AIM GROWTH SERIES (INVESCO GROWTH SERIES) (Form: N-CSR, Received: 07/05/2019 13:32:29)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-02699

AIM Growth Series (Invesco Growth Series)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

Sheri Morris

11 Greenway Plaza, Suite 1000

Houston, Texas 77046

(Name and address of agent for service)

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

Date of fiscal year end: April 30

Date of reporting period: 4/30/2019

Item 1. Reports to Stockholders.


				Annual Report 4/30/2019

				Invesco Oppenheimer International Diversified Fund* Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund. *Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer International Diversified Fund. See Important Update on the following page for more information.

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together “OppenheimerFunds”). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit oppenheimerfunds.com for more information or call Invesco’s Client Services team at 800-959-4246.

Ta ble of Contents



Fund Performance Discussion			4

Top Holdings and Allocations			6

Fund Expenses			9

Statement of Investments			11

Statement of Assets and Liabilities			13

Statement of Operations			15

Statements of Changes in Net Assets			16

Financial Highlights			17

Notes to Financial Statements			22

Report of Independent Registered Public Accounting Firm			34

Federal Income Tax Information			35

Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments			36

Shareholder Proxy			37

Trustees and Officers			38

Invesco’s Privacy Policy			52

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 4/30/19


	Class A Shares of the Fund		MSCI All Country World ex USA Index
	Without Sales Charge	With Sales Charge	MSCI All Country World ex USA Index
1-Year	-1.73%	-7.38%	-3.23%
5-Year	4.76	3.53	2.83
10-Year	10.38	9.73	7.75

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum applicable sales charge except where “without sales charge” is indicated. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. Returns for periods of less than one year are cumulative and not annualized. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any.

3 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

Fund Performance Discussion ¹

Invesco Oppenheimer International Diversified Fund Class A shares (without sales charge) declined 1.73% during the reporting period, outperforming the benchmark, the MSCI All Country World Ex-USA Index (ACWI ex), which returned -3.23% during the same period.

MARKET OVERVIEW

World equity markets generally declined in the second half of 2018, and finished the year with a very sharp correction, one of the sharpest in history. Investors were concerned over tariff rhetoric and the potential negative effect on global growth of a full-blown trade war. This was especially the case given the backdrop of interest rate tightening in the United States during most of 2018. As a result, growth stocks suffered from very heavy profit taking, and the equity markets in general, as mentioned before, sold off. Investor sentiment has improved significantly

in the first months of 2019. The key factor in this change has been the decision by the US Federal Reserve to resume an accommodative stance. No further interest rate tightening is expected in the near future in the US, nor in other major economies. Equity markets have recovered much of the losses they experienced through 2018.

In this context, our underlying portfolios underperformed during 2018, given our emphasis on growth companies. In 2019 they have recovered at varying rates, but the

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

LOGO

1. The Fund is invested in Class I shares of all underlying funds discussed in this Fund Performance Discussion.

4 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

overall Fund is still lagging the benchmark’s recovery somewhat.

FUND REVIEW

The portfolio outperformed most in the Information Technology, Financials and Health Care sectors due to stock selection. The portfolio also outperformed somewhat in the Energy and Materials sectors. We are typically underweight in those sectors, and do not own many companies within them, but those that we do own did relatively well during the period.

Sectoral underperformance was led by stock selection in Communication Services, by our often typical overweight position in Consumer Staples, and by our stock selection in the Consumer Discretionary sector. Our usual non-investment in the Utilities sector and marginal investment in the Real Estate sector produced some marginal underperformance.

The Fund’s portfolio consisted of four Invesco Oppenheimer mutual funds during the reporting period: Invesco Oppenheimer International Growth Fund, Invesco Oppenheimer Developing Markets Fund, Invesco Oppenheimer International Small-Mid Company Fund, and Invesco Oppenheimer International Equity Fund. During the period, the International Small-Mid Company Fund rose 4.50%, making it the largest contributor to the performance of the overall portfolio. The Developing Markets Fund ended the period roughly flat in value, returning 0.04%. The International Growth and International

Equity Funds lost 5.67% and 5.97% of value, respectively, during the period.

STRATEGY & OUTLOOK

The International Diversified Fund is designed to offer investors a broad-based exposure to non-US equities with a single portfolio by utilizing four underlying funds that have slightly varied individual mandates. All of the constituent portfolios are actively managed, fundamental, bottom-up, long-term, equity portfolios. We maintain the relative weightings of those four at fairly constant levels within the overall Fund.

We made no material changes to the composition of the portfolio in the reporting period. Changes in relative weights from the end of the 2018 fiscal year were driven by market action. At the close of the period the underlying portfolio weightings were as follows: International Small-Mid Company 24.95%, Developing Markets 25.43%, International Growth 25.32%, International Equity 24.31%.

LOGO

George R. Evans, CFA

Portfolio Manager

5 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

T op Holdings and Allocations

TOP HOLDINGS


Invesco Oppenheimer Developing Markets Fund, Cl. I	25.5	%
Invesco Oppenheimer International Growth Fund, Cl. I	25.3
Invesco Oppenheimer International Small-Mid Company Fund, Cl. I	25.0
Invesco Oppenheimer International Equity Fund, Cl. I	24.3

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2019, and are based on net assets.

For more current Fund holdings, please visit oppenheimerfunds.com.

6 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 4/30/19


	Inception Date	1-Year			5-Year			10-Year
Class A (OIDAX)	9/27/05		-1.73	%		4.76	%		10.38	%
Class C (OIDCX)	9/27/05		-2.46			3.98			9.54
Class I ¹ (OIDIX)	8/28/12		-1.37			5.21			8.94	²
Class R (OIDNX)	9/27/05		-1.96			4.50			10.07
Class Y (OIDYX)	9/27/05		-1.41			5.05			10.67

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 4/30/19


	Inception Date	1-Year			5-Year			10-Year
Class A (OIDAX)	9/27/05		-7.38	%		3.53	%		9.73	%
Class C (OIDCX)	9/27/05		-3.43			3.98			9.54
Class I ¹ (OIDIX)	8/28/12		-1.37			5.21			8.94	²
Class R (OIDNX)	9/27/05		-1.96			4.50			10.07
Class Y (OIDYX)	9/27/05		-1.41			5.05			10.67

1. Pursuant to the closing of the transaction described in the Notes to Financial Statements, after the close of business on May 24, 2019, Class I shares were reorganized as Class R6 shares.

2. Shows performance since inception.

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800. CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 5.75% and for Class C shares, the contingent deferred sales charge of 1% for the 1-year period. There is no sales charge for Class I, Class R and Class Y shares. Returns for periods of less than one year are cumulative and not annualized. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any.

The Fund’s performance is compared to the performance of the MSCI All Country World ex USA Index. The MSCI All Country World ex-U.S. Index is designed to measure the equity market performance of developed and emerging markets and excludes the U.S. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s

7 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

The views in the Fund Performance Discussion represent the opinions of this Fund’s portfolio manager(s) and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the close of business on April 30, 2019, and are subject to change based on subsequent developments. The Fund’s portfolio and strategies are subject to change.

Before investing in any of the Invesco Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Shares of Invesco Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

8 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

Fu nd Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended April 30, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended April 30, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class 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 for the class of shares you hold 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 transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table 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 transactional costs were included, your costs would have been higher.

9 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND


Actual	Beginning Account Value November 1, 2018			Ending Account Value April 30, 2019			Expenses Paid During 6 Months Ended April 30, 2019
Class A		$	1,000.00		$	1,112.20		$	2.36
Class C			1,000.00			1,107.70			6.29
Class I			1,000.00			1,114.20			0.21
Class R			1,000.00			1,110.10			3.67
Class Y			1,000.00			1,113.70			0.84

Hypothetical (5% return before expenses)
Class A			1,000.00			1,022.56			2.26
Class C			1,000.00			1,018.84			6.02
Class I			1,000.00			1,024.60			0.20
Class R			1,000.00			1,021.32			3.51
Class Y			1,000.00			1,024.00			0.80

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended April 30, 2019 are as follows:


Class	Expense Ratios
Class A		0.45	%
Class C		1.20
Class I		0.04
Class R		0.70
Class Y		0.16

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

10 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

STATEMENT OF INVESTMENTS April 30, 2019


	Shares		Value
Investment Companies—100.1% ¹
Foreign Equity Funds—100.1%

Invesco Oppenheimer Developing Markets Fund, Cl. I ²		29,018,227	$	1,264,033,970
Invesco Oppenheimer International Equity Fund, Cl. I ³		58,985,688		1,208,026,890
Invesco Oppenheimer International Growth Fund, Cl. I ⁴		30,909,715		1,258,334,480
Invesco Oppenheimer International Small-Mid Company Fund, Cl. I ⁵		25,825,049		1,239,860,621
Total Investments, at Value (Cost $ 4,020,367,648)		100.1%		4,970,255,961
Net Other Assets (Liabilities)		(0.1)		(4,975,413	)

Net Assets		100.0%	$	4,965,280,548

Footnotes to Statement of Investments

1. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:


	Shares April 30, 2018		Gross Additions		Gross Reductions			Shares April 30, 2019
Investment Companies Foreign Equity Funds
Invesco Oppenheimer Developing Markets Fund, Cl. I ^a		26,045,892		5,390,469		2,418,134			29,018,227
Invesco Oppenheimer International Equity Fund, Cl. I ^b		51,336,779		10,257,983		2,609,074			58,985,688
Invesco Oppenheimer International Growth Fund, Cl. I ^c		25,779,597		6,294,451		1,164,333			30,909,715
Invesco Oppenheimer International Small-Mid Company Fund, Cl. I ^d		22,130,797		6,486,840		2,792,588			25,825,049

	Value		Income		Realized Gain (Loss)			Change in Unrealized Gain (Loss)
Investment Companies Foreign Equity Funds
Invesco Oppenheimer Developing Markets Fund, Cl. I ^a	$	1,264,033,970	$	8,944,538	$	(12,655,964	)	$	15,543,029
Invesco Oppenheimer International Equity Fund, Cl. I ^b		1,208,026,890		18,189,201		(9,099,675	)		(73,380,117	)
Invesco Oppenheimer International Growth Fund, Cl. I ^c		1,258,334,480		17,418,503		(8,426,589	)		(64,966,814	)
Invesco Oppenheimer International Small-Mid Company Fund, Cl. I ^d,e		1,239,860,621		11,149,484		(5,062,551	)		(42,950,436	)

Total	$	4,970,255,961	$	55,701,726	$	(35,244,779	)	$	(165,754,338	)

a. Prior to May 24, 2019, this fund was named Oppenheimer Developing Markets Fund.

b. Prior to May 24, 2019, this fund was named Oppenheimer International Equity Fund.

c. Prior to May 24, 2019, this fund was named Oppenheimer International Growth Fund.

d. Prior to May 24, 2019, this fund was named Oppenheimer International Small-Mid Company Fund.

e. This fund distributed realized gains of $97,042,421.

