.33	)		(0.20	)		(0.15	)		(0.35	)		14.37		(8.27	)		739,240		0.50			0.50			1.26			16
Class C
Six months ended 06/30/23		12.72		0.05		0.93			0.98			–			–			–			13.70		7.70			41,716		1.18	^(f)		1.18	^(f)		0.72	^(f)		21
Year ended 12/31/22		16.62		0.06		(3.28	)		(3.22	)		(0.11	)		(0.57	)		(0.68	)		12.72		(19.42	)		40,058		1.18			1.18			0.47			29
Year ended 12/31/21		15.60		0.01		1.95			1.96			(0.12	)		(0.82	)		(0.94	)		16.62		12.64			54,151		1.20			1.20			0.08			19
Year ended 12/31/20		15.64		0.02		1.70			1.72			(0.19	)		(1.57	)		(1.76	)		15.60		11.09			58,187		1.22			1.22			0.17			90
Year ended 12/31/19		14.26		0.16		2.64			2.80			(0.10	)		(1.32	)		(1.42	)		15.64		19.64			73,066		1.24			1.24			1.01			32
Year ended 12/31/18		15.91		0.08		(1.51	)		(1.43	)		(0.07	)		(0.15	)		(0.22	)		14.26		(8.95	)		118,925		1.25			1.25			0.51			16
Class R
Six months ended 06/30/23		12.88		0.08		0.95			1.03			–			–			–			13.91		8.00			29,682		0.68	^(f)		0.68	^(f)		1.22	^(f)		21
Year ended 12/31/22		16.80		0.14		(3.33	)		(3.19	)		(0.16	)		(0.57	)		(0.73	)		12.88		(19.04	)		25,192		0.68			0.68			0.97			29
Year ended 12/31/21		15.76		0.10		1.97			2.07			(0.21	)		(0.82	)		(1.03	)		16.80		13.24			26,032		0.70			0.70			0.58			19
Year ended 12/31/20		15.75		0.10		1.71			1.81			(0.23	)		(1.57	)		(1.80	)		15.76		11.64			21,447		0.72			0.72			0.67			90
Year ended 12/31/19		14.34		0.24		2.66			2.90			(0.17	)		(1.32	)		(1.49	)		15.75		20.26			20,690		0.74			0.74			1.51			32
Year ended 12/31/18		16.01		0.16		(1.52	)		(1.36	)		(0.16	)		(0.15	)		(0.31	)		14.34		(8.49	)		18,275		0.75			0.75			1.01			16
Class S
Six months ended 06/30/23		12.91		0.11		0.94			1.05			–			–			–			13.96		8.13			18,385		0.33	^(f)		0.33	^(f)		1.57	^(f)		21
Year ended 12/31/22		16.82		0.19		(3.33	)		(3.14	)		(0.20	)		(0.57	)		(0.77	)		12.91		(18.68	)		17,951		0.33			0.33			1.32			29
Year ended 12/31/21		15.78		0.16		1.97			2.13			(0.27	)		(0.82	)		(1.09	)		16.82		13.62			24,254		0.35			0.35			0.93			19
Year ended 12/31/20		15.77		0.15		1.72			1.87			(0.29	)		(1.57	)		(1.86	)		15.78		11.98			23,627		0.37			0.37			1.02			90
Year ended 12/31/19		14.35		0.30		2.67			2.97			(0.23	)		(1.32	)		(1.55	)		15.77		20.73			22,788		0.39			0.39			1.86			32
Year ended 12/31/18		16.03		0.22		(1.53	)		(1.31	)		(0.22	)		(0.15	)		(0.37	)		14.35		(8.17	)		20,700		0.40			0.40			1.36			16
Class Y
Six months ended 06/30/23		12.88		0.12		0.94			1.06			–			–			–			13.94		8.23			12,177		0.18	^(f)		0.18	^(f)		1.72	^(f)		21
Year ended 12/31/22		16.79		0.21		(3.32	)		(3.11	)		(0.23	)		(0.57	)		(0.80	)		12.88		(18.59	)		11,673		0.18			0.18			1.47			29
Year ended 12/31/21		15.75		0.19		1.97			2.16			(0.30	)		(0.82	)		(1.12	)		16.79		13.82			14,854		0.20			0.20			1.08			19
Year ended 12/31/20		15.74		0.17		1.72			1.89			(0.31	)		(1.57	)		(1.88	)		15.75		12.16			10,589		0.22			0.22			1.17			90
Year ended 12/31/19		14.33		0.32		2.67			2.99			(0.26	)		(1.32	)		(1.58	)		15.74		20.86			10,233		0.24			0.24			2.01			32
Year ended 12/31/18		16.02		0.24		(1.54	)		(1.30	)		(0.24	)		(0.15	)		(0.39	)		14.33		(8.08	)		8,271		0.25			0.25			1.51			16
Class R5
Six months ended 06/30/23		12.99		0.12		0.95			1.07			–			–			–			14.06		8.24			52		0.15	^(f)		0.15	^(f)		1.75	^(f)		21
Year ended 12/31/22		16.93		0.22		(3.36	)		(3.14	)		(0.23	)		(0.57	)		(0.80	)		12.99		(18.57	)		45		0.13			0.13			1.52			29
Year ended 12/31/21		15.88		0.19		1.99			2.18			(0.31	)		(0.82	)		(1.13	)		16.93		13.84			49		0.14			0.14			1.14			19
Year ended 12/31/20		15.86		0.19		1.72			1.91			(0.32	)		(1.57	)		(1.89	)		15.88		12.20			453		0.14			0.14			1.25			90
Year ended 12/31/19		14.42		0.34		2.69			3.03			(0.27	)		(1.32	)		(1.59	)		15.86		21.05			33		0.15			0.15			2.10			32
Year ended 12/31/18		16.12		0.26		(1.56	)		(1.30	)		(0.25	)		(0.15	)		(0.40	)		14.42		(8.02	)		25		0.16			0.16			1.60			16
Class R6
Six months ended 06/30/23		12.99		0.12		0.95			1.07			–			–			–			14.06		8.24			590		0.08	^(f)		0.08	^(f)		1.82	^(f)		21
Year ended 12/31/22		16.93		0.22		(3.36	)		(3.14	)		(0.23	)		(0.57	)		(0.80	)		12.99		(18.57	)		118		0.13			0.13			1.52			29
Year ended 12/31/21		15.88		0.22		1.97			2.19			(0.32	)		(0.82	)		(1.14	)		16.93		13.95			594		0.05			0.05			1.23			19
Year ended 12/31/20		15.85		0.19		1.73			1.92			(0.32	)		(1.57	)		(1.89	)		15.88		12.27			584		0.14			0.14			1.25			90
Year ended 12/31/19		14.42		0.34		2.68			3.02			(0.27	)		(1.32	)		(1.59	)		15.85		20.98			11		0.15			0.15			2.10			32
Year ended 12/31/18		16.11		0.26		(1.55	)		(1.29	)		(0.25	)		(0.15	)		(0.40	)		14.42		(7.96	)		10		0.16			0.16			1.60			16

^(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 0.50%, 0.50%, 0.54%, 0.58%, 0.58% and 0.55% for the six months ended June 30, 2023 and for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.

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

^(f)	Annualized.

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


10		Invesco Select Risk: Growth Investor Fund

Notes to Financial Statements

June 30, 2023

(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.

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 listed or traded on an exchange are generally valued at the trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. 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.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


11		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.


12		Invesco Select Risk: Growth Investor Fund

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2023, the Fund paid the Adviser $14,290 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated underlying funds on the Statement of Operations.

Other Risks – Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers’ securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.

Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Adviser has contractually agreed, through June 30, 2023, 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 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 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. The Adviser did not reimburse expenses during the period under these expense limits. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

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, 2023, 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, 2023, IDI advised the Fund that IDI retained $45,821 in front-end sales commissions from the sale of Class A shares and $6,449 and $447 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 Adviser’s


13		Invesco Select Risk: Growth Investor Fund

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		$929,742,587		$ –		$–		$929,742,587


Money Market Funds		3,082,349		20,317,754		–		23,400,103


Total Investments		$932,824,936		$20,317,754		$–		$953,142,690

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of December 31, 2022.

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, 2023 was $187,411,486 and $199,495,996, 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	$ 68,483,186


Aggregate unrealized (depreciation) of investments	(33,111,041	)


Net unrealized appreciation of investments	$35,372,145

Cost of investments for tax purposes is $917,770,545.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended June 30, 2023^(a)				Year ended December 31, 2022
	Shares		Amount		Shares		Amount


Sold:
Class A		3,231,723	$	43,722,920		6,095,363	$	87,099,917


Class C		315,112		4,180,689		608,534		8,441,416


Class R		444,577		5,990,256		478,639		6,648,080


Class S		8,831		119,278		38,771		535,561


Class Y		129,358		1,743,669		196,578		2,798,081


Class R5		214		2,931		441		6,165


Class R6		36,892		497,931		6,104		87,020


14		Invesco Select Risk: Growth Investor Fund


	Summary of Share Activity


	Six months ended June 30, 2023^(a)						Year ended December 31, 2022
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Class A		-		$	-			3,252,278		$	42,345,053


Class C		-			-			155,309			1,991,063


Class R		-			-			100,970			1,310,588


Class S		-			-			78,126			1,015,639


Class Y		-			-			46,853			608,157


Class R5		-			-			149			1,947


Class R6		-			-			409			5,355



Automatic conversion of Class C shares to Class A shares:
Class A		163,560			2,207,757			288,355			4,109,381


Class C		(166,528	)		(2,207,757	)		(293,223	)		(4,109,381	)



Reacquired:
Class A		(4,899,096	)		(66,327,480	)		(9,121,498	)		(130,135,302	)


Class C		(252,125	)		(3,347,455	)		(579,661	)		(8,190,503	)


Class R		(265,743	)		(3,572,882	)		(173,797	)		(2,510,528	)


Class S		(82,325	)		(1,112,318	)		(167,684	)		(2,362,352	)


Class Y		(161,965	)		(2,182,976	)		(221,563	)		(3,167,670	)


Class R5		(4	)		(59	)		(7	)		(105	)


Class R6		(4,027	)		(55,234	)		(32,502	)		(536,162	)


Net increase (decrease) in share activity		(1,501,546	)	$	(20,340,730	)		756,944		$	5,991,420

^(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.


15		Invesco Select Risk: Growth 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 (01/01/23)	Ending Account Value (06/30/23)¹	Expenses Paid During Period²	Ending Account Value (06/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,080.40	$2.22	$1,022.66	$2.16	0.43%
Class C	1,000.00	1,077.00	6.08	1,018.94	5.91	1.18
Class R	1,000.00	1,080.00	3.51	1,021.42	3.41	0.68
Class S	1,000.00	1,080.60	1.70	1,023.16	1.66	0.33
Class Y	1,000.00	1,082.30	0.93	1,023.90	0.90	0.18
Class R5	1,000.00	1,082.40	0.77	1,024.05	0.75	0.15
Class R6	1,000.00	1,082.40	0.41	1,024.40	0.40	0.08

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: Growth Investor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Select Risk: Growth Investor Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. 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

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, 2022 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 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’s asset allocation achieved through investing in


17		Invesco Select Risk: Growth Investor Fund

underlying affiliated funds, including its exposure to alternative strategies as well as to certain segments of the equity market, negatively impacted Fund performance. The Board further considered that the Fund underwent investment strategy changes in 2020 and recently underwent a change in portfolio management in March 2023. 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

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 the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco 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. The Board noted the cyclical and competitive nature of the global asset management industry.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.


18		Invesco Select Risk: Growth Investor Fund

(This page intentionally left blank)

LOGO

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

LOGO


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

LOGO



Semiannual Report to Shareholders		June 30, 2023

Invesco Select Risk: High Growth Investor Fund

Nasdaq:

A: OAAIX ∎ C: OCAIX ∎ R: ONAIX ∎ Y: OYAIX ∎ R5: PXQIX ∎ R6: PXGGX



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 is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/22 to 6/30/23, 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	8.98	%
Class C Shares	8.52
Class R Shares	8.83
Class Y Shares	9.07
Class R5 Shares	9.16
Class R6 Shares	9.16
Bloomberg Global Aggregate USD Hedged Index^▼	2.96
Custom Invesco Select Risk: High Growth Investor Index∎	12.82
MSCI All Country World Index^▼	13.93
Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.
The Bloomberg Global Aggregate USD Hedged Index 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 Global Aggregate USD Hedged Index. 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 6/30/23, including maximum applicable sales charges

Class A Shares
Inception (4/5/05)	5.89	%
10 Years	6.33
5 Years	3.65
1 Year	5.35

Class C Shares
Inception (4/5/05)	5.86	%
10 Years	6.29
5 Years	4.03
1 Year	9.59

Class R Shares
Inception (4/5/05)	5.98	%
10 Years	6.66
5 Years	4.56
1 Year	11.14

Class Y Shares
Inception (4/5/05)	6.57	%
10 Years	7.19
5 Years	5.08
1 Year	11.69

Class R5 Shares
10 Years	7.07	%
5 Years	5.10
1 Year	11.85

Class R6 Shares
10 Years	7.08	%
5 Years	5.12
1 Year	11.85

Effective May 24, 2019, Class A, Class C, Class R and Class Y shares of the Oppenheimer Portfolio Series: Growth investor Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R and Class Y shares, respectively, of the Invesco Select Risk: High Growth Investor Fund. 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: 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, 2023

(Unaudited)

Invesco Select Risk: High Growth Investor Fund

Schedule of Investments in Affiliated Issuers–99.99%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	06/30/23			12/31/22		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		06/30/23		06/30/23

Alternative Funds–4.73%
Invesco Global Real Estate Income Fund, Class R6		2.39	%	$	18,571,474	$	515,966	$	(889,492	)	$	480,566		$	(105,038	)	$	264,246		2,360,035	$	18,573,476

Invesco Macro Allocation Strategy Fund, Class R6^(b)		2.34	%		17,169,183		2,282,104		(971,815	)		(136,877	)		(132,460	)		–		2,457,508		18,210,135

Total Alternative Funds					35,740,657		2,798,070		(1,861,307	)		343,689			(237,498	)		264,246				36,783,611

Domestic Equity Funds–51.18%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		5.43	%		53,414,099		2,693,731		(18,413,812	)		7,564,667			(2,972,972	)		–		1,509,126		42,285,713

Invesco Main Street Small Cap Fund, Class R6		7.72	%		54,282,982		2,318,429		(1,734,427	)		4,836,276			365,600			–		3,072,576		60,068,860

Invesco NASDAQ 100 ETF		5.91	%		–		40,639,551		(2,347,095	)		7,385,960			348,879			69,009		302,851		46,027,295

Invesco Russell 1000^®Dynamic Multifactor ETF		13.84	%		96,380,934		3,007,181		(5,153,013	)		13,715,467			(180,512	)		846,219		2,200,287		107,770,057

Invesco S&P 500^®Low Volatility ETF		9.87	%		61,473,525		17,909,841		(1,893,524	)		(468,091	)		(195,260	)		808,931		1,223,157		76,826,491

Invesco S&P 500^®Pure Growth ETF^(c)		5.53	%		38,766,979		5,550,310		(1,503,444	)		501,988			(246,162	)		377,937		282,313		43,069,671

Invesco S&P SmallCap Low Volatility ETF		–			28,871,735		3,468,037		(30,844,955	)		(6,545,877	)		5,051,060			247,804		–		–

Invesco Value Opportunities Fund, Class R6^(b)		2.88	%		24,080,373		1,900,885		(3,997,593	)		1,154,183			(765,383	)		–		1,369,184		22,372,465

