Aim Growth Series NCSR Certified annual shareholder report (management investment company)

Aim Growth Series N-CSRCertified 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)

Glenn Brightman 11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Name and address of agent for service)

Registrant’s telephone number, including area code: (713) 626-1919

Date of fiscal year end: 12/31

Date of reporting period: 12/31/2023

ITEM 1.

REPORTS TO STOCKHOLDERS.

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

LOGO


Annual Report to Shareholders		December 31, 2023

Invesco Active Allocation Fund

Nasdaq:

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


2		Management’s Discussion
2		Performance Summary
3		Long-Term Fund Performance
5		Supplemental Information
7		Schedule of Investments
12		Financial Statements
15		Financial Highlights
16		Notes to Financial Statements
25		Report of Independent Registered Public Accounting Firm
26		Fund Expenses
27		Tax Information
T-1		Trustees and Officers
Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR. If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

Management’s Discussion of Fund Performance


Performance summary
For the fiscal year ended December 31, 2023, Class A shares of Invesco Active Allocation Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Active Allocation Index. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/22 to 12/31/23, 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	13.52	%
Class C Shares	12.66
Class R Shares	13.33
Class Y Shares	13.86
Class R5 Shares	13.89
Class R6 Shares	13.91
MSCI All Country World Index^▼	22.20
Bloomberg Global Aggregate USD Hedged Index^▼	7.15
Custom Invesco Active Allocation Index^∎	19.15
Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Despite rapid interest rate hikes over the course of 2022 and 2023, many developed economies continued to grow and as of the end of the year ended December 31, 2023, have only recently started to show signs of strain. Western developed economies continued to demonstrate surprising resilience, particularly the United States, which has benefited from consumer strength. Additionally, data in the fourth quarter of 2023 indicated a significant easing of inflation for many Western developed economies.

As a result, markets began to abandon the view that policy rates would remain higher for longer. This shift in expectations around monetary policy impacted the 10-year US Treasury yield. After reaching a peak of just over 5% in late October, it fell below 4% in December. This decline in long-term rates over the quarter provided a tailwind for both equities and fixed income.

Global stocks posted strong gains for the year. The US stock market was the standout performer for 2023, led by a small cohort of large-cap technology stocks. In the fourth quarter, there was a broadening of the market, with small-cap stocks and European stocks posting large gains.

Fixed income also performed well for the quarter and the year. Emerging market bonds and US high-yield bonds posted substantial returns for the quarter and for the full year. In terms of currencies, the US dollar weakened significantly during the year on expectations of a more dovish US Federal Reserve Board.

Commodities generally showed weak performance in the fourth quarter. Oil prices were a substantial drag, pressured by concerns about weakening demand from China and the US as well as increased supply. However, gold was an exception; gold prices

experienced major gains for the quarter, helped by robust central bank buying, investors seeking to hedge against geopolitical risk and a weaker US dollar.

Strategic asset class exposures in the Fund are obtained through underlying representative mutual funds and exchange-traded funds targeting pre-defined risk levels. The Fund may also implement a tactical overlay strategy using futures contracts on a percentage of the underlying assets under management. From an absolute performance perspective, almost all equity and fixed income allocations contributed positively, with the exception of the Invesco S&P SmallCap Low Volatility ETF and Invesco Master Loan Fund, which detracted from absolute performance.

From a relative performance perspective, the portfolio underperformed its custom benchmark during the year. Underperfor-mance was driven mainly by style selection within the equity allocations, although asset allocation and manager selection also detracted from relative performance. Within the equity allocation, the Invesco S&P 500 Low Volatility ETF and Invesco S&P 500 Pure Value ETF were the primary detractors from relative performance. Additionally, both the allocation to alternatives and the overweight allocation to fixed income detracted from performance given the strong equity market performance for the year.

Conversely, a pair of equity funds, the Invesco Global Fund and Invesco NASDAQ 100 ETF were the most significant contributors to relative performance, and performance within the fixed income sector was roughly equal to that of the benchmark due mainly to a positive contribution from the Invesco High Yield Fund.

Please note that some of the Fund’s underlying funds use derivatives, including futures and total return swaps, which may create economic leverage in the underlying funds.

Therefore, some of the strategy performance, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

Thank you for your continued investment in the Invesco Active Allocation Fund.

Portfolio manager(s):

Jeffrey Bennett

Alessio de Longis

Scott Hixon

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

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

2 Invesco Active Allocation Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/13

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

3 Invesco Active Allocation Fund


Average Annual Total Returns
As of 12/31/23, including maximum applicable sales charges

Class A Shares
Inception (4/5/05)	4.68	%
10 Years	4.78
5 Years	6.57
1 Year	7.29

Class C Shares
Inception (4/5/05)	4.65	%
10 Years	4.73
5 Years	6.95
1 Year	11.66

Class R Shares
Inception (4/5/05)	4.75	%
10 Years	5.10
5 Years	7.51
1 Year	13.33

Class Y Shares
Inception (4/5/05)	5.31	%
10 Years	5.63
5 Years	8.04
1 Year	13.86

Class R5 Shares
10 Years	5.51	%
5 Years	8.05
1 Year	13.89

Class R6 Shares
10 Years	5.51	%
5 Years	8.06
1 Year	13.91

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.

4 Invesco Active Allocation Fund

Supplemental Information

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

∎	Unless otherwise stated, information presented in this report is as of December 31, 2023, and is based on total net assets.

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

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

About indexes used in this report

∎	The Bloomberg Global Aggregate 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 MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

5 Invesco Active Allocation Fund

Fund Information

Portfolio Composition*


By fund type		% of total investments

Equity Funds		59.11%
Fixed Income Funds		21.95
Exchange-Traded Funds		11.82
Alternative Funds		4.92
Money Market Funds		2.20

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

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

Data presented here are as of December 31, 2023.

6 Invesco Active Allocation Fund

Schedule of Investments

December 31, 2023

Invesco Active Allocation Fund

Schedule of Investments in Affiliated Issuers–99.77%^(a)


	% of									Change in
	Net									Unrealized
	Assets		Value		Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	12/31/23		12/31/22		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		12/31/23		12/31/23
Alternative Funds–5.00%
Invesco Global Real Estate Income Fund, Class R6		2.59%	$	43,481,788	$	2,484,750	$	–		$	3,836,375		$	–		$	1,629,293		5,935,985	$	49,802,913
Invesco Macro Allocation Strategy Fund, Class R6		2.41%		45,537,838		742,007		(24,556	)		(54,573	)		(3,272	)		742,008		6,151,457		46,197,444
Total Alternative Funds				89,019,626		3,226,757		(24,556	)		3,781,802			(3,272	)		2,371,301				96,000,357
Domestic Equity Funds–43.73%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		4.72%		106,935,659		–		(27,940,805	)		15,998,675			(4,393,400	)		–		3,156,799		90,600,129
Invesco Main Street Small Cap Fund, Class R6		6.48%		110,633,687		3,014,795		(8,198,088	)		17,346,147			1,662,880			789,261		5,937,949		124,459,421
Invesco NASDAQ 100 ETF^(c)		4.59%		–		81,887,843		(17,411,079	)		21,421,589			2,271,664			464,642		523,140		88,170,017
Invesco Russell 1000^®Dynamic Multifactor ETF		12.00%		215,419,331		–		(25,297,635	)		40,777,195			(364,215	)		3,323,478		4,484,238		230,534,676
Invesco S&P 500^®Low Volatility ETF^(c)		8.39%		148,832,877		14,708,925		–			(2,410,672	)		–			3,855,318		2,571,515		161,131,130
Invesco S&P 500^®Pure Growth ETF		4.68%		96,001,423		–		(11,378,911	)		6,526,733			(1,213,107	)		1,370,352		2,787,853		89,936,138
Invesco S&P SmallCap Low Volatility ETF		–		63,519,817		–		(60,624,633	)		(14,399,247	)		11,504,063			487,050		–		–
Invesco Value Opportunities Fund, Class R6^(d)		2.87%		55,116,230		1,202,228		(7,650,267	)		7,077,152			569,603			110,055		3,059,433		55,222,773
Total Domestic Equity Funds				796,459,024		100,813,791		(158,501,418	)		92,337,572			10,037,488			10,400,156				840,054,284
Fixed Income Funds–22.28%
Invesco Core Plus Bond Fund, Class R6		7.15%		139,733,537		11,071,657		(15,282,865	)		6,233,921			(4,378,124	)		6,467,740		14,867,763		137,378,126
Invesco Equal Weight 0-30 Year Treasury ETF^(e)		3.82%		35,009,688		39,380,668		–			(919,840	)		–			1,876,500		2,548,405		73,470,516
Invesco Floating Rate ESG Fund, Class R6^(d)		0.77%		–		14,744,813		–			13,085			–			474,185		2,170,039		14,756,262
Invesco High Yield Fund, Class R6		2.90%		–		57,091,922		(3,069,520	)		1,735,495			(90,229	)		2,956,800		15,859,735		55,667,668
Invesco Income Fund, Class R6		0.97%		19,584,264		1,100,329		(2,108,026	)		160,618			(130,411	)		1,100,338		2,716,318		18,606,774
Invesco International Bond Fund, Class R6^(d)		0.97%		–		19,026,203		(1,250,803	)		1,459,512			(7,789	)		202,829		4,209,299		18,689,287
Invesco Master Loan Fund, Class R6		–		14,004,125		825,310		(14,253,771	)		781,621			(1,357,285	)		820,086		–		–
Invesco Senior Floating Rate Fund, Class R6^(d)		1.46%		20,622,107		8,458,861		(1,664,953	)		874,035			(110,829	)		2,299,013		4,215,760		28,076,961
Invesco Taxable Municipal Bond ETF^(c)		3.29%		66,747,659		–		(6,497,454	)		4,737,340			(1,707,604	)		2,368,620		2,351,540		63,279,941
Invesco Variable Rate Investment Grade ETF		0.95%		18,441,765		–		(435,697	)		204,461			(2,040	)		1,092,008		728,631		18,208,489
Total Fixed Income Funds				314,143,145		151,699,763		(44,563,089	)		15,280,248			(7,784,311	)		19,658,119				428,134,024
Foreign Equity Funds–28.28%
Invesco EQV Emerging Markets All Cap Fund, Class R6		2.93%		64,268,620		1,057,919		(13,796,505	)		8,902,211			(4,232,809	)		1,057,919		1,696,331		56,199,436
Invesco Developing Markets Fund, Class R6		3.17%		67,766,472		575,499		(14,124,835	)		13,289,074			(6,526,079	)		575,499		1,581,025		60,980,131
Invesco FTSE RAFI Developed Markets ex-U.S. ETF^(c)		2.52%		–		45,474,975		(1,849,291	)		4,759,153			81,864			1,358,820		1,022,638		48,466,701
Invesco Global Fund, Class R6		8.18%		191,852,708		14,851,991		(83,836,654	)		38,786,659			10,354,122			–		1,709,341		157,156,835
Invesco Global Infrastructure Fund, Class R6		0.96%		18,564,649		530,570		(528,981	)		(72,995	)		(78,385	)		530,570		1,599,901		18,414,858
Invesco International Select Equity Fund, Class R6		–		31,381,131		–		(32,766,611	)		10,908,497			(9,523,017	)		–		–		–

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

7 Invesco Active Allocation Fund

Invesco Active Allocation Fund (continued)

Schedule of Investments in Affiliated Issuers–99.77%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	12/31/23			12/31/22		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			12/31/23		12/31/23
Invesco International Small-Mid Company Fund, Class R6		2.06	%	$	61,811,906	$	1,058,463	$	(27,810,662	)	$	(2,248,076	)	$	7,308,401		$	473,641			924,152	$	39,535,210
Invesco Oppenheimer International Growth Fund, Class R6		2.01	%		–		41,020,930		(3,008,434	)		514,556			3,949,332			389,630			1,087,275		38,706,996
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		4.48	%		67,057,261		15,141,156		–			3,860,528			–			3,343,791			3,579,823		86,058,945
Invesco S&P International Developed Low Volatility ETF		1.97	%		17,985,984		17,918,664		–			1,920,084			–			1,146,457			1,342,731		37,824,732
Total Foreign Equity Funds					600,190,383		137,630,167		(259,354,065	)		73,692,614			10,390,946			8,876,327					543,343,844
Money Market Funds–0.48%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(f)		0.17	%		2,420,887		118,366,685		(117,582,123	)		–			–			171,928			3,205,449		3,205,449
Invesco Liquid Assets Portfolio, Institutional Class, 5.47%^(f)		0.12	%		1,730,064		84,547,632		(83,987,230	)		299			155			116,410			2,289,318		2,290,920
Invesco Treasury Portfolio, Institutional Class, 5.26%^(f)		0.19	%		2,766,728		135,276,212		(134,379,569	)		–			–			181,835			3,663,371		3,663,371
Total Money Market Funds					6,917,679		338,190,529		(335,948,922	)		299			155			470,173					9,159,740
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $1,695,422,550)		99.77	%		1,806,729,857		731,561,007		(798,392,050	)		185,092,535			12,641,006			41,776,076					1,916,692,249
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.76%
Invesco Private Government Fund, 5.32%^(f)(g)		0.49	%		2,191,900		219,590,227		(212,314,762	)		–			–			427,952	^(h)		9,467,365		9,467,365
Invesco Private Prime Fund, 5.55%^(f)(g)		1.27	%		5,636,313		417,946,103		(399,236,170	)		528			(2,119	)		1,031,259	^(h)		24,327,626		24,344,655
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $33,811,244)		1.76	%		7,828,213		637,536,330		(611,550,932	)		528			(2,119	)		1,459,211					33,812,020
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $1,729,233,794)		101.53	%	$	1,814,558,070	$	1,369,097,337	$	(1,409,942,982	)	$	185,093,063		$	12,638,887	⁽ⁱ⁾	$	43,235,287				$	1,950,504,269
OTHER ASSETS LESS LIABILITIES		(1.53	)%																				(29,435,831	)
NET ASSETS		100.00	%																			$	1,921,068,438

Investment Abbreviations:

ETF - Exchange-Traded Fund

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

8 Invesco Active Allocation Fund

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at December 31, 2023.

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

^(e)	Effective August 25, 2023, the underlying fund’s name changed.

^(f)	The rate shown is the 7-day SEC standardized yield as of December 31, 2023.

^(g)	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.

^(h)	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.

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


Fund Name	Capital Gain
Invesco Global Fund		$14,851,991
Invesco International Small-Mid Company Fund		584,822
Invesco Oppenheimer International Growth Fund		3,769,388
Invesco Value Opportunities Fund		1,092,173


Open Futures Contracts^(a)

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

Equity Risk

MSCI Emerging Markets Index		269		March-2024	$	13,903,265		$	615,607		$	615,607

Nikkei 225 Index		19		March-2024		4,507,447			93,695			93,695

S&P/TSX 60 Index		12		March-2024		2,301,015			70,528			70,528

SPI 200 Index		19		March-2024		2,455,179			117,941			117,941

STOXX Europe 600 Index		446		March-2024		11,811,759			82,583			82,583

Subtotal–Long Futures Contracts									980,354			980,354


Short Futures Contracts

Equity Risk

E-Mini S&P 500 Index		64		March-2024		(15,424,000	)		(512,346	)		(512,346	)

Interest Rate Risk

U.S. Treasury 10 Year Notes		200		March-2024		(22,578,125	)		(703,559	)		(703,559	)

Subtotal–Short Futures Contracts									(1,215,905	)		(1,215,905	)

Total Futures Contracts								$	(235,551	)	$	(235,551	)

^(a)	Futures contracts collateralized by $3,066,406 cash held with Merrill Lynch International, the futures commission merchant.

Open Forward Foreign Currency Contracts

Settlement

Date

Contract to

Unrealized

Appreciation
(Depreciation)

Counterparty

Deliver

Receive

Currency Risk

03/20/2024

Barclays Bank PLC

USD

109,740

CZK

2,490,000

1,376

03/20/2024

BNP Paribas S.A.

USD

49,396

DKK

340,000

1,152

03/20/2024

BNP Paribas S.A.

USD

6,651,945

GBP

5,300,000

106,257

03/20/2024

BNP Paribas S.A.

USD

4,997,757

HUF

1,790,060,000

118,197

03/20/2024

Deutsche Bank AG

USD

5,382,605

PLN

21,670,000

119,008

03/20/2024

J.P. Morgan Chase Bank, N.A.

USD

4,901,028

IDR

76,755,000,000

83,664

03/20/2024

J.P. Morgan Chase Bank, N.A.

USD

4,965,808

SEK

51,720,000

177,563

03/20/2024

J.P. Morgan Chase Bank, N.A.

USD

5,244,137

SGD

6,995,000

74,848

03/20/2024

Merrill Lynch International

USD

5,578,105

COP

22,703,000,000

190,999

03/20/2024

Merrill Lynch International

USD

4,548,439

ZAR

86,870,000

168,866

03/20/2024

Morgan Stanley and Co. International PLC

USD

10,003,108

EUR

9,250,000

239,827

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

9 Invesco Active Allocation Fund


Open Forward Foreign Currency Contracts–(continued)

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

03/20/2024	Morgan Stanley and Co. International PLC		USD	5,091,203		NOK	55,220,000	$	353,140

Subtotal–Appreciation									1,634,897


Currency Risk

03/20/2024	Barclays Bank PLC		HKD	700,000		USD	89,755		(48	)

03/20/2024	Citibank, N.A.		KRW	9,543,670,000		USD	7,315,007		(87,548	)

03/04/2024	Goldman Sachs International		BRL	3,075,000		USD	620,021		(9,193	)

03/20/2024	Goldman Sachs International		THB	179,665,000		USD	5,066,123		(232,609	)

03/20/2024	J.P. Morgan Chase Bank, N.A.		CNY	69,655,000		USD	9,761,451		(98,691	)

03/20/2024	J.P. Morgan Chase Bank, N.A.		INR	175,700,000		USD	2,099,239		(4,751	)

03/20/2024	J.P. Morgan Chase Bank, N.A.		MXN	100,525,000		USD	5,698,684		(147,782	)

03/20/2024	J.P. Morgan Chase Bank, N.A.		TWD	72,605,000		USD	2,336,745		(68,193	)

03/20/2024	Merrill Lynch International		CLP	250,300,000		USD	282,850		(29	)

03/20/2024	Morgan Stanley and Co. International PLC		AUD	6,505,000		USD	4,297,587		(145,496	)

03/20/2024	Morgan Stanley and Co. International PLC		CAD	5,220,000		USD	3,850,410		(93,217	)

03/20/2024	Morgan Stanley and Co. International PLC		CHF	3,825,000		USD	4,395,560		(188,084	)

03/20/2024	Morgan Stanley and Co. International PLC		NZD	8,885,000		USD	5,442,196		(175,576	)

03/20/2024	Morgan Stanley and Co. International PLC		PHP	277,080,000		USD	4,987,400		(17,263	)

03/21/2024	Morgan Stanley and Co. International PLC		JPY	294,305,000		USD	2,072,234		(39,978	)

Subtotal–Depreciation									(1,308,458	)

Total Forward Foreign Currency Contracts								$	326,439


Open Centrally Cleared Credit Default Swap Agreements^(a)

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

Credit Risk

Markit CDX North America High Yield Index, Series 40, Version 1		Sell		5.00%		Quarterly		06/20/2028		3.362	%		USD	26,977,500	$	371,180		$	1,654,072			$1,282,892

Credit Risk

Markit CDX North America Investment Grade Index, Series 40, Version 1		Buy		(1.00)		Quarterly		06/20/2028		0.508			USD	154,800,000		(1,768,111	)		(3,111,170	)		(1,343,059	)

Total Centrally Cleared Credit Default Swap Agreements															$	(1,396,931	)	$	(1,457,098	)		$(60,167	)

^(a)	Centrally cleared swap agreements collateralized by $1,285,496 cash held with J.P. Morgan Chase Bank, N.A.

^(b)

Implied credit spreads represent the current level, as of December 31, 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.

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

10 Invesco Active Allocation Fund

Abbreviations:


AUD		–Australian Dollar
BRL		–Brazilian Real
CAD		–Canadian Dollar
CHF		–Swiss Franc
CLP		–Chile Peso
CNY		–Chinese Yuan Renminbi
COP		–Colombia Peso
CZK		–Czech Koruna
DKK		–Danish Krone
EUR		–Euro
GBP		–British Pound Sterling
HKD		–Hong Kong Dollar
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

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

11 Invesco Active Allocation Fund

Statement of Assets and Liabilities

December 31, 2023


Assets:
Investments in affiliated underlying funds, at value (Cost $1,729,233,794)*	$	1,950,504,269

Other investments:
Variation margin receivable – futures contracts		957,065

Variation margin receivable–centrally cleared swap agreements		16,308

Unrealized appreciation on forward foreign currency contracts outstanding		1,634,897

Deposits with brokers:
Cash collateral – exchange-traded futures contracts		3,066,406

Cash collateral – centrally cleared swap agreements		1,285,496

Cash		97,915

Receivable for:
Fund shares sold		1,048,241

Dividends - affiliated underlying funds		1,625,332

Investment for trustee deferred compensation and retirement plans		111,627

Other assets		48,467

Total assets		1,960,396,023


Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		1,308,458

Payable for:
Investments purchased - affiliated underlying funds		1,556,350

Fund shares reacquired		1,627,400

Collateral upon return of securities loaned		33,811,244

Accrued fees to affiliates		782,983

Accrued trustees’ and officers’ fees and benefits		35,247

Accrued other operating expenses		94,276

Trustee deferred compensation and retirement plans		111,627

Total liabilities		39,327,585

Net assets applicable to shares outstanding	$	1,921,068,438


Net assets consist of:
Shares of beneficial interest	$	1,685,395,668

Distributable earnings		235,672,770

	$	1,921,068,438


Net Assets:
Class A	$	1,589,240,333

Class C	$	159,486,339

Class R	$	146,168,205

Class Y	$	25,831,689

Class R5	$	287,447

Class R6	$	54,425


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		121,479,885

Class C		12,533,700

Class R		11,254,938

Class Y		1,936,805

Class R5		22,015

Class R6		4,171

Class A:
Net asset value per shareA	$	13.08

Maximum offering price per share (Net asset value of $13.08 ÷ 94.50%)	$	13.84

Class C:
Net asset value and offering price per shareC	$	12.72

Class R:
Net asset value and offering price per shareR	$	12.99

Class Y:
Net asset value and offering price per shareY	$	13.34

Class R5:
Net asset value and offering price per shareR5	$	13.06

Class R6:
Net asset value and offering price per shareR6	$	13.05

*	At December 31, 2023, securities with an aggregate value of $29,534,430 were on loan to brokers.

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

12 Invesco Active Allocation Fund

Statement of Operations

For the year ended December 31, 2023


Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $417,155)	$	42,193,231

Interest		679,189

Total investment income		42,872,420


Expenses:
Advisory fees		1,597,442

Administrative services fees		266,602

Custodian fees		56,922

Distribution fees:

Class A		3,709,021

Class C		1,636,571

Class R		681,582

Transfer agent fees – A, C, R and Y		1,929,399

Transfer agent fees – R5		61

Transfer agent fees – R6		10

Trustees’ and officers’ fees and benefits		37,527

Registration and filing fees		118,104

Reports to shareholders		89,784

Professional services fees		66,080

Other		35,190

Total expenses		10,224,295

Less: Fees waived and/or expense offset arrangement(s)		(99,368	)

Net expenses		10,124,927

Net investment income		32,747,493


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares		(7,659,487	)

Foreign currencies		3,205

Forward foreign currency contracts		4,421,881

Futures contracts		483,547

Swap agreements		(183,741	)

Capital gain distributions from affiliated underlying fund shares		20,298,374

		17,363,779

Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		185,093,063

Foreign currencies		(29,957	)

Forward foreign currency contracts		(149,944	)

Futures contracts		753,982

Swap agreements		(244,367	)

		185,422,777

Net realized and unrealized gain		202,786,556

Net increase in net assets resulting from operations	$	235,534,049

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

13 Invesco Active Allocation Fund

Statement of Changes in Net Assets

For the years ended December 31, 2023 and 2022


	2023			2022

Operations:
Net investment income	$	32,747,493		$	21,574,524

Net realized gain		17,363,779			28,205,668

Change in net unrealized appreciation (depreciation)		185,422,777			(512,994,170	)

Net increase (decrease) in net assets resulting from operations		235,534,049			(463,213,978	)


Distributions to shareholders from distributable earnings:
Class A		(48,417,973	)		(66,983,477	)

Class C		(3,828,078	)		(6,373,062	)

Class R		(4,113,023	)		(5,367,820	)

Class Y		(843,262	)		(1,201,353	)

Class R5		(9,602	)		(477	)

Class R6		(1,833	)		(1,311	)

Total distributions from distributable earnings		(57,213,771	)		(79,927,500	)


Share transactions–net:
Class A		(56,958,270	)		(30,892,240	)

Class C		(24,013,123	)		(25,738,511	)

Class R		5,215,520			(1,315,735	)

Class Y		(1,734,632	)		553,590

Class R5		263,667			1,497

Class R6		22,806			17,817

Net increase (decrease) in net assets resulting from share transactions		(77,204,032	)		(57,373,582	)

Net increase (decrease) in net assets		101,116,246			(600,515,060	)


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

End of year	$	1,921,068,438		$	1,819,952,192

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

14 Invesco Active Allocation Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(d)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(e)
Class A
Year ended 12/31/23		$	11.89		$	0.23			$	1.37			$	1.60			$	(0.23	)		$	(0.18	)		$	(0.41	)		$	13.08		13.52	%^(f)		$	1,589,240		0.46	%^(f)		0.46	%^(f)		1.84	%^(f)		21	%
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
Class C
Year ended 12/31/23			11.57			0.13				1.33				1.46				(0.13	)			(0.18	)			(0.31	)			12.72		12.66				159,486		1.22			1.22			1.08			21
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
Class R
Year ended 12/31/23			11.80			0.20				1.37				1.57				(0.20	)			(0.18	)			(0.38	)			12.99		13.33				146,168		0.72			0.72			1.58			21
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
Class Y
Year ended 12/31/23			12.11			0.27				1.40				1.67				(0.26	)			(0.18	)			(0.44	)			13.34		13.86				25,832		0.22			0.22			2.08			21
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
Class R5
Year ended 12/31/23			11.87			0.26				1.38				1.64				(0.27	)			(0.18	)			(0.45	)			13.06		13.89				287		0.20			0.20			2.10			21
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
Year ended 12/31/23			11.86			0.27				1.37				1.64				(0.27	)			(0.18	)			(0.45	)			13.05		13.91				54		0.14			0.14			2.16			21
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 0.52%, 0.53%, 0.53% and 0.63% for the years ended December 31, 2023, 2022, 2021 and 2020, respectively.

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

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

^(f)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the years ended December 31, 2023, 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.

15 Invesco Active Allocation Fund

Notes to Financial Statements

December 31, 2023

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 advised by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) and exchange-traded funds (“ETFs”) and other pooled investment vehicles advised by Invesco Capital Management LLC (“Invesco Capital”) or mutual funds, ETFs and other pooled investment vehicles advised by unaffiliated advisers (“underlying funds”). 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 Fund, 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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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.

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the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

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/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, 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 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.

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.

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(collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated underlying funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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 year ended December 31, 2023, the Fund paid the Adviser $33,089 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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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 instrument or asset. 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

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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. 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, which could result in the Fund accruing additional expenses. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of December 31, 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.

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.

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NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate*
First $3 billion		0.100%
Over $3 billion		0.080%

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

For the year ended December 31, 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.

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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 fee waiver and/or expense reimbursement may exceed the boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

For the year ended December 31, 2023, the Adviser waived advisory fees of $10,238.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended December 31, 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 year ended December 31, 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 Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 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 year ended December 31, 2023, IDI advised the Fund that IDI retained $197,536 in front-end sales commissions from the sale of Class A shares and $3,470 and $4,740 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.

20 Invesco Active Allocation Fund

The following is a summary of the tiered valuation input levels, as of December 31, 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		$	1,907,532,509			$	–			$	–		$	1,907,532,509
Money Market Funds			9,159,740				33,812,020				–			42,971,760
Total Investments in Securities			1,916,692,249				33,812,020				–			1,950,504,269

Other Investments - Assets*
Futures Contracts			980,354				–				–			980,354
Forward Foreign Currency Contracts			–				1,634,897				–			1,634,897
Swap Agreements			–				1,282,892				–			1,282,892
			980,354				2,917,789				–			3,898,143

Other Investments - Liabilities*
Futures Contracts			(1,215,905	)			–				–			(1,215,905	)
Forward Foreign Currency Contracts			–				(1,308,458	)			–			(1,308,458	)
Swap Agreements			–				(1,343,059	)			–			(1,343,059	)
			(1,215,905	)			(2,651,517	)			–			(3,867,422	)
Total Other Investments			(235,551	)			266,272				–			30,721
Total Investments		$	1,916,456,698			$	34,078,292			$	–		$	1,950,534,990

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2023:


Derivative Assets	Value
	Credit			Currency		Equity
	Risk			Risk		Risk			Total


Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	–		$	–	$	980,354		$	980,354


Unrealized appreciation on swap agreements – Centrally Cleared^(a)		1,282,892			–		–			1,282,892


Unrealized appreciation on forward foreign currency contracts outstanding		–			1,634,897		–			1,634,897


Total Derivative Assets		1,282,892			1,634,897		980,354			3,898,143


Derivatives not subject to master netting agreements		(1,282,892	)		–		(980,354	)		(2,263,246	)


Total Derivative Assets subject to master netting agreements	$	–		$	1,634,897	$	–		$	1,634,897


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

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	–		$	–		$	(512,346	)	$	(703,559	)	$	(1,215,905	)

Unrealized depreciation on swap agreements – Centrally Cleared^(a)		(1,343,059	)		–			–			–			(1,343,059	)

Unrealized depreciation on forward foreign currency contracts outstanding		–			(1,308,458	)		–			–			(1,308,458	)

Total Derivative Liabilities		(1,343,059	)		(1,308,458	)		(512,346	)		(703,559	)		(3,867,422	)

Derivatives not subject to master netting agreements		1,343,059			–			512,346			703,559			2,558,964

Total Derivative Liabilities subject to master netting agreements	$	–		$	(1,308,458	)	$	–		$	–		$	(1,308,458	)

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

21 Invesco Active Allocation Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of December 31, 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

Barclays Bank PLC		$ 1,376	$	(48)		$ 1,328		$–	$–		$ 1,328

BNP Paribas S.A.		225,606		–		225,606		–	–		225,606

Citibank, N.A.		–		(87,548)		(87,548	)	–	–		(87,548	)

Deutsche Bank AG		119,008		–		119,008		–	–		119,008

Goldman Sachs International		–		(241,802)		(241,802	)	–	–		(241,802	)

J.P. Morgan Chase Bank, N.A.		336,075		(319,417)		16,658		–	–		16,658

Merrill Lynch International		359,865		(29)		359,836		–	–		359,836

Morgan Stanley and Co. International PLC		592,967		(659,614)		(66,647	)	–	–		(66,647	)

Total		$1,634,897		$(1,308,458)		$326,439		$–	$–		$326,439

Effect of Derivative Investments for the year ended December 31, 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 (Loss):
Forward foreign currency contracts	$	-		$	4,421,881		$	-	$	-		$	4,421,881

Futures contracts		-			-			225,162		258,385			483,547

Swap agreements		(183,741	)		-			-		-			(183,741	)

Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			(149,944	)		-		-			(149,944	)

Futures contracts		-			-			1,309,603		(555,621	)		753,982

Swap agreements		(244,367	)		-			-		-			(244,367	)

Total	$	(428,108	)	$	4,271,937		$	1,534,765	$	(297,236	)	$	5,081,358

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

Forward

Foreign Currency

Futures

Swap

Contracts

Agreements

Average notional value

$156,841,056

$44,497,196

$152,557,083

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended December 31, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $89,130.

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.

22 Invesco Active Allocation Fund

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2023 and 2022:


	2023		2022


Ordinary income*	$	31,128,618	$	22,960,352


Long-term capital gain		26,085,153		56,967,148


Total distributions	$	57,213,771	$	79,927,500

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

Tax Components of Net Assets at Period-End:


	2023

Undistributed ordinary income	$	1,363,725

Undistributed long-term capital gain		18,009,401

Net unrealized appreciation – investments		215,755,540

Net unrealized appreciation – foreign currencies		683,590

Temporary book/tax differences		(139,486	)

Shares of beneficial interest		1,685,395,668

Total net assets	$	1,921,068,438

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

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

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

The Fund does not have a capital loss carryforward as of December 31, 2023.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2023 was $393,370,478 and $462,443,128, 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	$	284,157,370


Aggregate unrealized (depreciation) of investments		(68,401,830	)


Net unrealized appreciation of investments	$	215,755,540

Cost of investments for tax purposes is $1,734,779,450.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships, on December 31, 2023, undistributed net investment income was decreased by $960,405 and undistributed net realized gain was increased by $960,405. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 11–Share Information


	Summary of Share Activity


	Year ended				Year ended
	December 31, 2023				December 31, 2022
	Shares		Amount		Shares		Amount


Sold:
Class A		6,849,089	$	86,095,067		7,552,885	$	99,240,838

Class C		1,782,409		21,736,050		1,929,933		24,470,488

Class R		1,498,750		18,705,794		1,394,339		17,925,314

Class Y		672,961		8,604,188		754,937		10,078,225

Class R5		20,486		254,430		110		1,497

Class R6		2,183		26,915		1,352		17,169

23 Invesco Active Allocation Fund


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2023						December 31, 2022
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Class A		3,683,286		$	47,403,894			5,483,458		$	65,691,442

Class C		304,043			3,806,623			543,671			6,339,766

Class R		320,573			4,096,926			450,191			5,357,270

Class Y		51,929			681,310			79,245			967,583

Class R5		719			9,237			–			–

Class R6		118			1,516			75			899



Automatic conversion of Class C shares to Class A shares:
Class A		1,845,496			23,080,284			1,919,489			24,854,209

Class C		(1,901,984	)		(23,080,284	)		(1,977,621	)		(24,854,209	)



Reacquired:
Class A		(16,989,562	)		(213,537,515	)		(16,857,896	)		(220,678,729	)

Class C		(2,170,624	)		(26,475,512	)		(2,485,525	)		(31,694,556	)

Class R		(1,405,868	)		(17,587,200	)		(1,902,271	)		(24,598,319	)

Class Y		(860,365	)		(11,020,130	)		(796,572	)		(10,492,218	)

Class R6		(431	)		(5,625	)		(20	)		(251	)

Net increase (decrease) in share activity		(6,296,792	)	$	(77,204,032	)		(3,910,220	)	$	(57,373,582	)

24 Invesco Active Allocation Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Active Allocation Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the four years in the period ended December 31, 2023 and the eleven months ended December 31, 2019 for Class A, Class C, Class R and Class Y.

For each of the four years in the period ended December 31, 2023 and the period May 24, 2019 (commencement date) through December 31, 2019 for Class R5 and Class R6.

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

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 21, 2024

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

25 Invesco Active Allocation Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2023 through December 31, 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, if these transaction costs were included, your costs would have been higher.


			ACTUAL				HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)¹		Expenses Paid During Period²		Ending Account Value (12/31/23)		Expenses Paid During Period²		Annualized Expense Ratio
Class A		$1,000.00		$1,048.70		$2.38		$1,022.89		$2.35	0.46%
Class C		1,000.00		1,044.50		6.29		1,019.06		6.21	1.22
Class R		1,000.00		1,048.10		3.72		1,021.58		3.67	0.72
Class Y		1,000.00		1,051.00		1.14		1,024.10		1.12	0.22
Class R5		1,000.00		1,050.40		1.03		1,024.20		1.02	0.20
Class R6		1,000.00		1,051.30		0.67		1,024.55		0.66	0.13

The actual ending account value is based on the actual total return of the Fund for the period July 1, 2023 through December 31, 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 184/365 to reflect the most recent fiscal half year.

26 Invesco Active Allocation Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2023:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	26,085,153
Qualified Dividend Income*		51.07%
Corporate Dividends Received Deduction*		33.18%
U.S. Treasury Obligations*		11.02%
Qualified Business Income*		1.79%
Business Interest Income*		40.64%

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

27 Invesco Active Allocation Fund

Trustees and Officers

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


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustees
Jeffrey H. Kupor¹– 1968 Trustee	2024	Senior Managing Director and General Counsel, Invesco Ltd.; Trustee, Invesco Foundation, Inc.; Director, Invesco Advisers, Inc.; Executive Vice President, Invesco Asset Management (Bermuda), Ltd. and Invesco Investments (Bermuda) Ltd. Formerly: Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation, Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	165	None
Douglas Sharp¹– 1974 Trustee	2024	Senior Managing Director and Head of Americas & EMEA, Invesco Ltd; Director, Chairman and Chief Executive, Invesco Fund Managers Limited Formerly: Director and Chairman, Invesco UK Limited	165	None

¹	Mr. Kupor and Mr. Sharp are considered interested persons (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because they are officers of the Adviser to the Trust, and officers of Invesco Ltd., ultimate parent of the Adviser.


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	165	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Carol Deckbar – 1962 Trustee	2024	Formerly: Executive Vice President and Chief Product Officer, TIAA Financial Services; Executive Vice President and Principal, College Retirement Equities Fund at TIAA; Executive Vice President and Head of Institutional Investments and Endowment Services, TIAA	165	Formerly: Board Member, TIAA Asset Management, Inc.; and Board Member, TH Real Estate Group Holdings Company

T-1 Invesco Active Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	165	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	165	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	165	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	165	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
James “Jim” Liddy – 1959 Trustee	2024	Formerly: Chairman, Global Financial Services, Americas, KPMG LLP	165	Director and Treasurer, Gulfside Place Condominium Association, Inc. and Non-Executive Director, Kellenberg Memorial High School
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	165	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Active Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	165	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	165	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	165	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	165	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Glenn Brightman – 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A

T-3 Invesco Active Allocation Fund

Trustees and Officers–(continued)


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

T-4 Invesco Active Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President, The Invesco Funds; Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A

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


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-5 Invesco Active Allocation Fund

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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-AR-1

LOGO


Annual Report to Shareholders		December 31, 2023

Invesco Convertible Securities Fund

Nasdaq:

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



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

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/ edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended December 31, 2023, Class A shares of Invesco Convertible Securities Fund (the Fund), at net asset value (NAV), underperformed the ICE BofA US Convertible Index, the Fund’s broad market/style-specific benchmark.

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

Fund vs. Indexes

Total returns, 12/31/22 to 12/31/23, 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	7.87	%
Class C Shares	7.12
Class Y Shares	8.17
Class R5 Shares	8.22
Class R6 Shares	8.29
ICE BofA US Convertible Index^q (Broad Market/Style-Specific Index)	12.87
Lipper Convertible Securities Funds Index^∎ (Peer Group Index)	9.73
Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff, as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the US Federal Reserve’s (the Fed’s) monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread sent investors to safe-haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the federal funds rate by only 0.25% in February 2023 and again in March.¹ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

The US economy and equity markets remained resilient in the second quarter of 2023, as milder inflation data and better-than-expected corporate earnings supported equities, with most major indexes posting gains for the quarter and with some big tech names providing optimistic future guidance. Following the March banking crisis, markets stabilized in April, as corporate earnings season got underway with many companies surprising consensus earnings and revenue estimates. Facing persistently strong employment data, the Fed raised the federal funds rate by 0.25% at its May meeting,¹ but left rates unchanged at its June meeting, giving investors the long-awaited “pause” in rate hikes, which sent equities broadly higher.

Equity markets declined in the third quarter and into October 2023 as a resilient US economy complicated the Fed’s efforts to

tame inflation. While inflation has slowed from its peak in 2022, the Consumer Price Index (CPI) rose by 0.2% in July, and the 12-month headline inflation rate rose to 3.2% from 3% in June.² Due to the persistence of inflation, the Fed raised the federal funds rate again in July by 0.25%. The CPI data released in September was higher-than-expected and the overall US labor market remained tight with unemployment near historic lows. At the same time the third quarter year-over-year Gross Domestic Product (GDP) estimate was 4.9%, far above expectations.² Despite the higher-than-expected GDP for the third quarter of 2023, the Fed held interest rates steady at its September and October meetings, but left open the possibility of another rate hike before the end of the calendar year.¹

US equity markets posted strong gains in the fourth quarter of 2023 as investors anticipated the potential end of interest rate hikes by the Fed. Inflation slowed during the period as the CPI 12-month headline inflation rate fell to 3.1% in November from 3.7% in September, significantly below the 2022 peak.² The Fed kept rates steady at its mid-December meeting and indicated that three rate cuts are expected in 2024. Fed chairman Powell noted that “the Fed’s policy rate is likely at or near its peak for this tightening cycle,” which prompted a strong equity rally into year end and the yield on the 10-year US Treasury to fall from nearly 5% in October to below 4%.³

Despite higher rates and increased market volatility, US stocks for the fiscal year had positive returns of 26.29%, as measured by the S&P 500 Index.⁴

Convertible securities (as represented by the ICE BofA US Convertible Index) participated in the rally, returning 12.87% for the year ended December 31, 2023.⁵ Within the index, consumer discretionary, technology and materials had the highest returns, while utilities and transportation were the only sec-

tors that declined. New US convertible issuance totaled $53.4 billion in 2023, up from a historically weak $28.7 billion in 2022.⁵ Issuance in 2023 was still far below the record issuance amid the pandemic in 2020-2021, but in line with historical averages.⁵

Security selection in the health care sector was the largest detractor from the Fund’s performance relative to the ICE BofA US Convertible Index during the fiscal year, due in part to overweight positions in Dexcom and Insulet. Insulet manufactures and sells automated insulin delivery systems and Dexcom makes continuous glucose monitors. The stocks and convertibles of both companies declined along with other medical device makers amid concerns about future growth prospects, due to the popularity of GLP-1 agonist drugs for diabetes like Ozempic. We held both positions at year-end.

The Fund’s lack of exposure to BridgeBio Pharma (not a Fund holding) also hurt relative performance as the two convertible issues from this company were up over 100% each for the year.

Security selection in consumer discretionary was another detractor from the Fund’s performance relative to its benchmark index, particularly due to the Fund’s overweights in Burlington Stores, Vail Resorts and Marriott Vacations Worldwide. During the period, off-price retailer Burlington Stores reported weaker than expected earnings and revenues. Same store sales also came in below expectations. Vail Resorts’ stock and convertible issues dropped sharply following its earnings releases in the second half of the year, which reflected the slow summer period. The company reported weaker guidance, with earnings missed due to poor weather conditions in Australia and underperformance in the North America summer season due to normalizing US leisure demand. However, the company’s season pass sales were strong going into the North American ski season. Timeshare operator Marriott Vacations Worldwide performed well immediately after the pandemic, but a potential recession and moderating travel trends put pressure on the stock and convertible. We maintained our positions in these issues at year-end.

The Fund’s underweight in Carnival Corp. and Royal Caribbean also hurt relative performance in the consumer discretionary sector. Both companies have benefited from a strong rebound in bookings following the end of the pandemic.

Security selection and an underweight in technology also weighed on the Fund’s relative performance. Within the sector, Enphase Energy and Microchip Technology were key detractors. Enphase Energy’s stock and convertible dropped sharply following its earnings report, which indicated a slowdown in sales and weaker outlook going forward. Microchip traded lower amid overall volatility within the semiconductor industry as investors worried about a potential recession. The backlog that

2 Invesco Convertible Securities Fund

helped the company in prior quarters has abated and the supply/demand environment is normalizing, meaning, we believe, potentially tougher comparisons going forward. We sold our positions in these issues during the fiscal year.

The Fund’s underweight in Palo Alto Networks, MicroStrategy and MongoDB,and lack of exposure to Marathon Digital also contributed to the Fund’s underperformance relative to its benchmark as these issues had strong returns. Cybersecurity firm Palo Alto Networks benefited from industry consolidation which drove revenue growth and profitability. Palo Alto was one of the top performers in the first half of the year.

The Fund benefited from security selection in industrials and materials. Within industrials, key contributors included RBC Bearings, Axon Enterprise and Greenbrier Companies. The Fund’s lack of exposure to Plug Power (not a Fund holding) also helped relative performance, as this was one of the weaker issues in the sector. RBC Bearings is a manufacturer of precision bearings and products used in aircraft and mechanical systems. During the year, the company reported higher sales and strength in its aerospace and defense business. We held these positions at year-end.

In materials, the Fund’s overweight exposure to Parsons was a key contributor to the Fund’s performance relative to its benchmark index. Parsons provides technology-driven solutions in the defense, intelligence, and critical infrastructure markets. The company reported a double-digit revenue increase during the year. We held this issue at year-end.

During the year, we sold or exchanged higher priced convertibles where applicable and redeployed those assets into what we viewed to be more attractively priced issues trading closer to par value. The Fund’s largest absolute sector exposures at year-end were in technology and health care. The Fund’s largest overweight positions relative to the benchmark were in health care and consumer discretionary, while the largest underweight positions were in technology and transportation.

As always, we are focused on the area of the market that we believe offers the best opportunity – balanced convertibles that offer both upside participation should their underlying stocks rise, along with downside support via the securities’ fixed-income attributes. We seek to avoid issue-specific underperformers, and we continue to seek companies with healthy balance sheets and reasonable valuations that can benefit from the current economic environment.

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

1 Source: US Federal Reserve

2 Source: US Bureau of Labor Statistics

3 Source: Bloomberg LP

4 Source: Lipper Inc.

5 BofA Global Research, ICE Data Indices, LLC

Portfolio manager(s):

Ramez Nashed

Robert Young - Lead

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

3 Invesco Convertible Securities Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/13

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

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

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

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

4 Invesco Convertible Securities Fund


Average Annual Total Returns
As of 12/31/23, including maximum applicable sales charges

Class A Shares
Inception (7/28/97)	6.80	%
10 Years	6.20
5 Years	9.52
1 Year	1.92

Class C Shares
Inception (7/28/97)	6.78	%
10 Years	6.19
5 Years	9.97
1 Year	6.12

Class Y Shares
Inception (7/28/97)	7.29	%
10 Years	7.07
5 Years	11.05
1 Year	8.17

Class R5 Shares
Inception (5/23/11)	7.50	%
10 Years	7.10
5 Years	11.07
1 Year	8.22

Class R6 Shares
Inception (9/24/12)	8.33	%
10 Years	7.18
5 Years	11.16
1 Year	8.29

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.

5 Invesco Convertible Securities Fund

Supplemental Information

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

∎	Unless otherwise stated, information presented in this report is as of December 31, 2023, and is based on total net assets.

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

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

About indexes used in this report

∎

The ICE BofA 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. Prior to July 1, 2022, index returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, index returns reflect no deduction for taxes, but include transaction costs (as determined and calculated by the index provider), which may be higher or lower than the actual transaction costs incurred by the Fund.

∎	The Lipper Convertible Securities Funds Index is an unmanaged index considered representative of convertible securities funds tracked by Lipper.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.


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


NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

6 Invesco Convertible Securities Fund

Fund Information

Portfolio Composition


By sector		% of total net assets

Information Technology		26.31%

Health Care		18.22

Consumer Discretionary		15.92

Financials		9.69

Utilities		7.69

Industrials		7.06

Communication Services		7.00

Consumer Staples		3.06

Real Estate		2.77

Energy		1.14
Money Market Funds Plus Other Assets Less Liabilities		1.14

Top Five Debt Issuers*


		% of total net assets

1.	DexCom, Inc.	2.20%
2.	Palo Alto Networks, Inc.	2.14
3.	Rivian Automotive, Inc.	1.88
4.	Jazz Investments I Ltd.	1.81
5.	Splunk, Inc.	1.73

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

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2023.

7 Invesco Convertible Securities Fund

Schedule of Investments^(a)

December 31, 2023


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–90.70%
Aerospace & Defense–0.91%
Axon Enterprise, Inc., Conv., 0.50%, 12/15/2027	$	6,000,000	$	7,593,000

Alternative Carriers–0.73%
Match Group Financeco 3, Inc., Conv., 2.00%, 01/15/2030^(b)		7,000,000		6,111,700

Apparel Retail–0.82%
Burlington Stores, Inc., Conv., 1.25%, 12/15/2027^(b)		6,005,000		6,788,653

Application Software–10.28%
Bentley Systems, Inc., Conv., 0.13%, 01/15/2026		10,674,000		10,600,349
BILL Holdings, Inc., Conv., 0.00%, 12/01/2025^(c)		9,800,000		9,241,400
Box, Inc., Conv., 0.00%, 01/15/2026^(c)		3,000,000		3,363,000
Datadog, Inc., Conv., 0.13%, 06/15/2025		5,000,000		7,005,000
Dropbox, Inc., Conv., 0.00%, 03/01/2026^(c)		9,383,000		9,251,638
Envestnet, Inc., Conv., 2.63%, 12/01/2027		8,000,000		7,930,000
HubSpot, Inc., Conv., 0.38%, 06/01/2025		1,000,000		2,075,500
MicroStrategy, Inc., Conv., 0.75%, 12/15/2025		3,000,000		4,968,900
RingCentral, Inc., Conv., 0.00%, 03/01/2025^(c)		3,750,000		3,506,250
Splunk, Inc., Conv., 1.13%, 06/15/2027		14,793,000		14,400,986
Tyler Technologies, Inc., Conv., 0.25%, 03/15/2026		10,000,000		10,135,000
Workiva, Inc., Conv., 1.25%, 08/15/2028^(b)		3,000,000		3,040,500
				85,518,523

Automobile Manufacturers–1.88%
Rivian Automotive, Inc., Conv., 4.63%, 03/15/2029^(b)		5,700,000		8,031,300
3.63%, 10/15/2030^(b)		6,200,000		7,645,220
				15,676,520

Biotechnology–6.13%
Alnylam Pharmaceuticals, Inc., Conv., 1.00%, 09/15/2027		5,270,000		5,204,125
BioMarin Pharmaceutical, Inc., Conv., 1.25%, 05/15/2027		8,800,000		9,080,720
Exact Sciences Corp., Conv., 0.38%, 03/15/2027		6,371,000		6,195,797
0.38%, 03/01/2028		6,000,000		5,640,000
Insmed, Inc., Conv., 0.75%, 06/01/2028		5,000,000		5,735,000
Jazz Investments I Ltd., Conv., 2.00%, 06/15/2026		14,900,000		15,101,150



	Principal Amount		Value
Biotechnology–(continued)
Sarepta Therapeutics, Inc., Conv., 1.25%, 09/15/2027	$	4,000,000	$	4,067,600
				51,024,392

Broadcasting–0.65%
Liberty Media Corp., Conv., 2.38%, 09/30/2028^(b)(d)		5,000,000		5,430,000

Broadline Retail–0.70%
Etsy, Inc., Conv., 0.13%, 10/01/2026		3,000,000		3,463,500
0.13%, 09/01/2027		2,778,000		2,376,857
				5,840,357

Cable & Satellite–1.75%
Cable One, Inc., Conv., 1.13%, 03/15/2028		2,000,000		1,525,000
Liberty Broadband Corp., Conv., 3.13%, 04/06/2026^(b)(d)		13,115,000		13,024,506
				14,549,506

Casinos & Gaming–0.49%
DraftKings Holdings, Inc., Conv., 0.00%, 03/15/2028^(c)		5,000,000		4,057,500

Communications Equipment–0.61%
Lumentum Holdings, Inc., Conv., 0.25%, 03/15/2024		5,000,000		5,031,500

Computer & Electronics Retail–1.46%
Seagate HDD Cayman, Conv., 3.50%, 06/01/2028^(b)		10,000,000		12,115,000

Construction & Engineering–1.31%
Fluor Corp., Conv., 1.13%, 08/15/2029^(b)		10,000,000		10,912,500

Construction Machinery & Heavy Transportation Equipment– 0.30%
Greenbrier Cos., Inc. (The), Conv., 2.88%, 04/15/2028		2,500,000		2,465,000

Distillers & Vintners–0.56%
MGP Ingredients, Inc., Conv., 1.88%, 11/15/2026^(d)		4,000,000		4,680,000

Diversified Banks–0.46%
Barclays Bank PLC (United Kingdom), Conv., 0.00%, 02/04/2025^(c)		2,000,000		3,800,320

Electric Utilities–5.39%
Alliant Energy Corp., Conv., 3.88%, 03/15/2026^(b)		2,300,000		2,294,250
Duke Energy Corp., Conv., 4.13%, 04/15/2026^(b)		8,400,000		8,442,000
Evergy, Inc., Conv., 4.50%, 12/15/2027^(b)		5,000,000		5,157,500
FirstEnergy Corp., Conv., 4.00%, 05/01/2026^(b)		8,458,000		8,419,939
NRG Energy, Inc., Conv., 2.75%, 09/01/2025^(d)		3,000,000		3,870,000

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

8 Invesco Convertible Securities Fund


	Principal Amount		Value
Electric Utilities–(continued)
PG&E Corp., Conv., 4.25%, 12/01/2027^(b)	$	7,900,000	$	8,318,700
Southern Co. (The), Conv., 3.88%, 12/15/2025^(b)		8,300,000		8,345,650
				44,848,039

Electronic Components–0.24%
Vishay Intertechnology, Inc., Conv., 2.25%, 09/15/2030^(b)		2,000,000		1,974,000

Electronic Equipment & Instruments–0.58%
Advanced Energy Industries, Inc., Conv., 2.50%, 09/15/2028^(b)		4,600,000		4,864,500

Financial Exchanges & Data–1.20%
Coinbase Global, Inc., Conv., 0.50%, 06/01/2026		11,000,000		10,016,600

Food Distributors–0.46%
Chefs’ Warehouse, Inc. (The), Conv., 2.38%, 12/15/2028		4,000,000		3,816,868

Health Care Equipment–8.73%
CONMED Corp., Conv., 2.25%, 06/15/2027		12,000,000		12,052,800
DexCom, Inc., Conv., 0.25%, 11/15/2025		17,480,000		18,336,520
Enovis Corp., Conv., 3.88%, 10/15/2028^(b)		4,000,000		4,810,000
Envista Holdings Corp., Conv., 1.75%, 08/15/2028^(b)		3,000,000		2,745,000
Insulet Corp., Conv., 0.38%, 09/01/2026		10,000,000		11,540,000
Integer Holdings Corp., Conv., 2.13%, 02/15/2028^(b)		6,500,000		8,326,500
Shockwave Medical, Inc., Conv., 1.00%, 08/15/2028^(b)		7,000,000		6,849,500
TransMedics Group, Inc., Conv., 1.50%, 06/01/2028^(b)		7,000,000		7,936,600
				72,596,920

Health Care REITs–1.28%
Ventas Realty L.P., Conv., 3.75%, 06/01/2026^(b)		3,750,000		3,975,000
Welltower OP LLC, Conv., 2.75%, 05/15/2028^(b)		6,000,000		6,663,600
				10,638,600

Health Care Services–0.39%
NeoGenomics, Inc., Conv., 0.25%, 01/15/2028		4,275,000		3,271,338

Health Care Supplies–1.11%
Lantheus Holdings, Inc., Conv., 2.63%, 12/15/2027		3,770,000		4,243,512
Merit Medical Systems, Inc., Conv., 3.00%, 02/01/2029^(b)		4,500,000		5,001,750
				9,245,262

Health Care Technology–0.21%
Evolent Health, Inc., Conv., 3.50%, 12/01/2029^(b)		1,500,000		1,756,500


	Principal Amount		Value
Homefurnishing Retail–1.11%
Wayfair, Inc., Conv., 3.25%, 09/15/2027	$	7,500,000	$	9,272,250

Hotels, Resorts & Cruise Lines–5.53%
Airbnb, Inc., Conv., 0.00%, 03/15/2026^(c)		7,450,000		6,709,470
Booking Holdings, Inc., Conv., 0.75%, 05/01/2025		4,004,000		7,562,755
Carnival Corp., Conv., 5.75%, 12/01/2027		4,000,000		6,584,000
Expedia Group, Inc., Conv., 0.00%, 02/15/2026^(c)		10,034,000		9,537,317
Marriott Vacations Worldwide Corp., Conv., 3.25%, 12/15/2027		5,000,000		4,447,500
Royal Caribbean Cruises Ltd., Conv., 6.00%, 08/15/2025		4,200,000		11,201,400
				46,042,442

Interactive Home Entertainment–0.95%
Spotify USA, Inc., Conv., 0.00%, 03/15/2026^(c)		9,000,000		7,942,500

Interactive Media & Services–0.87%
Snap, Inc., Conv., 0.75%, 08/01/2026		6,800,000		7,253,900

Internet Services & Infrastructure–5.99%
Akamai Technologies, Inc., Conv., 0.38%, 09/01/2027		12,600,000		14,093,100
Cloudflare, Inc., Conv., 0.00%, 08/15/2026^(c)		8,560,000		7,718,980
MongoDB, Inc., Conv., 0.25%, 01/15/2026		2,000,000		3,957,500
Okta, Inc., Conv., 0.13%, 09/01/2025		6,000,000		5,553,000
0.38%, 06/15/2026		8,582,000		7,629,398
Shopify, Inc. (Canada), Conv., 0.13%, 11/01/2025		11,500,000		10,902,000
				49,853,978

Leisure Facilities–2.47%
NCL Corp. Ltd., Conv., 5.38%, 08/01/2025		9,500,000		12,236,000
Vail Resorts, Inc., Conv., 0.00%, 01/01/2026^(c)		9,262,000		8,283,701
				20,519,701

Life Sciences Tools & Services–0.61%
Repligen Corp., Conv., 1.00%, 12/15/2028^(b)		4,500,000		5,044,500

Movies & Entertainment–2.05%
Liberty Media Corp.-Liberty Formula One, Conv., 2.25%, 08/15/2027		9,200,000		9,378,726
Live Nation Entertainment, Inc., Conv., 2.00%, 02/15/2025		7,300,000		7,715,370
				17,094,096

Multi-Utilities–0.66%
CMS Energy Corp., Conv., 3.38%, 05/01/2028^(b)		5,500,000		5,467,000

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

9 Invesco Convertible Securities Fund


	Principal Amount		Value
Oil & Gas Exploration & Production–1.14%
EQT Corp., Conv., 1.75%, 05/01/2026	$	500,000	$	1,329,700
Northern Oil and Gas, Inc., Conv., 3.63%, 04/15/2029		6,857,000		8,118,688
				9,448,388

Other Specialty Retail–0.73%
National Vision Holdings, Inc., Conv., 2.50%, 05/15/2025		6,000,000		6,033,000

Packaged Foods & Meats–2.04%
Freshpet, Inc., Conv., 3.00%, 04/01/2028^(b)		4,000,000		5,751,000
Post Holdings, Inc., Conv., 2.50%, 08/15/2027		11,070,000		11,241,585
				16,992,585

Passenger Airlines–0.80%
American Airlines Group, Inc., Conv., 6.50%, 07/01/2025		6,000,000		6,675,000

Passenger Ground Transportation–1.58%
Uber Technologies, Inc., Series 2028, Conv., 0.88%, 12/01/2028^(b)		12,000,000		13,110,000

Pharmaceuticals–1.04%
Amphastar Pharmaceuticals, Inc., Conv., 2.00%, 03/15/2029^(b)		5,120,000		6,233,600
Pacira BioSciences, Inc., Conv., 0.75%, 08/01/2025		2,575,000		2,386,703
				8,620,303

Real Estate Services–1.49%
Zillow Group, Inc., Conv., 1.38%, 09/01/2026		9,000,000		12,357,000

Research & Consulting Services–0.78%
Parsons Corp., Conv., 0.25%, 08/15/2025		4,500,000		6,459,750

Restaurants–0.73%
Cheesecake Factory, Inc. (The), Conv., 0.38%, 06/15/2026		6,998,000		6,070,765

Semiconductors–3.43%
Impinj, Inc., Conv., 1.13%, 05/15/2027		3,000,000		3,281,400
MACOM Technology Solutions Holdings, Inc., Conv., 0.25%, 03/15/2026		7,200,000		8,892,000
ON Semiconductor Corp., Conv., 0.50%, 03/01/2029^(b)		12,140,000		12,959,450
Wolfspeed, Inc., Conv., 1.75%, 05/01/2026		3,000,000		3,427,500
				28,560,350

Systems Software–3.93%
CyberArk Software Ltd., Conv., 0.00%, 11/15/2024^(c)		3,500,000		4,973,500
Palo Alto Networks, Inc., Conv., 0.38%, 06/01/2025		6,000,000		17,808,000


	Principal Amount		Value
Systems Software–(continued)
Zscaler, Inc., Conv., 0.13%, 07/01/2025	$	6,500,000	$	9,883,250
				32,664,750

Technology Hardware, Storage & Peripherals–1.25%
Western Digital Corp., Conv., 3.00%, 11/15/2028^(b)		8,500,000		10,416,750

Transaction & Payment Processing Services–2.00%
Affirm Holdings, Inc., Conv., 0.00%, 11/15/2026^(c)		7,000,000		5,757,500
Shift4 Payments, Inc., Conv., 0.00%, 12/15/2025^(c)		9,800,000		10,921,120
				16,678,620

Water Utilities–0.89%
American Water Capital Corp., Conv., 3.63%, 06/15/2026^(b)		7,400,000		7,425,900
Total U.S. Dollar Denominated Bonds & Notes (Cost $712,146,870)				754,626,626

	Shares

Preferred Stocks–8.16%
Diversified Banks–5.01%
Bank of America Corp., 7.25%, Series L, Conv. Pfd.		17,100		20,610,288
Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd.		17,600		21,042,912
				41,653,200

Diversified Financial Services–1.02%
Apollo Global Management, Inc., 6.75%, Conv. Pfd.		150,800		8,503,612

Electric Utilities–0.75%
NextEra Energy, Inc., 6.93%, Conv. Pfd.		165,000		6,289,800

Industrial Machinery & Supplies & Components–1.38%
Chart Industries, Inc., 6.75%, Series B, Conv. Pfd.		73,000		4,057,340
RBC Bearings, Inc., 5.00%, Series A, Conv. Pfd.		57,044		7,404,882
				11,462,222
Total Preferred Stocks (Cost $62,479,483)				67,908,834

Money Market Funds–0.88%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(e)(f)		2,570,371		2,570,371
Invesco Liquid Assets Portfolio, Institutional Class, 5.47%^(e)(f)		1,834,695		1,835,979
Invesco Treasury Portfolio, Institutional Class, 5.26%^(e)(f)		2,937,567		2,937,567
Total Money Market Funds (Cost $7,343,917)				7,343,917
TOTAL INVESTMENTS IN SECURITIES–99.74% (Cost $781,970,270)				829,879,377
OTHER ASSETS LESS LIABILITIES–0.26%				2,158,226
NET ASSETS–100.00%			$	832,037,603


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

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

10 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 December 31, 2023 was $235,388,568, which represented 28.29% 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 holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2023.