2. Prior to May 24, 2019, this fund was named Oppenheimer Developing Markets Fund.

11 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

STATEMENT OF INVESTMENTS Continued

3. Prior to May 24, 2019, this fund was named Oppenheimer International Equity Fund.

4. Prior to May 24, 2019, this fund was named Oppenheimer International Growth Fund.

5. Prior to May 24, 2019, this fund was named Oppenheimer International Small-Mid Company Fund.

See accompanying Notes to Financial Statements.

12 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

STATEMENT OF ASSETS AND LIABILITIES April 30, 2019


Assets

Investments, at value—see accompanying statement of investments—affiliated companies (cost $4,020,367,648)	$	4,970,255,961
Cash		2,438,542
Receivables and other assets:
Shares of beneficial interest sold		3,516,131
Investments sold		1,968,786
Other		179,172

Total assets		4,978,358,592

Liabilities

Payables and other liabilities:
Shares of beneficial interest redeemed		12,486,198
Distribution and service plan fees		376,913
Trustees’ compensation		148,764
Shareholder communications		16,754
Other		49,415

Total liabilities		13,078,044

Net Assets	$	4,965,280,548


Composition of Net Assets

Par value of shares of beneficial interest	$	274,952
Additional paid-in capital		4,016,361,016
Total distributable earnings		948,644,580

Net Assets	$	4,965,280,548

13 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

STATEMENT OF ASSETS AND LIABILITIES Continued


Net Asset Value Per Share

Class A Shares:

Net asset value and redemption price per share (based on net assets of $1,226,048,768 and 68,120,202 shares of beneficial interest outstanding)	$	18.00

Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$	19.10

Class C Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $417,155,229 and 23,864,552 shares of beneficial interest outstanding)	$	17.48

Class I Shares:

Net asset value, redemption price and offering price per share (based on net assets of $734,849,310 and 40,300,701 shares of beneficial interest outstanding)	$	18.23

Class R Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $200,642,446 and 11,289,540 shares of beneficial interest outstanding)	$	17.77

Class Y Shares:

Net asset value, redemption price and offering price per share (based on net assets of $2,386,584,795 and 131,376,961 shares of beneficial interest outstanding)	$	18.17

See accompanying Notes to Financial Statements.

14 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

STATEMENT

OF OPERATIONS For the Year Ended April 30, 2019


Investment Income
Dividend from affiliated companies	$	55,701,726
Interest		20,143

Total investment income		55,721,869
Expenses
Distribution and service plan fees:
Class A		3,088,095
Class B ¹		713
Class C		4,328,497
Class R		999,917
Transfer and shareholder servicing agent fees:
Class A		2,440,214
Class B ¹		143
Class C		845,064
Class I		173,352
Class R		391,088
Class Y		4,169,238
Shareholder communications:
Class A		17,801
Class C		6,263
Class I		4,914
Class R		1,982
Class Y		27,773
Trustees’ compensation		67,805
Custodian fees and expenses		61,903
Other		209,102

Total expenses		16,833,864
Less waivers and reimbursements of expenses		(958,444	)

Net expenses		15,875,420
Net Investment Income		39,846,449
Realized and Unrealized Gain (Loss)
Net realized loss on investment transactions in affiliated companies		(35,244,779	)
Distributions received from affiliate companies		97,042,421

Net realized gain		61,797,642
Net change in unrealized appreciation/(depreciation) on investment transactions in affiliated companies		(165,754,338	)
Net Decrease in Net Assets Resulting from Operations	$	(64,110,247	)

1. Effective June 1, 2018, all Class B shares converted to Class A shares.

See accompanying Notes to Financial Statements.

15 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended April 30, 2019			Year Ended April 30, 2018 ¹
Operations
Net investment income	$	39,846,449		$	19,142,064
Net realized gain		61,797,642			329,004,205
Net change in unrealized appreciation/(depreciation)		(165,754,338	)		200,939,111

Net increase (decrease) in net assets resulting from operations		(64,110,247	)		549,085,380
Dividends and/or Distributions to Shareholders
Dividends and distributions declared:
Class A		(9,024,145	)		(5,135,877	)
Class B ²		—			—
Class C		—			—
Class I		(7,383,520	)		(2,869,506	)
Class R		(1,013,445	)		(389,417	)
Class Y		(23,341,642	)		(10,342,028	)

Total dividends and distributions declared		(40,762,752	)		(18,736,828	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(140,795,623	)		(95,964,860	)
Class B ²		(1,525,600	)		(10,796,570	)
Class C		(48,097,923	)		20,405,244
Class I		275,131,274			221,744,042
Class R		(9,226,616	)		3,289,896
Class Y		461,261,248			952,915,505

Total beneficial interest transactions		536,746,760			1,091,593,257
Net Assets
Total increase		431,873,761			1,621,941,809
Beginning of period		4,533,406,787			2,911,464,978

End of period	$	4,965,280,548		$	4,533,406,787

1. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2– New Accounting Pronouncements for further details.

2. Effective June 1, 2018, all Class B shares converted to Class A shares.

See accompanying Notes to Financial Statements.

16 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

FINANCIAL HIGHLIGHTS


Class A	Year Ended April 30, 2019		Year Ended April 30, 2018		Year Ended April 30, 2017		Year Ended April 29, 2016 ¹		Year Ended April 30, 2015
Per Share Operating Data
Net asset value, beginning of period		$18.47		$15.75		$14.01		$14.96		$14.73
Income (loss) from investment operations:
Net investment income ²		0.13		0.08		0.10		0.07		0.10
Net realized and unrealized gain (loss)		(0.47)		2.71		1.70		(0.89)		0.22
Total from investment operations		(0.34)		2.79		1.80		(0.82)		0.32
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.13)		(0.07)		(0.06)		(0.13)		(0.09)
Net asset value, end of period		$18.00		$18.47		$15.75		$14.01		$14.96


Total Return, at Net Asset Value ³		(1.73)%		17.73%		12.89%		(5.45)%		2.21%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,226,049		$1,406,336		$1,302,414		$1,343,636		$1,527,713
Average net assets (in thousands)		$1,251,286		$1,304,302		$1,259,992		$1,398,744		$1,581,956
Ratios to average net assets: ⁴
Net investment income		0.76%		0.48% ⁵		0.72% ⁵		0.52% ⁵		0.70% ⁵
Expenses excluding specific expenses listed below		0.45%		0.48% ⁵		0.62% ⁵		0.65% ⁵		0.65% ⁵
Interest and fees from borrowings		0.00%		0.00%		0.00% ⁶		0.00% ⁶		0.00%
Total expenses ⁷		0.45%		0.48% ⁵		0.62% ⁵		0.65% ⁵		0.65% ⁵
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.45%		0.47% ⁵		0.62% ^5,8		0.65% ⁵		0.65% ⁵
Portfolio turnover rate		7%		30%		16%		3%		7%

1. Represents the last business day of the Fund’s reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated expenses and/or net investment income from the master fund.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Year Ended April 30, 2019	1.28	%
Year Ended April 30, 2018	1.31	%
Year Ended April 30, 2017	1.32	%
Year Ended April 29, 2016	1.26	%
Year Ended April 30, 2015	1.26	%

8. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

17 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

FINANCIAL HIGHLIGHTS Continued


Class C	Year Ended April 30, 2019		Year Ended April 30, 2018		Year Ended April 30, 2017		Year Ended April 29, 2016 ¹		Year Ended April 30, 2015
Per Share Operating Data
Net asset value, beginning of period		$17.92		$15.34		$13.69		$14.62		$14.41
Income (loss) from investment operations:
Net investment income (loss) ²		0.00 ³		(0.05)		(0.01)		(0.03)		(0.00) ³
Net realized and unrealized gain (loss)		(0.44)		2.63		1.66		(0.87)		0.21
Total from investment operations		(0.44)		2.58		1.65		(0.90)		0.21
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		0.00		(0.03)		0.00
Net asset value, end of period		$17.48		$17.92		$15.34		$13.69		$14.62


Total Return, at Net Asset Value ⁴		(2.46)%		16.82%		12.05%		(6.19)%		1.46%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$417,155		$480,204		$394,497		$428,917		$500,310
Average net assets (in thousands)		$433,264		$442,250		$398,087		$454,130		$501,925
Ratios to average net assets: ⁵
Net investment income (loss)		0.01%		(0.27)% ⁶		(0.04)% ⁶		(0.24)% ⁶		(0.02)% ⁶
Expenses excluding specific expenses listed below		1.20%		1.23% ⁶		1.37% ⁶		1.40% ⁶		1.40% ⁶
Interest and fees from borrowings		0.00%		0.00%		0.00% ⁷		0.00% ⁷		0.00%
Total expenses ⁸		1.20%		1.23% ⁶		1.37% ⁶		1.40% ⁶		1.40% ⁶
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.20%		1.22% ⁶		1.37% ^6,9		1.40% ⁶		1.40% ⁶
Portfolio turnover rate		7%		30%		16%		3%		7%

1. Represents the last business day of the Fund’s reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Less than $0.005 per share.

4. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

5. Annualized for periods less than one full year.

6. Includes the Fund’s share of the allocated expenses and/or net investment income from the master fund.

7. Less than 0.005%.

8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Year Ended April 30, 2019	2.03	%
Year Ended April 30, 2018	2.06	%
Year Ended April 30, 2017	2.07	%
Year Ended April 29, 2016	2.01	%
Year Ended April 30, 2015	2.01	%

9. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

18 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

FINANCIAL HIGHLIGHTS Continued


Class I	Year Ended April 30, 2019		Year Ended April 30, 2018		Year Ended April 30, 2017		Year Ended April 29, 2016 ¹		Year Ended April 30, 2015
Per Share Operating Data
Net asset value, beginning of period		$18.73		$15.96		$14.20		$15.17		$14.94
Income (loss) from investment operations:
Net investment income ²		0.20		0.16		0.17		0.14		0.17
Net realized and unrealized gain (loss)		(0.49)		2.75		1.71		(0.91)		0.22
Total from investment operations		(0.29)		2.91		1.88		(0.77)		0.39
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.21)		(0.14)		(0.12)		(0.20)		(0.16)
Net asset value, end of period		$18.23		$18.73		$15.96		$14.20		$15.17


Total Return, at Net Asset Value ³		(1.37)%		18.28%		13.39%		(5.07)%		2.68%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$734,849		$461,321		$197,537		$124,159		$90,659
Average net assets (in thousands)		$579,158		$332,157		$148,912		$105,658		$82,045
Ratios to average net assets: ⁴
Net investment income		1.17%		0.90% ⁵		1.15% ⁵		0.99% ⁵		1.16% ⁵
Expenses excluding specific expenses listed below		0.04%		0.05% ⁵		0.18% ⁵		0.21% ⁵		0.21% ⁵
Interest and fees from borrowings		0.00%		0.00%		0.00% ⁶		0.00% ⁶		0.00%
Total expenses ⁷		0.04%		0.05% ⁵		0.18% ⁵		0.21% ⁵		0.21% ⁵
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.04%		0.05% ⁵		0.18% ^5,8		0.21% ⁵		0.21% ⁵
Portfolio turnover rate		7%		30%		16%		3%		7%

1. Represents the last business day of the Fund’s reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated expenses and/or net investment income from the master fund.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Year Ended April 30, 2019	0.87	%
Year Ended April 30, 2018	0.88	%
Year Ended April 30, 2017	0.88	%
Year Ended April 29, 2016	0.82	%
Year Ended April 30, 2015	0.82	%

8. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

19 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

FINANCIAL HIGHLIGHTS Continued


Class R	Year Ended April 30, 2019		Year Ended April 30, 2018		Year Ended April 30, 2017		Year Ended April 29, 2016 ¹		Year Ended April 30, 2015
Per Share Operating Data
Net asset value, beginning of period		$18.23		$15.56		$13.84		$14.78		$14.56
Income (loss) from investment operations:
Net investment income ²		0.09		0.04		0.07		0.04		0.07
Net realized and unrealized gain (loss)		(0.46)		2.66		1.68		(0.89)		0.21
Total from investment operations		(0.37)		2.70		1.75		(0.85)		0.28
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.09)		(0.03)		(0.03)		(0.09)		(0.06)
Net asset value, end of period		$17.77		$18.23		$15.56		$13.84		$14.78


Total Return, at Net Asset Value ³		(1.96)%		17.38%		12.64%		(5.73)%		1.96%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$200,643		$215,588		$180,808		$165,915		$175,025
Average net assets (in thousands)		$200,562		$205,954		$167,052		$162,876		$201,690
Ratios to average net assets: ⁴
Net investment income		0.51%		0.23% ⁵		0.47% ⁵		0.26% ⁵		0.49% ⁵
Expenses excluding specific expenses listed below		0.70%		0.73% ⁵		0.87% ⁵		0.90% ⁵		0.90% ⁵
Interest and fees from borrowings		0.00%		0.00%		0.00% ⁶		0.00% ⁶		0.00%
Total expenses ⁷		0.70%		0.73% ⁵		0.87% ⁵		0.90% ⁵		0.90% ⁵
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.70%		0.72% ⁵		0.87% ^5,8		0.90% ⁵		0.90% ⁵
Portfolio turnover rate		7%		30%		16%		3%		7%

1. Represents the last business day of the Fund’s reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated expenses and/or net investment income from the master fund.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Year Ended April 30, 2019	1.53	%
Year Ended April 30, 2018	1.56	%
Year Ended April 30, 2017	1.57	%
Year Ended April 29, 2016	1.51	%
Year Ended April 30, 2015	1.51	%

8. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

20 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

FINANCIAL HIGHLIGHTS Continued


Class Y	Year Ended April 30, 2019		Year Ended April 30, 2018		Year Ended April 30, 2017		Year Ended April 29, 2016 ¹		Year Ended April 30, 2015
Per Share Operating Data
Net asset value, beginning of period		$18.65		$15.91		$14.16		$15.13		$14.89
Income (loss) from investment operations:
Net investment income ²		0.18		0.13		0.15		0.11		0.15
Net realized and unrealized gain (loss)		(0.48)		2.73		1.70		(0.91)		0.22
Total from investment operations		(0.30)		2.86		1.85		(0.80)		0.37
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.18)		(0.12)		(0.10)		(0.17)		(0.13)
Net asset value, end of period		$18.17		$18.65		$15.91		$14.16		$15.13


Total Return, at Net Asset Value ³		(1.41)%		18.00%		13.16%		(5.27)%		2.56%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$2,386,585		$1,968,444		$825,180		$542,294		$537,066
Average net assets (in thousands)		$2,140,618		$1,471,860		$637,414		$513,532		$520,362
Ratios to average net assets: ⁴
Net investment income		1.05%		0.73% ⁵		1.00% ⁵		0.77% ⁵		1.00% ⁵
Expenses excluding specific expenses listed below		0.20%		0.23% ⁵		0.37% ⁵		0.40% ⁵		0.40% ⁵
Interest and fees from borrowings		0.00%		0.00%		0.00% ⁶		0.00% ⁶		0.00%
Total expenses ⁷		0.20%		0.23% ⁵		0.37% ⁵		0.40% ⁵		0.40% ⁵
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.16%		0.22% ⁵		0.37% ^5,8		0.40% ⁵		0.40% ⁵
Portfolio turnover rate		7%		30%		16%		3%		7%

1. Represents the last business day of the Fund’s reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated expenses and/or net investment income from the master fund.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Year Ended April 30, 2019	1.03	%
Year Ended April 30, 2018	1.06	%
Year Ended April 30, 2017	1.07	%
Year Ended April 29, 2016	1.01	%
Year Ended April 30, 2015	1.01	%

8. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

21 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

NOTES TO FINANCIAL STATEMENTS April 30, 2019

1. Organization

Oppenheimer International Diversified Fund* (the “Fund) is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek capital appreciation. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI.

The Fund offers Class A, Class C, Class I, Class R and Class Y shares, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares were permitted. Reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds were permitted through May 31, 2018. Effective June 1, 2018 (the “Conversion Date”), all Class B shares converted to Class A shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C and Class R shares are sold, and Class B shares were sold, without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class R shares are sold only through retirement plans. Retirement plans that offer Class R shares may impose charges on those accounts. Class I and Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class I and Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, C and R shares have, and Class B shares had, separate distribution and/or service plans under which they pay, and Class B shares paid, fees. Class I and Class Y shares do not pay such fees. Previously issued Class B shares automatically converted to Class A shares 72 months after the date of purchase.

The following is a summary of significant accounting policies followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating

*Effective after the close of business on May 24, 2019, the Fund was reorganized as Invesco Oppenheimer International Diversified Fund, a series portfolio of AIM Growth Series (Invesco Growth Series).

22 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

expenses directly attributable to a specific class are charged against the operations of that class.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. GAAP, are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Manager.

Investment Income. Dividend distributions received from the Underlying Funds are recorded on the ex-dividend date. Upon receipt of notification from an Underlying Fund, and subsequent to the ex-dividend date, some of the dividend income originally recorded by the Fund may be reclassified as a tax return of capital by reducing the cost basis of the Underlying Fund and/or increasing the realized gain on sales of investments in the Underlying Fund.

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdraft at a rate equal to the Prime Rate plus 0.35%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Indemnifications. The Fund’s organizational documents provide current and former Trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended April 30, 2019, including open tax years, and does

not believe there are

23 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

any uncertain tax positions requiring recognition in the Fund’s financial statements.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Undistributed

Net Investment Income

Undistributed

Long-Term

Gain

Accumulated

Loss

Carryforward ^1,2

Net Unrealized

Appreciation

Based on cost of

Securities and
Other Investments
for Federal Income

Tax Purposes

$46,335,998

$56,917,420

$—

$845,544,446

1. During the reporting period, the Fund did not utilize any capital loss carryforward.

2. During the previous reporting period, the Fund utilized $261,874,913 of capital loss carryforward to offset capital gains realized in that fiscal year.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Increase

to Paid-in Capital

Reduction

to Accumulated

Net Earnings ³

$17,562,664

3. $17,562,664, all of which was long-term capital gain, was distributed in connection with Fund share redemptions.

The tax character of distributions paid during the reporting periods:


	Year Ended April 30, 2019		Year Ended April 30, 2018

Distributions paid from:
Ordinary income	$	40,762,752	$	18,736,828

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes at period end are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized

24 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

gain or loss.


Federal tax cost of securities	$	4,124,711,515

Gross unrealized appreciation	$	845,544,446
Gross unrealized depreciation		—

Net unrealized appreciation	$	845,544,446

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

New Accounting Pronouncements. In March 2017, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), ASU 2017-08. This provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Manager has evaluated the impacts of these changes on the financial statements and there are no material impacts.

During August 2018, the Securities and Exchange Commission (the “SEC”) issued Final Rule Release No. 33-10532 (the “Rule”), Disclosure Update and Simplification. The rule amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets. The requirements of the Rule were effective November 5, 2018, and the Fund’s Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within the Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to the Rule.

3. Securities Valuation

The Fund calculates the net asset value of its shares based upon the net asset value of the applicable investment companies. For each investment company, the net asset value per share for a class of shares is determined as of 4:00 P.M. Eastern Time, on each day the New York Stock Exchange (the “Exchange” or “NYSE”) is open for trading, except in the case of

25 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

a scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the shares as of the scheduled early closing time of the Exchange. This is calculated by dividing the value of the investment company’s net assets attributable to that class by the number of outstanding shares of that class on that day.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a fair valuation for any security for which market quotations are not readily available. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at least quarterly or more frequently, if necessary.

Valuations Methods and Inputs

To determine their net asset values, the Underlying Funds’ assets are valued primarily on the basis of current market quotations as generally supplied by third party portfolio pricing services or by dealers. Such market quotations are typically based on unadjusted quoted prices in active markets for identical securities or other observable market inputs.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs may be used in determining the value of each of the Fund’s investments as of the reporting period end.

These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated

26 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

with investing in those securities.

The Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered, if any, are measured using net asset value and are classified as Level 2 in the fair value hierarchy.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Investment Companies	$	4,970,255,961	$	—	$	—	$	4,970,255,961

Total Assets	$	4,970,255,961	$	—	$	—	$	4,970,255,961

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

For the reporting period, there were no transfers between levels.

4. Investments and Risks

Risks of Investing in the Underlying Funds. The Fund invests in other mutual funds advised by the Manager. The Underlying Funds are registered open-end management investment companies under the 1940 Act, as amended. The Manager is the investment adviser of, and the Sub-Adviser provides investment and related advisory services to, the Underlying Funds. The Fund’s Investments in Underlying Funds are included in the Statement of Investments. Shares of Underlying Funds are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Underlying Funds’ expenses, including their management fee.

Each of the Underlying Funds in which the Fund invests has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Underlying Fund than in another, the Fund will have greater exposure to the risks of that Underlying Fund.