Total Domestic Equity Funds					357,270,627		77,487,965		(65,887,863	)		28,144,573			1,405,250			2,349,900				398,420,552

Fixed Income Funds–11.04%
Invesco 1-30 Laddered Treasury ETF		2.74	%		18,873,140		3,709,814		(1,512,416	)		566,029			(289,377	)		250,603		731,820		21,347,190

Invesco Core Plus Bond Fund, Class R6		5.89	%		37,367,136		10,233,989		(1,505,550	)		142,504			(417,934	)		972,546		5,057,411		45,820,145

Invesco High Yield Fund, Class R6		1.20	%		–		9,316,747		–			53,814			–			156,143		2,739,930		9,370,561

Invesco Senior Floating Rate Fund, Class R6		1.21	%		–		9,283,289		–			155,838			–			204,202		1,434,518		9,439,127

Total Fixed Income Funds					56,240,276		32,543,839		(3,017,966	)		918,185			(707,311	)		1,583,494				85,977,023

Foreign Equity Funds–32.48%
Invesco EQV Emerging Markets All Cap Fund, Class R6		3.74	%		30,528,553		–		(4,326,791	)		4,339,516			(1,440,939	)		–		854,134		29,100,339

Invesco Developing Markets Fund, Class R6		3.41	%		34,363,885		–		(11,252,476	)		8,289,172			(4,838,427	)		–		684,592		26,562,154

Invesco FTSE RAFI Developed Markets ex-U.S. ETF		3.24	%		–		24,004,536		–			1,246,843			–			364,101		561,641		25,251,379

Invesco Global Fund, Class R6^(b)		9.44	%		83,708,176		–		(26,312,815	)		19,107,811			(3,010,160	)		–		787,453		73,493,012

Invesco Global Infrastructure Fund, Class R6		0.94	%		6,897,736		572,624		(66,516	)		(102,601	)		(2,625	)		82,784		637,434		7,298,618

Invesco International Select Equity Fund, Class R6		–			15,328,082		182,708		(16,237,407	)		5,467,157			(4,740,540	)		–		–		–

Invesco International Small-Mid Company Fund, Class R6		2.22	%		29,365,047		–		(13,914,920	)		(1,350,588	)		3,175,787			–		410,243		17,275,326

Invesco Oppenheimer International Growth Fund, Class R6		2.46	%		–		18,709,608		(1,115,926	)		1,510,310			73,428			–		501,764		19,177,420

Invesco RAFI^™ Strategic Developed ex-US ETF		–			39,600,074		–		(40,663,875	)		(3,847,695	)		4,911,496			–		–		–

Invesco S&P Emerging Markets Low Volatility ETF		4.64	%		27,284,154		7,927,987		–			875,395			–			491,367		1,534,334		36,087,536

Invesco S&P International Developed Low Volatility ETF		2.39	%		6,899,867		11,320,675		–			418,921			–			273,923		681,516		18,639,463

Total Foreign Equity Funds					273,975,574		62,718,138		(113,890,726	)		35,954,241			(5,871,980	)		1,212,175				252,885,247

Money Market Funds–0.56%
Invesco Government & Agency Portfolio, Institutional Class, 5.05%^(d)		0.19	%		1,518,501		46,740,575		(46,769,605	)		–			–			35,685		1,489,471		1,489,471

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

5 Invesco Select Risk: High Growth Investor Fund

Invesco Select Risk: High Growth Investor Fund (continued)

Schedule of Investments in Affiliated Issuers–99.99%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	06/30/23			12/31/22		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			06/30/23		06/30/23

Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 5.15%^(d)		0.15	%	$	1,200,516	$	33,386,126	$	(33,406,861	)	$	(98	)	$	(222	)	$	25,750			1,179,343	$	1,179,461

Invesco Treasury Portfolio, Institutional Class, 5.03%^(d)		0.22	%		1,735,430		53,417,800		(53,450,977	)		–			–			36,134			1,702,253		1,702,253

Total Money Market Funds					4,454,447		133,544,501		(133,627,443	)		(98	)		(222	)		97,569					4,371,185

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $681,119,291)		99.99	%		727,681,581		309,092,513		(318,285,305	)		65,360,590			(5,411,761	)		5,507,384					778,437,618

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.03%
Invesco Private Government Fund, 5.10%^(d)(e)		0.01	%		371		8,774,156		(8,700,973	)		–			–			13,744	^(f)		73,554		73,554

Invesco Private Prime Fund, 5.23%^(d)(e)		0.02	%		953		21,445,875		(21,258,075	)		–			387			36,723	^(f)		189,159		189,140

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $262,694)		0.03	%		1,324		30,220,031		(29,959,048	)		–			387			50,467					262,694

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $681,381,985)		100.02	%	$	727,682,905	$	339,312,544	$	(348,244,353	)	$	65,360,590		$	(5,411,374	)	$	5,557,851				$	778,700,312

OTHER ASSETS LESS LIABILITIES		(0.02	)%																				(162,523	)

NET ASSETS		100.00	%																			$	778,537,789

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.

^(c)	All or a portion of this security was out on loan at June 30, 2023.

^(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2023.

^(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.

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2023


Equity Funds			83.65%

Fixed Income Funds			11.04

Alternative Funds			4.72

Money Market Funds			0.59

*	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, 2023

(Unaudited)


Assets:
Investments in affiliated underlying funds, at value (Cost $681,381,985)*	$	778,700,312

Other investments:
Variation margin receivable – futures contracts		589,827

Cash		10,000

Receivable for:
Dividends - affiliated underlying funds		299,732

Fund shares sold		418,609

Investment for trustee deferred compensation and retirement plans		48,987

Other assets		90,075

Total assets		780,157,542


Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		293,507

Fund shares reacquired		659,595

Collateral upon return of securities loaned		262,694

Accrued fees to affiliates		310,827

Accrued trustees’ and officers’ fees and benefits		5,379

Accrued other operating expenses		38,764

Trustee deferred compensation and retirement plans		48,987

Total liabilities		1,619,753

Net assets applicable to shares outstanding	$	778,537,789


Net assets consist of:
Shares of beneficial interest	$	675,436,431

Distributable earnings		103,101,358

	$	778,537,789


Net Assets:
Class A	$	610,809,778

Class C	$	73,801,718

Class R	$	80,639,895

Class Y	$	13,082,353

Class R5	$	7,967

Class R6	$	196,078


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		46,183,662

Class C		5,852,783

Class R		6,112,557

Class Y		979,733

Class R5		602

Class R6		14,824

Class A:
Net asset value per share	$	13.23

Maximum offering price per share (Net asset value of $13.23 ÷ 94.50%)	$	14.00

Class C:
Net asset value and offering price per share	$	12.61

Class R:
Net asset value and offering price per share	$	13.19

Class Y:
Net asset value and offering price per share	$	13.35

Class R5:
Net asset value and offering price per share	$	13.23

Class R6:
Net asset value and offering price per share	$	13.23

*	At June 30, 2023, security with a value of $259,352 was on loan to brokers.

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, 2023

(Unaudited)


Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $65,741)	$	5,573,125

Interest		62,897

Total investment income		5,636,022


Expenses:
Custodian fees		3,664

Distribution fees:
Class A		715,072

Class C		369,904

Class R		191,850

Transfer agent fees – A, C, R and Y		428,119

Transfer agent fees – R6		3

Trustees’ and officers’ fees and benefits		9,911

Registration and filing fees		54,901

Reports to shareholders		20,695

Professional services fees		21,929

Other		10,382

Total expenses		1,826,430

Less: Expense offset arrangement(s)		(21,383	)

Net expenses		1,805,047

Net investment income		3,830,975


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares		(5,411,374	)

Foreign currencies		(37	)

Futures contracts		508,929

		(4,902,482	)

Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		65,360,590

Foreign currencies		(1,084	)

Futures contracts		189,727

		65,549,233

Net realized and unrealized gain		60,646,751

Net increase in net assets resulting from operations	$	64,477,726

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, 2023 and the year ended December 31, 2022

(Unaudited)


	June 30, 2023			December 31, 2022

Operations:
Net investment income	$	3,830,975		$	7,054,516

Net realized gain (loss)		(4,902,482	)		16,387,906

Change in net unrealized appreciation (depreciation)		65,549,233			(207,073,273	)

Net increase (decrease) in net assets resulting from operations		64,477,726			(183,630,851	)


Distributions to shareholders from distributable earnings:
Class A		–			(36,054,856	)

Class C		–			(4,267,974	)

Class R		–			(4,385,194	)

Class Y		–			(865,084	)

Class R5		–			(517	)

Class R6		–			(1,063	)

Total distributions from distributable earnings		–			(45,574,688	)


Share transactions–net:
Class A		(9,946,086	)		13,262,927

Class C		(5,690,818	)		(6,367,274	)

Class R		1,679,100			6,737,802

Class Y		(764,476	)		3,389,456

Class R6		172,398			(332,713	)

Net increase (decrease) in net assets resulting from share transactions		(14,549,882	)		16,690,198

Net increase (decrease) in net assets		49,927,844			(212,515,341	)


Net assets:
Beginning of period		728,609,945			941,125,286

End of period	$	778,537,789		$	728,609,945

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 06/30/23	$	12.14	$	0.07		$	1.02		$	1.09		$	–		$	–		$	–		$	13.23		8.98	%^(f)	$	610,810		0.37	%^(f)(g)		0.38	%^(f)(g)		1.13	%^(f)(g)		23	%
Year ended 12/31/22		16.11		0.14			(3.29	)		(3.15	)		(0.15	)		(0.67	)		(0.82	)		12.14		(19.59	)^(f)		570,009		0.38	^(f)		0.38	^(f)		1.02	^(f)		27
Year ended 12/31/21		15.01		0.10			2.14			2.24			(0.28	)		(0.86	)		(1.14	)		16.11		15.06	^(f)		736,134		0.39	^(f)		0.39	^(f)		0.62	^(f)		17
Year ended 12/31/20		15.84		0.09			2.01			2.10			(0.10	)		(2.83	)		(2.93	)		15.01		13.52	^(f)		702,842		0.42	^(f)		0.42	^(f)		0.62	^(f)		70
Eleven months ended 12/31/19		16.13		0.19			2.53			2.72			(0.18	)		(2.83	)		(3.01	)		15.84		16.94			657,555		0.46	^(g)		0.46	^(g)		1.21	^(g)		31
Year ended 01/31/19		19.46		0.11			(2.31	)		(2.20	)		(0.18	)		(0.95	)		(1.13	)		16.13		(10.71	)		574,046		0.45			0.45			0.62			38
Year ended 01/31/18		15.59		0.07			4.24			4.31			(0.27	)		(0.17	)		(0.44	)		19.46		27.83			674,845		0.46			0.47			0.42			8
Class C
Six months ended 06/30/23		11.62		0.02			0.97			0.99			–			–			–			12.61		8.52			73,802		1.13	^(g)		1.14	^(g)		0.37	^(g)		23
Year ended 12/31/22		15.45		0.03			(3.15	)		(3.12	)		(0.04	)		(0.67	)		(0.71	)		11.62		(20.19	)		73,397		1.14			1.14			0.26			27
Year ended 12/31/21		14.43		(0.02	)		2.05			2.03			(0.15	)		(0.86	)		(1.01	)		15.45		14.22			104,723		1.15			1.15			(0.14	)		17
Year ended 12/31/20		15.37		(0.02	)		1.93			1.91			(0.02	)		(2.83	)		(2.85	)		14.43		12.66			104,858		1.18			1.18			(0.14	)		70
Eleven months ended 12/31/19		15.71		0.07			2.46			2.53			(0.04	)		(2.83	)		(2.87	)		15.37		16.16			127,666		1.22	^(g)		1.22	^(g)		0.45	^(g)		31
Year ended 01/31/19		18.96		(0.02	)		(2.24	)		(2.26	)		(0.04	)		(0.95	)		(0.99	)		15.71		(11.39	)		169,142		1.20			1.20			(0.13	)		38
Year ended 01/31/18		15.21		(0.06	)		4.12			4.06			(0.14	)		(0.17	)		(0.31	)		18.96		26.83			212,996		1.21			1.22			(0.36	)		8
Class R
Six months ended 06/30/23		12.12		0.05			1.02			1.07			–			–			–			13.19		8.83			80,640		0.63	^(g)		0.64	^(g)		0.87	^(g)		23
Year ended 12/31/22		16.09		0.10			(3.29	)		(3.19	)		(0.11	)		(0.67	)		(0.78	)		12.12		(19.83	)		72,465		0.64			0.64			0.76			27
Year ended 12/31/21		14.99		0.06			2.13			2.19			(0.23	)		(0.86	)		(1.09	)		16.09		14.79			87,346		0.65			0.65			0.36			17
Year ended 12/31/20		15.83		0.05			2.00			2.05			(0.06	)		(2.83	)		(2.89	)		14.99		13.22			78,109		0.68			0.68			0.36			70
Eleven months ended 12/31/19		16.11		0.15			2.53			2.68			(0.13	)		(2.83	)		(2.96	)		15.83		16.72			66,628		0.72	^(g)		0.72	^(g)		0.96	^(g)		31
Year ended 01/31/19		19.44		0.07			(2.31	)		(2.24	)		(0.14	)		(0.95	)		(1.09	)		16.11		(10.97	)		56,312		0.70			0.70			0.37			38
Year ended 01/31/18		15.59		0.04			4.21			4.25			(0.23	)		(0.17	)		(0.40	)		19.44		27.44			59,559		0.71			0.72			0.22			8
Class Y
Six months ended 06/30/23		12.24		0.09			1.02			1.11			–			–			–			13.35		9.07			13,082		0.13	^(g)		0.14	^(g)		1.37	^(g)		23
Year ended 12/31/22		16.24		0.17			(3.32	)		(3.15	)		(0.18	)		(0.67	)		(0.85	)		12.24		(19.42	)		12,716		0.14			0.14			1.26			27
Year ended 12/31/21		15.12		0.14			2.16			2.30			(0.32	)		(0.86	)		(1.18	)		16.24		15.37			12,553		0.15			0.15			0.86			17
Year ended 12/31/20		15.93		0.13			2.03			2.16			(0.14	)		(2.83	)		(2.97	)		15.12		13.82			12,904		0.18			0.18			0.86			70
Eleven months ended 12/31/19		16.20		0.23			2.55			2.78			(0.22	)		(2.83	)		(3.05	)		15.93		17.24			21,733		0.22	^(g)		0.22	^(g)		1.46	^(g)		31
Year ended 01/31/19		19.55		0.16			(2.33	)		(2.17	)		(0.23	)		(0.95	)		(1.18	)		16.20		(10.50	)		21,582		0.21			0.21			0.87			38
Year ended 01/31/18		15.67		0.13			4.23			4.36			(0.31	)		(0.17	)		(0.48	)		19.55		28.04			25,773		0.22			0.23			0.72			8
Class R5
Six months ended 06/30/23		12.12		0.09			1.02			1.11			–			–			–			13.23		9.16			8		0.04	^(g)		0.04	^(g)		1.46	^(g)		23
Year ended 12/31/22		16.09		0.17			(3.28	)		(3.11	)		(0.19	)		(0.67	)		(0.86	)		12.12		(19.38	)		7		0.11			0.11			1.29			27
Year ended 12/31/21		14.99		0.16			2.13			2.29			(0.33	)		(0.86	)		(1.19	)		16.09		15.48			10		0.06			0.06			0.95			17
Year ended 12/31/20		15.82		0.14			2.01			2.15			(0.15	)		(2.83	)		(2.98	)		14.99		13.83			9		0.14			0.14			0.90			70
Period ended 12/31/19^(h)		16.60		0.16			2.12			2.28			(0.23	)		(2.83	)		(3.06	)		15.82		13.83			10		0.14	^(g)		0.14	^(g)		1.53	^(g)		31
Class R6
Six months ended 06/30/23		12.12		0.09			1.02			1.11			–			–			–			13.23		9.16			196		0.04	^(g)		0.04	^(g)		1.46	^(g)		23
Year ended 12/31/22		16.09		0.19			(3.30	)		(3.11	)		(0.19	)		(0.67	)		(0.86	)		12.12		(19.38	)		15		0.10			0.11			1.30			27
Year ended 12/31/21		14.99		0.16			2.13			2.29			(0.33	)		(0.86	)		(1.19	)		16.09		15.48			359		0.06			0.06			0.95			17
Year ended 12/31/20		15.82		0.14			2.01			2.15			(0.15	)		(2.83	)		(2.98	)		14.99		13.87			9		0.10			0.14			0.94			70
Period ended 12/31/19^(h)		16.60		0.17			2.12			2.29			(0.24	)		(2.83	)		(3.07	)		15.82		13.90			10		0.10	^(g)		0.10	^(g)		1.58	^(g)		31

^(a)	Calculated using average shares outstanding.