	Value December 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value December 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$11,854,025	$	92,595,793	$	(101,879,447	)		$ -		$ -		$ 2,570,371		$855,854
Invesco Liquid Assets Portfolio, Institutional Class		8,904,180		66,139,852		(73,213,813	)		(3,752)		9,512		1,835,979		647,613
Invesco Treasury Portfolio, Institutional Class		13,547,457		105,823,763		(116,433,653	)		-		-		2,937,567		976,525
Total		$34,305,662	$	264,559,408	$	(291,526,913	)		$(3,752)		$9,512		$7,343,917		$2,479,992

^(f)	The rate shown is the 7-day SEC standardized yield as of December 31, 2023.

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

11 Invesco Convertible Securities Fund

Statement of Assets and Liabilities

December 31, 2023


Assets:
Investments in unaffiliated securities, at value (Cost $ 774,626,353)	$	822,535,460


Investments in affiliated money market funds, at value (Cost $ 7,343,917)		7,343,917


Receivable for:
Investments sold		2,192,502


Fund shares sold		346,077


Dividends		602,790


Interest		2,366,378


Investment for trustee deferred compensation and retirement plans		92,671


Other assets		41,508


Total assets		835,521,303



Liabilities:
Payable for:
Fund shares reacquired		943,358


Amount due custodian		1,997,100


Accrued fees to affiliates		347,821


Accrued other operating expenses		55,851


Trustee deferred compensation and retirement plans		139,570


Total liabilities		3,483,700


Net assets applicable to shares outstanding	$	832,037,603



Net assets consist of:
Shares of beneficial interest	$	803,157,768


Distributable earnings		28,879,835


	$	832,037,603


Net Assets:
Class A	$	460,620,571


Class C	$	16,263,282


Class Y	$	307,044,086


Class R5	$	724,208


Class R6	$	47,385,456



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		20,503,998


Class C		729,970


Class Y		13,641,304


Class R5		32,243


Class R6		2,108,681


Class A:
Net asset value per share	$	22.46


Maximum offering price per share (Net asset value of $22.46 ÷ 94.50%)	$	23.77


Class C:
Net asset value and offering price per share	$	22.28


Class Y:
Net asset value and offering price per share	$	22.51


Class R5:
Net asset value and offering price per share	$	22.46


Class R6:
Net asset value and offering price per share	$	22.47

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

12 Invesco Convertible Securities Fund

Statement of Operations

For the year ended December 31, 2023


Investment income:
Interest	$	12,528,482


Dividends		5,879,998


Dividends from affiliated money market funds		2,479,992


Total investment income		20,888,472



Expenses:
Advisory fees		4,962,778


Administrative services fees		143,058


Custodian fees		8,561


Distribution fees:
Class A		1,176,821


Class C		185,285


Transfer agent fees – A, C and Y		1,026,716


Transfer agent fees – R5		668


Transfer agent fees – R6		47,857


Trustees’ and officers’ fees and benefits		26,105


Registration and filing fees		91,921


Reports to shareholders		107,599


Professional services fees		76,202


Other		19,797


Total expenses		7,873,368


Less: Fees waived and/or expense offset arrangement(s)		(64,016	)


Net expenses		7,809,352


Net investment income		13,079,120



Realized and unrealized gain (loss) from:
Net realized gain (loss) from: Unaffiliated investment securities		(22,194,520	)


Affiliated investment securities		9,512


		(22,185,008	)


Change in net unrealized appreciation (depreciation) of: Unaffiliated investment securities		82,954,385


Affiliated investment securities		(3,752	)


		82,950,633


Net realized and unrealized gain		60,765,625


Net increase in net assets resulting from operations	$	73,844,745

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

13 Invesco Convertible Securities Fund

Statement of Changes in Net Assets

For the years ended December 31, 2023 and 2022


	2023			2022


Operations:
Net investment income	$	13,079,120		$	10,806,145


Net realized gain (loss)		(22,185,008	)		3,486,068


Change in net unrealized appreciation (depreciation)		82,950,633			(216,569,632	)

Net increase (decrease) in net assets resulting from operations		73,844,745			(202,277,419	)


Distributions to shareholders from distributable earnings:
Class A		(5,945,621	)		(18,142,854	)


Class C		(96,475	)		(644,843	)


Class Y		(4,870,385	)		(14,432,013	)


Class R5		(10,866	)		(22,202	)


Class R6		(2,635,818	)		(5,880,841	)

Total distributions from distributable earnings		(13,559,165	)		(39,122,753	)


Share transactions–net:
Class A		(60,939,626	)		(53,910,378	)


Class C		(6,718,352	)		(15,661,262	)


Class Y		(58,248,014	)		(120,239,335	)


Class R5		127,539			(3,856	)


Class R6		(120,904,491	)		123,442,993

Net increase (decrease) in net assets resulting from share transactions		(246,682,944	)		(66,371,838	)

Net increase (decrease) in net assets		(186,397,364	)		(307,772,010	)


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

End of year	$	832,037,603		$	1,018,434,967

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

14 Invesco Convertible Securities Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 12/31/23		$	21.09		$	0.26			$	1.38			$	1.64			$	(0.27	)		$	–			$	(0.27	)		$	22.46		7.87	%		$	460,621		0.93	%		0.94	%		1.21	%		65	%
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	^(d)			473,599		0.90	^(d)		0.90	^(d)		1.13	^(d)		57
Class C
Year ended 12/31/23			20.91			0.10				1.38				1.48				(0.11	)			–				(0.11	)			22.28		7.12	^(e)			16,263		1.66	^(e)		1.67	^(e)		0.48	^(e)		65
Year ended 12/31/22			25.72			0.03				(4.22	)			(4.19	)			(0.03	)			(0.59	)			(0.62	)			20.91		(16.35	)^(e)			21,915		1.66	^(e)		1.66	^(e)		0.13	^(e)		45
Year ended 12/31/21			31.73			(0.09	)			1.16				1.07				(0.02	)			(7.06	)			(7.08	)			25.72		3.94	^(f)			44,798		1.60	^(f)		1.60	^(f)		(0.29	)^(f)		61
Year ended 12/31/20			24.51			0.03				10.41				10.44				(0.16	)			(3.06	)			(3.22	)			31.73		43.25				61,221		1.66			1.66			0.09			65
Year ended 12/31/19			21.31			0.10				4.26				4.36				(0.18	)			(0.98	)			(1.16	)			24.51		20.54	^(d)			65,607		1.63	^(d)		1.63	^(d)		0.40	^(d)		57
Class Y
Year ended 12/31/23			21.13			0.31				1.40				1.71				(0.33	)			–				(0.33	)			22.51		8.17				307,044		0.68			0.69			1.46			65
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
Class R5
Year ended 12/31/23			21.08			0.32				1.39				1.71				(0.33	)			–				(0.33	)			22.46		8.22				724		0.65			0.66			1.49			65
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
Class R6
Year ended 12/31/23			21.09			0.33				1.40				1.73				(0.35	)			–				(0.35	)			22.47		8.29				47,385		0.58			0.59			1.56			65
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

^(a)	Calculated using average shares outstanding.

^(b)

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

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

^(e)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.98% for the years ended December 31, 2023 and 2022, 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 0.97% for Class C shares.

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

15 Invesco Convertible Securities Fund

Notes to Financial Statements

December 31, 2023

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

16 Invesco Convertible Securities Fund

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.

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

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

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

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

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

Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated 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.

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.

17 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 year ended December 31, 2023, the effective advisory fee rate incurred by the Fund was 0.51%.

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, 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 “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

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 year ended December 31, 2023, the Adviser waived advisory fees of $54,140.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended December 31, 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 master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted distribution and service plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C 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 and up to 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 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 year ended December 31, 2023, IDI advised the Fund that IDI retained $41,839 in front-end sales commissions from the sale of Class A shares and $1,723 and $763 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, whenthere 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 bestavailable information.

18 Invesco Convertible Securities Fund

Level 1

Level 2

Level 3

Total

Investments in Securities

U.S. Dollar Denominated Bonds & Notes

$ –

$754,626,626

$–

$754,626,626

Preferred Stocks

67,908,834

–

67,908,834

Money Market Funds

7,343,917

–

7,343,917

Total Investments

$75,252,751

$754,626,626

$–

$829,879,377

NOTE 4 – Expense Offset Arrangement(s)

NOTE 5 – Trustees’ and Officers’ Fees and Benefits

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

NOTE 6 – Cash Balances

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2023 and 2022:



	2023		2022
Ordinary income*	$	13,559,165	$	12,728,268
Long-term capital gain		–		26,394,485
Total distributions	$	13,559,165	$	39,122,753

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

Tax Components of Net Assets at Period-End:


	2023
Undistributed ordinary income	$	12,551,579
Net unrealized appreciation – investments		45,509,456
Temporary book/tax differences		(108,170	)
Capital loss carryforward		(29,073,030	)
Shares of beneficial interest		803,157,768
Total net assets	$	832,037,603

The Fund has a capital loss carryforward as of December 31, 2023, as follows:


Capital Loss Carryforward*
Expiration		Short-Term		Long- Term		Total
Not subject to expiration	$	7,454,884	$	21,618,146	$	29,073,030

*	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.

19 Invesco Convertible Securities Fund

NOTE 8 – Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2023 was $588,022,337 and $790,380,339, 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	$	63,569,921
Aggregate unrealized (depreciation) of investments		(18,060,465	)
Net unrealized appreciation of investments	$	45,509,456

Cost of investments for tax purposes is $784,369,921.

NOTE 9 – Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of deemed dividends and amortization and accretion on debt securities, on December 31, 2023, undistributed net investment income was increased by $7,290,031 and undistributed net realized gain (loss) was decreased by $7,290,031. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10 – Share Information


				Summary of Share Activity
	Year ended						Year ended
	December 31, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		878,866		$	18,829,325			1,247,434		$	28,648,289
Class C		73,648			1,568,731			96,634			2,193,782
Class Y		1,891,020			40,523,602			4,114,601			94,372,792
Class R5		11,624			249,699			518			11,755
Class R6		634,070			13,498,817			6,365,089			142,204,287

Issued as reinvestment of dividends:
Class A		236,714			5,064,803			716,823			15,556,769
Class C		4,014			85,161			27,741			594,742
Class Y		164,425			3,522,158			499,435			10,874,856
Class R5		410			8,759			927			20,114
Class R6		115,483			2,470,391			257,346			5,569,262

Automatic conversion of Class C shares to Class A shares:
Class A		128,106			2,722,755			359,355			8,145,807
Class C		(129,298	)		(2,722,755	)		(362,500	)		(8,145,807	)

Reacquired:
Class A		(4,092,895	)		(87,556,509	)		(4,688,973	)		(106,261,243	)
Class C		(266,478	)		(5,649,489	)		(455,541	)		(10,303,979	)
Class Y		(4,764,433	)		(102,293,774	)		(9,912,476	)		(225,486,983	)
Class R5		(6,161	)		(130,919	)		(1,626	)		(35,725	)
Class R6		(6,133,933	)		(136,873,699	)		(1,107,651	)		(24,330,556	)
Net increase (decrease) in share activity		(11,254,818	)	$	(246,682,944	)		(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 47% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

20 Invesco Convertible Securities Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Convertible Securities Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 21, 2024

21 Invesco Convertible Securities Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/23)	Ending Account Value (12/31/23)¹	Expenses Paid During Period²	Ending Account Value (12/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,038.00	$4.78	$1,020.52	$4.74	0.93%
Class C	1,000.00	1,034.30	8.51	1,016.84	8.44	1.66
Class Y	1,000.00	1,039.70	3.50	1,021.78	3.47	0.68
Class R5	1,000.00	1,039.40	3.34	1,021.93	3.31	0.65
Class R6	1,000.00	1,039.80	2.98	1,022.28	2.96	0.58

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

22 Invesco Convertible Securities Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2023:



Federal and State Income Tax
Qualified Dividend Income*	64.13	%
Corporate Dividends Received Deduction*	64.32	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	33.81	%

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

23 Invesco Convertible Securities Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustees
Jeffrey H. Kupor¹– 1968 Trustee	2024	Senior Managing Director and General Counsel, Invesco Ltd.; Trustee, Invesco Foundation, Inc.; Director, Invesco Advisers, Inc.; Executive Vice President, Invesco Asset Management (Bermuda), Ltd. and Invesco Investments (Bermuda) Ltd. Formerly: Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation, Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	165	None
Douglas Sharp¹– 1974 Trustee	2024	Senior Managing Director and Head of Americas & EMEA, Invesco Ltd; Director, Chairman and Chief Executive, Invesco Fund Managers Limited Formerly: Director and Chairman, Invesco UK Limited	165	None

¹	Mr. Kupor and Mr. Sharp are considered interested persons (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because they are officers of the Adviser to the Trust, and officers of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Convertible Securities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	165	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Carol Deckbar – 1962 Trustee	2024	Formerly: Executive Vice President and Chief Product Officer, TIAA Financial Services; Executive Vice President and Principal, College Retirement Equities Fund at TIAA; Executive Vice President and Head of Institutional Investments and Endowment Services, TIAA	165	Formerly: Board Member, TIAA Asset Management, Inc.; and Board Member, TH Real Estate Group Holdings Company
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	165	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	165	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	165	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	165	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
James “Jim” Liddy – 1959 Trustee	2024	Formerly: Chairman, Global Financial Services, Americas, KPMG LLP	165	Director and Treasurer, Gulfside Place Condominium Association, Inc. and Non-Executive Director, Kellenberg Memorial High School

T-2 Invesco Convertible Securities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	165	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	165	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	165	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	165	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	165	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Convertible Securities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Glenn Brightman – 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; and Trustee, Invesco Foundation, Inc. Formerly: Senior Vice President, Invesco Group Services, Inc.;. Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Convertible Securities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Manager, Invesco Indexing LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President, The Invesco Funds; Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Convertible Securities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Convertible Securities Fund

(This page intentionally left blank)

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

LOGO

Annual Report to Shareholders

December 31, 2023

Invesco Income Advantage International Fund

Nasdaq:

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


2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

20		Financial Statements

23		Financial Highlights

24		Notes to Financial Statements

32		Report of Independent Registered Public Accounting Firm

33		Fund Expenses

34		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended December 31, 2023, Class A shares of Invesco Income Advantage International Fund (the Fund), at net asset value (NAV), underper-formed the MSCI All Country World ex USA Index, the Fund’s broad market/style-specific benchmark.

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

Fund vs. Indexes


Class A Shares	13.13	%
Class C Shares	12.26
Class R Shares	12.75
Class Y Shares	13.41
Class R5 Shares	13.36
Class R6 Shares	13.37
MSCI All Country World ex USA Index^q(Broad Market/Style-Specific Index)	15.62
Lipper Global Equity Income Funds Index^∎(Peer Group Index)	14.45

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

Market conditions and your Fund

For the first half of 2023, international equity markets continued to deliver gains amid continued interest rate increases, volatility and a banking crisis. The largest shock came in March 2023 as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, along with the subsequent UBS take-over of Credit Suisse, led to a selloff in European financial stocks. Optimism about AI (Artificial Intelligence) boosted technology stocks during the second quarter of 2023. Emerging market equities also posted gains for the first half of 2023, although, China’s equities declined due to weaker-than-expected economic data, real estate developer debt issues and geopolitical concerns.

The first half rally in equities came to a halt in the third quarter of 2023 as international equity markets declined. Concerns about a slowing global economy and interest rates staying “higher for longer” hampered stock returns. During the quarter, value stocks outperformed growth stocks. Energy was the best performing sector, ending the quarter in positive territory, boosted by rising oil prices as Russia and the Organization of Petroleum Exporting Countries cut supplies. International developed market equities underperformed emerging market equities. Within emerging markets, China’s equities were weighed down by concerns in the real estate sector, but positive performance in the United Arab Emirates, Turkey and India offset those results.

Equity markets continued their decline in the month of October, but growth stocks managed to outperform value stocks. However, market sentiment improved significantly in November, as equities rallied sharply in response to favorable economic data, moderate job growth and easing inflation in most regions. Global central banks began to hint at the potential for rate cuts in 2024, giving a

boost to risk assets and helping most major equity indices end the year with meaningful positive performance. China was the one notable market that failed to participate in the late year rally, as expectations for a reopening rebound post COVID-19 lockdowns failed to materialize in the country’s underlying data. For the year, technology and communication services finished as the best performing sectors, while utilities, a rate sensitive sector, and energy, a supply and demand driven sector, finished as two of the worst.

For the fiscal year ended December 31, 2023, the Fund underperformed the MSCI All Country World ex USA Index with performance behavior that was in-line with the team’s expectations for the Fund, given market conditions. The Fund’s underperformance over the year was largely driven by the sub-portfolio of customized ELNs that reduced overall returns relative to the MSCI All Country World ex USA Index as equity markets rallied through much of the year; however, the defensiveness also helped reduce volatility and downside impact to performance during the more volatile periods throughout the year. In addition, the strategy delivered a higher yield relative to the dividend yield of the MSCI All Country World ex USA Index.

Thank you for investing in Invesco Income Advantage International Fund.

Portfolio manager(s):

Mark Ahnrud

John Burrello

Chris Devine

Scott Hixon

Christian Ulrich

Scott Wolle - Lead

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views

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

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

2 Invesco Income Advantage International Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/13

LOGO

1	Source: Lipper Inc.

2	Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

3 Invesco Income Advantage International Fund


Average Annual Total Returns
As of 12/31/23, including maximum applicable sales charges

Class A Shares
Inception (9/15/97)	4.88	%
10 Years	1.78
5 Years	3.71
1 Year	6.92

Class C Shares
Inception (1/2/98)	5.11	%
10 Years	1.73
5 Years	4.11
1 Year	11.26

Class R Shares
Inception (10/31/05)	3.43	%
10 Years	2.10
5 Years	4.62
1 Year	12.75

Class Y Shares
Inception (10/3/08)	5.09	%
10 Years	2.61
5 Years	5.15
1 Year	13.41

Class R5 Shares
Inception (4/30/04)	4.89	%
10 Years	2.72
5 Years	5.22
1 Year	13.36

Class R6 Shares
10 Years	2.58	%
5 Years	5.20
1 Year	13.37

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.

4 Invesco Income Advantage International Fund

Supplemental Information

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

∎	Unless otherwise stated, information presented in this report is as of December 31, 2023, and is based on total net assets.

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

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

About indexes used in this report

∎	The MSCI All Country World ex USA^® Index is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The Lipper Global Equity Income Funds Index is an unmanaged Index considered representative of global equity income funds tracked by Lipper.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.


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

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

5 Invesco Income Advantage International Fund

Fund Information

Portfolio Composition


By sector	% of total net assets
Financials		21.55	%
Industrials		9.59
Information Technology		7.51
Health Care		6.75
Consumer Discretionary		6.07
Consumer Staples		5.62
Energy		4.75
Materials		4.38
Communication Services		4.24
Other Sectors, Each Less than 2% of Net Assets		2.76
Money Market Funds Plus Other Assets Less Liabilities		26.78

Top 10 Equity Holdings*


		% of total net assets
1.	Novo Nordisk A/S, Class B		1.85	%
2.	Samsung Electronics Co. Ltd.		1.28
3.	Taiwan Semiconductor Manufacturing Co. Ltd.		1.27
4.	Petroleo Brasileiro S.A., Preference Shares		1.12
5.	Nestle S.A.		0.96
6.	Roche Holding AG		0.91
7.	Novartis AG		0.84
8.	ASML Holding N.V.		0.70
9.	Sanofi S.A.		0.62
10.	BHP Group Ltd.		0.55

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

*	Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2023.

6 Invesco Income Advantage International Fund

Schedule of Investments

December 31, 2023


	Shares		Value
Common Stocks & Other Equity Interests–61.77%

Australia–2.53%
AGL Energy Ltd.	185	$	1,196
ALS Ltd.	125		1,095
Alumina Ltd.	648		400
Ampol Ltd.	66		1,627
ANZ Group Holdings Ltd.	125		2,209
APA Group	354		2,060
Aristocrat Leisure Ltd.	887		24,644
Aurizon Holdings Ltd.	10,905		28,232
BHP Group Ltd.	9,507		324,803
BlueScope Steel Ltd.	902		14,380
Boral Ltd.^(a)	82		301
Brambles Ltd.	784		7,267
Cochlear Ltd.	17		3,459
Coles Group Ltd.	1,780		19,553
Commonwealth Bank of Australia	70		5,335
Computershare Ltd.	147		2,448
CSL Ltd.	561		109,366
Dexus	295		1,542
Endeavour Group Ltd.	3,160		11,222
Evolution Mining Ltd.	500		1,345
Fortescue Ltd.	3,735		73,644
Glencore PLC	16,123		96,916
Goodman Group	500		8,608
GPT Group (The)	529		1,670
Harvey Norman Holdings Ltd.	215		616
Incitec Pivot Ltd.	538		1,042
James Hardie Industries PLC, CDI^(a)	911		35,124
Lendlease Corp. Ltd.	191		972
Lottery Corp. Ltd. (The)	618		2,039
Macquarie Group Ltd.	16		2,003
Mineral Resources Ltd.	46		2,191
Mirvac Group	1,088		1,548
National Australia Bank Ltd.	131		2,738
Northern Star Resources Ltd.	312		2,895
Orica Ltd.	125		1,359
Origin Energy Ltd.	2,249		12,978
Pilbara Minerals Ltd.	5,930		15,917
Qantas Airways Ltd.^(a)	247		905
Ramsay Health Care Ltd.	62		2,224
REA Group Ltd.	14		1,726
Reece Ltd.	80		1,220
Rio Tinto Ltd.	1,275		118,062
Rio Tinto PLC	958		71,257
Santos Ltd.	864		4,492
Scentre Group Ltd.	6,360		12,952
SEEK Ltd.	90		1,637
Sonic Healthcare Ltd.	1,215		26,549
South32 Ltd.	17,881		40,440
Stockland	3,942		11,955
Telstra Group Ltd.	32,426		87,624
TPG Telecom Ltd.	116		410
Transurban Group	853		7,971
Treasury Wine Estates Ltd.	200		1,472


	Shares		Value
Australia–(continued)
Vicinity Ltd.	1,002	$	1,392
Wesfarmers Ltd.	4,575		177,917
Westpac Banking Corp.	146		2,278
WiseTech Global Ltd.	43		2,204
Woodside Energy Group Ltd.	2,755		58,176
Woolworths Group Ltd.	1,869		47,416
			1,505,023

Austria–0.06%
ANDRITZ AG	30		1,866
Erste Group Bank AG	114		4,618
Mondi PLC	1,204		23,556
OMV AG	39		1,711
Raiffeisen Bank International AG	41		845
Verbund AG	31		2,873
Vienna Insurance Group AG Wiener Versicherung Gruppe	10		292
voestalpine AG	38		1,197
Wienerberger AG	29		966
			37,924

Belgium–0.75%
Ageas S.A./N.V.	42		1,826
Anheuser-Busch InBev S.A./N.V.	2,462		158,917
Colruyt Group N.V	11		496
D’Ieteren Group	6		1,174
Elia Group S.A./N.V.	8		1,001
Galapagos N.V.^(a)	12		490
Groupe Bruxelles Lambert N.V.	3,450		271,698
KBC Group N.V.	73		4,738
Proximus SADP	39		367
Sofina S.A.	4		997
Solvay S.A., Class A	20		613
UCB S.A.	33		2,877
Umicore S.A.	56		1,540
			446,734

Brazil–1.60%
B3 S.A. - Brasil, Bolsa, Balcao	18,297		54,744
Banco BTG Pactual S.A., Series CPO	5,349		41,372
Neoenergia S.A.	4,258		18,700
Petroleo Brasileiro S.A., Preference Shares	86,991		663,725
Raia Drogasil S.A.	1,584		9,589
Rumo S.A.	2,970		14,040
Telefonica Brasil S.A.	1,326		14,566
Vale S.A.	6,177		97,836
XP, Inc., BDR	1,153		30,430
Yara International ASA	164		5,826
			950,828

Burkina Faso–0.00%
Endeavour Mining PLC	51		1,141

Canada–5.25%
Agnico Eagle Mines Ltd.	314		17,216
Algonquin Power & Utilities Corp.	191		1,205

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

7 Invesco Income Advantage International Fund


	Shares		Value
Canada–(continued)
Alimentation Couche-Tard, Inc.	912	$	53,706
AltaGas Ltd.	78		1,638
ARC Resources Ltd.	1,470		21,822
ATCO Ltd., Class I	20		584
Bank of Montreal	197		19,493
Bank of Nova Scotia (The)	331		16,112
Barrick Gold Corp.	1,695		30,624
BCE, Inc.	1,326		52,207
BlackBerry Ltd.^(a)	159		564
Brookfield Asset Management Ltd., Class A	92		3,695
Brookfield Corp.	3,899		156,395
CAE, Inc.^(a)	88		1,899
Cameco Corp.	59		2,544
Canadian Imperial Bank of Commerce	253		12,182
Canadian National Railway Co.	2,251		282,936
Canadian Natural Resources Ltd.	1,497		98,075
Canadian Pacific Kansas City Ltd.	1,755		138,858
Canadian Tire Corp. Ltd., Class A	116		12,319
Canadian Utilities Ltd., Class A	33		794
CCL Industries, Inc., Class B	1,961		88,190
Cenovus Energy, Inc.	1,839		30,644
CGI, Inc., Class A^(a)	56		5,999
Constellation Software, Inc.	71		176,034
Dollarama, Inc.	1,006		72,498
Emera, Inc.	75		2,847
Enbridge, Inc.	3,248		116,924
Fairfax Financial Holdings Ltd.	109		100,565
Finning International, Inc.	42		1,215
Fortis, Inc.	134		5,512
Franco-Nevada Corp.	87		9,637
George Weston Ltd.	163		20,236
GFL Environmental, Inc.	58		2,001
Gildan Activewear, Inc.	49		1,620
Great-West Lifeco, Inc.	1,711		56,635
Hydro One Ltd.^(b)	88		2,637
IGM Financial, Inc.	22		581
Imperial Oil Ltd.	644		36,685
Intact Financial Corp.	538		82,772
Ivanhoe Mines Ltd., Class A^(a)	157		1,522
Keyera Corp.	63		1,523
Kinross Gold Corp.	466		2,820
Loblaw Cos. Ltd.	536		51,891
Magna International, Inc.	610		36,042
Manulife Financial Corp.	11,548		255,179
Metro, Inc.	332		17,186
National Bank of Canada	93		7,089
Nutrien Ltd.	2,694		151,773
Onex Corp.	359		25,069
Open Text Corp.	74		3,110
Pembina Pipeline Corp.	153		5,268
Power Corp. of Canada	2,841		81,239
Quebecor, Inc., Class B	102		2,426
RB Global, Inc.	50		3,346
Restaurant Brands International, Inc.	85		6,641
RioCan REIT	83		1,166
Rogers Communications, Inc., Class B	1,112		52,056
Royal Bank of Canada	382		38,631
Saputo, Inc.	67		1,357


	Shares		Value
Canada–(continued)
Shopify, Inc., Class A^(a)	1,082	$	84,238
SNC-Lavalin Group, Inc.	49		1,578
Sun Life Financial, Inc.	2,200		114,097
Suncor Energy, Inc.	5,558		178,059
TC Energy Corp.	761		29,727
Teck Resources Ltd., Class B	562		23,756
TELUS Corp.	1,141		20,305
TFI International, Inc.	441		59,987
Thomson Reuters Corp.	338		49,417
Toronto-Dominion Bank (The)	505		32,631
Tourmaline Oil Corp.	868		39,036
West Fraser Timber Co. Ltd.	18		1,540
Wheaton Precious Metals Corp.	126		6,216
WSP Global, Inc.	34		4,766
			3,128,787

Chile–0.06%
Antofagasta PLC	94		2,010
Cencosud S.A.	7,659		14,394
Enel Chile S.A.	302,072		19,566
Lundin Mining Corp.	215		1,759
			37,729

China–2.23%
Alibaba Group Holding Ltd.	18,772		180,822
BOC Hong Kong (Holdings) Ltd.	996		2,706
BYD Co. Ltd., H Shares	2,407		66,396
China Overseas Land & Investment Ltd.	11,147		19,666
China Petroleum & Chemical Corp., H Shares	123,682		64,816
China Shenhua Energy Co. Ltd., H Shares	6,481		22,226
China Tower Corp. Ltd., H Shares^(b)	340,908		35,832
CITIC Ltd.	80,569		80,557
COSCO SHIPPING Holdings Co. Ltd., H Shares	54,959		55,259
CSPC Pharmaceutical Group Ltd.	16,846		15,679
Daqo New Energy Corp., ADR^(a)	222		5,905
Dongfeng Motor Group Co. Ltd., H Shares	76,221		37,982
ESR Group Ltd.^(b)	854		1,181
JD.com, Inc., A Shares	3,917		56,574
KE Holdings, Inc., ADR	1,035		16,777
Kunlun Energy Co. Ltd.	33,958		30,646
Lenovo Group Ltd.	24,718		34,591
Li Auto, Inc., A Shares^(a)	1,095		20,516
MINISO Group Holding Ltd., ADR	1,280		26,112
NetEase, Inc.	2,417		43,607
New Oriental Education & Technology Group, Inc.^(a)	4,596		33,503
Nongfu Spring Co. Ltd., H Shares^(b)	2,816		16,295
NXP Semiconductors N.V.	298		68,445
PDD Holdings, Inc., ADR^(a)	846		123,778
PetroChina Co. Ltd., H Shares	115,538		76,346
Ping An Insurance (Group) Co. of China Ltd., H Shares	16,151		73,120
Prosus N.V.	401		11,936
Sino Biopharmaceutical Ltd.	21,742		9,672
Sinopharm Group Co. Ltd., H Shares	5,350		14,021
Smoore International Holdings Ltd.^(b)	498		415
Tencent Music Entertainment Group, ADR^(a)	3,657		32,950
Topsports International Holdings Ltd.^(b)	619		483
Vipshop Holdings Ltd., ADR^(a)	1,307		23,212

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

8 Invesco Income Advantage International Fund


	Shares		Value
China–(continued)
Wharf (Holdings) Ltd. (The)	265	$	854
Wilmar International Ltd.	3,955		10,684
Xinyi Glass Holdings Ltd.	424		476
XPeng, Inc.^(a)	1,426		10,388
Yum China Holdings, Inc.	135		5,728
			1,330,156

Denmark–2.22%
A.P. Moller - Maersk A/S, Class B	81		145,802
Ambu A/S, Class B^(a)	52		810
Ascendis Pharma A/S, ADR^(a)	16		2,015
Carlsberg A/S, Class B	53		6,651
Chr. Hansen Holding A/S	28		2,348
Coloplast A/S, Class B	40		4,571
Danske Bank A/S	186		4,972
Demant A/S^(a)	60		2,632
DSV A/S	25		4,393
Genmab A/S^(a)	18		5,739
GN Store Nord A/S^(a)	32		814
H. Lundbeck A/S	85		413
ISS A/S	51		974
Jyske Bank A/S	13		932
Novo Nordisk A/S, Class B	10,640		1,102,636
Novozymes A/S, Class B	57		3,133
Orsted A/S^(b)	52		2,883
Pandora A/S	23		3,180
ROCKWOOL A/S, Class B	6		1,755
Tryg A/S	903		19,651
Vestas Wind Systems A/S^(a)	271		8,575
			1,324,879

Finland–0.26%
Elisa OYJ	39		1,803
Fortum OYJ	120		1,733
Kesko OYJ, Class B	108		2,141
Kojamo OYJ	40		525
Kone OYJ, Class B	91		4,552
Metso OYJ	193		1,959
Neste OYJ	117		4,159
Nokia OYJ	1,457		4,963
Nordea Bank Abp	930		11,545
Orion OYJ, Class B	38		1,647
Sampo OYJ	809		35,444
Stora Enso OYJ, Class R	617		8,549
TietoEVRY OYJ	29		691
UPM-Kymmene OYJ	1,973		74,423
Wartsila OYJ Abp	130		1,889
			156,023

France–4.44%
Accor S.A.	66		2,526
Adevinta ASA, Class B^(a)	92		1,016
Aeroports de Paris S.A.	9		1,168
Air France-KLM^(a)	23		346
Air Liquide S.A.	1,173		228,378
Airbus SE	162		25,027
ALD S.A.^(b)	63		450
Alstom S.A.	98		1,322
Amundi S.A.^(b)	17		1,160


	Shares		Value
France–(continued)
Arkema S.A.	373	$	42,491
AXA S.A.	5,248		171,381
bioMerieux	11		1,224
BNP Paribas S.A.	297		20,625
Bollore SE	13,923		87,128
Bouygues S.A.	287		10,828
Bureau Veritas S.A.	81		2,049
Capgemini SE	140		29,259
Carrefour S.A.	1,911		34,999
Cie de Saint-Gobain S.A.	127		9,366
Cie Generale des Etablissements Michelin S.C.A.	689		24,753
Cie Plastic Omnium SE	15		199
Covivio S.A.	28		1,507
Credit Agricole S.A.	339		4,819
Danone S.A.	1,918		124,437
Dassault Aviation S.A.	5		991
Dassault Systemes SE	784		38,375
Edenred SE	644		38,540
Eiffage S.A.	186		19,967
ENGIE S.A.	5,190		91,429
EssilorLuxottica S.A.	85		17,068
Eurazeo SE	12		954
Forvia SE^(a)	43		974
Gecina S.A.	20		2,435
Getlink SE	98		1,795
Hermes International S.C.A.	7		14,879
ICADE	330		12,952
Imerys S.A.	9		284
Ipsen S.A.	10		1,193
JCDecaux SE^(a)	17		342
Kering S.A.	65		28,788
Klepierre S.A.	62		1,693
La Francaise des Jeux SAEM^(b)	33		1,199
Legrand S.A.	571		59,462
L’Oreal S.A.	642		320,037
LVMH Moet Hennessy Louis Vuitton SE	199		161,695
Orange S.A.	10,868		123,870
Pernod Ricard S.A.	335		59,202
Publicis Groupe S.A.	870		80,833
Remy Cointreau S.A.	6		765
Renault S.A.	56		2,290
Rexel S.A.	84		2,305
Rubis S.C.A.	26		647
Safran S.A.	525		92,563
Sartorius Stedim Biotech S.A.	7		1,856
Schneider Electric SE	746		150,174
SCOR SE	1,419		41,578
SEB S.A.	7		877
Societe BIC S.A.	7		486
Societe Generale S.A.	208		5,534
Sodexo S.A.	23		2,532
Teleperformance SE	89		13,030
Thales S.A.	27		3,998
TotalEnergies SE	4,623		314,359
Ubisoft Entertainment S.A.^(a)	25		639
Unibail-Rodamco-Westfield SE^(a)	33		2,441
Valeo SE	60		927

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

9 Invesco Income Advantage International Fund


	Shares		Value
France–(continued)
Veolia Environnement S.A.		193	$	6,100
Vinci S.A.		658		82,806
Vivendi SE		164		1,756
Wendel SE		7		625
Worldline S.A.^(a)(b)		593		10,312
				2,644,015

Germany–3.94%
adidas AG		44		8,941
Allianz SE		752		200,965
BASF SE		1,526		82,171
Bayer AG		2,048		75,989
Bayerische Motoren Werke AG		1,296		144,208
Bechtle AG		23		1,152
Beiersdorf AG		27		4,043
Brenntag SE		35		3,217
Carl Zeiss Meditec AG, BR		25		2,721
Commerzbank AG		283		3,364
Continental AG		30		2,548
Covestro AG^(a)(b)		54		3,147
Daimler Truck Holding AG		141		5,297
Deutsche Bank AG		11,326		154,612
Deutsche Boerse AG		541		111,411
Deutsche Lufthansa AG^(a)		113		1,005
Deutsche Post AG		1,299		64,295
Deutsche Telekom AG		7,165		172,270
Dr. Ing. h.c. F. Porsche AG, Preference
Shares^(b)		24		2,114
DWS Group GmbH & Co. KGaA^(b)		11		423
E.ON SE		615		8,263
Evonik Industries AG		57		1,164
Fraport AG Frankfurt Airport Services Worldwide^(a)		10		603
Fresenius Medical Care AG		559		23,371
Fresenius SE & Co. KGaA		1,683		52,166
FUCHS SE, Preference Shares		36		1,602
GEA Group AG		44		1,829
Hannover Rueck SE		181		43,278
Heidelberg Materials AG		1,144		102,260
HelloFresh SE^(a)		46		725
Henkel AG & Co. KGaA, Preference Shares		105		8,446
HOCHTIEF AG		6		665
HUGO BOSS AG		16		1,192
Infineon Technologies AG		361		15,076
KION Group AG		19		811
Knorr-Bremse AG		45		2,906
LANXESS AG		23		719
LEG Immobilien SE		21		1,838
Mercedes-Benz Group AG		2,141		147,724
Merck KGaA		223		35,505
METRO AG^(a)		36		251
MTU Aero Engines AG		15		3,232
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		301		124,859
Nemetschek SE		16		1,381
Porsche Automobil Holding SE, Preference Shares		546		27,902
Puma SE		28		1,558
Rational AG		1		772


	Shares		Value
Germany–(continued)
Rheinmetall AG		60	$	19,028
RWE AG		1,796		81,741
SAP SE		1,550		238,578
Sartorius AG, Preference Shares		12		4,407
Scout24 SE^(b)		20		1,414
Siemens AG		745		139,769
Siemens Energy AG, Class A^(a)		136		1,797
Siemens Healthineers AG^(b)		75		4,354
Suedzucker AG		17		266
Symrise AG		37		4,066
Talanx AG^(a)		17		1,215
TeamViewer SE^(a)(b)		37		575
Telefonica Deutschland Holding AG		243		631
thyssenkrupp AG		137		953
United Internet AG		22		560
Volkswagen AG, Preference Shares		1,474		181,680
Vonovia SE		225		7,070
Wacker Chemie AG		5		630
Zalando SE^(a)(b)		64		1,515
				2,344,240

Greece–0.29%
JUMBO S.A.		856		23,747
Mytilineos S.A.		2,599		105,301
OPAP S.A.		2,564		43,497
				172,545

Guatemala–0.00%
Millicom International Cellular S.A., SDR^(a)		44		788

Hong Kong–1.25%
AIA Group Ltd.		19,040		165,703
ASMPT Ltd.		86		820
Cathay Pacific Airways Ltd.^(a)		268		280
CK Asset Holdings Ltd.		10,977		55,095
CK Hutchison Holdings Ltd.		26,764		143,792
CK Infrastructure Holdings Ltd.		169		935
CLP Holdings Ltd.		2,665		22,019
DFI Retail Group Holdings Ltd.		351		842
Futu Holdings Ltd., ADR^(a)		367		20,049
Hang Lung Properties Ltd.		483		672
Hang Seng Bank Ltd.		201		2,347
Henderson Land Development Co. Ltd.		365		1,124
HK Electric Investments & HK Electric Investments Ltd.		630		380
HKT Trust & HKT Ltd.		949		1,133
Hong Kong & China Gas Co. Ltd. (The)		60,596		46,464
Hong Kong Exchanges & Clearing Ltd.		331		11,353
Hongkong Land Holdings Ltd.		4,841		16,837
Hysan Development Co. Ltd.		163		324
Jardine Matheson Holdings Ltd.		1,121		46,143
Kerry Properties Ltd.		157		287
Link REIT		2,554		14,341
Man Wah Holdings Ltd.		420		288
Melco Resorts & Entertainment Ltd., ADR^(a)		123		1,091
MTR Corp. Ltd.		434		1,685
New World Development Co. Ltd.		380		589
PCCW Ltd.		1,084		578
Power Assets Holdings Ltd.		379		2,197

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

10 Invesco Income Advantage International Fund


	Shares		Value
Hong Kong–(continued)
Prudential PLC		736	$	8,304
Sino Land Co. Ltd.		931		1,012
Sun Hung Kai Properties Ltd.		6,817		73,769
Swire Pacific Ltd., Class A		6,965		58,991
Techtronic Industries Co. Ltd.		368		4,385
WH Group Ltd.		63,217		40,825
Wharf Real Estate Investment Co. Ltd.		430		1,454
				746,108

India–1.22%
DLF Ltd.		2,104		18,349
Dr. Reddy’s Laboratories Ltd., ADR		408		28,389
Hindustan Unilever Ltd.		570		18,238
Infosys Ltd., ADR		4,608		84,695
Larsen & Toubro Ltd.		2,009		85,077
Piramal Enterprises Ltd.		2,042		22,843
Reliance Industries Ltd.		2,946		91,438
SBI Cards & Payment Services Ltd.		19,697		179,729
Sun Pharmaceutical Industries Ltd.		2,254		34,098
Suzlon Energy Ltd.^(a)		49,392		22,654
Tata Consultancy Services Ltd.		2,339		106,527
Tata Motors Ltd.		1,752		16,414
Tata Steel Ltd.		10,929		18,318
				726,769

Indonesia–0.14%
PT Adaro Energy Indonesia Tbk		106,948		16,518
PT Astra International Tbk		140,932		51,683
PT Indofood Sukses Makmur Tbk		35,635		14,929
PT Telkom Indonesia (Persero) Tbk		1,904		488
				83,618

Ireland–0.12%
AerCap Holdings N.V.^(a)		648		48,159
AIB Group PLC		391		1,675
Bank of Ireland Group PLC		284		2,578
Flutter Entertainment PLC^(a)		49		8,698
Glanbia PLC		54		890
Kerry Group PLC, Class A		44		3,819
Kingspan Group PLC		42		3,630
Smurfit Kappa Group PLC		72		2,854
				72,303

Israel–0.20%
Azrieli Group Ltd.		13		841
Bank Hapoalim B.M.		345		3,099
Bank Leumi le-Israel B.M.		406		3,267
Check Point Software Technologies Ltd.^(a)		234		35,753
Elbit Systems Ltd.		7		1,485
ICL Group Ltd.		5,922		29,774
Israel Discount Bank Ltd., Class A		342		1,712
Mizrahi Tefahot Bank Ltd.		56		2,168
Nice Ltd.^(a)		18		3,580
Teva Pharmaceutical Industries Ltd., ADR^(a)		307		3,205
Wix.com Ltd.^(a)		253		31,124
				116,008

Italy–0.79%
A2A S.p.A.		422		867
Amplifon S.p.A.		34		1,178


	Shares		Value
Italy–(continued)
Assicurazioni Generali S.p.A.		7,203	$	152,181
Banca Mediolanum S.p.A.		60		567
Banco BPM S.p.A.		372		1,971
Brembo S.p.A.		40		491
Buzzi S.p.A.		23		699
Coca-Cola HBC AG		57		1,674
Davide Campari-Milano N.V.		137		1,547
DiaSorin S.p.A.		6		618
Enel S.p.A.		4,997		37,177
Eni S.p.A.		4,184		70,966
Ferrari N.V.		328		110,735
FinecoBank Banca Fineco S.p.A.		169		2,542
Hera S.p.A.		219		719
Infrastrutture Wireless Italiane S.p.A.^(b)		87		1,101
Intesa Sanpaolo S.p.A.		4,991		14,606
Italgas S.p.A.		127		727
Leonardo S.p.A.		341		5,634
Mediobanca Banca di Credito Finanziario S.p.A.		224		2,776
Moncler S.p.A.		56		3,448
Nexi S.p.A.^(a)(b)		156		1,278
Pirelli & C. S.p.A.^(b)		72		393
Poste Italiane S.p.A.^(b)		128		1,455
Prada S.p.A.		142		812
Prysmian S.p.A.		511		23,294
Recordati Industria Chimica e Farmaceutica S.p.A.		27		1,456
Salvatore Ferragamo S.p.A.		9		122
Snam S.p.A.		2,621		13,485
Telecom Italia S.p.A.^(a)		3,881		1,263
Terna S.p.A.		390		3,254
UniCredit S.p.A.		460		12,526
				471,562

Japan–9.85%
ABC-MART, Inc.		27		471
ACOM Co. Ltd.		131		327
Advantest Corp.		1,718		57,889
AEON Co. Ltd.		195		4,351
AEON Mall Co. Ltd.		25		314
AGC, Inc.		54		2,001
Aisin Corp.		39		1,360
Ajinomoto Co., Inc.		1,020		39,264
Alfresa Holdings Corp.		52		883
Amada Co. Ltd.		92		956
ANA Holdings, Inc.^(a)		45		975
Asahi Group Holdings Ltd.		125		4,655
Asahi Intecc Co. Ltd.		58		1,176
Asahi Kasei Corp.		331		2,443
ASICS Corp.		43		1,342
Astellas Pharma, Inc.		4,952		58,895
Bandai Namco Holdings, Inc.		157		3,140
Bridgestone Corp.		1,029		42,499
Brother Industries Ltd.		62		987
Calbee, Inc.		22		442
Canon Marketing Japan, Inc.		14		424
Canon, Inc.		2,355		60,414
Capcom Co. Ltd.		46		1,484
Central Japan Railway Co.		200		5,076

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

11 Invesco Income Advantage International Fund


	Shares		Value
Japan–(continued)
Chiba Bank Ltd. (The)		139	$	1,001
Chubu Electric Power Co., Inc.		179		2,311
Chugai Pharmaceutical Co. Ltd.		719		27,163
Concordia Financial Group Ltd.		269		1,226
CyberAgent, Inc.		114		714
Dai Nippon Printing Co. Ltd.		59		1,742
Daifuku Co. Ltd.		84		1,694
Dai-ichi Life Holdings, Inc.		1,767		37,483
Daiichi Sankyo Co. Ltd.		476		13,031
Daikin Industries Ltd.		67		10,869
Daito Trust Construction Co. Ltd.		76		8,797
Daiwa House Industry Co. Ltd.		971		29,354
Daiwa Securities Group, Inc.		19,274		129,370
Denso Corp.		1,432		21,498
Dentsu Group, Inc.		58		1,485
Disco Corp.		163		40,256
East Japan Railway Co.		704		40,524
Ebara Corp.		25		1,474
Eisai Co. Ltd.		68		3,386
Electric Power Development Co. Ltd.		3,108		50,399
ENEOS Holdings, Inc.		800		3,173
FANUC Corp.		1,326		38,917
Fast Retailing Co. Ltd.		46		11,375
Fuji Electric Co. Ltd.		35		1,500
FUJIFILM Holdings Corp.		1,021		61,188
Fujitsu Ltd.		50		7,525
Fukuoka Financial Group, Inc.		42		988
GMO Payment Gateway, Inc.		11		762
Hakuhodo DY Holdings, Inc.		85		650
Hamamatsu Photonics K.K.		39		1,600
Hankyu Hanshin Holdings, Inc.		61		1,939
Hikari Tsushin, Inc.		5		826
Hirose Electric Co. Ltd.		9		1,016
Hitachi Construction Machinery Co. Ltd.		29		763
Hitachi Ltd.		2,245		161,482
Honda Motor Co. Ltd.		18,706		192,956
Hoshizaki Corp.		35		1,279
Hoya Corp.		511		63,639
Hulic Co. Ltd.		102		1,066
IBIDEN Co. Ltd.		30		1,655
Idemitsu Kosan Co. Ltd.		295		1,602
IHI Corp.		39		761
Iida Group Holdings Co. Ltd.		39		583
INPEX Corp.		3,576		47,853
Isetan Mitsukoshi Holdings Ltd.		95		1,032
Isuzu Motors Ltd.		157		2,013
ITO EN Ltd.		17		516
ITOCHU Corp.		2,299		93,661
Japan Airlines Co. Ltd.		39		766
Japan Exchange Group, Inc.		1,167		24,630
Japan Post Bank Co. Ltd.		394		4,010
Japan Post Holdings Co. Ltd.		15,236		136,019
Japan Post Insurance Co. Ltd.		53		941
Japan Tobacco, Inc.		5,418		139,921
JFE Holdings, Inc.		305		4,719
JSR Corp.		51		1,451
JTEKT Corp.		53		447
Kajima Corp.		117		1,951


	Shares		Value
Japan–(continued)
Kansai Electric Power Co., Inc. (The)		193	$	2,562
Kansai Paint Co. Ltd.		49		836
Kao Corp.		183		7,522
Kawasaki Heavy Industries Ltd.		41		904
KDDI Corp.		5,453		172,961
Keikyu Corp.		57		520
Keio Corp.		26		817
Keisei Electric Railway Co. Ltd.		35		1,652
Keyence Corp.		262		115,111
Kikkoman Corp.		39		2,383
Kintetsu Group Holdings Co. Ltd.		46		1,457
Kirin Holdings Co. Ltd.		213		3,118
Kobayashi Pharmaceutical Co. Ltd.		13		625
Kobe Bussan Co. Ltd.		57		1,684
Koito Manufacturing Co. Ltd.		54		839
Komatsu Ltd.		2,358		61,363
Konami Group Corp.		31		1,619
KOSE Corp.		9		673
Kubota Corp.		265		3,977
Kuraray Co. Ltd.		84		848
Kurita Water Industries Ltd.		27		1,053
Kyocera Corp.		372		5,416
Kyowa Kirin Co. Ltd.		68		1,141
Kyushu Electric Power Co., Inc.^(a)		109		789
Kyushu Railway Co.		34		748
Lasertec Corp.		21		5,513
Lawson, Inc.		13		671
Lion Corp.		61		566
Lixil Corp.		77		960
LY Corp.		735		2,599
M3, Inc.		114		1,881
Makita Corp.		62		1,705
Marubeni Corp.		2,146		33,788
Marui Group Co. Ltd.		6,555		109,644
Mazda Motor Corp.		621		6,638
McDonald’s Holdings Co. (Japan) Ltd.		24		1,040
Medipal Holdings Corp.		54		874
MEIJI Holdings Co. Ltd.		631		14,989
Mercari, Inc.^(a)		29		536
MINEBEA MITSUMI, Inc.		98		2,006
MISUMI Group, Inc.		79		1,334
Mitsubishi Chemical Group Corp.		2,591		15,839
Mitsubishi Corp.		11,460		182,549
Mitsubishi Electric Corp.		4,919		69,575
Mitsubishi Estate Co. Ltd.		2,399		32,886
Mitsubishi Gas Chemical Co., Inc.		41		655
Mitsubishi HC Capital, Inc.		207		1,387
Mitsubishi Heavy Industries Ltd.		87		5,065
Mitsubishi Motors Corp.		180		570
Mitsubishi UFJ Financial Group, Inc.		3,009		25,824
Mitsui & Co. Ltd.		5,160		193,314
Mitsui Chemicals, Inc.		47		1,390
Mitsui Fudosan Co. Ltd.		1,418		34,670
Mitsui OSK Lines Ltd.		2,165		69,216
Mizuho Financial Group, Inc.		664		11,326
MonotaRO Co. Ltd.		68		740
MS&AD Insurance Group Holdings, Inc.		1,174		46,160
Murata Manufacturing Co. Ltd.		441		9,319

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

12 Invesco Income Advantage International Fund


	Shares		Value
Japan–(continued)
Nagoya Railroad Co. Ltd.		49	$	785
NEC Corp.		68		4,018
Nexon Co. Ltd.		123		2,237
NGK Insulators Ltd.		1,208		14,406
NH Foods Ltd.		22		746
Nidec Corp.		112		4,514
Nihon M&A Center Holdings, Inc.		83		457
Nikon Corp.		78		770
Nintendo Co. Ltd.		1,902		98,968
Nippon Express Holdings, Inc.		8		454
Nippon Paint Holdings Co. Ltd.		240		1,936
Nippon Prologis REIT, Inc.		1		1,923
Nippon Sanso Holdings Corp.		49		1,308
Nippon Steel Corp.		2,078		47,469
Nippon Telegraph & Telephone Corp.		173,286		211,597
Nippon Yusen K.K.		2,559		79,031
Nissan Chemical Corp.		34		1,324
Nissan Motor Co. Ltd.		15,474		60,502
Nisshin Seifun Group, Inc.		52		700
Nissin Foods Holdings Co. Ltd.		60		2,095
Niterra Co. Ltd.		42		995
Nitori Holdings Co. Ltd.		22		2,954
Nitto Denko Corp.		39		2,910
Nomura Holdings, Inc.		33,618		151,401
Nomura Real Estate Holdings, Inc.		31		813
Nomura Real Estate Master Fund, Inc.		1		1,170
Nomura Research Institute Ltd.		119		3,456
NSK Ltd.		114		616
NTT DATA Group Corp.		166		2,347
Obayashi Corp.		176		1,520
OBIC Co. Ltd.		18		3,097
Odakyu Electric Railway Co. Ltd.		78		1,188
Oji Holdings Corp.		223		857
Olympus Corp.		328		4,734
OMRON Corp.		48		2,234
Ono Pharmaceutical Co. Ltd.		103		1,832
Oriental Land Co. Ltd.		784		29,140
ORIX Corp.		5,557		104,367
Osaka Gas Co. Ltd.		998		20,833
Otsuka Corp.		31		1,276
Otsuka Holdings Co. Ltd.		215		8,040
Pan Pacific International Holdings Corp.		700		16,663
Panasonic Holdings Corp.		3,779		37,214
Pola Orbis Holdings, Inc.		45		505
Rakuten Group, Inc.		334		1,489
Recruit Holdings Co. Ltd.		3,185		133,168
Renesas Electronics Corp.^(a)		2,448		43,773
Resona Holdings, Inc.		46,332		234,872
Resonac Holdings Corp.		48		954
Ricoh Co. Ltd.		1,380		10,569
Rinnai Corp.		29		671
Rohm Co. Ltd.		104		1,985
Ryohin Keikaku Co. Ltd.		73		1,219
Santen Pharmaceutical Co. Ltd.		94		935
SBI Holdings, Inc.		988		22,174
SECOM Co. Ltd.		57		4,101
Sega Sammy Holdings, Inc.		43		600
Seibu Holdings, Inc.		59		818


	Shares		Value
Japan–(continued)
Seiko Epson Corp.		76	$	1,135
Sekisui Chemical Co. Ltd.		102		1,467
Sekisui House Ltd.		162		3,591
Seven & i Holdings Co. Ltd.		1,164		46,036
SG Holdings Co. Ltd.		59		846
Sharp Corp.^(a)		59		420
Shimadzu Corp.		63		1,757
SHIMAMURA Co. Ltd.		6		670
Shimano, Inc.		20		3,081
Shimizu Corp.		160		1,061
Shin-Etsu Chemical Co. Ltd.		3,581		149,769
Shionogi & Co. Ltd.		256		12,321
Shiseido Co. Ltd.		106		3,195
SMC Corp.		125		66,867
SoftBank Corp.		13,602		169,504
SoftBank Group Corp.		1,306		57,645
Sohgo Security Services Co. Ltd.		102		586
Sojitz Corp.		63		1,419
Sompo Holdings, Inc.		883		43,204
Sony Group Corp.		760		71,921
Square Enix Holdings Co. Ltd.		23		825
Stanley Electric Co. Ltd.		34		638
Subaru Corp.		703		12,822
SUMCO Corp.		96		1,436
Sumitomo Chemical Co. Ltd.		392		953
Sumitomo Corp.		2,009		43,719
Sumitomo Electric Industries Ltd.		194		2,462
Sumitomo Heavy Industries Ltd.		31		779
Sumitomo Metal Mining Co. Ltd.		63		1,871
Sumitomo Mitsui Financial Group, Inc.		353		17,177
Sumitomo Mitsui Trust Holdings, Inc.		178		3,409
Sumitomo Realty & Development Co. Ltd.		75		2,223
Sundrug Co. Ltd.		19		610
Suntory Beverage & Food Ltd.		35		1,151
Suzuki Motor Corp.		96		4,091
Sysmex Corp.		49		2,724
T&D Holdings, Inc.		135		2,143
Taisei Corp.		48		1,639
Taisho Pharmaceutical Holdings Co. Ltd.		15		917
Takeda Pharmaceutical Co. Ltd.		6,542		187,612
TDK Corp.		103		4,885
Terumo Corp.		178		5,821
THK Co. Ltd.		31		606
Tobu Railway Co. Ltd.		51		1,368
Toho Co. Ltd.		29		979
Tohoku Electric Power Co., Inc.		124		843
Tokio Marine Holdings, Inc.		5,037		125,426
Tokyo Century Corp.		36		389
Tokyo Electric Power Co. Holdings, Inc.^(a)		411		2,151
Tokyo Electron Ltd.		274		48,701
Tokyo Gas Co. Ltd.		2,704		62,026
Tokyo Tatemono Co. Ltd.		48		717
Tokyu Corp.		131		1,597
Tokyu Fudosan Holdings Corp.		157		1,000
TOPPAN Holdings, Inc.		72		2,005
Toray Industries, Inc.		371		1,922
Tosoh Corp.		70		892
TOTO Ltd.		37		972

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

13 Invesco Income Advantage International Fund


	Shares		Value
Japan–(continued)
Toyota Boshoku Corp.		21	$	332
Toyota Industries Corp.		39		3,170
Toyota Motor Corp.		13,355		244,713
Toyota Tsusho Corp.		54		3,169
Trend Micro, Inc.		36		1,921
Tsuruha Holdings, Inc.		10		915
Unicharm Corp.		270		9,765
USS Co. Ltd.		59		1,184
Welcia Holdings Co. Ltd.		26		454
West Japan Railway Co.		60		2,500
Workman Co. Ltd.		3		89
Yakult Honsha Co. Ltd.		72		1,616
Yamada Holdings Co. Ltd.		144		447
Yamaha Corp.		36		829
Yamaha Motor Co. Ltd.		237		2,109
Yamato Holdings Co. Ltd.		35		646
Yamazaki Baking Co. Ltd.		34		777
Yaskawa Electric Corp.		64		2,664
Yokogawa Electric Corp.		64		1,217
ZOZO, Inc.		35		790
				5,868,600

Jordan–0.00%
Hikma Pharmaceuticals PLC		44		1,003

Luxembourg–0.21%
ArcelorMittal S.A.		4,155		117,919
Eurofins Scientific SE		53		3,457
RTL Group S.A.		10		386
				121,762

Macau–0.01%
Galaxy Entertainment Group Ltd.		693		3,881
Sands China Ltd.^(a)		674		1,973
SJM Holdings Ltd.^(a)		650		206
Wynn Macau Ltd.^(a)		402		331
				6,391

Malaysia–0.14%
IHH Healthcare Bhd.		7,217		9,473
Sime Darby Bhd.		90,835		46,447
Tenaga Nasional Bhd.		13,485		29,461
				85,381

Mexico–0.23%
America Movil S.A.B. de C.V., Class B		70,955		65,769
Fibra Uno Administracion S.A. de C.V.		12,137		21,850
Fresnillo PLC		50		379
Wal-Mart de Mexico S.A.B. de C.V., Series V		11,607		48,920
				136,918

Netherlands–2.15%
ABN AMRO Bank N.V., CVA^(b)		121		1,820
Adyen N.V.^(a)(b)		8		10,327
Aegon Ltd.		4,749		27,611
Akzo Nobel N.V.		47		3,892
argenx SE^(a)		43		16,306
ASM International N.V.		13		6,766
ASML Holding N.V.		553		417,453
ASR Nederland N.V.		58		2,740