Significant Holdings. At period end, the Fund’s investment in Invesco Oppenheimer Developing Markets Fund, a series of AIM Investment Funds (Invesco Investment Funds), Invesco Oppenheimer International Growth Fund, a series of AIM International Mutual Funds (Invesco International Mutual Funds) and Invesco Oppenheimer International Small-Mid Company Fund, a series of AIM International Mutual Funds (Invesco International Mutual Funds), accounted for 25.5%, 25.3% and 25.0% of the Fund’s net assets, respectively. Additional information on Invesco Oppenheimer International Growth Fund, Invesco

27 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

Oppenheimer Developing Markets Fund and Invesco Oppenheimer International Small-Mid Company Fund, including the audited financial statements, can be found on the SEC website.

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Credit Risk. Credit risk relates to the ability of the issuer of debt to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield debt securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

6. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:

28 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

NOTES TO FINANCIAL STATEMENTS Continued

6. Shares of Beneficial Interest (Continued)


	Year Ended April 30, 2019						Year Ended April 30, 2018
	Shares			Amount			Shares			Amount
Class A
Sold ¹		13,475,477		$	233,470,075			19,642,264		$	347,869,984
Dividends and/or distributions reinvested		551,633			8,445,496			270,262			4,867,416
Redeemed		(22,057,206	)		(382,711,194	)		(26,471,274	)		(448,702,260	)

Net decrease		(8,030,096	)	$	(140,795,623	)		(6,558,748	)	$	(95,964,860	)


Class B
Sold		5		$	101			18,259		$	310,392
Dividends and/or distributions reinvested		—			—			—			—
Redeemed ¹		(84,325	)		(1,525,701	)		(651,159	)		(11,106,962	)

Net decrease		(84,320	)	$	(1,525,600	)		(632,900	)	$	(10,796,570	)


Class C
Sold		3,783,862		$	63,954,851			6,766,293		$	117,850,014
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		(6,712,974	)		(112,052,774	)		(5,693,114	)		(97,444,770	)

Net increase (decrease)		(2,929,112	)	$	(48,097,923	)		1,073,179		$	20,405,244


Class I
Sold		24,567,400		$	430,789,901			16,721,195		$	302,607,471
Dividends and/or distributions reinvested		446,441			6,910,915			157,364			2,868,757
Redeemed		(9,349,077	)		(162,569,542	)		(4,617,147	)		(83,732,186	)

Net increase		15,664,764		$	275,131,274			12,261,412		$	221,744,042


Class R
Sold		2,928,378		$	50,041,807			3,742,311		$	65,254,721
Dividends and/or distributions reinvested		62,565			946,600			19,557			348,124
Redeemed		(3,524,190	)		(60,215,023	)		(3,561,885	)		(62,312,949	)

Net increase (decrease)		(533,247	)	$	(9,226,616	)		199,983		$	3,289,896


Class Y
Sold		71,086,639		$	1,237,747,429			69,134,530		$	1,230,907,324
Dividends and/or distributions reinvested		1,372,910			21,183,991			534,818			9,717,644
Redeemed		(46,617,520	)		(797,670,172	)		(16,004,863	)		(287,709,463	)

Net increase		25,842,029		$	461,261,248			53,664,485		$	952,915,505

1. Effective June 1, 2018, all Class B shares converted to Class A shares.

7. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the reporting period were as follows:

29 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

NOTES TO FINANCIAL STATEMENTS Continued

7. Purchases and Sales of Securities (Continued)


	Purchases		Sales
Investment securities	$	980,607,968	$	333,143,711

8. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Manager does not charge a management fee, but rather collects indirect management fees from the Fund’s investments in the Underlying Funds. The weighted indirect management fees collected from the Fund’s investment in the Underlying Funds, as a percent of average daily net assets of the Fund for the reporting period was 0.77%. This amount is gross of any waivers or reimbursements of management fees implemented at the Underlying Fund level.

Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the indirect investment management fee collected by the Manager, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets, which shall be calculated after any applicable fee waivers. Fees incurred and average net assets for each class with respect to these services are detailed in the Statement of Operations and Financial Highlights, respectively.

Sub-Transfer Agent Fees. The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the “Sub-Transfer Agent”), to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by the Fund.

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s Independent Trustees. Benefits are based on years of service and fees paid to each Trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan.

During the reporting period, the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

30 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

NOTES TO FINANCIAL STATEMENTS Continued

8. Fees and Other Transactions with Affiliates (Continued)


Projected Benefit Obligations Increased	$	—
Payments Made to Retired Trustees		3,991
Accumulated Liability as of April 30, 2019		33,902

The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class B, Class C and Class R Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class C and Class R shares, and had previously adopted a similar plan for Class B shares, pursuant to Rule 12b-1 under the 1940 Act to compensate the Distributor for distributing those share classes, maintaining accounts and providing shareholder services. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class C shares’ daily net assets and 0.25% on Class R shares’ daily net assets. The Fund paid the Distributor an annual asset-based sales charge of 0.75% on Class B shares prior to their Conversion Date. The Fund also pays a service fee under the Plans at an annual rate of 0.25% of daily net assets and previously paid this fee for Class B prior to their Conversion Date. The Plans continue in effect from year to year only

31 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

NOTES TO FINANCIAL STATEMENTS Continued

8. Fees and Other Transactions with Affiliates (Continued)

if the Fund’s Board of Trustees votes annually to approve their continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.

Sales Charges. Front-end sales charges and CDSC do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.

Class A

Class B

Class C

Class R

Class A

Contingent

Front-End

Deferred

Sales Charges

Retained by

Year Ended

Distributor

Distributor ¹

Distributor

April 30, 2019

$317,213

$8,027

$66

$50,399

$—

1. Effective June 1, 2018, all Class B shares converted to Class A shares.

Waivers and Reimbursements of Expenses. Effective June 1, 2018, the Fund implemented an expense cap for Class Y shares to limit the Fund’s Class Y expenses to 0.99%.

During the reporting period, the Manager waived fees and/or reimbursed the Fund as follows:


Class Y		$	958,444

This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

9. Subsequent Event

Effective after the close of business on May 24, 2019, Invesco Ltd., an independent global investment management company, completed its acquisition of MassMutual asset management affiliate OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”). In connection with the Transaction, the Fund’s Board of Trustees (the “Board”) approved that the Fund be transitioned to the Invesco mutual fund platform by transferring the assets and liabilities of the Fund to a newly formed fund (the “Acquiring Fund”), advised by an affiliate of Invesco Ltd., that has the same investment objectives and substantially similar principal investment strategies and risks as the Fund (the “Reorganization”). The Reorganization was accounted for as a tax-free reorganization for federal income tax purposes. Following the Reorganization, the accounting books and records of the Fund became the accounting books and records of the Acquiring Fund. On May 17, 2019, the Reorganization was approved by the shareholders of the Fund at a special meeting of shareholders.

The Reorganization was completed after the close of business on May 24, 2019 at which time shareholders of the Fund received shares of the Acquiring Fund in exchange for their

32 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

NOTES TO FINANCIAL STATEMENTS Continued

9. Subsequent Event (Continued)

shares of the Fund. Also after the close of business on May 24, 2019, the Fund’s former Class I shares were reorganized as Class R6 shares and the Fund began offering Class R5 shares. Effective May 28, 2019, Invesco Advisers, Inc. has contractually agreed to waive advisory fees and/or reimburse expenses to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed in the Fund’s statement of additional information) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.29%, 2.04%, 1.54%, 0.99%, 0.93% and 0.88%, respectively, of the Acquiring Fund’s average daily net assets. This waiver and/or expense reimbursement cannot be terminated until May 28, 2021 without approval of the Board.

The Acquiring Fund has entered into an investment advisory agreement with Invesco Advisers, Inc., a master administrative services agreement with Invesco Advisers, Inc., a transfer agency agreement with Invesco Investment Services, Inc., and a distribution agreement with Invesco Distributors, Inc. In addition, Invesco Advisers, Inc. has entered into a master sub-advisory agreement with 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, Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc.

33 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

AIM Growth Series (Invesco Growth Series):

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Invesco Oppenheimer International Diversified Fund, a series of AIM Growth Series (Invesco Growth Series), (the “Fund”), formerly known as Oppenheimer International Diversified Fund, including the statement of investments, as of April 30, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights 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 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 and financial highlights 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 and financial highlights, 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 and financial highlights. Such procedures also included confirmation of securities owned as of April 30, 2019, by correspondence with the transfer agent. 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 and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

KPMG LLP

We have not been able to determine the specific year that we began serving as the auditor of one or more Invesco Oppenheimer Funds investment companies, however we are aware that we have served as the auditor of one or more Invesco Oppenheimer Funds investment companies since at least 1969.

Denver, Colorado

June 25, 2019

34 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions should be multiplied by the maximum amount allowable but not less than 0.61% to arrive at the amount eligible for the corporate dividend-received deduction.

A portion, if any, of the dividends paid by the Fund during the reporting period which are not designated as capital gain distributions are eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. The maximum amount allowable but not less than $61,112,324 of the Fund’s fiscal year taxable income may be eligible for the lower individual income tax rates. In early 2019, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates.

Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the reporting period, the maximum amount allowable but not less than $3,646,935 of the ordinary distributions to be paid by the Fund qualifies as an interest related dividend.

The Fund has elected the application of Section 853 of the Internal Revenue Code to permit shareholders to take a federal income tax credit or deduction, at their option, on a per share basis. The maximum amount allowable but not less than $8,399,719 of foreign income taxes were paid by the Fund during the reporting period. A separate notice will be mailed to each shareholder, which will reflect the proportionate share of such foreign taxes which must be treated by shareholders as gross income for federal income tax purposes.

Gross income of the maximum amount allowable but not less than $47,747,047 was derived from sources within foreign countries or possessions of the United States.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

35 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENT OF INVESTMENTS Unaudited

Go paperless with eDelivery

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

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

● Fund reports and prospectuses

● Quarterly statements

● Daily confirmations

● Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends.

For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q (or any successor Form). The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q (or any successor Form) on the SEC website at sec.gov.

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The 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.

36 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

SHAREHOLDER PROXY Unaudited

A Special Meeting (“Meeting”) of Shareholders of Invesco Oppenheimer International Diversified Fund was held on May 17, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer International Diversified Fund into Invesco Oppenheimer International Diversified Fund.

The results of the voting on the above matter was as follows:

Matter

Votes

For

Votes

Against

Votes

Abstain

Broker
Non-Votes

( ¹ ) Approval of an Agreement and Plan of Reorganization

115,379,079

3,487,789

20,386,870

37 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

TRUSTEES AND OFFICERS Unaudited

The address of each trustee and officer is AIM Growth Series (Invesco Growth Series) (the “Trust”), 11 Greenway Plaza, Suite 1000, 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.