^(b)

^(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 0.51%, 0.51%, 0.55% and 0.64% for the six months ended June 30, 2023 and the years ended December 31, 2022, 2021 and 2020, respectively.

^(d)	Does not include indirect expenses from affiliated fund fees and expenses of 0.67%, 0.71% and 0.70% or the eleven months ended December 31, 2019, and for the years ended January 31, 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)	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, 2023 and the years ended December 31, 2022, 2021 and 2020, respectively.

^(g)	Annualized.

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

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

10 Invesco Select Risk: High Growth Investor Fund

Notes to Financial Statements

June 30, 2023

(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 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 listed or traded on an exchange are generally valued at the trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. 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.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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.

12 Invesco Select Risk: High Growth Investor Fund

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2023, the Fund paid the Adviser $5,036 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated underlying funds on the Statement of Operations.

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.

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.

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Adviser has contractually agreed, through at least April 30, 2024, 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%, 0.20%, and 0.20%, 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, 2024. 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.

13 Invesco Select Risk: High Growth Investor 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 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $66,518 in front-end sales commissions from the sale of Class A shares and $1,412 and $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.
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 Adviser’s 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		$774,066,433		$ –		$–		$774,066,433

Money Market Funds		4,371,185		262,694		–		4,633,879

Total Investments		$778,437,618		$262,694		$–		$778,700,312

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.

Effect of Derivative Investments for the six months ended June 30, 2023

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


	Location of Gain on Statement of Operations
	Equity Risk

Realized Gain:
Futures contracts		$508,929

14 Invesco Select Risk: High Growth Investor Fund


	Location of Gain on Statement of Operations
	Equity Risk

Change in Net Unrealized Appreciation:
Futures contracts		$189,727

Total		$698,656

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


	Futures
	Contracts
Average notional value	$	7,058,330

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, 2022.

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, 2023 was $175,548,012 and $184,657,862, 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	$	108,813,336

Aggregate unrealized (depreciation) of investments		(16,259,856	)

Net unrealized appreciation of investments	$	92,553,480

Cost of investments for tax purposes is $686,146,832.

NOTE 10–Share Information


	Summary of Share Activity

	Six months ended June 30, 2023				Year ended December 31, 2022
	Shares		Amount		Shares		Amount

Sold:
Class A		1,930,367	$	24,628,828		3,915,203	$	53,041,156

Class C		442,360		5,370,256		952,699		12,305,439

Class R		649,196		8,256,332		1,085,730		14,599,307

Class Y		110,982		1,436,575		596,974		7,895,694

Class R6		13,548		172,398		1,276		16,257

15 Invesco Select Risk: High Growth Investor Fund


	Summary of Share Activity

	Six months ended June 30, 2023						Year ended December 31, 2022
	Shares			Amount			Shares			Amount


Issued as reinvestment of dividends:
Class A		-		$	-			2,903,853		$	35,513,530

Class C		-			-			362,891			4,249,483

Class R		-			-			358,216			4,377,396

Class Y		-			-			59,288			731,017

Class R6		-			-			38			464


Automatic conversion of Class C shares to Class A shares:
Class A		391,948			4,980,849			664,369			8,954,181

Class C		(410,402	)		(4,980,849	)		(695,192	)		(8,954,181	)


Reacquired:
Class A		(3,098,448	)		(39,555,763	)		(6,205,956	)		(84,245,940	)

Class C		(497,611	)		(6,080,225	)		(1,079,544	)		(13,968,015	)

Class R		(513,979	)		(6,577,232	)		(894,662	)		(12,238,901	)

Class Y		(170,155	)		(2,201,051	)		(390,207	)		(5,237,255	)

Class R6		-			-			(22,371	)		(349,434	)

Net increase (decrease) in share activity		(1,152,194	)	$	(14,549,882	)		1,612,605		$	16,690,198

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, 2023 through June 30, 2023.

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/23)	Ending Account Value (06/30/23)¹	Expenses Paid During Period²	Ending Account Value (06/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,089.80	$1.92	$1,022.96	$1.86	0.37%
Class C	1,000.00	1,085.20	5.84	1,019.19	5.66	1.13
Class R	1,000.00	1,088.30	3.26	1,021.67	3.16	0.63
Class Y	1,000.00	1,090.70	0.67	1,024.15	0.65	0.13
Class R5	1,000.00	1,091.60	0.21	1,024.60	0.20	0.04
Class R6	1,000.00	1,091.60	0.21	1,024.60	0.20	0.04

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 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 13, 2023, 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, 2023. 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

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, 2022 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 first quintile of its performance universe for the one year period, the fourth quintile for the three year period and the fifth 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

18 Invesco Select Risk: High Growth Investor Fund

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 that the Fund’s asset allocation achieved through investing in underlying affiliated funds, including its exposure to alternative strategies as well as to certain segments of the equity market, negatively impacted Fund performance. The Board further considered that the Fund underwent investment strategy changes in 2020 and recently underwent a change in portfolio management in March 2023. 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

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 the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco 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. The Board noted the cyclical and competitive nature of the global asset management industry.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

19 Invesco Select Risk: High Growth 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

LOGO


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

LOGO


Semiannual Report to Shareholders		June 30, 2023

Invesco Select Risk: Moderately Conservative Investor Fund

Nasdaq:

A: CAAMX ∎ C: CACMX ∎ R: CMARX ∎ S: CMASX ∎ Y: CAAYX ∎ R5: CMAIX ∎ R6: CNSSX



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 is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance


Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/22 to 6/30/23, 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	5.56	%
Class C Shares	5.01
Class R Shares	5.35
Class S Shares	5.61
Class Y Shares	5.59
Class R5 Shares	5.60
Class R6 Shares	5.60
Bloomberg Global Aggregate USD Hedged Index^q	2.96
Custom Invesco Select Risk: Moderately Conservative Index^∎	7.29
MSCI All Country World Index^q	13.93
Source(s): ^qRIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

The Bloomberg Global Aggregate USD Hedged Index 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 Global Aggregate USD Hedged Index. 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 6/30/23, including maximum applicable sales charges

Class A Shares
Inception (4/29/05)	3.61	%
10 Years	2.88
5 Years	1.62
1 Year	-0.68

Class C Shares
Inception (4/29/05)	3.60	%
10 Years	2.84
5 Years	1.97
1 Year	3.29

Class R Shares
Inception (4/29/05)	3.67	%
10 Years	3.20
5 Years	2.50
1 Year	4.90

Class S Shares
Inception (6/3/11)	3.88	%
10 Years	3.56
5 Years	2.86
1 Year	5.25

Class Y Shares
Inception (10/3/08)	4.77	%
10 Years	3.72
5 Years	3.01
1 Year	5.42

Class R5 Shares
Inception (4/29/05)	4.22	%
10 Years	3.76
5 Years	3.07
1 Year	5.49

Class R6 Shares
10 Years	3.65	%
5 Years	3.07
1 Year	5.49

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: 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, 2023

(Unaudited)

Invesco Select Risk: Moderately Conservative Investor Fund

Schedule of Investments in Affiliated Issuers–100.28%^(a)


	% of Net Assets 06/30/23			Value 12/31/22		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/23		Value 06/30/23
Alternative Funds–4.94%
Invesco Global Real Estate Income Fund, Class R6		2.47	%	$	5,619,614	$	1,702,829	$	(366,434	)	$	182,401		$	(64,135	)	$	103,113		898,891	$	7,074,275

Invesco Macro Allocation Strategy Fund, Class R6^(b)		2.47	%		9,094,613		–		(1,873,495	)		140,110			(268,910	)		–		957,128		7,092,318

Total Alternative Funds					14,714,227		1,702,829		(2,239,929	)		322,511			(333,045	)		103,113				14,166,593

Domestic Equity Funds–21.69%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		3.33	%		8,482,797		1,016,391		(889,079	)		1,080,190			(136,125	)		–		340,977		9,554,174

Invesco Main Street Small Cap Fund, Class R6		2.54	%		4,500,200		3,283,618		(1,143,812	)		512,178			111,019			–		371,519		7,263,203

Invesco NASDAQ 100 ETF		1.76	%		–		5,178,445		(1,058,055	)		810,149			118,085			7,197		33,219		5,048,624

Invesco Russell 1000^®Dynamic Multifactor ETF		5.81	%		15,139,785		1,688,350		(2,357,787	)		2,025,645			163,231			128,362		340,123		16,659,224

Invesco S&P 500^®Low Volatility ETF		4.01	%		12,524,208		–		(798,257	)		(137,107	)		(92,981	)		138,003		183,026		11,495,863

Invesco S&P 500^®Pure Growth ETF		2.00	%		10,515,821		–		(4,678,071	)		(895,201	)		797,521			73,271		37,625		5,740,070

Invesco S&P 500^®Pure Value ETF		2.24	%		7,119,886		–		(672,359	)		6,225			(50,061	)		86,822		82,575		6,403,691

Invesco S&P SmallCap Low Volatility ETF		–			3,036,138		–		(2,897,753	)		(710,846	)		572,461			23,280		–		–

Total Domestic Equity Funds					61,318,835		11,166,804		(14,495,173	)		2,691,233			1,483,150			456,935				62,164,849

Fixed Income Funds–58.82%
Invesco 1-30 Laddered Treasury ETF		11.60	%		41,956,516		–		(9,512,202	)		2,650,873			(1,854,309	)		455,454		1,139,557		33,240,878

Invesco Core Plus Bond Fund, Class R6		9.42	%		41,122,008		779,724		(14,770,042	)		2,130,872			(2,262,880	)		776,094		2,980,097		26,999,682

Invesco Floating Rate ESG Fund, Class R6		0.52	%		–		1,483,407		–			–			–			3,410		219,115		1,483,407

Invesco Fundamental High Yield^®Corporate Bond ETF		–			11,704,156		–		(11,709,600	)		1,204,741			(1,199,297	)		115,743		–		–

Invesco High Yield Fund, Class R6		8.21	%		–		24,621,988		(1,233,936	)		137,241			6,372			408,665		6,880,604		23,531,665

Invesco Income Fund, Class R6		1.02	%		5,031,920		111,132		(2,231,196	)		150,110			(135,852	)		110,647		429,049		2,926,114

Invesco International Bond Fund, Class R6		6.69	%		9,327,619		11,765,987		(2,333,263	)		779,510			(350,112	)		344,000		4,421,599		19,189,741

Invesco Master Loan Fund, Class R6		4.69	%		14,978,786		706,392		(2,112,179	)		(97,482	)		(45,427	)		698,789		895,154		13,430,090

Invesco Senior Floating Rate Fund, Class R6		0.79	%		–		2,230,697		–			37,446			–			49,068		344,703		2,268,143

Invesco Taxable Municipal Bond ETF		8.23	%		26,230,088		–		(3,495,744	)		1,733,921			(877,050	)		458,288		888,558		23,591,215

Invesco Variable Rate Investment Grade ETF		7.65	%		15,415,259		7,266,557		(915,321	)		176,325			(742	)		533,172		881,562		21,942,078

Total Fixed Income Funds					165,766,352		48,965,884		(48,313,483	)		8,903,557			(6,719,297	)		3,953,330				168,603,013

Foreign Equity Funds–14.30%
Invesco EQV Emerging Markets All Cap Fund, Class R6		1.48	%		4,363,467		–		(542,759	)		404,409			31,539			–		124,938		4,256,656

Invesco Developing Markets Fund, Class R6		1.46	%		6,173,816		–		(2,619,008	)		1,802,343			(1,161,247	)		–		108,142		4,195,904

Invesco FTSE RAFI Developed Markets ex-U.S. ETF		1.22	%		–		3,697,479		(389,197	)		173,021			22,745			50,525		77,937		3,504,048

Invesco Global Fund, Class R6^(b)		4.00	%		16,978,069		–		(8,565,323	)		4,913,566			(1,857,014	)		–		122,890		11,469,298

Invesco Global Infrastructure Fund, Class R6		1.02	%		2,896,153		69,055		–			(42,216	)		–			33,154		255,283		2,922,992

Invesco International Select Equity Fund, Class R6		0.00	%		3,708,681		–		(3,874,002	)		1,338,129			(1,172,801	)		–		1		7

Invesco International Small-Mid Company Fund, Class R6		0.97	%		2,929,006		–		(393,150	)		302,391			(69,028	)		–		65,762		2,769,219

Invesco Oppenheimer International Growth Fund, Class R6		1.00	%		–		2,997,181		(385,881	)		225,605			27,760			–		74,952		2,864,665

Invesco RAFI^™ Strategic Developed ex-US ETF		–			5,839,794		–		(6,004,213	)		(518,958	)		683,377			–		–		–

Invesco S&P Emerging Markets Low Volatility ETF		2.17	%		4,494,566		2,178,001		(639,894	)		243,774			(62,463	)		82,546		264,200		6,213,984

Invesco S&P International Developed Low Volatility ETF		0.98	%		2,982,944		–		(250,027	)		72,300			(7,175	)		63,250		102,305		2,798,042

Total Foreign Equity Funds					50,366,496		8,941,716		(23,663,454	)		8,914,364			(3,564,307	)		229,475				40,994,815

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–100.28%^(a)


	% of Net Assets 06/30/23			Value 12/31/22		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 06/30/23		Value 06/30/23
Money Market Funds–0.53%
Invesco Government & Agency Portfolio, Institutional Class, 5.05%^(c)		0.19	%	$	227,285	$	12,641,788	$	(12,329,853	)	$	–		$	–		$	11,494			539,220	$	539,220

Invesco Liquid Assets Portfolio, Institutional Class, 5.15%^(c)		0.13	%		154,880		9,029,850		(8,814,706	)		(22	)		(62	)		6,202			369,903		369,940

Invesco Treasury Portfolio, Institutional Class, 5.03%^(c)		0.21	%		259,754		14,447,758		(14,091,260	)		–			–			11,770			616,252		616,252

Total Money Market Funds					641,919		36,119,396		(35,235,819	)		(22	)		(62	)		29,466					1,525,412

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $288,382,048)		100.28	%		292,807,829		106,896,629		(123,947,858	)		20,831,643			(9,133,561	)		4,772,319					287,454,682

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 5.10%^(c)(d)		–			–		2,069,233		(2,069,233	)		–			–			1,872	^(e)		–		–

Invesco Private Prime Fund, 5.23%^(c)(d)		–			–		5,309,790		(5,309,828	)		–			38			4,957	^(e)		–		–

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		–		7,379,023		(7,379,061	)		–			38			6,829					–

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $288,382,048)		100.28	%	$	292,807,829	$	114,275,652	$	(131,326,919	)	$	20,831,643		$	(9,133,523	)	$	4,779,148				$	287,454,682

OTHER ASSETS LESS LIABILITIES		(0.28	)%																				(796,715	)

NET ASSETS		100.00	%																			$	286,657,967

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.