	Shares		Value
Netherlands–(continued)
Euronext N.V.^(b)		24	$	2,086
EXOR N.V.		1,290		129,126
Heineken Holding N.V.		528		44,708
Heineken N.V.		509		51,714
IMCD N.V.		15		2,612
ING Groep N.V.		968		14,515
Koninklijke Ahold Delhaize N.V.		4,447		127,947
Koninklijke KPN N.V.		1,641		5,653
Koninklijke Philips N.V.^(a)		783		18,324
Koninklijke Vopak N.V.		18		606
NN Group N.V.		72		2,845
OCI N.V.		916		26,547
Randstad N.V.		482		30,250
SBM Offshore N.V.		36		495
Shell PLC		7,348		240,530
Universal Music Group N.V.		813		23,209
Wolters Kluwer N.V.		529		75,260
				1,283,342

New Zealand–0.18%
Auckland International Airport Ltd.		4,975		27,676
Fisher & Paykel Healthcare Corp. Ltd.		152		2,267
Meridian Energy Ltd.		341		1,194
Ryman Healthcare Ltd.		166		619
Spark New Zealand Ltd.		22,532		73,765
Xero Ltd.^(a)		35		2,670
				108,191

Norway–0.22%
Aker BP ASA		110		3,195
DNB Bank ASA		276		5,868
Equinor ASA		3,280		103,950
Gjensidige Forsikring ASA		421		7,769
Mowi ASA		123		2,203
Norsk Hydro ASA		368		2,474
Orkla ASA		207		1,607
SalMar ASA		18		1,008
Schibsted ASA, Class A		59		1,699
Storebrand ASA		120		1,064
Telenor ASA		175		2,008
				132,845

Philippines–0.07%
SM Prime Holdings, Inc.		67,486		40,086

Poland–0.08%
PGE Polska Grupa Energetyczna S.A.^(a)		21,589		47,627

Portugal–0.03%
Galp Energia SGPS S.A.		122		1,795
Jeronimo Martins SGPS S.A.		657		16,721
				18,516

Qatar–0.09%
Industries Qatar Q.S.C.		14,188		50,194

Russia–0.01%
Tatneft PJSC, ADR^(c)		576		0
X5 Retail Group N.V., GDR^(a)(b)(c)		422		4,763
				4,763

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

14 Invesco Income Advantage International Fund


	Shares		Value
Singapore–0.19%
CapitaLand Ascendas REIT		966	$	2,215
CapitaLand Integrated Commercial Trust		1,673		2,608
CapitaLand Investment Ltd.		1,421		3,397
City Developments Ltd.		130		655
DBS Group Holdings Ltd.		509		12,872
Genting Singapore Ltd.		1,573		1,191
Jardine Cycle & Carriage Ltd.		65		1,465
Keppel Ltd.		2,406		12,874
Oversea-Chinese Banking Corp. Ltd.		952		9,367
SATS Ltd.^(a)		245		510
Sea Ltd., ADR^(a)		143		5,791
Sembcorp Industries Ltd.		244		981
Singapore Airlines Ltd.		7,671		38,089
Singapore Exchange Ltd.		226		1,681
Singapore Technologies Engineering Ltd.		423		1,246
Singapore Telecommunications Ltd.		2,120		3,969
STMicroelectronics N.V.		180		9,019
United Overseas Bank Ltd.		352		7,597
				115,527

South Africa–0.43%
Anglo American PLC		1,327		33,210
Aspen Pharmacare Holdings Ltd.		1,926		21,485
Exxaro Resources Ltd.		1,844		20,702
Gold Fields Ltd.		2,103		31,912
Sanlam Ltd.		6,022		24,021
Sappi Ltd.		12,876		31,173
Shoprite Holdings Ltd.		1,953		29,299
Thungela Resources Ltd.		1,472		12,379
Woolworths Holdings Ltd.		13,019		51,149
				255,330

South Korea–2.77%
Amorepacific Corp.		9		1,010
Celltrion, Inc.		30		4,685
CJ CheilJedang Corp.		2		502
Coway Co. Ltd.		15		663
DB Insurance Co. Ltd.		256		16,579
Delivery Hero SE^(a)(b)		50		1,376
Doosan Enerbility Co. Ltd.^(a)		124		1,524
Ecopro BM Co. Ltd.		134		29,719
Ecopro Co. Ltd.		76		37,869
GS Holdings Corp.		2,172		68,765
Hana Financial Group, Inc.		80		2,684
Hankook Tire & Technology Co. Ltd.		19		668
Hanmi Pharm Co. Ltd.		2		546
Hanon Systems		44		248
HD Hyundai Co. Ltd.		13		637
HD Hyundai Heavy Industries Co. Ltd.^(a)		5		499
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		12		1,122
HMM Co. Ltd.		3,500		53,099
Hyundai Engineering & Construction Co. Ltd.		20		540
Hyundai Glovis Co. Ltd.		112		16,595
Hyundai Mobis Co. Ltd.		127		23,268
Hyundai Motor Co.		456		71,731
Hyundai Steel Co.		456		12,851
Industrial Bank of Korea		70		643
Kakao Corp.		81		3,398


	Shares		Value
South Korea–(continued)
KakaoBank Corp.		45	$	991
Kangwon Land, Inc.		32		397
KB Financial Group, Inc.		103		4,297
Kia Corp.		993		76,792
Korea Aerospace Industries Ltd.		20		774
Korea Electric Power Corp.^(a)		71		1,040
Korea Zinc Co. Ltd.		2		770
Korean Air Lines Co. Ltd.		1,177		21,745
Krafton, Inc.^(a)		8		1,198
KT&G Corp.		607		40,892
Kumho Petrochemical Co. Ltd.		3		308
L&F Co. Ltd.		7		1,099
LG Chem Ltd.		13		5,000
LG Corp.		662		43,993
LG Display Co. Ltd.^(a)		62		610
LG Electronics, Inc.		31		2,438
LG Energy Solution Ltd.^(a)		12		3,960
LG H&H Co. Ltd.		3		824
LG Innotek Co. Ltd.		4		741
LOTTE Chemical Corp.		5		592
Mirae Asset Securities Co. Ltd.		73		431
NAVER Corp.		39		6,748
NCSoft Corp.		4		744
Netmarble Corp.^(a)(b)		4		179
Orion Corp.		6		538
POSCO Future M Co. Ltd.		77		21,266
POSCO Holdings, Inc.		152		58,443
Samsung Biologics Co. Ltd.^(a)(b)		5		2,941
Samsung C&T Corp.		435		43,634
Samsung Card Co. Ltd.		4		100
Samsung Electro-Mechanics Co. Ltd.		16		1,896
Samsung Electronics Co. Ltd.		12,580		763,566
Samsung Fire & Marine Insurance Co. Ltd.		9		1,834
Samsung Heavy Industries Co. Ltd.^(a)		186		1,115
Samsung Life Insurance Co. Ltd.		24		1,284
Samsung SDI Co. Ltd.		14		5,097
Samsung SDS Co. Ltd.		79		10,389
Shinhan Financial Group Co. Ltd.		117		3,627
SK Biopharmaceuticals Co. Ltd.^(a)		8		621
SK Bioscience Co. Ltd.^(a)		7		390
SK hynix, Inc.		1,044		113,940
SK IE Technology Co. Ltd.^(a)(b)		7		426
SK Innovation Co. Ltd.^(a)		16		1,732
SK Square Co. Ltd.^(a)		26		1,057
SK Telecom Co. Ltd.		1,076		41,802
SK, Inc.		10		1,377
S-Oil Corp.		13		700
Woori Financial Group, Inc.		184		1,852
Yuhan Corp.		21		1,120
				1,648,531

Spain–1.54%
Acciona S.A.		7		1,031
Acerinox S.A.		49		577
ACS Actividades de Construccion y Servicios S.A.		2,214		98,334
Aena SME S.A.^(b)		20		3,630
Amadeus IT Group S.A.		123		8,834
Banco Bilbao Vizcaya Argentaria S.A.		1,637		14,920

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

15 Invesco Income Advantage International Fund


	Shares		Value
Spain–(continued)
Banco de Sabadell S.A.		1,550	$	1,908
Banco Santander S.A.		4,446		18,596
Bankinter S.A.		177		1,135
CaixaBank S.A.		1,113		4,584
Cellnex Telecom S.A.^(b)		151		5,945
Enagas S.A.		63		1,063
Endesa S.A.		88		1,795
Fluidra S.A.		27		563
Grifols S.A.^(a)		117		2,002
Iberdrola S.A.		19,678		258,112
Industria de Diseno Textil S.A.		4,635		202,244
Mapfre S.A.		253		544
Merlin Properties SOCIMI S.A.		86		955
Redeia Corp. S.A.		852		14,040
Repsol S.A.		8,485		125,866
Telefonica S.A.		38,352		149,951
				916,629

Sweden–0.80%
Alfa Laval AB		74		2,963
Assa Abloy AB, Class B		270		7,781
Atlas Copco AB, Class A		3,178		54,760
Boliden AB		75		2,347
Electrolux AB, Class B^(a)		61		655
Elekta AB, Class B		100		819
Embracer Group AB^(a)		212		575
Epiroc AB, Class A		242		4,871
EQT AB		126		3,568
Essity AB, Class B		183		4,535
Evolution AB^(b)		51		6,075
Fastighets AB Balder, Class B^(a)		177		1,255
Getinge AB, Class B		60		1,336
H & M Hennes & Mauritz AB, Class B		166		2,912
Hexagon AB, Class B		564		6,774
Holmen AB, Class B		36		1,521
Husqvarna AB, Class B		141		1,163
Industrivarden AB, Class C		2,147		70,056
Indutrade AB		74		1,929
Investment AB Latour, Class B		37		965
Investor AB, Class B		7,633		177,007
Kinnevik AB, Class B^(a)		76		817
L E Lundbergforetagen AB, Class B		21		1,144
Lifco AB, Class B		61		1,498
NIBE Industrier AB, Class B		456		3,202
Sagax AB, Class B		60		1,651
Sandvik AB		290		6,300
Securitas AB, Class B		129		1,265
Skandinaviska Enskilda Banken AB, Class A		450		6,210
Skanska AB, Class B		98		1,776
SKF AB, Class B		107		2,144
SSAB AB, Class B		244		1,868
Svenska Cellulosa AB S.C.A., Class B		183		2,749
Svenska Handelsbanken AB, Class A		464		5,043
Swedbank AB, Class A		272		5,499
Swedish Orphan Biovitrum AB, Class B^(a)		51		1,354
Tele2 AB, Class B		153		1,315
Telefonaktiebolaget LM Ericsson, Class B		1,474		9,276
Telia Co. AB		600		1,531


	Shares		Value
Sweden–(continued)
Trelleborg AB, Class B		58	$	1,947
Volvo AB, Class B		2,589		67,366
				477,822

Switzerland–2.92%
ABB Ltd.		1,415		62,823
Adecco Group AG		47		2,308
Alcon, Inc.		136		10,640
Baloise Holding AG		13		2,038
Banque Cantonale Vaudoise		8		1,032
Barry Callebaut AG		1		1,688
Belimo Holding AG		3		1,656
BKW AG		5		889
Chocoladefabriken Lindt & Spruengli AG, PC		1		12,004
Cie Financiere Richemont S.A.		141		19,475
Clariant AG		59		872
DKSH Holding AG		10		695
DSM-Firmenich AG		50		5,085
EMS-Chemie Holding AG		2		1,622
Flughafen Zureich AG		5		1,045
Geberit AG		9		5,777
Givaudan S.A.		2		8,293
Helvetia Holding AG		10		1,379
Julius Baer Group Ltd.		54		3,029
Kuehne + Nagel International AG, Class R		95		32,784
Logitech International S.A., Class R		321		30,523
Lonza Group AG		20		8,432
Nestle S.A.		4,915		569,746
Novartis AG		4,958		500,810
Partners Group Holding AG		94		135,919
PSP Swiss Property AG		13		1,818
Sandoz Group AG^(a)		116		3,732
Schindler Holding AG, PC		79		19,778
SGS S.A.		41		3,540
SIG Group AG		82		1,889
Sika AG		42		13,695
Sonova Holding AG, Class A		13		4,252
Stadler Rail AG		15		541
Straumann Holding AG		29		4,686
Sulzer AG		5		511
Swatch Group AG (The), BR		14		3,809
Swiss Life Holding AG		8		5,560
Swiss Prime Site AG		21		2,244
Swisscom AG		7		4,213
Temenos AG		18		1,677
UBS Group AG		5,685		176,585
VAT Group AG^(b)		7		3,516
Zurich Insurance Group AG		132		69,013
				1,741,623

Taiwan–3.04%
Accton Technology Corp.		1,201		20,413
Alchip Technologies Ltd.		255		27,096
ASE Technology Holding Co. Ltd.		980		4,295
Asia Vital Components Co. Ltd.		1,432		15,644
Asustek Computer, Inc.		1,414		22,504
Catcher Technology Co. Ltd.		5,033		31,781
Cathay Financial Holding Co. Ltd.		21,596		32,174
Chunghwa Telecom Co. Ltd.		11,941		46,719

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

16 Invesco Income Advantage International Fund


	Shares		Value
Taiwan–(continued)
Compal Electronics, Inc.		20,507	$	26,563
Delta Electronics, Inc.		3,327		33,930
Elite Material Co. Ltd.		760		9,438
eMemory Technology, Inc.		134		10,655
Evergreen Marine Corp. Taiwan Ltd.		9,202		42,958
Far Eastern New Century Corp.		20,257		20,584
Far EasTone Telecommunications Co. Ltd.		8,177		21,264
Faraday Technology Corp.		788		9,131
Formosa Chemicals & Fibre Corp.		6,992		14,186
Formosa Plastics Corp.		7,991		20,612
Fubon Financial Holding Co. Ltd.		17,974		37,917
Gigabyte Technology Co. Ltd.		2,134		18,409
Global Unichip Corp.		254		14,357
Hon Hai Precision Industry Co. Ltd.		27,120		92,269
Inventec Corp.		10,068		17,241
King Yuan Electronics Co. Ltd.		4,099		11,314
Largan Precision Co. Ltd.		135		12,609
Lite-On Technology Corp.		5,329		20,235
MediaTek, Inc.		1,310		43,256
Novatek Microelectronics Corp.		666		11,202
Pegatron Corp.		17,072		48,509
Quanta Computer, Inc.		10,736		78,162
Taiwan Mobile Co. Ltd.		8,425		27,061
Taiwan Semiconductor Manufacturing Co. Ltd.		39,583		758,867
Tripod Technology Corp.		1,473		9,340
Unimicron Technology Corp.		2,039		11,650
Uni-President Enterprises Corp.		17,408		42,234
United Microelectronics Corp.		15,497		26,404
Wan Hai Lines Ltd.		7,908		14,148
Wistron Corp.		15,687		50,184
Wiwynn Corp.		394		23,329
Yang Ming Marine Transport Corp.		14,716		24,563
Yuanta Financial Holding Co. Ltd.		10,733		9,643
				1,812,850

Thailand–0.21%
Advanced Info Service PCL, NVDR		13,888		88,250
Delta Electronics Thailand PCL, NVDR		8,863		22,782
PTT Exploration & Production PCL, NVDR		3,353		14,606
				125,638

Turkey–0.29%
BIM Birlesik Magazalar A.S.		2,166		22,091
KOC Holding A.S.		9,853		47,309
Turk Hava Yollari AO^(a)		7,914		61,315
Turkiye Petrol Rafinerileri A.S.		4,433		21,469
Turkiye Sise ve Cam Fabrikalari A.S.		13,300		20,643
				172,827

United Arab Emirates–0.10%
Emaar Properties PJSC		12,777		27,554
International Holding Co. PJSC^(a)		300		32,636
				60,190

United Kingdom–5.45%
3i Group PLC		7,471		229,954
abrdn PLC		553		1,257
Admiral Group PLC		67		2,291
AngloGold Ashanti PLC		1,563		30,012


	Shares		Value
United Kingdom–(continued)
Ashtead Group PLC		120	$	8,341
Associated British Foods PLC		92		2,773
AstraZeneca PLC		2,237		301,749
Auto Trader Group PLC^(b)		251		2,306
Aviva PLC		14,234		78,763
B&M European Value Retail S.A.		259		1,847
BAE Systems PLC		6,401		90,601
Barclays PLC		3,627		7,102
Barratt Developments PLC		270		1,934
Bellway PLC		34		1,111
Berkeley Group Holdings PLC (The)		29		1,731
BP PLC		46,679		276,716
British American Tobacco PLC		9,423		275,709
British Land Co. PLC (The)		247		1,256
BT Group PLC		12,607		19,863
Bunzl PLC		94		3,820
Burberry Group PLC		97		1,750
Centrica PLC		6,448		11,559
CNH Industrial N.V.		1,648		20,210
Coca-Cola Europacific Partners PLC		315		21,023
Compass Group PLC		1,383		37,843
ConvaTec Group PLC^(b)		334		1,039
Croda International PLC		38		2,444
DCC PLC		1,442		106,104
Derwent London PLC		29		872
Diageo PLC		4,019		145,870
Direct Line Insurance Group PLC^(a)		358		829
DS Smith PLC		368		1,440
easyJet PLC^(a)		1,805		11,709
Entain PLC		176		2,220
Haleon PLC		6,871		28,132
Halma PLC		103		2,995
Hargreaves Lansdown PLC		97		907
Hiscox Ltd.		95		1,276
Howden Joinery Group PLC		151		1,563
HSBC Holdings PLC		5,266		42,602
IMI PLC		72		1,543
Imperial Brands PLC		2,293		52,803
Inchcape PLC		99		901
Informa PLC		7,543		75,026
InterContinental Hotels Group PLC		42		3,787
Intermediate Capital Group PLC		80		1,709
International Consolidated Airlines Group S.A.^(a)		1,021		2,015
Intertek Group PLC		44		2,382
ITV PLC		1,007		810
J Sainsbury PLC		10,973		42,305
JD Sports Fashion PLC		692		1,460
Johnson Matthey PLC		51		1,103
Just Eat Takeaway.com N.V.^(a)(b)		57		869
Kingfisher PLC		3,630		11,247
Land Securities Group PLC		203		1,822
Legal & General Group PLC		1,640		5,241
Lloyds Banking Group PLC		17,199		10,432
London Stock Exchange Group PLC		828		97,879
M&G PLC		636		1,800
Man Group PLC		14,914		44,191
Marks & Spencer Group PLC		3,928		13,613

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

17 Invesco Income Advantage International Fund


	Shares		Value
United Kingdom–(continued)
Melrose Industries PLC (Acquired 12/15/2023; Cost $13,692)^(d)		1,948	$	14,081
National Grid PLC		6,080		81,906
NatWest Group PLC		1,374		3,827
Next PLC		339		35,044
Ocado Group PLC^(a)		148		1,430
Pearson PLC		194		2,383
Pennon Group PLC		3,433		32,921
Persimmon PLC		86		1,520
Phoenix Group Holdings PLC		237		1,614
Reckitt Benckiser Group PLC		388		26,773
RELX PLC		3,795		150,562
Rentokil Initial PLC		693		3,906
Rightmove PLC		224		1,647
Rolls-Royce Holdings PLC^(a)		28,253		107,767
RS Group PLC		130		1,357
Sage Group PLC (The)		283		4,225
Schroders PLC		251		1,372
Segro PLC		333		3,755
Severn Trent PLC		71		2,335
Smith & Nephew PLC		238		3,269
Smiths Group PLC		1,248		28,012
Spirax-Sarco Engineering PLC		20		2,676
SSE PLC		296		6,987
St. James’s Place PLC		150		1,305
Standard Chartered PLC		572		4,854
Tate & Lyle PLC		109		914
Taylor Wimpey PLC		970		1,816
Tesco PLC		22,144		82,037
Unilever PLC		4,875		236,004
United Utilities Group PLC		186		2,513
Vodafone Group PLC		236,252		206,328
Weir Group PLC (The)		71		1,706
Whitbread PLC		52		2,421
Wise PLC, Class A^(a)		151		1,679
WPP PLC		3,551		33,919
				3,249,326

United States–3.39%
ARM Holdings PLC, ADR^(a)		282		21,191
Atlassian Corp., Class A^(a)		448		106,561
Bausch Health Cos., Inc.^(a)		98		786
Experian PLC		449		18,317
Ferguson PLC		1,140		218,341
Ferrovial SE		1,504		54,897
GSK PLC		9,781		180,647
Holcim AG		610		47,910
ICON PLC^(a)		23		6,511
JBS S.A.		4,420		22,440
JS Global Lifestyle Co. Ltd.^(b)		198		39
Oracle Corp.		9		693
QIAGEN N.V.^(a)		63		2,739
Roche Holding AG		1,867		542,725
Sanofi S.A.		3,723		369,965
Signify N.V.		35		1,174
Spotify Technology S.A.^(a)		316		59,380
Stellantis N.V.		13,832		324,093
Swiss Re AG		324		36,460


	Shares		Value
United States–(continued)
Tenaris S.A.		129	$	2,244
				2,017,113

Zambia–0.02%
First Quantum Minerals Ltd.		1,453		11,898
Total Common Stocks & Other Equity Interests (Cost $32,795,320)				36,808,103

	Principal Amount
Equity Linked Notes–11.45%
Canada–7.08%
Bank of Montreal (MSCI EAFE Index), 17.40%, 01/05/2024^(b)	$	1,384,000		1,398,751
Bank of Nova Scotia (The) (MSCI EAFE Index), 19.05%, 01/26/2024^(b)		1,401,000		1,409,826
Canadian Imperial Bank of Commerce (MSCI EAFE Index), 20.50%, 01/19/2024^(b)		1,387,000		1,406,263
				4,214,840

Japan–3.12%
Mizuho Financial Group, Inc. (MSCI Emerging Markets Index), 163.70%, 01/09/2024^(b)		174,000		152,217
Mizuho Markets Cayman L.P. (MSCI EAFE Index), 145.70%, 01/16/2024^(b)		186,000		148,949
Mizuho Markets Cayman L.P. (MSCI EAFE Index), 19.82%, 01/12/2024^(b)		1,398,000		1,417,619
Mizuho Markets Cayman L.P. (MSCI Emerging Markets Index), 174.30%, 01/30/2024^(b)		148,000		138,551
				1,857,336

United Kingdom–0.45%
HSBC Holdings PLC (MSCI EAFE Index), 151.72%, 01/08/2024^(b)		174,000		123,525
HSBC Holdings PLC (MSCI EAFE Index), 143.98%, 01/22/2024^(b)		176,000		146,451
				269,976

United States–0.80%
Citigroup Global Markets Holdings, Inc. (MSCI Emerging Markets Index), 158.19%, 01/17/2024^(b)		167,000		133,816
Citigroup, Inc. (MSCI EAFE Index), 127.30%, 01/29/2024^(b)		199,000		191,289
Citigroup, Inc. (MSCI Emerging Markets Index), 134.44%, 01/23/2024^(b)		167,000		153,589
				478,694
Total Equity Linked Notes (Cost $6,961,000)				6,820,846

	Shares
Money Market Funds–25.72%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(e)(f)		5,365,255		5,365,255
Invesco Liquid Assets Portfolio, Institutional Class, 5.47%^(e)(f)		3,822,791		3,825,467

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

18 Invesco Income Advantage International Fund


	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 5.26%^(e)(f)		6,131,721	$	6,131,721
Total Money Market Funds (Cost $15,319,357)				15,322,443
TOTAL INVESTMENTS IN SECURITIES–98.94% (Cost $55,075,677)				58,951,392
OTHER ASSETS LESS LIABILITIES–1.06%				632,320
NET ASSETS–100.00%			$	59,583,712


Investment Abbreviations:

ADR		– American Depositary Receipt
BDR		– Brazilian Depositary Receipt
BR		– Bearer Shares
CDI		– CREST Depository Interest
CPO		– Certificates of Ordinary Participation
CVA		– Dutch Certificates
GDR		– Global Depositary Receipt
NVDR		– Non-Voting Depositary Receipt
PC		– Participation Certificate
REIT		– Real Estate Investment Trust
SDR		– Swedish Depository Receipt

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at December 31, 2023 was $6,958,799, which represented 11.68% of the Fund’s Net Assets.

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

^(d)	Restricted security. The value of this security at December 31, 2023 represented less than 1% of the Fund’s Net Assets.

^(e)


	Value December 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value December 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 3,926,442	$	34,417,592	$	(32,978,779)		$ -	$	-		$ 5,365,255		$241,650
Invesco Liquid Assets Portfolio, Institutional Class		2,796,563		24,583,994		(23,556,270)		1,762		(582)		3,825,467		176,150
Invesco Treasury Portfolio, Institutional Class		4,487,362		39,334,390		(37,690,031)		-		-		6,131,721		275,776
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		17,120		12,575		(29,695)		-		-		-		135*
Invesco Private Prime Fund		41,740		11,892		(53,623)		(7)		(2)		-		361*
Total		$11,269,227	$	98,360,443	$	(94,308,398)		$1,755	$	(584)		$15,322,443		$694,072

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

^(f)	The rate shown is the 7-day SEC standardized yield as of December 31, 2023.

Open Futures Contracts^(a)

Long Futures Contracts

Number of
Contracts

Expiration
Month

Notional
Value

Value

Unrealized
Appreciation

Equity Risk

MSCI Emerging Markets Index

March-2024

4,341,540

192,370

$192,370

^(a)	Futures contracts collateralized by $124,262 cash held with Merrill Lynch International, the futures commission merchant.

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

19 Invesco Income Advantage International Fund

Statement of Assets and Liabilities

December 31, 2023


Assets:
Investments in unaffiliated securities, at value (Cost $39,756,320)	$	43,628,949


Investments in affiliated money market funds, at value (Cost $15,319,357)		15,322,443


Other investments:
Variation margin receivable – futures contracts		37,946


Deposits with brokers:
Cash collateral – exchange-traded futures contracts		124,262


Cash		21,641


Foreign currencies, at value (Cost $161,337)		163,302


Receivable for:
Fund shares sold		5,513


Dividends		228,495


Interest		125,470


Investment for trustee deferred compensation and retirement plans		52,395


Other assets		40,665


Total assets		59,751,081



Liabilities:
Payable for:
Fund shares reacquired		22,128


Accrued foreign taxes		46


Accrued fees to affiliates		31,332


Accrued other operating expenses		56,319


Trustee deferred compensation and retirement plans		57,544


Total liabilities		167,369


Net assets applicable to shares outstanding	$	59,583,712



Net assets consist of:
Shares of beneficial interest	$	70,180,993


Distributable earnings (loss)		(10,597,281	)


	$	59,583,712


Net Assets:
Class A	$	51,801,495
Class C	$	902,792
Class R	$	1,741,276
Class Y	$	4,692,294
Class R5	$	435,702
Class R6	$	10,153

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		4,177,439
Class C		76,984
Class R		140,147
Class Y		377,487
Class R5		34,738
Class R6		810
Class A:
Net asset value per share	$	12.40
Maximum offering price per share (Net asset value of $12.40 ÷ 94.50%)	$	13.12
Class C:
Net asset value and offering price per share	$	11.73
Class R:
Net asset value and offering price per share	$	12.42
Class Y:
Net asset value and offering price per share	$	12.43
Class R5:
Net asset value and offering price per share	$	12.54
Class R6:
Net asset value and offering price per share	$	12.53

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

20 Invesco Income Advantage International Fund

Statement of Operations

For the year ended December 31, 2023


Investment income:
Interest	$	3,253,332


Dividends (net of foreign withholding taxes of $139,027)		1,168,356


Dividends from affiliated money market funds (includes net securities lending income of $25)		693,601


Total investment income		5,115,289



Expenses:
Advisory fees		440,563


Administrative services fees		8,231


Custodian fees		30,843


Distribution fees:
Class A		128,497


Class C		8,942


Class R		8,293


Transfer agent fees – A, C, R and Y		109,670


Transfer agent fees – R5		353


Transfer agent fees – R6		4


Trustees’ and officers’ fees and benefits		16,682


Registration and filing fees		78,676


Reports to shareholders		16,475


Professional services fees		104,222


Other		30,254


Total expenses		981,705


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(274,759	)


Net expenses		706,946


Net investment income		4,408,343



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $205)		(1,720,525	)


Affiliated investment securities		(584	)


Foreign currencies		(885	)


Forward foreign currency contracts		(2,207	)


Futures contracts		(154,867	)


		(1,879,068	)


Change in net unrealized appreciation of: Unaffiliated investment securities (net of foreign taxes of $469)		4,494,267


Affiliated investment securities		1,755


Foreign currencies		7,970


Futures contracts		194,922


		4,698,914


Net realized and unrealized gain		2,819,846


Net increase in net assets resulting from operations	$	7,228,189

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

21 Invesco Income Advantage International Fund

Statement of Changes in Net Assets

For the years ended December 31, 2023 and 2022


	2023			2022


Operations:
Net investment income	$	4,408,343		$	4,475,055


Net realized gain (loss)		(1,879,068	)		(11,726,912	)


Change in net unrealized appreciation (depreciation)		4,698,914			(1,314,338	)


Net increase (decrease) in net assets resulting from operations		7,228,189			(8,566,195	)



Distributions to shareholders from distributable earnings:
Class A		(4,163,349	)		(3,964,473	)


Class C		(65,862	)		(66,117	)


Class R		(130,572	)		(109,626	)


Class Y		(362,190	)		(264,840	)


Class R5		(40,123	)		(43,278	)


Class R6		(1,227	)		(1,381	)


Total distributions from distributable earnings		(4,763,323	)		(4,449,715	)



Share transactions–net:
Class A		(1,181,578	)		(1,617,317	)


Class C		(76,812	)		(16,632	)


Class R		74,468			268,141


Class Y		835,545			2,015,756


Class R5		(95,498	)		(42,742	)


Class R6		(6,939	)		(1,077	)


Net increase (decrease) in net assets resulting from share transactions		(450,814	)		606,129


Net increase (decrease) in net assets		2,014,052			(12,409,781	)



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


End of year	$	59,583,712		$	57,569,660

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

22 Invesco Income Advantage International Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Return of capital				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Class A
Year ended 12/31/23		$	11.89		$	0.91		$	0.59			$	1.50			$	(0.99	)		$	–			$	(0.99	)		$	12.40		13.13	%		$	51,801		1.20	%		1.68	%		7.52	%		49	%
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
Class C
Year ended 12/31/23			11.25			0.78			0.55				1.33				(0.85	)			–				(0.85	)			11.73		12.26				903		1.95			2.43			6.77			49
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
Class R
Year ended 12/31/23			11.92			0.88			0.58				1.46				(0.96	)			–				(0.96	)			12.42		12.75				1,741		1.45			1.93			7.27			49
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
Class Y
Year ended 12/31/23			11.92			0.95			0.58				1.53				(1.02	)			–				(1.02	)			12.43		13.41				4,692		0.95			1.43			7.77			49
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
Class R5
Year ended 12/31/23			12.03			0.96			0.58				1.54				(1.03	)			–				(1.03	)			12.54		13.36				436		0.95			1.31			7.76			49
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
Class R6
Year ended 12/31/23			12.02			0.96			0.58				1.54				(1.03	)			–				(1.03	)			12.53		13.37				10		0.95			1.27			7.76			49
Year ended 12/31/22			14.71			0.96			(2.69	)			(1.73	)			(0.96	)			–				(0.96	)			12.02		(11.89	)			17		0.96			1.18			7.50			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

^(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.

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

23 Invesco Income Advantage International Fund

Notes to Financial Statements

December 31, 2023

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.

24 Invesco Income Advantage International 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.

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.

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.

25 Invesco Income Advantage International Fund

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 year ended December 31, 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.

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.

26 Invesco Income Advantage International Fund

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 year ended December 31, 2023, the effective advisory fee rate incurred by the Fund was 0.75%.

The Adviser has contractually agreed, through 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”). Effective May 1, 2024, the Adviser has contractually agreed, through at least April 30, 2025, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.28%, 2.03%, 1.53%, 1.03%, 1.03% and 1.03%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 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.

For the year ended December 31, 2023, the Adviser waived advisory fees of $160,104 and reimbursed class level expenses of $96,787, $1,685, $3,122, $8,076, $353 and $5 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 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 year ended December 31, 2023, IDI advised the Fund that IDI retained $3,062 in front-end sales commissions from the sale of Class A shares and $13 and $5 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended December 31, 2023, the Fund incurred $1,291 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.

27 Invesco Income Advantage International 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
Australia	$ –	$ 1,505,023	$ –	$ 1,505,023
Austria	–	37,924	–	37,924
Belgium	490	446,244	–	446,734
Brazil	–	950,828	–	950,828
Burkina Faso	–	1,141	–	1,141
Canada	3,128,787	4,214,840	–	7,343,627
Chile	1,759	35,970	–	37,729
China	302,907	1,027,249	–	1,330,156
Denmark	2,015	1,322,864	–	1,324,879
Finland	–	156,023	–	156,023
France	–	2,644,015	–	2,644,015
Germany	–	2,344,240	–	2,344,240
Greece	–	172,545	–	172,545
Guatemala	–	788	–	788
Hong Kong	21,140	724,968	–	746,108
India	113,084	613,685	–	726,769
Indonesia	–	83,618	–	83,618
Ireland	48,159	24,144	–	72,303
Israel	70,082	45,926	–	116,008
Italy	–	471,562	–	471,562
Japan	89	7,725,847	–	7,725,936
Jordan	–	1,003	–	1,003
Luxembourg	–	121,762	–	121,762
Macau	–	6,391	–	6,391
Malaysia	–	85,381	–	85,381
Mexico	136,539	379	–	136,918
Netherlands	16,306	1,267,036	–	1,283,342
New Zealand	–	108,191	–	108,191
Norway	–	132,845	–	132,845
Philippines	–	40,086	–	40,086
Poland	–	47,627	–	47,627
Portugal	–	18,516	–	18,516
Qatar	–	50,194	–	50,194
Russia	–	–	4,763	4,763
Singapore	5,791	109,736	–	115,527
South Africa	–	255,330	–	255,330
South Korea	–	1,648,531	–	1,648,531
Spain	–	916,629	–	916,629
Sweden	–	477,822	–	477,822
Switzerland	3,732	1,737,891	–	1,741,623
Taiwan	–	1,812,850	–	1,812,850
Thailand	–	125,638	–	125,638
Turkey	–	172,827	–	172,827
United Arab Emirates	–	60,190	–	60,190
United Kingdom	21,023	3,498,279	–	3,519,302
United States	194,429	2,301,378	–	2,495,807
Zambia	11,898	–	–	11,898
Money Market Funds	15,322,443	–	–	15,322,443
Total Investments in Securities	19,400,673	39,545,956	4,763	58,951,392

28 Invesco Income Advantage International Fund


	Level 1	Level 2	Level 3	Total
Other Investments - Assets*
Futures Contracts	$ 192,370	$ –	$ –	$ 192,370
Total Investments	$19,593,043	$39,545,956	$4,763	$59,143,762

*	Unrealized appreciation.

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 December 31, 2023:


	Value
Derivative Assets	Equity Risk


Unrealized appreciation on futures contracts–Exchange-Traded^(a)	$	192,370


Derivatives not subject to master netting agreements		(192,370	)


Total Derivative Assets subject to master netting agreements	$	–

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

Effect of Derivative Investments for the year ended December 31, 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	$	(2,207	)	$	-		$	(2,207	)


Futures contracts		-			(154,867	)		(154,867	)


Change in Net Unrealized Appreciation:
Futures contracts		-			194,922			194,922


Total	$	(2,207	)	$	40,055		$	37,848

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


	Forward Foreign Currency Contracts	Futures Contracts
Average notional value	$50,416		$3,764,304

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

29 Invesco Income Advantage International Fund

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2023 and 2022:


	2023		2022
Ordinary income*	$	4,763,323	$	4,449,715

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

Tax Components of Net Assets at Period-End:


	2023


Undistributed ordinary income	$	447,827


Net unrealized appreciation – investments		2,894,139


Net unrealized appreciation – foreign currencies		6,420


Temporary book/tax differences		(39,578	)


Capital loss carryforward		(13,906,089	)


Shares of beneficial interest		70,180,993


Total net assets	$	59,583,712

The Fund has a capital loss carryforward as of December 31, 2023, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term	Total

Not subject to expiration	$	12,198,556	$1,707,533	$	13,906,089

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2023 was $18,150,038 and $16,012,308, 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	$	4,380,858


Aggregate unrealized (depreciation) of investments		(1,486,719	)

Net unrealized appreciation of investments	$	2,894,139

Cost of investments for tax purposes is $56,249,623.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies, on December 31, 2023, undistributed net investment income was increased by $79,539 and undistributed net realized gain (loss) was decreased by $79,539. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

NOTE 11–Share Information


	Summary of Share Activity

	Year ended				Year ended
	December 31, 2023^(a)				December 31, 2022
	Shares		Amount		Shares		Amount

Sold:
Class A		94,447	$	1,149,697		112,648	$	1,482,722

Class C		13,954		161,543		15,946		190,876

Class R		14,794		180,086		19,730		262,615

Class Y		86,861		1,053,112		159,553		2,150,970

Class R5		1,826		22,314		2,853		35,376

30 Invesco Income Advantage International Fund


	Summary of Share Activity

	Year ended						Year ended
	December 31, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount


Issued as reinvestment of dividends:
Class A		312,255		$	3,785,533			288,224		$	3,605,512

Class C		5,269			60,418			5,157			60,985

Class R		10,732			130,336			8,788			109,606

Class Y		28,195			342,278			19,956			246,887

Class R5		3,271			40,123			3,418			43,278

Class R6		-			-			4			58


Automatic conversion of Class C shares to Class A shares:
Class A		12,078			148,181			11,730			144,450

Class C		(12,771	)		(148,181	)		(12,403	)		(144,450	)


Reacquired:
Class A		(514,632	)		(6,264,989	)		(543,804	)		(6,850,001	)

Class C		(12,968	)		(150,592	)		(10,617	)		(124,043	)

Class R		(19,242	)		(235,954	)		(8,171	)		(104,080	)

Class Y		(46,157	)		(559,845	)		(30,933	)		(382,101	)

Class R5		(13,067	)		(157,935	)		(9,713	)		(121,396	)

Class R6		(574	)		(6,939	)		(95	)		(1,135	)

Net increase (decrease) in share activity		(35,729	)	$	(450,814	)		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.

31 Invesco Income Advantage International Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Income Advantage International Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 21, 2024

32 Invesco Income Advantage International Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


			ACTUAL			HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)¹		Expenses Paid During Period²	Ending Account Value (12/31/23)		Expenses Paid During Period²	Annualized Expense Ratio
Class A		$1,000.00		$1,049.20	$6.20		$1,019.16	$6.11		1.20%
Class C		1,000.00		1,045.60	10.05		1,015.38	9.91		1.95
Class R		1,000.00		1,047.90	7.48		1,017.90	7.38		1.45
Class Y		1,000.00		1,050.50	4.91		1,020.42	4.84		0.95
Class R5		1,000.00		1,050.50	4.91		1,020.42	4.84		0.95
Class R6		1,000.00		1,050.40	4.91		1,020.42	4.84		0.95

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

33 Invesco Income Advantage International Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2023:


Federal and State Income Tax
Qualified Dividend Income*			21.38%
Corporate Dividends Received Deduction*			0.00%
U.S. Treasury Obligations*			0.00%
Qualified Business Income*			0.00%
Business Interest Income*			12.03%

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

34 Invesco Income Advantage International Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustees
Jeffrey H. Kupor¹– 1968 Trustee	2024	Senior Managing Director and General Counsel, Invesco Ltd.; Trustee, Invesco Foundation, Inc.; Director, Invesco Advisers, Inc.; Executive Vice President, Invesco Asset Management (Bermuda), Ltd. and Invesco Investments (Bermuda) Ltd. Formerly: Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation, Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	165	None
Douglas Sharp¹– 1974 Trustee	2024	Senior Managing Director and Head of Americas & EMEA, Invesco Ltd; Director, Chairman and Chief Executive, Invesco Fund Managers Limited Formerly: Director and Chairman, Invesco UK Limited	165	None

¹	Mr. Kupor and Mr. Sharp are considered interested persons (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because they are officers of the Adviser to the Trust, and officers of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Income Advantage International Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	165	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Carol Deckbar – 1962 Trustee	2024	Formerly: Executive Vice President and Chief Product Officer, TIAA Financial Services; Executive Vice President and Principal, College Retirement Equities Fund at TIAA; Executive Vice President and Head of Institutional Investments and Endowment Services, TIAA	165	Formerly: Board Member, TIAA Asset Management, Inc.; and Board Member, TH Real Estate Group Holdings Company
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	165	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	165	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	165	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	165	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
James “Jim” Liddy – 1959 Trustee	2024	Formerly: Chairman, Global Financial Services, Americas, KPMG LLP	165	Director and Treasurer, Gulfside Place Condominium Association, Inc. and Non-Executive Director, Kellenberg Memorial High School

T-2 Invesco Income Advantage International Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	165	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	165	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	165	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	165	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	165	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Income Advantage International Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Glenn Brightman – 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; and Trustee, Invesco Foundation, Inc. Formerly: Senior Vice President, Invesco Group Services, Inc.;. Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Income Advantage International Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Manager, Invesco Indexing LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President, The Invesco Funds; Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Income Advantage International Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Income Advantage International Fund

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LOGO

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

LOGO


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

LOGO


Annual Report to Shareholders		December 31, 2023

Invesco Income Allocation Fund

Nasdaq:

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



2		Management’s Discussion
2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

9		Financial Statements

12		Financial Highlights

13		Notes to Financial Statements

18		Report of Independent Registered Public Accounting Firm

19		Fund Expenses

20		Tax Information

T-1		Trustees and Officers

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended December 31, 2023, Class A shares of Invesco Income Allocation Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Income Allocation Index, the Fund’s style-specific benchmark.

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

Fund vs. Indexes



Class A Shares	7.14	%
Class C Shares	6.43
Class R Shares	6.86
Class Y Shares	7.41
Class R5 Shares	7.53
Class R6 Shares	7.60
S&P 500 Index^q(Broad Market Index)	26.29
Custom Invesco Income Allocation Index^∎(Style-Specific Index)	11.78
Lipper Mixed-Asset Target Allocation Conservative Funds Index^◆ (Peer Group Index)	9.67
Source(s): ^qRIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.; ^◆Lipper Inc.

Market conditions and your Fund

Despite rapid interest rate hikes over the course of 2022 and 2023, many developed economies continued to grow and as of the end of the year ended December 31, 2023, have only recently started to show signs of strain. Western developed economies continued to demonstrate surprising resilience, particularly the US, which has benefited from consumer strength. Additionally, data in the fourth quarter of 2023 indicated a significant easing of inflation for many Western developed economies.

gold was an exception; gold prices experienced major gains for the quarter, helped by robust central bank buying, investors seeking to hedge against geopolitical risk and a weaker US dollar.

Strategic asset class exposures in the Fund are obtained through underlying representative mutual funds and exchange-traded funds. From an absolute performance perspective, the portfolio’s allocation to fixed income was the leading contributor to positive performance, followed by alternatives and equity, respectively. Only individual allocations within those asset classes, most notably the Invesco Master Loan Fund and the S&P 500 Enhanced Value ETF were detractors from absolute performance as the portfolio produced a positive return for the year.

From a relative Fund performance perspective, the portfolio underperformed its custom benchmark during the year. Underperformance was driven mainly by style selection within the US equity allocation. Within the allocation, the Invesco S&P 500 High Dividend Low Volatility ETF, Invesco Dividend Income Fund and Invesco International Developed Low Volatility ETF were the primary detractors.

Conversely, style selection within the fixed income allocation contributed to relative performance. Within the allocation the Invesco High Yield Fund and Invesco Corporate Bond Fund were the leading contributors.

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

through the creation of leverage and may be less liquid than traditional securities.

Thank you for your continued investment in the Invesco Income Allocation Fund.

Portfolio manager(s):

Jeffrey Bennett

Alessio de Longis

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

2 Invesco Income Allocation Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/13

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Invesco, RIMES Technologies Corp.

3	Source: Lipper, Inc.

Past performance cannot guarantee future results.

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

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

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

3 Invesco Income Allocation Fund


Average Annual Total Returns
As of 12/31/23, including maximum applicable sales charges

Class A Shares
Inception (10/31/05)	4.29	%
10 Years	3.18
5 Years	2.49
1 Year	1.22

Class C Shares
Inception (10/31/05)	4.27	%
10 Years	3.14
5 Years	2.91
1 Year	5.43

Class R Shares
Inception (10/31/05)	4.36	%
10 Years	3.51
5 Years	3.43
1 Year	6.86

Class Y Shares
Inception (10/3/08)	5.43	%
10 Years	4.02
5 Years	3.93
1 Year	7.41

Class R5 Shares
Inception (10/31/05)	4.88	%
10 Years	4.03
5 Years	3.93
1 Year	7.53

Class R6 Shares
10 Years	3.94	%
5 Years	3.96
1 Year	7.60

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.

4 Invesco Income Allocation Fund

Supplemental Information

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

∎	Unless otherwise stated, information presented in this report is as of December 31, 2023, and is based on total net assets.

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

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

About indexes used in this report

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

∎

The Custom Invesco Income Allocation Index is composed of the following indexes: S&P 500^®, MSCI EAFE^®, FTSE 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 non-resident 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 USD-denominated, taxable bonds that are rated either investment grade or below investment grade.

∎	The Lipper Mixed-Asset Target Allocation Conservative Funds Index is an unmanaged index considered representative of mixed-asset target allocation conservative funds tracked by Lipper.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

5 Invesco Income Allocation Fund

Fund Information

Portfolio Composition*


By fund type	% of total investments

Fixed Income Funds		59.48	%
Equity Funds		18.25
Alternative Funds		13.20
Money Market Funds		5.16
Equity Funds		3.75
Money Market Funds		0.16

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

6 Invesco Income Allocation Fund

Schedule of Investments

December 31, 2023

Invesco Income Allocation Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–99.81%^(a)


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

Alternative Funds–13.89%
Invesco Global Real Estate Income Fund, Class R6		3.89	%	$	31,171,300	$	554,288	$	(18,376,958	)		$ 2,228,078		$	(752,341	)	$	554,288		1,766,909	$	14,824,367

Invesco Multi-Asset Income Fund, Class R6		10.00	%		42,725,008		2,920,766		(8,713,983	)		4,255,059			(3,009,762	)		2,920,766		4,888,231		38,177,088

Total Alternative Funds					73,896,308		3,475,054		(27,090,941	)		6,483,137			(3,762,103	)		3,475,054				53,001,455

Domestic Equity Funds–11.20%
Invesco Dividend Income Fund, Class R6		3.40	%		24,720,742		843,417		(12,439,502	)		(2,801,920	)		3,118,865			376,703		526,151		12,974,888

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^(b)		4.30	%		29,855,418		1,145,516		(13,217,638	)		(3,533,979	)		2,162,420			895,962		386,978		16,411,737

Invesco S&P 500^®Pure Value ETF^(b)		3.50	%		-		14,904,781		(3,071,021	)		1,355,457			166,676			257,030		162,718		13,355,893

Total Domestic Equity Funds					79,146,999		18,421,424		(53,940,971	)		(12,863,848	)		12,445,628			1,754,359				42,742,518

Fixed Income Funds–62.60%
Invesco Core Plus Bond Fund, Class R6		9.90	%		42,967,487		2,185,541		(7,785,192	)		1,835,152			(1,416,759	)		1,926,367		4,089,419		37,786,229

Invesco Corporate Bond Fund, Class R6		12.66	%		31,028,803		25,066,764		(9,058,594	)		2,479,037			(1,193,992	)		2,352,550		7,658,006		48,322,018

Invesco Equal Weight 0-30 Year Treasury ETF^(c)		9.76	%		40,766,577		1,702,822		(5,345,382	)		796,218			(684,704	)		1,126,043		1,291,555		37,235,531

Invesco Floating Rate ESG Fund, Class R6^(d)		5.51	%		-		21,268,145		(244,381	)		6,601			(2,530	)		734,224		3,091,948		21,025,250

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		10.05	%		-		44,012,189		(6,866,111	)		1,195,373			3,715			2,116,159		10,924,549		38,345,166

Invesco Income Fund, Class R6		8.26	%		26,756,383		11,173,425		(6,257,338	)		393,119			(549,569	)		1,874,467		4,600,879		31,516,020

Invesco International Bond Fund, Class R6^(d)		2.95	%		12,755,094		772,950		(2,637,316	)		1,207,061			(416,813	)		131,544		2,530,141		11,233,828

Invesco Master Loan Fund, Class R6		-			24,248,411		1,366,066		(24,690,022	)		(266,345	)		(658,110	)		1,357,021		-		-

Invesco Taxable Municipal Bond ETF		3.51	%		22,312,321		310,439		(10,091,189	)		2,771,753			(1,894,582	)		593,706		498,281		13,408,742

Invesco Variable Rate Preferred ETF		-			-		-		-			-			-			-		-		-

Total Fixed Income Funds					230,626,512		107,858,341		(102,780,983	)		13,579,783			(9,961,136	)		12,505,399				238,872,784

Foreign Equity Funds–11.95%
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		4.00	%		-		17,056,273		(3,464,609	)		1,499,338			178,096			462,238		322,175		15,269,098

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		4.01	%		22,570,077		248,137		(8,318,929	)		1,377,457			(592,208	)		662,562		542,583		15,284,534

iShares Global Infrastructure ETF^(b)(e)		3.94	%		-		17,028,612		(2,204,765	)		202,575			21,109			520,368		319,820		15,047,531

Total Foreign Equity Funds					43,940,323		34,333,022		(35,981,397	)		4,879,360			(1,570,145	)		1,645,168				45,601,163

Money Market Funds–0.17%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(f)		0.06	%		11		37,664,246		(37,438,875	)		-			-			24,265		225,382		225,382

Invesco Liquid Assets Portfolio, Institutional Class, 5.47%^(f)		0.04	%		-		26,903,033		(26,741,878	)		28			(181	)		16,920		160,890		161,002

Invesco Treasury Portfolio, Institutional Class, 5.26%^(f)		0.07	%		12		43,044,853		(42,787,285	)		-			-			26,324		257,580		257,580

Total Money Market Funds					23		107,612,132		(106,968,038	)		28			(181	)		67,509				643,964

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $384,743,237)		99.81	%		427,610,165		271,699,973		(326,762,330	)		12,078,460			(2,847,937	)		19,447,489				380,861,884

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

7 Invesco Income Allocation Fund

Invesco Income Allocation Fund (continued)

Schedule of Investments in Affiliated and Unaffiliated Issuers–99.81%^(a)


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

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–5.43%
Invesco Private Government Fund, 5.32%^(f)(g)		1.52	%	$	2,073,105	$	61,271,053	$	(57,540,165	)		$ -	$	-		$	191,825	^(h)		5,803,993	$	5,803,993

Invesco Private Prime Fund, 5.55%^(f)(g)		3.91	%		5,330,842		144,161,817		(134,571,583	)		1,266		2,211			522,480	^(h)		14,914,114		14,924,553

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $20,726,828)		5.43	%		7,403,947		205,432,870		(192,111,748	)		1,266		2,211			714,305					20,728,546

TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $405,470,065)		105.24	%	$	435,014,112	$	477,132,843	$	(518,874,078	)		$12,079,726	$	(2,845,726	)⁽ⁱ⁾	$	20,161,794				$	401,590,430

OTHER ASSETS LESS LIABILITIES		(5.24	)%																			(19,995,294	)

NET ASSETS		100.00	%																		$	381,595,136

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at December 31, 2023.

^(c)	Effective August 25, 2023, the underlying fund’s name changed.

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

^(e)	Not affiliated with Invesco Advisers, Inc.

^(f)	The rate shown is the 7-day SEC standardized yield as of December 31, 2023.

^(g)	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.

^(h)	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.

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


Fund Name		Capital Gain
Invesco Dividend Income Fund		$466,714

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

8 Invesco Income Allocation Fund

Statement of Assets and Liabilities

December 31, 2023


Assets:

Investments in affiliated underlying funds, at value (Cost $390,625,109)*	$	386,542,899


Investments in unaffiliated underlying funds, at value (Cost $ 14,844,956)		15,047,531


Cash		3,000


Receivable for:
Investments sold - affiliated underlying funds		1,217,626


Fund shares sold		185,804


Dividends - affiliated underlying funds		1,087,045


Investment for trustee deferred compensation and retirement plans		33,380


Other assets		56,594


Total assets		404,173,879



Liabilities:

Payable for:
Investments purchased - affiliated underlying funds		1,076,637


Fund shares reacquired		529,213


Collateral upon return of securities loaned		20,726,828


Accrued fees to affiliates		168,831


Accrued other operating expenses		38,312


Trustee deferred compensation and retirement plans		38,922


Total liabilities		22,578,743


Net assets applicable to shares outstanding	$	381,595,136



Net assets consist of:

Shares of beneficial interest	$	420,247,787


Distributable earnings (loss)		(38,652,651	)


	$	381,595,136


Net Assets:

Class A	$	336,481,924


Class C	$	20,703,957


Class R	$	3,693,150


Class Y	$	20,641,938


Class R5	$	65,067


Class R6	$	9,100



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		32,404,310


Class C		1,991,443


Class R		355,423


Class Y		1,988,265


Class R5		6,268


Class R6		877


Class A: Net asset value per share	$	10.38


Maximum offering price per share (Net asset value of $10.38 ÷ 94.50%)	$	10.98


Class C: Net asset value and offering price per share	$	10.40


Class R: Net asset value and offering price per share	$	10.39


Class Y: Net asset value and offering price per share	$	10.38


Class R5: Net asset value and offering price per share	$	10.38


Class R6: Net asset value and offering price per share	$	10.38

*	At December 31, 2023, securities with an aggregate value of $20,204,573 were on loan to brokers.

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

9 Invesco Income Allocation Fund

Statement of Operations

For the year ended December 31, 2023


Investment income:

Dividends from affiliated underlying funds (includes net securities lending income of $82,769)	$	19,009,890


Dividends from unaffiliated underlying funds		520,368


Interest		83,427


Total investment income		19,613,685



Expenses:

Administrative services fees		56,875


Custodian fees		5,111


Distribution fees:
Class A		879,014


Class C		251,950


Class R		18,431


Transfer agent fees – A, C, R and Y		462,257


Transfer agent fees – R5		65


Transfer agent fees – R6		59


Trustees’ and officers’ fees and benefits		19,946


Registration and filing fees		102,928


Reports to shareholders		44,115


Professional services fees		47,968


Other		13,871


Total expenses		1,902,590


Less: Expense offset arrangement(s)		(4,229	)


Net expenses		1,898,361


Net investment income		17,715,324



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Affiliated underlying fund shares		(3,333,549	)


Unaffiliated underlying fund shares		21,109


Capital gain distributions from affiliated underlying fund shares		466,714


		(2,845,726	)


Change in net unrealized appreciation of:
Affiliated underlying fund shares		11,877,151


Unaffiliated underlying fund shares		202,575


		12,079,726


Net realized and unrealized gain		9,234,000


Net increase in net assets resulting from operations	$	26,949,324

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

10 Invesco Income Allocation Fund

Statement of Changes in Net Assets

For the years ended December 31, 2023 and 2022


	2023			2022


Operations:

Net investment income	$	17,715,324		$	15,637,345


Net realized gain (loss)		(2,845,726	)		(7,372,451	)


Change in net unrealized appreciation (depreciation)		12,079,726			(72,982,115	)

Net increase (decrease) in net assets resulting from operations		26,949,324			(64,717,221	)


Distributions to shareholders from distributable earnings:

Class A		(14,406,488	)		(13,588,812	)


Class C		(817,701	)		(966,467	)


Class R		(143,544	)		(130,234	)


Class Y		(1,051,534	)		(1,287,015	)


Class R5		(2,993	)		(4,154	)


Class R6		(8,158	)		(5,592	)

Total distributions from distributable earnings		(16,430,418	)		(15,982,274	)


Share transactions–net:

Class A		(39,007,640	)		(24,462,024	)


Class C		(9,497,899	)		(10,376,817	)


Class R		138,694			(929,219	)


Class Y		(8,167,044	)		(13,917,530	)


Class R5		(30,616	)		(21,428	)


Class R6		(327,954	)		220,424

Net increase (decrease) in net assets resulting from share transactions		(56,892,459	)		(49,486,594	)

Net increase (decrease) in net assets		(46,373,553	)		(130,186,089	)


Net assets:

Beginning of year		427,968,689			558,154,778

End of year	$	381,595,136		$	427,968,689

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

11 Invesco Income Allocation Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income		Distributions from net realized gains			Total distributions		Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(d)
Class A
Year ended 12/31/23		$10.10		$0.45		$ 0.25			$ 0.70			$(0.42)		$ –			$(0.42)		$10.38		7.14	%		$336,482		0.43	%		0.43	%		4.41	%		41	%
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
Class C
Year ended 12/31/23		10.11		0.37		0.27			0.64			(0.35)		–			(0.35)		10.40		6.43			20,704		1.18			1.18			3.66			41
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
Class R
Year ended 12/31/23		10.11		0.42		0.26			0.68			(0.40)		–			(0.40)		10.39		6.86			3,693		0.68			0.68			4.16			41
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
Class Y
Year ended 12/31/23		10.10		0.47		0.26			0.73			(0.45)		–			(0.45)		10.38		7.41			20,642		0.18			0.18			4.66			41
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
Class R5
Year ended 12/31/23		10.09		0.48		0.26			0.74			(0.45)		–			(0.45)		10.38		7.53			65		0.16			0.16			4.68			41
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
Class R6
Year ended 12/31/23		10.09		0.49		0.26			0.75			(0.46)		–			(0.46)		10.38		7.60			9		0.10			0.10			4.74			41
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

^(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 0.46%, 0.45%, 0.45%, 0.51% and 0.52% for the years ended December 31, 2023, 2022, 2021, 2020 and 2019, respectively.

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

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

12 Invesco Income Allocation Fund

Notes to Financial Statements

December 31, 2023

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 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.

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 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.

14 Invesco Income Allocation Fund

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 year ended December 31, 2023, the Fund paid the Adviser $10,088 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.

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.