Information below is as of May 25, 2019.


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 PERSONS
Martin L. Flanagan ¹ — 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	241	None
Philip A. Taylor ² — 1954 Trustee	2006	Vice Chair, Invesco Ltd.; Director, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, The Invesco Funds Formerly: Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered	241	None
1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.
2 Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

38 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

TRUSTEES AND OFFICERS Unaudited / 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
INTERESTED PERSONS (CONTINUED)
Philip A. Taylor (Continued)		investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./ Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company); Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./ Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc.

39 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

TRUSTEES AND OFFICERS Unaudited / 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
INTERESTED PERSONS (CONTINUED)
Philip A. Taylor (Continued)		(general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.

40 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

TRUSTEES AND OFFICERS Unaudited / 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
Bruce L. Crockett – 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	241	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	241	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown ³ – 1968 Trustee	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	225	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non -profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry	241	None
3 Mss. Brown and Krentzman and Messrs. Motley, Vandivort and Vaughn were appointed as Trustees of the Trust effective June 10, 2019.

41 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

TRUSTEES AND OFFICERS Unaudited / 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)
Jack M. Fields (Continued)		company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives
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); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	241	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	241	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman ³ – 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.; Advisory Board Member of the	225	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member

42 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

TRUSTEES AND OFFICERS Unaudited / 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)
Elizabeth Krentzman (Continued)		Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank and Managing Partner, KPMG LLP	241	Chairman of the Audit Committee, Blue Hills Bank; Chairman of the Business Advisory Council, Bentley University; Chairman of the Audit and Finance Committee and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	241	None
Joel W. Motley ³ – 1952 Trustee	2019	Director of Office of Finance Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Hoffman Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley. 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)	225	Director of Greenwall Foundation; Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; 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 Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	241	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)

43 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

TRUSTEES AND OFFICERS Unaudited / 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)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	241	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. – 1944 Trustee	2005	Retired Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	241	None
Robert C. Troccoli – 1949 Trustee	2016	Adjunct Professor, University of Denver – Daniels College of Business Formerly: Senior Partner, KPMG LLP	241	None
Daniel S. Vandivort ³ –1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management). Formerly: Trustee and Governance Chair, Board of Trustees (New York), Oppenheimer Funds	225	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds
James D. Vaughn ³ – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network; and Trustee of certain Oppenheimer Funds	225	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement
Christopher L. Wilson – 1957 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios);		ISO New England, Inc. (non-profit organization managing regional electricity market)

44 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

TRUSTEES AND OFFICERS Unaudited / 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)
Christopher L. Wilson (Continued)		Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments

45 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

TRUSTEES AND OFFICERS Unaudited / 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
OTHER OFFICERS
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	2003	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and 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 and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	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); Senior Vice President and 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	N/A	N/A

46 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

TRUSTEES AND OFFICERS Unaudited / 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
OTHER OFFICERS (CONTINUED)
Jeffrey H. Kupor (Continued)		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; Secretary, W.L. Ross & Co., LLC; Secretary and Vice President, Jemstep, Inc. Formerly: 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.; and Secretary, Sovereign G./P. Holdings Inc.
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; 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); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) and Invesco UK Limited; Director, President and Chairman, Invesco Insurance Agency, Inc.; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited Formerly: 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,	N/A	N/A

47 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

TRUSTEES AND OFFICERS Unaudited / 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
OTHER OFFICERS (CONTINUED)
Andrew R. Schlossberg (Continued)		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; Managing Director and Principal Executive Officer, Invesco Capital Management LLC
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; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Invesco Canada Funds Advisory Board Member; Director, President Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and 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) Formerly: 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	N/A	N/A

48 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

TRUSTEES AND OFFICERS Unaudited / 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
OTHER OFFICERS (CONTINUED)
John M. Zerr (Continued)		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.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A

49 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

TRUSTEES AND OFFICERS Unaudited / 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
OTHER OFFICERS (CONTINUED)
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President and Treasurer, 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; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC Formerly: Assistant Treasurer, 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; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A

50 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

TRUSTEES AND OFFICERS Unaudited / 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
OTHER OFFICERS (CONTINUED)
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	KPMG LLP 1225 17 ^th Street, Suite 800 Denver, CO 80202
Counsel to the Fund	Counsel to the	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

51 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

INVESCO’S PRIVACY POLICY

Invesco recognizes the importance of protecting your personal and financial information when you visit our website located at www.invesco.com (the “ Website ”). The following information is designed to help you understand the information collection practices at this Website. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy. When we refer to ourselves as “ we ” or “ Invesco ” in this Privacy Policy, we mean our entire company including our affiliates, such as subsidiaries.

By visiting this Website, you are accepting the practices described in this Privacy Policy. If you do not agree to this policy, you may not use this Website. This Privacy Policy is subject to change without notice, from time to time in our sole discretion. You acknowledge that by accessing the Website after we have posted changes to this Privacy Policy, you are agreeing to this Privacy Policy as modified. Please review the Terms of Use ¹ to learn of other terms and conditions applicable to your use of the Website.

Please note that this Privacy Policy is not an exclusive statement of our privacy principles across all products and services. Other privacy principles or policies may apply depending on the products or services you obtain from Invesco, or the jurisdiction in which you transact with Invesco.

This Privacy Policy was last updated on May 6, 2018.

Information We Collect and Use

We collect personal information you choose to submit to the Website in order to process transactions requested by you and meet our contractual obligations. For example, you can choose to provide your name, contact information, social security number, or tax identification number in connection with accessing your account, or you can choose to provide your personal information when you fill out a secure account question form. Any information collected about you from the Website can, from time to time, be associated with other identifying information we have about you.

In addition, we may gather information about you automatically through your use of the Website, e.g. your IP address, how you navigate the Website, the organization from which you are accessing the Website, and the websites that you access before and after you visit the Website.

When you access the Website, we may also collect information such as unique device identifiers, your screen resolution and other device settings, information about your location, and analytical information about how you use the device from which you are viewing the Website. Where applicable, we may ask your permission before collecting certain information, such as precise geolocation information.

From time to time, we use or augment the personal information we have about you with information obtained from third parties. For example, we use third party information to confirm contact or financial information or to better understand your interests by associating demographic information from third parties with the information you have provided.

How We Use Personal Information

We use your personal information to respond to your inquiries and provide the products and services you request. We also use your information from time to time to deliver the content and services we believe

¹ NTD

52 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

INVESCO’S PRIVACY POLICY Continued

you will find the most relevant and to provide customer service and support.

We also use the information you provide to further develop and improve our products and services. We aggregate and/or de-identify data about visitors to the Website for various business purposes including product and service development and improvement activities.

How We Share Personal Information

We collaborate with other companies and individuals to perform services for us and on our behalf and we collaborate with our affiliates, other companies and individuals with respect to particular products or services (“ Providers ”). Examples of Providers include data analysis firms, customer service and support providers, email and SMS vendors, and web-hosting and development companies. Some Providers collect information for us or on our behalf on our Website. These Providers can be provided with access to personal information needed to perform their functions.

We reserve the right to disclose your personal information as required by law, when we believe disclosure is necessary to comply with a regulatory requirement, judicial proceeding, court order or legal process served on us, to protect the safety, rights or property of our customers, the public or Invesco or to enforce the Terms of Use.

If we sell or transfer a business unit (such as a subsidiary) or an asset (such as a website) to another company, we will share your personal information with such company. You will receive notice of such an event and the new entity will inform you of any changes to the practices in this Privacy Policy. If the new entity wishes to make additional use of your information, you have the right to decline such use at that time.

We occasionally disclose aggregate or de-identified data that is not personally identifiable with third parties.

Cookies and Other Tools

Invesco and its Providers collect information about you by using cookies, tracking pixels and other technologies. We use this information to better understand, customize and improve user experience with our websites, services and offerings as well as to manage our advertising. For example, we use web analytics services that use these technologies to gather information to help us understand how visitors engage with and navigate our Website, e.g., how and when pages in a site are visited and by how many visitors. We are also able to offer our visitors a more customized, relevant experience on our sites using these technologies by delivering content and functionality based on your preferences and interests.

Depending on their purpose, some cookies will only operate for the length of a single browsing session, while others have a longer life span to ensure that they fulfill their longer-term purposes. Your web browser can be set to allow you to control whether you will accept cookies or reject cookies, to notify you each time a cookie is sent to your browser, or to delete cookies that have already been set. If your browser is set to reject cookies, certain aspects of the Website that are cookie-enabled will not recognize you when you return to the website, and some Website functionality may be lost. The “Help” section of your browser may tell you how to prevent your browser from accepting cookies. To find out more about cookies, visit www.aboutcookies.org .

53 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

INVESCO’S PRIVACY POLICY Continued

Security

No data transmission over the internet can be 100% secure, so Invesco cannot ensure or warrant the security of any information you submit to us on this Website. However, Invesco seeks to protect your personal information from unauthorized access or use when you transact business on our Website using technical, administrative and procedural measures. Invesco makes no representation as to the reasonableness, efficacy, or appropriateness of the measures we use to safeguard such information.

Users are responsible for maintaining the secrecy of their own passwords. If you have reason to believe that your interaction with us is no longer secure (for example, if you feel that the security of any account you might have with us has been compromised), please immediately notify us by contacting us as specified below.

Transfer of Data to Other Countries

Any information you provide to Invesco through use of the Website may be stored and processed, transferred between and accessed from the United States, Canada and other countries which do not guarantee the same level of protection of personal information as the one in which you reside. However, Invesco will handle your personal information in accordance with this Privacy Policy regardless of where your personal information is stored/accessed.

Children’s Privacy

We are committed to protecting the privacy of children. We do not knowingly collect personal information from children under the age of 18. If you are under the age of 18, do not provide us with any personal information.

Contact Us

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Anne.Gerry@invesco.com

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You may also contact us to:

54 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

INVESCO’S PRIVACY POLICY Continued

● Request that we amend, rectify, delete or update the personal data we hold about you;

● Where possible (e.g. in relation to marketing) amend or update your choices around processing;

● Request a copy of personal data held by us.

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Where the Website contains links to third-party websites/content/services that are not owned or controlled by Invesco, Invesco is not responsible for how these properties operate or treat your personal information so we recommend that you read the privacy policies and terms associated with these third party properties carefully.

55 INVESCO OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

Explore High-Conviction Investing with Invesco

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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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Tax forms

Invesco mailing information

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

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		Invesco Distributors, Inc.			O-IDIV-AR-1 06242019


				Annual Report 4/30/2019

				Invesco Oppenheimer Main Street Small Cap Fund* Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund. *Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer Main Street Small Cap Fund. See Important Update on the following page for more information.