^(c)	The rate shown is the 7-day SEC standardized yield as of June 30, 2023.

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

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

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2023


Fixed Income Funds		58.65%
Equity Funds		35.89
Alternative Funds		4.93
Money Market Funds		0.53

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

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, 2023

(Unaudited)


Assets:
Investments in affiliated underlying funds, at value (Cost $288,382,048)	$	287,454,682

Receivable for:
Fund shares sold		294,361

Dividends - affiliated underlying funds		525,894

Investment for trustee deferred compensation and retirement plans		41,252

Other assets		81,122

Total assets		288,397,311


Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		534,405

Fund shares reacquired		995,663

Accrued fees to affiliates		129,492

Accrued other operating expenses		32,405

Trustee deferred compensation and retirement plans		47,379

Total liabilities		1,739,344

Net assets applicable to shares outstanding	$	286,657,967


Net assets consist of:
Shares of beneficial interest	$	308,715,046

Distributable earnings (loss)		(22,057,079	)

	$	286,657,967


Net Assets:
Class A	$	251,887,140

Class C	$	15,661,939

Class R	$	10,006,397

Class S	$	1,617,666

Class Y	$	7,207,941

Class R5	$	93,598

Class R6	$	183,286


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		25,299,559

Class C		1,592,505

Class R		1,009,599

Class S		162,273

Class Y		725,327

Class R5		9,358

Class R6		18,326

Class A:
Net asset value per share	$	9.96

Maximum offering price per share (Net asset value of $9.96 ÷ 94.50%)	$	10.54

Class C:
Net asset value and offering price per share	$	9.83

Class R:
Net asset value and offering price per share	$	9.91

Class S:
Net asset value and offering price per share	$	9.97

Class Y:
Net asset value and offering price per share	$	9.94

Class R5:
Net asset value and offering price per share	$	10.00

Class R6:
Net asset value and offering price per share	$	10.00

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, 2023

(Unaudited)


Investment income:

Dividends from affiliated underlying funds (includes net securities lending income of $3,758)	$	4,776,077

Interest		21,536

Total investment income		4,797,613


Expenses:
Administrative services fees		21,900

Custodian fees		1,296

Distribution fees:
Class A		314,594

Class C		79,349

Class R		23,821

Class S		1,187

Transfer agent fees – A, C, R, S and Y		157,609

Transfer agent fees – R5		13

Transfer agent fees – R6		28

Trustees’ and officers’ fees and benefits		7,368

Registration and filing fees		51,329

Reports to shareholders		13,906

Professional services fees		19,070

Other		7,871

Total expenses		699,341

Less: Expense offset arrangement(s)		(3,909	)

Net expenses		695,432

Net investment income		4,102,181


Realized and unrealized gain (loss) from:
Net realized gain (loss) from affiliated underlying fund shares		(9,133,523	)

Change in net unrealized appreciation of affiliated underlying fund shares		20,831,643

Net realized and unrealized gain		11,698,120

Net increase in net assets resulting from operations	$	15,800,301

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, 2023 and the year ended December 31, 2022

(Unaudited)


	June 30,			December 31,
	2023			2022

Operations:
Net investment income	$	4,102,181		$	5,820,867

Net realized gain (loss)		(9,133,523	)		(11,199,044	)

Change in net unrealized appreciation (depreciation)		20,831,643			(58,325,423	)

Net increase (decrease) in net assets resulting from operations		15,800,301			(63,703,600	)


Distributions to shareholders from distributable earnings:
Class A		(1,984,005	)		(11,115,426	)

Class C		(65,895	)		(608,915	)

Class R		(65,423	)		(356,214	)

Class S		(13,351	)		(70,925	)

Class Y		(111,922	)		(846,632	)

Class R5		(859	)		(4,459	)

Class R6		(2,180	)		(1,871	)

Total distributions from distributable earnings		(2,243,635	)		(13,004,442	)


Return of capital:
Class A		–			(178,713	)

Class C		–			(7,293	)

Class R		–			(4,918	)

Class S		–			(1,166	)

Class Y		–			(14,568	)

Class R5		–			(76	)

Class R6		–			(27	)

Total return of capital		–			(206,761	)

Total distributions		(2,243,635	)		(13,211,203	)


Share transactions–net:
Class A		(8,300,738	)		(17,524,674	)

Class C		(1,158,229	)		(3,969,209	)

Class R		625,828			1,003,513

Class S		(22,958	)		(39,358	)

Class Y		(11,118,266	)		9,072,926

Class R5		(7,148	)		9,458

Class R6		132,209			11,888

Net increase (decrease) in net assets resulting from share transactions		(19,849,302	)		(11,435,456	)

Net increase (decrease) in net assets		(6,292,636	)		(88,350,259	)


Net assets:
Beginning of period		292,950,603			381,300,862

End of period	$	286,657,967		$	292,950,603

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			Return of capital			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 06/30/23		$ 9.51		$0.14		$ 0.39			$ 0.53			$(0.08	)		$ –			$ –			$(0.08	)		$ 9.96		5.56	%		$251,887		0.44	%^(f)		0.44	%^(f)		2.80	%^(f)		24	%
Year ended 12/31/22		11.93		0.19		(2.18	)		(1.99	)		(0.18	)		(0.24	)		(0.01	)		(0.43	)		9.51		(16.69	)		248,677		0.44			0.44			1.83			29
Year ended 12/31/21		11.69		0.15		0.69			0.84			(0.23	)		(0.37	)		–			(0.60	)		11.93		7.26			331,992		0.44			0.44			1.25			28
Year ended 12/31/20		11.47		0.20		0.94			1.14			(0.27	)		(0.65	)		–			(0.92	)		11.69		10.23			300,116		0.47			0.47			1.81			86
Year ended 12/31/19		10.68		0.35		1.18			1.53			(0.35	)		(0.39	)		–			(0.74	)		11.47		14.39			257,703		0.48			0.48			3.01			28
Year ended 12/31/18		11.63		0.28		(0.80	)		(0.52	)		(0.28	)		(0.15	)		–			(0.43	)		10.68		(4.50	)		210,248		0.50			0.50			2.43			23
Class C
Six months ended 06/30/23		9.40		0.10		0.37			0.47			(0.04	)		–			–			(0.04	)		9.83		5.01			15,662		1.19	^(f)		1.19	^(f)		2.05	^(f)		24
Year ended 12/31/22		11.79		0.11		(2.15	)		(2.04	)		(0.11	)		(0.24	)		–			(0.35	)		9.40		(17.29	)		16,084		1.19			1.19			1.08			29
Year ended 12/31/21		11.55		0.06		0.68			0.74			(0.13	)		(0.37	)		–			(0.50	)		11.79		6.53			24,758		1.19			1.19			0.50			28
Year ended 12/31/20		11.34		0.12		0.92			1.04			(0.18	)		(0.65	)		–			(0.83	)		11.55		9.40			27,569		1.22			1.22			1.06			86
Year ended 12/31/19		10.57		0.26		1.16			1.42			(0.26	)		(0.39	)		–			(0.65	)		11.34		13.45			33,282		1.23			1.23			2.26			28
Year ended 12/31/18		11.51		0.19		(0.79	)		(0.60	)		(0.19	)		(0.15	)		–			(0.34	)		10.57		(5.21	)		57,060		1.25			1.25			1.68			23
Class R
Six months ended 06/30/23		9.47		0.12		0.39			0.51			(0.07	)		–			–			(0.07	)		9.91		5.35			10,006		0.69	^(f)		0.69	^(f)		2.55	^(f)		24
Year ended 12/31/22		11.88		0.16		(2.16	)		(2.00	)		(0.16	)		(0.24	)		(0.01	)		(0.41	)		9.47		(16.90	)		8,955		0.69			0.69			1.58			29
Year ended 12/31/21		11.64		0.12		0.69			0.81			(0.20	)		(0.37	)		–			(0.57	)		11.88		7.02			10,020		0.69			0.69			1.00			28
Year ended 12/31/20		11.42		0.18		0.93			1.11			(0.24	)		(0.65	)		–			(0.89	)		11.64		9.99			7,877		0.72			0.72			1.56			86
Year ended 12/31/19		10.64		0.32		1.17			1.49			(0.32	)		(0.39	)		–			(0.71	)		11.42		14.05			7,777		0.73			0.73			2.76			28
Year ended 12/31/18		11.58		0.25		(0.79	)		(0.54	)		(0.25	)		(0.15	)		–			(0.40	)		10.64		(4.68	)		7,410		0.75			0.75			2.18			23
Class S
Six months ended 06/30/23		9.52		0.14		0.39			0.53			(0.08	)		–			–			(0.08	)		9.97		5.61			1,618		0.34	^(f)		0.34	^(f)		2.90	^(f)		24
Year ended 12/31/22		11.95		0.20		(2.19	)		(1.99	)		(0.19	)		(0.24	)		(0.01	)		(0.44	)		9.52		(16.66	)		1,567		0.34			0.34			1.93			29
Year ended 12/31/21		11.70		0.16		0.70			0.86			(0.24	)		(0.37	)		–			(0.61	)		11.95		7.46			2,009		0.34			0.34			1.35			28
Year ended 12/31/20		11.48		0.22		0.93			1.15			(0.28	)		(0.65	)		–			(0.93	)		11.70		10.33			2,012		0.37			0.37			1.91			86
Year ended 12/31/19		10.70		0.36		1.17			1.53			(0.36	)		(0.39	)		–			(0.75	)		11.48		14.39			1,877		0.38			0.38			3.11			28
Year ended 12/31/18		11.64		0.29		(0.79	)		(0.50	)		(0.29	)		(0.15	)		–			(0.44	)		10.70		(4.31	)		1,814		0.40			0.40			2.53			23
Class Y
Six months ended 06/30/23		9.50		0.15		0.38			0.53			(0.09	)		–			–			(0.09	)		9.94		5.59			7,208		0.19	^(f)		0.19	^(f)		3.05	^(f)		24
Year ended 12/31/22		11.92		0.21		(2.17	)		(1.96	)		(0.21	)		(0.24	)		(0.01	)		(0.46	)		9.50		(16.49	)		17,526		0.19			0.19			2.08			29
Year ended 12/31/21		11.67		0.18		0.70			0.88			(0.26	)		(0.37	)		–			(0.63	)		11.92		7.63			12,372		0.19			0.19			1.50			28
Year ended 12/31/20		11.45		0.23		0.93			1.16			(0.29	)		(0.65	)		–			(0.94	)		11.67		10.52			10,363		0.22			0.22			2.06			86
Year ended 12/31/19		10.67		0.37		1.18			1.55			(0.38	)		(0.39	)		–			(0.77	)		11.45		14.59			9,457		0.23			0.23			3.26			28
Year ended 12/31/18		11.62		0.31		(0.80	)		(0.49	)		(0.31	)		(0.15	)		–			(0.46	)		10.67		(4.27	)		6,268		0.25			0.25			2.68			23
Class R5
Six months ended 06/30/23		9.56		0.15		0.38			0.53			(0.09	)		–			–			(0.09	)		10.00		5.60			94		0.11	^(f)		0.11	^(f)		3.13	^(f)		24
Year ended 12/31/22		11.99		0.22		(2.18	)		(1.96	)		(0.22	)		(0.24	)		(0.01	)		(0.47	)		9.56		(16.40	)		96		0.12			0.12			2.15			29
Year ended 12/31/21		11.74		0.19		0.69			0.88			(0.26	)		(0.37	)		–			(0.63	)		11.99		7.65			109		0.15			0.15			1.54			28
Year ended 12/31/20		11.52		0.24		0.93			1.17			(0.30	)		(0.65	)		–			(0.95	)		11.74		10.51			11		0.19			0.19			2.09			86
Year ended 12/31/19		10.73		0.38		1.18			1.56			(0.38	)		(0.39	)		–			(0.77	)		11.52		14.69			11		0.19			0.20			3.30			28
Year ended 12/31/18		11.68		0.31		(0.80	)		(0.49	)		(0.31	)		(0.15	)		–			(0.46	)		10.73		(4.18	)		10		0.21			0.21			2.72			23
Class R6
Six months ended 06/30/23		9.56		0.15		0.38			0.53			(0.09	)		–			–			(0.09	)		10.00		5.60			183		0.11	^(f)		0.11	^(f)		3.13	^(f)		24
Year ended 12/31/22		11.98		0.22		(2.17	)		(1.95	)		(0.22	)		(0.24	)		(0.01	)		(0.47	)		9.56		(16.33	)		46		0.12			0.12			2.15			29
Year ended 12/31/21		11.74		0.19		0.68			0.87			(0.26	)		(0.37	)		–			(0.63	)		11.98		7.56			41		0.15			0.15			1.54			28
Year ended 12/31/20		11.52		0.24		0.93			1.17			(0.30	)		(0.65	)		–			(0.95	)		11.74		10.51			12		0.19			0.19			2.09			86
Year ended 12/31/19		10.73		0.38		1.18			1.56			(0.38	)		(0.39	)		–			(0.77	)		11.52		14.69			10		0.19			0.20			3.30			28
Year ended 12/31/18		11.67		0.31		(0.79	)		(0.48	)		(0.31	)		(0.15	)		–			(0.46	)		10.73		(4.10	)		9		0.21			0.21			2.72			23

^(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 0.45%, 0.45%, 0.49%, 0.51%, 0.51% and 0.53% for the six months ended June 30, 2023 and the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.

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

^(f)	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, 2023

(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.

Security Valuations – Securities of investment companies listed or traded on an exchange are generally valued at the trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. 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.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


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.


12		Invesco Select Risk: Moderately Conservative Investor Fund

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2023, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated underlying funds on the Statement of Operations.

Other Risks - Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers’ securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Adviser has contractually agreed, through June 30, 2023, 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 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 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. The Adviser did not reimburse expenses during the period under these expense limits. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

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, 2023, IDI advised the Fund that IDI retained $12,827 in front-end sales commissions from the sale of Class A shares and $7,060 and $814 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.


13		Invesco Select Risk: Moderately Conservative Investor Fund


Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s 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

$285,929,270

$–

$285,929,270

Money Market Funds

1,525,412

–

1,525,412

Total Investments

$287,454,682

$–

$287,454,682

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Tax Information

The Fund had a capital loss carryforward as of December 31, 2022, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	3,454,437	$	4,285,881	$	7,740,318

*	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, 2023 was $70,242,829 and $88,712,039, 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	$	14,652,941

Aggregate unrealized (depreciation) of investments		(21,655,604	)

Net unrealized appreciation (depreciation) of investments	$	(7,002,663	)

Cost of investments for tax purposes is $294,457,345.