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, 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 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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 boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not reimburse expenses during the period under these boundary 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 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 Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 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 year ended December 31, 2023, IDI advised the Fund that IDI retained $20,606 in front-end sales commissions from the sale of Class A shares and $20,170 and $119 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

15 Invesco Income Allocation 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


Affiliated Issuers	$	365,170,389	$	–	$–	$	365,170,389


Unaffiliated Issuers		15,047,531		–	–		15,047,531


Money Market Funds		643,964		20,728,546	–		21,372,510


Total Investments	$	380,861,884	$	20,728,546	$–	$	401,590,430

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2023 and 2022:


	2023		2022


Ordinary income*	$	16,430,418	$	15,982,274

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

Tax Components of Net Assets at Period-End:


	2023


Undistributed ordinary income	$	1,287,027


Net unrealized appreciation (depreciation) – investments		(15,129,357	)


Temporary book/tax differences		(29,168	)


Capital loss carryforward		(24,781,153	)


Shares of beneficial interest		420,247,787


Total net assets	$	381,595,136

16 Invesco Income Allocation Fund

The Fund has a capital loss carryforward as of December 31, 2023, as follows:


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term		Total


Not subject to expiration	$	8,384,884	$	16,396,269	$	24,781,153

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2023 was $164,087,841 and $219,794,292, 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	$	15,986,215


Aggregate unrealized (depreciation) of investments		(31,115,572	)


Net unrealized appreciation (depreciation) of investments	$	(15,129,357	)

Cost of investments for tax purposes is $416,719,787.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships, on December 31, 2023, undistributed net investment income was decreased by $3,915,728, undistributed net realized gain (loss) was increased by $3,881,941 and shares of beneficial interest was increased by $33,787. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		3,842,109		$	39,041,764			7,103,803		$	76,464,730


Class C		125,465			1,287,920			222,019			2,404,896


Class R		82,253			840,947			100,775			1,094,491


Class Y		471,786			4,771,451			625,101			6,744,550


Class R5		118			1,225			6,743			77,809


Class R6		9,525			97,151			28,699			292,417



Issued as reinvestment of dividends:
Class A		1,174,259			11,913,832			1,054,439			11,167,729


Class C		66,324			674,579			73,472			780,705


Class R		14,121			143,288			11,994			127,241


Class Y		63,253			641,505			70,588			752,844


Class R5		244			2,479			348			3,713


Class R6		745			7,569			500			5,250



Automatic conversion of Class C shares to Class A shares:
Class A		310,401			3,135,823			247,882			2,658,020


Class C		(310,011	)		(3,135,823	)		(247,606	)		(2,658,020	)



Reacquired:
Class A		(9,191,014	)		(93,099,059	)		(10,839,541	)		(114,752,503	)


Class C		(816,674	)		(8,324,575	)		(1,034,470	)		(10,904,398	)


Class R		(84,321	)		(845,541	)		(201,243	)		(2,150,951	)


Class Y		(1,342,288	)		(13,580,000	)		(1,982,322	)		(21,414,924	)


Class R5		(3,303	)		(34,320	)		(9,343	)		(102,950	)


Class R6		(42,790	)		(432,674	)		(7,583	)		(77,243	)


Net increase (decrease) in share activity		(5,629,798	)	$	(56,892,459	)		(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 55% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

17 Invesco Income Allocation Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Income Allocation Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 21, 2024

18 Invesco Income Allocation Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/23)	Ending Account Value (12/31/23)¹	Expenses Paid During Period²	Ending Account Value (12/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,041.40	$2.32	$1,022.94	$2.29	0.45%
Class C	1,000.00	1,038.50	6.17	1,019.16	6.11	1.20
Class R	1,000.00	1,041.10	3.60	1,021.68	3.57	0.70
Class Y	1,000.00	1,043.70	1.03	1,024.20	1.02	0.20
Class R5	1,000.00	1,043.80	0.82	1,024.40	0.82	0.16
Class R6	1,000.00	1,044.20	0.46	1,024.75	0.46	0.09

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

19 Invesco Income Allocation Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2023:



Federal and State Income Tax
Qualified Dividend Income*	15.11	%
Corporate Dividends Received Deduction*	10.20	%
U.S. Treasury Obligations*	10.58	%
Qualified Business Income*	2.18	%
Business Interest Income*	58.65	%

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

20 Invesco Income Allocation Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustees
Jeffrey H. Kupor¹– 1968 Trustee	2024	Senior Managing Director and General Counsel, Invesco Ltd.; Trustee, Invesco Foundation, Inc.; Director, Invesco Advisers, Inc.; Executive Vice President, Invesco Asset Management (Bermuda), Ltd. and Invesco Investments (Bermuda) Ltd. Formerly: Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation, Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	165	None
Douglas Sharp¹– 1974 Trustee	2024	Senior Managing Director and Head of Americas & EMEA, Invesco Ltd; Director, Chairman and Chief Executive, Invesco Fund Managers Limited Formerly: Director and Chairman, Invesco UK Limited	165	None

¹	Mr. Kupor and Mr. Sharp are considered interested persons (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because they are officers of the Adviser to the Trust, and officers of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Income Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	165	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Carol Deckbar – 1962 Trustee	2024	Formerly: Executive Vice President and Chief Product Officer, TIAA Financial Services; Executive Vice President and Principal, College Retirement Equities Fund at TIAA; Executive Vice President and Head of Institutional Investments and Endowment Services, TIAA	165	Formerly: Board Member, TIAA Asset Management, Inc.; and Board Member, TH Real Estate Group Holdings Company
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	165	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	165	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	165	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	165	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
James “Jim” Liddy – 1959 Trustee	2024	Formerly: Chairman, Global Financial Services, Americas, KPMG LLP	165	Director and Treasurer, Gulfside Place Condominium Association, Inc. and Non-Executive Director, Kellenberg Memorial High School

T-2 Invesco Income Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	165	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	165	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	165	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	165	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	165	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Income Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Glenn Brightman – 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; and Trustee, Invesco Foundation, Inc. Formerly: Senior Vice President, Invesco Group Services, Inc.;. Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Income Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Manager, Invesco Indexing LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President, The Invesco Funds; Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Income Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Income Allocation Fund

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Fund holdings and proxy voting information

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

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

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Annual Report to Shareholders		December 31, 2023

Invesco International Diversified Fund

Nasdaq:

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



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



Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.
If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

Management’s Discussion of Fund Performance

Performance summary


For the fiscal year ended December 31, 2023, Class A shares of Invesco International Diversified Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World ex USA Index.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/22 to 12/31/23, 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	15.43	%
Class C Shares	14.57
Class R Shares	15.15
Class Y Shares	15.74
Class R5 Shares	15.86
Class R6 Shares	15.86
MSCI All Country World ex USA Index^q	15.62
Source(s): ^qRIMES Technologies Corp.

Market conditions and your Fund

For the first half of 2023, global equity markets continued to deliver gains amid continued interest rate increases, volatility and a banking crisis. The largest shock came in March 2023 as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, along with the subsequent UBS take-over of Credit Suisse, led to a selloff in US and European financial stocks. Optimism about AI (Artificial Intelligence) boosted technology stocks during the second quarter of 2023. Emerging market equities also posted gains for the first half of 2023, although China’s equities declined due to weaker-than-expected economic data, real estate developer debt issues and geopolitical concerns.

The global equity rally in the first half of 2023 came to an end in the third quarter as global equity markets declined. Concerns about a slowing global economy and interest rates staying “higher for longer” hampered stock returns. During the quarter, value stocks outperformed growth stocks. Energy was the best performing sector, ending the quarter in positive territory, boosted by rising oil prices as Russia and the Organization of Petroleum Exporting Countries (OPEC) cut supplies. Developed global equities underperformed emerging market equities. Within emerging markets, China’s equities were weighed down by concerns in the real estate sector, but positive performance in the United Arab Emirates, Turkey and India offset those results.

In a reversal from the third quarter, global equities rebounded strongly in the fourth quarter. Previous concerns about interest rates staying “higher for longer” abated, and investors focused on possible interest rate cuts during 2024. In this environment, most major asset classes and sectors performed well, with US stocks outperforming international stocks and growth stocks outperforming value stocks. The energy sector was an

exception, ending the quarter in negative territory, hampered by falling oil prices. Developed global equities outperformed emerging market equities. Within emerging markets, Chinese equities extended their decline from the prior quarter, but positive performance in other emerging regions, particularly Latin America, offset those results.

Both developed and emerging market equities finished the fiscal year ended December 31, 2023, in positive territory, with developed market equities outperforming emerging market equities.

As of the fiscal year-end, the Fund’s portfolio consisted of four underlying mutual funds: Invesco Oppenheimer International Growth Fund, Invesco Developing Markets Fund, Invesco International Small-Mid Company Fund, and Invesco EQV International Equity Fund. For the one-year period, the underlying funds produced the following absolute returns: Invesco International Small-Mid Company Fund, returned 12.73%, followed by Invesco Oppenheimer International Growth Fund which returned 21.20%, followed by Invesco International Equity Fund which returned 15.19% and Invesco EQV International Equity Fund which returned 2.66%. Finally, the Invesco Developing Markets Fund returned 11.54%.

At the close of business on July 28, 2023, Invesco International Equity Fund was merged into Invesco EQV International Equity Fund, which became one of the fund’s four underlying portfolios. International Equity’s return and contribution are for July 1 through July 28, 2023. EQV International Equity’s return and contribution reflect the period from July 29, 2023 through year end.

International Diversified Fund’s marginal underperformance compared to the MSCI All Country World ex USA Index was driven most by stock selection in industrials, consumer discretionary, and health care. The fund’s overweight allocation to health care also detracted from relative results. Stock selection

in materials and an overweight allocation were the largest positive contributors to relative performance. An underweight allocation to real estate also contributed positively. Geographically, stock selection in Japan detracted the most from the Fund’s relative per formance during the period. Stock selection in North America had the strongest positive contribution to relative performance.

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

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

Portfolio manager(s):

Robert Dunphy

George R. Evans

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

2 Invesco International Diversified Fund

Your Fund’s Long-Term Performance

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

Fund	and index data from 12/31/13

LOGO

1	Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

3 Invesco International Diversified Fund


Average Annual Total Returns
As of 12/31/23, including maximum applicable sales charges

Class A Shares
Inception (9/27/05)	5.30	%
10 Years	3.16
5 Years	4.92
1 Year	9.05

Class C Shares
Inception (9/27/05)	5.28	%
10 Years	3.12
5 Years	5.32
1 Year	13.57

Class R Shares
Inception (9/27/05)	5.33	%
10 Years	3.48
5 Years	5.85
1 Year	15.15

Class Y Shares
Inception (9/27/05)	5.93	%
10 Years	4.02
5 Years	6.40
1 Year	15.74

Class R5 Shares
10 Years	3.92	%
5 Years	6.47
1 Year	15.86

Class R6 Shares
Inception (8/28/12)	6.71	%
10 Years	4.18
5 Years	6.53
1 Year	15.86

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.

4 Invesco International Diversified Fund

Supplemental Information

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

∎	Unless otherwise stated, information presented in this report is as of December 31, 2023, and is based on total net assets.

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

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

About indexes used in this report

∎	The MSCI All Country World ex USA^® Index is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.


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


NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

5 Invesco International Diversified Fund

Fund Information

Portfolio Composition


% of total investments

Invesco International Small-Mid Company Fund, Class R6	30.08	%

Invesco EQV International Equity Fund, Class R6	24.98

Invesco Oppenheimer International Growth Fund, Class R6	24.89

Invesco Developing Markets Fund, Class R6	20.05
Invesco International Equity Fund, Class R6	0.00

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

Data presented here are as of December 31, 2023.

6 Invesco International Diversified Fund

Schedule of Investments

December 31, 2023

Invesco International Diversified Fund

Schedule of Investments in Affiliated Issuers–99.45%^(a)


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

Foreign Equity Funds–99.45%
Invesco Developing Markets Fund, Class R6		19.94%	$	466,673,274	$	34,008,177	$	(124,537,383	)	$	38,609,023		$	8,566,775		$	3,983,868		10,975,366		$ 423,319,866

Invesco EQV International Equity Fund, Class R6		24.84%		–		446,573,367		(56,354,513	)		138,259,117			3,601,278			5,349,171		22,507,062		527,340,461

Invesco International Equity Fund, Class R6^(b)(c)		–		583,517,330		21,604,487		(529,028,691	)		(80,894,539	)		20,739,937			5,665,963		–		–

Invesco International Small-Mid Company Fund, Class R6		29.91%		707,750,993		39,759,745		(175,940,198	)		52,910,963			20,089,506			7,770,302		14,842,841		634,976,734

Invesco Oppenheimer International Growth Fund, Class R6		24.76%		583,012,390		59,878,161		(168,178,171	)		14,967,521			87,523,247			5,344,807		14,761,124		525,496,022

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $1,409,514,175)		99.45%	$	2,340,953,987	$	601,823,937	$	(1,054,038,956	)	$	163,852,085		$	140,520,743	^(d)	$	28,114,111				$ 2,111,133,083

OTHER ASSETS LESS LIABILITIES		0.55%																			11,771,704

NET ASSETS		100.00%																			$ 2,122,904,787

Notes to Schedule of Investments:

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

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

^(c)	At the close of business on July 28, 2023, Invesco International Equity Fund merged into Invesco EQV International Equity Fund.

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


Fund Name	Capital Gain
Invesco EQV International Equity Fund	$	4,738,788
Invesco International Equity Fund		14,616,330
Invesco International Small-Mid Company Fund		9,594,275
Invesco Oppenheimer International Growth Fund		51,707,126

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

7 Invesco International Diversified Fund

Statement of Assets and Liabilities

December 31, 2023


Assets:

Investments in affiliated underlying funds, at value (Cost $1,409,514,175)	$	2,111,133,083
Cash		15,054,163
Receivable for:
Interest		60
Fund shares sold		1,783,586
Investment for trustee deferred compensation and retirement plans		155,004
Other assets		53,981
Total assets		2,128,179,877

Liabilities:
Payable for:
Fund shares reacquired		4,155,069
Accrued fees to affiliates		823,194
Accrued trustees’ and officers’ fees and benefits		18,097
Accrued other operating expenses		108,717
Trustee deferred compensation and retirement plans		170,013
Total liabilities		5,275,090
Net assets applicable to shares outstanding	$	2,122,904,787

Net assets consist of:
Shares of beneficial interest	$	1,503,111,245
Distributable earnings		619,793,542
	$	2,122,904,787


Net Assets:
Class A	$	846,830,835
Class C	$	70,156,461
Class R	$	126,234,306
Class Y	$	795,603,622
Class R5	$	32,141
Class R6	$	284,047,422

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		52,520,934
Class C		4,682,022
Class R		8,043,103
Class Y		48,433,123
Class R5		1,978
Class R6		17,175,463
Class A:
Net asset value per shareA	$	16.12
Maximum offering price per share (Net asset value of $16.12 ÷ 94.50%)	$	17.06
Class C:
Net asset value and offering price per shareC	$	14.98
Class R:
Net asset value and offering price per shareR	$	15.69
Class Y:
Net asset value and offering price per shareY	$	16.43
Class R5:
Net asset value and offering price per shareR5	$	16.25
Class R6:
Net asset value and offering price per shareR6	$	16.54

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

8 Invesco International Diversified Fund

Statement of Operations

For the year ended December 31, 2023


Investment income:
Dividends from affiliated underlying funds	$	28,114,111



Expenses:
Custodian fees		12,574


Distribution fees:
Class A		2,096,088


Class C		780,146


Class R		623,803


Transfer agent fees – A, C, R and Y		2,843,553


Transfer agent fees – R5		30


Transfer agent fees – R6		102,399


Trustees’ and officers’ fees and benefits		40,024


Registration and filing fees		140,578


Reports to shareholders		216,286


Professional services fees		70,221


Other		11,119


Total expenses		6,936,821


Less: Expense offset arrangement(s)		(63,852	)


Net expenses		6,872,969


Net investment income		21,241,142



Realized and unrealized gain from:
Net realized gain from:
Affiliated underlying fund shares		59,864,224


Capital gain distributions from affiliated underlying fund shares		80,656,519


	140,520,743


Change in net unrealized appreciation of affiliated underlying fund shares		163,852,085


Net realized and unrealized gain		304,372,828


Net increase in net assets resulting from operations	$	325,613,970

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

9 Invesco International Diversified Fund

Statement of Changes in Net Assets

For the years ended December 31, 2023 and 2022


	2023			2022

Operations:

Net investment income	$	21,241,142		$	12,137,177


Net realized gain (loss)		140,520,743			(127,879,473	)


Change in net unrealized appreciation (depreciation)		163,852,085			(946,231,538	)

Net increase (decrease) in net assets resulting from operations		325,613,970			(1,061,973,834	)


Distributions to shareholders from distributable earnings:

Class A		(3,239,175	)		(109,807,177	)


Class C		(294,258	)		(11,734,501	)


Class R		(494,193	)		(16,350,183	)


Class Y		(2,992,352	)		(116,865,722	)


Class R5		(122	)		(3,778	)


Class R6		(1,058,137	)		(57,455,724	)

Total distributions from distributable earnings		(8,078,237	)		(312,217,085	)


Share transactions–net:

Class A		(109,431,454	)		(55,551,595	)


Class C		(22,722,950	)		(29,672,442	)


Class R		(14,937,226	)		6,282,249


Class Y		(194,396,263	)		(393,070,728	)


Class R5		91			(25,327	)


Class R6		(197,721,990	)		(126,965,668	)

Net increase (decrease) in net assets resulting from share transactions		(539,209,792	)		(599,003,511	)

Net increase (decrease) in net assets		(221,674,059	)		(1,973,194,430	)


Net assets:

Beginning of year		2,344,578,846			4,317,773,276

End of year	$	2,122,904,787		$	2,344,578,846

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

10 Invesco International Diversified Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income loss^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(d)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(e)
Class A
Year ended 12/31/23		$	14.02		$	0.13			$	2.03			$	2.16			$	(0.06	)		$	–			$	(0.06	)		$	16.12		15.43	%		$	846,831		0.42	%		0.42	%		0.84	%		7	%
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
Class C
Year ended 12/31/23			13.13			0.01				1.90				1.91				(0.06	)			–				(0.06	)			14.98		14.57				70,156		1.17			1.17			0.09			7
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
Class R
Year ended 12/31/23			13.68			0.09				1.98				2.07				(0.06	)			–				(0.06	)			15.69		15.15				126,234		0.67			0.67			0.59			7
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
Class Y
Year ended 12/31/23			14.25			0.17				2.07				2.24				(0.06	)			–				(0.06	)			16.43		15.74				795,604		0.17			0.17			1.09			7
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
Class R5
Year ended 12/31/23			14.08			0.17				2.06				2.23				(0.06	)			–				(0.06	)			16.25		15.86				32		0.12			0.12			1.14			7
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
Year ended 12/31/23			14.33			0.19				2.08				2.27				(0.06	)			–				(0.06	)			16.54		15.86				284,047		0.05			0.05			1.21			7
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

^(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 0.87%, 0.83%, 0.82% and 0.81% for the years ended December 31, 2023, 2022, 2021 and 2020, respectively.

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

^(e)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended ended December 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $103,226,025 and sold of $86,850,094 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco International Allocation Fund into the Fund.

^(f)	Annualized.

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

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

11 Invesco International Diversified Fund

Notes to Financial Statements

December 31, 2023

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”). 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.

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.

12 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, uncertain 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. Such countries’ economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in

13 Invesco International Diversified Fund

privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, 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 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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 boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not reimburse expenses during the period under these boundary 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 year ended December 31, 2023, IDI advised the Fund that IDI retained $76,542 in front-end sales commissions from the sale of Class A shares and $1,229 and $4,384 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 December 31, 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)

14 Invesco International Diversified Fund

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2023 and 2022:


	2023		2022

Ordinary income*	$	8,078,237	$	18,397,437
Long-term capital gain		—		293,819,648
Total distributions	$	8,078,237	$	312,217,085

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

Tax Components of Net Assets at Period-End:


	2023
Undistributed ordinary income	$	21,215,031
Net unrealized appreciation - investments		644,657,860
Temporary book/tax differences		(173,992	)
Capital loss carryforward		(45,905,357	)
Shares of beneficial interest		1,503,111,245
Total net assets	$	2,122,904,787

The Fund has a capital loss carryforward as of December 31, 2023, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	15,085,259	$	30,820,098	$	45,905,357

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2023 was $165,338,529 and $617,553,548, 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.

Cost of investments for tax purposes is $1,466,475,223.

15 Invesco International Diversified Fund

NOTE 9–Share Information


	Summary of Share Activity
	Year ended						Year ended
	December 31, 2023^(a)						December 31, 2022

	Shares			Amount			Shares			Amount


Sold:
Class A		3,532,434		$	53,657,133			4,166,805		$	71,384,490

Class C		435,306			6,169,744			552,171			8,898,630

Class R		1,049,393			15,503,737			1,131,838			18,910,093

Class Y		6,675,032			102,727,318			12,035,575			207,644,155

Class R6		3,423,264			52,930,890			7,117,851			123,909,430


Issued as reinvestment of dividends:
Class A		189,559			2,983,640			7,240,485			102,241,217

Class C		18,959			277,362			833,265			11,024,367

Class R		32,123			492,127			1,181,096			16,275,523

Class Y		145,232			2,329,551			6,779,405			97,284,462

Class R5		5			91			193			2,742

Class R6		62,952			1,016,051			3,874,365			55,907,084


Automatic conversion of Class C shares to Class A shares:
Class A		760,966			11,511,741			903,229			15,202,129

Class C		(815,464	)		(11,511,741	)		(952,903	)		(15,202,129	)


Reacquired:
Class A		(11,736,518	)		(177,583,968	)		(14,657,386	)		(244,379,431	)

Class C		(1,248,158	)		(17,658,315	)		(2,186,473	)		(34,393,310	)

Class R		(2,095,435	)		(30,933,090	)		(1,742,819	)		(28,903,367	)

Class Y		(19,551,916	)		(299,453,132	)		(41,183,465	)		(697,999,345	)

Class R5		-			-			(1,608	)		(28,069	)

Class R6		(16,199,804	)		(251,668,931	)		(18,142,862	)		(306,782,182	)

Net increase (decrease) in share activity		(35,322,070	)	$	(539,209,792	)		(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 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.

16 Invesco International Diversified Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco International Diversified Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the four years in the period ended December 31, 2023 and the eight months ended December 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the four years in the period ended December 31, 2023 and the period May 24, 2019 (commencement date) through December 31, 2019 for Class R5.

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

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 21, 2024

17 Invesco International Diversified 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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/23)	Ending Account Value (12/31/23)¹	Expenses Paid During Period²	Ending Account Value (12/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,034.10	$2.31	$1,022.94	$2.29	0.45%
Class C	1,000.00	1,030.30	6.14	1,019.16	6.11	1.20
Class R	1,000.00	1,033.00	3.59	1,021.68	3.57	0.70
Class Y	1,000.00	1,036.00	1.03	1,024.20	1.02	0.20
Class R5	1,000.00	1,036.40	0.62	1,024.60	0.61	0.12
Class R6	1,000.00	1,036.40	0.31	1,024.90	0.31	0.06

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

18 Invesco International Diversified Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2023:



Federal and State Income Tax
Qualified Dividend Income*	100.00	%
Corporate Dividends Received Deduction*	7.49	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

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

19 Invesco International Diversified Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustees
Jeffrey H. Kupor¹– 1968 Trustee	2024	Senior Managing Director and General Counsel, Invesco Ltd.; Trustee, Invesco Foundation, Inc.; Director, Invesco Advisers, Inc.; Executive Vice President, Invesco Asset Management (Bermuda), Ltd. and Invesco Investments (Bermuda) Ltd. Formerly: Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation, Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	165	None
Douglas Sharp¹– 1974 Trustee	2024	Senior Managing Director and Head of Americas & EMEA, Invesco Ltd; Director, Chairman and Chief Executive, Invesco Fund Managers Limited Formerly: Director and Chairman, Invesco UK Limited	165	None

¹	Mr. Kupor and Mr. Sharp are considered interested persons (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because they are officers of the Adviser to the Trust, and officers of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco International Diversified Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	165	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Carol Deckbar – 1962 Trustee	2024	Formerly: Executive Vice President and Chief Product Officer, TIAA Financial Services; Executive Vice President and Principal, College Retirement Equities Fund at TIAA; Executive Vice President and Head of Institutional Investments and Endowment Services, TIAA	165	Formerly: Board Member, TIAA Asset Management, Inc.; and Board Member, TH Real Estate Group Holdings Company
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	165	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	165	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	165	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	165	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
James “Jim” Liddy – 1959 Trustee	2024	Formerly: Chairman, Global Financial Services, Americas, KPMG LLP	165	Director and Treasurer, Gulfside Place Condominium Association, Inc. and Non-Executive Director, Kellenberg Memorial High School

T-2 Invesco International Diversified Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	165	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	165	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	165	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	165	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	165	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco International Diversified Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Glenn Brightman - 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; and Trustee, Invesco Foundation, Inc. Formerly: Senior Vice President, Invesco Group Services, Inc.;. Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco International Diversified Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers –(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Manager, Invesco Indexing LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President, The Invesco Funds; Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco International Diversified Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco International Diversified Fund

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LOGO

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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

LOGO

Annual Report to Shareholders

December 31, 2023

Invesco Main Street Mid Cap Fund^®

Nasdaq:

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


2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

11		Financial Statements

14		Financial Highlights

15		Notes to Financial Statements

21		Report of Independent Registered Public Accounting Firm

22		Fund Expenses

23		Tax Information

T-1		Trustees and Officers

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR. If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended December 31, 2023, Class A shares of Invesco Main Street Mid Cap Fund^® (the Fund), at net asset value (NAV), underperformed the Russell Midcap Index.

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

Fund vs. Indexes



Class A Shares	14.48	%
Class C Shares	13.61
Class R Shares	14.15
Class Y Shares	14.74
Class R5 Shares	14.86
Class R6 Shares	14.92
Russell Midcap Index^▼	17.23
Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

Equity markets declined in the third quarter and into October 2023 as a resilient US economy complicated the Fed’s efforts to

US equity markets posted strong gains in the fourth quarter of 2023 as investors anticipated the potential end of interest rate hikes by the Fed. Inflation slowed during the period as the CPI 12-month headline inflation rate fell to 3.1% in November from 3.7% in September, significantly below the 2022 peak.² The Fed kept rates steady at its mid-December meeting and indicated that three rate cuts are expected in 2024. Fed Chairman Powell noted that “the Fed’s policy rate is likely at or near its peak for this tightening cycle,” which prompted a strong equity rally into year end and the yield on the 10-year US Treasury to fall from nearly 5% in October to below 4%.³

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

The largest individual contributors to the Fund’s performance relative to its benchmark during the fiscal year included TopBuild, Manhattan Associates, and Synopsys. Top-

Build, which installs and distributes insulation and other building products, outperformed expectations after reporting better-than-expected third quarter results and 2024 guidance. The company also benefited from falling mortgage rates given its significant exposure to new home sales. Manhattan Associates reported strong results driven by the company’s market leading position in software solutions for warehouse, transportation and inventory management, as retailers continued to accelerate ecommerce and omni channel sales strategies. During the period, Synopsys benefited from a strong demand backdrop as the company’s business momentum is tied to semiconductor design activity. We believe design activity has been strong from both the company’s core semiconductor customer base in addition to the entrance of new customers including hyper-scalers.

The largest individual detractors from the Fund’s performance relative to the benchmark during the fiscal year included SVB Financial, APA, and Valmont Industries. SVB Financial failed and the bank was taken over by the Federal Deposit Insurance Corporation (FDIC) following a bank run precipitated by the company’s decision to sell their entire available-for-sale bond portfolio at a loss and to seek an equity capital raise. APA and the energy sector in general underperformed as oil prices declined and market leadership rotated into areas that had previously underperformed. Valmont Industries underperformed expectations as its CEO stepped down in July and disappointing earnings confirmed investor concerns that growth would moderate after a run of outperformance expectations in 2021 and 2022. We exited our position in Valmont in the fourth quarter of 2023.

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

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

1	Source: US Federal Reserve

2	Source: US Bureau of Labor Statistics

3	Source: Bloomberg LP

Portfolio manager(s):

Joy Budzinski

Belinda Cavazos - Lead

Magnus Krantz

Raman Vardharaj

Adam Weiner - Lead

Matthew Ziehl - Lead

2 Invesco Main Street Mid Cap Fund^®

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

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

3 Invesco Main Street Mid Cap Fund^®

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/13

LOGO

1	Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

4 Invesco Main Street Mid Cap Fund^®


Average Annual Total Returns
As of 12/31/23, including maximum applicable sales charges

Class A Shares
Inception (8/2/99)			9.41%
10 Years			6.93
5 Years			10.45
1 Year			8.18

Class C Shares
Inception (8/2/99)			9.40%
10 Years			6.89
5 Years			10.88
1 Year			12.61

Class R Shares
Inception (3/1/01)			8.34%
10 Years			7.27
5 Years			11.44
1 Year			14.15

Class Y Shares
Inception (8/2/99)			10.05%
10 Years			7.81
5 Years			12.00
1 Year			14.74

Class R5 Shares
10 Years			7.71%
5 Years			12.07
1 Year			14.86

Class R6 Shares
Inception (10/26/12)			10.42%
10 Years			7.99
5 Years			12.17
1 Year			14.92

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.

5 Invesco Main Street Mid Cap Fund^®

Supplemental Information

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

∎	Unless otherwise stated, information presented in this report is as of December 31, 2023, and is based on total net assets.

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

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

About indexes used in this report

∎	The Russell Midcap^® Index is an unmanaged index considered representative of mid-cap stocks. The Russell Midcap Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

6 Invesco Main Street Mid Cap Fund^®

Fund Information

Portfolio Composition


By sector		% of total net assets

Industrials		21.01%
Financials		12.99
Information Technology		12.44
Consumer Discretionary		11.51
Health Care		9.87
Real Estate		7.40
Materials		5.47
Consumer Staples		4.83
Energy		4.49
Utilities		4.09
Communication Services		3.91
Money Market Funds Plus Other Assets Less Liabilities		1.99

Top 10 Equity Holdings*


		% of total net assets

1.	Republic Services, Inc.	1.99%
2.	Curtiss-Wright Corp.	1.92
3.	TopBuild Corp.	1.78
4.	D.R. Horton, Inc.	1.75
5.	Howmet Aerospace, Inc.	1.71
6.	Raymond James Financial, Inc.	1.70
7.	Tyler Technologies, Inc.	1.69
8.	Arthur J. Gallagher & Co.	1.63
9.	Hubbell, Inc.	1.58
10.	M&T Bank Corp.	1.57

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

*	Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2023.

7 Invesco Main Street Mid Cap Fund^®

Schedule of Investments^(a)

December 31, 2023


	Shares		Value


Common Stocks & Other Equity Interests–98.01%
Advertising–1.29%
Trade Desk, Inc. (The), Class A^(b)(c)		434,172	$	31,243,017



Aerospace & Defense–4.18%
Curtiss-Wright Corp.		209,089		46,582,938


Howmet Aerospace, Inc.		766,903		41,504,791


Huntington Ingalls Industries, Inc.		50,636		13,147,131


				101,234,860



Application Software–3.80%
Autodesk, Inc.^(b)		104,814		25,520,113


Manhattan Associates, Inc.^(b)		119,750		25,784,570


Tyler Technologies, Inc.^(b)		97,705		40,852,414


				92,157,097



Automotive Parts & Equipment–2.85%
Aptiv PLC^(b)		359,418		32,246,983


Mobileye Global, Inc., Class A (Israel)^(b)(c)		280,895		12,168,371


Visteon Corp.^(b)		197,416		24,657,259


				69,072,613



Biotechnology–1.85%
Ascendis Pharma A/S, ADR (Denmark)^(b)		161,356		20,322,788


Biogen, Inc.^(b)		94,785		24,527,515


				44,850,303



Communications Equipment–1.39%
Motorola Solutions, Inc.		107,475		33,649,348



Construction Machinery & Heavy Transportation Equipment– 0.99%
Allison Transmission Holdings, Inc.		413,032		24,017,811



Construction Materials–2.04%
Summit Materials, Inc., Class A^(b)		601,469		23,132,498


Vulcan Materials Co.		115,831		26,294,795


				49,427,293



Consumer Staples Merchandise Retail–1.19%
BJ’s Wholesale Club Holdings, Inc.^(b)		433,473		28,895,310



Distillers & Vintners–1.00%
Constellation Brands, Inc., Class A		100,278		24,242,207



Distributors–1.13%
LKQ Corp.		575,187		27,488,187



Diversified Financial Services–1.44%
Equitable Holdings, Inc.		1,048,335		34,909,556



Electrical Components & Equipment–3.63%
Hubbell, Inc.		116,095		38,187,127




Regal Rexnord Corp.		127,238		18,833,769


Rockwell Automation, Inc.		99,719		30,960,755


				87,981,651



Electronic Equipment & Instruments–1.08%
Keysight Technologies, Inc.^(b)		164,106		26,107,624


	Shares		Value


Environmental & Facilities Services–1.99%
Republic Services, Inc.		292,307	$	48,204,347



Fertilizers & Agricultural Chemicals–1.01%
Mosaic Co. (The)		682,897		24,399,910



Financial Exchanges & Data–0.96%
Cboe Global Markets, Inc.		130,022		23,216,728



Footwear–1.03%
Deckers Outdoor Corp.^(b)		37,524		25,082,167



Health Care Equipment–2.01%
GE HealthCare Technologies, Inc.		212,443		16,426,093


Zimmer Biomet Holdings, Inc.		264,788		32,224,699


				48,650,792



Health Care Facilities–3.37%
Acadia Healthcare Co., Inc.^(b)		353,904		27,519,575


Encompass Health Corp.		354,708		23,666,118


Tenet Healthcare Corp.^(b)		405,432		30,638,496


				81,824,189



Health Care Supplies–0.99%
Cooper Cos., Inc. (The)		63,142		23,895,458



Homebuilding–3.53%
D.R. Horton, Inc.		279,358		42,456,829


TopBuild Corp.^(b)		115,121		43,085,185


				85,542,014



Hotels, Resorts & Cruise Lines–1.14%
Choice Hotels International, Inc.^(c)		243,094		27,542,550



Household Products–1.18%
Church & Dwight Co., Inc.^(c)		302,862		28,638,631



Human Resource & Employment Services–3.78%
ASGN, Inc.^(b)		292,976		28,175,502


Korn Ferry		509,479		30,237,579


Paylocity Holding Corp.^(b)		201,629		33,238,540


				91,651,621



Industrial Machinery & Supplies & Components–4.17%
Lincoln Electric Holdings, Inc.		143,553		31,217,035


Parker-Hannifin Corp.		73,854		34,024,538


Xylem, Inc.		313,762		35,881,822


				101,123,395



Industrial REITs–1.56%
First Industrial Realty Trust, Inc.		718,710		37,854,456



Insurance Brokers–1.62%
Arthur J. Gallagher & Co.		175,113		39,379,411



Interactive Home Entertainment–1.42%
Electronic Arts, Inc.		252,172		34,499,651



Interactive Media & Services–1.20%
Pinterest, Inc., Class A^(b)		786,027		29,114,440

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

8 Invesco Main Street Mid Cap Fund^®


	Shares		Value


Internet Services & Infrastructure–1.12%
MongoDB, Inc.^(b)		66,524	$	27,198,337



Investment Banking & Brokerage–1.70%
Raymond James Financial, Inc.		369,758		41,228,017



IT Consulting & Other Services–1.00%
Amdocs Ltd.		277,056		24,350,452



Life Sciences Tools & Services–0.93%
Bio-Techne Corp.^(c)		291,624		22,501,708



Managed Health Care–0.70%
Molina Healthcare, Inc.^(b)		47,302		17,090,686



Metal, Glass & Plastic Containers–1.05%
Silgan Holdings, Inc.		560,885		25,380,046



Multi-Family Residential REITs–1.19%
Mid-America Apartment Communities, Inc.		213,696		28,733,564



Multi-line Insurance–1.24%
American International Group, Inc.		443,856		30,071,244



Multi-Utilities–4.09%
Ameren Corp.		392,897		28,422,169


CMS Energy Corp.		597,189		34,678,765


WEC Energy Group, Inc.		429,458		36,147,480


				99,248,414



Oil & Gas Equipment & Services–1.08%
NOV, Inc.		1,296,002		26,282,921



Oil & Gas Exploration & Production–3.41%
APA Corp.		821,456		29,473,841


Chesapeake Energy Corp.^(c)		334,319		25,722,504


Marathon Oil Corp.		1,138,265		27,500,483


				82,696,828



Other Specialized REITs–1.21%
Lamar Advertising Co., Class A		276,824		29,420,855



Other Specialty Retail–0.97%
Tractor Supply Co.^(c)		109,436		23,532,023



Packaged Foods & Meats–0.81%
Lamb Weston Holdings, Inc.		182,391		19,714,643



Property & Casualty Insurance–1.33%
Hartford Financial Services Group, Inc. (The)		402,013		32,313,805



Regional Banks–4.70%
Columbia Banking System, Inc.		611,055		16,302,947


M&T Bank Corp.		278,259		38,143,744


Webster Financial Corp.		723,830		36,741,611


Wintrust Financial Corp.		246,268		22,841,357


				114,029,659



Research & Consulting Services–2.27%
CACI International, Inc., Class A^(b)		98,835		32,008,703


TransUnion		334,917		23,012,147


				55,020,850


	Shares		Value


Restaurants–0.86%
Yum! Brands, Inc.^(c)		159,389	$	20,825,767



Retail REITs–1.35%
Kimco Realty Corp.		1,538,354		32,782,324



Semiconductor Materials & Equipment–1.86%
KLA Corp.		41,880		24,344,844


MKS Instruments, Inc.		201,552		20,733,654


				45,078,498



Semiconductors–1.15%
Marvell Technology, Inc.		461,937		27,859,420



Single-Family Residential REITs–1.37%
American Homes 4 Rent, Class A		924,360		33,239,986



Soft Drinks & Non-alcoholic Beverages–0.65%
Coca-Cola Consolidated, Inc.		16,953		15,739,165



Specialty Chemicals–1.38%
PPG Industries, Inc.		223,674		33,450,447



Systems Software–1.05%
GitLab, Inc., Class A^(b)		403,009		25,373,447



Telecom Tower REITs–0.72%
SBA Communications Corp., Class A		69,122		17,535,560


Total Common Stocks & Other Equity Interests (Cost $1,854,775,937)				2,376,595,303



Money Market Funds–0.98%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e)		8,284,585		8,284,585


Invesco Liquid Assets Portfolio, Institutional Class, 5.47%^(d)(e)		5,915,358		5,919,499


Invesco Treasury Portfolio, Institutional Class, 5.26%^(d)(e)		9,468,098		9,468,098


Total Money Market Funds (Cost $23,670,481)				23,672,182


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.99% (Cost $1,878,446,418)				2,400,267,485



Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–5.44%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		37,179,045		37,179,045


Invesco Private Prime Fund, 5.55%^(d)(e)(f)		94,663,184		94,729,448


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $131,901,833)				131,908,493


TOTAL INVESTMENTS IN SECURITIES–104.43% (Cost $2,010,348,251)				2,532,175,978


OTHER ASSETS LESS LIABILITIES–(4.43)%				(107,380,971	)


NET ASSETS–100.00%			$	2,424,795,007

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

9 Invesco Main Street Mid Cap Fund^®

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at December 31, 2023.

^(d)


	Value December 31, 2022			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value December 31, 2023			Dividend Income
				Purchases at Cost			Proceeds from Sales
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	3,887,964		$	152,016,744		$	(147,620,123)		$	-		$	-		$	8,284,585		$	382,252
Invesco Liquid Assets Portfolio, Institutional Class			2,777,233			108,583,389			(105,440,813)			1,701			(2,011)			5,919,499			263,001
Invesco Treasury Portfolio, Institutional Class			4,443,388			173,733,422			(168,708,712)			-			-			9,468,098			410,810
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			36,445,618			494,252,688			(493,519,261)			-			-			37,179,045			1,519,091*
Invesco Private Prime Fund			93,717,304			1,029,957,836			(1,028,989,593)			(177)			44,078			94,729,448			4,137,931*
Total		$	141,271,507		$	1,958,544,079		$	(1,944,278,502)		$	1,524		$	42,067		$	155,580,675		$	6,713,085

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

10 Invesco Main Street Mid Cap Fund^®

Statement of Assets and Liabilities

December 31, 2023


Assets:
Investments in unaffiliated securities, at value (Cost $ 1,854,775,937)*			$2,376,595,303


Investments in affiliated money market funds, at value (Cost $ 155,572,314)			155,580,675


Cash			5,010,881


Receivable for:
Investments sold			26,906,034


Fund shares sold			1,275,838


Dividends			1,606,689


Investment for trustee deferred compensation and retirement plans			555,210


Other assets			176,483


Total assets			2,567,707,113



Liabilities:
Payable for:
Investments purchased			6,568,493


Fund shares reacquired			2,462,339


Collateral upon return of securities loaned			131,901,833


Accrued fees to affiliates			1,292,370


Accrued other operating expenses			104,734


Trustee deferred compensation and retirement plans			582,337


Total liabilities			142,912,106


Net assets applicable to shares outstanding			$2,424,795,007



Net assets consist of:
Shares of beneficial interest			$1,873,494,035


Distributable earnings			551,300,972


			$2,424,795,007


Net Assets:
Class A	$	1,790,675,912


Class C	$	62,801,116


Class R	$	142,752,976


Class Y	$	326,887,826


Class R5	$	14,377,341


Class R6	$	87,299,836



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		67,005,015


Class C		3,372,415


Class R		5,878,863


Class Y		10,791,691


Class R5		532,196


Class R6		2,881,969


Class A:
Net asset value per share	$	26.72


Maximum offering price per share (Net asset value of $26.72 ÷ 94.50%)	$	28.28


Class C:
Net asset value and offering price per share	$	18.62


Class R:
Net asset value and offering price per share	$	24.28


Class Y:
Net asset value and offering price per share	$	30.29


Class R5:
Net asset value and offering price per share	$	27.02


Class R6:
Net asset value and offering price per share	$	30.29

*	At December 31, 2023, securities with an aggregate value of $128,600,456 were on loan to brokers.

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

11 Invesco Main Street Mid Cap Fund^®

Statement of Operations

For the year ended December 31, 2023


Investment income:
Dividends (net of foreign withholding taxes of $(17,517))	$	28,554,501


Dividends from affiliated money market funds (includes net securities lending income of $361,222)		1,417,285


Total investment income		29,971,786



Expenses:
Advisory fees		14,609,439


Administrative services fees		336,510


Custodian fees		13,005


Distribution fees:
Class A		4,249,994


Class C		640,082


Class R		694,959


Transfer agent fees – A, C, R and Y		3,643,679


Transfer agent fees – R5		13,908


Transfer agent fees – R6		25,561


Trustees’ and officers’ fees and benefits		36,805


Registration and filing fees		128,084


Reports to shareholders		252,439


Professional services fees		88,063


Other		(41,596	)


Total expenses		24,690,932


Less: Fees waived and/or expense offset arrangement(s)		(120,052	)


Net expenses		24,570,880


Net investment income		5,400,906



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		88,554,960


Affiliated investment securities		42,067


Foreign currencies		(986	)


		88,596,041


Change in net unrealized appreciation of:
Unaffiliated investment securities		224,980,849


Affiliated investment securities		1,524


		224,982,373


Net realized and unrealized gain		313,578,414


Net increase in net assets resulting from operations	$	318,979,320

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

12 Invesco Main Street Mid Cap Fund^®

Statement of Changes in Net Assets

For the years ended December 31, 2023 and 2022


	2023			2022


Operations:
Net investment income	$	5,400,906		$	9,086,660


Net realized gain (loss)		88,596,041			(9,911,571	)


Change in net unrealized appreciation (depreciation)		224,982,373			(427,614,166	)


Net increase (decrease) in net assets resulting from operations		318,979,320			(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		(2,878	)		(559,132	)


Class R6		(70,204	)		(2,974,376	)


Total distributions from distributable earnings		(73,082	)		(87,643,549	)



Share transactions–net:
Class A		(167,365,425	)		(117,153,382	)


Class C		(12,528,845	)		(12,709,797	)


Class R		(16,789,896	)		(11,468,950	)


Class Y		(27,628,508	)		(54,503,086	)


Class R5		(1,331,166	)		(575,616	)


Class R6		(4,745,984	)		2,965,885


Net increase (decrease) in net assets resulting from share transactions		(230,389,824	)		(193,444,946	)


Net increase (decrease) in net assets		88,516,414			(709,527,572	)



Net assets:
Beginning of year		2,336,278,593			3,045,806,165


End of year	$	2,424,795,007		$	2,336,278,593

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

13 Invesco Main Street Mid Cap Fund^®

Financial Highlights

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


	Net asset value, beginning of period^(a)		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(d)
Class A
Year ended 12/31/23		$23.34		$ 0.05			$ 3.33			$ 3.38			$ –			$ –			$ –			$26.72		14.48	%^(e)		$1,790,676		1.06	%^(e)		1.06	%^(e)		0.21	%^(e)		34	%
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
Class C
Year ended 12/31/23		16.39		(0.09	)		2.32			2.23			–			–			–			18.62		13.61			62,801		1.82			1.82			(0.55	)		34
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
Class R
Year ended 12/31/23		21.27		(0.01	)		3.02			3.01			–			–			–			24.28		14.15			142,753		1.32			1.32			(0.05	)		34
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
Class Y
Year ended 12/31/23		26.40		0.13			3.76			3.89			–			–			–			30.29		14.74			326,888		0.82			0.82			0.45			34
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
Class R5
Year ended 12/31/23		23.53		0.13			3.37			3.50			(0.01	)		–			(0.01	)		27.02		14.86			14,377		0.76			0.76			0.51			34
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
Year ended 12/31/23		26.38		0.16			3.77			3.93			(0.02	)		–			(0.02	)		30.29		14.92			87,300		0.69			0.69			0.58			34
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

^(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 year ended June 30, 2019, respectively.

^(d)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2021, the portfolio turnover calculation excludes the value of securities purchased of $96,615,194 in connection with the acquisition of Invesco Endeavor Fund into the Fund. For the year ended December 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $654,478,527 in connection with the acquisition of Invesco Mid Cap Core Equity Fund into the Fund.

^(e)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the year ended December 31, 2023, 2022 and 2020, respectively.

^(f)	Annualized.

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

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

14 Invesco Main Street Mid Cap Fund^®

Notes to Financial Statements

December 31, 2023

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.

15 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 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.

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.

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

16 Invesco Main Street Mid Cap Fund^®

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 year ended December 31, 2023, the Fund paid the Adviser $23,281 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.

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.

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 year ended December 31, 2023, the effective advisory fee rate incurred by the Fund was 0.62%.

17 Invesco Main Street Mid Cap Fund^®

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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

For the year ended December 31, 2023, the Adviser waived advisory fees of $22,789.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2023, IDI advised the Fund that IDI retained $114,844 in front-end sales commissions from the sale of Class A shares and $1,959 and $1,536 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended December 31, 2023, the Fund incurred $22,465 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		$2,376,595,303		$ –		$–	$2,376,595,303
Money Market Funds		23,672,182		131,908,493		–	155,580,675
Total Investments		$2,400,267,485		$131,908,493		$–	$2,532,175,978

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 year ended December 31, 2023, the Fund engaged in securities purchases of $13,000,030.

18 Invesco Main Street Mid Cap Fund^®

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2023 and 2022:


	2023		2022
Ordinary income*	$	73,082	$15,601,433
Long-term capital gain		–	72,042,116
Total distributions	$	73,082	$87,643,549

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

Tax Components of Net Assets at Period-End:


	2023


Undistributed ordinary income	$	7,461,498


Undistributed long-term capital gain		27,867,097


Net unrealized appreciation – investments		521,763,475


Temporary book/tax differences		(441,241	)


Capital loss carryforward		(5,349,857	)


Shares of beneficial interest		1,873,494,035


Total net assets	$	2,424,795,007

The Fund has a capital loss carryforward as of December 31, 2023, as follows:


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term	Total


Not subject to expiration	$	5,349,857	$–	$	5,349,857

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2023 was $787,815,204 and $1,045,769,450, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	561,213,531


Aggregate unrealized (depreciation) of investments		(39,450,056	)


Net unrealized appreciation of investments	$	521,763,475

19 Invesco Main Street Mid Cap Fund^®

Cost of investments for tax purposes is $2,010,412,503.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of REITs, ordinary income, return of capital and partnerships, on December 31, 2023, undistributed net investment income was increased by $372,064, undistributed net realized gain was decreased by $371,294 and shares of beneficial interest was decreased by $770. Further, as a result of tax deferrals acquired in the reorganization of Invesco Mid Cap Core Equity Fund into the Fund, and. These reclassifications had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity



	Year ended						Year ended
	December 31, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		2,913,182		$	71,781,709			3,724,323		$	92,878,240


Class C		430,398			7,410,405			513,421			9,128,755


Class R		748,735			16,802,614			754,696			17,214,956


Class Y		1,231,763			34,388,738			1,309,201			36,854,972


Class R5		64,766			1,611,978			83,613			2,067,184


Class R6		631,973			17,533,540			611,788			17,039,515



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		107			2,878			23,834			558,441


Class R6		2,226			66,948			109,305			2,870,348



Automatic conversion of Class C shares to Class A shares:
Class A		328,226			8,017,494			383,621			9,494,074


Class C		(469,154	)		(8,017,494	)		(537,395	)		(9,494,074	)



Reacquired:
Class A		(10,043,421	)		(247,164,628	)		(11,305,114	)		(281,209,054	)


Class C		(692,419	)		(11,921,756	)		(877,003	)		(15,704,306	)


Class R		(1,499,426	)		(33,592,510	)		(1,502,386	)		(34,206,354	)


Class Y		(2,215,660	)		(62,017,246	)		(3,602,287	)		(101,099,120	)


Class R5		(118,882	)		(2,946,022	)		(126,864	)		(3,201,241	)


Class R6		(799,300	)		(22,346,472	)		(599,972	)		(16,943,978	)


Net increase (decrease) in share activity		(9,486,886	)	$	(230,389,824	)		(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 17% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

20 Invesco Main Street Mid Cap Fund^®

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Main Street Mid Cap Fund^®

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Main Street Mid Cap Fund^® (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 21, 2024

21 Invesco Main Street Mid Cap Fund^®

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/23)	Ending Account Value (12/31/23)¹	Expenses Paid During Period²	Ending Account Value (12/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,039.30	$5.50	$1,019.81	$5.45	1.07%
Class C	1,000.00	1,035.60	9.39	1,015.98	9.30	1.83
Class R	1,000.00	1,038.00	6.83	1,018.50	6.77	1.33
Class Y	1,000.00	1,040.90	4.27	1,021.02	4.23	0.83
Class R5	1,000.00	1,041.10	4.01	1,021.27	3.97	0.78
Class R6	1,000.00	1,041.40	3.55	1,021.73	3.52	0.69

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

22 Invesco Main Street Mid Cap Fund^®

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2023:


Federal and State Income Tax
Qualified Dividend Income*	100.00	%
Corporate Dividends Received Deduction*	100.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

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

23 Invesco Main Street Mid Cap Fund^®

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustees
Jeffrey H. Kupor¹- 1968 Trustee	2024	Senior Managing Director and General Counsel, Invesco Ltd.; Trustee, Invesco Foundation, Inc.; Director, Invesco Advisers, Inc.; Executive Vice President, Invesco Asset Management (Bermuda), Ltd. and Invesco Investments (Bermuda) Ltd. Formerly: Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation, Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	165	None
Douglas Sharp¹- 1974 Trustee	2024	Senior Managing Director and Head of Americas & EMEA, Invesco Ltd; Director, Chairman and Chief Executive, Invesco Fund Managers Limited Formerly: Director and Chairman, Invesco UK Limited	165	None

¹	Mr. Kupor and Mr. Sharp are considered interested persons (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because they are officers of the Adviser to the Trust, and officers of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Main Street Mid Cap Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	165	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Carol Deckbar - 1962 Trustee	2024	Formerly: Executive Vice President and Chief Product Officer, TIAA Financial Services; Executive Vice President and Principal, College Retirement Equities Fund at TIAA; Executive Vice President and Head of Institutional Investments and Endowment Services, TIAA	165	Formerly: Board Member, TIAA Asset Management, Inc.; and Board Member, TH Real Estate Group Holdings Company
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	165	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	165	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	165	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	165	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
James “Jim” Liddy - 1959 Trustee	2024	Formerly: Chairman, Global Financial Services, Americas, KPMG LLP	165	Director and Treasurer, Gulfside Place Condominium Association, Inc. and Non-Executive Director, Kellenberg Memorial High School

T-2 Invesco Main Street Mid Cap Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	165	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	165	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	165	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	165	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	165	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Main Street Mid Cap Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Glenn Brightman - 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; and Trustee, Invesco Foundation, Inc. Formerly: Senior Vice President, Invesco Group Services, Inc.;. Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Main Street Mid Cap Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Manager, Invesco Indexing LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President, The Invesco Funds; Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Main Street Mid Cap Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Main Street Mid Cap Fund^®

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LOGO

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

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

∎ Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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

LOGO


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

LOGO




Annual Report to Shareholders			December 31, 2023

Invesco Main Street Small Cap Fund^®

Nasdaq:

A: OSCAX ∎ C: OSCCX ∎ R: OSCNX ∎ Y: OSCYX ∎ R5: MNSQX ∎ R6: OSSIX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

11		Financial Statements

14		Financial Highlights

15		Notes to Financial Statements

21		Report of Independent Registered Public Accounting Firm

22		Fund Expenses

23		Tax Information

T-1		Trustees and Officers

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended December 31, 2023, Class A shares of Invesco Main Street Small Cap Fund^®(the Fund), at net asset value (NAV), outperformed the Russell 2000 Index.

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

Fund vs. Indexes



Class A Shares	17.54	%
Class C Shares	16.65
Class R Shares	17.21
Class Y Shares	17.82
Class R5 Shares	17.98
Class R6 Shares	17.94
Russell 2000 Index^q	16.93

Source(s): ^qRIMES Technologies Corp.

Market conditions and your Fund

Equity markets declined in the third quarter and into October 2023 as a resilient US economy complicated the Fed’s efforts to

tame inflation. While inflation has slowed from its peak in 2022, the Consumer Price Index (CPI) rose by 0.2% in July, and the 12-month headline inflation rate rose to 3.2% from 3% in June.² Due to the persistence of inflation, the Fed raised the federal funds rate again in July by 0.25%.¹ The CPI data released in September was higher-than-expected and the overall US labor market remained tight with unemployment near historic lows. At the same time the third quarter year-over-year Gross Domestic Product (GDP) estimate was 4.9%, far above expectations.² Despite the higher-than-expected GDP for the third quarter of 2023, the Fed held interest rates steady at its September and October meetings, but left open the possibility of another rate hike before the end of the calendar year.¹

US equity markets posted strong gains in the fourth quarter of 2023 as investors anticipated the potential end of interest rate hikes by the Fed. Inflation slowed during the period as the CPI 12-month headline inflation rate fell to 3.1% in November from 3.7% in September, significantly below the 2022 peak.² The Fed kept rates steady at its mid-December meeting and indicated that three rate cuts are expected in 2024. Fed Chairman Powell noted that “the Fed’s policy rate is likely at or near its peak for this tightening cycle,” which prompted a strong equity rally into year end and the yield on the 10-year US Treasury to fall from nearly 5% in October to below 4%.³

During the fiscal year, stock selection in the health care, consumer staples, and consumer discretionary sectors were the largest contributors to the Fund’s relative performance versus its benchmark, the Russell 2000 Index. This was partially offset by weaker stock selection in the information technology, financials, and industrials sectors.

The largest individual contributors to the Fund’s performance relative to its benchmark during the fiscal year included TopBuild,

Reata Pharmaceuticals, and BellRing Brands. TopBuild, which installs and distributes insulation and other building products, outperformed after reporting better than expected third quarter results and 2024 guidance. We believe the company also benefited from falling mortgage rates given their significant exposure to new home sales. Reata posted a strong return as it was acquired for a significant premium by Biogen. BellRing reported revenue and earnings-per-share ahead of consensus expectations. The company experienced strong volume growth as it continued to expand distribution and gain market share with their various nutrition products including shakes and snack bars. The company also generated strong cash flow which management used to pay down debt.

The largest individual detractors from the Fund’s performance relative to the benchmark during the fiscal year included Valmont Industries, Acadia Healthcare, and Helmerich &Payne. Valmont Industries underperformed expectations as its CEO stepped down in July and disappointing earnings confirmed investor concerns that growth would moderate after a run of outperformance in 2021 and 2022. We exited our position in Valmont in the fourth quarter of 2023. Acadia, a behavioral healthcare services company, reported higher wage inflation numbers that drove increased expenses. Helmerich & Payne, an oil and gas drilling services company, underperformed expectations along with the energy sector in general.

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

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

1 Source: US Federal Reserve

2 Source: US Bureau of Labor Statistics

3 Source: Bloomberg LP


2		Invesco Main Street Small Cap Fund^®

Portfolio manager(s):

Joy Budzinski

Magnus Krantz

Raman Vardharaj

Adam Weiner - Lead

Matthew Ziehl - Lead

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


3		Invesco Main Street Small Cap Fund^®

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/13

LOGO

1	Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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


4		Invesco Main Street Small Cap Fund^®


Average Annual Total Returns
As of 12/31/23, including maximum applicable sales charges

Class A Shares
Inception (5/17/13)	8.88	%
10 Years	7.86
5 Years	11.31
1 Year	11.06

Class C Shares
Inception (5/17/13)	8.81	%
10 Years	7.80
5 Years	11.73
1 Year	15.65

Class R Shares
Inception (5/17/13)	9.15	%
10 Years	8.17
5 Years	12.28
1 Year	17.21

Class Y Shares
Inception (5/17/13)	9.78	%
10 Years	8.79
5 Years	12.86
1 Year	17.82

Class R5 Shares
10 Years	8.65	%
5 Years	12.95
1 Year	17.98

Class R6 Shares
Inception (5/17/13)	9.91	%
10 Years	8.92
5 Years	13.03
1 Year	17.94

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.


5		Invesco Main Street Small Cap Fund^®

Supplemental Information

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

∎	Unless otherwise stated, information presented in this report is as of December 31, 2023, and is based on total net assets.

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

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

About indexes used in this report

∎	The Russell 2000^® Index is an unmanaged index considered representative of small-cap stocks. The Russell 2000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.


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

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE


6		Invesco Main Street Small Cap Fund^®

Fund Information

Portfolio Composition


By sector	% of total net assets

Industrials		20.99	%

Health Care		16.57

Information Technology		13.44

Financials		13.15

Consumer Discretionary		11.64

Real Estate		5.95

Materials		5.39

Energy		5.24

Consumer Staples		4.20

Other Sectors, Each Less than 2% of Net Assets		1.97

Money Market Funds Plus Other Assets Less Liabilities		1.46

Top 10 Equity Holdings*


		% of total net assets

1.	BellRing Brands, Inc.	2.15%

2.	TopBuild Corp.	2.11

3.	Atkore, Inc.	2.08

4.	Summit Materials, Inc., Class A	2.00

5.	AutoNation, Inc.	1.88

6.	Acadia Healthcare Co., Inc.	1.87

7.	Curtiss-Wright Corp.	1.82

8.	Enpro, Inc.	1.74

9.	Sprout Social, Inc., Class A	1.52

10.	ASGN, Inc.	1.47

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

*	Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2023.