Important Update

Table of Contents



Fund Performance Discussion			4

Top Holdings and Allocations			7

Fund Expenses			10

Statement of Investments			12

Statement of Assets and Liabilities			16

Statement of Operations			18

Statements of Changes in Net Assets			19

Financial Highlights			20

Notes to Financial Statements			25

Report of Independent Registered Public Accounting Firm			39

Federal Income Tax Information			40

Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments			41

Distribution Sources			42

Shareholder Proxy			43

Trustees and Officers			44

Invesco’s Privacy Policy			58

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 4/30/19


	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Russell 2000 Index
1-Year	4.46%	-1.55%	4.61%
5-Year	7.73	6.47	8.63
Since Inception (5/17/13)	9.20	8.12	9.67

3 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) returned 4.46% during the reporting period. In comparison, the Russell 2000 Index return 4.61% during the same period. The Fund outperformed the Index within Health Care, Energy, and Utilities mainly due to stock selection. The Fund underperformed the Index within Industrials, Consumer Discretionary, and Financials due to stock selection.

MARKET OVERVIEW

The U.S. economy exhibited decent economic growth, low unemployment and modest inflation. This was driven partly by tax cuts, technological innovation and falling regulatory hurdles. That said, the effects of the strain in the trading relationship with China were a headwind to growth, but not nearly enough to offset the momentum in the economy.

Small-caps, as defined by the Russell 2000 Index, experienced modest gains of 4.6% over the trailing 12-month period ended April 30, 2019. That trailed the 13.5% gain posted by larger-cap stocks as represented by the S&P 500 Index. Within the Russell 2000 Index, the Information Technology and Communication Services sectors experienced the highest returns. The Energy and Materials sectors were the only sectors with negative

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

LOGO

4 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

returns during the reporting period.

FUND REVIEW

Top performing stocks for the Fund this reporting period included Zynga, Etsy, and Renewable Energy Group.

Zynga, a game developer focusing on mobile and social networking platforms, posted strong quarterly results during the reporting period as well as guidance for the remainder of 2019. We are encouraged by the company’s pipeline of upcoming title launches through 2019 and 2020 while its core franchise titles continue to show growth. We see margin expansion opportunity post the upfront costs associated with launching new titles.

Etsy’s stock moved substantially higher after instituting a significant price increase to narrow the “take rate” discount that was in place relative to other marketplaces. This was interpreted by the market as a sign of confidence that the marketplace has developed enough stickiness with sellers to support pricing power. Along with the pricing move helping top-line revenue growth and margins, the company will reinvest some of the proceeds to support more aggressive marketing to gain new buyers, enhance repeat purchase activity and improve conversion, which offers a lot of runway for continued strong growth for the foreseeable future.

Renewable Energy has been showing improved profitability and a strengthening

balance sheet. The company has also been supported by regulatory measures reducing imports along with a retroactive extension of the biodiesel mixture excise tax credit. These policies have helped the company to continue emerging as a long-term leader in bio-based fuel and chemicals.

Detractors from performance this period included Visteon, Weight Watchers, and Matador Resources.

Visteon designs, engineers and manufactures cockpit electronics products and connected car solutions for most of the world’s major vehicle manufacturers. After a strong run over the past 2-3 years of meeting/beating analyst earnings estimates, the company reported disappointing 2Q18 results and lowered guidance. Specifically, the company is facing increasing headwinds related to softening vehicle production, diesel demand, and tariffs. While we acknowledge that the near-term outlook for the company has weakened, we think the company’s large backlog of $21 billion (~7x annual sales), strong balance sheet and free cash flow can help them weather a more challenging environment.

Weight Watchers saw its membership growth decelerate dramatically year-over-year in the first quarter of 2019, which accounts for 40% of their membership acquisition. Management made the decision not to pull back on spending/ initiatives in response, resulting in a dramatically lower EPS outlook for 2019 versus the prior year. Due to reduced confidence in management execution, we

5 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

exited our position.

Weakness in Matador was predominantly driven by falling oil prices, to which the company is significantly exposed. Because the company is more of a growth company that tends to outspend cash flow, Matador will need to revise capital expenditures lower and hence production growth to maintain a strong balance sheet.

STRATEGY & OUTLOOK

We expect the U.S. economy will likely continue to show economic growth, albeit it at slower rates than experienced in 2018 as the “sugar high” from tax-cuts wears off. We believe that this will be driven by favorable ongoing consumer confidence, falling regulatory hurdles as well as technological innovation. Consumers are healthy financially, with the economy at essentially full employment and wages rising at above-average rates. However, there are more clouds on the horizon today than a few months ago. The global synchronized growth enjoyed in recent years has become less synchronized. At

the time of this writing, simmering trade disputes with China have heated up again in recent weeks, putting a damper on the early 2019 stock market rally and elevating the risk for economic slowdown or possibly even a recession in the

coming quarters. Nonetheless, we have seen the U.S. economy decelerate and re-accelerate several times during the past 10 years, so we are not making any firm predictions.

We continue to maintain our discipline around valuation and focus on companies that we believe have skilled management teams that are out-executing peers. As evidence of this, we look for high or improving profit margins and returns on invested capital, evidence pricing power, and/or rising market shares. During times of economic volatility such companies frequently widen their lead over weaker competitors. We seek to invest in companies characterized by these qualities at compelling valuations and believe this disciplined approach is essential to generating superior long-term performance, especially in down markets.

LOGO

Matthew P. Ziehl, CFA

Portfolio Manager

Matthew P. Ziehl, CFA and Co-Lead Portfolio Manager, on behalf of the Portfolio Management team: Raymond Anello, CFA, Raman Vardharaj, CFA, Joy Budzinski, Kristin Ketner, Magnus Krantz and Adam Weiner. Mr. Ziehl and Mr. Weiner serve as co-lead Portfolio managers of the Fund.

6 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

Top Holdings and Allocations

TOP TEN COMMON STOCK HOLDINGS


CACI International, Inc., Cl. A	2.5	%
Zynga, Inc., Cl. A	2.3
Korn Ferry	2.2
ASGN, Inc.	2.0
WSFS Financial Corp.	1.9
j2 Global, Inc.	1.8
Four Corners Property Trust, Inc.	1.8
MKS Instruments, Inc.	1.8
National Storage Affiliates Trust	1.7
Suburban Propane Partners LP	1.6

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2019, and are based on net assets.

TOP TEN COMMON STOCK INDUSTRIES


Commercial Banks	9.3	%
Real Estate Investment Trusts (REITs)	6.9
Software	6.6
Machinery	5.5
Professional Services	4.2
Hotels, Restaurants & Leisure	4.0
Metals & Mining	3.6
IT Services	3.5
Health Care Equipment & Supplies	3.3
Biotechnology	3.2

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2019, and are based on net assets.

SECTOR ALLOCATION

LOGO

Portfolio holdings and strategies are subject to change. Percentages are as of April 30, 2019, and are based on the total market value of common stocks.

For more current Fund holdings, please visit oppenheimerfunds.com.

7 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 4/30/19


	Inception Date		1-Year			5-Year			Since Inception
Class A (OSCAX)		5/17/13		4.46	%		7.73	%		9.20	%
Class C (OSCCX)		5/17/13		3.62			6.90			8.32
Class I ¹ (OSSIX)		5/17/13		4.85			8.21			9.66
Class R (OSCNX)		5/17/13		4.16			7.44			8.86
Class Y (OSCYX)		5/17/13		4.73			8.06			9.54

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 4/30/19


	Inception Date		1-Year			5-Year			Since Inception
Class A (OSCAX)		5/17/13		-1.55	%		6.47	%		8.12	%
Class C (OSCCX)		5/17/13		2.66			6.90			8.32
Class I ¹ (OSSIX)		5/17/13		4.85			8.21			9.66
Class R (OSCNX)		5/17/13		4.16			7.44			8.86
Class Y (OSCYX)		5/17/13		4.73			8.06			9.54

1. Pursuant to the closing of the transaction described in the Notes to Financial Statements, after the close of business on May 24, 2019, Class I shares were reorganized as Class R6 shares.

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800. CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 5.75%; and for Class C shares, the contingent deferred sales charge of 1% for the 1-year period. There is no sales charge for Class I, Class R and Class Y shares. Returns for periods of less than one year are cumulative and not annualized. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any.

The Fund’s performance is compared to the performance of the Russell 2000 Index: The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of

8 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

9 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended April 30, 2019.

10 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND


Actual	Beginning Account Value November 1, 2018			Ending Account Value April 30, 2019			Expenses Paid During 6 Months Ended April 30, 2019
Class A		$	1,000.00		$	1,037.70		$	5.93
Class C			1,000.00			1,033.40			9.83
Class I			1,000.00			1,039.60			3.85
Class R			1,000.00			1,036.10			7.30
Class Y			1,000.00			1,038.40			4.56

Hypothetical (5% return before expenses)
Class A			1,000.00			1,018.99			5.87
Class C			1,000.00			1,015.17			9.74
Class I			1,000.00			1,021.03			3.82
Class R			1,000.00			1,017.65			7.23
Class Y			1,000.00			1,020.33			4.52


Class	Expense Ratios
Class A		1.17	%
Class C		1.94
Class I		0.76
Class R		1.44
Class Y		0.90

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

11 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

STATEMENT OF INVESTMENTS April 30, 2019


	Shares		Value
Common Stocks—99.1%
Consumer Discretionary—15.0%
Auto Components—2.6%
Dorman Products, Inc. ¹		93,762	$	8,220,115
Visteon Corp. ¹		138,509		9,144,364

				17,364,479
Diversified Consumer Services—1.0%
Houghton Mifflin Harcourt Co. ¹		966,799		6,893,277
Entertainment—2.3%
Zynga, Inc., Cl. A ¹		2,677,947		15,157,180
Hotels, Restaurants & Leisure—4.0%
Jack in the Box, Inc.		120,824		9,315,530
Texas Roadhouse, Inc., Cl. A		171,661		9,271,411
Wendy’s Co. (The)		443,361		8,250,948

				26,837,889
Household Durables—1.1%
TopBuild Corp. ¹		101,464		7,227,281
Internet & Catalog Retail—1.0%
Etsy, Inc. ¹		100,760		6,805,330
Specialty Retail—3.0%
AutoNation, Inc. ¹		194,146		8,140,542
Children’s Place, Inc. (The)		64,783		7,308,818
Michaels Cos., Inc. (The) ¹		366,302		4,117,234