14		Invesco Select Risk: Moderately Conservative Investor Fund

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended						Year ended
	June 30, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount

Sold:
Class A		1,774,972		$	17,489,021			3,913,981		$	40,339,954

Class C		107,563			1,045,829			444,004			4,579,693

Class R		185,896			1,822,642			349,475			3,601,407

Class S		824			8,100			1,564			16,200

Class Y		64,834			635,752			1,101,986			12,109,546

Class R5		482			4,762			588			6,032

Class R6		27,733			273,023			2,713			27,965


Issued as reinvestment of dividends:
Class A		185,974			1,819,304			1,079,790			10,546,978

Class C		6,514			62,970			60,731			583,120

Class R		6,748			65,739			36,972			358,613

Class S		1,362			13,351			7,364			72,091

Class Y		10,889			105,843			82,662			807,223

Class R5		78			770			417			4,089

Class R6		137			1,341			152			1,485


Automatic conversion of Class C shares to Class A shares:
Class A		78,952			775,806			158,199			1,636,174

Class C		(79,976	)		(775,806	)		(160,206	)		(1,636,174	)


Reacquired:
Class A		(2,883,448	)		(28,384,869	)		(6,830,674	)		(70,047,780	)

Class C		(153,290	)		(1,491,222	)		(732,401	)		(7,495,848	)

Class R		(128,758	)		(1,262,553	)		(284,285	)		(2,956,507	)

Class S		(4,453	)		(44,409	)		(12,505	)		(127,649	)

Class Y		(1,196,064	)		(11,859,861	)		(377,272	)		(3,843,843	)

Class R5		(1,267	)		(12,680	)		(63	)		(663	)

Class R6		(14,326	)		(142,155	)		(1,496	)		(17,562	)

Net increase (decrease) in share activity		(2,008,624	)	$	(19,849,302	)		(1,158,304	)	$	(11,435,456	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 36% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


15		Invesco Select Risk: Moderately Conservative 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 (01/01/23)	Ending Account Value (06/30/23)¹	Expenses Paid During Period²	Ending Account Value (06/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,055.60	$2.24	$1,022.61	$2.21	0.44%
Class C	1,000.00	1,050.10	6.05	1,018.89	5.96	1.19
Class R	1,000.00	1,053.50	3.51	1,021.37	3.46	0.69
Class S	1,000.00	1,056.10	1.73	1,023.11	1.71	0.34
Class Y	1,000.00	1,055.90	0.97	1,023.85	0.95	0.19
Class R5	1,000.00	1,056.00	0.56	1,024.25	0.55	0.11
Class R6	1,000.00	1,056.00	0.56	1,024.25	0.55	0.11

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

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Select Risk: Moderately Conservative Investor Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. 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

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, 2022 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Select Risk: Moderately Conservative 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 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’s asset allocation achieved


17		Invesco Select Risk: Moderately Conservative Investor Fund

through investing in underlying affiliated funds, including its exposure to certain fixed income securities in a rising interest rate environment, negatively impacted Fund performance. The Board further considered that the Fund underwent investment strategy changes in 2020 and recently underwent a change in portfolio management in March 2023. 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

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 the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco 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. The Board noted the cyclical and competitive nature of the global asset management industry.

F.	Collateral Benefits to Invesco Advisers and its Affiliates


18		Invesco Select Risk: Moderately Conservative Investor Fund

(This page intentionally left blank)

LOGO

Go paperless with eDelivery

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

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


∎		Fund reports and prospectuses
∎		Quarterly statements
∎		Daily confirmations
∎		Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

LOGO


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

LOGO


Semiannual Report to Shareholders		June 30, 2023

Invesco Select Risk: Moderate Investor Fund

Nasdaq:

A: OAMIX ∎ C: OCMIX ∎ R: ONMIX ∎ S: PXMSX ∎ Y: OYMIX ∎ R5: PXMQX ∎ R6: PXMMX



2		Fund Performance
4		Liquidity Risk Management Program
5		Schedule of Investments
8		Financial Statements
11		Financial Highlights
13		Notes to Financial Statements
19		Fund Expenses
20		Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance


Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/22 to 6/30/23, 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	7.20	%
Class C Shares	6.86
Class R Shares	7.05
Class S Shares	7.19
Class Y Shares	7.35
Class R5 Shares	7.31
Class R6 Shares	7.31
Bloomberg Global Aggregate USD Hedged Index^▼	2.96
MSCI All Country World Index^▼	13.93
Custom Invesco Select Risk: Moderate Investor Index^∎	9.52

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

The Bloomberg Global Aggregate USD Hedged Index 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 Global Aggregate USD Hedged Index. 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 6/30/23, including maximum applicable sales charges

Class A Shares
Inception (4/5/05)	3.58	%
10 Years	4.71
5 Years	2.75
1 Year	2.15

Class C Shares
Inception (4/5/05)	3.54	%
10 Years	4.69
5 Years	3.13
1 Year	6.34

Class R Shares
Inception (4/5/05)	3.63	%
10 Years	5.05
5 Years	3.65
1 Year	7.90

Class S Shares
10 Years	5.35	%
5 Years	3.99
1 Year	8.22

Class Y Shares
Inception (4/5/05)	4.19	%
10 Years	5.58
5 Years	4.17
1 Year	8.33

Class R5 Shares
10 Years	5.46	%
5 Years	4.20
1 Year	8.38

Class R6 Shares
10 Years	5.46	%
5 Years	4.21
1 Year	8.38

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.

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, 2023

(Unaudited)

Invesco Select Risk: Moderate Investor Fund

Schedule of Investments in Affiliated Issuers–99.89%^(a)


	% of Net Assets 06/30/23			Value 12/31/22		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 06/30/23		Value 06/30/23
Alternative Funds–4.83%
Invesco Global Real Estate Income Fund, Class R6		2.44	%	$	37,067,177	$	6,290,067	$	–		$	683,459		$	–		$	626,570		5,596,023	$	44,040,703
Invesco Macro Allocation Strategy Fund, Class R6^(b)		2.39	%		44,432,842		6,879,412		(7,502,350	)		328,052			(958,800	)		–		5,827,147		43,179,156
Total Alternative Funds					81,500,019		13,169,479		(7,502,350	)		1,011,511			(958,800	)		626,570				87,219,859
Domestic Equity Funds–34.73%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		4.35	%		78,342,256		5,165,275		(12,879,330	)		9,776,556			(1,936,473	)		–		2,800,438		78,468,284
Invesco Main Street Small Cap Fund, Class R6		3.79	%		64,862,518		2,319,149		(4,969,456	)		5,346,443			795,396			–		3,496,371		68,354,050
Invesco NASDAQ 100 ETF		3.36	%		–		56,941,586		(6,858,509	)		9,737,680			861,817			86,508		399,280		60,682,574
Invesco Russell 1000^®Dynamic Multifactor ETF		9.20	%		144,951,442		14,425,103		(14,753,987	)		21,390,677			(61,403	)		1,248,276		3,388,155		165,951,832
Invesco S&P 500^®Low Volatility ETF		6.41	%		120,076,343		4,823,910		(7,078,611	)		(1,375,555	)		(924,867	)		1,349,924		1,839,217		115,521,220
Invesco S&P 500^®Pure Growth ETF		3.26	%		78,535,648		10,506,448		(29,768,904	)		689,672			(1,149,763	)		647,286		385,508		58,813,101
Invesco S&P 500^®Pure Value ETF^(c)		2.32	%		44,096,208		6,000,114		(8,705,932	)		626,814			(235,901	)		567,523		538,766		41,781,303
Invesco S&P SmallCap Low Volatility ETF		–			18,093,313		865,283		(18,222,405	)		(4,151,945	)		3,415,754			138,479		–		–
Invesco Value Opportunities Fund, Class R6^(b)		2.04	%		33,327,823		7,009,136		(5,039,036	)		1,899,922			(399,513	)		–		2,252,040		36,798,332
Total Domestic Equity Funds					582,285,551		108,056,004		(108,276,170	)		43,940,264			365,047			4,037,996				626,370,696
Fixed Income Funds–37.12%
Invesco 1-30 Laddered Treasury ETF		6.16	%		116,952,935		11,817,493		(19,565,064	)		5,755,183			(3,789,506	)		1,375,112		3,811,143		111,171,041
Invesco Core Plus Bond Fund, Class R6		6.99	%		139,223,830		4,275,097		(16,637,912	)		3,742,078			(4,471,708	)		3,053,442		13,921,786		126,131,385
Invesco Floating Rate ESG Fund, Class R6		0.35	%		–		6,374,650		–			–			–			14,656		941,603		6,374,650
Invesco Fundamental High Yield^®Corporate Bond ETF		–			52,619,655		754,968		(53,381,756	)		7,038,494			(7,031,361	)		520,526		–		–
Invesco High Yield Fund, Class R6		5.18	%		–		92,784,238		–			535,926			–			1,555,006		27,286,598		93,320,164
Invesco Income Fund, Class R6		0.96	%		29,465,072		2,105,576		(14,297,166	)		(72,448	)		126,024			659,834		2,540,624		17,327,058
Invesco International Bond Fund, Class R6		3.96	%		40,946,508		32,949,811		(3,781,908	)		1,646,611			(329,569	)		1,308,483		16,458,860		71,431,453
Invesco Master Loan Fund, Class R6		3.20	%		61,671,579		2,931,590		(6,354,791	)		(344,278	)		(255,949	)		2,900,972		3,842,416		57,648,151
Invesco Taxable Municipal Bond ETF^(c)		5.48	%		110,374,393		3,062,671		(18,251,046	)		8,290,682			(4,722,621	)		1,917,475		3,719,551		98,754,079
Invesco Variable Rate Investment Grade ETF		4.84	%		82,316,818		9,450,996		(5,054,658	)		601,396			(9,218	)		2,415,347		3,507,647		87,305,334
Total Fixed Income Funds					633,570,790		166,507,090		(137,324,301	)		27,193,644			(20,483,908	)		15,720,853				669,463,315
Foreign Equity Funds–22.69%
Invesco EQV Emerging Markets All Cap Fund, Class R6		2.55	%		60,131,424		149,626		(19,614,526	)		11,901,894			(6,567,367	)		–		1,350,192		46,001,051
Invesco Developing Markets Fund, Class R6		2.24	%		54,069,319		116,407		(19,261,184	)		14,164,596			(8,600,026	)		–		1,043,534		40,489,112
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		2.02	%		–		35,026,840		(453,358	)		1,796,530			13,778			524,619		809,248		36,383,790
Invesco Global Fund, Class R6^(b)		6.47	%		121,791,336		–		(30,679,642	)		27,565,666			(1,969,929	)		–		1,250,481		116,707,431
Invesco Global Infrastructure Fund, Class R6		0.96	%		16,646,992		1,061,949		(118,919	)		(278,469	)		(5,359	)		196,295		1,511,458		17,306,194
Invesco International Select Equity Fund, Class R6		–			25,619,103		611,669		(27,408,887	)		3,845,243			(2,667,122	)		–		1		6
Invesco International Small-Mid Company Fund, Class R6		1.75	%		47,006,750		–		(18,770,184	)		6,157,023			(2,844,397	)		–		749,209		31,549,192

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–99.89%^(a)


	% of Net Assets 06/30/23			Value 12/31/22		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 06/30/23		Value 06/30/23


Invesco Oppenheimer International Growth Fund, Class R6		1.83	%	$	–	$	31,054,445	$	(747,725	)	$	2,592,615		$	20,850		$	–			861,334	$	32,920,185


Invesco RAFI^™ Strategic Developed ex-US ETF		–			64,145,682		407,318		(66,528,430	)		617,952			1,357,478			–			–		–


Invesco S&P Emerging Markets Low Volatility ETF		3.40	%		30,174,601		31,184,834		(1,772,387	)		1,712,434			8,879			729,497			2,606,648		61,308,361


Invesco S&P International Developed Low Volatility ETF		1.47	%		16,531,856		9,608,187		(163,489	)		550,712			(8,952	)		472,338			969,591		26,518,314


Total Foreign Equity Funds					436,117,063		109,221,275		(185,518,731	)		70,626,196			(21,262,167	)		1,922,749					409,183,636


Money Market Funds–0.52%
Invesco Government & Agency Portfolio, Institutional Class, 5.05%^(d)		0.19	%		881,353		75,145,274		(72,528,049	)		–			–			56,501			3,498,578		3,498,578


Invesco Liquid Assets Portfolio, Institutional Class, 5.15%^(d)		0.11	%		629,856		53,675,196		(52,379,314	)		(93	)		(113	)		25,356			1,925,339		1,925,532


Invesco Treasury Portfolio, Institutional Class, 5.03%^(d)		0.22	%		1,007,261		85,880,313		(82,889,199	)		–			–			56,740			3,998,375		3,998,375


Total Money Market Funds					2,518,470		214,700,783		(207,796,562	)		(93	)		(113	)		138,597					9,422,485


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $1,723,501,195)		99.89	%		1,735,991,893		611,654,631		(646,418,114	)		142,771,522			(42,339,941	)		22,446,765					1,801,659,991


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.08%
Invesco Private Government Fund, 5.10%^(d)(e)		0.30	%		12,955,466		56,378,191		(63,908,094	)		–			–			262,105	^(f)		5,425,563		5,425,563


Invesco Private Prime Fund, 5.23%^(d)(e)		0.78	%		33,314,056		127,410,090		(146,765,706	)		(7,038	)		46			710,986	^(f)		13,952,844		13,951,448


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $19,377,384)		1.08	%		46,269,522		183,788,281		(210,673,800	)		(7,038	)		46			973,091					19,377,011


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $1,742,878,579)		100.97	%	$	1,782,261,415	$	795,442,912	$	(857,091,914	)	$	142,764,484		$	(42,339,895	)	$	23,419,856				$	1,821,037,002


OTHER ASSETS LESS LIABILITIES		(0.97	)%																				(17,456,859	)


NET ASSETS		100.00	%																			$	1,803,580,143

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.

^(c)	All or a portion of this security was out on loan at June 30, 2023.

^(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2023.

^(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.

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


6		Invesco Select Risk: Moderate Investor Fund

Portfolio Composition*

By fund type, based on total investments

as of June 30, 2023



Equity Funds	56.87	%

Fixed Income Funds	36.76

Alternative Funds	4.79

Money Market Funds	1.58

*	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, 2023

(Unaudited)


Assets:

Investments in affiliated underlying funds, at value (Cost $1,742,878,579)*	$	1,821,037,002


Other investments:
Variation margin receivable – futures contracts		3,775,191


Cash		10,000


Receivable for:
Fund shares sold		763,076


Dividends - affiliated underlying funds		2,158,828


Investment for trustee deferred compensation and retirement plans		159,213


Other assets		109,885


Total assets		1,828,013,195



Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		2,176,023


Fund shares reacquired		1,868,331


Collateral upon return of securities loaned		19,377,384


Accrued fees to affiliates		763,453


Accrued trustees’ and officers’ fees and benefits		10,712


Accrued other operating expenses		65,609


Trustee deferred compensation and retirement plans		171,540


Total liabilities		24,433,052


Net assets applicable to shares outstanding	$	1,803,580,143



Net assets consist of:
Shares of beneficial interest	$	1,762,544,182


Distributable earnings		41,035,961


	$	1,803,580,143


Net Assets:
Class A	$	1,452,627,655


Class C	$	158,871,707


Class R	$	143,457,428


Class S	$	20,311,009


Class Y	$	25,718,305


Class R5	$	9,260


Class R6	$	2,584,779



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		141,416,452


Class C		15,937,452


Class R		14,109,320


Class S		1,975,350


Class Y		2,480,250


Class R5		901


Class R6		251,364


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	$	9.97


Class R:
Net asset value and offering price per share	$	10.17


Class S:
Net asset value and offering price per share	$	10.28


Class Y:
Net asset value and offering price per share	$	10.37


Class R5:
Net asset value and offering price per share	$	10.28


Class R6:
Net asset value and offering price per share	$	10.28

*	At June 30, 2023, securities with an aggregate value of $19,057,803 were on loan to brokers.