7		Invesco Main Street Small Cap Fund^®

Schedule of Investments^(a)

December 31, 2023


	Shares		Value
Common Stocks & Other Equity Interests–98.54%
Aerospace & Defense–3.65%

BWX Technologies, Inc.		233,693	$	17,931,264

Curtiss-Wright Corp.		141,079		31,430,990

Spirit AeroSystems Holdings, Inc., Class A^(b)(c)		424,906		13,503,513
				62,865,767

Air Freight & Logistics–1.40%

Hub Group, Inc., Class A^(b)		262,436		24,128,366

Aluminum–1.58%

Century Aluminum Co.^(b)(c)		1,143,167		13,878,047

Kaiser Aluminum Corp.		188,562		13,423,729

				27,301,776

Application Software–2.76%

Envestnet, Inc.^(b)(c)		259,532		12,852,025

HashiCorp, Inc., Class A^(b)		359,355		8,495,152

Sprout Social, Inc., Class A^(b)(c)		427,485		26,264,678

				47,611,855

Asset Management & Custody Banks–1.16%

Federated Hermes, Inc., Class B		589,776		19,969,815

Automotive Parts & Equipment–2.39%

Dorman Products, Inc.^(b)		225,070		18,773,089

Visteon Corp.^(b)		179,282		22,392,322

				41,165,411

Automotive Retail–2.43%

AutoNation, Inc.^(b)		215,620		32,381,811

Murphy USA, Inc.		26,437		9,426,377

				41,808,188

Biotechnology–4.25%

ADMA Biologics, Inc.^(b)(c)		2,748,305		12,422,339

Ascendis Pharma A/S, ADR (Denmark)^(b)		130,246		16,404,484

BridgeBio Pharma, Inc.^(b)(c)		350,139		14,135,111

Cabaletta Bio, Inc.^(b)		319,173		7,245,227

Immunovant, Inc.^(b)		165,987		6,993,032

Twist Bioscience Corp.^(b)		434,194		16,004,391

				73,204,584

Building Products–1.40%

Zurn Elkay Water Solutions Corp.		822,318		24,184,372

Commercial & Residential Mortgage Finance–1.19%

PennyMac Financial Services, Inc.		232,772		20,570,062

Construction Machinery & Heavy Transportation Equipment– 1.38%

Allison Transmission Holdings, Inc.		407,787		23,712,814

Construction Materials–2.00%

Summit Materials, Inc., Class A^(b)		894,687		34,409,662

Consumer Staples Merchandise Retail–0.96%

BJ’s Wholesale Club Holdings, Inc.^(b)(c)		249,660		16,642,336


	Shares		Value
Diversified Banks–0.53%

Bank of N.T. Butterfield & Son Ltd. (The) (Bermuda)		283,915	$	9,088,120

Electric Utilities–0.95%

Portland General Electric Co.		378,769		16,415,848

Electrical Components & Equipment–2.76%

Atkore, Inc.^(b)(c)		223,932		35,829,120

Regal Rexnord Corp.		79,045		11,700,241

				47,529,361

Electronic Components–1.90%

Belden, Inc.		198,734		15,352,201

Vishay Intertechnology, Inc.		723,347		17,338,628

				32,690,829

Electronic Equipment & Instruments–1.11%

Itron, Inc.^(b)		252,488		19,065,369

Environmental & Facilities Services–1.82%

ABM Industries, Inc.		252,111		11,302,136

Casella Waste Systems, Inc., Class A^(b)		234,551		20,044,729

				31,346,865

Footwear–1.01%

Steven Madden Ltd.		415,070		17,432,940

Health Care Equipment–1.50%

AtriCure, Inc.^(b)		397,595		14,190,166

TransMedics Group, Inc.^(b)(c)		147,964		11,678,798

				25,868,964

Health Care Facilities–4.23%

Acadia Healthcare Co., Inc.^(b)		414,760		32,251,737

Encompass Health Corp.		236,061		15,749,990

Tenet Healthcare Corp.^(b)		328,505		24,825,123

				72,826,850

Health Care Services–1.53%

Addus HomeCare Corp.^(b)		145,231		13,484,698

Guardant Health, Inc.^(b)		476,091		12,878,261

				26,362,959

Health Care Technology–0.93%

Evolent Health, Inc., Class A^(b)(c)		483,354		15,965,183

Home Furnishings–0.78%

Tempur Sealy International, Inc.^(c)		262,508		13,380,033

Homebuilding–3.36%

KB Home^(c)		345,839		21,601,104

TopBuild Corp.^(b)		96,958		36,287,501

				57,888,605

Hotel & Resort REITs–1.39%

DiamondRock Hospitality Co.		2,561,473		24,052,231

Human Resource & Employment Services–3.85%

ASGN, Inc.^(b)		262,414		25,236,354

Korn Ferry		357,979		21,246,054

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


8		Invesco Main Street Small Cap Fund^®


	Shares		Value
Human Resource & Employment Services–(continued)
Paycor HCM, Inc.^(b)(c)		916,880	$	19,795,439
				66,277,847

Industrial Machinery & Supplies & Components–2.78%

Enpro, Inc.		191,284		29,981,854

ESAB Corp.		206,425		17,880,534

				47,862,388

Industrial REITs–1.18%

Terreno Realty Corp.		323,790		20,291,919

Interactive Media & Services–1.02%

Ziff Davis, Inc.^(b)(c)		262,347		17,627,095

Investment Banking & Brokerage–1.29%

Stifel Financial Corp.		320,803		22,183,527

IT Consulting & Other Services–1.25%

Endava PLC, ADR (United Kingdom)^(b)(c)		277,718		21,620,346

Life Sciences Tools & Services–1.62%

10X Genomics, Inc., Class A^(b)(c)		185,353		10,372,354

BioLife Solutions, Inc.^(b)(c)		507,634		8,249,053

CryoPort, Inc.^(b)(c)		598,576		9,271,942

				27,893,349

Metal, Glass & Plastic Containers–1.03%

Silgan Holdings, Inc.		390,723		17,680,216

Oil & Gas Drilling–1.21%

Helmerich & Payne, Inc.		578,268		20,944,867

Oil & Gas Equipment & Services–0.68%

NOV, Inc.^(c)		577,540		11,712,511

Oil & Gas Exploration & Production–2.13%

Chesapeake Energy Corp.^(c)		192,044		14,775,865

CNX Resources Corp.^(b)(c)		1,099,410		21,988,200

				36,764,065

Oil & Gas Storage & Transportation–1.20%

Equitrans Midstream Corp.		2,040,132		20,768,544

Other Specialized REITs–2.32%

Four Corners Property Trust, Inc.		839,751		21,245,700

Outfront Media, Inc.		1,347,160		18,806,354

				40,052,054

Personal Care Products–2.15%

BellRing Brands, Inc.^(b)		667,855		37,019,203

Pharmaceuticals–2.52%

Collegium Pharmaceutical, Inc.^(b)(c)		457,039		14,067,660

Intra-Cellular Therapies, Inc.^(b)		264,476		18,941,771

Revance Therapeutics, Inc.^(b)(c)		748,386		6,578,313

Structure Therapeutics, Inc., ADR^(b)(c)		92,669		3,777,189

				43,364,933

Property & Casualty Insurance–1.04%

Definity Financial Corp. (Canada)		633,867		17,958,090

Real Estate Operating Companies–1.05%

DigitalBridge Group, Inc.		1,028,281		18,036,049


	Shares		Value
Regional Banks–7.23%

Berkshire Hills Bancorp, Inc.		485,988	$	12,067,082

Cathay General Bancorp		420,594		18,745,874

Columbia Banking System, Inc.		651,812		17,390,344

OceanFirst Financial Corp.		591,408		10,266,843

Pacific Premier Bancorp, Inc.		625,369		18,204,492

Webster Financial Corp.		334,296		16,968,865

Wintrust Financial Corp.^(c)		218,756		20,289,619

WSFS Financial Corp.^(c)		233,905		10,743,257

				124,676,376

Research & Consulting Services–1.98%

CACI International, Inc., Class A^(b)		63,015		20,408,038

KBR, Inc.		247,093		13,691,423

				34,099,461

Restaurants–1.68%

Papa John’s International, Inc.^(c)		132,144		10,073,337

Texas Roadhouse, Inc.		154,435		18,876,590

				28,949,927

Semiconductor Materials & Equipment–0.93%

MKS Instruments, Inc.		155,596		16,006,161

Semiconductors–3.24%

Allegro MicroSystems, Inc. (Japan)^(b)		569,576		17,241,066

MACOM Technology Solutions Holdings, Inc.^(b)		242,591		22,548,833

Silicon Laboratories, Inc.^(b)(c)		121,994		16,136,146

				55,926,045

Soft Drinks & Non-alcoholic Beverages–1.08%

Coca-Cola Consolidated, Inc.		20,031		18,596,780

Steel–0.78%

Commercial Metals Co.		268,837		13,452,604

Systems Software–2.25%

GitLab, Inc., Class A^(b)		386,231		24,317,104

Progress Software Corp.		265,008		14,389,934

				38,707,038

Transaction & Payment Processing Services–0.70%

Marqeta, Inc., Class A^(b)		1,730,249		12,077,138
Total Common Stocks & Other Equity Interests (Cost $1,217,682,495)				1,698,037,698

Money Market Funds–0.87%

Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e)		5,648,964		5,648,964

Invesco Liquid Assets Portfolio, Institutional Class, 5.47%^(d)(e)		2,797,016		2,798,974

Invesco Treasury Portfolio, Institutional Class, 5.26%^(d)(e)		6,455,958		6,455,958
Total Money Market Funds (Cost $14,902,785)				14,903,896

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.41% (Cost $1,232,585,280)				1,712,941,594

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


9		Invesco Main Street Small Cap Fund^®


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–14.66%

Invesco Private Government Fund, 5.32%^(d)(e)(f)		69,991,280	$	69,991,280
Invesco Private Prime Fund, 5.55%^(d)(e)(f)		182,566,532		182,694,328


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $252,624,464)				252,685,608


TOTAL INVESTMENTS IN SECURITIES–114.07% (Cost $1,485,209,744)				1,965,627,202


OTHER ASSETS LESS LIABILITIES–(14.07)%				(242,488,736	)


NET ASSETS–100.00%			$	1,723,138,466

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at December 31, 2023.

^(d)


	Value December 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value December 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 6,219,757	$	147,298,354	$	(147,869,147	)		$ -		$	-	$	5,648,964		$ 535,544
Invesco Liquid Assets Portfolio, Institutional Class		3,205,039		105,213,109		(105,620,819	)		(292	)		1,937		2,798,974		328,312
Invesco Treasury Portfolio, Institutional Class		7,108,293		168,340,975		(168,993,310	)		-			-		6,455,958		611,090
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		63,136,710		456,346,524		(449,491,954	)		-			-		69,991,280		2,494,344	*
Invesco Private Prime Fund		162,351,537		904,983,871		(884,729,439	)		42,903			45,456		182,694,328		6,826,704	*
Total		$242,021,336	$	1,782,182,833	$	(1,756,704,669	)		$42,611		$	47,393	$	267,589,504		$10,795,994

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


10		Invesco Main Street Small Cap Fund^®

Statement of Assets and Liabilities

December 31, 2023


Assets:

Investments in unaffiliated securities, at value (Cost $1,217,682,495)*	$	1,698,037,698


Investments in affiliated money market funds, at value (Cost $267,527,249)		267,589,504


Cash		513,501


Foreign currencies, at value (Cost $56,243)		56,065


Receivable for:
Fund shares sold		9,569,643


Dividends		1,064,120


Investment for trustee deferred compensation and retirement plans		131,763


Other assets		114,860


Total assets		1,977,077,154



Liabilities:
Payable for:
Fund shares reacquired		551,346


Collateral upon return of securities loaned		252,624,464


Accrued fees to affiliates		488,799


Accrued other operating expenses		135,756


Trustee deferred compensation and retirement plans		138,323


Total liabilities		253,938,688


Net assets applicable to shares outstanding	$	1,723,138,466



Net assets consist of:
Shares of beneficial interest	$	1,271,233,692


Distributable earnings		451,904,774


	$	1,723,138,466


Net Assets:
Class A	$	376,241,056


Class C	$	31,526,507


Class R	$	67,413,279


Class Y	$	681,306,307


Class R5	$	9,425,872


Class R6	$	557,225,445



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		18,235,835


Class C		1,660,838


Class R		3,356,494


Class Y		32,623,966


Class R5		453,437


Class R6		26,580,724


Class A:
Net asset value per share	$	20.63


Maximum offering price per share (Net asset value of $20.63 ÷ 94.50%)	$	21.83


Class C:
Net asset value and offering price per share	$	18.98


Class R:
Net asset value and offering price per share	$	20.08


Class Y:
Net asset value and offering price per share	$	20.88


Class R5:
Net asset value and offering price per share	$	20.79


Class R6:
Net asset value and offering price per share	$	20.96

*	At December 31, 2023, securities with an aggregate value of $242,866,087 were on loan to brokers.

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


11		Invesco Main Street Small Cap Fund^®

Statement of Operations

For the year ended December 31, 2023


Investment income:
Dividends (net of foreign withholding taxes of $42,486)	$	17,949,939


Dividends from affiliated money market funds (includes net securities lending income of $270,473)		1,745,419


Total investment income		19,695,358



Expenses:
Advisory fees		9,694,678


Administrative services fees		216,373


Custodian fees		12,973


Distribution fees:
Class A		822,317


Class C		305,552


Class R		282,887


Transfer agent fees – A, C, R and Y		1,504,474


Transfer agent fees – R5		5,758


Transfer agent fees – R6		152,738


Trustees’ and officers’ fees and benefits		28,690


Registration and filing fees		152,322


Reports to shareholders		128,479


Professional services fees		69,299


Other		28,343


Total expenses		13,404,883


Less: Fees waived and/or expense offset arrangement(s)		(64,837	)


Net expenses		13,340,046


Net investment income		6,355,312



Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities (includes net gains from securities sold to affiliates of $3,167,188)		89,190,616


Affiliated investment securities		47,393


Foreign currencies		1,519



		89,239,528
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		162,792,595


Affiliated investment securities		42,611


Foreign currencies		(86	)


		162,835,120


Net realized and unrealized gain		252,074,648


Net increase in net assets resulting from operations	$	258,429,960

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


12		Invesco Main Street Small Cap Fund^®

Statement of Changes in Net Assets

For the years ended December 31, 2023 and 2022


	2023			2022


Operations:
Net investment income	$	6,355,312		$	5,102,309


Net realized gain (loss)		89,239,528			(80,233,971	)


Change in net unrealized appreciation (depreciation)		162,835,120			(205,094,730	)


Net increase (decrease) in net assets resulting from operations		258,429,960			(280,226,392	)



Distributions to shareholders from distributable earnings:
Class A		(2,429,457	)		(144,712	)


Class C		(222,560	)		–


Class R		(442,906	)		–


Class Y		(4,329,453	)		(1,456,560	)


Class R5		(60,114	)		(31,462	)


Class R6		(3,520,353	)		(2,534,347	)


Total distributions from distributable earnings		(11,004,843	)		(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		(11,004,843	)		(4,926,872	)



Share transactions–net:
Class A		2,074,022			(22,451,163	)


Class C		(3,967,945	)		(4,501,468	)


Class R		9,184,024			698,301


Class Y		53,653,991			58,197,893


Class R5		174,036			344,297


Class R6		(10,105,315	)		(151,172,732	)


Net increase (decrease) in net assets resulting from share transactions		51,012,813			(118,884,872	)


Net increase (decrease) in net assets		298,437,930			(404,038,136	)



Net assets:
Beginning of year		1,424,700,536			1,828,738,672


End of year	$	1,723,138,466		$	1,424,700,536

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


13		Invesco Main Street Small Cap Fund^®

Financial Highlights

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				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
Year ended 12/31/23		$	17.67		$	0.04			$	3.05			$	3.09			$	(0.13	)		$	–			$	–			$	(0.13	)		$	20.63		17.54	%		$	376,241		1.08	%		1.08	%		0.22	%		42	%
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	^(e)			158,769		1.20	^(e)		1.23	^(e)		0.03	^(e)		43
Eight months ended 12/31/19			14.62			0.01				1.10				1.11				–				(0.05	)			–				(0.05	)			15.68		7.58				141,880		1.20	^(f)		1.25	^(f)		0.09	^(f)		19
Year ended 04/30/19			15.09			0.00				0.58				0.58				–				(1.05	)			–				(1.05	)			14.62		4.46				140,651		1.17			1.17			0.01			46
Class C
Year ended 12/31/23			16.39			(0.09	)			2.81				2.72				(0.13	)			–				–				(0.13	)			18.98		16.65				31,527		1.83			1.83			(0.53	)		42
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	^(f)		2.01	^(f)		(0.66	)^(f)		19
Year ended 04/30/19			14.62			(0.11	)			0.55				0.44				–				(1.05	)			–				(1.05	)			14.01		3.62				44,391		1.93			1.93			(0.74	)		46
Class R
Year ended 12/31/23			17.25			(0.01	)			2.97				2.96				(0.13	)			–				–				(0.13	)			20.08		17.21				67,413		1.33			1.33			(0.03	)		42
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	^(f)		1.51	^(f)		(0.16	)^(f)		19
Year ended 04/30/19			14.95			(0.04	)			0.57				0.53				–				(1.05	)			–				(1.05	)			14.43		4.16				24,188		1.43			1.43			(0.24	)		46
Class Y
Year ended 12/31/23			17.84			0.09				3.08				3.17				(0.13	)			–				–				(0.13	)			20.88		17.82				681,306		0.83			0.83			0.47			42
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	^(f)		1.01	^(f)		0.38	^(f)		19
Year ended 04/30/19			15.16			0.04				0.58				0.62				(0.04	)			(1.05	)			–				(1.09	)			14.69		4.73				169,801		0.90			0.93			0.28			46
Class R5
Year ended 12/31/23			17.74			0.10				3.08				3.18				(0.13	)			–				–				(0.13	)			20.79		17.98				9,426		0.75			0.75			0.55			42
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	^(f)		0.82	^(f)		0.47	^(f)		19
Class R6
Year ended 12/31/23			17.88			0.11				3.10				3.21				(0.13	)			–				–				(0.13	)			20.96		18.00				557,225		0.71			0.71			0.59			42
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	^(f)		0.78	^(f)		0.52	^(f)		19
Year ended 04/30/19			15.19			0.07				0.57				0.64				(0.06	)			(1.05	)			–				(1.11	)			14.72		4.85				287,799		0.76			0.76			0.43			46

^(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 year ended April 30, 2019, respectively.

^(d)

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

^(f)	Annualized.

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

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


14		Invesco Main Street Small Cap Fund^®

Notes to Financial Statements

December 31, 2023

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.


15		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 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.

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.


16		Invesco Main Street Small Cap Fund^®

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.

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 year ended December 31, 2023, the Fund paid the Adviser $20,077 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.


17		Invesco Main Street Small Cap Fund^®

For the year ended December 31, 2023, the effective advisory fee rate incurred by the Fund was 0.64%.

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

For the year ended December 31, 2023, the Adviser waived advisory fees of $31,334.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2023, IDI advised the Fund that IDI retained $74,138 in front-end sales commissions from the sale of Class A shares and $539 and $837 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	$	1,698,037,698	$	–		$–	$	1,698,037,698


Money Market Funds		14,903,896		252,685,608		–		267,589,504


Total Investments	$	1,712,941,594	$	252,685,608		$–	$	1,965,627,202


18		Invesco Main Street Small Cap Fund^®

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

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets


Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2023 and 2022:
	2023		2022


Ordinary income*	$	11,004,843	$4,167,081


Return of capital		–	759,791


Total distributions	$	11,004,843	$4,926,872

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

Tax Components of Net Assets at Period-End:


	2023


Net unrealized appreciation – investments	$	472,117,554


Net unrealized appreciation (depreciation) – foreign currencies		(178	)


Temporary book/tax differences		(96,761	)


Capital loss carryforward		(20,115,841	)


Shares of beneficial interest		1,271,233,692


Total net assets	$	1,723,138,466

The Fund has a capital loss carryforward as of December 31, 2023, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	14,524,490	$	5,591,351	$	20,115,841

*	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.


19		Invesco Main Street Small Cap Fund^®

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2023 was $664,429,311 and $622,774,312, 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	$	509,958,590


Aggregate unrealized (depreciation) of investments		(37,841,036	)


Net unrealized appreciation of investments	$	472,117,554

Cost of investments for tax purposes is $1,493,509,648.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships, on December 31, 2023, undistributed net investment income was increased by $18,350,802, undistributed net realized gain (loss) was decreased by $18,675,577 and shares of beneficial interest was increased by $324,775. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		2,628,069		$	49,431,278			2,219,819		$	41,006,882


Class C		234,294			4,043,602			330,840			5,673,120


Class R		1,127,956			20,135,035			614,480			11,038,254


Class Y		14,486,076			272,690,217			13,356,772			245,585,442


Class R5		84,190			1,573,825			64,975			1,215,021


Class R6		3,887,090			74,102,122			2,580,112			51,618,286



Issued as reinvestment of dividends:
Class A		118,620			2,354,610			8,483			154,815


Class C		11,888			217,192			-			-


Class R		22,918			442,782			-			-


Class Y		177,649			3,568,978			84,262			1,552,097


Class R5		2,998			59,936			2,017			36,956


Class R6		162,575			3,277,515			153,034			2,826,543



Automatic conversion of Class C shares to Class A shares:
Class A		174,577			3,243,879			165,697			3,055,056


Class C		(188,954	)		(3,243,879	)		(177,972	)		(3,055,056	)



Reacquired:
Class A		(2,838,647	)		(52,955,745	)		(3,627,922	)		(66,667,916	)


Class C		(289,358	)		(4,984,860	)		(414,068	)		(7,119,532	)


Class R		(628,495	)		(11,393,793	)		(568,184	)		(10,339,953	)


Class Y		(11,925,177	)		(222,605,204	)		(10,178,306	)		(188,939,646	)


Class R5		(78,269	)		(1,459,725	)		(49,055	)		(907,680	)


Class R6		(4,479,949	)		(87,484,952	)		(10,613,106	)		(205,617,561	)


Net increase (decrease) in share activity		2,690,051		$	51,012,813			(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, 18% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


20		Invesco Main Street Small Cap Fund^®

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Main Street Small Cap Fund^®

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Main Street Small Cap Fund^® (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the four years in the period ended December 31, 2023 and the eight months ended December 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the four years in the period ended December 31, 2023 and the period May 24, 2019 (commencement date) through December 31, 2019 for Class R5.

The financial statements of Invesco Oppenheimer Main Street Small Cap Fund^® (subsequently renamed Invesco Main Street Small Cap Fund^®) as of and for the year ended April 30, 2019 and the financial highlights for the year then ended (not presented herein, other than the financial highlights) were audited by other auditors whose report dated June 25, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 21, 2024


21		Invesco Main Street Small Cap Fund^®

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/23)	Ending Account Value (12/31/23)¹	Expenses Paid During Period²	Ending Account Value (12/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,077.20	$5.81	$1,019.61	$5.65	1.11%
Class C	1,000.00	1,073.50	9.72	1,015.83	9.45	1.86
Class R	1,000.00	1,076.10	7.12	1,018.35	6.92	1.36
Class Y	1,000.00	1,079.00	4.51	1,020.87	4.38	0.86
Class R5	1,000.00	1,079.40	4.04	1,021.32	3.92	0.77
Class R6	1,000.00	1,079.20	3.83	1,021.53	3.72	0.73

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


22		Invesco Main Street Small Cap Fund^®

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2023:


Federal and State Income Tax
Qualified Dividend Income*	98.96	%
Corporate Dividends Received Deduction*	98.96	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

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


23		Invesco Main Street Small Cap Fund^®

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustees
Jeffrey H. Kupor¹– 1968 Trustee	2024	Senior Managing Director and General Counsel, Invesco Ltd.; Trustee, Invesco Foundation, Inc.; Director, Invesco Advisers, Inc.; Executive Vice President, Invesco Asset Management (Bermuda), Ltd. and Invesco Investments (Bermuda) Ltd. Formerly: Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation, Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	165	None
Douglas Sharp¹– 1974 Trustee	2024	Senior Managing Director and Head of Americas & EMEA, Invesco Ltd; Director, Chairman and Chief Executive, Invesco Fund Managers Limited Formerly: Director and Chairman, Invesco UK Limited	165	None

¹	Mr. Kupor and Mr. Sharp are considered interested persons (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because they are officers of the Adviser to the Trust, and officers of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Main Street Small Cap Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	165	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Carol Deckbar – 1962 Trustee	2024	Formerly: Executive Vice President and Chief Product Officer, TIAA Financial Services; Executive Vice President and Principal, College Retirement Equities Fund at TIAA; Executive Vice President and Head of Institutional Investments and Endowment Services, TIAA	165	Formerly: Board Member, TIAA Asset Management, Inc.; and Board Member, TH Real Estate Group Holdings Company
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	165	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	165	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	165	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. –1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	165	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
James “Jim” Liddy – 1959 Trustee	2024	Formerly: Chairman, Global Financial Services, Americas, KPMG LLP	165	Director and Treasurer, Gulfside Place Condominium Association, Inc. and Non-Executive Director, Kellenberg Memorial High School


T-2		Invesco Main Street Small Cap Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	165	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	165	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	165	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	165	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	165	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Main Street Small Cap Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Glenn Brightman – 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; and Trustee, Invesco Foundation, Inc. Formerly: Senior Vice President, Invesco Group Services, Inc.;. Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Main Street Small Cap Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Manager, Invesco Indexing LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President, The Invesco Funds; Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Main Street Small Cap Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Main Street Small Cap Fund^®

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LOGO

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

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

∎ Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

LOGO


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

LOGO


Annual Report to Shareholders		December 31, 2023

Invesco Quality Income Fund

Nasdaq:

A: VKMGX ∎ C: VUSCX ∎ R: VUSRX ∎ Y: VUSIX ∎ R5: VUSJX ∎ R6: VUSSX


2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

14		Financial Statements

17		Financial Highlights

18		Notes to Financial Statements

24		Report of Independent Registered Public Accounting Firm

25		Fund Expenses

26		Tax Information

T-1		Trustees and Officers

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended December 31, 2023, Class A shares of Invesco Quality Income Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg U.S. Mortgage-Backed Securities Index, the Fund’s broad market/style-specific benchmark.

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

Fund vs. Indexes


Class A Shares	5.25	%
Class C Shares	4.46
Class R Shares	4.97
Class Y Shares	5.38
Class R5 Shares	5.54
Class R6 Shares	5.50
Bloomberg U.S. Mortgage-Backed Securities Index^▼(Broad Market/Style-Specific Index)	5.05
Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

2023 was a year of transition for the bond market. The US Federal Reserve (the Fed) increased Fed Funds by 100 basis points in the first seven months of the year before pausing to gauge the impact of over 500 basis points of Fed hikes since March of 2022. The yield curve gyrated during the year with the 10-year Treasury topping out at just over 5% in October, while the two-year Treasury reached just over 5.2% in October as well.¹ The two-year Treasury finished the year just 17 basis points below where it began at 4.42%, while the 10-year Treasury finished 2023 unchanged at 3.875%.¹ Yields declined precipitously in November and December as inflation receded and the Fed indicated in their mid-December meeting that their policy rate had peaked, and that the Fed expected to cut rates in 2024.

Given this market backdrop, Class A shares of Invesco Quality Income Fund, at NAV, generated a positive return and outperformed its broad market/style-specific index, the Bloomberg U.S. Mortgage-Backed Securities Index. Security selection with agency mortgage-backed securities was a significant contributor to performance and the modest allocation to non-agency mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities also added meaningfully to portfolio outperformance.

The Fund utilizes duration and yield curve positioning for risk management and for generating returns. We believe duration measures a portfolio’s price sensitivity to interest rate changes, with a shorter duration tending to be less sensitive to these changes. Yield curve positioning refers to actively emphasizing points (maturities) along the yield curve with favorable risk-return expectations. During the fiscal year, duration was managed

with cash, bonds and futures positions. Buying and selling interest rate futures contracts was an important tool we used to manage interest rate risk.

Our strategy is implemented using derivative instruments, including futures, swaps and options. Therefore, a portion of the performance of the Fund, both positive and negative, can be attributed to these instruments. We believe derivatives can be a cost-effective way to gain or hedge exposure to certain risks and asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed-income securities tends to fall. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates as well as individual security characteristics, such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We are monitoring interest rates and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates continue to rise, markets may experience increased volatility, which may affect the value and/or liquidity of certain investments.

We welcome new investors who joined the Fund during the year and thank you for your investment in Invesco Quality Income Fund.

1	Source: Bloomberg LP

Portfolio manager(s):

Clint Dudley

David Lyle

Brian Norris

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

2 Invesco Quality Income Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/13

LOGO

1	Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

3 Invesco Quality Income Fund


Average Annual Total Returns
As of 12/31/23, including maximum applicable sales charges

Class A Shares
Inception (5/31/84)			5.25%
10 Years			0.86
5 Years			-0.64
1 Year			0.76

Class C Shares
Inception (8/13/93)			3.23%
10 Years			0.69
5 Years			-0.51
1 Year			3.46

Class R Shares
10 Years			1.02%
5 Years			-0.06
1 Year			4.97

Class Y Shares
Inception (9/25/06)			2.49%
10 Years			1.55
5 Years			0.45
1 Year			5.38

Class R5 Shares
Inception (6/1/10)			1.98%
10 Years			1.60
5 Years			0.49
1 Year			5.54

Class R6 Shares
10 Years			1.54%
5 Years			0.56
1 Year			5.50

Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, Van Kampen U.S. Mortgage Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class C and Class Y shares, respectively, of Invesco Van Kampen U.S. Mortgage Fund (renamed Invesco U.S. Mortgage Fund and subsequently Invesco Quality Income Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C and Class Y shares are those for Class A, Class C and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R shares incepted on May 15, 2020. Performance shown prior to that date is that of the Fund’s Class A shares at net asset value, restated to reflect the higher 12b-1 fees applicable to Class R shares.

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

Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

4 Invesco Quality Income Fund

Supplemental Information

Invesco Quality Income Fund’s investment objective is to provide a high level of current income, with liquidity and safety of principal.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2023, and is based on total net assets.

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

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

About indexes used in this report

∎	The Bloomberg U.S. Mortgage-Backed Securities Index represents mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae and Freddie Mac.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

This report must be accompanied or preceded by a currently effective Fund

prospectus, which contains more complete information, including sales

charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

5 Invesco Quality Income Fund

Fund Information

Portfolio Composition


By security type		% of total investments

U.S. Government Sponsored Agency Mortgage-Backed Securities		85.80%
Asset-Backed Securities		4.36
Commercial Paper		4.35
Agency Credit Risk Transfer Notes		2.86
Certificates of Deposit		1.54
Security types each less than 1% of portfolio		0.17
Money Market Funds		0.92

Top Five Debt Issuers*

		% of total net assets

1. Federal National Mortgage Association		55.76%
2. Federal Home Loan Mortgage Corp.		32.59
3. Government National Mortgage Association		25.01
4. Toronto-Dominion Bank (The)		2.62
5. BNP Paribas S.A.		1.30

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

*	Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2023.

6 Invesco Quality Income Fund

Schedule of Investments

December 31, 2023


	Principal Amount		Value
U.S. Government Sponsored Agency Mortgage-Backed Securities–109.70%

Collateralized Mortgage Obligations–5.32%
Fannie Mae Grantor Trust, Series 1999-T2, Class A1, 7.50%, 01/19/2039^(a)	$	98,058	$	98,871


Fannie Mae Interest STRIPS, IO, 7.50%, 01/25/2024 to 01/25/2032^(b)		64,509		5,993


6.50%, 10/25/2024 to 02/25/2033^(b)		913,764		119,583


7.00%, 02/25/2028^(b)		146,257		11,376


8.00%, 05/25/2030^(b)		214,439		32,873


6.00%, 02/25/2033 to 09/25/2035^(b)(d)		1,217,263		166,651


5.50%, 11/25/2033 to 06/25/2035^(b)		566,895		87,173


PO, 0.00%, 09/25/2032^(c)		32,654		28,976


Fannie Mae REMICs, 4.00%, 07/25/2024 to 08/25/2047^(b)		624,852		358,782


2.50%, 12/25/2025 to 08/25/2049^(b)		20,649,038		2,923,468


5.50%, 12/25/2025 to 07/25/2046^(b)		298,411		59,027


7.00%, 03/18/2027 to 05/25/2033^(b)		362,235		192,111


6.50%, 10/25/2028 to 05/25/2033^(b)		90,298		79,703


6.45% (30 Day Average SOFR + 1.11%), 12/25/2031 to 12/25/2032^(e)		291,941		296,164


6.44% (30 Day Average SOFR + 1.11%), 03/18/2032 to 12/18/2032^(e)		253,834		257,968


5.95% (30 Day Average SOFR + 0.61%), 08/25/2032 to 06/25/2046^(e)		916,532		908,726


5.94% (30 Day Average SOFR + 0.61%), 10/18/2032^(e)		27,789		27,749


5.85% (30 Day Average SOFR + 0.51%), 03/25/2033 to 03/25/2042^(e)		163,168		161,389


5.79% (30 Day Average SOFR + 0.45%), 06/25/2035^(e)		657,443		651,762


5.80% (30 Day Average SOFR + 0.46%), 08/25/2035 to 10/25/2035^(e)		470,162		466,417


4.58% (24.57% - (3.67 x (30 Day Average SOFR + 0.11%))), 03/25/2036^(e)		115,335		139,277


4.21% (24.20% - (3.67 x (30 Day Average SOFR + 0.11%))), 06/25/2036^(e)		145,895		168,435


6.39% (30 Day Average SOFR + 1.05%), 06/25/2037^(e)		528,072		533,135


5.90% (30 Day Average SOFR + 0.56%), 08/25/2037^(e)		337,283		330,994


6.59%, 06/25/2039^(a)		287,332		299,761


	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
5.00%, 04/25/2040	$	87,462	$	86,416


2.00%, 05/25/2044 to 03/25/2051^(b)		6,285,356		930,214


IO, 3.00%, 10/25/2026 to 07/25/2045^(b)		6,034,092		3,616,798


8.00%, 08/18/2027 to 09/18/2027^(b)		106,806		8,690


0.75%, 10/25/2031^(b)		2,643		40


1.25% (6.70% - (30 Day Average SOFR + 0.11%)), 10/25/2031 to 05/25/2035^(b)(e)		508,829		38,408


2.45% (7.90% - (30 Day Average SOFR + 0.11%)), 11/25/2031^(b)(e)		63,558		6,199


2.46% (7.90% - (30 Day Average SOFR + 0.11%)), 12/18/2031^(b)(e)		46,788		3,431


2.50% (7.95% - (30 Day Average SOFR + 0.11%)), 01/25/2032^(b)(e)		41,995		3,688


2.56% (8.00% - (30 Day Average SOFR + 0.11%)), 03/18/2032^(b)(e)		100,192		9,696


2.65% (8.10% - (30 Day Average SOFR + 0.11%)), 03/25/2032 to 04/25/2032^(b)(e)		135,073		14,058


1.55% (7.00% - (30 Day Average SOFR + 0.11%)), 04/25/2032 to 08/25/2032^(b)(e)		214,394		16,025


2.35% (7.80% - (30 Day Average SOFR + 0.11%)), 04/25/2032^(b)(e)		44,057		4,654


2.55% (8.00% - (30 Day Average SOFR + 0.11%)), 07/25/2032 to 09/25/2032^(b)(e)		292,204		31,504


2.66% (8.10% - (30 Day Average SOFR + 0.11%)), 12/18/2032^(b)(e)		180,593		15,116


2.80% (8.25% - (30 Day Average SOFR + 0.11%)), 02/25/2033 to 05/25/2033^(b)(e)		240,301		33,086


6.00%, 05/25/2033^(b)		14,402		2,097


0.60% (6.05% - (30 Day Average SOFR + 0.11%)), 03/25/2035 to 07/25/2038^(b)(e)		698,822		49,734


1.30% (6.75% - (30 Day Average SOFR + 0.11%)), 03/25/2035^(b)(e)		39,257		2,819


1.15% (6.60% - (30 Day Average SOFR + 0.11%)), 05/25/2035^(b)(e)		140,656		8,593


3.50%, 08/25/2035 to 08/25/2042^(b)		1,311,652		147,851

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

7 Invesco Quality Income Fund


	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
1.10% (6.55% - (30 Day Average SOFR + 0.11%)), 10/25/2041^(b)(e)	$	121,730	$	10,291


0.70% (6.15% - (30 Day Average SOFR + 0.11%)), 12/25/2042^(b)(e)		370,685		43,570


4.50%, 02/25/2043^(b)		290,028		39,487


0.45% (5.90% - (30 Day Average SOFR + 0.11%)), 09/25/2047^(b)(e)		1,561,880		129,217


0.00%, 02/25/2056^(d)		4,168,823		296,854


Freddie Mac Multifamily Structured Pass-Through Ctfs., Series KC02, Class X1, IO, 1.91%, 03/25/2024^(d)		206,649,855		572,647


Series KC03, Class X1, IO, 0.63%, 11/25/2024^(d)		20,754,839		70,687


Series K051, Class X1, IO, 0.49%, 09/25/2025^(d)		55,303,877		378,610


Series K734, Class X1, IO, 0.65%, 02/25/2026^(d)		16,515,602		162,489


Series K735, Class X1, IO, 1.10%, 05/25/2026^(d)		15,420,521		275,227


Series K093, Class X1, IO, 0.94%, 05/25/2029^(d)		12,787,139		523,232


Series Q004, Class AFL, 5.80% (12 mo. MTA Rate + 0.74%), 05/25/2044^(e)		349,073		348,919


Freddie Mac REMICs, IO, 0.55% (6.00% - (30 Day Average SOFR + 0.11%)), 03/15/2024 to 04/15/2038^(b)(e)		36,622		2,460


2.20% (7.65% - (30 Day Average SOFR + 0.11%)), 07/15/2026^(b)(e)		9,323		208


2.50%, 09/15/2027 to 09/25/2048^(b)		9,806,468		1,836,029


3.25% (8.70% - (30 Day Average SOFR + 0.11%)), 07/17/2028^(b)(e)		1,245		7


2.65% (8.10% - (30 Day Average SOFR + 0.11%)), 06/15/2029 to 09/15/2029^(b)(e)		121,557		7,152


1.25% (6.70% - (30 Day Average SOFR + 0.11%)), 01/15/2035^(b)(e)		607,076		31,571


1.30% (6.75% - (30 Day Average SOFR + 0.11%)), 02/15/2035^(b)(e)		89,299		4,895


1.27% (6.72% - (30 Day Average SOFR + 0.11%)), 05/15/2035^(b)(e)		136,286		7,429


1.55% (7.00% - (30 Day Average SOFR + 0.11%)), 12/15/2037^(b)(e)		12,036		1,211


0.62% (6.07% - (30 Day Average SOFR + 0.11%)), 05/15/2038^(b)(e)		759,481		64,372


0.00%, 02/15/2039^(d)		1,642,761		110,148


0.80% (6.25% - (30 Day Average SOFR + 0.11%)), 12/15/2039^(b)(e)		191,151		13,907


	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
0.65% (6.10% - (30 Day Average SOFR + 0.11%)), 01/15/2044^(b)(e)	$	255,145	$	20,883


4.46% (COFI 11 + 1.37%), 03/15/2024^(e)		2,121		2,119


4.00%, 10/15/2024 to 03/15/2045^(b)		179,166		111,288


3.50%, 11/15/2025 to 05/15/2032		484,484		473,492


3.00%, 07/15/2026 to 05/15/2040^(b)		2,833,615		220,840


1.50%, 08/15/2027		5,999,309		5,647,694


6.95%, 03/15/2028		79,522		80,470


6.50%, 08/15/2028 to 03/15/2032		877,333		888,322


6.00%, 01/15/2029 to 04/15/2029		135,725		137,034


6.05% (30 Day Average SOFR + 0.71%), 01/15/2029 to 12/15/2032^(e)		68,068		68,401


5.80% (30 Day Average SOFR + 0.46%), 02/15/2029^(e)		69,404		69,195


6.35% (30 Day Average SOFR + 1.01%), 03/15/2029^(e)		80,861		81,195


5.85% (30 Day Average SOFR + 0.51%), 06/15/2029 to 01/15/2033^(e)		117,751		117,607


6.10% (30 Day Average SOFR + 0.76%), 07/15/2029^(e)		19,710		19,758


8.00%, 03/15/2030		34,405		35,876


6.40% (30 Day Average SOFR + 1.06%), 08/15/2031^(e)		68,257		69,313


5.95% (30 Day Average SOFR + 0.61%), 02/15/2032 to 03/15/2032^(e)		204,872		204,700


6.45% (30 Day Average SOFR + 1.11%), 02/15/2032 to 03/15/2032^(e)		139,316		141,356


6.00% (30 Day Average SOFR + 0.66%), 03/15/2032 to 10/15/2036^(e)		452,314		447,373


4.76% (24.75% - (3.67 x (30 Day Average SOFR + 0.11%))), 08/15/2035^(e)		19,837		24,113


5.75% (30 Day Average SOFR + 0.41%), 03/15/2036^(e)		1,095,989		1,080,115


5.90% (30 Day Average SOFR + 0.56%), 07/15/2037^(e)		64,979		64,206


5.67% (30 Day Average SOFR + 0.61%), 03/15/2042^(e)		96,308		98,016


Freddie Mac Seasoned Loans Structured Transaction, Series 2019-1, Class A2, 3.50%, 05/25/2029		2,000,000		1,855,474

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

8 Invesco Quality Income Fund


	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
Freddie Mac STRIPS, IO, 3.00%, 12/15/2027^(b)	$	245,809	$	10,686


3.27%, 12/15/2027^(d)		65,073		2,522


6.50%, 02/01/2028^(b)		16,865		1,454


7.00%, 09/01/2029^(b)		169,408		20,727


7.50%, 12/15/2029^(b)		12,784		1,694


8.00%, 06/15/2031^(b)		318,645		55,097


6.00%, 12/15/2032^(b)		65,497		7,648


0.00%, 12/01/2031 to 03/01/2032^(c)		174,372		153,794


5.95% (30 Day Average SOFR + 0.61%), 05/15/2036^(e)		488,827		483,834


Freddie Mac Structured Pass-Through Ctfs., Series T-54, Class 2A, 6.50%, 02/25/2043		1,185,053		1,229,179


Freddie Mac Whole Loan Securities Trust, Series 2015-SC02, Class 1A, 3.00%, 09/25/2045		226,519		198,129


				32,489,704



Federal Home Loan Mortgage Corp. (FHLMC)–28.00%
5.50%, 01/01/2024 to 05/01/2053		30,387,497		30,641,033


6.00%, 07/01/2024 to 10/01/2029		142,492		147,056


9.00%, 01/01/2025 to 05/01/2025		1,293		1,302


6.50%, 07/01/2028 to 04/01/2034		346,454		360,606


2.50%, 02/01/2031 to 04/01/2052		43,994,463		37,880,166


8.50%, 03/01/2031 to 08/01/2031		76,720		80,750


7.00%, 10/01/2031 to 10/01/2037		132,013		137,790


7.50%, 01/01/2032 to 08/01/2037		3,673,235		3,800,905


3.00%, 02/01/2032 to 05/01/2050		29,601,631		27,032,971


8.00%, 08/01/2032		50,668		52,855


5.00%, 01/01/2037 to 07/01/2052		8,683,829		8,644,921


4.50%, 05/01/2038 to 07/01/2052		15,921,656		15,635,191


5.35%, 07/01/2038 to 10/17/2038		998,784		1,012,303


5.45%, 11/25/2038		990,048		1,002,816


5.80%, 01/20/2039		422,650		423,929


4.00%, 06/01/2042 to 07/01/2049		16,290,103		15,763,190


3.50%, 09/01/2045 to 05/01/2050		16,989,621		15,882,667


2.00%, 01/01/2052		10,488,693		8,699,146


Series 43, Class PH, 6.50%, 10/17/2024		65		65


ARM, 3.48% (1 yr. U.S. Treasury Yield Curve Rate + 2.17%), 11/01/2048^(e)		3,889,889		3,854,108


				171,053,770


	Principal Amount		Value
Federal National Mortgage Association (FNMA)–43.46%
5.50%, 05/01/2024 to 04/01/2038	$	2,465,740	$	2,533,923


6.50%, 05/01/2024 to 11/01/2038		1,639,889		1,696,681


5.00%, 03/01/2025 to 01/01/2053		8,583,682		8,549,833


4.50%, 07/01/2025 to 07/01/2044		3,452,267		3,447,961


6.00%, 05/01/2026 to 10/01/2053		11,914,687		12,252,418


7.50%, 02/01/2027 to 08/01/2037		1,421,884		1,458,664


3.00%, 02/01/2029 to 01/01/2052		57,318,339		52,158,112


7.00%, 04/01/2029 to 01/01/2036		1,033,615		1,066,961


9.50%, 04/01/2030		1,899		1,914


5.63%, 08/01/2032		50,540		50,079


8.50%, 10/01/2032		121,932		129,557


8.00%, 04/01/2033		120,227		126,457


3.50%, 11/01/2034 to 05/01/2050		40,138,028		38,123,802


2.50%, 03/01/2035 to 11/01/2051		46,336,494		40,143,027


2.00%, 09/01/2035 to 03/01/2052		80,628,778		67,960,756


5.45%, 01/01/2038		232,520		233,091


4.00%, 02/01/2042 to 03/01/2050		32,991,925		31,868,684


ARM, 3.07% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.58%), 04/01/2045^(e)		3,720,943		3,695,745


				265,497,665



Government National Mortgage Association (GNMA)–25.01%
3.00%, 12/16/2025 to 02/20/2050		2,657,365		2,421,411


6.50%, 04/15/2026 to 10/15/2028		13,811		14,171


7.00%, 12/15/2027 to 01/20/2030		123,135		124,488


6.00%, 06/15/2028 to 04/20/2029		46,878		48,423


7.50%, 06/15/2028 to 08/15/2028		85,084		85,473


8.00%, 09/15/2028		2,571		2,568


5.50%, 05/15/2033 to 10/15/2034		238,311		241,056


7.04%, 11/20/2033^(a)		566,133		585,582


5.00%, 11/20/2037		278,536		276,252


5.89%, 01/20/2039^(a)		659,101		682,115


4.52%, 07/20/2041^(a)		689,157		677,108


3.46%, 09/20/2041		518,295		512,733


4.00% (1 mo. Term SOFR + 0.56%), 07/20/2044^(e)		396,775		386,834


3.50%, 05/20/2046 to 06/20/2050		10,854,749		10,185,472


4.00%, 02/20/2048 to 03/20/2050		3,761,913		3,597,725

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

9 Invesco Quality Income Fund


	Principal Amount		Value
Government National Mortgage Association (GNMA)–(continued)
IO, 1.18% (6.65% - (1 mo. Term SOFR + 0.11%)), 04/16/2041^(b)(e)	$	979,984	$	60,147


4.50%, 09/16/2047^(b)		668,199		102,733


0.73% (6.20% - (1 mo. Term SOFR + 0.11%)), 10/16/2047^(b)(e)		615,839		81,718


TBA, 2.00%, 01/01/2054^(f)		4,984,000		4,221,020


2.50%, 01/01/2054^(f)		23,848,000		20,865,197


3.00%, 01/01/2054^(f)		16,250,000		14,715,096


3.50%, 01/01/2054^(f)		3,900,000		3,632,484


4.50%, 01/01/2054^(f)		16,000,000		15,617,540


5.00%, 01/01/2054^(f)		21,140,000		20,994,689


5.50%, 01/01/2054^(f)		14,730,000		14,838,210


6.00%, 01/01/2054^(f)		27,300,000		27,761,754


6.50%, 01/01/2054^(f)		4,000,000		4,095,156


Series 2020-137, Class A, 1.50%, 04/16/2062		7,769,952		5,957,936


				152,785,091



Uniform Mortgage-Backed Securities–7.91%
TBA, 4.00%, 01/01/2039^(f)		11,600,000		11,382,500


2.00%, 01/01/2054^(f)		25,979,000		21,237,833


2.50%, 01/01/2054^(f)		6,055,000		5,151,954


5.00%, 01/01/2054^(f)		10,680,000		10,567,359


				48,339,646


Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $725,771,640)				670,165,876



Asset-Backed Securities–5.57%
Adjustable Rate Mortgage Trust, Series 2005-7, Class 2A21, 0.77%, 10/25/2035^(a)		150,444		129,628


Agate Bay Mortgage Trust, Series 2015-2, Class B1, 3.62%, 03/25/2045^(a)(g)		1,319,814		1,219,266


Banc of America Funding Trust, Series 2006-3, Class 5A5, 5.50%, 03/25/2036		21,315		18,699


Series 2006-A, Class 1A1, 5.49%, 02/20/2036^(a)		161,111		150,183


Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-1, Class 2A1, 2.16%, 03/25/2035^(a)		588,313		530,708


Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.52%, 01/15/2051^(d)		12,226,408		201,979


CD Mortgage Trust, Series 2017- CD6, Class XA, IO, 0.87%, 11/13/2050^(d)		6,573,270		154,780


Chase Mortgage Finance Corp., Series 2016-2, Class M4, 3.75%, 12/25/2045^(a)(g)		1,397,472		1,241,757


Series 2016-SH1, Class M3, 3.75%, 04/25/2045^(a)(g)		1,049,290		950,649


	Principal Amount		Value
Chase Mortgage Finance Trust, Series 2005-A1, Class 3A1, 3.93%, 12/25/2035^(a)	$	12,305	$	10,708


Series 2007-A2, Class 2A1, 5.82%, 06/25/2035^(a)		180,517		177,193


Series 2007-A2, Class 2A4, 5.82%, 06/25/2035^(a)		166,758		162,921


Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA, IO, 0.98%, 10/12/2050^(d)		15,834,721		471,702


Citigroup Mortgage Loan Trust, Series 2004-UST1, Class A4, 5.79%, 08/25/2034^(a)		37,080		34,588


Series 2005-11, Class A2A, 7.78% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035^(e)		450,510		438,208


Series 2006-AR2, Class 1A2, 2.56%, 03/25/2036^(a)		9,753		9,200


COMM Mortgage Trust, Series 2015-CR24, Class XA, IO, 0.69%, 08/10/2048^(d)		33,322,463		267,323


Commonbond Student Loan Trust, Series 2018-CGS, Class A1, 3.87%, 02/25/2046^(g)		690,079		653,886


Countrywide Home Loans Mortgage Pass-Through Trust, Series 2004-29, Class 1A1, 6.01% (1 mo. Term SOFR + 0.65%), 02/25/2035^(e)		135,204		121,523


Credit Suisse Mortgage Capital Trust, Series 2013-7, Class B1, 3.54%, 08/25/2043^(a)(g)		1,163,404		1,110,763


Credit Suisse Mortgage Loan Trust, Series 2015-1, Class A9, 3.50%, 05/25/2045^(a)(g)		297,456		267,807


CSFB Mortgage-Backed Pass-Through Ctfs., Series 2004-AR5, Class 5A1, 4.85%, 06/25/2034^(a)		256,447		246,692


Deutsche Mortgage Securities, Inc. Re-REMIC Trust Ctfs., Series 2007-WM1, Class A1, 4.04%, 06/27/2037^(a)(g)		1,386,970		1,195,289


Galton Funding Mortgage Trust, Series 2018-1, Class A33, 3.50%, 11/25/2057^(a)(g)		280,372		254,278


GMACM Mortgage Loan Trust, Series 2005-AR3, Class 2A1, 2.96%, 06/19/2035^(a)		605,639		543,314


GSAA Home Equity Trust, Series 2007-7, Class A4, 6.01% (1 mo. Term SOFR + 0.65%), 07/25/2037^(e)		19,880		18,388


GSR Mortgage Loan Trust, Series 2004-12, Class 3A6, 1.46%, 12/25/2034^(a)		156,598		142,078


Series 2005-AR4, Class 6A1, 4.65%, 07/25/2035^(a)		82,042		75,190


Invitation Homes Trust, Series 2018-SFR4, Class C, 6.88% (1 mo. Term SOFR + 1.51%), 01/17/2038^(e)(g)		4,228,805		4,217,364

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

10 Invesco Quality Income Fund


	Principal Amount		Value
JP Morgan Mortgage Trust, Series 2005-A1, Class 3A1, 4.87%, 02/25/2035^(a)	$	315,896	$	297,303


Series 2005-A3, Class 6A5, 4.46%, 06/25/2035^(a)		176,586		174,385


Series 2014-1, Class 1A17, 0.79%, 01/25/2044^(a)(g)		550,232		505,958


Series 2017-5, Class A1, 3.68%, 10/26/2048^(a)(g)		301,584		297,732


Series 2019-INV2, Class A15, 3.50%, 02/25/2050^(a)(g)		136,002		122,084


JP Morgan Trust, Series 2015-3, Class A3, 3.50%, 05/25/2045^(a)(g)		526,999		475,523


Luminent Mortgage Trust, Series 2006-1, Class A1, 6.19% (1 mo. Term SOFR + 0.83%), 04/25/2036^(e)		29,478		24,483


MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A2, 5.87%, 04/21/2034^(a)		93,946		90,490


Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 3A, 2.39%, 11/25/2035^(a)		208,002		192,756


Series 2005-A, Class A1, 5.93% (1 mo. Term SOFR + 0.57%), 03/25/2030^(e)		210,314		194,404


Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.85%, 12/15/2050^(d)		5,405,453		151,296


Progress Residential Trust, Series 2020-SFR1, Class C, 2.18%, 04/17/2037^(g)		2,500,000		2,377,135


Residential Accredit Loans, Inc. Trust, Series 2006-QO2, Class A2, 6.01% (1 mo. Term SOFR + 0.65%), 02/25/2046^(e)		40,763		8,330


Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		26,686		20,151


Sapphire Aviation Finance II Ltd., Series 2020-1A, Class B, 4.34%, 03/15/2040^(g)		5,029,602		3,750,316


SGR Residential Mortgage Trust, Series 2021-2, Class A1, 1.74%, 12/25/2061^(a)(g)		6,765,278		5,480,731


Shellpoint Asset Funding Trust, Series 2013-1, Class A3, 3.75%, 07/25/2043^(a)(g)		359,671		332,826


Structured Adjustable Rate Mortgage Loan Trust, Series 2004-13, Class A2, 5.77% (1 mo. Term SOFR + 0.41%), 09/25/2034^(e)		218,186		190,017


Series 2004-20, Class 3A1, 4.35%, 01/25/2035^(a)		43,338		42,727


Structured Asset Mortgage Investments II Trust, Series 2005-AR2, Class 2A1, 5.93% (1 mo. Term SOFR + 0.57%), 05/25/2045^(e)		426,555		382,321


Structured Asset Sec Mortgage Pass-Through Ctfs., Series 2002-21A, Class B1II, 6.56%, 11/25/2032^(a)		8,644		8,625


	Principal Amount		Value
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.07%, 11/15/2050^(d)	$	10,043,670	$	257,931


Vendee Mortgage Trust, Series 1999-3, Class IO, 0.00%, 10/15/2029^(d)		3,137,966		3


Series 2001-3, Class IO, 0.00%, 10/15/2031^(d)		1,704,975		5


Series 2002-2, Class IO, 0.00%, 01/15/2032^(d)		4,663,441		20


Series 2002-3, Class IO, 0.26%, 08/15/2032^(d)		5,218,845		22,008


Series 2003-1, Class IO, 0.06%, 11/15/2032^(d)		8,788,147		14,044


Verus Securitization Trust, Series 2019-INV3, Class A2, 3.95%, 11/25/2059^(a)(g)		761,398		743,161


WaMu Mortgage Pass-Through Ctfs. Trust, Series 2003-AR10, Class A7, 5.88%, 10/25/2033^(a)		117,948		110,960


Series 2007-HY2, Class 2A1, 4.61%, 11/25/2036^(a)		41,171		36,004


Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, IO, 0.86%, 12/15/2050^(d)		8,985,808		248,429


Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051^(g)		2,834,750		2,467,299


Total Asset-Backed Securities (Cost $39,713,460)				34,035,521



Commercial Paper–5.56%

Diversified Banks–5.56%
BNP Paribas S.A. (France), 0.00%, 02/08/2024		8,000,000		7,956,849


BPCE S.A. (France), 5.88% (SOFR + 0.54%), 11/14/2024^(e)(g)		5,000,000		5,011,657


Societe Generale S.A. (France), 5.87% (SOFR + 0.54%), 11/13/2024^(e)(g)		5,000,000		5,005,412


Toronto-Dominion Bank (The) (Canada), 6.02% (SOFR + 0.62%), 04/26/2024^(e)(g)		14,000,000		14,019,590


5.75% (SOFR + 0.40%), 12/20/2024^(e)(g)		2,000,000		1,999,819


Total Commercial Paper (Cost $33,956,849)				33,993,327



Agency Credit Risk Transfer Notes–3.66%
Fannie Mae Connecticut Avenue Securities, Series 2022-R03, Class 1M1, 7.44% (30 Day Average SOFR + 2.10%), 03/25/2042^(e)(g)		3,917,334		3,964,853


Series 2022-R06, Class 1M1, 8.09% (30 Day Average SOFR + 2.75%), 05/25/2042^(e)(g)		3,029,099		3,115,557


Series 2023-R02, Class 1M2, 8.69% (30 Day Average SOFR + 3.35%), 01/25/2043^(e)(g)		5,550,000		5,829,414

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

11 Invesco Quality Income Fund


	Principal Amount		Value
Freddie Mac, Series 2022-DNA4, Class M1B, STACR^® , 8.69% (30 Day Average SOFR + 3.35%), 05/25/2042^(e)(g)	$	4,615,000	$	4,808,447


Series 2022-HQA3, Class M1, STACR^® , 7.64% (30 Day Average SOFR + 2.30%), 08/25/2042^(e)(g)		4,530,893		4,609,459


Total Agency Credit Risk Transfer Notes (Cost $21,773,077)				22,327,730



Certificates of Deposit–1.97%

Diversified Banks–1.97%
Banco Santander S.A. (Spain), 5.75%, 11/27/2024		6,000,000		6,017,106


Wells Fargo Bank N.A., 5.89% (SOFR + 0.50%), 01/19/2024^(e)		6,000,000		6,000,000


Total Certificates of Deposit (Cost $12,000,000)				12,017,106


	Principal Amount		Value
U.S. Treasury Securities–0.22%

U.S. Treasury Bills–0.22%
4.79% - 4.87%, 04/18/2024 (Cost $1,362,043)^(h)(i)	$	1,381,000	$	1,359,708



	Shares
Money Market Funds–1.17%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(j)(k) (Cost $7,152,120)		7,152,120		7,152,120


TOTAL INVESTMENTS IN SECURITIES–127.85% (Cost $841,729,189)				781,051,388


OTHER ASSETS LESS LIABILITIES–(27.85)%				(170,162,959	)


NET ASSETS–100.00%			$	610,888,429


Investment Abbreviations:

ARM		– Adjustable Rate Mortgage
COFI		– Cost of Funds Index
Ctfs.		– Certificates
IBOR		– Interbank Offered Rate
IO		– Interest Only
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 December 31, 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 December 31, 2023.

^(e)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 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 December 31, 2023 was $76,028,032, which represented 12.45% of the Fund’s Net Assets.

^(h)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1H.

⁽ⁱ⁾	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(j)


	Value December 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value December 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$16,552,417		$163,870,572		$(173,270,869)		$-		$-		$7,152,120		$383,637

^(k)	The rate shown is the 7-day SEC standardized yield as of December 31, 2023.

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

12 Invesco Quality Income Fund


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 Notes		53		March-2024		$ 5,983,203			$ 142,930			$ 142,930
U.S. Treasury 10 Year Ultra Notes		53		March-2024		6,254,828			279,791			279,791
U.S. Treasury Long Bonds		60		March-2024		7,496,250			543,616			543,616
Subtotal–Long Futures Contracts									966,337			966,337

Short Futures Contracts
Interest Rate Risk
U.S. Treasury 2 Year Notes		80		March-2024		(16,473,125	)		(122,829	)		(122,829	)
U.S. Treasury 5 Year Notes		245		March-2024		(26,649,492	)		(572,800	)		(572,800	)
U.S. Treasury Ultra Bonds		7		March-2024		(935,156	)		(8,107	)		(8,107	)
Subtotal–Short Futures Contracts									(703,736	)		(703,736	)
Total Futures Contracts									$ 262,601			$ 262,601

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

13 Invesco Quality Income Fund

Statement of Assets and Liabilities

December 31, 2023


Assets:
Investments in unaffiliated securities, at value (Cost $834,577,069)	$	773,899,268


Investments in affiliated money market funds, at value (Cost $7,152,120)		7,152,120


Receivable for:
Investments sold		1,604


Fund shares sold		265,448


Dividends		14,479


Interest		2,508,622


Principal paydowns		52,723


Investment for trustee deferred compensation and retirement plans		186,529


Other assets		45,500


Total assets		784,126,293



Liabilities:
Other investments:
Variation margin payable – futures contracts		43,600


Payable for:
TBA sales commitment		171,606,951


Dividends		285,930


Fund shares reacquired		707,758


Amount due custodian		33,449


Accrued fees to affiliates		306,790


Accrued other operating expenses		59,904


Trustee deferred compensation and retirement plans		193,482


Total liabilities		173,237,864


Net assets applicable to shares outstanding	$	610,888,429



Net assets consist of:
Shares of beneficial interest	$	829,497,747


Distributable earnings (loss)		(218,609,318	)


	$	610,888,429


Net Assets:
Class A	$	474,642,901


Class C	$	16,153,915


Class R	$	17,135,528


Class Y	$	83,004,847


Class R5	$	376,644


Class R6	$	19,574,594



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		48,405,309


Class C		1,657,198


Class R		1,748,651


Class Y		8,433,239


Class R5		38,353


Class R6		1,988,713


Class A:
Net asset value per share	$	9.81


Maximum offering price per share (Net asset value of $9.81 ÷ 95.75%)	$	10.25


Class C:
Net asset value and offering price per share	$	9.75


Class R:
Net asset value and offering price per share	$	9.80


Class Y:
Net asset value and offering price per share	$	9.84


Class R5:
Net asset value and offering price per share	$	9.82


Class R6:
Net asset value and offering price per share	$	9.84

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

14 Invesco Quality Income Fund

Statement of Operations

For the year ended December 31, 2023


Investment income:

Interest	$	22,801,299


Dividends from affiliated money market funds		383,637


Total investment income		23,184,936



Expenses:
Advisory fees		2,653,162


Administrative services fees		87,897


Custodian fees		51,392


Distribution fees:
Class A		1,191,290


Class C		174,810


Class R		90,900


Transfer agent fees – A, C, R and Y		901,218


Transfer agent fees – R5		207


Transfer agent fees – R6		6,288


Trustees’ and officers’ fees and benefits		22,029


Registration and filing fees		97,640


Reports to shareholders		67,469


Professional services fees		77,613


Other		(56,294	)


Total expenses		5,365,621


Less: Fees waived and/or expense offset arrangement(s)		(39,741	)


Net expenses		5,325,880


Net investment income		17,859,056



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(23,878,704	)


Futures contracts		(1,576,441	)


		(25,455,145	)


Change in net unrealized appreciation of:
Unaffiliated investment securities		38,033,425


Futures contracts		18,512


		38,051,937


Net realized and unrealized gain		12,596,792


Net increase in net assets resulting from operations	$	30,455,848

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

15 Invesco Quality Income Fund

Statement of Changes in Net Assets

For the years ended December 31, 2023 and 2022


	2023			2022


Operations:
Net investment income	$	17,859,056		$	11,487,593


Net realized gain (loss)		(25,455,145	)		(35,951,502	)


Change in net unrealized appreciation (depreciation)		38,051,937			(80,306,481	)


Net increase (decrease) in net assets resulting from operations		30,455,848			(104,770,390	)



Distributions to shareholders from distributable earnings:
Class A		(17,421,519	)		(16,334,116	)


Class C		(491,069	)		(478,546	)


Class R		(601,499	)		(548,387	)


Class Y		(3,204,672	)		(2,663,489	)


Class R5		(8,120	)		(6,617	)


Class R6		(835,507	)		(872,066	)


Total distributions from distributable earnings		(22,562,386	)		(20,903,221	)



Share transactions–net:
Class A		(43,088,533	)		(87,661,083	)


Class C		(3,086,350	)		(9,564,788	)


Class R		(2,578,194	)		(1,496,150	)


Class Y		326,948			(9,384,216	)


Class R5		225,632			(302,893	)


Class R6		(1,654,906	)		(7,666,318	)


Net increase (decrease) in net assets resulting from share transactions		(49,855,403	)		(116,075,448	)


Net increase (decrease) in net assets		(41,961,941	)		(241,749,059	)



Net assets:
Beginning of year		652,850,370			894,599,429


End of year	$	610,888,429		$	652,850,370

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

16 Invesco Quality Income Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 12/31/23		$	9.66		$	0.27			$	0.22			$	0.49			$	(0.34	)		$	9.81		5.25	%^(d)		$	474,643		0.86	%^(d)		0.87	%^(d)		2.83	%^(d)		427	%
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	)^(e)			697,347		0.84	^(e)		0.86	^(e)		0.57	^(e)		401
Year ended 12/31/20			11.72			0.26				0.36				0.62				(0.44	)			11.90		5.33	^(e)			816,715		0.83	^(e)		0.85	^(e)		2.15	^(e)		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
Class C
Year ended 12/31/23			9.60			0.20				0.22				0.42				(0.27	)			9.75		4.46				16,154		1.62			1.63			2.07			427
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	)^(e)			32,752		1.62	^(e)		1.62	^(e)		(0.21	)^(e)		401
Year ended 12/31/20			11.64			0.16				0.37				0.53				(0.35	)			11.82		4.57	^(e)			53,821		1.60	^(e)		1.60	^(e)		1.38	^(e)		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
Class R
Year ended 12/31/23			9.65			0.25				0.22				0.47				(0.32	)			9.80		4.97				17,136		1.12			1.13			2.57			427
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^(f)			11.79			0.14				0.21				0.35				(0.25	)			11.89		2.99				27,785		1.10	^(g)		1.10	^(g)		1.88	^(g)		979
Class Y
Year ended 12/31/23			9.70			0.30				0.21				0.51				(0.37	)			9.84		5.38				83,005		0.62			0.63			3.07			427
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
Class R5
Year ended 12/31/23			9.67			0.30				0.22				0.52				(0.37	)			9.82		5.54				377		0.58			0.58			3.11			427
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
Class R6
Year ended 12/31/23			9.70			0.31				0.21				0.52				(0.38	)			9.84		5.50				19,575		0.51			0.51			3.18			427
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

^(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 years ended December 31, 2023, 2022 and 2019, respectively.