				19,566,594
Consumer Staples—2.9%
Food & Staples Retailing—1.0%
BJ’s Wholesale Club Holdings, Inc. ¹		223,380		6,332,823
Household Products—1.4%
Energizer Holdings, Inc.		196,501		9,410,433
Personal Products—0.5%
Nu Skin Enterprises, Inc., Cl. A		70,092		3,565,580
Energy—2.9%
Oil, Gas & Consumable Fuels—2.9%
Matador Resources Co. ¹		408,491		8,043,188
Noble Midstream Partners LP ²		164,514		5,664,217


	Shares		Value
Oil, Gas & Consumable Fuels (Continued)
Renewable Energy Group, Inc. ¹		235,629	$	5,683,371

				19,390,776
Financials—23.4%
Capital Markets—2.7%
Federated Investors, Inc., Cl. B		152,395		4,683,098
Focus Financial Partners, Inc., Cl. A ¹		94,160		3,531,000
Stifel Financial Corp.		162,030		9,668,330

				17,882,428
Commercial Banks—9.3%
Bank of NT Butterfield & Son Ltd. (The)		188,048		7,525,681
BankUnited, Inc.		217,606		7,960,028
Berkshire Hills Bancorp, Inc.		167,892		5,035,081
Cathay General Bancorp		118,448		4,357,702
Chemical Financial Corp.		150,002		6,589,588
Customers Bancorp, Inc. ¹		164,511		3,726,174
Heritage Financial Corp.		177,938		5,386,183
IBERIABANK Corp.		102,842		8,175,939
Pacific Premier Bancorp, Inc.		127,205		3,697,849
Sterling Bancorp		432,246		9,258,709

				61,712,934
Insurance—1.7%
James River Group Holdings Ltd.		119,154		5,030,682
ProAssurance Corp.		169,447		6,359,346

				11,390,028
Real Estate Investment Trusts (REITs)—6.9%
Brandywine Realty Trust		580,872		8,939,620
DiamondRock Hospitality Co.		625,345		6,791,247
EPR Properties		85,497		6,742,293
Four Corners Property Trust, Inc.		421,479		11,986,863
National Storage Affiliates Trust		391,024		11,441,362

				45,901,385

12 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

STATEMENT OF INVESTMENTS Continued


	Shares		Value
Thrifts & Mortgage Finance—2.8%
OceanFirst Financial Corp.		237,953	$	5,991,657
WSFS Financial Corp.		299,034		12,912,288

				18,903,945
Health Care—11.8%
Biotechnology—3.2%
Emergent BioSolutions, Inc. ¹		124,436		6,430,853
Ligand Pharmaceuticals, Inc. ¹		36,871		4,640,215
Repligen Corp. ¹		102,601		6,913,255
uniQure NV ¹		55,416		3,113,825

				21,098,148
Health Care Equipment & Supplies—3.3%
AtriCure, Inc. ¹		124,008		3,722,720
CryoPort, Inc. ¹		151,941		2,137,810
Inogen, Inc. ¹		20,590		1,797,507
Quidel Corp. ¹		98,905		6,323,986
Senseonics Holdings, Inc. ¹		727,748		1,695,653
Wright Medical Group NV ¹		209,482		6,194,383

				21,872,059
Health Care Providers & Services—2.3%
Addus HomeCare Corp. ¹		76,942		5,224,362
LHC Group, Inc. ¹		93,682		10,409,007

				15,633,369
Health Care Technology—1.8%
Inspire Medical Systems, Inc. ¹		108,066		5,585,932
Teladoc Health, Inc. ¹		114,638		6,520,609

				12,106,541
Pharmaceuticals—1.2%
Intersect ENT, Inc. ¹		146,540		4,761,084
TherapeuticsMD, Inc. ¹		714,359		3,071,744

				7,832,828
Industrials—19.8%
Airlines—1.1%
Spirit Airlines, Inc. ¹		132,946		7,229,603
Building Products—1.1%
Masonite International Corp. ¹		144,258		7,427,844


	Shares		Value
Commercial Services & Supplies—2.2%
ACCO Brands Corp.		860,825	$	7,867,940
Advanced Disposal Services, Inc. ¹		211,931		6,853,849

				14,721,789
Construction & Engineering—2.2%
Dycom Industries, Inc. ¹		91,453		4,535,154
KBR, Inc.		450,871		10,018,354

				14,553,508
Electrical Equipment—2.3%
Atkore International Group, Inc. ¹		200,100		4,954,476
Generac Holdings, Inc. ¹		193,609		10,646,559

				15,601,035
Machinery—5.5%
EnPro Industries, Inc.		87,687		6,516,898
Evoqua Water Technologies Corp. ¹		494,574		6,736,098
Greenbrier Cos., Inc. (The)		166,633		5,920,470
Manitowoc Co., Inc. (The) ¹		175,008		3,125,643
Navistar International Corp. ¹		145,500		4,967,370
Rexnord Corp. ¹		318,005		9,094,943

				36,361,422
Professional Services—4.2%
ASGN, Inc. ¹		210,111		13,245,398
Korn Ferry		319,953		15,044,190

				28,289,588
Road & Rail—1.2%
Genesee & Wyoming, Inc., Cl. A ¹		92,097		8,164,399
Information Technology—13.1%
IT Services—3.5%
CACI International, Inc., Cl. A ¹		85,160		16,601,091
Perspecta, Inc.		312,041		7,201,906

				23,802,997
Semiconductors & Semiconductor Equipment—3.0%
Brooks Automation, Inc.		220,452		8,269,155

13 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

STATEMENT OF INVESTMENTS Continued


	Shares		Value
Semiconductors & Semiconductor Equipment (Continued)
MKS Instruments, Inc.		128,593	$	11,703,249

				19,972,404
Software—6.6%
Blackline, Inc. ¹		118,547		6,055,381
Bottomline Technologies DE, Inc. ¹		110,369		5,581,360
Envestnet, Inc. ¹		84,059		5,967,348
j2 Global, Inc.		138,362		12,123,279
Pagerduty, Inc. ¹		18,470		866,243
Paylocity Holding Corp. ¹		70,022		6,760,624
Q2 Holdings, Inc. ¹		87,896		6,629,116

				43,983,351
Materials—4.7%
Construction Materials—1.1%
Summit Materials, Inc., Cl. A ¹		423,734		7,423,820
Metals & Mining—3.6%
Allegheny Technologies, Inc. ¹		308,894		7,697,638
Compass Minerals International, Inc.		115,704		6,640,253
Kaiser Aluminum Corp.		99,452		9,786,077

				24,123,968


	Shares		Value
Utilities—5.5%
Gas Utilities—2.8%
South Jersey Industries, Inc.		244,182	$	7,843,126
Suburban Propane Partners LP ²		464,194		10,829,646

				18,672,772
Multi-Utilities—2.7%
Black Hills Corp.		130,877		9,522,610
NorthWestern Corp.		117,966		8,239,925

				17,762,535

Total Common Stocks (Cost $571,674,702)				660,976,342

Investment Company—0.9%
Invesco Oppenheimer Institutional Government Money Market Fund, Cl. E, 2.42% ^3,4 (Cost $5,787,018)		5,787,018		5,787,018
Total Investments, at Value (Cost $577,461,720)		100.0%		666,763,360
Net Other Assets (Liabilities)		0.0		66,201

Net Assets		100.0%	$	666,829,561

Footnotes to Statement of Investments

1. Non-income producing security.

2. Security is a Master Limited Partnership.

3. Rate shown is the 7-day yield at period end.

4. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:


	Shares April 30, 2018		Gross Additions		Gross Reductions		Shares April 30, 2019
Investment Company
Invesco Oppenheimer Institutional Government Money Market Fund, Cl. E ^a		12,405,419		256,897,228		263,515,629		5,787,018

14 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments (Continued)


		Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Investment Company
Invesco Oppenheimer Institutional Government Money Market Fund, Cl. E ^a	$	5,787,018	$	288,183	$	—	$	—

a. Prior to May 24, 2019, this fund was named Oppenheimer Institutional Government Money Market Fund.

See accompanying Notes to Financial Statements.

15 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

STATEMENT OF ASSETS AND LIABILITIES April 30, 2019


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $571,674,702)	$	660,976,342
Affiliated companies (cost $5,787,018)		5,787,018

		666,763,360
Cash		499,658
Receivables and other assets:
Investments sold		2,572,828
Shares of beneficial interest sold		403,102
Dividends		169,105
Other		49,221

Total assets		670,457,274

Liabilities
Payables and other liabilities:
Investments purchased		2,694,209
Shares of beneficial interest redeemed		824,227
Distribution and service plan fees		42,197
Trustees’ compensation		27,572
Shareholder communications		8,709
Other		30,799

Total liabilities		3,627,713

Net Assets	$	666,829,561


Composition of Net Assets
Par value of shares of beneficial interest	$	45,580
Additional paid-in capital		586,309,402
Total distributable earnings		80,474,579

Net Assets	$	666,829,561

16 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

STATEMENT OF ASSETS AND LIABILITIES Continued


Net Asset Value Per Share
Class A Shares:

Net asset value and redemption price per share (based on net assets of $140,650,692 and 9,622,934 shares of beneficial interest outstanding)	$	14.62

Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$	15.51

Class C Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $44,390,613 and 3,168,524 shares of beneficial interest outstanding)	$	14.01

Class I Shares:

Net asset value, redemption price and offering price per share (based on net assets of $287,799,126 and 19,554,311 shares of beneficial interest outstanding)	$	14.72

Class R Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $24,187,875 and 1,676,600 shares of beneficial interest outstanding)	$	14.43

Class Y Shares:

Net asset value, redemption price and offering price per share (based on net assets of $169,801,255 and 11,557,325 shares of beneficial interest outstanding)	$	14.69

See accompanying Notes to Financial Statements.

17 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

STATEMENT

OF OPERATIONS For the Year Ended April 30, 2019


Investment Income
Dividends:
Unaffiliated companies	$	7,548,807
Affiliated companies		288,183
Interest		3,773
Total investment income		7,840,763
Expenses

Management fees		4,717,967
Distribution and service plan fees:
Class A		329,492
Class C		436,371
Class R		109,054
Transfer and shareholder servicing agent fees:
Class A		267,950
Class C		85,196
Class I		81,839
Class R		42,769
Class Y		359,847
Shareholder communications:
Class A		10,488
Class C		2,926
Class I		1,669
Class R		2,097
Class Y		12,237
Trustees’ compensation		22,473
Borrowing fees		18,840
Custodian fees and expenses		4,314
Other		75,677
Total expenses		6,581,206
Less reduction to custodian expenses		(1,260	)
Less waivers and reimbursements of expenses		(67,964	)
Net expenses		6,511,982
Net Investment Income		1,328,781
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies		32,473,342
Foreign currency transactions		(261	)
Net realized gain		32,473,081
Net change in unrealized appreciation/(depreciation) on investment transactions		(11,157,957	)
Net Increase in Net Assets Resulting from Operations	$	22,643,905

See accompanying Notes to Financial Statements.