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, 2023

(Unaudited)


Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $115,723)	$	22,562,487


Interest		227,230


Total investment income		22,789,717



Expenses:
Custodian fees		6,353


Distribution fees:
Class A		1,716,186


Class C		807,214


Class R		350,618


Class S		15,303


Transfer agent fees – A, C, R, S and Y		971,773


Transfer agent fees – R5		1


Transfer agent fees – R6		341


Trustees’ and officers’ fees and benefits		15,186


Registration and filing fees		72,996


Reports to shareholders		46,446


Professional services fees		29,110


Other		(30,965	)


Total expenses		4,000,562


Less: Expense offset arrangement(s)		(38,138	)


Net expenses		3,962,424


Net investment income		18,827,293



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares		(42,339,895	)


Foreign currencies		107


Futures contracts		(234,479	)


		(42,574,267	)


Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		142,764,484


Foreign currencies		(390,853	)


Futures contracts		4,210,165


		146,583,796


Net realized and unrealized gain		104,009,529


Net increase in net assets resulting from operations	$	122,836,822

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, 2023 and the year ended December 31, 2022

(Unaudited)


	June 30, 2023			December 31, 2022


Operations:
Net investment income	$	18,827,293		$	28,121,308


Net realized gain (loss)		(42,574,267	)		(12,617,745	)


Change in net unrealized appreciation (depreciation)		146,583,796			(412,902,690	)


Net increase (decrease) in net assets resulting from operations		122,836,822			(397,399,127	)



Distributions to shareholders from distributable earnings:
Class A		–			(58,494,777	)


Class C		–			(5,695,232	)


Class R		–			(5,290,625	)


Class S		–			(859,346	)


Class Y		–			(1,158,407	)


Class R5		–			(408	)


Class R6		–			(93,149	)


Total distributions from distributable earnings		–			(71,591,944	)



Share transactions–net:
Class A		(39,739,545	)		(33,245,176	)


Class C		(14,530,112	)		(23,833,583	)


Class R		(1,083,178	)		8,181,682


Class S		(1,106,971	)		(661,448	)


Class Y		(1,734,640	)		(978,788	)


Class R6		356,113			(190,185	)


Net increase (decrease) in net assets resulting from share transactions		(57,838,333	)		(50,727,498	)


Net increase (decrease) in net assets		64,998,489			(519,718,569	)



Net assets:
Beginning of period		1,738,581,654			2,258,300,223


End of period	$	1,803,580,143		$	1,738,581,654

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^(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 06/30/23		$	9.58		$	0.11		$	0.58			$	0.69			$	–			$	–			$	–			$	10.27		7.20	%		$	1,452,628		0.37	%^(f)		0.37	%^(f)		2.20	%^(f)		22	%
Year ended 12/31/22			12.15			0.17			(2.32	)			(2.15	)			(0.16	)			(0.26	)			(0.42	)			9.58		(17.73	)^(g)			1,393,169		0.37	^(g)		0.37	^(g)		1.58	^(g)		22
Year ended 12/31/21			11.95			0.13			1.06				1.19				(0.26	)			(0.73	)			(0.99	)			12.15		10.11	^(g)			1,801,506		0.35	^(g)		0.38	^(g)		1.01	^(g)		32
Year ended 12/31/20			11.96			0.16			1.14				1.30				(0.18	)			(1.13	)			(1.31	)			11.95		11.67	^(g)			1,851,149		0.31	^(g)		0.38	^(g)		1.42	^(g)		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	^(f)		0.47	^(f)		1.95	^(f)		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
Class C
Six months ended 06/30/23			9.33			0.07			0.57				0.64				–				–				–				9.97		6.86				158,872		1.13	^(f)		1.13	^(f)		1.44	^(f)		22
Year ended 12/31/22			11.84			0.08			(2.25	)			(2.17	)			(0.08	)			(0.26	)			(0.34	)			9.33		(18.38	)			162,701		1.13			1.13			0.82			22
Year ended 12/31/21			11.66			0.03			1.04				1.07				(0.16	)			(0.73	)			(0.89	)			11.84		9.33				233,536		1.11			1.14			0.25			32
Year ended 12/31/20			11.72			0.07			1.09				1.16				(0.09	)			(1.13	)			(1.22	)			11.66		10.70				250,605		1.08			1.15			0.65			88
Eleven months ended 12/31/19			11.49			0.13			1.29				1.42				(0.25	)			(0.94	)			(1.19	)			11.72		12.44				273,048		1.16	^(f)		1.23	^(f)		1.19	^(f)		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
Class R
Six months ended 06/30/23			9.50			0.10			0.57				0.67				–				–				–				10.17		7.05				143,457		0.63	^(f)		0.63	^(f)		1.94	^(f)		22
Year ended 12/31/22			12.05			0.14			(2.30	)			(2.16	)			(0.13	)			(0.26	)			(0.39	)			9.50		(17.94	)			135,035		0.63			0.63			1.32			22
Year ended 12/31/21			11.85			0.09			1.07				1.16				(0.23	)			(0.73	)			(0.96	)			12.05		9.92				161,076		0.61			0.64			0.75			32
Year ended 12/31/20			11.88			0.13			1.12				1.25				(0.15	)			(1.13	)			(1.28	)			11.85		11.32				153,448		0.58			0.65			1.15			88
Eleven months ended 12/31/19			11.65			0.19			1.30				1.49				(0.32	)			(0.94	)			(1.26	)			11.88		12.84				131,445		0.66	^(f)		0.73	^(f)		1.69	^(f)		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
Class S
Six months ended 06/30/23			9.59			0.11			0.58				0.69				–				–				–				10.28		7.19				20,311		0.28	^(f)		0.28	^(f)		2.29	^(f)		22
Year ended 12/31/22			12.16			0.18			(2.32	)			(2.14	)			(0.17	)			(0.26	)			(0.43	)			9.59		(17.64	)			19,994		0.28			0.28			1.67			22
Year ended 12/31/21			11.96			0.14			1.07				1.21				(0.28	)			(0.73	)			(1.01	)			12.16		10.22				26,025		0.26			0.29			1.10			32
Period ended 12/31/20^(h)			10.46			0.11			2.38				2.49				(0.19	)			(0.80	)			(0.99	)			11.96		23.86				26,339		0.23	^(f)		0.30	^(f)		1.50	^(f)		88
Class Y
Six months ended 06/30/23			9.66			0.12			0.59				0.71				–				–				–				10.37		7.35				25,718		0.13	^(f)		0.13	^(f)		2.44	^(f)		22
Year ended 12/31/22			12.25			0.19			(2.34	)			(2.15	)			(0.18	)			(0.26	)			(0.44	)			9.66		(17.54	)			25,613		0.13			0.13			1.82			22
Year ended 12/31/21			12.04			0.16			1.08				1.24				(0.30	)			(0.73	)			(1.03	)			12.25		10.40				33,378		0.11			0.14			1.25			32
Year ended 12/31/20			12.03			0.19			1.15				1.34				(0.20	)			(1.13	)			(1.33	)			12.04		11.97				29,097		0.08			0.15			1.65			88
Eleven months ended 12/31/19			11.78			0.25			1.32				1.57				(0.38	)			(0.94	)			(1.32	)			12.03		13.39				18,433		0.16	^(f)		0.23	^(f)		2.19	^(f)		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
Class R5
Six months ended 06/30/23			9.58			0.13			0.57				0.70				–				–				–				10.28		7.31				9		0.05	^(f)		0.05	^(f)		2.52	^(f)		22
Year ended 12/31/22			12.15			0.20			(2.32	)			(2.12	)			(0.19	)			(0.26	)			(0.45	)			9.58		(17.45	)			9		0.05			0.05			1.90			22
Year ended 12/31/21			11.95			0.17			1.07				1.24				(0.31	)			(0.73	)			(1.04	)			12.15		10.53				11		0.00			0.03			1.36			32
Year ended 12/31/20			11.95			0.20			1.14				1.34				(0.21	)			(1.13	)			(1.34	)			11.95		12.04				11		0.00			0.07			1.73			88
Period ended 12/31/19⁽ⁱ⁾			12.03			0.17			1.08				1.25				(0.39	)			(0.94	)			(1.33	)			11.95		10.45				10		0.09	^(f)		0.16	^(f)		2.26	^(f)		16

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


11		Invesco Select Risk: Moderate Investor Fund


	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 R6
Six months ended 06/30/23		$	9.58		$	0.13		$	0.57			$	0.70			$	–			$	–			$	–			$	10.28		7.31	%		$	2,585		0.05	%^(f)		0.05	%^(f)		2.52	%^(f)		22	%
Year ended 12/31/22			12.15			0.20			(2.32	)			(2.12	)			(0.19	)			(0.26	)			(0.45	)			9.58		(17.45	)			2,061		0.05			0.05			1.90			22
Year ended 12/31/21			11.95			0.17			1.07				1.24				(0.31	)			(0.73	)			(1.04	)			12.15		10.53				2,767		0.00			0.03			1.36			32
Year ended 12/31/20			11.95			0.20			1.14				1.34				(0.21	)			(1.13	)			(1.34	)			11.95		12.04				2,147		(0.01	)		0.06			1.74			88
Period ended 12/31/19⁽ⁱ⁾			12.03			0.18			1.08				1.26				(0.40	)			(0.94	)			(1.34	)			11.95		10.49				10		0.04	^(f)		0.11	^(f)		2.31	^(f)		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 were 0.48%, 0.48%, 0.52% and 0.58% for the six months ended June 30, 2023 and the years ended December 31, 2022, 2021 and 2020, respectively.

^(d)	Does not include indirect expenses from affiliated fund fees and expenses of 0.56%, 0.57% and 0.58% for the eleven months ended December 31, 2019, and for the years ended January 31, 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. For the year ended December 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $597,759,006 in connection with the acquisition of Invesco Moderate Allocation Fund into the Fund.

^(f)	Annualized.

^(g)	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%, 0.24%, 0.24% and 0.23% for the six months ended June 30, 2023 and the years ended December 31, 2022, 2021 and 2020, respectively.

^(h)	Commencement date of May 15, 2020.

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

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


12		Invesco Select Risk: Moderate Investor Fund

Notes to Financial Statements

June 30, 2023

(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 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 listed or traded on an exchange are generally valued at the trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. 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.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


13		Invesco Select Risk: Moderate 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.


14		Invesco Select Risk: Moderate Investor Fund

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2023, the Fund paid the Adviser $5,133 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated underlying funds on 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.

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


15		Invesco Select Risk: Moderate Investor Fund

Class R5 and Class R6 shares to 0.47%, 1.22%, 0.72%, 0.37%, 0.22%, 0.22% and 0.22%, respectively, of the Fund’s average daily net assets (the “expense limits”). 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, 2024. During its term, the expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Class S shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C, Class R and Class S Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares, 0.50% of the average daily net assets of Class R shares and 0.15% of the average daily net assets of Class S shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of Class A, Class C and Class R shares and 0.15% of the average daily net assets of Class S shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2023, 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, 2023, IDI advised the Fund that IDI retained $104,204 in front-end sales commissions from the sale of Class A shares and $10,348 and $2,274 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 Adviser’s 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	$	1,792,237,506	$	–		$–	$	1,792,237,506


Money Market Funds		9,422,485		19,377,011		–		28,799,496


Total Investments	$	1,801,659,991	$	19,377,011		$–	$	1,821,037,002

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, 2023:


16		Invesco Select Risk: Moderate Investor Fund

Effect of Derivative Investments for the six months ended June 30, 2023

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		Interest
	Risk		Rate Risk			Total


Realized Gain (Loss):
Futures contracts	$	827,890	$	(1,062,369	)	$	(234,479	)


Change in Net Unrealized Appreciation:
Futures contracts		282,898		3,927,267			4,210,165


Total	$	1,110,788	$	2,864,898		$	3,975,686

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


		Futures Contracts


Average notional value		$110,512,797

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

NOTE 8–Tax Information

The Fund had a capital loss carryforward as of December 31, 2022, as follows:


Capital Loss Carryforward*


Expiration	Short-Term	Long-Term	Total


Not subject to expiration	$10,429,892	$–	$10,429,892

*	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, 2023 was $394,777,825 and $438,621,551, 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	$	161,285,386


Aggregate unrealized (depreciation) of investments		(89,455,241	)


Net unrealized appreciation of investments	$	71,830,145

Cost of investments for tax purposes is $ 1,749,206,857.


17		Invesco Select Risk: Moderate Investor Fund

NOTE 10–Share Information


	Summary of Share Activity



	Six months ended						Year ended
	June 30, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		7,310,231		$	73,148,145			14,338,320		$	150,222,629


Class C		1,291,890			12,537,865			2,744,369			27,692,460


Class R		1,476,009			14,615,782			2,457,707			25,351,396


Class S		20,915			209,617			39,119			410,243


Class Y		342,456			3,444,221			850,293			8,835,459


Class R6		44,568			441,469			12,901			133,952



Issued as reinvestment of dividends:
Class A		-			-			5,872,144			56,726,114


Class C		-			-			601,320			5,658,501


Class R		-			-			551,404			5,282,453


Class S		-			-			88,826			858,948


Class Y		-			-			103,039			1,003,601


Class R6		-			-			9,589			92,627



Automatic conversion of Class C shares to Class A shares:
Class A		1,120,078			11,172,633			2,019,476			21,054,232


Class C		(1,152,098	)		(11,172,633	)		(2,078,985	)		(21,054,232	)



Reacquired:
Class A		(12,396,513	)		(124,060,323	)		(25,067,732	)		(261,248,151	)


Class C		(1,632,132	)		(15,895,344	)		(3,555,243	)		(36,130,312	)


Class R		(1,584,669	)		(15,698,960	)		(2,159,937	)		(22,452,167	)


Class S		(130,837	)		(1,316,588	)		(182,712	)		(1,930,639	)


Class Y		(513,085	)		(5,178,861	)		(1,026,712	)		(10,817,848	)


Class R6		(8,404	)		(85,356	)		(35,023	)		(416,764	)


Net increase (decrease) in share activity		(5,811,591	)	$	(57,838,333	)		(4,417,837	)	$	(50,727,498	)

^(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 10% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.


18		Invesco Select Risk: 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 (01/01/23)	Ending Account Value (06/30/23)¹	Expenses Paid During Period²	Ending Account Value (06/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,072.00	$1.90	$1,022.96	$1.86	0.37%
Class C	1,000.00	1,068.60	5.80	1,019.19	5.66	1.13
Class R	1,000.00	1,070.50	3.23	1,021.67	3.16	0.63
Class S	1,000.00	1,071.90	1.44	1,023.41	1.40	0.28
Class Y	1,000.00	1,073.50	0.67	1,024.15	0.65	0.13
Class R5	1,000.00	1,073.10	0.26	1,024.55	0.25	0.05
Class R6	1,000.00	1,073.10	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.


19		Invesco Select Risk: Moderate Investor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Select Risk: Moderate Investor Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC, Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. 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

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, 2022 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 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


20		Invesco Select Risk: Moderate Investor Fund

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 that the Fund’s asset allocation achieved through investing in underlying affiliated funds, including its exposure to certain fixed income securities as well as to certain segments of the equity market, negatively impacted Fund performance. The Board further considered that the Fund underwent investment strategy changes in 2020 and recently underwent a change in portfolio management in March 2023. 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

D. Economies of Scale and Breakpoints

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 the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco 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. The Board noted the cyclical and competitive nature of the global asset management industry.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.


21		Invesco Select Risk: Moderate Investor Fund

(This page intentionally left blank)

LOGO

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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.