^(e)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% and 0.99% for Class A and Class C shares for the years ended December 31, 2021 and 2020, respectively.

^(f)	Commencement date of May 15, 2020.

^(g)	Annualized.

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

17 Invesco Quality Income Fund

Notes to Financial Statements

December 31, 2023

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.

18 Invesco Quality Income 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. 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.

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 instrument or asset. 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.

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. This practice does not apply to securities pledged as collateral for securities lending transactions.

K.	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

19 Invesco Quality Income Fund

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 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 year ended December 31, 2023, the effective advisory fee rate incurred by the Fund was 0.42%.

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

For the year ended December 31, 2023, the Adviser waived advisory fees of $7,804.

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 and up to a maximum annual rate of 1.00% of the average daily net assets of Class C 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 Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 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 year ended December 31, 2023, IDI advised the Fund that IDI retained $19,074 in front-end sales commissions from the sale of Class A shares and $49 and $367 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.

20 Invesco Quality Income Fund

NOTE 3–Additional Valuation Information


Level 1		– Prices are determined using quoted prices in an active market for identical assets.
Level 2		– Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3		– Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the 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	$	–		$	670,165,876		$–	$	670,165,876


Asset-Backed Securities		–			34,035,521		–		34,035,521


Commercial Paper		–			33,993,327		–		33,993,327


Agency Credit Risk Transfer Notes		–			22,327,730		–		22,327,730


Certificates of Deposit		–			12,017,106		–		12,017,106


U.S. Treasury Securities		–			1,359,708		–		1,359,708


Money Market Funds		7,152,120			–		–		7,152,120


Total Investments in Securities		7,152,120			773,899,268		–		781,051,388



Other Investments - Assets*


Futures Contracts		966,337			–		–		966,337



Other Investments - Liabilities*


Futures Contracts		(703,736	)		–		–		(703,736	)


Total Other Investments		262,601			–		–		262,601


Total Investments	$	7,414,721		$	773,899,268		$–	$	781,313,989

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2023:


	Value

Derivative Assets	Interest Rate Risk


Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	966,337


Derivatives not subject to master netting agreements		(966,337	)


Total Derivative Assets subject to master netting agreements	$	–



	Value

Derivative Liabilities	Interest Rate Risk


Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(703,736	)


Derivatives not subject to master netting agreements		703,736


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.

21 Invesco Quality Income Fund

Effect of Derivative Investments for the year ended December 31, 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		$	(1,576,441	)
Change in Net Unrealized Appreciation:
Futures contracts			18,512
Total		$	(1,557,929	)

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


	Futures
	Contracts
Average notional value	$	92,603,423

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2023 and 2022:


	2023		2022
Ordinary income*	$	22,562,386	$20,903,221

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

Tax Components of Net Assets at Period-End:


	2023


Undistributed ordinary income	$	1,512,591


Net unrealized appreciation (depreciation) – investments		(60,684,793	)


Temporary book/tax differences		(171,250	)


Capital loss carryforward		(159,265,866	)


Shares of beneficial interest		829,497,747


Total net assets	$	610,888,429

22 Invesco Quality Income Fund

The Fund has a capital loss carryforward as of December 31, 2023, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	82,865,208	$	76,400,658	$159,265,866

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2023 was $5,202,493 and $23,389,891, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	8,623,303


Aggregate unrealized (depreciation) of investments		(69,308,096	)

Net unrealized appreciation (depreciation) of investments	$	(60,684,793	)

Cost of investments for tax purposes is $841,998,782.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of paydowns, on December 31, 2023, undistributed net investment income was increased by $3,692,488 and undistributed net realized gain (loss) was decreased by $3,692,488. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

NOTE 11–Share Information


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		2,464,585		$	23,756,959			3,372,175		$	35,129,235


Class C		361,569			3,464,372			390,796			4,059,915


Class R		208,795			2,005,855			352,401			3,685,988


Class Y		4,297,128			41,908,617			4,316,746			44,291,312


Class R5		23,916			224,831			18,411			194,453


Class R6		993,878			9,521,549			406,909			4,263,706



Issued as reinvestment of dividends:
Class A		1,544,119			14,852,493			1,370,790			13,965,439


Class C		46,162			441,511			41,871			424,011


Class R		61,521			591,593			53,209			540,200


Class Y		262,980			2,536,732			202,453			2,061,206


Class R5		810			7,737			517			5,374


Class R6		72,039			695,293			63,882			654,044



Automatic conversion of Class C shares to Class A shares:
Class A		235,813			2,276,910			355,040			3,669,718


Class C		(237,228	)		(2,276,910	)		(357,288	)		(3,669,718	)



Reacquired:
Class A		(8,745,310	)		(83,974,895	)		(13,604,332	)		(140,425,475	)


Class C		(494,503	)		(4,715,323	)		(996,999	)		(10,378,996	)


Class R		(541,228	)		(5,175,642	)		(549,950	)		(5,722,338	)


Class Y		(4,586,301	)		(44,118,401	)		(5,360,927	)		(55,736,734	)


Class R5		(738	)		(6,936	)		(47,530	)		(502,720	)


Class R6		(1,246,719	)		(11,871,748	)		(1,234,913	)		(12,584,068	)


Net increase (decrease) in share activity		(5,278,712	)	$	(49,855,403	)		(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 16% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

23 Invesco Quality Income Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Quality Income Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 21, 2024

24 Invesco Quality Income Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


			ACTUAL			HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)¹		Expenses Paid During Period²	Ending Account Value (12/31/23)		Expenses Paid During Period²	Annualized Expense Ratio
Class A		$1,000.00		$1,031.10	$4.45		$1,020.82	$4.43		0.87%
Class C		1,000.00		1,027.30	8.33		1,016.99	8.29		1.63
Class R		1,000.00		1,029.80	5.78		1,019.51	5.75		1.13
Class Y		1,000.00		1,032.30	3.23		1,022.03	3.21		0.63
Class R5		1,000.00		1,032.60	3.02		1,022.23	3.01		0.59
Class R6		1,000.00		1,032.90	2.66		1,022.58	2.65		0.52

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

25 Invesco Quality Income Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2023:


Federal and State Income Tax
Qualified Dividend Income*			0.00%
Corporate Dividends Received Deduction*			0.00%
U.S. Treasury Obligations*			0.28%
Qualified Business Income*			0.00%
Business Interest Income*			98.50%

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

26 Invesco Quality Income Fund

Trustees and Officers


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

Jeffrey H. Kupor¹- 1968 Trustee	2024	Senior Managing Director and General Counsel, Invesco Ltd.; Trustee, Invesco Foundation, Inc.; Director, Invesco Advisers, Inc.; Executive Vice President, Invesco Asset Management (Bermuda), Ltd. and Invesco Investments (Bermuda) Ltd. Formerly: Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation, Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	165	None
Douglas Sharp¹- 1974 Trustee	2024	Senior Managing Director and Head of Americas & EMEA, Invesco Ltd; Director, Chairman and Chief Executive, Invesco Fund Managers Limited Formerly: Director and Chairman, Invesco UK Limited	165	None

¹	Mr. Kupor and Mr. Sharp are considered interested persons (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because they are officers of the Adviser to the Trust, and officers of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Quality Income Fund

Trustees and Officers–(continued)


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

Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	165	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Carol Deckbar - 1962 Trustee	2024	Formerly: Executive Vice President and Chief Product Officer, TIAA Financial Services; Executive Vice President and Principal, College Retirement Equities Fund at TIAA; Executive Vice President and Head of Institutional Investments and Endowment Services, TIAA	165	Formerly: Board Member, TIAA Asset Management, Inc.; and Board Member, TH Real Estate Group Holdings Company
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	165	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	165	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	165	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	165	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
James “Jim” Liddy - 1959 Trustee	2024	Formerly: Chairman, Global Financial Services, Americas, KPMG LLP’	165	Director and Treasurer, Gulfside Place Condominium Association, Inc. and Non-Executive Director, Kellenberg Memorial High School

T-2 Invesco Quality Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	165	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	165	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	165	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	165	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	165	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Quality Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Glenn Brightman - 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; and Trustee, Invesco Foundation, Inc. Formerly: Senior Vice President, Invesco Group Services, Inc.;. Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Quality Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Manager, Invesco Indexing LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President, The Invesco Funds; Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Quality Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Quality Income Fund

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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

LOGO


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

LOGO



Annual Report to Shareholders		December 31, 2023

Invesco Select Risk: Conservative Investor Fund

Nasdaq:

A: OACIX ∎ C: OCCIX ∎ R: ONCIX ∎ Y: OYCIX ∎ R5: PXCIX ∎ R6: PXCCX



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

9		Financial Statements

12		Financial Highlights

13		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Tax Information

T-1		Trustees and Officers

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

Management’s Discussion of Fund Performance


Performance summary
For the fiscal year ended December 31, 2023, Class A shares of Invesco Select Risk: Conservative Investor Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Select Risk: Conservative Investor Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/22 to 12/31/23, 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	7.85	%
Class C Shares	7.19
Class R Shares	7.70
Class Y Shares	8.20
Class R5 Shares	8.34
Class R6 Shares	8.34
Bloomberg Global Aggregate USD Hedged Index^▼	7.15
MSCI All Country World Index^▼	22.20
Custom Invesco Select Risk: Conservative Investor Index^∎	10.11

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

Market conditions and your Fund

experienced major gains for the quarter, helped by robust central bank buying, investors seeking to hedge against geopolitical risk and a weaker US dollar.

Strategic asset class exposures in the Fund are obtained through underlying representative mutual funds and exchange-traded funds targeting pre-defined risk levels. From an absolute performance perspective, the portfolio’s allocations to equity, fixed income and alternatives all contributed to performance, with fixed income being the largest contributor. The only detractor within any of those allocations from an absolute performance perspective was the Invesco Master Loan Fund which closed and liquidated in December 2023.

From a relative performance perspective, the portfolio underperformed its custom benchmark, the Custom Invesco Select Risk: Conservative Investor Index, during the year. Underperformance was driven mainly by style selection within the equity allocation and manager selection within the fixed income allocation. The primary detractors to relative performance within the fixed income allocation were the Invesco Master Loan Fund and Invesco Equal Weight 0-30 Year Treasury ETF, while the primary detractor within the equity allocation was the Invesco S&P 500 Low Volatility ETF.

Conversely, allocations to other fixed income funds were the leading contributors to relative performance during the year. Within the allocation, the Invesco High Yield Fund, Invesco International Bond Fund and Invesco Taxable Municipal Bond ETF were the leading contributors.

attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

Thank you for your continued investment in the Invesco Select Risk: Conservative Investor Fund.

Portfolio manager(s):

Jeffrey Bennett

Alessio de Longis

Scott Hixon

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


2		Invesco Select Risk: Conservative Investor Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/13

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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


3		Invesco Select Risk: Conservative Investor Fund



Average Annual Total Returns
As of 12/31/23, including maximum applicable sales charges

Class A Shares
Inception (4/5/05)	1.81	%
10 Years	2.04
5 Years	1.53
1 Year	1.94

Class C Shares
Inception (4/5/05)	1.77	%
10 Years	2.01
5 Years	1.92
1 Year	6.19

Class R Shares
Inception (4/5/05)	1.84	%
10 Years	2.37
5 Years	2.44
1 Year	7.70

Class Y Shares
Inception (4/5/05)	2.40	%
10 Years	2.87
5 Years	2.94
1 Year	8.20

Class R5 Shares
10 Years	2.77	%
5 Years	3.00
1 Year	8.34

Class R6 Shares
10 Years	2.77	%
5 Years	3.00
1 Year	8.34

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

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

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


4		Invesco Select Risk: Conservative Investor Fund

Supplemental Information

Invesco Select Risk: Conservative Investor Fund’s investment objective is to seek total return.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2023, and is based on total net assets.

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

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

About indexes used in this report

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

∎	The Custom Invesco Select Risk: Conservative Investor Index is composed of 20% MSCI All Country World Index and 80% Bloomberg Global Aggregate USD Hedged Index.

∎	The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


5		Invesco Select Risk: Conservative Investor Fund

Fund Information

Portfolio Composition*


By fund type	% of total investments

Fixed Income Funds		75.18	%

Equity Funds		16.33

Alternative Funds		4.88

Money Market Funds		3.61

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

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

Data presented here are as of December 31, 2023.


6		Invesco Select Risk: Conservative Investor Fund

Schedule of Investments

December 31, 2023

Invesco Select Risk: Conservative Investor Fund

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


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


Alternative Funds–5.03%
Invesco Global Real Estate Income Fund, Class R6		2.13%	$	7,579,479	$	518,925	$	(808,046	)	$	636,858		$	33,192		$	261,473		948,797	$	7,960,408


Invesco Macro Allocation Strategy Fund, Class R6		2.90%		10,596,254		976,248		(691,668	)		72,661			(84,749	)		174,570		1,447,237		10,868,746


Total Alternative Funds				18,175,733		1,495,173		(1,499,714	)		709,519			(51,557	)		436,043				18,829,154


Domestic Equity Funds–10.69%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		2.02%		5,293,956		2,359,553		(998,480	)		850,641			42,275			–		262,994		7,547,945


Invesco Main Street Small Cap Fund, Class R6		1.30%		4,735,550		463,424		(1,128,452	)		923,300			(126,284	)		30,867		232,230		4,867,538


Invesco Russell 1000^® Dynamic Multifactor ETF		2.79%		9,843,737		301,923		(1,585,086	)		1,877,673			(6,438	)		147,678		202,914		10,431,809


Invesco S&P 500^® Low Volatility ETF		2.19%		9,570,047		428,391		(1,599,644	)		(142,634	)		(60,107	)		206,639		130,802		8,196,053


Invesco S&P 500^® Pure Growth ETF		1.32%		8,729,704		698,705		(4,637,915	)		(111,259	)		267,352			92,915		153,335		4,946,587


Invesco S&P 500^® Pure Value ETF		1.07%		5,754,378		–		(1,950,778	)		(206,461	)		392,195			103,342		48,603		3,989,334


Total Domestic Equity Funds				43,927,372		4,251,996		(11,900,355	)		3,191,260			508,993			581,441				39,979,266


Fixed Income Funds–77.53%
Invesco Core Plus Bond Fund, Class R6		17.79%		74,777,453		5,345,369		(14,530,214	)		4,911,642			(3,953,842	)		3,212,189		7,202,425		66,550,408


Invesco Equal Weight 0-30 Year Treasury ETF^(c)(d)		12.96%		62,791,886		4,099,640		(19,111,858	)		4,454,540			(3,728,021	)		1,460,894		1,682,490		48,506,187


Invesco Floating Rate ESG Fund, Class R6^(e)		7.52%		–		28,365,424		(231,503	)		26,158			(2,398	)		910,794		4,140,373		28,154,538


Invesco Fundamental High Yield^® Corporate Bond ETF		–		18,476,144		161,674		(18,644,857	)		1,673,557			(1,666,518	)		183,208		–		–


Invesco High Yield Fund, Class R6		10.57%		–		40,739,774		(2,412,317	)		1,235,365			6,818			2,081,001		11,273,402		39,569,640


Invesco Income Fund, Class R6		1.02%		6,402,490		254,980		(2,890,932	)		3,259			34,567			254,983		555,382		3,804,364


Invesco International Bond Fund, Class R6^(e)		7.77%		15,870,511		15,809,364		(3,810,520	)		2,315,771			(192,841	)		322,267		6,544,209		29,056,289


Invesco Master Loan Fund, Class R6		–		28,835,120		1,660,537		(29,378,259	)		5,109,589			(6,226,987	)		1,649,779		–		–


Invesco Taxable Municipal Bond ETF^(c)		8.38%		37,958,912		660,012		(8,933,967	)		3,895,146			(2,235,120	)		1,220,216		1,164,808		31,344,983


Invesco Variable Rate Investment Grade ETF		11.52%		34,878,214		12,064,976		(4,362,577	)		513,285			7,779			2,561,080		1,724,757		43,101,677


Total Fixed Income Funds				279,990,730		109,161,750		(104,307,004	)		24,138,312			(17,956,563	)		13,856,411				290,088,086


Foreign Equity Funds–6.16%
Invesco Developing Markets Fund, Class R6		1.24%		5,760,099		43,573		(1,748,910	)		1,369,113			(806,920	)		43,572		119,703		4,616,955


Invesco FTSE RAFI Developed Markets ex-U.S. ETF		0.99%		–		3,711,371		(386,301	)		363,923			17,155			103,906		78,199		3,706,148


Invesco Global Infrastructure Fund, Class R6		0.96%		3,674,829		108,939		(155,196	)		(7,851	)		(15,597	)		104,680		313,217		3,605,124


Invesco International Select Equity Fund, Class R6		–		4,560,426		–		(4,766,782	)		1,606,909			(1,400,553	)		–		–		–


Invesco Oppenheimer International Growth Fund, Class R6		1.00%		–		4,163,916		(484,100	)		49,911			390,410			37,794		105,464		3,754,513


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		0.99%		3,748,559		20,520		(225,688	)		189,118			(25,229	)		149,303		154,213		3,707,280


Invesco S&P International Developed Low Volatility ETF		0.98%		3,768,321		10,787		(309,609	)		197,868			(7,802	)		133,517		129,910		3,659,565


Total Foreign Equity Funds				27,342,680		8,059,106		(14,079,700	)		4,365,532			(2,272,409	)		572,772				23,049,585


Money Market Funds–0.67%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(f)		0.23%		700,953		23,839,507		(23,667,110	)		–			–			37,645		873,350		873,350

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


7		Invesco Select Risk: Conservative Investor Fund

Invesco Select Risk: Conservative Investor Fund (continued)

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


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


Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 5.47%^(f)		0.17	%	$	500,821	$	17,028,220	$	(16,905,079	)	$	20	$	(252	)	$	27,551			623,294	$	623,730


Invesco Treasury Portfolio, Institutional Class, 5.26%^(f)		0.27	%		801,089		27,245,151		(27,048,126	)		–		–			42,949			998,114		998,114


Total Money Market Funds					2,002,863		68,112,878		(67,620,315	)		20		(252	)		108,145					2,495,194


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $389,328,390)		100.08	%		371,439,378		191,080,903		(199,407,088	)		32,404,643		(19,771,788	)		15,554,812					374,441,285


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.05%
Invesco Private Government Fund, 5.32%^(f)(g)		0.85	%		–		27,849,401		(24,651,885	)		–		–			107,025	^(h)		3,197,516		3,197,516


Invesco Private Prime Fund, 5.55%^(f)(g)		2.20	%		–		68,203,674		(59,978,434	)		725		(3,778	)		286,002	^(h)		8,216,435		8,222,187


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,418,978)		3.05	%		–		96,053,075		(84,630,319	)		725		(3,778	)		393,027					11,419,703


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $400,747,368)		103.13	%	$	371,439,378	$	287,133,978	$	(284,037,407	)	$	32,405,368	$	(19,775,566	)⁽ⁱ⁾	$	15,947,839				$	385,860,988


OTHER ASSETS LESS LIABILITIES		(3.13	)%																			(11,701,634	)


NET ASSETS		100.00	%																		$	374,159,354

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 December 31, 2023.

^(d)	Effective August 25, 2023, the underlying fund’s name changed.

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

^(f)	The rate shown is the 7-day SEC standardized yield as of December 31, 2023.

^(g)	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 1J.

^(h)	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.

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


Fund Name	Capital Gain


Invesco Oppenheimer International Growth Fund		$365,624

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


8		Invesco Select Risk: Conservative Investor Fund

Statement of Assets and Liabilities

December 31, 2023


Assets:

Investments in affiliated underlying funds, at value (Cost $400,747,368)*	$	385,860,988


Cash		55,024


Receivable for:
Fund shares sold		386,215


Dividends - affiliated underlying funds		979,384


Investment for trustee deferred compensation and retirement plans		35,204


Other assets		42,138


Total assets		387,358,953



Liabilities:

Payable for:
Investments purchased - affiliated underlying funds		972,205


Fund shares reacquired		563,738


Collateral upon return of securities loaned		11,418,978


Accrued fees to affiliates		170,152


Accrued trustees’ and officers’ fees and benefits		2,375


Accrued other operating expenses		36,947


Trustee deferred compensation and retirement plans		35,204


Total liabilities		13,199,599


Net assets applicable to shares outstanding	$	374,159,354



Net assets consist of:

Shares of beneficial interest	$	411,143,043


Distributable earnings (loss)		(36,983,689	)


	$	374,159,354


Net Assets:

Class A	$	292,077,795


Class C	$	33,124,066


Class R	$	41,781,952


Class Y	$	7,079,998


Class R5	$	54,778


Class R6	$	40,765



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

Class A		34,427,132


Class C		3,943,761


Class R		4,934,907


Class Y		830,924


Class R5		6,468


Class R6		4,814


Class A:
Net asset value per share	$	8.48


Maximum offering price per share (Net asset value of $8.48 ÷ 94.50%)	$	8.97


Class C:
Net asset value and offering price per share	$	8.40


Class R:
Net asset value and offering price per share	$	8.47


Class Y:
Net asset value and offering price per share	$	8.52


Class R5:
Net asset value and offering price per share	$	8.47


Class R6:
Net asset value and offering price per share	$	8.47

*	At December 31, 2023, securities with an aggregate value of $11,072,820 were on loan to brokers.

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


9		Invesco Select Risk: Conservative Investor Fund

Statement of Operations

For the year ended December 31, 2023


Investment income:

Dividends from affiliated underlying funds (includes net securities lending income of $65,276)	$	15,620,088


Interest		93,602


Total investment income		15,713,690



Expenses:

Custodian fees		11,891


Distribution fees:
Class A		694,318


Class C		358,490


Class R		204,207


Transfer agent fees – A, C, R and Y		445,212


Transfer agent fees – R5		5


Transfer agent fees – R6		6


Trustees’ and officers’ fees and benefits		20,136


Registration and filing fees		101,709


Reports to shareholders		28,703


Professional services fees		44,612


Other		13,895


Total expenses		1,923,184


Less: Expense offset arrangement(s)		(17,685	)


Net expenses		1,905,499


Net investment income		13,808,191



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Affiliated underlying fund shares		(20,141,190	)


Foreign currencies		(392,380	)


Futures contracts		(585,798	)


Capital gain distributions from affiliated underlying fund shares		365,624


		(20,753,744	)


Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		32,405,368


Foreign currencies		(56,717	)


Futures contracts		2,567,750


		34,916,401


Net realized and unrealized gain		14,162,657


Net increase in net assets resulting from operations	$	27,970,848

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


10		Invesco Select Risk: Conservative Investor Fund

Statement of Changes in Net Assets

For the years ended December 31, 2023 and 2022


	2023			2022


Operations:

Net investment income	$	13,808,191		$	8,927,132


Net realized gain (loss)		(20,753,744	)		(15,557,895	)


Change in net unrealized appreciation (depreciation)		34,916,401			(66,685,187	)


Net increase (decrease) in net assets resulting from operations		27,970,848			(73,315,950	)



Distributions to shareholders from distributable earnings:

Class A		(8,837,228	)		(7,877,419	)


Class C		(764,308	)		(739,246	)


Class R		(1,158,979	)		(1,002,758	)


Class Y		(231,849	)		(203,313	)


Class R5		(1,844	)		(275	)


Class R6		(1,372	)		(275	)


Total distributions from distributable earnings		(10,995,580	)		(9,823,286	)



Share transactions–net:

Class A		(8,443,570	)		(6,424,050	)


Class C		(6,862,247	)		(11,238,113	)


Class R		(941,243	)		625,963


Class Y		(220,386	)		602,418


Class R5		44,918			–


Class R6		31,579			(7,827	)


Net increase (decrease) in net assets resulting from share transactions		(16,390,949	)		(16,441,609	)


Net increase (decrease) in net assets		584,319			(99,580,845	)



Net assets:

Beginning of year		373,575,035			473,155,880


End of year	$	374,159,354		$	373,575,035

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


11		Invesco Select Risk: Conservative Investor Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(d)			Ratio of net investment income to average net assets			Portfolio turnover ^(e)
Class A
Year ended 12/31/23		$ 8.11		$0.32		$ 0.32			$ 0.64			$(0.27	)		$ -			$(0.27	)		$ 8.48		7.85	%		$292,078		0.42	%^(f)		0.42	%^(f)		3.81	%^(f)		33	%
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
Class C
Year ended 12/31/23		8.02		0.25		0.33			0.58			(0.20	)		-			(0.20	)		8.40		7.19			33,124		1.18			1.18			3.05			33
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
Class R
Year ended 12/31/23		8.09		0.30		0.32			0.62			(0.24	)		-			(0.24	)		8.47		7.70			41,782		0.68			0.68			3.55			33
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
Class Y
Year ended 12/31/23		8.14		0.34		0.33			0.67			(0.29	)		-			(0.29	)		8.52		8.20			7,080		0.18			0.18			4.05			33
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
Class R5
Year ended 12/31/23		8.09		0.34		0.33			0.67			(0.29	)		-			(0.29	)		8.47		8.34			55		0.08			0.08			4.15			33
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
Year ended 12/31/23		8.09		0.35		0.32			0.67			(0.29	)		-			(0.29	)		8.47		8.34			41		0.08			0.08			4.15			33
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 0.47%, 0.45%, 0.47% and 0.55% for the years ended December 31, 2023, 2022, 2021 and 2020, respectively.

^(d)	Does not include indirect expenses from affiliated fund fees and expenses of 0.46% and 0.48% for the eleven months ended December 31, 2019 and for the year ended January 31, 2019, respectively.

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

^(f)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the years ended December 31, 2023, 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 Select Risk: Conservative Investor Fund

Notes to Financial Statements

December 31, 2023

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.

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: 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.

MLP’s may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

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


14		Invesco Select Risk: Conservative Investor Fund

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.

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 year ended December 31, 2023, the Fund paid the Adviser $2,131 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.

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.

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 instrument or asset. 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


15		Invesco Select Risk: Conservative Investor Fund

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.

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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Adviser has contractually agreed, through at least April 30, 2025, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.50%, 1.25%, 0.75%, 0.25%, 0.25%, and 0.25%, 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. Unless Invesco continues the expense reimbursement agreement, it will terminate on April 30, 2025. 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 year ended December 31, 2023, IDI advised the Fund that IDI retained $22,235 in front-end sales commissions from the sale of Class A shares and $23,920 and $1,001 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.


16		Invesco Select Risk: Conservative Investor Fund


Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the 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	$	371,946,091	$	–		$–	$	371,946,091


Money Market Funds		2,495,194		11,419,703		–		13,914,897


Total Investments	$	374,441,285	$	11,419,703		$–	$	385,860,988

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 year ended December 31, 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	$	105,399	$	(691,197	)	$	(585,798	)


Change in Net Unrealized Appreciation:
Futures contracts		26,823		2,540,927			2,567,750


Total	$	132,222	$	1,849,730		$	1,981,952



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

NOTE 7–Cash Balances

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2023 and 2022:


	2023		2022


Ordinary income*	$	10,995,580	$	9,823,286

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


17		Invesco Select Risk: Conservative Investor Fund

Tax Components of Net Assets at Period-End:


	2023


Undistributed ordinary income	$	5,777,109


Net unrealized appreciation (depreciation) - investments		(18,709,673	)


Temporary book/tax differences		(36,111	)


Capital loss carryforward		(24,015,014	)


Shares of beneficial interest		411,143,043


Total net assets	$	374,159,354

The Fund has a capital loss carryforward as of December 31, 2023, as follows:


Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total


Not subject to expiration	$4,554,995	$19,460,019		$24,015,014

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2023 was $122,968,025 and $131,786,773, 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	$ 13,956,980


Aggregate unrealized (depreciation) of investments	(32,666,653	)


Net unrealized appreciation (depreciation) of investments	$(18,709,673	)

Cost of investments for tax purposes is $404,570,661.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships, on December 31, 2023, undistributed net investment income was decreased by $188,966, undistributed net realized gain (loss) was increased by $7,053,022 and shares of beneficial interest was decreased by $6,864,056. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity



	Year ended						Year ended
	December 31, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		7,631,485		$	63,931,261			7,485,091		$	65,209,057


Class C		909,468			7,545,362			739,809			6,427,846


Class R		906,701			7,561,241			930,994			8,142,117


Class Y		318,325			2,675,584			249,946			2,190,915


Class R5		5,233			43,383			-			-


Class R6		3,648			30,627			11			98



Issued as reinvestment of dividends:
Class A		1,007,891			8,496,544			926,391			7,586,867


Class C		89,845			750,210			89,431			725,288


Class R		137,580			1,158,423			122,510			1,000,908


Class Y		24,922			211,088			22,710			186,675


Class R5		182			1,535			-			-


Class R6		126			1,063			-			-



Automatic conversion of Class C shares to Class A shares:
Class A		620,429			5,181,937			760,823			6,720,693


Class C		(628,983	)		(5,181,937	)		(771,541	)		(6,720,693	)


18		Invesco Select Risk: Conservative Investor Fund


	Summary of Share Activity



	Year ended						Year ended
	December 31, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(10,285,733	)	$	(86,053,312	)		(9,835,742	)	$	(85,940,667	)


Class C		(1,207,541	)		(9,975,882	)		(1,341,309	)		(11,670,554	)


Class R		(1,161,001	)		(9,660,907	)		(976,092	)		(8,517,062	)


Class Y		(368,283	)		(3,107,058	)		(200,955	)		(1,775,172	)


Class R6		(13	)		(111	)		(813	)		(7,925	)


Net increase (decrease) in share activity		(1,995,719	)	$	(16,390,949	)		(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 12% 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.


19		Invesco Select Risk: Conservative Investor Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Select Risk: Conservative Investor Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Select Risk: Conservative Investor Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the four years in the period ended December 31, 2023 and the eleven months ended December 31, 2019 for Class A, Class C, Class R and Class Y.

For each of the four years in the period ended December 31, 2023 and the period May 24, 2019 (commencement date) through December 31, 2019 for Class R5 and Class R6.

The financial statements of Oppenheimer Portfolio Series: Conservative Investor Fund (subsequently renamed Invesco Select Risk: Conservative Investor Fund) as of and for the year ended January 31, 2019 and the financial highlights for the year then ended (not presented herein, other than the financial highlights) were audited by other auditors whose report dated March 25, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 21, 2024


20		Invesco Select Risk: Conservative Investor 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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/23)	Ending Account Value (12/31/23)¹	Expenses Paid During Period²	Ending Account Value (12/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,035.10	$2.15	$1,023.09	$2.14	0.42%
Class C	1,000.00	1,032.00	6.04	1,019.26	6.01	1.18
Class R	1,000.00	1,034.80	3.49	1,021.78	3.47	0.68
Class Y	1,000.00	1,037.40	0.92	1,024.30	0.92	0.18
Class R5	1,000.00	1,037.30	0.41	1,024.80	0.41	0.08
Class R6	1,000.00	1,038.50	0.41	1,024.80	0.41	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 184/365 to reflect the most recent fiscal half year.


21		Invesco Select Risk: Conservative Investor Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2023:


Federal and State Income Tax
Qualified Dividend Income*	10.40	%
Corporate Dividends Received Deduction*	6.48	%
U.S. Treasury Obligations*	23.19	%
Qualified Business Income*	0.00	%
Business Interest Income*	68.77	%

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


22		Invesco Select Risk: Conservative Investor Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustees
Jeffrey H. Kupor¹- 1968 Trustee	2024	Senior Managing Director and General Counsel, Invesco Ltd.; Trustee, Invesco Foundation, Inc.; Director, Invesco Advisers, Inc.; Executive Vice President, Invesco Asset Management (Bermuda), Ltd. and Invesco Investments (Bermuda) Ltd. Formerly: Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation, Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	165	None
Douglas Sharp¹- 1974 Trustee	2024	Senior Managing Director and Head of Americas & EMEA, Invesco Ltd; Director, Chairman and Chief Executive, Invesco Fund Managers Limited Formerly: Director and Chairman, Invesco UK Limited	165	None

¹	Mr. Kupor and Mr. Sharp are considered interested persons (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because they are officers of the Adviser to the Trust, and officers of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Select Risk: Conservative Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	165	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Carol Deckbar - 1962 Trustee	2024	Formerly: Executive Vice President and Chief Product Officer, TIAA Financial Services; Executive Vice President and Principal, College Retirement Equities Fund at TIAA; Executive Vice President and Head of Institutional Investments and Endowment Services, TIAA	165	Formerly: Board Member, TIAA Asset Management, Inc.; and Board Member, TH Real Estate Group Holdings Company
Cynthia Hostetler -1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	165	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	165	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	165	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	165	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
James “Jim” Liddy - 1959 Trustee	2024	Formerly: Chairman, Global Financial Services, Americas, KPMG LLP	165	Director and Treasurer, Gulfside Place Condominium Association, Inc. and Non-Executive Director, Kellenberg Memorial High School


T-2		Invesco Select Risk: Conservative Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	165	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	165	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	165	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	165	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	165	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Select Risk: Conservative Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Glenn Brightman - 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; and Trustee, Invesco Foundation, Inc. Formerly: Senior Vice President, Invesco Group Services, Inc.;. Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Select Risk: Conservative Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Manager, Invesco Indexing LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President, The Invesco Funds; Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Select Risk: Conservative Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Select Risk: Conservative Investor Fund

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LOGO

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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

LOGO


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

LOGO



Annual Report to Shareholders		December 31, 2023

Invesco Select Risk: Growth Investor Fund

Nasdaq:

A: AADAX ∎ C: AADCX ∎ R: AADRX ∎ S: AADSX ∎ Y: AADYX ∎ R5: AADIX ∎ R6: AAESX



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

9		Financial Statements

12		Financial Highlights

13		Notes to Financial Statements

18		Report of Independent Registered Public Accounting Firm

19		Fund Expenses

20		Tax Information

T-1		Trustees and Officers

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended December 31, 2023, Class A shares of Invesco Select Risk: Growth Investor Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Select Risk: Growth Investor Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/22 to 12/31/23, 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	13.41	%
Class C Shares	12.61
Class R Shares	13.23
Class S Shares	13.51
Class Y Shares	13.77
Class R5 Shares	13.81
Class R6 Shares	13.89
Bloomberg Global Aggregate USD Hedged Index^▼	7.15
MSCI All Country World Index^▼	22.20
Custom Invesco Select Risk: Growth Investor Index^∎	19.15

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

Market conditions and your Fund

Despite rapid interest rate hikes over the course of 2022 and 2023, many developed economies continued to grow and as of the end of the year ended December 31, 2023, have only recently started to show signs of strain. Western developed economies continued to demonstrate surprising resilience, particularly the US, which has benefited from consumer strength. Additionally, data in the fourth quarter of 2023 indicated a significant easing of inflation for many Western developed economies.

gold was an exception; gold prices experienced major gains for the quarter, helped by robust central bank buying, investors seeking to hedge against geopolitical risk and a weaker US dollar.

Strategic asset class exposures in the Fund are obtained through underlying representative mutual funds and exchange-traded funds targeting pre-defined risk levels. From an absolute Fund performance perspective, almost all allocations across equity, fixed income and alternative assets contributed to return for the year with only an individual small cap US equity holding and a business loan holding detracting from performance.

From a relative Fund performance perspective, the portfolio underperformed its custom benchmark, the Custom Invesco Select Risk: Growth Investor Index, during the fiscal year. Fund underperformance was driven mainly by style selection within the equity allocations. Within the equity allocation, the Invesco S&P 500 Low Volatility ETF, Invesco S&P 500 Pure Growth ETF and Invesco S&P Emerging Markets Low Volatility ETF were the primary detractors.

Conversely, allocations to other equity funds were the leading contributors to relative performance during the year. Within the allocations, the Invesco Global Fund and the Invesco NASDAQ 100 ETF were the leading contributors to relative performance.

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

the creation of leverage and may be less liquid than traditional securities.

Thank you for your continued investment in the Invesco Select Risk: Growth Investor Fund.

Portfolio manager(s):

Jeffrey Bennett

Alessio de Longis

Scott Hixon

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


2		Invesco Select Risk: Growth Investor Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/13

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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


3		Invesco Select Risk: Growth Investor Fund



Average Annual Total Returns
As of 12/31/23, including maximum applicable sales charges

Class A Shares
Inception (4/30/04)	5.32	%
10 Years	4.39
5 Years	5.92
1 Year	7.19

Class C Shares
Inception (4/30/04)	5.31	%
10 Years	4.34
5 Years	6.32
1 Year	11.61

Class R Shares
Inception (4/30/04)	5.37	%
10 Years	4.72
5 Years	6.86
1 Year	13.23

Class S Shares
Inception (9/25/09)	6.87	%
10 Years	5.08
5 Years	7.23
1 Year	13.51

Class Y Shares
Inception (10/3/08)	6.71	%
10 Years	5.25
5 Years	7.40
1 Year	13.77

Class R5 Shares
Inception (4/30/04)	5.97	%
10 Years	5.33
5 Years	7.46
1 Year	13.81

Class R6 Shares
10 Years	5.22	%
5 Years	7.49
1 Year	13.89

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

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class S, Class Y, Class R5 and Class R6 shares do not have

a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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


4		Invesco Select Risk: Growth Investor Fund

Supplemental Information

Invesco Select Risk: Growth Investor Fund’s investment objective is long-term growth of capital consistent with a higher level of risk relative to the broad stock market.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2023, and is based on total net assets.

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

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

About indexes used in this report

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

∎	The Custom Invesco Select Risk: Growth Investor Index is composed of 80% MSCI All Country World Index and 20% Bloomberg Global Aggregate USD Hedged Index.

∎	The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non- resident investors.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


5		Invesco Select Risk: Growth Investor Fund

Fund Information

Portfolio Composition*


By fund type	% of total investments

Equity Funds		71.90	%

Fixed Income Funds		22.43

Alternative Funds		4.93

Money Market Funds		0.74

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

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

Data presented here are as of December 31, 2023.


6		Invesco Select Risk: Growth Investor Fund

Schedule of Investments

December 31, 2023

Invesco Select Risk: 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
	12/31/23		12/31/22		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		12/31/23		12/31/23
Alternative Funds-4.93%
Invesco Global Real Estate Income Fund, Class R6		2.56%	$	20,916,820	$	1,696,569	$	–		$	1,851,497		$	–		$	800,364		2,915,958	$ 24,464,886
Invesco Macro Allocation Strategy Fund, Class R6		2.37%		20,422,651		2,937,794		(627,396	)		44,311			(83,597	)		364,499		3,021,806	22,693,763
Total Alternative Funds				41,339,471		4,634,363		(627,396	)		1,895,808			(83,597	)		1,164,863			47,158,649
Domestic Equity Funds-43.68%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		4.71%		51,851,339		4,154,684		(16,866,821	)		8,939,096			(2,999,429	)		–		1,570,692	45,078,869
Invesco Main Street Small Cap Fund, Class R6		6.20%		54,101,504		3,331,971		(7,574,302	)		8,114,466			1,323,255			395,124		2,829,050	59,296,894
Invesco NASDAQ 100 ETF		4.65%		–		40,226,154		(8,056,795	)		10,802,682			1,491,171			235,879		263,814	44,463,212
Invesco Russell 1000^®Dynamic Multifactor ETF		12.21%		105,282,525		–		(8,552,966	)		20,186,202			(141,956	)		1,629,302		2,271,422	116,773,805
Invesco S&P 500^®Low Volatility ETF		8.28%		72,087,890		9,121,664		(791,201	)		(1,191,586	)		(73,652	)		1,907,092		1,263,216	79,153,115
Invesco S&P 500^®Pure Growth ETF		4.77%		45,454,043		4,336,438		(6,687,324	)		3,367,883			(900,241	)		693,763		1,412,610	45,570,799
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		2.86%		27,864,983		595,980		(4,376,382	)		3,519,864			312,556			54,557		1,516,653	27,375,578
Total Domestic Equity Funds				387,084,178		62,623,812		(82,760,905	)		44,693,678			6,612,932			5,155,569			417,712,272
Fixed Income Funds-22.43%
Invesco Core Plus Bond Fund, Class R6		7.13%		64,860,015		8,475,223		(5,901,645	)		2,575,945			(1,835,728	)		3,154,759		7,378,118	68,173,810
Invesco Equal Weight 0-30 Year Treasury ETF^(c)		3.89%		17,297,931		20,389,245		–			(471,163	)		–			936,223		1,290,878	37,216,013
Invesco Floating Rate ESG Fund, Class R6^(d)		0.68%		–		6,464,516		–			1,706			–			223,659		950,799	6,465,434
Invesco High Yield Fund, Class R6		3.03%		–		28,069,772		–			894,794			–			1,476,758		8,252,013	28,964,566
Invesco Income Fund, Class R6		0.96%		9,114,051		534,058		(517,828	)		44,425			(36,144	)		534,062		1,334,097	9,138,562
Invesco International Bond Fund, Class R6^(d)		1.03%		–		9,350,946		–			743,661			–			104,262		2,214,055	9,830,404
Invesco Master Loan Fund, Class R6		–		6,733,467		396,770		(6,853,552	)		375,286			(651,971	)		394,258		–	–
Invesco Senior Floating Rate Fund, Class R6^(d)		1.53%		8,402,785		5,868,652		–			389,757			–			1,105,261		2,194,174	14,613,199
Invesco Taxable Municipal Bond ETF		3.25%		31,354,271		1,336,389		(3,018,254	)		2,168,572			(755,730	)		1,161,998		1,155,156	31,085,248
Invesco Variable Rate Investment Grade ETF		0.93%		8,273,526		850,161		(271,827	)		95,830			(3,094	)		537,190		357,927	8,944,596
Total Fixed Income Funds				146,036,046		81,735,732		(16,563,106	)		6,818,813			(3,282,667	)		9,628,430			214,431,832
Foreign Equity Funds-28.21%
Invesco EQV Emerging Markets All Cap Fund, Class R6		2.92%		31,347,121		525,756		(6,126,849	)		4,207,944			(2,024,405	)		525,756		843,029	27,929,567
Invesco Developing Markets Fund, Class R6		3.13%		34,557,939		282,705		(8,327,279	)		5,615,406			(2,173,216	)		282,705		776,654	29,955,555
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		2.56%		–		22,338,830		(290,397	)		2,401,733			8,826			685,736		516,080	24,458,992
Invesco Global Fund, Class R6		8.22%		97,964,429		7,430,287		(44,027,635	)		26,454,378			(1,767,344	)		–		855,165	78,623,828
Invesco Global Infrastructure Fund, Class R6		0.95%		8,582,623		534,063		–			(70,666	)		–			260,635		785,927	9,046,020
Invesco International Select Equity Fund, Class R6		–		15,031,411		–		(15,695,048	)		527,131			136,506			–		–	–
Invesco International Small-Mid Company Fund, Class R6		2.01%		31,583,865		514,859		(15,130,350	)		6,020,652			(3,473,824	)		230,389		449,526	19,230,733
Invesco Oppenheimer International Growth Fund, Class R6		2.10%		–		20,268,760		(437,067	)		267,351			1,970,672			202,442		564,922	20,111,232
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		4.38%		33,893,339		6,988,177		(946,064	)		1,996,689			(88,766	)		1,630,851		1,740,573	41,843,375
Invesco S&P International Developed Low Volatility ETF		1.94%		8,811,664		8,825,845		–			943,282			–			562,900		659,595	18,580,791
Total Foreign Equity Funds				303,353,820		67,709,282		(133,801,550	)		45,005,746			(2,813,965	)		4,381,414			269,780,093

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


7		Invesco Select Risk: Growth Investor Fund

Invesco Select Risk: Growth Investor Fund (continued)

Schedule of Investments in Affiliated Issuers-99.99%^(a)


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


Money Market Funds–0.74%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(e)(f)		0.26%	$	1,704,075	$	56,830,457	$	(56,082,158	)		$ –		$ –		$	72,990			2,452,374	$	2,452,374


Invesco Liquid Assets Portfolio, Institutional Class, 5.47%^(e)(f)		0.19%		1,248,729		40,593,183		(40,058,684	)		60		310			52,355			1,782,351		1,783,598


Invesco Treasury Portfolio, Institutional Class, 5.26%^(e)(f)		0.29%		1,947,514		64,949,093		(64,093,894	)		–		–			79,354			2,802,713		2,802,713


Total Money Market Funds				4,900,318		162,372,733		(160,234,736	)		60		310			204,699					7,038,685


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $886,920,263)		99.99%		882,713,833		379,075,922		(393,987,693	)		98,414,105		433,013			20,534,975					956,121,531


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 5.32%^(e)(f)		0.00%		1,264,757		92,996,032		(94,259,983	)		–		–			238,730	^(g)		806		806


Invesco Private Prime Fund, 5.55%^(e)(f)		0.00%		3,252,231		201,816,136		(205,065,004	)		–		(1,289	)		641,728	^(g)		2,074		2,074


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,880)		0.00%		4,516,988		294,812,168		(299,324,987	)		–		(1,289	)		880,458					2,880


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $886,923,143)		99.99%	$	887,230,821	$	673,888,090	$	(693,312,680	)		$98,414,105		$431,724	^(h)	$	21,415,433				$	956,124,411


OTHER ASSETS LESS LIABILITIES		0.01%																			67,942


NET ASSETS		100.00%																		$	956,192,353

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)	Effective August 25, 2023, the underlying fund’s name changed.

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

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 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 1H.

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

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


Fund Name		Capital Gain
Invesco Global Fund		$7,430,287
Invesco International Small-Mid Company Fund		284,469
Invesco Oppenheimer International Growth Fund		1,958,484
Invesco Value Opportunities Fund		541,423

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


8		Invesco Select Risk: Growth Investor Fund

Statement of Assets and Liabilities

December 31, 2023


Assets:
Investments in affiliated underlying funds, at value (Cost $886,923,143)	$	956,124,411


Receivable for:
Dividends - affiliated underlying funds		815,510


Fund shares sold		846,755


Investment for trustee deferred compensation and retirement plans		133,006


Other assets		48,748


Total assets		957,968,430



Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		782,945


Fund shares reacquired		364,237


Amount due custodian		4,440


Collateral upon return of securities loaned		2,880


Accrued fees to affiliates		428,233


Accrued other operating expenses		50,995


Trustee deferred compensation and retirement plans		142,347


Total liabilities		1,776,077


Net assets applicable to shares outstanding	$	956,192,353



Net assets consist of:
Shares of beneficial interest	$	879,883,980


Distributable earnings		76,308,373


	$	956,192,353


Net Assets:
Class A	$	849,133,490


Class C	$	41,815,354


Class R	$	33,326,975


Class S	$	18,291,179


Class Y	$	12,766,911


Class R5	$	54,196


Class R6	$	804,248



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		59,125,006


Class C		2,982,253


Class R		2,334,023


Class S		1,274,362


Class Y		889,975


Class R5		3,744


Class R6		55,514


Class A:
Net asset value per share	$	14.36


Maximum offering price per share (Net asset value of $14.36 ÷ 94.50%)	$	15.20


Class C:
Net asset value and offering price per share	$	14.02


Class R:
Net asset value and offering price per share	$	14.28


Class S:
Net asset value and offering price per share	$	14.35


Class Y:
Net asset value and offering price per share	$	14.35


Class R5:
Net asset value and offering price per share	$	14.48


Class R6:
Net asset value and offering price per share	$	14.49

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


9		Invesco Select Risk: Growth Investor Fund

Statement of Operations

For the year ended December 31, 2023


Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $ 141,576)	$	20,676,551


Interest		67,139


Total investment income		20,743,690



Expenses:
Administrative services fees		128,457


Custodian fees		2,321


Distribution fees:
Class A		2,031,957


Class C		408,392


Class R		143,524


Class S		27,043


Transfer agent fees – A, C, R, S and Y		1,271,489


Transfer agent fees – R5		50


Transfer agent fees – R6		152


Trustees’ and officers’ fees and benefits		24,104


Registration and filing fees		125,579


Reports to shareholders		57,922


Professional services fees		54,840


Other		21,198


Total expenses		4,297,028


Less: Expense offset arrangement(s)		(36,870	)


Net expenses		4,260,158


Net investment income		16,483,532



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares		(9,782,939	)


Capital gain distributions from affiliated underlying fund shares		10,214,663


		431,724


Change in net unrealized appreciation of affiliated underlying fund shares		98,414,105


Net realized and unrealized gain		98,845,829


Net increase in net assets resulting from operations	$	115,329,361

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


10		Invesco Select Risk: Growth Investor Fund

Statement of Changes in Net Assets

For the years ended December 31, 2023 and 2022


	2023			2022


Operations:
Net investment income	$	16,483,532		$	11,050,261


Net realized gain		431,724			4,924,213


Change in net unrealized appreciation (depreciation)		98,414,105			(228,250,134	)


Net increase (decrease) in net assets resulting from operations		115,329,361			(212,275,660	)



Distributions to shareholders from distributable earnings:
Class A		(17,318,708	)		(43,731,932	)


Class C		(874,064	)		(2,022,504	)


Class R		(672,292	)		(1,310,594	)


Class S		(374,880	)		(1,019,840	)


Class Y		(264,691	)		(694,228	)


Class R5		(1,102	)		(2,647	)


Class R6		(12,873	)		(6,868	)


Total distributions from distributable earnings		(19,518,610	)		(48,788,613	)



Share transactions–net:
Class A		(23,879,842	)		3,419,049


Class C		(2,156,684	)		(1,867,405	)


Class R		5,170,922			5,448,140


Class S		(1,573,127	)		(811,152	)


Class Y		(192,249	)		238,568


Class R5		3,631			8,007


Class R6		637,541			(443,787	)


Net increase (decrease) in net assets resulting from share transactions		(21,989,808	)		5,991,420


Net increase (decrease) in net assets		73,820,943			(255,072,853	)



Net assets:
Beginning of year		882,371,410			1,137,444,263


End of year	$	956,192,353		$	882,371,410

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


11		Invesco Select Risk: Growth Investor Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)(b)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(c)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Year ended 12/31/23		$12.93		$0.25		$1.48			$1.73			$(0.09	)		$(0.21	)		$(0.30	)		$14.36		13.41	%		$ 849,133		0.43	%		0.43	%		1.84	%		24	%
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
Class C
Year ended 12/31/23		12.72		0.15		1.45			1.60			(0.09	)		(0.21	)		(0.30	)		14.02		12.61			41,815		1.18			1.18			1.09			24
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
Class R
Year ended 12/31/23		12.88		0.22		1.48			1.70			(0.09	)		(0.21	)		(0.30	)		14.28		13.23			33,327		0.68			0.68			1.59			24
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
Class S
Year ended 12/31/23		12.91		0.26		1.48			1.74			(0.09	)		(0.21	)		(0.30	)		14.35		13.51			18,291		0.33			0.33			1.94			24
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
Class Y
Year ended 12/31/23		12.88		0.28		1.49			1.77			(0.09	)		(0.21	)		(0.30	)		14.35		13.77			12,767		0.18			0.18			2.09			24
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
Class R5
Year ended 12/31/23		12.99		0.29		1.50			1.79			(0.09	)		(0.21	)		(0.30	)		14.48		13.81			54		0.14			0.14			2.13			24
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
Class R6
Year ended 12/31/23		12.99		0.30		1.50			1.80			(0.09	)		(0.21	)		(0.30	)		14.49		13.89			804		0.07			0.07			2.20			24
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

^(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 0.52%, 0.54%, 0.54%, 0.58% and 0.58% for the years ended December 31, 2023, 2022, 2021, 2020, and 2019, respectively.

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

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


12		Invesco Select Risk: Growth Investor Fund

Notes to Financial Statements

December 31, 2023

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 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.

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: 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.


14		Invesco Select Risk: Growth Investor Fund

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 year ended December 31, 2023, the Fund paid the Adviser $22,991 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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, 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 “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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 boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not reimburse expenses during the period under these boundary 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 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 Plans payments, up to 0.25% of the average daily net assets of Class A, Class C and Class R shares and 0.15% of the average daily net assets of Class S shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 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 year ended December 31, 2023, IDI advised the Fund that IDI retained $101,978 in front-end sales commissions from the sale of Class A shares and $18,903 and $832 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.


15		Invesco Select Risk: Growth Investor Fund


		Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
		Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the 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	$	949,082,846	$	–		$–	$	949,082,846


Money Market Funds		7,038,685		2,880		–		7,041,565


Total Investments	$	956,121,531	$	2,880		$–	$	956,124,411

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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2023 and 2022:


	2023		2022


Ordinary income*	$	6,064,020	$	12,187,211


Long-term capital gain		13,454,590		36,601,402


Total distributions	$	19,518,610	$	48,788,613

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

Tax Components of Net Assets at Period-End:


	2023


Undistributed ordinary income	$	16,382,620


Undistributed long-term capital gain		103,904


Net unrealized appreciation – investments		59,916,747


Temporary book/tax differences		(94,898	)


Shares of beneficial interest		879,883,980


Total net assets	$	956,192,353

The Fund does not have a capital loss carryforward as of December 31, 2023.


16		Invesco Select Risk: Growth Investor Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2023 was $216,703,189 and $233,752,957, 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	$85,932,745


Aggregate unrealized (depreciation) of investments	(26,015,998	)


Net unrealized appreciation of investments	$59,916,747

Cost of investments for tax purposes is $896,207,664.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships, on December 31, 2023, undistributed net investment income was decreased by $501,788 and undistributed net realized gain (loss) was increased by $501,788. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10–Share Information


	Summary of Share Activity



	Year ended						Year ended
	December 31, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		6,304,442		$	86,163,202			6,095,363		$	87,099,917


Class C		563,218			7,551,566			608,534			8,441,416


Class R		759,491			10,328,856			478,639			6,648,080


Class S		17,757			242,363			38,771			535,561


Class Y		255,619			3,498,183			196,578			2,798,081


Class R5		214			2,931			441			6,165


Class R6		54,729			752,206			6,104			87,020



Issued as reinvestment of dividends:
Class A		1,188,232			16,789,725			3,252,278			42,345,053


Class C		62,351			860,444			155,309			1,991,063


Class R		47,834			672,073			100,970			1,310,588


Class S		26,550			374,843			78,126			1,015,639


Class Y		16,292			230,049			46,853			608,157


Class R5		59			841			149			1,947


Class R6		889			12,671			409			5,355



Automatic conversion of Class C shares to Class A shares:
Class A		293,207			3,986,661			288,355			4,109,381


Class C		(299,083	)		(3,986,661	)		(293,223	)		(4,109,381	)



Reacquired:
Class A		(9,573,482	)		(130,819,430	)		(9,121,498	)		(130,135,302	)


Class C		(493,288	)		(6,582,033	)		(579,661	)		(8,190,503	)


Class R		(428,521	)		(5,830,007	)		(173,797	)		(2,510,528	)


Class S		(160,891	)		(2,190,333	)		(167,684	)		(2,362,352	)


Class Y		(288,310	)		(3,920,481	)		(221,563	)		(3,167,670	)


Class R5		(10	)		(141	)		(7	)		(105	)


Class R6		(9,188	)		(127,336	)		(32,502	)		(536,162	)


Net increase (decrease) in share activity		(1,661,889	)	$	(21,989,808	)		756,944		$	5,991,420

^(a)


17		Invesco Select Risk: Growth Investor Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Select Risk: Growth Investor Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Select Risk: Growth Investor Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 21, 2024


18		Invesco Select Risk: Growth Investor 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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.



		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/23)	Ending Account Value (12/31/23)¹	Expenses Paid During Period²	Ending Account Value (12/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,049.70	$2.27	$1,022.99	$2.24	0.44%
Class C	1,000.00	1,045.50	6.14	1,019.21	6.06	1.19
Class R	1,000.00	1,048.50	3.56	1,021.73	3.52	0.69
Class S	1,000.00	1,050.50	1.76	1,023.49	1.73	0.34
Class Y	1,000.00	1,051.20	0.98	1,024.25	0.97	0.19
Class R5	1,000.00	1,051.50	0.78	1,024.45	0.77	0.15
Class R6	1,000.00	1,052.20	0.36	1,024.85	0.36	0.07

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


19		Invesco Select Risk: Growth Investor Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2023:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	13,454,590
Qualified Dividend Income*		70.44	%
Corporate Dividends Received Deduction*		42.85	%
U.S. Treasury Obligations*		27.76	%
Qualified Business Income*		4.02	%
Business Interest Income*		29.48	%

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


20		Invesco Select Risk: Growth Investor Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustees
Jeffrey H. Kupor¹– 1968 Trustee	2024	Senior Managing Director and General Counsel, Invesco Ltd.; Trustee, Invesco Foundation, Inc.; Director, Invesco Advisers, Inc.; Executive Vice President, Invesco Asset Management (Bermuda), Ltd. and Invesco Investments (Bermuda) Ltd. Formerly: Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation, Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	165	None
Douglas Sharp¹– 1974 Trustee	2024	Senior Managing Director and Head of Americas & EMEA, Invesco Ltd; Director, Chairman and Chief Executive, Invesco Fund Managers Limited Formerly: Director and Chairman, Invesco UK Limited	165	None

¹	Mr. Kupor and Mr. Sharp are considered interested persons (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because they are officers of the Adviser to the Trust, and officers of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Select Risk: Growth Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	165	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Carol Deckbar – 1962 Trustee	2024	Formerly: Executive Vice President and Chief Product Officer, TIAA Financial Services; Executive Vice President and Principal, College Retirement Equities Fund at TIAA; Executive Vice President and Head of Institutional Investments and Endowment Services, TIAA	165	Formerly: Board Member, TIAA Asset Management, Inc.; and Board Member, TH Real Estate Group Holdings Company
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	165	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School-Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	165	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	165	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	165	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
James “Jim” Liddy -1959 Trustee	2024	Formerly: Chairman, Global Financial Services, Americas, KPMG LLP	165	Director and Treasurer, Gulfside Place Condominium Association, Inc. and Non-Executive Director, Kellenberg Memorial High School


T-2		Invesco Select Risk: Growth Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	165	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	165	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	165	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	165	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	165	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Select Risk: Growth Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Glenn Brightman – 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; and Trustee, Invesco Foundation, Inc. Formerly: Senior Vice President, Invesco Group Services, Inc.;. Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Select Risk: Growth Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Manager, Invesco Indexing LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President, The Invesco Funds; Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Select Risk: Growth Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Select Risk: Growth Investor Fund

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

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Annual Report to Shareholders			December 31, 2023

Invesco Select Risk: High Growth Investor Fund

Nasdaq:

A: OAAIX ∎ C: OCAIX ∎ R: ONAIX ∎ Y: OYAIX ∎ R5: PXQIX ∎ R6: PXGGX



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

9		Financial Statements

12		Financial Highlights

13		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Tax Information

T-1		Trustees and Officers

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended December 31, 2023, Class A shares of Invesco Select Risk: High Growth Investor Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Select Risk: High Growth Investor Index. Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/22 to 12/31/23, 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	14.60	%
Class C Shares	13.69
Class R Shares	14.34
Class Y Shares	14.91
Class R5 Shares	15.07
Class R6 Shares	14.99
Bloomberg Global Aggregate USD Hedged Index^▼	7.15
Custom Invesco Select Risk: High Growth Investor Index^∎	20.67
MSCI All Country World Index^▼	22.20

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

Market conditions and your Fund

Despite rapid interest rate hikes over the course of 2022 and 2023, many developed economies continued to grow and as of the year ended December 31, 2023, have only recently started to show signs of strain. Western developed economies continued to demonstrate surprising resilience, particularly the United States, which has benefited from consumer strength. Additionally, data in the fourth quarter of 2023 indicated a significant easing of inflation for many Western developed economies.

major gains for the quarter, helped by robust central bank buying, investors seeking to hedge against geopolitical risk and a weaker US dollar.

Strategic asset class exposures in the Fund are obtained through underlying representative mutual funds and exchange-traded funds targeting pre-defined risk levels. From an absolute performance perspective, the portfolio’s allocations to equity, fixed income and alternatives all contributed to performance, with equity being the largest contributor. The only detractor within any of those allocations from an absolute performance perspective was the Invesco S&P SmallCap Low Volatility ETF.

From a relative performance perspective, the portfolio underperformed its custom benchmark, the Custom Invesco Select Risk: High Growth Investor Index, during the year. Underperformance was driven mainly by style selection within the equity allocations. Within the equity allocation, the Invesco S&P 500 Low Volatility ETF, Invesco S&P 500 Pure Growth ETF and Invesco S&P Emerging Markets Low Volatility ETF were the primary detractors from a relative performance perspective.

Conversely, allocations to other fundamental and style-specific equities were the leading contributors to relative performance during the year. Within the allocations, the Invesco Global Fund and the Invesco NASDAQ 100 ETF were the leading contributors to relative performance.

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

traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

Thank you for your continued investment in the Invesco Select Risk: High Growth Investor Fund.

Portfolio manager(s):

Jeffrey Bennett

Alessio de Longis

Scott Hixon

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

2 Invesco Select Risk: High Growth Investor Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/13

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

3 Invesco Select Risk: High Growth Investor Fund



Average Annual Total Returns
As of 12/31/23, including maximum applicable sales charges

Class A Shares
Inception (4/5/05)	6.01	%
10 Years	5.11
5 Years	7.59
1 Year	8.27

Class C Shares
Inception (4/5/05)	5.99	%
10 Years	5.07
5 Years	7.99
1 Year	12.69

Class R Shares
Inception (4/5/05)	6.09	%
10 Years	5.44
5 Years	8.54
1 Year	14.34

Class Y Shares
Inception (4/5/05)	6.68	%
10 Years	5.98
5 Years	9.09
1 Year	14.91

Class R5 Shares
10 Years	5.87	%
5 Years	9.14
1 Year	15.07

Class R6 Shares
10 Years	5.87	%
5 Years	9.15
1 Year	14.99

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

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

4 Invesco Select Risk: High Growth Investor Fund

Supplemental Information

Invesco Select Risk: High Growth Investor Fund’s investment objective is to seek total return.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2023, and is based on total net assets.

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

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

About indexes used in this report

∎	The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The Custom Invesco Select Risk: High Growth Investor Index is composed of 90% MSCI All Country World Index and 10% Bloomberg Global Aggregate USD Hedged Index.

∎	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 Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

5 Invesco Select Risk: High Growth Investor Fund

Fund Information

Portfolio Composition*


By fund type	% of total investments

Equity Funds		80.81	%
Fixed Income Funds		10.79
Alternative Funds		4.72
Money Market Funds		3.68

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

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

Data presented here are as of December 31, 2023.

6 Invesco Select Risk: High Growth Investor Fund

Invesco Select Risk: High Growth Investor Fund

Schedule of Investments in Affiliated Issuers–100.02%^(a)


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

Alternative Funds–4.89%
Invesco Global Real Estate Income Fund, Class R6		2.54	%	$	18,571,474	$	913,291	$	(889,493	)		$ 1,732,137			$ (105,038	)	$	661,571		2,410,294	$	20,222,371

Invesco Macro Allocation Strategy Fund, Class R6		2.35	%		17,169,183		2,583,394		(971,814	)		110,081			(132,460	)		301,290		2,497,788		18,758,384

Total Alternative Funds					35,740,657		3,496,685		(1,861,307	)		1,842,218			(237,498	)		962,861				38,980,755

Domestic Equity Funds–51.40%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		5.28	%		53,414,099		2,693,731		(19,665,624	)		8,643,801			(3,049,000	)		–		1,464,704		42,037,007

Invesco Main Street Small Cap Fund, Class R6		8.14	%		54,282,982		2,729,540		(1,734,427	)		9,184,922			365,600			411,112		3,092,968		64,828,617

Invesco NASDAQ 100 ETF^(c)		5.60	%		–		40,639,551		(8,117,761	)		10,843,631			1,266,331			238,797		264,814		44,631,752

Invesco Russell 1000^®Dynamic Multifactor ETF		14.20	%		96,380,934		3,007,181		(5,153,012	)		19,062,164			(180,511	)		1,558,694		2,200,287		113,116,756

Invesco S&P 500^®Low Volatility ETF^(c)		9.62	%		61,473,525		17,909,841		(1,893,524	)		(651,564	)		(195,260	)		1,805,635		1,223,157		76,643,018

Invesco S&P 500^®Pure Growth ETF		5.72	%		38,766,979		5,550,310		(1,503,446	)		2,969,406			(246,162	)		661,605		1,411,565		45,537,087

Invesco S&P SmallCap Low Volatility ETF		–			28,871,735		3,468,037		(30,844,956	)		(6,545,877	)		5,051,061			247,804		–		–

Invesco Value Opportunities Fund, Class R6		2.84	%		24,080,373		2,393,901		(6,357,697	)		3,422,917			(445,582	)		45,132		1,254,628		22,646,028

Total Domestic Equity Funds					357,270,627		78,392,092		(75,270,447	)		46,929,400			2,566,477			4,968,779				409,440,265

Fixed Income Funds–11.18%
Invesco Core Plus Bond Fund, Class R6		6.02	%		37,367,136		11,362,294		(1,505,550	)		1,095,571			(417,934	)		2,106,896		5,184,147		47,901,517

Invesco Equal Weight 0-30 Year Treasury ETF^(d)		2.65	%		18,873,140		3,709,814		(1,512,416	)		317,210			(289,377	)		598,407		731,820		21,098,371

Invesco High Yield Fund, Class R6		1.25	%		–		9,667,563		–			308,178			–			508,613		2,842,091		9,975,741

Invesco Senior Floating Rate Fund, Class R6^(e)		1.26	%		–		9,764,649		–			297,487			–			662,083		1,506,993		10,036,573

Total Fixed Income Funds					56,240,276		34,504,320		(3,017,966	)		2,018,446			(707,311	)		3,875,999				89,012,202

Foreign Equity Funds–32.33%
Invesco EQV Emerging Markets All Cap Fund, Class R6		3.62	%		30,528,553		543,229		(4,326,791	)		3,553,712			(1,440,939	)		543,229		871,046		28,857,764

Invesco Developing Markets Fund, Class R6		3.35	%		34,363,885		251,656		(11,252,476	)		8,140,914			(4,838,427	)		251,656		691,355		26,665,552

Invesco FTSE RAFI Developed Markets ex-U.S. ETF		3.34	%		–		24,004,536		–			2,613,765			–			746,275		561,641		26,618,301

Invesco Global Fund, Class R6		9.25	%		83,708,176		6,957,880		(32,450,865	)		17,434,253			4,933,471			–		800,795		73,625,035

Invesco Global Infrastructure Fund, Class R6		0.94	%		6,897,736		705,277		(66,516	)		(56,547	)		(2,625	)		215,437		649,637		7,477,325

Invesco International Select Equity Fund, Class R6		–			15,328,082		182,708		(16,237,405	)		5,467,157			(4,740,542	)		–		–		–

Invesco International Small-Mid Company Fund, Class R6		2.27	%		29,365,047		483,512		(13,914,920	)		(1,049,513	)		3,442,937			216,362		422,158		18,059,913

Invesco Oppenheimer International Growth Fund, Class R6		2.52	%		–		20,868,599		(1,115,926	)		267,111			2,030,157			202,261		564,416		20,093,212

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		4.63	%		27,284,154		7,927,988		–			1,673,246			–			1,428,338		1,534,334		36,885,388

Invesco S&P International Developed Low Volatility ETF^(c)		2.41	%		6,899,867		11,320,675		–			977,764			–			561,073		681,516		19,198,306

Total Foreign Equity Funds					273,975,574		73,246,060		(120,028,774	)		35,174,167			4,295,528			4,164,631				257,480,796

Money Market Funds–0.22%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(f)		0.07	%		1,518,501		53,927,084		(54,859,860	)		–			–			63,571		585,725		585,725

Invesco Liquid Assets Portfolio, Institutional Class, 5.47%^(f)		0.07	%		1,200,516		38,519,345		(39,185,614	)		186			37			49,331		534,097		534,470

Invesco Treasury Portfolio, Institutional Class, 5.26%^(f)		0.08	%		1,735,430		61,630,953		(62,696,983	)		–			–			67,961		669,400		669,400

Total Money Market Funds					4,454,447		154,077,382		(156,742,457	)		186			37			180,863				1,789,595

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $678,781,459)		100.02	%		727,681,581		343,716,539		(356,920,951	)		85,964,417			5,917,233			14,153,133				796,703,613

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

7 Invesco Select Risk: High Growth Investor Fund

Invesco Select Risk: High Growth Investor Fund (continued)

Schedule of Investments in Affiliated Issuers–100.02%^(a)


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

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.59%
Invesco Private Government Fund, 5.32%^(f)(g)		0.17	%	$	371	$	36,727,972	$	(35,400,525	)		$ –		$ –		$	23,754	^(h)		1,327,818	$	1,327,818

Invesco Private Prime Fund, 5.55%^(f)(g)		3.42	%		953		91,063,581		(63,848,638	)		–		1,488			124,926	^(h)		27,198,345		27,217,384

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $28,545,202)		3.59	%		1,324		127,791,553		(99,249,163	)		–		1,488			148,680					28,545,202

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $707,326,661)		103.61	%	$	727,682,905	$	471,508,092	$	(456,170,114	)		$85,964,417		$5,918,721	⁽ⁱ⁾	$	14,301,813				$	825,248,815

OTHER ASSETS LESS LIABILITIES		(3.61	)%																			(28,730,631	)

NET ASSETS		100.00	%																		$	796,518,184

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 December 31, 2023.

^(d)	Effective August 25, 2023, the underlying fund’s name changed.

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

^(f)	The rate shown is the 7-day SEC standardized yield as of December 31, 2023.

^(g)	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.

^(h)	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.

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


Fund Name	Capital Gain


Invesco Global Fund		$6,957,880
Invesco International Small-Mid Company Fund		267,150
Invesco Oppenheimer International Growth Fund		1,956,729
Invesco Value Opportunities Fund		447,884

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

8 Invesco Select Risk: High Growth Investor Fund

Statement of Assets and Liabilities

December 31, 2023


Assets:

Investments in affiliated underlying funds, at value (Cost $707,326,661)*	$	825,248,815

Cash		12,059

Receivable for:
Dividends - affiliated underlying funds		380,295

Fund shares sold		580,458

Investment for trustee deferred compensation and retirement plans		44,314

Other assets		43,060


Total assets		826,309,001



Liabilities:

Payable for:
Investments purchased - affiliated underlying funds		361,193

Fund shares reacquired		467,518

Collateral upon return of securities loaned		28,545,202

Accrued fees to affiliates		324,098

Accrued trustees’ and officers’ fees and benefits		4,458

Accrued other operating expenses		44,034

Trustee deferred compensation and retirement plans		44,314


Total liabilities		29,790,817


Net assets applicable to shares outstanding	$	796,518,184


Net assets consist of:

Shares of beneficial interest	$	673,881,495

Distributable earnings		122,636,689

	$	796,518,184


Net Assets:

Class A	$	625,248,235

Class C	$	71,198,215

Class R	$	85,557,044

Class Y	$	14,275,760

Class R5	$	29,469

Class R6	$	209,461


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

Class A		46,113,715

Class C		5,492,747

Class R		6,318,463

Class Y		1,043,682

Class R5		2,175

Class R6		15,471

Class A:
Net asset value per share	$	13.56

Maximum offering price per share (Net asset value of $13.56 ÷ 94.50%)	$	14.35

Class C:
Net asset value and offering price per share	$	12.96

Class R:
Net asset value and offering price per share	$	13.54

Class Y:
Net asset value and offering price per share	$	13.68

Class R5:
Net asset value and offering price per share	$	13.55

Class R6:
Net asset value and offering price per share	$	13.54

*	At December 31, 2023, securities with an aggregate value of $27,866,302 were on loan to brokers.

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

9 Invesco Select Risk: High Growth Investor Fund

Statement of Operations

For the year ended December 31, 2023


Investment income:

Dividends from affiliated underlying funds (includes net securities lending income of $83,965)	$	14,237,098


Interest		66,819


Total investment income		14,303,917



Expenses:

Custodian fees		7,896


Distribution fees:
Class A		1,442,849


Class C		723,788


Class R		392,857


Transfer agent fees – A, C, R and Y		864,982


Transfer agent fees – R5		3


Transfer agent fees – R6		30


Trustees’ and officers’ fees and benefits		23,629


Registration and filing fees		107,215


Reports to shareholders		44,605


Professional services fees		51,563


Other		18,806


Total expenses		3,678,223


Less: Expense offset arrangement(s)		(44,920	)


Net expenses		3,633,303


Net investment income		10,670,614



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Affiliated underlying fund shares		(3,711,021	)


Foreign currencies		(16,433	)


Futures contracts		508,929


Capital gain distributions from affiliated underlying fund shares		9,629,643


		6,411,118


Change in net unrealized appreciation of:
Affiliated underlying fund shares		85,964,417


Foreign currencies		25,203


Futures contracts		189,727


		86,179,347


Net realized and unrealized gain		92,590,465


Net increase in net assets resulting from operations	$	103,261,079

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

10 Invesco Select Risk: High Growth Investor Fund

Statement of Changes in Net Assets

For the years ended December 31, 2023 and 2022


	2023			2022


Operations:

Net investment income	$	10,670,614		$	7,054,516


Net realized gain		6,411,118			16,387,906


Change in net unrealized appreciation (depreciation)		86,179,347			(207,073,273	)

Net increase (decrease) in net assets resulting from operations		103,261,079			(183,630,851	)


Distributions to shareholders from distributable earnings:

Class A		(15,588,323	)		(36,054,856	)


Class C		(1,347,678	)		(4,267,974	)


Class R		(1,921,756	)		(4,385,194	)


Class Y		(383,585	)		(865,084	)


Class R5		(829	)		(517	)


Class R6		(5,851	)		(1,063	)

Total distributions from distributable earnings		(19,248,022	)		(45,574,688	)


Share transactions–net:

Class A		(10,542,737	)		13,262,927


Class C		(10,133,022	)		(6,367,274	)


Class R		4,346,180			6,737,802


Class Y		23,751			3,389,456


Class R5		20,065			–


Class R6		180,945			(332,713	)

Net increase (decrease) in net assets resulting from share transactions		(16,104,818	)		16,690,198

Net increase (decrease) in net assets		67,908,239			(212,515,341	)


Net assets:

Beginning of year		728,609,945			941,125,286

End of year	$	796,518,184		$	728,609,945

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

11 Invesco Select Risk: High Growth Investor Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(d)			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(e)
Class A
Year ended 12/31/23		$12.14		$ 0.19			$ 1.57			$ 1.76			$(0.14	)		$(0.20	)		$(0.34	)		$13.56		14.60	%^(f)		$625,248		0.37	%^(f)		0.37	%^(f)		1.51	%^(f)		25	%
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
Class C
Year ended 12/31/23		11.62		0.09			1.49			1.58			(0.04	)		(0.20	)		(0.24	)		12.96		13.69			71,198		1.13			1.13			0.75			25
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
Class R
Year ended 12/31/23		12.12		0.16			1.57			1.73			(0.11	)		(0.20	)		(0.31	)		13.54		14.34			85,557		0.63			0.63			1.25			25
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
Class Y
Year ended 12/31/23		12.24		0.23			1.59			1.82			(0.18	)		(0.20	)		(0.38	)		13.68		14.91			14,276		0.13			0.13			1.75			25
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
Class R5
Year ended 12/31/23		12.12		0.23			1.59			1.82			(0.19	)		(0.20	)		(0.39	)		13.55		15.07			29		0.05			0.05			1.83			25
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
Year ended 12/31/23		12.12		0.24			1.57			1.81			(0.19	)		(0.20	)		(0.39	)		13.54		14.99			209		0.05			0.05			1.83			25
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 0.53%, 0.55%, 0.55% and 0.64% for the years ended December 31, 2023, 2022, 2021 and 2020, respectively.

^(d)	Does not include indirect expenses from affiliated fund fees and expenses of 0.67% and 0.71% for the eleven months ended December 31, 2019 and for the year ended January 31, 2019, respectively.

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

^(f)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the years ended December 31, 2023, 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 Select Risk: High Growth Investor Fund

Notes to Financial Statements

December 31, 2023

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.

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: 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.

14 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 year ended December 31, 2023, the Fund paid the Adviser $6,948 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 instrument or asset. 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.

15 Invesco Select Risk: High Growth Investor Fund

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 at least April 30, 2025, 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, 2025. 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.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2023, IDI advised the Fund that IDI retained $124,019 in front-end sales commissions from the sale of Class A shares and $3,785 and $2,705 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.

16 Invesco Select Risk: High Growth Investor Fund


	Level 1		Level 2		Level 3	Total


Investments in Securities


Affiliated Issuers	$	794,914,018	$	–	$–	$	794,914,018


Money Market Funds		1,789,595		28,545,202	–		30,334,797


Total Investments	$	796,703,613	$	28,545,202	$–	$	825,248,815

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 year ended December 31, 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

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–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2023 and 2022:


	2023		2022

Ordinary income*	$	7,543,046	$	7,821,447

Long-term capital gain		11,704,976		37,753,241

Total distributions	$	19,248,022	$	45,574,688

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

17 Invesco Select Risk: High Growth Investor Fund

Tax Components of Net Assets at Period-End:


	2023

Undistributed ordinary income	$	3,844,791

Undistributed long-term capital gain		6,302,285

Net unrealized appreciation – investments		112,536,981

Net unrealized appreciation – foreign currencies		3

Temporary book/tax differences		(47,371	)

Shares of beneficial interest		673,881,495

Total net assets	$	796,518,184

The Fund does not have a capital loss carryforward as of December 31, 2023.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2023 was $189,639,157 and $200,178,494, 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	$	127,268,587

Aggregate unrealized (depreciation) of investments		(14,731,606	)

Net unrealized appreciation of investments	$	112,536,981

Cost of investments for tax purposes is $712,711,834.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and partnerships, on December 31, 2023, undistributed net investment income was decreased by $28,683 and undistributed net realized gain was increased by $28,683. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 11–Share Information


	Summary of Share Activity

	Year ended December 31, 2023						Year ended December 31, 2022
	Shares			Amount			Shares			Amount

Sold:

Class A		3,909,038		$	50,521,009			3,915,203		$	53,041,156

Class C		900,979			11,066,845			952,699			12,305,439

Class R		1,153,104			14,808,388			1,085,730			14,599,307

Class Y		352,161			4,568,600			596,974			7,895,694

Class R5		1,528			19,470			–			–

Class R6		13,809			175,807			1,276			16,257


Issued as reinvestment of dividends:

Class A		1,151,283			15,323,591			2,903,853			35,513,530

Class C		105,050			1,337,293			362,891			4,249,483

Class R		144,238			1,918,367			358,216			4,377,396

Class Y		26,126			350,872			59,288			731,017

Class R5		45			595			–			–

Class R6		420			5,579			38			464


Automatic conversion of Class C shares to Class A shares:

Class A		679,633			8,712,369			664,369			8,954,181

Class C		(712,495	)		(8,712,369	)		(695,192	)		(8,954,181	)

18 Invesco Select Risk: High Growth Investor Fund


	Summary of Share Activity

	Year ended December 31, 2023						Year ended December 31, 2022
	Shares			Amount			Shares			Amount


Reacquired:

Class A		(6,586,034	)	$	(85,099,706	)		(6,205,956	)	$	(84,245,940	)

Class C		(1,119,223	)		(13,824,791	)		(1,079,544	)		(13,968,015	)

Class R		(956,219	)		(12,380,575	)		(894,662	)		(12,238,901	)

Class Y		(373,511	)		(4,895,721	)		(390,207	)		(5,237,255	)

Class R6		(34	)		(441	)		(22,371	)		(349,434	)

Net increase (decrease) in share activity		(1,310,102	)	$	(16,104,818	)		1,612,605		$	16,690,198

19 Invesco Select Risk: High Growth Investor Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Select Risk: High Growth Investor Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Select Risk: High Growth Investor Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the four years in the period ended December 31, 2023 and the eleven months ended December 31, 2019 for Class A, Class C, Class R and Class Y.

For each of the four years in the period ended December 31, 2023 and the period May 24, 2019 (commencement date) through December 31, 2019 for Class R5 and Class R6.

The financial statements of Oppenheimer Portfolio Series: Growth Investor Fund (subsequently renamed Invesco Select Risk: High Growth Investor Fund) as of and for the year ended January 31, 2019 and the financial highlights for the year then ended (not presented herein, other than the financial highlights) were audited by other auditors whose report dated March 25, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 21, 2024

20 Invesco Select Risk: High Growth Investor 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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/23)	Ending Account Value (12/31/23)¹	Expenses Paid During Period²	Ending Account Value (12/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,051.60	$1.97	$1,023.29	$1.94	0.38%
Class C	1,000.00	1,047.60	5.88	1,019.46	5.80	1.14
Class R	1,000.00	1,050.60	3.31	1,021.98	3.26	0.64
Class Y	1,000.00	1,053.50	0.72	1,024.50	0.71	0.14
Class R5	1,000.00	1,054.20	0.36	1,024.85	0.36	0.07
Class R6	1,000.00	1,053.40	0.31	1,024.90	0.31	0.06

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

21 Invesco Select Risk: High Growth Investor Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2023:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$11,704,976
Qualified Dividend Income*	66.43	%
Corporate Dividends Received Deduction*	42.47	%
U.S. Treasury Obligations*	13.94	%
Qualified Business Income*	1.99	%
Business Interest Income*	26.19	%

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

22 Invesco Select Risk: High Growth Investor Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustees
Jeffrey H. Kupor¹– 1968 Trustee	2024	Senior Managing Director and General Counsel, Invesco Ltd.; Trustee, Invesco Foundation, Inc.; Director, Invesco Advisers, Inc.; Executive Vice President, Invesco Asset Management (Bermuda), Ltd. and Invesco Investments (Bermuda) Ltd. Formerly: Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation, Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	165	None
Douglas Sharp¹– 1974 Trustee	2024	Senior Managing Director and Head of Americas & EMEA, Invesco Ltd; Director, Chairman and Chief Executive, Invesco Fund Managers Limited Formerly: Director and Chairman, Invesco UK Limited	165	None

¹	Mr. Kupor and Mr. Sharp are considered interested persons (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because they are officers of the Adviser to the Trust, and officers of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Select Risk: High Growth Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	165	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Carol Deckbar – 1962 Trustee	2024	Formerly: Executive Vice President and Chief Product Officer, TIAA Financial Services; Executive Vice President and Principal, College Retirement Equities Fund at TIAA; Executive Vice President and Head of Institutional Investments and Endowment Services, TIAA	165	Formerly: Board Member, TIAA Asset Management, Inc.; and Board Member, TH Real Estate Group Holdings Company
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	165	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	165	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	165	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	165	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
James “Jim” Liddy – 1959 Trustee	2024	Formerly: Chairman, Global Financial Services, Americas, KPMG LLP	165	Director and Treasurer, Gulfside Place Condominium Association, Inc. and Non-Executive Director, Kellenberg Memorial High School

T-2 Invesco Select Risk: High Growth Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	165	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	165	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	165	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	165	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	165	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Select Risk: High Growth Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Glenn Brightman – 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; and Trustee, Invesco Foundation, Inc. Formerly: Senior Vice President, Invesco Group Services, Inc.;. Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Select Risk: High Growth Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Manager, Invesco Indexing LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President, The Invesco Funds; Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Select Risk: High Growth Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Select Risk: High Growth Investor Fund

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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

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

LOGO



Annual Report to Shareholders		December 31, 2023

Invesco Select Risk: Moderate Investor Fund

Nasdaq:

A: OAMIX ∎ C: OCMIX ∎ R: ONMIX ∎ S: PXMSX ∎ Y: OYMIX ∎ R5: PXMQX ∎ R6: PXMMX



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

21		Report of Independent Registered Public Accounting Firm

22		Fund Expenses

23		Tax Information

T-1		Trustees and Officers

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended December 31, 2023, Class A shares of Invesco Select Risk: Moderate Investor Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Select Risk: Moderate Investor Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/22 to 12/31/23, 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	12.24	%
Class C Shares	11.37
Class R Shares	11.84
Class S Shares	12.22
Class Y Shares	12.40
Class R5 Shares	12.49
Class R6 Shares	12.49
Bloomberg Global Aggregate USD Hedged Index^▼	7.15
MSCI All Country World Index^▼	22.20
Custom Invesco Select Risk: Moderate Investor Index^∎	16.11

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

Market conditions and your Fund

gold was an exception; gold prices experienced major gains for the quarter, helped by robust central bank buying, investors seeking to hedge against geopolitical risk and a weaker US dollar.

Strategic asset class exposures in the Fund are obtained through underlying representative mutual funds and exchange-traded funds targeting pre-defined risk levels. From an absolute performance perspective, the allocations to equity, fixed income and alternative assets were all additive to Fund performance. Within those asset classes, only a single allocation, the Invesco S&P SmallCap Low Volatility ETF, had a negative return for the year.

From a relative performance perspective, the portfolio underperformed its custom benchmark, the Custom Invesco Select Risk: Moderate Investor Index, during the year. Underperformance was driven mainly by style selection within the equity allocations. Within the equity allocation, the Invesco S&P 500 Low Volatility ETF, Invesco S&P 500 Pure Growth ETF and Invesco S&P Emerging Markets Low Volatility ETF were the primary detractors.

Conversely, the allocation to fixed income contributed to performance. The most notable contributor within fixed income was the Invesco High Yield Fund, although the Invesco International Bond Fund and Invesco Taxable Municipal Bond ETF provided notable contributions as well.

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

the creation of leverage and may be less liquid than traditional securities.

Thank you for your continued investment in the Invesco Select Risk: Moderate Investor Fund.

Portfolio manager(s):

Jeffrey Bennett

Alessio de Longis

Scott Hixon

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


2		Invesco Select Risk: Moderate Investor Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/13

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1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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


3		Invesco Select Risk: Moderate Investor Fund



Average Annual Total Returns
As of 12/31/23, including maximum applicable sales charges

Class A Shares
Inception (4/5/05)	3.73	%
10 Years	4.12
5 Years	5.17
1 Year	6.04

Class C Shares
Inception (4/5/05)	3.70	%
10 Years	4.08
5 Years	5.55
1 Year	10.37

Class R Shares
Inception (4/5/05)	3.77	%
10 Years	4.44
5 Years	6.08
1 Year	11.84

Class S Shares
10 Years	4.75	%
5 Years	6.43
1 Year	12.22

Class Y Shares
Inception (4/5/05)	4.34	%
10 Years	4.96
5 Years	6.62
1 Year	12.40

Class R5 Shares
10 Years	4.87	%
5 Years	6.68
1 Year	12.49

Class R6 Shares
10 Years	4.87	%
5 Years	6.69
1 Year	12.49

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.


4		Invesco Select Risk: Moderate Investor Fund

Supplemental Information

Invesco Select Risk: Moderate Investor Fund’s investment objective is to seek total return.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2023, and is based on total net assets.

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

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

About indexes used in this report

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

∎	The Custom Invesco Select Risk: Moderate Investor Index is composed of 60% MSCI All Country World Index and 40% Bloomberg Global Aggregate USD Hedged Index.

∎	The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


5		Invesco Select Risk: Moderate Investor Fund

Fund Information

Portfolio Composition*


By fund type	% of total investments

Equity Funds		53.78	%

Fixed Income Funds		34.66

Alternative Funds		4.64

Money Market Funds		6.92

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

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

Data presented here are as of December 31, 2023.


6		Invesco Select Risk: Moderate Investor Fund

Invesco Select Risk: Moderate Investor Fund

Schedule of Investments in Affiliated Issuers–100.04%^(a)


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


Alternative Funds–4.95%
Invesco Global Real Estate Income Fund, Class R6		2.63	%	$	37,067,177	$	7,227,580	$	(342,165	)		$ 3,693,175		$	(56,628	)	$	1,564,083		5,672,126	$	47,589,139


Invesco Macro Allocation Strategy Fund, Class R6		2.32	%		44,432,842		7,551,913		(10,083,061	)		1,224,516			(1,256,179	)		672,502		5,575,237		41,870,031


Total Alternative Funds					81,500,019		14,779,493		(10,425,226	)		4,917,691			(1,312,807	)		2,236,585				89,459,170


Domestic Equity Funds–34.60%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		4.18	%		78,342,256		5,165,275		(17,708,237	)		11,947,232			(2,243,386	)		–		2,630,771		75,503,140


Invesco Main Street Small Cap Fund, Class R6		3.86	%		64,862,518		2,761,135		(8,745,200	)		8,859,125			1,959,888			441,986		3,325,261		69,697,466


Invesco NASDAQ 100 ETF		3.33	%		–		56,941,586		(13,377,646	)		14,604,714			1,943,497			314,767		356,664		60,112,151


Invesco Russell 1000^®Dynamic Multifactor ETF		9.14	%		144,951,442		14,425,103		(23,512,764	)		29,055,599			192,369			2,288,246		3,211,666		165,111,749


Invesco S&P 500^®Low Volatility ETF^(c)		6.38	%		120,076,343		4,823,910		(7,078,611	)		(1,651,438	)		(924,867	)		2,848,628		1,839,217		115,245,337


Invesco S&P 500^®Pure Growth ETF		3.27	%		78,535,648		10,506,447		(32,696,933	)		3,247,893			(510,188	)		1,019,369		1,831,459		59,082,867


Invesco S&P 500^®Pure Value ETF^(c)		2.32	%		44,096,208		6,000,114		(10,922,725	)		2,868,253			(84,196	)		1,056,861		511,180		41,957,654


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		2.12	%		33,327,823		7,843,835		(8,006,187	)		5,735,833			197,781			76,411		2,124,144		38,340,797


Total Domestic Equity Funds					582,285,551		109,332,688		(140,270,708	)		70,515,266			3,946,652			8,184,747				625,051,161


Fixed Income Funds–37.01%
Invesco Core Plus Bond Fund, Class R6		7.19	%		139,223,830		7,375,306		(18,664,937	)		6,894,325			(5,052,143	)		6,170,289		14,045,063		129,776,381


Invesco Equal Weight 0-30 Year Treasury ETF^(c)(d)		6.08	%		116,952,935		11,817,493		(19,565,064	)		4,459,395			(3,789,506	)		3,186,396		3,811,143		109,875,253


Invesco Floating Rate ESG Fund, Class R6^(e)		3.43	%		–		64,916,349		(2,953,836	)		70,617			(30,587	)		2,071,441		9,116,963		61,995,349


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		5.15	%		–		96,165,622		(5,979,151	)		2,901,242			(19,180	)		4,952,856		26,515,252		93,068,533


Invesco Income Fund, Class R6		0.98	%		29,465,072		2,643,367		(14,636,735	)		17,317			111,276			1,200,516		2,569,386		17,600,297


Invesco International Bond Fund, Class R6^(e)		3.96	%		40,946,508		34,784,111		(7,062,018	)		5,780,762			(640,062	)		794,311		16,092,434		71,450,406


Invesco Master Loan Fund, Class R6		–			61,671,579		3,635,022		(62,770,485	)		8,757,634			(11,293,750	)		3,612,014		–		–


Invesco Taxable Municipal Bond ETF^(c)		5.54	%		110,374,393		3,062,671		(18,251,046	)		9,629,720			(4,722,621	)		3,793,169		3,719,551		100,093,117


Invesco Variable Rate Investment Grade ETF		4.68	%		82,316,818		9,450,996		(8,157,467	)		947,194			(4,276	)		5,175,360		3,383,484		84,553,265


Total Fixed Income Funds					633,570,790		234,605,905		(211,422,495	)		46,496,700			(32,472,210	)		31,476,878				668,412,601


Foreign Equity Funds–22.83%
Invesco EQV Emerging Markets All Cap Fund, Class R6		2.45	%		60,131,424		983,887		(20,844,894	)		11,010,480			(6,962,746	)		834,261		1,337,705		44,318,151


Invesco Developing Markets Fund, Class R6		2.25	%		54,069,319		500,010		(19,261,184	)		13,938,604			(8,600,026	)		383,603		1,053,843		40,646,723


Invesco FTSE RAFI Developed Markets ex-U.S. ETF		2.01	%		–		35,026,840		(2,480,787	)		3,556,545			116,881			1,059,505		764,224		36,219,479


Invesco Global Fund, Class R6		6.58	%		121,791,336		11,232,573		(38,469,096	)		26,038,576			9,497,026			–		1,292,776		118,857,842


Invesco Global Infrastructure Fund, Class R6		0.98	%		16,646,992		1,376,491		(118,920	)		(169,267	)		(5,359	)		510,836		1,540,394		17,729,937

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


7		Invesco Select Risk: Moderate Investor Fund

Invesco Select Risk: Moderate Investor Fund (continued)

Schedule of Investments in Affiliated Issuers–100.04%^(a)


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


Invesco International Select Equity Fund, Class R6		–		$	25,619,103	$	611,669	$	(27,408,886	)		$ 3,845,242	$	(2,667,128	)	$	–			–	$	–


Invesco International Small-Mid Company Fund, Class R6		1.83	%		47,006,750		883,018		(18,770,184	)		6,706,864		(2,356,512	)		395,133			770,969		32,982,051


Invesco Oppenheimer International Growth Fund, Class R6		1.75	%		–		34,760,594		(3,677,704	)		426,265		3,397,166			347,204			886,162		31,547,377


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		3.47	%		30,174,601		31,184,834		(1,772,387	)		3,067,891		8,879			2,321,298			2,606,648		62,663,818


Invesco S&P International Developed Low Volatility ETF		1.51	%		16,531,856		9,608,187		(163,489	)		1,345,777		(8,952	)		880,865			969,591		27,313,379


Total Foreign Equity Funds					436,117,063		126,575,421		(199,495,961	)		70,384,929		(6,223,293	)		6,732,705					412,278,757


Money Market Funds–0.65%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(f)		0.23	%		881,353		100,632,954		(97,280,029	)		–		–			123,021			4,234,278		4,234,278


Invesco Liquid Assets Portfolio, Institutional Class, 5.47%^(f)		0.15	%		629,856		71,880,681		(69,844,977	)		103		476			60,389			2,664,274		2,666,139


Invesco Treasury Portfolio, Institutional Class, 5.26%^(f)		0.27	%		1,007,261		115,009,090		(111,177,176	)		–		–			132,659			4,839,175		4,839,175


Total Money Market Funds					2,518,470		287,522,725		(278,302,182	)		103		476			316,069					11,739,592


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $1,679,239,318)100.04%					1,735,991,893		772,816,232		(839,916,572	)		192,314,689		(36,061,182	)		48,946,984					1,806,941,281


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–6.74%
Invesco Private Government Fund, 5.32%^(f)(g)		1.89	%		12,955,466		151,580,119		(130,440,475	)		–		–			542,679	^(h)		34,095,110		34,095,110


Invesco Private Prime Fund, 5.55%^(f)(g)		4.85	%		33,314,057		355,998,733		(301,660,931	)		17,439		3,842			1,453,339	^(h)		87,611,812		87,673,140


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $121,744,146)		6.74	%		46,269,523		507,578,852		(432,101,406	)		17,439		3,842			1,996,018					121,768,250


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $1,800,983,464)		106.78	%	$	1,782,261,416	$	1,280,395,084	$	(1,272,017,978	)		$192,332,128	$	(36,057,340	)⁽ⁱ⁾	$	50,943,002				$	1,928,709,531


OTHER ASSETS LESS LIABILITIES		(6.78	)%																			(122,401,066	)


NET ASSETS		100.00	%																		$	1,806,308,465

Investment Abbreviations:

ETF - Exchange-Traded Fund

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


8		Invesco Select Risk: Moderate Investor Fund

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at December 31, 2023.

^(d)	Effective August 25, 2023, the underlying fund’s name changed.

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

^(f)	The rate shown is the 7-day SEC standardized yield as of December 31, 2023.

^(g)	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 1J.

^(h)	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.

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


Fund Name	Capital Gain


Invesco Global Fund	$	11,232,573
Invesco International Small-Mid Company Fund		487,885
Invesco Oppenheimer International Growth Fund		3,358,944
Invesco Value Opportunities Fund		758,288

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


9		Invesco Select Risk: Moderate Investor Fund

Statement of Assets and Liabilities

December 31, 2023


Assets:

Investments in affiliated underlying funds, at value (Cost $1,800,983,464)*	$	1,928,709,531


Cash		141,418


Receivable for:
Fund shares sold		1,460,814


Dividends - affiliated underlying funds		2,261,211


Investment for trustee deferred compensation and retirement plans		157,491


Other assets		56,157


Total assets		1,932,786,622



Liabilities:

Payable for:
Investments purchased - affiliated underlying funds		2,205,998


Fund shares reacquired		1,514,777


Collateral upon return of securities loaned		121,744,146


Accrued fees to affiliates		768,045


Accrued trustees’ and officers’ fees and benefits		9,068


Accrued other operating expenses		67,618


Trustee deferred compensation and retirement plans		168,505


Total liabilities		126,478,157


Net assets applicable to shares outstanding	$	1,806,308,465



Net assets consist of:

Shares of beneficial interest	$	1,693,329,840


Distributable earnings		112,978,625


	$	1,806,308,465


Net Assets:

Class A	$	1,457,945,660


Class C	$	152,483,490


Class R	$	147,026,068


Class S	$	19,864,197


Class Y	$	25,052,213


Class R5	$	1,340,230


Class R6	$	2,596,607



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

Class A		137,210,516


Class C		14,733,000


Class R		13,962,378


Class S		1,868,383


Class Y		2,338,018


Class R5		126,228


Class R6		244,487


Class A:
Net asset value per share	$	10.63


Maximum offering price per share (Net asset value of $10.63 ÷ 94.50%)	$	11.25


Class C:
Net asset value and offering price per share	$	10.35


Class R:
Net asset value and offering price per share	$	10.53


Class S:
Net asset value and offering price per share	$	10.63


Class Y:
Net asset value and offering price per share	$	10.72


Class R5:
Net asset value and offering price per share	$	10.62


Class R6:
Net asset value and offering price per share	$	10.62

*	At December 31, 2023, securities with an aggregate value of $118,076,436 were on loan to brokers.

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


10		Invesco Select Risk: Moderate Investor Fund

Statement of Operations

For the year ended December 31, 2023


Investment income:

Dividends from affiliated underlying funds (includes net securities lending income of $189,075)	$	49,136,059


Interest		248,053


Total investment income		49,384,112



Expenses:

Custodian fees		14,682


Distribution fees:
Class A		3,425,890


Class C		1,570,701


Class R		703,237


Class S		30,067


Transfer agent fees – A, C, R, S and Y		1,955,781


Transfer agent fees – R5		137


Transfer agent fees – R6		721


Trustees’ and officers’ fees and benefits		33,700


Registration and filing fees		137,508


Reports to shareholders		100,834


Professional services fees		65,927


Other		(14,776	)


Total expenses		8,024,409


Less: Expense offset arrangement(s)		(79,215	)


Net expenses		7,945,194


Net investment income		41,438,918



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Affiliated underlying fund shares		(51,895,030	)


Foreign currencies		(601,301	)


Futures contracts		(234,479	)


Capital gain distributions from affiliated underlying fund shares		15,837,690


		(36,893,120	)


Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		192,332,128


Foreign currencies		(76,834	)


Futures contracts		4,210,165


		196,465,459


Net realized and unrealized gain		159,572,339


Net increase in net assets resulting from operations	$	201,011,257

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


11		Invesco Select Risk: Moderate Investor Fund

Statement of Changes in Net Assets

For the years ended December 31, 2023 and 2022


	2023			2022


Operations:
Net investment income	$	41,438,918		$	28,121,308


Net realized gain (loss)		(36,893,120	)		(12,617,745	)


Change in net unrealized appreciation (depreciation)		196,465,459			(412,902,690	)


Net increase (decrease) in net assets resulting from operations		201,011,257			(397,399,127	)



Distributions to shareholders from distributable earnings:

Class A		(16,427,317	)		(58,494,777	)


Class C		(598,593	)		(5,695,232	)


Class R		(1,289,333	)		(5,290,625	)


Class S		(241,537	)		(859,346	)


Class Y		(339,981	)		(1,158,407	)


Class R5		(19,006	)		(408	)


Class R6		(37,137	)		(93,149	)


Total distributions from distributable earnings		(18,952,904	)		(71,591,944	)



Share transactions–net:

Class A		(81,862,131	)		(33,245,176	)


Class C		(26,255,927	)		(23,833,583	)


Class R		(2,388,255	)		8,181,682


Class S		(2,188,974	)		(661,448	)


Class Y		(3,197,659	)		(978,788	)


Class R5		1,275,684			–


Class R6		285,720			(190,185	)


Net increase (decrease) in net assets resulting from share transactions		(114,331,542	)		(50,727,498	)


Net increase (decrease) in net assets		67,726,811			(519,718,569	)



Net assets:

Beginning of year		1,738,581,654			2,258,300,223


End of year	$	1,806,308,465		$	1,738,581,654

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


12		Invesco Select Risk: Moderate Investor Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(d)			Ratio of net investment income to average net assets			Portfolio turnover ^(e)
Class A
Year ended 12/31/23		$ 9.58		$0.24		$ 0.93			$ 1.17			$(0.12	)		$ –			$(0.12	)		$10.63		12.24	%^(f)		$1,457,946		0.37	%^(f)		0.37	%^(f)		2.42	%^(f)		28	%
Year ended 12/31/22		12.15		0.17		(2.32	)		(2.15	)		(0.16	)		(0.26	)		(0.42	)		9.58		(17.73	)^(f)		1,393,169		0.37	^(f)		0.37	^(f)		1.58	^(f)		22
Year ended 12/31/21		11.95		0.13		1.06			1.19			(0.26	)		(0.73	)		(0.99	)		12.15		10.11	^(f)		1,801,506		0.35	^(f)		0.38	^(f)		1.01	^(f)		32
Year ended 12/31/20		11.96		0.16		1.14			1.30			(0.18	)		(1.13	)		(1.31	)		11.95		11.67	^(f)		1,851,149		0.31	^(f)		0.38	^(f)		1.42	^(f)		88
Eleven months ended 12/31/19		11.72		0.22		1.32			1.54			(0.36	)		(0.94	)		(1.30	)		11.96		13.13			1,156,291		0.40	^(g)		0.47	^(g)		1.95	^(g)		16
Year ended 01/31/19		12.66		0.20		(0.80	)		(0.60	)		(0.21	)		(0.13	)		(0.34	)		11.72		(4.59	)		1,037,833		0.41			0.48			1.61			40
Class C
Year ended 12/31/23		9.33		0.16		0.90			1.06			(0.04	)		–			(0.04	)		10.35		11.37			152,483		1.13			1.13			1.66			28
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	^(g)		1.23	^(g)		1.19	^(g)		16
Year ended 01/31/19		12.41		0.10		(0.78	)		(0.68	)		(0.11	)		(0.13	)		(0.24	)		11.49		(5.33	)		358,746		1.17			1.24			0.86			40
Class R
Year ended 12/31/23		9.50		0.22		0.90			1.12			(0.09	)		–			(0.09	)		10.53		11.84			147,026		0.63			0.63			2.16			28
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	^(g)		0.73	^(g)		1.69	^(g)		16
Year ended 01/31/19		12.59		0.16		(0.79	)		(0.63	)		(0.18	)		(0.13	)		(0.31	)		11.65		(4.86	)		116,637		0.66			0.73			1.36			40
Class S
Year ended 12/31/23		9.59		0.25		0.92			1.17			(0.13	)		–			(0.13	)		10.63		12.22			19,864		0.28			0.28			2.51			28
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	^(g)		0.30	^(g)		1.50	^(g)		88
Class Y
Year ended 12/31/23		9.66		0.27		0.94			1.21			(0.15	)		–			(0.15	)		10.72		12.51			25,052		0.13			0.13			2.66			28
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	^(g)		0.23	^(g)		2.19	^(g)		16
Year ended 01/31/19		12.73		0.23		(0.82	)		(0.59	)		(0.23	)		(0.13	)		(0.36	)		11.78		(4.41	)		15,732		0.17			0.24			1.85			40
Class R5
Year ended 12/31/23		9.58		0.28		0.92			1.20			(0.16	)		–			(0.16	)		10.62		12.49			1,340		0.05			0.05			2.74			28
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	^(g)		0.16	^(g)		2.26	^(g)		16
Class R6
Year ended 12/31/23		9.58		0.28		0.92			1.20			(0.16	)		–			(0.16	)		10.62		12.49			2,597		0.05			0.05			2.74			28
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	^(g)		0.11	^(g)		2.31	^(g)		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 0.51%, 0.52%, 0.52% and 0.58% for the years ended December 31, 2023, 2022, 2021 and 2020, respectively.

^(d)	Does not include indirect expenses from affiliated fund fees and expenses of 0.56% and 0.57% for the eleven months ended December 31, 2019, and for the year ended January 31, 2019, respectively.

^(e)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $597,759,006 in connection with the acquisition of Invesco Moderate Allocation Fund into the Fund.

^(f)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24%, 0.24%, 0.24% and 0.23% for the years ended December 31, 2023, 2022, 2021 and 2020, respectively.

^(g)	Annualized.

^(h)	Commencement date of May 15, 2020.

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

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


13		Invesco Select Risk: Moderate Investor Fund

Notes to Financial Statements

December 31, 2023

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.

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.


14		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.

MLP’s may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.


15		Invesco Select Risk: Moderate Investor Fund

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.

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 year ended December 31, 2023, the Fund paid the Adviser $11,805 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.

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.

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 instrument or asset. 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


16		Invesco Select Risk: Moderate Investor Fund

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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Adviser has contractually agreed, through at least April 30, 2025, 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 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, 2025. 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.

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 Plans, 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 Plans payments, up to 0.25% of the average daily net assets of Class A, Class C and Class R shares and 0.15% of the average daily net assets of Class S shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 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 year ended December 31, 2023, IDI advised the Fund that IDI retained $206,415 in front-end sales commissions from the sale of Class A shares and $18,691 and $3,903 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.


17		Invesco Select Risk: Moderate 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	$	1,795,201,689	$	–		$–	$	1,795,201,689


Money Market Funds		11,739,592		121,768,250		–		133,507,842


Total Investments	$	1,806,941,281	$	121,768,250		$–	$	1,928,709,531

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 December 31, 2023:

Effect of Derivative Investments for the year ended December 31, 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	$	(234,479	)	$	–		$ (234,479)


Change in Net Unrealized Appreciation:
Futures contracts		282,898			3,927,267		4,210,165


Total	$	48,419		$	3,927,267		$ 3,975,686


						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


18		Invesco Select Risk: Moderate Investor Fund

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2023 and 2022:


	2023		2022


Ordinary income*	$	18,952,904	$	27,025,156


Long-term capital gain		–		44,566,788


Total distributions	$	18,952,904	$	71,591,944

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

Tax Components of Net Assets at Period-End:


	2023


Undistributed ordinary income	$	26,216,990


Net unrealized appreciation – investments		116,213,609


Net unrealized appreciation – foreign currencies		3


Temporary book/tax differences		(143,856	)


Capital loss carryforward		(29,308,121	)


Shares of beneficial interest		1,693,329,840


Total net assets	$	1,806,308,465

The Fund has a capital loss carryforward as of December 31, 2023, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total


Not subject to expiration		$13,852,856	$15,455,265		$29,308,121

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2023 was $485,293,507 and $561,614,390, 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	$184,975,378


Aggregate unrealized (depreciation) of investments	(68,761,769	)


Net unrealized appreciation of investments	$116,213,609

Cost of investments for tax purposes is $1,812,495,922.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships, on December 31, 2023, undistributed net investment income was decreased by $3,288,629, undistributed net realized gain (loss) was increased by $16,009,762 and shares of beneficial interest was decreased by $12,721,133. This reclassification had no effect on the net assets of the Fund.


19		Invesco Select Risk: Moderate Investor Fund

NOTE 11–Share Information


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		13,845,828		$	139,590,709			14,338,320		$	150,222,629


Class C		2,465,145			24,102,433			2,744,369			27,692,460


Class R		2,665,399			26,639,301			2,457,707			25,351,396


Class S		43,110			435,105			39,119			410,243


Class Y		614,955			6,242,017			850,293			8,835,459


Class R5		123,759			1,259,179			-			-


Class R6		57,524			573,092			12,901			133,952



Issued as reinvestment of dividends:
Class A		1,512,911			15,855,299			5,872,144			56,726,114


Class C		58,782			599,747			601,320			5,658,501


Class R		123,672			1,284,947			551,404			5,282,453


Class S		23,025			241,067			88,826			858,948


Class Y		28,330			299,452			103,039			1,003,601


Class R5		1,802			18,867			-			-


Class R6		3,459			36,246			9,589			92,627



Automatic conversion of Class C shares to Class A shares:
Class A		1,926,023			19,347,050			2,019,476			21,054,232


Class C		(1,983,167	)		(19,347,050	)		(2,078,985	)		(21,054,232	)



Reacquired:
Class A		(25,456,902	)		(256,655,189	)		(25,067,732	)		(261,248,151	)


Class C		(3,237,552	)		(31,611,057	)		(3,555,243	)		(36,130,312	)


Class R		(3,044,673	)		(30,312,503	)		(2,159,937	)		(22,452,167	)


Class S		(283,024	)		(2,865,146	)		(182,712	)		(1,930,639	)


Class Y		(956,146	)		(9,739,128	)		(1,026,712	)		(10,817,848	)


Class R5		(234	)		(2,362	)		-			-


Class R6		(31,696	)		(323,618	)		(35,023	)		(416,764	)


Net increase (decrease) in share activity		(11,499,670	)	$	(114,331,542	)		(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.


20		Invesco Select Risk: Moderate Investor Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Select Risk: Moderate Investor Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Select

Risk: Moderate Investor Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the four years in the period ended December 31, 2023 and the eleven months ended December 31, 2019 for Class A, Class C, Class R and Class Y.

For each of the four years in the period ended December 31, 2023 and the period May 24, 2019 (commencement date) through December 31, 2019 for Class R5 and Class R6.

For each of the three years in the period ended December 31, 2023 and the period May 15, 2020 (commencement date) through December 31, 2020 for Class S.

The financial statements of Oppenheimer Portfolio Series: Moderate Investor Fund (subsequently renamed Invesco Select Risk: Moderate Investor Fund) as of and for the year ended January 31, 2019 and the financial highlights for the year then ended (not presented herein, other than the financial highlights) were audited by other auditors whose report dated March 25, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 21, 2024


21		Invesco Select Risk: Moderate Investor 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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/23)	Ending Account Value (12/31/23)¹	Expenses Paid During Period²	Ending Account Value (12/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,047.00	$1.91	$1,023.34	$1.89	0.37%
Class C	1,000.00	1,042.20	5.82	1,019.51	5.75	1.13
Class R	1,000.00	1,044.70	3.25	1,022.03	3.21	0.63
Class S	1,000.00	1,046.90	1.44	1,023.79	1.43	0.28
Class Y	1,000.00	1,047.10	0.67	1,024.55	0.66	0.13
Class R5	1,000.00	1,048.30	0.26	1,024.95	0.26	0.05
Class R6	1,000.00	1,048.30	0.26	1,024.95	0.26	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 184/365 to reflect the most recent fiscal half year.


22		Invesco Select Risk: Moderate Investor Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2023:


Federal and State Income Tax
Qualified Dividend Income*	33.95	%
Corporate Dividends Received Deduction*	21.50	%
U.S. Treasury Obligations*	30.31	%
Qualified Business Income*	1.50	%
Business Interest Income*	49.02	%

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


23		Invesco Select Risk: Moderate Investor Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustees
Jeffrey H. Kupor¹– 1968 Trustee	2024	Senior Managing Director and General Counsel, Invesco Ltd.; Trustee, Invesco Foundation, Inc.; Director, Invesco Advisers, Inc.; Executive Vice President, Invesco Asset Management (Bermuda), Ltd. and Invesco Investments (Bermuda) Ltd. Formerly: Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation, Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	165	None
Douglas Sharp¹– 1974 Trustee	2024	Senior Managing Director and Head of Americas & EMEA, Invesco Ltd; Director, Chairman and Chief Executive, Invesco Fund Managers Limited Formerly: Director and Chairman, Invesco UK Limited	165	None

¹	Mr. Kupor and Mr. Sharp are considered interested persons (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because they are officers of the Adviser to the Trust, and officers of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Select Risk: Moderate Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	165	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Carol Deckbar - 1962 Trustee	2024	Formerly: Executive Vice President and Chief Product Officer, TIAA Financial Services; Executive Vice President and Principal, College Retirement Equities Fund at TIAA; Executive Vice President and Head of Institutional Investments and Endowment Services, TIAA	165	Formerly: Board Member, TIAA Asset Management, Inc.; and Board Member, TH Real Estate Group Holdings Company
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	165	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	165	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	165	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	165	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
James “Jim” Liddy - 1959 Trustee	2024	Formerly: Chairman, Global Financial Services, Americas, KPMG LLP	165	Director and Treasurer, Gulfside Place Condominium Association, Inc. and Non-Executive Director, Kellenberg Memorial High School


T-2		Invesco Select Risk: Moderate Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	165	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	165	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	165	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	165	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	165	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Select Risk: Moderate Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Glenn Brightman - 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A

Andrew R. Schlossberg - 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; and Trustee, Invesco Foundation, Inc. Formerly: Senior Vice President, Invesco Group Services, Inc.;. Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Select Risk: Moderate Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Manager, Invesco Indexing LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President, The Invesco Funds; Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Select Risk: Moderate Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Select Risk: Moderate Investor Fund

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Fund holdings and proxy voting information

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

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

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Annual Report to Shareholders		December 31, 2023

Invesco Select Risk: Moderately Conservative Investor Fund

Nasdaq:

A: CAAMX ∎ C: CACMX ∎ R: CMARX ∎ S: CMASX ∎ Y: CAAYX ∎ R5: CMAIX ∎ R6: CNSSX



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

9		Financial Statements

12		Financial Highlights

13		Notes to Financial Statements

19		Report of Independent Registered Public Accounting Firm

20		Fund Expenses

21		Tax Information

T-1		Trustees and Officers

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended December 31, 2023, Class A shares of Invesco Select Risk: Moderately Conservative Investor Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Select Risk: Moderately Conservative Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/22 to 12/31/23, 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	9.84	%
Class C Shares	8.89
Class R Shares	9.49
Class S Shares	9.94
Class Y Shares	10.01
Class R5 Shares	10.16
Class R6 Shares	10.16
Bloomberg Global Aggregate USD Hedged Index^q	7.15
Custom Invesco Select Risk: Moderately Conservative Index^∎	13.10
MSCI All Country World Index^q	22.20

Source(s): ^qRIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Despite rapid interest rate hikes over the course of 2022 and 2023, many developed economies continued to grow and as of the end of the year ended December 31, 2023, have only recently started to show signs of strain. Western developed economies continued to demonstrate surprising resilience, particularly the US, which has benefited from consumer strength. Additionally, data in the fourth quarter of 2023 indicated a significant easing of inflation for many Western developed economies.

ever, gold was an exception; gold prices experienced major gains for the quarter, helped by robust central bank buying, investors seeking to hedge against geopolitical risk and a weaker US dollar.

Strategic asset class exposures in the Fund are obtained through underlying representative mutual funds and exchange-traded funds targeting pre-defined risk levels. From an absolute Fund performance perspective, the portfolio’s allocations to equities, fixed income and alternatives were all contributors to performance. Only the Invesco Master Loan Fund and Invesco S&P Small Cap Low Volatility ETF detracted from absolute Fund performance as the portfolio produced a positive return for the year.

From a relative Fund performance perspective, the portfolio underperformed its custom benchmark, the Custom Invesco Select Risk: Moderately Conservative Investor Index, during the year. Underperformance was driven mainly by style selection within the equity allocation and manager selection in the fixed income allocation. Within the equity allocation the S&P 500 Low Volatility ETF and S&P 500 Pure Growth ETF were the leading detractors. Within the fixed income allocation the Invesco Equal Weight 0-30 Year Treasury ETF was the leading detractor.

Conversely, allocations to other equity and fixed income funds were the leading contributors to relative performance during the year. Within the allocations, the Invesco Global Fund, Invesco High Yield Fund, Invesco NASDAQ 100 ETF, and Invesco International Bond Fund were the leading contributors.

Thank you for your continued investment in the Invesco Select Risk: Moderately Conservative Investor Fund.

Portfolio manager(s):

Jeffrey Bennett

Alessio de Longis

Scott Hixon

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


2		Invesco Select Risk: Moderately Conservative Investor Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/13

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1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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


3		Invesco Select Risk: Moderately Conservative Investor Fund



Average Annual Total Returns
As of 12/31/23, including maximum applicable sales charges

Class A Shares
Inception (4/29/05)	3.73	%
10 Years	2.72
5 Years	3.18
1 Year	3.83

Class C Shares
Inception (4/29/05)	3.72	%
10 Years	2.69
5 Years	3.55
1 Year	7.89

Class R Shares
Inception (4/29/05)	3.78	%
10 Years	3.04
5 Years	4.08
1 Year	9.49

Class S Shares
Inception (6/3/11)	4.05	%
10 Years	3.40
5 Years	4.44
1 Year	9.94

Class Y Shares
Inception (10/3/08)	4.89	%
10 Years	3.55
5 Years	4.60
1 Year	10.01

Class R5 Shares
Inception (4/29/05)	4.34	%
10 Years	3.61
5 Years	4.67
1 Year	10.16

Class R6 Shares
10 Years	3.51	%
5 Years	4.67
1 Year	10.16

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.


4		Invesco Select Risk: Moderately Conservative Investor Fund

Supplemental Information

Invesco Select Risk: Moderately Conservative Investor Fund’s investment objective is total return consistent with a lower level of risk relative to the broad stock market.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2023, and is based on total net assets.

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

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

About indexes used in this report

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

∎	The Custom Invesco Select Risk: Moderately Conservative Index is composed of 40% MSCI All Country World Index and 60% Bloomberg Global Aggregate USD Hedged Index.

∎	The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for nonresident investors.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


5		Invesco Select Risk: Moderately Conservative Investor Fund

Fund Information

Portfolio Composition*


By fund type	% of total investments

Fixed Income Funds		58.10	%

Equity Funds		36.28

Alternative Funds		4.96

Money Market Funds		0.66

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

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

Data presented here are as of December 31, 2023.