LOGO


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

LOGO



Semiannual Report to Shareholders		June 30, 2023

Invesco Small Cap Growth Fund

Nasdaq:

A: GTSAX ∎ C: GTSDX ∎ R: GTSRX ∎ Y: GTSYX ∎ Investor: GTSIX ∎ R5: GTSVX ∎ R6: GTSFX



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 is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/22 to 6/30/23, 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	10.05	%
Class C Shares	9.73
Class R Shares	9.99
Class Y Shares	10.19
Investor Class Shares	10.16
Class R5 Shares	10.30
Class R6 Shares	10.32
S&P 500 Index^▼(Broad Market Index)	16.89
Russell 2000 Growth Index^▼(Style-Specific Index)	13.55
Lipper Small-Cap Growth Funds Index^∎(Peer Group Index)	11.73

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

The S&P 500^® Index is an unmanaged index considered representative of the US stock market. The Russell 2000^® Growth Index is an unmanaged index considered representative of small-cap growth stocks. The Russell 2000 Growth Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co. The Lipper Small-Cap Growth Funds Index is an unmanaged index considered representative of small-cap growth funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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


2		Invesco Small Cap Growth Fund



Average Annual Total Returns
As of 6/30/23, including maximum applicable sales charges
Class A Shares
Inception (10/18/95)	9.67	%
10 Years	8.60
5 Years	3.13
1 Year	8.70

Class C Shares
Inception (5/3/99)	8.17	%
10 Years	8.56
5 Years	3.54
1 Year	13.19

Class R Shares
Inception (6/3/02)	8.28	%
10 Years	8.94
5 Years	4.05
1 Year	14.77

Class Y Shares
Inception (10/3/08)	10.97	%
10 Years	9.49
5 Years	4.57
1 Year	15.30

Investor Class Shares
Inception (4/7/06)	8.19	%
10 Years	9.25
5 Years	4.37
1 Year	15.14

Class R5 Shares
Inception (3/15/02)	8.49	%
10 Years	9.62
5 Years	4.68
1 Year	15.46

Class R6 Shares
Inception (9/24/12)	10.65	%
10 Years	9.72
5 Years	4.77
1 Year	15.53

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

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


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, 2023

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–98.76%
Aerospace & Defense–1.03%
BWX Technologies, Inc.^(b)		335,149	$	23,986,614



Air Freight & Logistics–1.02%
GXO Logistics, Inc.^(c)		376,667		23,662,221



Alternative Carriers–0.84%
Iridium Communications, Inc.		312,994		19,443,187



Application Software–12.02%
Altair Engineering, Inc., Class A^(b)(c)		454,969		34,504,849


Blackline, Inc.^(c)		241,701		13,008,348


CCC Intelligent Solutions Holdings, Inc.^(c)		1,815,351		20,350,085


Clearwater Analytics Holdings, Inc.^(b)(c)		724,850		11,503,369


Confluent, Inc., Class A^(b)(c)		607,901		21,464,984


Descartes Systems Group, Inc. (The) (Canada)^(c)		289,115		23,161,003


DoubleVerify Holdings, Inc.^(c)		443,736		17,270,205


Guidewire Software, Inc.^(b)(c)		290,160		22,075,373


Manhattan Associates, Inc.^(c)		190,801		38,137,304


PagerDuty, Inc.^(b)(c)		506,427		11,384,479


Procore Technologies, Inc.^(b)(c)		389,571		25,349,385


Sprout Social, Inc., Class A^(b)(c)		373,829		17,255,947


Workiva, Inc.^(b)(c)		228,872		23,267,127


				278,732,458



Asset Management & Custody Banks–0.40%
Avantax, Inc.^(b)(c)		412,022		9,221,052



Automotive Parts & Equipment–0.67%
Gentherm, Inc.^(c)		274,001		15,483,796



Biotechnology–5.89%
Abcam PLC, ADR (United Kingdom)^(c)		1,370,962		33,547,440


Apellis Pharmaceuticals, Inc.^(c)		185,466		16,895,953


Ascendis Pharma A/S, ADR (Denmark)^(c)		115,652		10,321,941


Cytokinetics, Inc.^(b)(c)		225,718		7,362,921


Halozyme Therapeutics, Inc.^(c)		472,873		17,056,529


Karuna Therapeutics, Inc.^(b)(c)		63,925		13,862,136


Natera, Inc.^(b)(c)		542,033		26,375,326


Xenon Pharmaceuticals, Inc. (Canada)^(c)		286,219		11,019,432


				136,441,678



Broadline Retail–0.02%
Global-e Online Ltd. (Israel)^(c)		8,890		363,957



Building Products–1.73%
AAON, Inc.^(b)		194,779		18,466,997


AZEK Co., Inc. (The)^(c)		715,985		21,687,186


				40,154,183



Cargo Ground Transportation–1.37%
Saia, Inc.^(b)(c)		92,504		31,674,295



Casinos & Gaming–0.87%
International Game Technology PLC		633,262		20,194,725


	Shares		Value


Construction & Engineering–2.91%
AECOM		269,109	$	22,790,841


Construction Partners, Inc., Class A^(c)		901,680		28,303,735


Valmont Industries, Inc.		56,519		16,449,855


				67,544,431



Construction Machinery & Heavy Transportation Equipment–0.85%
Terex Corp.		328,665		19,664,027



Construction Materials–0.78%
Eagle Materials, Inc.		97,482		18,172,594



Data Processing & Outsourced Services–0.88%
Verra Mobility Corp., Class A^(b)(c)		1,030,629		20,324,004



Education Services–1.61%
Bright Horizons Family Solutions, Inc.^(b)(c)		194,361		17,968,674


Stride, Inc.^(b)(c)		520,703		19,385,773


				37,354,447



Electrical Components & Equipment–1.52%
nVent Electric PLC		355,419		18,364,500


Shoals Technologies Group, Inc., Class A^(c)		661,915		16,918,547


				35,283,047



Electronic Components–0.68%
Littelfuse, Inc.		54,134		15,769,776



Electronic Manufacturing Services–1.30%
Flex Ltd.^(c)		1,086,002		30,017,095



Environmental & Facilities Services–2.07%
Clean Harbors, Inc.^(c)		291,212		47,883,990



Financial Exchanges & Data–2.18%
Morningstar, Inc.		135,341		26,536,310


TMX Group Ltd. (Canada)		1,067,805		24,028,131


				50,564,441



Food Distributors–0.89%
Performance Food Group Co.^(c)		340,514		20,512,563



Food Retail–0.61%
Grocery Outlet Holding Corp.^(b)(c)		461,078		14,113,598



Footwear–1.27%
Crocs, Inc.^(c)		146,840		16,510,689


On Holding AG, Class A (Switzerland)^(c)		392,385		12,948,705


				29,459,394



Gas Utilities–0.24%
New Jersey Resources Corp.		119,325		5,632,140



Health Care Equipment–6.45%
Axonics, Inc.^(b)(c)		233,835		11,801,653


Glaukos Corp.^(c)		322,496		22,964,940


Inspire Medical Systems, Inc.^(c)		71,394		23,177,348


Insulet Corp.^(c)		94,807		27,336,650

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–(continued)
iRhythm Technologies, Inc.^(b)(c)		189,072		$ 19,723,991


Penumbra, Inc.^(c)		75,339		25,921,136


TransMedics Group, Inc.^(b)(c)		222,219		18,661,952


				149,587,670



Health Care Facilities–2.89%
Acadia Healthcare Co., Inc.^(c)		307,868		24,518,608


Surgery Partners, Inc.^(b)(c)		549,504		24,722,185


Tenet Healthcare Corp.^(c)		217,256		17,680,293


				66,921,086



Health Care Services–1.16%
R1 RCM, Inc.^(b)(c)		1,459,545		26,928,605



Health Care Supplies–0.85%
Lantheus Holdings, Inc.^(c)		235,952		19,801,092



Health Care Technology–0.26%
Evolent Health, Inc., Class A^(b)(c)		198,241		6,006,702



Homebuilding–1.32%
Cavco Industries, Inc.^(c)		58,414		17,232,130


Installed Building Products, Inc.		95,338		13,362,574


				30,594,704



Homefurnishing Retail–0.74%
Wayfair, Inc., Class A^(b)(c)		263,652		17,140,017



Hotels, Resorts & Cruise Lines–0.69%
Wyndham Hotels & Resorts, Inc.		234,096		16,051,963



Human Resource & Employment Services–1.28%
ASGN, Inc.^(c)		203,626		15,400,235


Paycor HCM, Inc.^(b)(c)		606,363		14,352,612


				29,752,847



Industrial Machinery & Supplies & Components–2.16%
Chart Industries, Inc.^(b)(c)		87,439		13,971,878


Nordson Corp.		79,304		19,681,667


RBC Bearings, Inc.^(c)		75,666		16,455,085


				50,108,630



Industrial REITs–1.88%
EastGroup Properties, Inc.		158,334		27,486,782


Terreno Realty Corp.		265,929		15,982,333


				43,469,115



Insurance Brokers–0.92%
BRP Group, Inc., Class A^(b)(c)		860,846		21,331,764



Internet Services & Infrastructure–0.72%
DigitalOcean Holdings, Inc.^(b)(c)		414,853		16,652,199



Investment Banking & Brokerage–0.64%
LPL Financial Holdings, Inc.		67,822		14,746,537



Leisure Facilities–0.74%
Planet Fitness, Inc., Class A^(b)(c)		254,559		17,167,459



Leisure Products–0.48%
Topgolf Callaway Brands Corp.^(b)(c)		555,241		11,021,534



Life Sciences Tools & Services–1.99%
10X Genomics, Inc., Class A^(c)		401,103		22,397,591


	Shares		Value


Life Sciences Tools & Services–(continued)
Repligen Corp.^(b)(c)		168,195		$ 23,792,865


				46,190,456



Oil & Gas Equipment & Services–0.98%
ChampionX Corp.		735,347		22,825,171



Oil & Gas Exploration & Production–3.07%
Chord Energy Corp.		114,146		17,555,655


Matador Resources Co.		340,573		17,818,779


Permian Resources Corp.^(b)		1,782,438		19,535,521


Range Resources Corp.		549,423		16,153,036


				71,062,991



Other Specialty Retail–0.68%
Academy Sports & Outdoors, Inc.^(b)		291,579		15,759,845



Packaged Foods & Meats–2.38%
Freshpet, Inc.^(b)(c)		281,376		18,517,354


Post Holdings, Inc.^(c)		218,804		18,959,367


Simply Good Foods Co. (The)^(b)(c)		483,873		17,704,913


				55,181,634



Pharmaceuticals–2.72%
Intra-Cellular Therapies, Inc.^(c)		255,885		16,202,638


Pacira BioSciences, Inc.^(c)		383,199		15,354,784


Prestige Consumer Healthcare, Inc.^(c)		299,609		17,805,763


Revance Therapeutics, Inc.^(b)(c)		538,527		13,630,118


				62,993,303



Property & Casualty Insurance–1.70%
Kinsale Capital Group, Inc.		52,455		19,628,661


Selective Insurance Group, Inc.		205,458		19,713,695


				39,342,356



Research & Consulting Services–1.12%
Clarivate PLC^(b)(c)		805,448		7,675,919


KBR, Inc.		280,924		18,276,916


				25,952,835



Restaurants–3.16%
Shake Shack, Inc., Class A^(b)(c)		248,220		19,291,658


Texas Roadhouse, Inc.		158,989		17,851,285


Wingstop, Inc.		179,810		35,990,770


				73,133,713



Semiconductor Materials & Equipment–1.05%
Axcelis Technologies, Inc.^(c)		20,733		3,800,981


MKS Instruments, Inc.		191,021		20,649,370


				24,450,351



Semiconductors–5.33%
Allegro MicroSystems, Inc. (Japan)^(c)		333,822		15,068,725


Diodes, Inc.^(c)		209,506		19,377,210


Impinj, Inc.^(b)(c)		184,411		16,532,446


Lattice Semiconductor Corp.^(c)		351,670		33,784,937


Power Integrations, Inc.^(b)		234,439		22,194,340


Silicon Laboratories, Inc.^(b)(c)		105,714		16,675,327


				123,632,985



Specialty Chemicals–0.86%
Element Solutions, Inc.		1,035,045		19,872,864

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


6		Invesco Small Cap Growth Fund


	Shares		Value


Systems Software–1.54%
CyberArk Software Ltd.^(c)		115,492		$ 18,054,864


Gitlab, Inc., Class A^(c)		345,778		17,672,714


				35,727,578



Technology Distributors–0.77%
Arrow Electronics, Inc.^(b)(c)		124,244		17,795,468



Trading Companies & Distributors–2.65%
SiteOne Landscape Supply, Inc.^(b)(c)		124,767		20,881,005


WESCO International, Inc.		226,265		40,515,011


				61,396,016



Transaction & Payment Processing Services–1.69%
Flywire Corp.^(b)(c)		725,727		22,526,566


Shift4 Payments, Inc., Class A^(b)(c)		246,468		16,737,642


				39,264,208



Water Utilities–0.24%
American States Water Co.		64,930		5,648,910


Total Common Stocks & Other Equity Interests (Cost $1,951,490,167)				2,289,166,321



Money Market Funds–1.55%
Invesco Government & Agency Portfolio, Institutional Class, 5.05%^(d)(e)		12,828,694		12,828,694


	Shares		Value


Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 5.15%^(d)(e)		8,556,810		$ 8,557,665


Invesco Treasury Portfolio, Institutional Class, 5.03%^(d)(e)		14,661,364		14,661,364


Total Money Market Funds (Cost $36,047,820)				36,047,723


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.31% (Cost $1,987,537,987)				2,325,214,044



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–19.33%
Invesco Private Government Fund, 5.10%^(d)(e)(f)		125,433,228		125,433,228


Invesco Private Prime Fund, 5.23%^(d)(e)(f)		322,574,843		322,542,578


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $447,988,154)				447,975,806


TOTAL INVESTMENTS IN SECURITIES–119.64% (Cost $2,435,526,141)				2,773,189,850


OTHER ASSETS LESS LIABILITIES–(19.64)%				(455,185,683	)


NET ASSETS–100.00%				$2,318,004,167

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)	All or a portion of this security was out on loan at June 30, 2023.

^(c)	Non-income producing security.

^(d)


	Value December 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value June 30, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 16,145,133		$ 89,636,314		$ (92,952,753	)		$ -			$ -		$ 12,828,694		$ 287,318
Invesco Liquid Assets Portfolio, Institutional Class		10,564,083		64,025,938		(66,030,190	)		(5,162	)		2,996		8,557,665		190,844
Invesco Treasury Portfolio, Institutional Class		18,451,581		102,441,502		(106,231,719	)		-			-		14,661,364		327,944
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		125,264,649		409,320,863		(409,152,284	)		-			-		125,433,228		2,797,628*
Invesco Private Prime Fund		319,636,680		784,653,093		(781,641,090	)		(66,489	)		(39,616)		322,542,578		7,452,116*
Total		$490,062,126		$1,450,077,710		$(1,456,008,036	)		$(71,651	)		$(36,620)		$484,023,529		$11,055,850

^(e)	The rate shown is the 7-day SEC standardized yield as of June 30, 2023.