6		Invesco Select Risk: Moderately Conservative Investor Fund

Schedule of Investments

December 31, 2023

Invesco Select Risk: Moderately Conservative Investor Fund

Schedule of Investments in Affiliated Issuers–99.96%^(a)


	% of Net Assets 12/31/23			Value 12/31/22		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 12/31/23		Value 12/31/23
Alternative Funds–4.97%
Invesco Global Real Estate Income Fund, Class R6		2.62	%	$	5,619,614	$	1,848,680	$	(668,962	)	$	675,618		$	(104,695	)	$	248,964		878,457	$	7,370,255


Invesco Macro Allocation Strategy Fund, Class R6		2.35	%		9,094,613		106,347		(2,547,669	)		317,873			(349,976	)		106,347		881,650		6,621,188


Total Alternative Funds					14,714,227		1,955,027		(3,216,631	)		993,491			(454,671	)		355,311				13,991,443


Domestic Equity Funds–21.72%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		3.34	%		8,482,797		1,016,391		(1,281,801	)		1,338,859			(164,718	)		-		327,231		9,391,528


Invesco Main Street Small Cap Fund, Class R6		2.48	%		4,500,200		3,330,480		(1,967,514	)		934,181			193,229			46,862		333,520		6,990,576


Invesco NASDAQ 100 ETF		1.78	%		-		5,178,445		(1,602,772	)		1,218,083			219,803			26,286		29,747		5,013,559


Invesco Russell 1000^®Dynamic Multifactor ETF		5.84	%		15,139,785		1,688,350		(3,354,789	)		2,657,083			317,738			234,428		319,941		16,448,167


Invesco S&P 500^®Low Volatility ETF		3.94	%		12,524,208		-		(1,164,293	)		(128,406	)		(137,556	)		285,358		177,050		11,093,953


Invesco S&P 500^®Pure Growth ETF		2.02	%		10,515,821		-		(5,066,976	)		(670,862	)		891,583			108,783		175,746		5,669,566


Invesco S&P 500^®Pure Value ETF		2.32	%		7,119,886		-		(902,965	)		332,088			(14,374	)		164,274		79,613		6,534,635


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		11,213,666		(18,238,863	)		4,970,180			1,878,166			889,271				61,141,984


Fixed Income Funds–58.17%
Invesco Core Plus Bond Fund, Class R6		9.56	%		41,122,008		1,431,274		(16,008,248	)		2,865,264			(2,503,802	)		1,431,308		2,911,958		26,906,496


Invesco Equal Weight 0-30 Year Treasury ETF^(c)		11.67	%		41,956,516		-		(9,512,202	)		2,263,423			(1,854,309	)		997,039		1,139,557		32,853,428


Invesco Floating Rate ESG Fund, Class R6^(d)		5.01	%		-		14,092,276		-			5,790			-			479,009		2,072,999		14,096,391


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		8.23	%		-		25,461,862		(3,027,846	)		721,793			(1,257	)		1,252,880		6,596,738		23,154,552


Invesco Income Fund, Class R6		1.00	%		5,031,920		199,249		(2,437,913	)		180,324			(154,739	)		199,251		411,509		2,818,841


Invesco International Bond Fund, Class R6^(d)		6.56	%		9,327,619		12,250,812		(3,928,179	)		2,015,368			(588,066	)		207,120		4,156,065		18,452,930


Invesco Master Loan Fund, Class R6		-			14,978,786		870,268		(15,255,144	)		(91,226	)		(502,684	)		864,681		-		-


Invesco Senior Floating Rate Fund, Class R6^(d)		0.73	%		-		2,336,276		(342,275	)		62,930			8,471			149,005		309,198		2,059,259


Invesco Taxable Municipal Bond ETF^(e)		8.15	%		26,230,088		-		(4,427,828	)		2,279,827			(1,136,441	)		901,875		852,681		22,945,646


Invesco Variable Rate Investment Grade ETF		7.26	%		15,415,259		7,266,557		(2,496,140	)		261,948			(156	)		1,210,871		818,227		20,447,468


Total Fixed Income Funds					165,766,352		63,908,574		(69,145,375	)		11,770,182			(7,932,280	)		7,808,782				163,735,011


Foreign Equity Funds–14.60%
Invesco EQV Emerging Markets All Cap Fund, Class R6		1.48	%		4,363,467		78,630		(586,099	)		287,544			33,473			78,630		126,080		4,177,015


Invesco Developing Markets Fund, Class R6		1.49	%		6,173,816		39,753		(2,619,008	)		1,778,923			(1,161,247	)		39,753		109,210		4,212,237


Invesco FTSE RAFI Developed Markets ex-U.S. ETF		1.27	%		-		3,697,480		(509,528	)		350,245			28,660			102,620		75,260		3,566,857


Invesco Global Fund, Class R6		4.06	%		16,978,069		1,079,090		(9,599,428	)		4,864,992			(825,206	)		-		124,194		11,418,427


Invesco Global Infrastructure Fund, Class R6		1.00	%		2,896,153		120,279		(170,118	)		(27,131	)		(2,448	)		84,378		244,721		2,816,735


Invesco International Select Equity Fund, Class R6		-			3,708,681		-		(3,874,002	)		1,338,128			(1,172,807	)		-		-		-


Invesco International Small-Mid Company Fund, Class R6		1.03	%		2,929,006		77,507		(393,150	)		350,653			(26,205	)		34,683		67,672		2,894,987


Invesco Oppenheimer International Growth Fund, Class R6		1.04	%		-		3,311,320		(458,995	)		38,865			317,135			29,430		82,124		2,923,616


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		2.22	%		4,494,566		2,178,001		(733,122	)		389,565			(73,874	)		242,616		260,197		6,255,136


Invesco S&P International Developed Low Volatility ETF		1.01	%		2,982,944		-		(295,501	)		156,441			(8,996	)		106,033		100,635		2,834,888


Total Foreign Equity Funds					50,366,496		10,582,060		(25,243,164	)		9,009,267			(2,208,138	)		718,143				41,099,898

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


7		Invesco Select Risk: Moderately Conservative Investor Fund

Invesco Select Risk: Moderately Conservative Investor Fund (continued)

Schedule of Investments in Affiliated Issuers–99.96%^(a)


	% of Net Assets 12/31/23			Value 12/31/22		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Dividend Income			Shares 12/31/23		Value 12/31/23
Money Market Funds–0.50%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(f)		0.18	%	$	227,285	$	18,306,363	$	(18,044,947	)	$	-	$	-		$	21,469			488,701	$	488,701


Invesco Liquid Assets Portfolio, Institutional Class, 5.47%^(f)		0.12	%		154,880		13,075,974		(12,889,176	)		10		76			13,190			341,525		341,764


Invesco Treasury Portfolio, Institutional Class, 5.26%^(f)		0.20	%		259,754		20,921,558		(20,622,797	)		-		-			23,155			558,515		558,515


Total Money Market Funds					641,919		52,303,895		(51,556,920	)		10		76			57,814					1,388,980


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $276,373,195)		99.96	%		292,807,829		139,963,222		(167,400,953	)		26,743,130		(8,716,847	)		9,829,321					281,357,316


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.17%
Invesco Private Government Fund, 5.32%^(f)(g)		0.05	%		-		25,472,219		(25,339,382	)		-		-			61,362	^(h)		132,837		132,837


Invesco Private Prime Fund, 5.55%^(f)(g)		0.12	%		-		53,372,105		(53,033,605	)		105		2,980			163,698	^(h)		341,346		341,585


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $474,317)		0.17	%		-		78,844,324		(78,372,987	)		105		2,980			225,060					474,422


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $276,847,512)		100.13	%	$	292,807,829	$	218,807,546	$	(245,773,940	)	$	26,743,235	$	(8,713,867	)⁽ⁱ⁾	$	10,054,381				$	281,831,738


OTHER ASSETS LESS LIABILITIES		(0.13	)%																			(365,856	)


NET ASSETS		100.00	%																		$	281,465,882

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)	Effective August 25, 2023, the underlying fund’s name changed.

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

^(e)	All or a portion of this security was out on loan at December 31, 2023.

^(f)	The rate shown is the 7-day SEC standardized yield as of December 31, 2023.

^(g)	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.

^(h)	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.

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


Fund Name	Capital Gain
Invesco Global Fund	$	1,079,090
Invesco International Small-Mid Company Fund		42,824
Invesco Oppenheimer International Growth Fund		284,709

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


8		Invesco Select Risk: Moderately Conservative Investor Fund

Statement of Assets and Liabilities

December 31, 2023


Assets:
Investments in affiliated underlying funds, at value (Cost $276,847,512)*	$	281,831,738


Receivable for:
Fund shares sold		442,292


Dividends - affiliated underlying funds		531,794


Investment for trustee deferred compensation and retirement plans		47,268


Other assets		38,881


Total assets		282,891,973



Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		526,624


Fund shares reacquired		222,607


Collateral upon return of securities loaned		474,317


Accrued fees to affiliates		116,503


Accrued other operating expenses		33,373


Trustee deferred compensation and retirement plans		52,667


Total liabilities		1,426,091


Net assets applicable to shares outstanding	$	281,465,882



Net assets consist of:
Shares of beneficial interest	$	295,504,679


Distributable earnings (loss)		(14,038,797	)


	$	281,465,882


Net Assets:
Class A	$	247,518,947


Class C	$	14,878,252


Class R	$	10,301,666


Class S	$	1,573,973


Class Y	$	6,878,707


Class R5	$	76,970


Class R6	$	237,367



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		24,126,782


Class C		1,468,112


Class R		1,008,657


Class S		153,230


Class Y		671,768


Class R5		7,468


Class R6		23,033


Class A:
Net asset value per share	$	10.26


Maximum offering price per share (Net asset value of $10.26 ÷ 94.50%)	$	10.86


Class C:
Net asset value and offering price per share	$	10.13


Class R:
Net asset value and offering price per share	$	10.21


Class S:
Net asset value and offering price per share	$	10.27


Class Y:
Net asset value and offering price per share	$	10.24


Class R5:
Net asset value and offering price per share	$	10.31


Class R6:
Net asset value and offering price per share	$	10.31

*	At December 31, 2023, security with a value of $457,470 was on loan to brokers.

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


9		Invesco Select Risk: Moderately Conservative Investor Fund

Statement of Operations

For the year ended December 31, 2023


Investment income:

Dividends from affiliated underlying funds (includes net securities lending income of $37,111)	$	9,866,432


Interest		22,314


Total investment income		9,888,746



Expenses:

Administrative services fees		40,394


Custodian fees		3,221


Distribution fees:
Class A		620,805


Class C		156,448


Class R		48,633


Class S		2,360


Transfer agent fees – A, C, R, S and Y		318,461


Transfer agent fees – R5		24


Transfer agent fees – R6		54


Trustees’ and officers’ fees and benefits		18,700


Registration and filing fees		102,165


Reports to shareholders		29,913


Professional services fees		46,824


Other		13,583


Total expenses		1,401,585


Less: Expense offset arrangement(s)		(8,161	)


Net expenses		1,393,424


Net investment income		8,495,322



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Affiliated underlying fund shares		(10,120,490	)


Capital gain distributions from affiliated underlying fund shares		1,406,623


		(8,713,867	)


Change in net unrealized appreciation of affiliated underlying fund shares		26,743,235


Net realized and unrealized gain		18,029,368


Net increase in net assets resulting from operations	$	26,524,690

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


10		Invesco Select Risk: Moderately Conservative Investor Fund

Statement of Changes in Net Assets

For the years ended December 31, 2023 and 2022


	2023			2022


Operations:

Net investment income	$	8,495,322		$	5,820,867


Net realized gain (loss)		(8,713,867	)		(11,199,044	)


Change in net unrealized appreciation (depreciation)		26,743,235			(58,325,423	)


Net increase (decrease) in net assets resulting from operations		26,524,690			(63,703,600	)



Distributions to shareholders from distributable earnings:

Class A		(4,400,538	)		(11,115,426	)


Class C		(158,742	)		(608,915	)


Class R		(151,500	)		(356,214	)


Class S		(29,365	)		(70,925	)


Class Y		(189,563	)		(846,632	)


Class R5		(1,818	)		(4,459	)


Class R6		(4,844	)		(1,871	)


Total distributions from distributable earnings		(4,936,370	)		(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		(4,936,370	)		(13,211,203	)



Share transactions–net:

Class A		(19,758,294	)		(17,524,674	)


Class C		(2,326,801	)		(3,969,209	)


Class R		620,476			1,003,513


Class S		(111,802	)		(39,358	)


Class Y		(11,650,725	)		9,072,926


Class R5		(24,880	)		9,458


Class R6		178,985			11,888


Net increase (decrease) in net assets resulting from share transactions		(33,073,041	)		(11,435,456	)


Net increase (decrease) in net assets		(11,484,721	)		(88,350,259	)



Net assets:

Beginning of year		292,950,603			381,300,862


End of year	$	281,465,882		$	292,950,603

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


11		Invesco Select Risk: Moderately Conservative Investor Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)^(b)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			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			Portfolio turnover ^(e)

Class A
Year ended 12/31/23		$ 9.51		$ 0.29		$ 0.64			$ 0.93			$ (0.18	)		$ -			$ -			$ (0.18	)		$ 10.26		9.84	%		$ 247,519		0.45	%		0.45	%		2.99	%		31	%
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

Class C
Year ended 12/31/23		9.40		0.22		0.61			0.83			(0.10	)		-			-			(0.10	)		10.13		8.89			14,878		1.20			1.20			2.24			31
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

Class R
Year ended 12/31/23		9.47		0.27		0.62			0.89			(0.15	)		-			-			(0.15	)		10.21		9.49			10,302		0.70			0.70			2.74			31
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

Class S
Year ended 12/31/23		9.52		0.30		0.64			0.94			(0.19	)		-			-			(0.19	)		10.27		9.94			1,574		0.35			0.35			3.09			31
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

Class Y
Year ended 12/31/23		9.50		0.32		0.62			0.94			(0.20	)		-			-			(0.20	)		10.24		10.01			6,879		0.20			0.20			3.24			31
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

Class R5
Year ended 12/31/23		9.56		0.33		0.63			0.96			(0.21	)		-			-			(0.21	)		10.31		10.16			77		0.12			0.12			3.32			31
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

Class R6
Year ended 12/31/23		9.56		0.33		0.63			0.96			(0.21	)		-			-			(0.21	)		10.31		10.16			237		0.12			0.12			3.32			31
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

^(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 0.49%, 0.49%, 0.49%, 0.51% and 0.51% for the years ended December 31, 2023, 2022, 2021, 2020 and 2019, respectively.

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

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


12		Invesco Select Risk: Moderately Conservative Investor Fund

Notes to Financial Statements

December 31, 2023

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

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: 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.

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.


14		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 year ended December 31, 2023, the Fund paid the Adviser $2,099 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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, 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 “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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 boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not reimburse expenses during the period under these boundary 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 year ended December 31, 2023, IDI advised the Fund that IDI retained $20,022 in front-end sales commissions from the sale of Class A shares and $13,132 and $906 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


15		Invesco Select Risk: Moderately Conservative Investor Fund


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	$	279,968,336	$	-	$-	$	279,968,336


Money Market Funds		1,388,980		474,422	-		1,863,402


Total Investments	$	281,357,316	$	474,422	$-	$	281,831,738

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2023 and 2022:


	2023		2022


Ordinary income*	$	4,936,370	$	6,057,918


Long-term capital gain		-		6,946,524


Return of capital		-		206,761


Total distributions	$	4,936,370	$	13,211,203

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

Tax Components of Net Assets at Period-End:


	2023


Undistributed ordinary income	$	3,509,097


Net unrealized appreciation (depreciation) – investments		(2,000,311	)


Temporary book/tax differences		(36,663	)


Capital loss carryforward		(15,510,920	)


Shares of beneficial interest		295,504,679


Total net assets	$	281,465,882


16		Invesco Select Risk: Moderately Conservative Investor Fund

The Fund has a capital loss carryforward as of December 31, 2023, as follows:


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term		Total


Not subject to expiration	$	3,271,999	$	12,238,921	$	15,510,920

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2023 was $87,659,327 and $115,844,033, 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	$	11,348,383


Aggregate unrealized (depreciation) of investments		(13,348,694	)


Net unrealized appreciation (depreciation) of investments	$	(2,000,311	)

Cost of investments for tax purposes is $283,832,049.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships, on December 31, 2023, undistributed net investment income was decreased by $1,103,542, undistributed net realized gain (loss) was increased by $1,090,170 and shares of beneficial interest was increased by $13,372. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


		Summary of Share Activity



		Year ended						Year ended
	December 31, 2023^(a)							December 31, 2022
		Shares			Amount			Shares			Amount


Sold:
Class A			3,243,634		$	31,941,105			3,913,981		$	40,339,954


Class C			287,710			2,816,004			444,004			4,579,693


Class R			329,535			3,238,466			349,475			3,601,407


Class S			1,650			16,200			1,564			16,200


Class Y			123,013			1,199,540			1,101,986			12,109,546


Class R5			702			6,962			588			6,032


Class R6			34,674			341,799			2,713			27,965



Issued as reinvestment of dividends:
Class A			409,203			4,035,436			1,079,790			10,546,978


Class C			15,486			151,223			60,731			583,120


Class R			15,383			151,221			36,972			358,613


Class S			2,973			29,365			7,364			72,091


Class Y			17,906			175,351			82,662			807,223


Class R5			164			1,618			417			4,089


Class R6			290			2,861			152			1,485



Automatic conversion of Class C shares to Class A shares:
Class A			151,132			1,483,872			158,199			1,636,174


Class C			(153,112	)		(1,483,872	)		(160,206	)		(1,636,174	)


17		Invesco Select Risk: Moderately Conservative Investor Fund


	Summary of Share Activity


	Year ended December 31, 2023^(a)						Year ended December 31, 2022
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(5,820,296	)	$	(57,218,707	)		(6,830,674	)	$	(70,047,780	)


Class C		(393,666	)		(3,810,156	)		(732,401	)		(7,495,848	)


Class R		(281,974	)		(2,769,211	)		(284,285	)		(2,956,507	)


Class S		(15,933	)		(157,367	)		(12,505	)		(127,649	)


Class Y		(1,314,819	)		(13,025,616	)		(377,272	)		(3,843,843	)


Class R5		(3,463	)		(33,460	)		(63	)		(663	)


Class R6		(16,713	)		(165,675	)		(1,496	)		(17,562	)


Net increase (decrease) in share activity		(3,366,521	)	$	(33,073,041	)		(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.


18		Invesco Select Risk: Moderately Conservative Investor Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Select Risk: Moderately Conservative Investor Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Select Risk: Moderately Conservative Investor Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 21, 2024


19		Invesco Select Risk: Moderately Conservative Investor 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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/23)	Ending Account Value (12/31/23)¹	Expenses Paid During Period²	Ending Account Value (12/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,040.50	$2.37	$1,022.89	$2.35	0.46%
Class C	1,000.00	1,036.90	6.21	1,019.11	6.16	1.21
Class R	1,000.00	1,039.30	3.65	1,021.63	3.62	0.71
Class S	1,000.00	1,041.00	1.85	1,023.39	1.84	0.36
Class Y	1,000.00	1,041.90	1.08	1,024.15	1.07	0.21
Class R5	1,000.00	1,043.10	0.62	1,024.60	0.61	0.12
Class R6	1,000.00	1,043.10	0.62	1,024.60	0.61	0.12

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


20		Invesco Select Risk: Moderately Conservative Investor Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2023:


Federal and State Income Tax
Qualified Dividend Income*	17.71	%
Corporate Dividends Received Deduction*	11.43	%
U.S. Treasury Obligations*	31.47	%
Qualified Business Income*	1.09	%
Business Interest Income*	63.51	%

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


21		Invesco Select Risk: Moderately Conservative Investor Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustees
Jeffrey H. Kupor¹- 1968 Trustee	2024	Senior Managing Director and General Counsel, Invesco Ltd.; Trustee, Invesco Foundation, Inc.; Director, Invesco Advisers, Inc.; Executive Vice President, Invesco Asset Management (Bermuda), Ltd. and Invesco Investments (Bermuda) Ltd. Formerly: Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation, Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	165	None
Douglas Sharp¹- 1974 Trustee	2024	Senior Managing Director and Head of Americas & EMEA, Invesco Ltd; Director, Chairman and Chief Executive, Invesco Fund Managers Limited Formerly: Director and Chairman, Invesco UK Limited	165	None

¹	Mr. Kupor and Mr. Sharp are considered interested persons (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because they are officers of the Adviser to the Trust, and officers of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Select Risk: Moderately Conservative Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	165	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Carol Deckbar - 1962 Trustee	2024	Formerly: Executive Vice President and Chief Product Officer, TIAA Financial Services; Executive Vice President and Principal, College Retirement Equities Fund at TIAA; Executive Vice President and Head of Institutional Investments and Endowment Services, TIAA	165	Formerly: Board Member, TIAA Asset Management, Inc.; and Board Member, TH Real Estate Group Holdings Company
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	165	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	165	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	165	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	165	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
James “Jim” Liddy - 1959 Trustee	2024	Formerly: Chairman, Global Financial Services, Americas, KPMG LLP	165	Director and Treasurer, Gulfside Place Condominium Association, Inc. and Non-Executive Director, Kellenberg Memorial High School


T-2		Invesco Select Risk: Moderately Conservative Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	165	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	165	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	165	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	165	None
Daniel S. Vandivort -1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	165	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Select Risk: Moderately Conservative Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Glenn Brightman - 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; and Trustee, Invesco Foundation, Inc. Formerly: Senior Vice President, Invesco Group Services, Inc.;. Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Select Risk: Moderately Conservative Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Manager, Invesco Indexing LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President, The Invesco Funds; Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Select Risk: Moderately Conservative Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Select Risk: Moderately Conservative Investor Fund

LOGO

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

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∎ Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

LOGO


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

LOGO



Annual Report to Shareholders		December 31, 2023

Invesco Small Cap Growth Fund

Nasdaq:

A: GTSAX ∎ C: GTSDX ∎ R: GTSRX ∎ Y: GTSYX ∎ Investor: GTSIX ∎ R5: GTSVX ∎ R6: GTSFX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

11		Financial Statements

14		Financial Highlights

15		Notes to Financial Statements

21		Report of Independent Registered Public Accounting Firm

22		Fund Expenses

23		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended December 31, 2023, Class A shares of Invesco Small Cap Growth Fund (the Fund), at net asset value (NAV), underperformed the Russell 2000 Growth Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/22 to 12/31/23, 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	12.66	%
Class C Shares	11.99
Class R Shares	12.43
Class Y Shares	12.93
Investor Class Shares	12.75
Class R5 Shares	13.08
Class R6 Shares	13.17
S&P 500 Index^q(Broad Market Index)	26.29
Russell 2000 Growth Index^▼(Style-Specific Index)	18.66
Lipper Small-Cap Growth Funds Index^∎(Peer Group Index)	18.36

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

Market conditions and your Fund

Equity markets declined in the third quarter and into October 2023 as a resilient US economy complicated the Fed’s efforts to tame inflation. While inflation has slowed from its peak in 2022, the Consumer Price Index (CPI) rose by 0.2% in July, and the 12-month headline inflation rate rose to 3.2% from 3% in June.² Due to the persistence of inflation, the Fed raised the federal funds rate again in July by 0.25%. The CPI data released in September was higher-than-expected and the overall US labor market remained tight with unemployment near historic lows. At the same time the third quarter year-over-year Gross Domestic Product (GDP) estimate was 4.9%, far above expectations.² Despite the higher-than-expected GDP for the third quarter of 2023, the Fed held interest rates steady at its September and October meetings, but left open the possibility of another rate hike before the end of the calendar year.¹

Despite higher rates and increased market volatility, US stocks for the fiscal year had positive returns of 26.29%, as measured by the S&P 500 Index.⁴

For the year ended December 31, 2023, the portfolio delivered a positive absolute return but trailed the Russell 2000 Growth Index. The markets experienced three sharp rallies and two sharp downdrafts in 2023 driven by mixed macro-economic indicators suggesting the economy was slowing and inflation was cooling, however, the labor market remained strong and excess savings sustained healthy consumer spending trends. The portfolio delivered positive relative performance during the down markets but trailed during the market rallies as interest rates inflected downward. A prominent factor driving portfolio underperformance during the market rallies included being too defensively positioned as lower quality and less profitable businesses experienced strength relative to higher quality names. At a sector level, the leading relative detractors included stock selection in the health care, consumer discretionary, information technology (IT), consumer staples, financials and communication services sectors. Alternatively, relative performance was assisted by stock selection in the industrials, energy, materials and real estate sectors. An underweight allocation relative to the benchmark in the health care and materials sectors also added to positive relative performance.

On an individual stock basis, the leading absolute detractor during the year was Revance Therapeutics, which is focused on the cash-pay ‘vanity cosmetics’ market in the US, with a product portfolio comprised of dermal fillers and neuromodulators. At its investor day, Revance announced a new pricing strategy to reduce the price for Daxxify in an effort to price closer to parity with similar neuromodulator, Botox, despite having a longer period of efficacy. This initiative created concerns that a ‘pricing war’ may begin in the space, leading to significant multiple compression despite solid fundamentals. The stock was sold from the portfolio during the year.

Medical device company, Insulet struggled during the year despite delivering better-than-expected growth in revenue and new patient adds. The stock sold off on concerns over the potential impact of GLP-1 diabetes drugs on the sales of Insulet’s insulin pumps. Insulet’s CEO also highlighted the potential for patients with diabetes to delay beginning insulin therapy, which would be a headwind to the business.

Another leading absolute detractor during the year was Halozyme Therapeutics, which is a biotechnology firm focused on the development of novel oncology therapies used on human enzymes with the aim of altering tumors. Most of the underperformance came at the beginning of 2023 after company leadership delivered underwhelming forward guidance. A rotation into more cyclical names away from defensive health care names such as Halozyme also weighed on the share price. There have since been some questions as to the reimbursement dynamics for Medicare


2		Invesco Small Cap Growth Fund

Part D drugs as well as patent life for coformulation on some of Halozyme’s products, which have raised questions on the revenue outlook.

Popular quick-service chicken wing restaurant, Wingstop was the leading contributor on an absolute basis in 2023. The company continues to generate industry leading sales and earnings-per-share growth driven by growing adoption of their new sandwich platform, a rollout to third-party delivery platforms, and increasing digital penetration. Same-store-sales growth is also industry leading and viewed very favorable given it was driven by higher customer traffic while pricing remained fairly stable.

Manhattan Associates was also among the leading absolute contributors. The enterprise software solution company has put together a string of impressive fundamental results, which we believe is a reflection if its strong position in the marketplace and strength from new product rollouts. With most software companies struggling to add new customers, Manhattan Associates has excelled and delivered best in class results.

Saia is a less-than-truckload transportation company and rallied during the year on strong profitability results despite a difficult macroeconomic backdrop. Saia is also expanding its network footprint, which bodes well for future profitability. The less-than truckload shipping company has executed well on pricing and experienced an increase in shipments per workday and an increase in tonnage per workday implying improving shipping trends.

We wish to remind you that all positioning changes are based on bottom-up stock selection, while disciplined portfolio construction acts as a risk control and ensures alignment with small-cap market sector exposure with modest over- and under-weights. The portfolio tends to have higher quality and larger market cap biases relative to its style-specific benchmark. Structural underweights include real estate investment trusts and pharma/ biotech. To manage risk of binary events, companies with either Phase III clinical data showing proven efficacy, or an existing revenue stream are preferred.

Relative to the Russell 2000 Growth, the portfolio’s largest sector over-weights are in IT and industrials. The largest sector underweights include health care, communication services and materials.

The labor market has remained healthy, although interest rate increases have managed to slow the economy and cool inflation. Interestingly, despite the higher interest rates and a slowing economy, consumption has remained steady. This can be attributed to the strong job market and elevated consumer savings, which have served as a buffer. Forecasting a recession in this scenario is no easy task. The labor market’s resilience and the cushion provided by excess savings are counterbalancing the negative macro-economic indicators. The market rally in the fourth quarter of 2023, albeit of low quality, supports the notion that the Fed has successfully

navigated the economy to a soft landing. It also suggests that the Fed has completed its cycle of raising interest rates and may now be in a position to shift towards easing monetary policy. The market seems to be in a position to continue its upward trajectory, however, we remain cautious. We’ve scaled back some of our defensive positioning and introduced more cyclicality, but we’re also aware of potential risks, so we seek to maintain a balanced approach to positioning. From a secular perspective, we view artificial intelligence as a significant technology trend with wide-ranging implications for technology investment, employment and productivity enhancements.

Thank you for your commitment to the Invesco Small Cap Growth Fund and for sharing our long-term investment horizon.

1	Source: US Federal Reserve

2	Source: US Bureau of Labor Statistics

3	Source: Bloomberg LP

4	Source: Lipper Inc.

Portfolio manager(s):

Juan Hartsfield - Lead

Clay Manley

Justin Sander

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


3		Invesco Small Cap Growth Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/13

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

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

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

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


4		Invesco Small Cap Growth Fund



Average Annual Total Returns
As of 12/31/23, including maximum applicable sales charges

Class A Shares
Inception (10/18/95)	9.58	%
10 Years	6.74
5 Years	7.50
1 Year	6.49

Class C Shares
Inception (5/3/99)	8.10	%
10 Years	6.70
5 Years	7.94
1 Year	10.99

Class R Shares
Inception (6/3/02)	8.19	%
10 Years	7.08
5 Years	8.45
1 Year	12.43

Class Y Shares
Inception (10/3/08)	10.77	%
10 Years	7.61
5 Years	9.00
1 Year	12.93

Investor Class Shares
Inception (4/7/06)	8.09	%
10 Years	7.38
5 Years	8.80
1 Year	12.75

Class R5 Shares
Inception (3/15/02)	8.41	%
10 Years	7.74
5 Years	9.12
1 Year	13.08

Class R6 Shares
Inception (9/24/12)	10.39	%
10 Years	7.84
5 Years	9.20
1 Year	13.17

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

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

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


5		Invesco Small Cap Growth Fund

Supplemental Information

Invesco Small Cap Growth Fund’s investment objective is long-term growth of capital.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2023, and is based on total net assets.

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

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

About indexes used in this report

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

∎	The Russell 2000^® Growth Index is an unmanaged index considered representative of small-cap growth stocks. The Russell 2000 Growth Index is a trademark/ service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

∎	The Lipper Small-Cap Growth Funds Index is an unmanaged index considered representative of small-cap growth funds tracked by Lipper.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Small Cap Growth Fund

Fund Information

Portfolio Composition



By sector	% of total net assets

Information Technology		24.98	%

Industrials		22.52

Health Care		19.04

Consumer Discretionary		12.13

Financials		6.74

Consumer Staples		4.37

Energy		4.09

Materials		2.81

Real Estate		2.06

Other Sectors, Each Less than 2% of Net Assets		1.11

Money Market Funds Plus Other Assets Less Liabilities		0.15

Top 10 Equity Holdings*


		% of total net assets

1.	Natera, Inc.		1.68	%

2.	Altair Engineering, Inc., Class A		1.49

3.	Guidewire Software, Inc.		1.49

4.	Saia, Inc.		1.37

5.	Repligen Corp.		1.34

6.	AZEK Co., Inc. (The)		1.29

7.	EastGroup Properties, Inc.		1.27

8.	Wingstop, Inc.		1.26

9.	TMX Group Ltd.		1.22

10.	Glaukos Corp.		1.21

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

*	Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2023.


7		Invesco Small Cap Growth Fund

Schedule of Investments^(a)

December 31, 2023


	Shares		Value


Common Stocks & Other Equity Interests–99.85%
Aerospace & Defense–1.37%
BWX Technologies, Inc.		193,686	$	14,861,527


Moog, Inc., Class A		95,854		13,877,742


				28,739,269



Air Freight & Logistics–1.08%
GXO Logistics, Inc.^(b)(c)		371,942		22,747,973



Alternative Carriers–0.61%
Iridium Communications, Inc.		309,068		12,721,239



Application Software–10.06%
Altair Engineering, Inc., Class A^(b)(c)		371,808		31,287,643


BlackLine, Inc.^(b)		238,669		14,902,492


CCC Intelligent Solutions Holdings, Inc.^(b)(c)		1,792,575		20,417,429


Clearwater Analytics Holdings, Inc., Class A^(b)		715,757		14,336,613


Descartes Systems Group, Inc. (The) (Canada)^(b)		197,841		16,630,514


DoubleVerify Holdings, Inc.^(b)		583,095		21,446,234


Guidewire Software, Inc.^(b)(c)		286,519		31,242,032


Informatica, Inc., Class A^(b)(c)		551,220		15,649,136


Manhattan Associates, Inc.^(b)		68,851		14,824,997


Procore Technologies, Inc.^(b)		157,189		10,880,623


Workiva, Inc.^(b)(c)		191,320		19,424,720


				211,042,433



Automotive Retail–0.65%
Murphy USA, Inc.		38,303		13,657,318



Biotechnology–6.25%
Apellis Pharmaceuticals, Inc.^(b)(c)		183,139		10,962,701


Ascendis Pharma A/S, ADR (Denmark)^(b)		114,201		14,383,616


Cytokinetics, Inc.^(b)(c)		180,550		15,074,119


Halozyme Therapeutics, Inc.^(b)(c)		429,615		15,878,570


Karuna Therapeutics, Inc.^(b)		63,123		19,979,061


Natera, Inc.^(b)(c)		563,352		35,288,369


Twist Bioscience Corp.^(b)		179,224		6,606,197


Xenon Pharmaceuticals, Inc. (Canada)^(b)		282,629		13,017,892


				131,190,525



Broadline Retail–0.68%
Ollie’s Bargain Outlet Holdings, Inc.^(b)		187,818		14,253,508



Building Products–3.19%
AAON, Inc.		288,503		21,311,717


AZEK Co., Inc. (The)^(b)		707,003		27,042,865


Simpson Manufacturing Co., Inc.		94,190		18,647,736


				67,002,318



Cargo Ground Transportation–1.36%
Saia, Inc.^(b)		65,312		28,621,025



Casinos & Gaming–0.82%
International Game Technology PLC^(c)		628,891		17,237,902


	Shares		Value


Commercial & Residential Mortgage Finance–0.72%
PennyMac Financial Services, Inc.^(c)		170,432	$	15,061,076



Construction & Engineering–2.61%
AECOM		166,921		15,428,508


Construction Partners, Inc., Class A^(b)		518,732		22,575,216


MYR Group, Inc.^(b)		115,844		16,754,518


				54,758,242



Construction Machinery & Heavy Transportation Equipment–1.67%
Federal Signal Corp.		251,798		19,322,978


Terex Corp.		273,112		15,693,016


				35,015,994



Construction Materials–0.93%
Eagle Materials, Inc.		96,259		19,525,176



Data Processing & Outsourced Services–0.80%
Verra Mobility Corp., Class A^(b)		731,945		16,856,693



Education Services–1.71%
Bright Horizons Family Solutions, Inc.^(b)(c)		171,723		16,183,176


Stride, Inc.^(b)(c)		331,376		19,673,793


				35,856,969



Electrical Components & Equipment–1.75%
Atkore, Inc.^(b)(c)		100,286		16,045,760


nVent Electric PLC		350,961		20,738,286


				36,784,046



Electronic Components–0.79%
Littelfuse, Inc.		62,064		16,605,844



Electronic Equipment & Instruments–0.81%
Novanta, Inc.^(b)(c)		100,685		16,956,361



Electronic Manufacturing Services–0.51%
Fabrinet (Thailand)^(b)(c)		56,449		10,743,938



Environmental & Facilities Services–1.11%
Clean Harbors, Inc.^(b)		133,389		23,277,714



Financial Exchanges & Data–1.22%
TMX Group Ltd. (Canada)		1,054,409		25,503,799



Food Distributors–0.89%
Performance Food Group Co.^(b)		271,132		18,748,778



Food Retail–0.43%
Grocery Outlet Holding Corp.^(b)		337,961		9,111,429



Footwear–0.50%
On Holding AG, Class A (Switzerland)^(b)(c)		387,463		10,449,877



Gas Utilities–0.25%
New Jersey Resources Corp.		117,828		5,252,772



Health Care Equipment–4.42%
Axonics, Inc.^(b)		275,469		17,142,436


Glaukos Corp.^(b)(c)		318,451		25,313,670


iRhythm Technologies, Inc.^(b)		131,202		14,043,862

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


8		Invesco Small Cap Growth Fund


	Shares		Value


Health Care Equipment–(continued)
Penumbra, Inc.^(b)(c)		74,394	$	18,713,067


Shockwave Medical, Inc.^(b)		6,641		1,265,509


TransMedics Group, Inc.^(b)(c)		204,728		16,159,181


				92,637,725



Health Care Facilities–2.73%
Acadia Healthcare Co., Inc.^(b)		304,006		23,639,507


Surgery Partners, Inc.^(b)(c)		510,755		16,339,052


Tenet Healthcare Corp.^(b)		228,956		17,302,205


				57,280,764



Health Care Services–0.03%
Option Care Health, Inc.^(b)		19,170		645,837



Health Care Supplies–0.71%
Lantheus Holdings, Inc.^(b)(c)		232,992		14,445,504


Merit Medical Systems, Inc.^(b)		5,242		398,182


				14,843,686



Homebuilding–2.46%
Cavco Industries, Inc.^(b)		57,681		19,993,388


Installed Building Products, Inc.		104,118		19,034,853


M/I Homes, Inc.^(b)		90,449		12,458,445


				51,486,686



Homefurnishing Retail–0.76%
RH^(b)(c)		54,907		16,004,292



Hotels, Resorts & Cruise Lines–0.75%
Wyndham Hotels & Resorts, Inc.		195,212		15,696,997



Human Resource & Employment Services–0.92%
ASGN, Inc.^(b)		201,071		19,336,998



Industrial Machinery & Supplies & Components–2.88%
Enpro, Inc.		117,337		18,391,401


Nordson Corp.		78,309		20,686,106


RBC Bearings, Inc.^(b)(c)		74,717		21,286,126


				60,363,633



Industrial REITs–2.06%
EastGroup Properties, Inc.		145,188		26,647,806


Terreno Realty Corp.		262,593		16,456,703


				43,104,509



Internet Services & Infrastructure–0.72%
DigitalOcean Holdings, Inc.^(b)(c)		409,649		15,030,022



Investment Banking & Brokerage–0.81%
Jefferies Financial Group, Inc.		417,740		16,880,873



IT Consulting & Other Services–1.06%
Globant S.A.^(b)		93,133		22,163,791



Life Sciences Tools & Services–3.17%
10X Genomics, Inc., Class A^(b)(c)		381,451		21,345,998


Bio-Techne Corp.		221,186		17,066,712


Repligen Corp.^(b)(c)		156,615		28,159,377


				66,572,087



Oil & Gas Equipment & Services–1.73%
ChampionX Corp.		726,122		21,210,023


TechnipFMC PLC (United Kingdom)		752,870		15,162,802


				36,372,825


	Shares		Value


Oil & Gas Exploration & Production–2.36%
Chord Energy Corp.		77,831	$	12,937,847


Matador Resources Co.^(c)		228,269		12,979,376


Permian Resources Corp.^(c)		949,312		12,910,643


Range Resources Corp.		347,686		10,583,562


				49,411,428



Other Specialty Retail–0.91%
Academy Sports and Outdoors, Inc.		287,921		19,002,786



Packaged Foods & Meats–2.24%
Freshpet, Inc.^(b)(c)		159,269		13,818,178


Post Holdings, Inc.^(b)(c)		216,059		19,026,156


Simply Good Foods Co. (The)^(b)(c)		359,139		14,221,904


				47,066,238



Personal Care Products–0.81%
e.l.f. Beauty, Inc.^(b)(c)		117,201		16,916,792



Pharmaceuticals–1.73%
Intra-Cellular Therapies, Inc.^(b)		252,675		18,096,584


Prestige Consumer Healthcare, Inc.^(b)		295,851		18,111,998


				36,208,582



Property & Casualty Insurance–0.83%
Kinsale Capital Group, Inc.		51,797		17,347,333



Regional Banks–1.51%
Pinnacle Financial Partners, Inc.		182,357		15,905,178


Western Alliance Bancorporation		238,810		15,711,310


				31,616,488



Research & Consulting Services–1.54%
KBR, Inc.		277,400		15,370,734


Parsons Corp.^(b)		270,633		16,971,395


				32,342,129



Restaurants–2.89%
Shake Shack, Inc., Class A^(b)		245,106		18,167,257


Texas Roadhouse, Inc.		133,034		16,260,746


Wingstop, Inc.		102,444		26,285,081


				60,713,084



Semiconductor Materials & Equipment–1.05%
Onto Innovation, Inc.^(b)		144,325		22,067,293



Semiconductors–5.34%
Allegro MicroSystems, Inc. (Japan)^(b)		513,285		15,537,137


Diodes, Inc.^(b)		71,614		5,766,359


Lattice Semiconductor Corp.^(b)		347,258		23,957,330


MACOM Technology Solutions Holdings, Inc.^(b)		180,276		16,756,654


Power Integrations, Inc.^(c)		203,831		16,736,563


Silicon Laboratories, Inc.^(b)		121,536		16,075,567


Synaptics, Inc.^(b)		151,213		17,250,379


				112,079,989



Specialty Chemicals–1.88%
Element Solutions, Inc.		1,022,060		23,650,468


Quaker Chemical Corp.		74,085		15,811,221


				39,461,689



Systems Software–3.92%
CyberArk Software Ltd.^(b)		114,043		24,981,119

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


9		Invesco Small Cap Growth Fund


	Shares		Value


Systems Software–(continued)
GitLab, Inc., Class A^(b)		341,440	$	21,497,062


JFrog Ltd. (Israel)^(b)		517,443		17,908,702


Varonis Systems, Inc.^(b)(c)		392,613		17,777,517


				82,164,400



Technology Distributors–0.72%
Arrow Electronics, Inc.^(b)		122,685		14,998,241



Trading Companies & Distributors–2.24%
Applied Industrial Technologies, Inc.		46,617		8,050,290


SiteOne Landscape Supply, Inc.^(b)(c)		123,202		20,020,325


WESCO International, Inc.		109,172		18,982,827


				47,053,442



Transaction & Payment Processing Services–1.65%
Flywire Corp.^(b)(c)		716,623		16,589,822


Shift4 Payments, Inc., Class A^(b)(c)		243,376		18,092,572


				34,682,394



Water Utilities–0.25%
American States Water Co.		64,115		5,156,128


Total Common Stocks & Other Equity Interests (Cost $1,671,952,887)				2,094,431,379



Money Market Funds–1.07%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e)		8,080,260		8,080,260


	Shares		Value


Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 5.47%^(d)(e)		5,167,010	$	5,170,627


Invesco Treasury Portfolio, Institutional Class, 5.26%^(d)(e)		9,234,584		9,234,584


Total Money Market Funds (Cost $22,484,713)				22,485,471


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.92% (Cost $1,694,437,600)				2,116,916,850



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–14.33%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		82,748,554		82,748,554


Invesco Private Prime Fund, 5.55%^(d)(e)(f)		217,648,016		217,800,370


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $300,470,984)				300,548,924


TOTAL INVESTMENTS IN SECURITIES–115.25% (Cost $1,994,908,584)				2,417,465,774


OTHER ASSETS LESS LIABILITIES–(15.25)%				(319,928,861	)


NET ASSETS–100.00%			$	2,097,536,913

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at December 31, 2023.

^(d)


	Value December 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value December 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	16,145,133	$	195,006,358	$	(203,071,231)	$	-	$	-	$	8,080,260	$	612,692
Invesco Liquid Assets Portfolio, Institutional Class		10,564,083		139,290,256		(144,686,247)		(4,307)		6,842		5,170,627		413,186
Invesco Treasury Portfolio, Institutional Class		18,451,581		222,864,410		(232,081,407)		-		-		9,234,584		699,458
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		125,264,649		713,503,082		(756,019,177)		-		-		82,748,554		5,695,193*
Invesco Private Prime Fund		319,636,680		1,385,561,507		(1,487,509,976)		23,799		88,360		217,800,370		15,230,773*
Total	$	490,062,126	$	2,656,225,613	$	(2,823,368,038)	$	19,492	$	95,202	$	323,034,395	$	22,651,302

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


10		Invesco Small Cap Growth Fund

Statement of Assets and Liabilities

December 31, 2023


Assets:
Investments in unaffiliated securities, at value (Cost $1,671,952,887)*	$	2,094,431,379


Investments in affiliated money market funds, at value (Cost $322,955,697)		323,034,395


Cash		5,567


Foreign currencies, at value (Cost $302)		310


Receivable for:
Investments sold		4,575,907


Fund shares sold		2,258,472


Dividends		698,407


Investment for trustee deferred compensation and retirement plans		330,004


Other assets		70,611


Total assets		2,425,405,052



Liabilities:
Payable for:
Investments purchased		2,306,059


Fund shares reacquired		23,735,674


Collateral upon return of securities loaned		300,470,984


Accrued fees to affiliates		864,503


Accrued other operating expenses		131,884


Trustee deferred compensation and retirement plans		359,035


Total liabilities		327,868,139


Net assets applicable to shares outstanding	$	2,097,536,913



Net assets consist of:
Shares of beneficial interest	$	1,953,650,110


Distributable earnings		143,886,803


	$	2,097,536,913


Net Assets:
Class A	$	510,293,154


Class C	$	5,929,922


Class R	$	56,945,110


Class Y	$	122,466,889


Investor Class	$	150,257,531


Class R5	$	648,606,011


Class R6	$	603,038,296



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		20,051,823


Class C		747,225


Class R		2,691,470


Class Y		4,436,930


Investor Class		5,328,395


Class R5		19,696,609


Class R6		18,039,933


Class A:
Net asset value per share	$	25.45


Maximum offering price per share (Net asset value of $25.45 ÷ 94.50%)	$	26.93


Class C:
Net asset value and offering price per share	$	7.94


Class R:
Net asset value and offering price per share	$	21.16


Class Y:
Net asset value and offering price per share	$	27.60


Investor Class:
Net asset value and offering price per share	$	28.20


Class R5:
Net asset value and offering price per share	$	32.93


Class R6:
Net asset value and offering price per share	$	33.43

*	At December 31, 2023, securities with an aggregate value of $290,112,356 were on loan to brokers.

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


11		Invesco Small Cap Growth Fund

Statement of Operations

For the year ended December 31, 2023


Investment income:

Dividends (net of foreign withholding taxes of $84,124)	$	10,781,122


Dividends from affiliated money market funds (includes net securities lending income of $615,547)		2,340,883


Total investment income		13,122,005



Expenses:

Advisory fees		15,151,123


Administrative services fees		312,357


Custodian fees		40,117


Distribution fees:
Class A		1,329,998


Class C		62,294


Class R		300,039


Investor Class		254,686


Transfer agent fees - A, C, R, Y and Investor		1,738,365


Transfer agent fees - R5		693,631


Transfer agent fees - R6		197,219


Trustees’ and officers’ fees and benefits		36,463


Registration and filing fees		136,112


Reports to shareholders		137,300


Professional services fees		91,222


Other		44,242


Total expenses		20,525,168


Less: Fees waived and/or expense offset arrangement(s)		(43,153	)


Net expenses		20,482,015


Net investment income (loss)		(7,360,010	)



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		(36,496,923	)


Affiliated investment securities		95,202


Foreign currencies		851


		(36,400,870	)


Change in net unrealized appreciation of:
Unaffiliated investment securities		307,055,989


Affiliated investment securities		19,492


Foreign currencies		596


		307,076,077


Net realized and unrealized gain		270,675,207


Net increase in net assets resulting from operations	$	263,315,197

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


12		Invesco Small Cap Growth Fund

Statement of Changes in Net Assets

For the years ended December 31, 2023 and 2022


	2023			2022


Operations:

Net investment income (loss)	$	(7,360,010	)	$	(7,885,819	)


Net realized gain (loss)		(36,400,870	)		(238,541,803	)


Change in net unrealized appreciation (depreciation)		307,076,077			(1,152,678,224	)


Net increase (decrease) in net assets resulting from operations		263,315,197			(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		(92,788,145	)		(86,561,713	)


Class C		(1,896,204	)		(2,682,507	)


Class R		(13,105,477	)		(8,308,052	)


Class Y		(22,169,159	)		(45,751,085	)


Investor Class		(11,731,226	)		(11,353,774	)


Class R5		(173,390,368	)		(227,541,022	)


Class R6		(128,163,919	)		95,968,061


Net increase (decrease) in net assets resulting from share transactions		(443,244,498	)		(286,230,092	)


Net increase (decrease) in net assets		(179,929,301	)		(1,754,345,640	)



Net assets:

Beginning of year		2,277,466,214			4,031,811,854


End of year	$	2,097,536,913		$	2,277,466,214

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


13		Invesco Small Cap Growth Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			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
Year ended 12/31/23		$22.59		$(0.14	)		$ 3.00			$ 2.86			$ -			$25.45		12.66	%		$ 510,293		1.17	%		1.17	%		(0.58	)%		55	%
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
Class C
Year ended 12/31/23		7.09		(0.09	)		0.94			0.85			-			7.94		11.99	^(d)		5,930		1.87	^(d)		1.87	^(d)		(1.28	)^(d)		55
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	^(d)		15,850		1.86	^(d)		1.86	^(d)		(1.58	)^(d)		35
Year ended 12/31/20		21.39		(0.38	)		11.24			10.86			(6.62	)		25.63		55.86	^(d)		21,567		1.87	^(d)		1.87	^(d)		(1.62	)^(d)		51
Year ended 12/31/19		19.95		(0.23	)		4.84			4.61			(3.17	)		21.39		23.32			3,686		1.92			1.92			(1.00	)		31
Class R
Year ended 12/31/23		18.82		(0.16	)		2.50			2.34			-			21.16		12.43			56,945		1.42			1.42			(0.83	)		55
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
Class Y
Year ended 12/31/23		24.44		(0.08	)		3.24			3.16			-			27.60		12.93			122,467		0.92			0.92			(0.33	)		55
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
Investor Class
Year ended 12/31/23		25.01		(0.13	)		3.32			3.19			-			28.20		12.75	^(e)		150,258		1.10	^(e)		1.10	^(e)		(0.51	)^(e)		55
Year ended 12/31/22		40.08		(0.14	)		(14.12	)		(14.26	)		(0.81	)		25.01		(35.58	)^(e)		144,075		1.13	^(e)		1.13	^(e)		(0.51	)^(e)		44
Year ended 12/31/21		51.24		(0.42	)		3.40			2.98			(14.14	)		40.08		7.41	^(e)		246,961		1.05	^(e)		1.05	^(e)		(0.77	)^(e)		35
Year ended 12/31/20		37.52		(0.33	)		20.67			20.34			(6.62	)		51.24		57.11	^(e)		249,837		1.07	^(e)		1.07	^(e)		(0.82	)^(e)		51
Year ended 12/31/19		32.76		(0.08	)		8.01			7.93			(3.17	)		37.52		24.34			187,171		1.13			1.13			(0.21	)		31
Class R5
Year ended 12/31/23		29.12		(0.07	)		3.88			3.81			-			32.93		13.08			648,606		0.82			0.82			(0.23	)		55
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
Class R6
Year ended 12/31/23		29.54		(0.05	)		3.94			3.89			-			33.43		13.17			603,038		0.75			0.75			(0.16	)		55
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

^(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)	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 0.95%, 0.97% and 0.97% for Class C for the years ended December 31, 2023, 2021 and 2020, respectively.

^(e)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.18%, 0.22%, 0.16% and 0.17% for Investor Class for the years ended December 31, 2023, 2022, 2021 and 2020, respectively.

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


14		Invesco Small Cap Growth Fund

Notes to Financial Statements

December 31, 2023

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.


15		Invesco Small Cap Growth 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.

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.

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


16		Invesco Small Cap Growth Fund

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 year ended December 31, 2023, the Fund paid the Adviser $38,333 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 year ended December 31, 2023, the effective advisory fee rate incurred by the Fund was 0.68%.

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, 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, 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 “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

For the year ended December 31, 2023, the Adviser waived advisory fees of $41,104.

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 “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 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 Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 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 year ended December 31, 2023, IDI advised the Fund that IDI retained $21,899 in front-end sales commissions from the sale of Class A shares and $19 and $206 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended December 31, 2023, the Fund incurred $146,426 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


17		Invesco Small Cap Growth Fund


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	$	2,094,431,379	$	–		$–	$	2,094,431,379


Money Market Funds		22,485,471		300,548,924		–		323,034,395


Total Investments	$	2,116,916,850	$	300,548,924		$–	$	2,417,465,774

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

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2023 and 2022:


	2023	2022


Ordinary income*	$–	$	9,442,460


Long-term capital gain	–		59,567,242


Total distributions	$–	$	69,009,702

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


18		Invesco Small Cap Growth Fund

Tax Components of Net Assets at Period-End:


	2023


Net unrealized appreciation – investments	$	421,666,140


Net unrealized appreciation – foreign currencies		8


Temporary book/tax differences		(238,217	)


Capital loss carryforward		(277,541,128	)


Shares of beneficial interest		1,953,650,110


Total net assets	$	2,097,536,913

The Fund has a capital loss carryforward as of December 31, 2023, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total


Not subject to expiration	$	277,541,128	$–	$	277,541,128

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2023 was $1,206,357,523 and $1,616,211,328, 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	$476,693,417


Aggregate unrealized (depreciation) of investments	(55,027,277	)


Net unrealized appreciation of investments	$421,666,140

Cost of investments for tax purposes is $1,995,799,634.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses, on December 31, 2023, undistributed net investment income (loss) was increased by $7,390,749, undistributed net realized gain (loss) was decreased by $33,011 and shares of beneficial interest was decreased by $7,357,738. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity



	Year ended				Year ended
	December 31, 2023^(a)				December 31, 2022
	Shares		Amount		Shares		Amount


Sold:
Class A		1,531,454	$	36,428,116		2,050,024	$	53,737,900


Class C		72,420		535,940		86,200		759,175


Class R		500,902		9,928,986		529,867		11,515,638


Class Y		772,919		19,989,087		1,224,289		34,836,061


Investor Class		532,424		13,615,192		340,253		10,041,542


Class R5		2,391,052		74,060,100		2,993,457		97,805,958


Class R6		3,300,593		103,322,109		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


19		Invesco Small Cap Growth Fund


	Summary of Share Activity



	Year ended						Year ended
	December 31, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount



Automatic conversion of Class C shares to Class A shares:
Class A		48,728		$	1,142,325			48,178		$	1,244,909


Class C		(155,695	)		(1,142,325	)		(142,388	)		(1,244,908	)



Reacquired:
Class A		(5,522,074	)		(130,358,586	)		(6,127,843	)		(160,197,996	)


Class C		(173,803	)		(1,289,819	)		(323,593	)		(2,923,678	)


Class R		(1,164,588	)		(23,034,463	)		(984,049	)		(22,438,562	)


Class Y		(1,636,219	)		(42,158,246	)		(3,112,393	)		(84,559,588	)


Investor Class		(964,994	)		(25,346,418	)		(913,660	)		(25,753,184	)


Class R5		(8,029,163	)		(247,450,468	)		(9,531,038	)		(345,054,156	)


Class R6		(7,393,052	)		(231,486,028	)		(6,029,135	)		(198,948,622	)


Net increase (decrease) in share activity		(15,889,096	)	$	(443,244,498	)		(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 30% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


20		Invesco Small Cap Growth Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Small Cap Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Small Cap Growth Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 21, 2024


21		Invesco Small Cap Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/23)	Ending Account Value (12/31/23)¹	Expenses Paid During Period²	Ending Account Value (12/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,023.70	$6.02	$1,019.26	$6.01	1.18%
Class C	1,000.00	1,020.60	9.57	1,015.73	9.55	1.88
Class R	1,000.00	1,022.20	7.29	1,018.00	7.27	1.43
Class Y	1,000.00	1,024.90	4.75	1,020.52	4.74	0.93
Investor Class	1,000.00	1,023.60	5.66	1,019.61	5.65	1.11
Class R5	1,000.00	1,025.20	4.19	1,021.07	4.18	0.82
Class R6	1,000.00	1,025.80	3.83	1,021.42	3.82	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 184/365 to reflect the most recent fiscal half year.


22		Invesco Small Cap Growth Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2023:


Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

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


23		Invesco Small Cap Growth Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustees
Jeffrey H. Kupor¹- 1968 Trustee	2024	Senior Managing Director and General Counsel, Invesco Ltd.; Trustee, Invesco Foundation, Inc.; Director, Invesco Advisers, Inc.; Executive Vice President, Invesco Asset Management (Bermuda), Ltd. and Invesco Investments (Bermuda) Ltd. Formerly: Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation, Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	165	None
Douglas Sharp¹- 1974 Trustee	2024	Senior Managing Director and Head of Americas & EMEA, Invesco Ltd; Director, Chairman and Chief Executive, Invesco Fund Managers Limited Formerly: Director and Chairman, Invesco UK Limited	165	None

¹	Mr. Kupor and Mr. Sharp are considered interested persons (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because they are officers of the Adviser to the Trust, and officers of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Small Cap Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	165	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Carol Deckbar - 1962 Trustee	2024	Formerly: Executive Vice President and Chief Product Officer, TIAA Financial Services; Executive Vice President and Principal, College Retirement Equities Fund at TIAA; Executive Vice President and Head of Institutional Investments and Endowment Services, TIAA	165	Formerly: Board Member, TIAA Asset Management, Inc.; and Board Member, TH Real Estate Group Holdings Company
Cynthia Hostetler -1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	165	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	165	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	165	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	165	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
James “Jim” Liddy - 1959 Trustee	2024	Formerly: Chairman, Global Financial Services, Americas, KPMG LLP	165	Director and Treasurer, Gulfside Place Condominium Association, Inc. and Non-Executive Director, Kellenberg Memorial High School


T-2		Invesco Small Cap Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	165	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	165	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	165	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	165	None
Daniel S. Vandivort -1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	165	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Small Cap Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Glenn Brightman - 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; and Trustee, Invesco Foundation, Inc. Formerly: Senior Vice President, Invesco Group Services, Inc.;. Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Small Cap Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Manager, Invesco Indexing LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President, The Invesco Funds; Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Small Cap Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Small Cap Growth Fund

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

(b) Not applicable.

ITEM 2.

CODE OF ETHICS.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli. Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli are “independent” within the meaning of that term as used in Form N-CSR.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PricewaterhouseCoopers LLP (“PwC”), the Registrant’s independent registered public accounting firm, billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.


	Fees Billed for Services Rendered to the Registrant for fiscal year end 2023		Fees Billed for Services Rendered to the Registrant for fiscal year end 2022

Audit Fees		$ 365,666		$ 565,550
Audit-Related Fees		$ 0		$ 0
Tax Fees⁽¹⁾		$ 252,121		$ 418,564
All Other Fees		$ 0		$ 0
Total Fees		$ 617,787		$ 984,114

(1)

Tax Fees for the fiscal years ended 2023 and 2022 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences.

Fees Billed by PwC Related to Invesco and Affiliates

PwC billed Invesco Advisers, Inc. (“Invesco”), the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Affiliates”) aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.


	Fees Billed for Non- Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2023 That Were Required to be Pre-Approved by the Registrant’s Audit Committee		Fees Billed for Non-Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2022 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees⁽¹⁾		$1,094,000		$ 874,000
Tax Fees		$ 0		$ 0
All Other Fees		$ 0		$ 0
Total Fees		$1,094,000		$ 874,000

(1) Audit-Related Fees for the fiscal years ended 2023 and 2022 include fees billed related to reviewing controls at a service organization.

(e)(1)

PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES

POLICIES AND PROCEDURES

As adopted by the Audit Committees

of the Invesco Funds (the “Funds”)

Last Amended March 29, 2017

Statement of Principles

The Audit Committees (the “Audit Committee”) of the Boards of Trustees of the Funds (the “Board”) have adopted these policies and procedures (the “Procedures”) with respect to the pre-approval of audit and non-audit services to be provided by the Funds’ independent auditor (the “Auditor”) to the Funds, and to the Funds’ investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, “Service Affiliates”).

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a “Service Affiliate’s Covered Engagement”).

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approve audit and non-audit services for the Funds and a Service Affiliate’s Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and other organizations and regulatory bodies applicable to the Funds (“Applicable Rules”).¹ They address both general pre-approvals without consideration of specific case-by-case services (“general pre-approvals”) and pre-approvals on a case-by-case basis (“specific pre-approvals”). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.

II.

Pre-Approval of Fund Audit Services

The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor’s qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

III.

General and Specific Pre-Approval of Non-Audit Fund Services

The Audit Committee will consider, at least annually, the list of General Pre-Approved Non-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee’s review and approval of General Pre-Approved Non-Audit Services, the Funds’ Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

IV.

Non-Audit Service Types

The Audit Committee may provide either general or specific pre-approval of audit-related, tax or other services, each as described in more detail below.

¹ Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE.

Audit-Related Services

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Each request to provide tax services under either the general or specific pre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

Other Services

The Audit Committee may pre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor. Appendix I includes a list of services that the Auditor is prohibited from performing by the SEC rules. Appendix I also includes a list of services that would impair the Auditor’s independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements.

Pre-Approval of Service Affiliate’s Covered Engagements

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a “Service Affiliate’s Covered Engagement”.

The Audit Committee may provide either general or specific pre-approval of any Service Affiliate’s Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence

of the Auditor with respect to the Funds. Any Service Affiliate’s Covered Engagements that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.

Each request for specific pre-approval by the Audit Committee of a Service Affiliate’s Covered Engagement must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds’ Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds. The Funds’ Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Fund.

VI.

Pre-Approved Fee Levels or Established Amounts

Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate’s Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approval by the Audit Committee before payment of any additional fees is made.

VII.

Delegation

The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approve audit and non-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate’s Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case-by-case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate’s Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

VIII.

Compliance with Procedures

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds’ Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds’ Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.

IX.

Amendments to Procedures

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

Appendix I

Non-Audit Services That May Impair the Auditor’s Independence

The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

●

Management functions;

●

Human resources;

●

Broker-dealer, investment adviser, or investment banking services ;

●

Legal services;

●

Expert services unrelated to the audit;

●

Any service or product provided for a contingent fee or a commission;

●

Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance;

●

Tax services for persons in financial reporting oversight roles at the Fund; and

●

Any other service that the Public Company Oversight Board determines by regulation is impermissible.

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements:

●

Bookkeeping or other services related to the accounting records or financial statements of the audit client;

●

Financial information systems design and implementation;

●

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

●

Actuarial services; and

●

Internal audit outsourcing services.

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $6,510,000 for the fiscal year ended December 31, 2023 and $7,376,000 for the fiscal year ended December 31, 2022. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $7,856,121 for the fiscal year ended December 31, 2023 and $8,668,564 for the fiscal year ended December 31, 2022.

PwC provided audit services to the Investment Company complex of approximately $33 million.

(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC’s independence.

(i) Not Applicable.

(j) Not Applicable

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

As of February 12, 2024, 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 February 12, 2024, 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)		Code of Ethics.

13(a) (2)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3)		Not applicable.

13(a) (4)		Not applicable.

13(b)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIM Growth Series (Invesco Growth Series)


By:		/s/ Glenn Brightman
		Glenn Brightman
		Principal Executive Officer

Date:		February 29, 2024

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/ Glenn Brightman
		Glenn Brightman
		Principal Executive Officer

Date:		February 29, 2024


By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		February 29, 2024

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments

Aggregate unrealized (depreciation) of investments

Net unrealized appreciation of investments