^(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, 2023



Information Technology		23.42%

Health Care		22.21

Industrials		20.59

Consumer Discretionary		12.24

Financials		7.53

Energy		4.05

Consumer Staples		3.87

Other Sectors, Each Less than 2% of Net Assets		4.85

Money Market Funds Plus Other Assets Less Liabilities		1.24

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, 2023

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $1,951,490,167)*	$	2,289,166,321


Investments in affiliated money market funds, at value (Cost $484,035,974)		484,023,529


Foreign currencies, at value (Cost $298)		308


Receivable for:
Investments sold		2,133,051


Fund shares sold		1,114,168


Dividends		694,378


Investment for trustee deferred compensation and retirement plans		322,251


Other assets		78,921


Total assets		2,777,532,927



Liabilities:
Payable for:
Investments purchased		6,315,669


Fund shares reacquired		3,920,050


Collateral upon return of securities loaned		447,988,154


Accrued fees to affiliates		866,685


Accrued other operating expenses		82,600


Trustee deferred compensation and retirement plans		355,602


Total liabilities		459,528,760


Net assets applicable to shares outstanding	$	2,318,004,167



Net assets consist of:
Shares of beneficial interest	$	2,219,670,753


Distributable earnings		98,333,414


	$	2,318,004,167


Net Assets:
Class A	$	559,297,766


Class C	$	6,764,155


Class R	$	63,210,638


Class Y	$	123,503,014


Investor Class	$	149,284,624


Class R5	$	728,105,507


Class R6	$	687,838,463



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		22,493,745


Class C		869,391


Class R		3,053,946


Class Y		4,585,304


Investor Class		5,419,572


Class R5		22,671,375


Class R6		21,105,638


Class A:
Net asset value per share	$	24.86


Maximum offering price per share (Net asset value of $24.86 ÷ 94.50%)	$	26.31


Class C:
Net asset value and offering price per share	$	7.78


Class R:
Net asset value and offering price per share	$	20.70


Class Y:
Net asset value and offering price per share	$	26.93


Investor Class:
Net asset value and offering price per share	$	27.55


Class R5:
Net asset value and offering price per share	$	32.12


Class R6:
Net asset value and offering price per share	$	32.59

*	At June 30, 2023, securities with an aggregate value of $443,031,724 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, 2023

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $41,807)	$	6,519,309


Dividends from affiliated money market funds (includes net securities lending income of $332,056)		1,138,162


Total investment income		7,657,471



Expenses:
Advisory fees		7,859,564


Administrative services fees		176,203


Custodian fees		8,865


Distribution fees:
Class A		688,680


Class C		34,029


Class R		156,921


Investor Class		111,228


Transfer agent fees – A, C, R, Y and Investor		864,008


Transfer agent fees – R5		370,546


Transfer agent fees – R6		98,430


Trustees’ and officers’ fees and benefits		15,876


Registration and filing fees		75,002


Reports to shareholders		46,354


Professional services fees		43,652


Other		23,310


Total expenses		10,572,668


Less: Fees waived and/or expense offset arrangement(s)		(24,413	)


Net expenses		10,548,255


Net investment income (loss)		(2,890,784	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		5,863,109


Affiliated investment securities		(36,620	)


Foreign currencies		1,243


		5,827,732


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		222,253,651


Affiliated investment securities		(71,651	)


Foreign currencies		598


		222,182,598


Net realized and unrealized gain		228,010,330


Net increase in net assets resulting from operations	$	225,119,546

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, 2023 and the year ended December 31, 2022

(Unaudited)


	June 30, 2023			December 31, 2022


Operations:
Net investment income (loss)	$	(2,890,784	)	$	(7,885,819	)


Net realized gain (loss)		5,827,732			(238,541,803	)


Change in net unrealized appreciation (depreciation)		222,182,598			(1,152,678,224	)


Net increase (decrease) in net assets resulting from operations		225,119,546			(1,399,105,846	)



Distributions to shareholders from distributable earnings:
Class A		–			(19,053,290	)


Class C		–			(735,601	)


Class R		–			(2,614,949	)


Class Y		–			(4,238,695	)


Investor Class		–			(4,575,585	)


Class R5		–			(19,883,252	)


Class R6		–			(17,908,330	)


Total distributions from distributable earnings		–			(69,009,702	)



Share transactions–net:
Class A		(35,613,872	)		(86,561,713	)


Class C		(1,001,448	)		(2,682,507	)


Class R		(5,942,442	)		(8,308,052	)


Class Y		(18,485,922	)		(45,751,085	)


Investor Class		(8,963,764	)		(11,353,774	)


Class R5		(82,044,977	)		(227,541,022	)


Class R6		(32,529,168	)		95,968,061


Net increase (decrease) in net assets resulting from share transactions		(184,581,593	)		(286,230,092	)


Net increase (decrease) in net assets		40,537,953			(1,754,345,640	)



Net assets:
Beginning of period		2,277,466,214			4,031,811,854


End of period	$	2,318,004,167		$	2,277,466,214

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			Distributions from net realized gains			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 06/30/23		$22.59		$(0.06	)		$ 2.33			$ 2.27			$ –			$24.86		10.05	%		$ 559,298		1.16	%^(d)		1.16	%^(d)		(0.50	)%^(d)		32	%
Year ended 12/31/22		36.33		(0.14	)		(12.79	)		(12.93	)		(0.81	)		22.59		(35.60	)		541,922		1.16			1.16			(0.54	)		44
Year ended 12/31/21		47.78		(0.43	)		3.12			2.69			(14.14	)		36.33		7.33			988,307		1.14			1.14			(0.86	)		35
Year ended 12/31/20		35.35		(0.35	)		19.40			19.05			(6.62	)		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	)		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	)		31.02		(9.04	)		502,315		1.18			1.18			(0.47	)		21
Class C
Six months ended 06/30/23		7.09		(0.04	)		0.73			0.69			–			7.78		9.73	^(e)		6,764		1.88	^(d)(e)		1.88	^(d)(e)		(1.22	)^(d)(e)		32
Year ended 12/31/22		12.36		(0.11	)		(4.35	)		(4.46	)		(0.81	)		7.09		(36.10	)		7,123		1.91			1.91			(1.29	)		44
Year ended 12/31/21		25.63		(0.41	)		1.28			0.87			(14.14	)		12.36		6.55	^(e)		15,850		1.86	^(e)		1.86	^(e)		(1.58	)^(e)		35
Year ended 12/31/20		21.39		(0.38	)		11.24			10.86			(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	)		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	)		19.95		(9.72	)		11,053		1.93			1.93			(1.22	)		21
Class R
Six months ended 06/30/23		18.82		(0.07	)		1.95			1.88			–			20.70		9.99			63,211		1.41	^(d)		1.41	^(d)		(0.75	)^(d)		32
Year ended 12/31/22		30.57		(0.17	)		(10.77	)		(10.94	)		(0.81	)		18.82		(35.79	)		63,161		1.41			1.41			(0.79	)		44
Year ended 12/31/21		42.52		(0.50	)		2.69			2.19			(14.14	)		30.57		7.07			112,217		1.39			1.39			(1.11	)		35
Year ended 12/31/20		32.08		(0.39	)		17.45			17.06			(6.62	)		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	)		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	)		28.46		(9.27	)		124,450		1.43			1.43			(0.72	)		21
Class Y
Six months ended 06/30/23		24.44		(0.03	)		2.52			2.49			–			26.93		10.19			123,503		0.91	^(d)		0.91	^(d)		(0.25	)^(d)		32
Year ended 12/31/22		39.11		(0.08	)		(13.78	)		(13.86	)		(0.81	)		24.44		(35.44	)		129,518		0.91			0.91			(0.29	)		44
Year ended 12/31/21		50.24		(0.32	)		3.33			3.01			(14.14	)		39.11		7.61			274,782		0.89			0.89			(0.61	)		35
Year ended 12/31/20		36.83		(0.26	)		20.29			20.03			(6.62	)		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	)		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	)		32.14		(8.77	)		216,750		0.93			0.93			(0.22	)		21
Investor Class
Six months ended 06/30/23		25.01		(0.05	)		2.59			2.54			–			27.55		10.16			149,285		1.06	^(d)		1.06	^(d)		(0.40	)^(d)		32
Year ended 12/31/22		40.08		(0.14	)		(14.12	)		(14.26	)		(0.81	)		25.01		(35.58	)^(f)		144,075		1.13	^(f)		1.13	^(f)		(0.51	)^(f)		44
Year ended 12/31/21		51.24		(0.42	)		3.40			2.98			(14.14	)		40.08		7.41	^(f)		246,961		1.05	^(f)		1.05	^(f)		(0.77	)^(f)		35
Year ended 12/31/20		37.52		(0.33	)		20.67			20.34			(6.62	)		51.24		57.11	^(f)		249,837		1.07	^(f)		1.07	^(f)		(0.82	)^(f)		51
Year ended 12/31/19		32.76		(0.08	)		8.01			7.93			(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	)		32.76		(9.01	)		168,567		1.18			1.18			(0.47	)		21
Class R5
Six months ended 06/30/23		29.12		(0.02	)		3.02			3.00			–			32.12		10.30			728,106		0.82	^(d)		0.82	^(d)		(0.16	)^(d)		32
Year ended 12/31/22		46.32		(0.06	)		(16.33	)		(16.39	)		(0.81	)		29.12		(35.39	)		737,830		0.81			0.81			(0.19	)		44
Year ended 12/31/21		56.89		(0.31	)		3.88			3.57			(14.14	)		46.32		7.71			1,445,168		0.79			0.79			(0.51	)		35
Year ended 12/31/20		41.01		(0.24	)		22.74			22.50			(6.62	)		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	)		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	)		35.45		(8.69	)		1,192,199		0.81			0.81			(0.10	)		21
Class R6
Six months ended 06/30/23		29.54		(0.01	)		3.06			3.05			–			32.59		10.32			687,838		0.75	^(d)		0.75	^(d)		(0.09	)^(d)		32
Year ended 12/31/22		46.94		(0.04	)		(16.55	)		(16.59	)		(0.81	)		29.54		(35.35	)		653,838		0.74			0.74			(0.12	)		44
Year ended 12/31/21		57.42		(0.26	)		3.92			3.66			(14.14	)		46.94		7.80			948,527		0.70			0.70			(0.42	)		35
Year ended 12/31/20		41.31		(0.20	)		22.93			22.73			(6.62	)		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	)		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	)		35.66		(8.58	)		353,791		0.71			0.71			0.00			21

^(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.

^(d)	Annualized.

^(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 0.97% for Class C for the six months ended June 30, 2023 and the years ended December 31, 2021 and 2020, 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 0.22%, 0.16% and 0.17% for Investor Class for the years ended December 31, 2022, 2021 and 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, 2023

(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.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.


13		Invesco Small Cap Growth Fund

securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

The Fund 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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.

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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.


14		Invesco Small Cap Growth Fund

consistent with the federal securities laws. For the six months ended June 30, 2023, the Fund paid the Adviser $14,449 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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, 2023, the effective advisory fee rate incurred by the Fund was 0.68%.

The Adviser has contractually agreed, through at least June 30, 2023, 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”). 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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits. Effective July 1, 2023, the fee waiver agreement has been extended for an indefinite period. Invesco may amend and/or terminate this expense limit at any time in its sole discretion and will inform the Board of Trustees of any such changes.

For the six months ended June 30, 2023, the Adviser waived advisory fees of $22,559.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc.(“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plan”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 1.00% of the average daily net assets of Class C shares and up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The Fund pursuant to the Class R Plan, pays IDI compensation at the annual rate of 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2023, 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, 2023, IDI advised the Fund that IDI retained $10,018 in front-end sales commissions from the sale of Class A shares and $12 and $53 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended June 30, 2023, the Fund incurred $101,737 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 -		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 Adviser’s 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	$	2,289,166,321	$	–		$–	$	2,289,166,321


Money Market Funds		36,047,723		447,975,806		–		484,023,529


Total Investments	$	2,325,214,044	$	447,975,806		$–	$	2,773,189,850

NOTE 4–Security Transactions with Affiliated Funds

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

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.

NOTE 8–Tax Information

The Fund had a capital loss carryforward as of December 31, 2022, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total


Not subject to expiration	$	241,432,081	$–	$	241,432,081

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.


16		Invesco Small Cap Growth 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, 2023 was $727,351,454 and $900,616,617, 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	$ 481,907,450


Aggregate unrealized (depreciation) of investments	(144,809,957	)


Net unrealized appreciation of investments	$ 337,097,493

Cost of investments for tax purposes is $2,436,092,357.

NOTE 10–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		817,175		$	19,554,948			2,050,024		$	53,737,900


Class C		39,077			291,398			86,200			759,175


Class R		282,154			5,622,322			529,867			11,515,638


Class Y		230,558			5,953,067			1,224,289			34,836,061


Investor Class		119,388			3,131,649			340,253			10,041,542


Class R5		1,609,359			50,024,601			2,993,457			97,805,958


Class R6		1,864,660			58,273,223			7,354,616			277,105,301



Issued as reinvestment of dividends:
Class A		-			-			821,377			18,653,474


Class C		-			-			101,950			726,904


Class R		-			-			138,134			2,614,872


Class Y		-			-			161,679			3,972,442


Investor Class		-			-			173,272			4,357,868


Class R5		-			-			673,059			19,707,176


Class R6		-			-			599,710			17,811,382



Automatic conversion of Class C shares to Class A shares:
Class A		28,078			664,424			48,178			1,244,909


Class C		(89,587	)		(664,424	)		(142,388	)		(1,244,908	)



Reacquired:


Class A		(2,345,223	)		(55,833,244	)		(6,127,843	)		(160,197,996	)


Class C		(84,402	)		(628,422	)		(323,593	)		(2,923,678	)


Class R		(583,364	)		(11,564,764	)		(984,049	)		(22,438,562	)


Class Y		(945,484	)		(24,438,989	)		(3,112,393	)		(84,559,588	)


Investor Class		(460,781	)		(12,095,413	)		(913,660	)		(25,753,184	)


Class R5		(4,272,704	)		(132,069,578	)		(9,531,038	)		(345,054,156	)


Class R6		(2,891,414	)		(90,802,391	)		(6,029,135	)		(198,948,622	)


Net increase (decrease) in share activity		(6,682,510	)	$	(184,581,593	)		(9,868,034	)	$	(286,230,092	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 26% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


17		Invesco 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.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/23)	Ending Account Value (06/30/23)¹	Expenses Paid During Period²	Ending Account Value (06/30/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,100.50	$6.04	$1,019.04	$5.81	1.16%
Class C	1,000.00	1,097.30	9.78	1,015.47	9.39	1.88
Class R	1,000.00	1,099.90	7.34	1,017.80	7.05	1.41
Class Y	1,000.00	1,101.90	4.74	1,020.28	4.56	0.91
Investor Class	1,000.00	1,101.60	5.52	1,019.54	5.31	1.06
Class R5	1,000.00	1,103.00	4.28	1,020.73	4.11	0.82
Class R6	1,000.00	1,103.20	3.91	1,021.08	3.76	0.75

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

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Small Cap Growth Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a description of, and reports related to, Invesco

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the Russell 2000^® Growth 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 year period, the third quintile for the three year period, 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


19		Invesco Small Cap Growth Fund

for the one year period and above the performance of the Index for the three and five year periods. The Board considered that a challenging macro-economic environment for the Fund, including inflation and high interest rates, as well as stock selection in and underweight exposure to certain sectors negatively impacted the Fund’s 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.

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 requested and considered additional information from management regarding the Fund’s actual management fees and the levels of the Fund’s breakpoints in light of current asset levels. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2022.

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 acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. 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 considered 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.


20		Invesco Small Cap Growth Fund

securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.


21		Invesco Small Cap Growth Fund

(This page intentionally left blank)

LOGO

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

LOGO


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

(b) Not applicable.


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 INVESTMENT COMPANIES.

Not applicable.


ITEM 9.		PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.


ITEM 10.		SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.


ITEM 11.		CONTROLS AND PROCEDURES.

(a)

As of August 9, 2023, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and 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 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of August 9, 2023, the Registrant’s disclosure controls and procedures were reasonably designed 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:		August 24, 2023

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:		August 24, 2023


By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		August 24, 2023

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