18 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended April 30, 2019			Year Ended April 30, 2018 ¹
Operations
Net investment income	$	1,328,781		$	980,222
Net realized gain		32,473,081			38,773,873
Net change in unrealized appreciation/(depreciation)		(11,157,957	)		3,144,713

Net increase in net assets resulting from operations		22,643,905			42,898,808
Dividends and/or Distributions to Shareholders
Dividends and distributions declared:
Class A		(9,643,377	)		(6,617,092	)
Class C		(3,160,847	)		(1,974,426	)
Class I		(18,887,741	)		(15,291,778	)
Class R		(1,513,150	)		(829,478	)
Class Y		(13,798,110	)		(6,573,390	)

Total dividends and distributions declared		(47,003,225	)		(31,286,164	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		34,741,385			2,899,519
Class C		8,289,219			4,945,053
Class I		34,914,388			(106,539,001	)
Class R		6,159,774			8,303,330
Class Y		31,112,299			66,979,708

Total beneficial interest transactions		115,217,065			(23,411,391	)
Net Assets
Total increase (decrease)		90,857,745			(11,798,747	)
Beginning of period		575,971,816			587,770,563

End of period	$	666,829,561		$	575,971,816

1. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note

2– New Accounting Pronouncements for further details.

See accompanying Notes to Financial Statements.

19 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

FINANCIAL HIGHLIGHTS


	Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
Class A	April 30, 2019		April 30, 2018		April 30, 2017		April 29, 2016 ¹		April 30, 2015
Per Share Operating Data
Net asset value, beginning of period		$15.09		$14.87		$12.08		$12.76		$11.57
Income (loss) from investment operations:
Net investment income (loss) ²		0.00 ³		(0.01)		0.00 ³		0.05		0.03
Net realized and unrealized gain (loss)		0.58		1.08		2.82		(0.69)		1.20

Total from investment operations		0.58		1.07		2.82		(0.64)		1.23
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(0.04)		(0.03)		(0.04)		(0.00) ³
Distributions from net realized gain		(1.05)		(0.81)		0.00		0.00		(0.04)
Total dividends and/or distributions to shareholders		(1.05)		(0.85)		(0.03)		(0.04)		(0.04)
Net asset value, end of period		$14.62		$15.09		$14.87		$12.08		$12.76


Total Return, at Net Asset Value ⁴		4.46%		7.08%		23.49%		(5.06)%		10.67%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$140,651		$112,937		$108,776		$49,494		$34,343
Average net assets (in thousands)		$137,458		$116,580		$74,701		$43,949		$26,518
Ratios to average net assets: ⁵
Net investment income (loss)		0.01%		(0.06)%		0.02%		0.44%		0.25%
Expenses excluding specific expenses listed below		1.17%		1.21%		1.23%		1.25%		1.30%
Interest and fees from borrowings		0.00% ⁶		0.00% ⁶		0.00% ⁶		0.00% ⁶		0.00%

Total expenses ⁷		1.17%		1.21%		1.23%		1.25%		1.30%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.17% ⁸		1.20%		1.22%		1.25% ⁸		1.25%
Portfolio turnover rate		46%		52%		67%		53%		55%

1. Represents the last business day of the Fund’s reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Less than $0.005 per share.

5. Annualized for periods less than one full year.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Year Ended April 30, 2019	1.17	%
Year Ended April 30, 2018	1.21	%
Year Ended April 30, 2017	1.23	%
Year Ended April 29, 2016	1.25	%
Year Ended April 30, 2015	1.30	%

8. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

20 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

FINANCIAL HIGHLIGHTS Continued


Class C	Year Ended April 30, 2019		Year Ended April 30, 2018		Year Ended April 30, 2017		Year Ended April 29, 2016 ¹		Year Ended April 30, 2015

Per Share Operating Data
Net asset value, beginning of period		$14.62		$14.50		$11.84		$12.57		$11.49
Income (loss) from investment operations:
Net investment loss ²		(0.11)		(0.12)		(0.10)		(0.04)		(0.07)
Net realized and unrealized gain (loss)		0.55		1.05		2.76		(0.69)		1.19
Total from investment operations		0.44		0.93		2.66		(0.73)		1.12
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		0.00		0.00		0.00
Distributions from net realized gain		(1.05)		(0.81)		0.00		0.00		(0.04)
Total dividends and/or distributions to shareholders		(1.05)		(0.81)		0.00		0.00		(0.04)
Net asset value, end of period		$14.01		$14.62		$14.50		$11.84		$12.57



Total Return, at Net Asset Value ³		3.62%		6.31%		22.55%		(5.81)%		9.77%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$44,391		$38,424		$33,274		$14,441		$9,878
Average net assets (in thousands)		$43,688		$36,166		$22,374		$12,117		$5,461
Ratios to average net assets: ⁴
Net investment loss		(0.74)%		(0.83)%		(0.74)%		(0.34)%		(0.59)%
Expenses excluding specific expenses listed below		1.93%		1.96%		1.98%		2.01%		2.13%
Interest and fees from borrowings		0.00% ⁵		0.00% ⁵		0.00% ⁵		0.00% ⁵		0.00%
Total expenses ⁶		1.93%		1.96%		1.98%		2.01%		2.13%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.93% ⁷		1.95%		1.97%		2.01% ⁷		2.13% ⁷
Portfolio turnover rate		46%		52%		67%		53%		55%

1. Represents the last business day of the Fund’s reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Year Ended April 30, 2019	1.93	%
Year Ended April 30, 2018	1.96	%
Year Ended April 30, 2017	1.98	%
Year Ended April 29, 2016	2.01	%
Year Ended April 30, 2015	2.13	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

21 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

FINANCIAL HIGHLIGHTS Continued


Class I	Year Ended April 30, 2019		Year Ended April 30, 2018		Year Ended April 30, 2017		Year Ended April 29, 2016 ¹		Year Ended April 30, 2015
Per Share Operating Data
Net asset value, beginning of period		$15.19		$14.95		$12.14		$12.82		$11.58
Income (loss) from investment operations:
Net investment income ²		0.07		0.06		0.07		0.11		0.10
Net realized and unrealized gain (loss)		0.57		1.08		2.82		(0.70)		1.20
Total from investment operations		0.64		1.14		2.89		(0.59)		1.30
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.06)		(0.09)		(0.08)		(0.09)		(0.02)
Distributions from net realized gain		(1.05)		(0.81)		0.00		0.00		(0.04)
Total dividends and/or distributions to shareholders		(1.11)		(0.90)		(0.08)		(0.09)		(0.06)
Net asset value, end of period		$14.72		$15.19		$14.95		$12.14		$12.82


Total Return, at Net Asset Value ³		4.85%		7.58%		23.97%		(4.63)%		11.26%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$287,799		$256,221		$353,945		$294,108		$187,997
Average net assets (in thousands)		$272,745		$315,356		$308,374		$256,727		$95,238
Ratios to average net assets: ⁴
Net investment income		0.43%		0.38%		0.51%		0.91%		0.80%
Expenses excluding specific expenses listed below		0.76%		0.77%		0.78%		0.80%		0.80%
Interest and fees from borrowings		0.00% ⁵		0.00% ⁵		0.00% ⁵		0.00% ⁵		0.00%
Total expenses ⁶		0.76%		0.77%		0.78%		0.80%		0.80%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.76% ⁷		0.77% ⁷		0.78% ⁷		0.80% ⁷		0.79%
Portfolio turnover rate		46%		52%		67%		53%		55%

1. Represents the last business day of the Fund’s reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Year Ended April 30, 2019	0.76	%
Year Ended April 30, 2018	0.77	%
Year Ended April 30, 2017	0.78	%
Year Ended April 29, 2016	0.80	%
Year Ended April 30, 2015	0.80	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

22 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

FINANCIAL HIGHLIGHTS Continued


Class R	Year Ended April 30, 2019	Year Ended April 30, 2018	Year Ended April 30, 2017	Year Ended April 29, 2016 ¹	Year Ended April 30, 2015
Per Share Operating Data
Net asset value, beginning of period	$14.95	$14.75	$12.00	$12.68	$11.53


Income (loss) from investment operations:
Net investment income (loss) ²	(0.04)	(0.05)	(0.03)	0.02	(0.01)
Net realized and unrealized gain (loss)	0.57	1.08	2.79	(0.69)	1.20

Total from investment operations	0.53	1.03	2.76	(0.67)	1.19


Dividends and/or distributions to shareholders:
Dividends from net investment income	0.00	(0.02)	(0.01)	(0.01)	0.00
Distributions from net realized gain	(1.05)	(0.81)	0.00	0.00	(0.04)

Total dividends and/or distributions to shareholders	(1.05)	(0.83)	(0.01)	(0.01)	(0.04)


Net asset value, end of period	$14.43	$14.95	$14.75	$12.00	$12.68



Total Return, at Net Asset Value ³	4.16%	6.79%	23.17%	(5.31)%	10.34%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$24,188	$18,749	$10,343	$4,060	$3,027


Average net assets (in thousands)	$21,942	$14,862	$6,444	$3,544	$1,403


Ratios to average net assets: ⁴
Net investment income (loss)	(0.24)%	(0.35)%	(0.25)%	0.15%	(0.09)%
Expenses excluding specific expenses listed below	1.43%	1.46%	1.49%	1.51%	1.61%
Interest and fees from borrowings	0.00% ⁵	0.00% ⁵	0.00% ⁵	0.00% ⁵	0.00%

Total expenses ⁶	1.43%	1.46%	1.49%	1.51%	1.61%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	1.43% ⁷	1.45%	1.48%	1.51% ⁷	1.60%


Portfolio turnover rate	46%	52%	67%	53%	55%

1. Represents the last business day of the Fund’s reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:



		Year Ended April 30, 2019			1.43%
		Year Ended April 30, 2018			1.46%
		Year Ended April 30, 2017			1.49%
		Year Ended April 29, 2016			1.51%
		Year Ended April 30, 2015			1.61%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

23 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

FINANCIAL HIGHLIGHTS Continued


Class Y	Year Ended April 30, 2019	Year Ended April 30, 2018	Year Ended April 30, 2017	Year Ended April 29, 2016 ¹	Year Ended April 30, 2015
Per Share Operating Data
Net asset value, beginning of period	$15.16	$14.93	$12.13	$12.81	$11.59


Income (loss) from investment operations:
Net investment income ²	0.04	0.03	0.05	0.09	0.04
Net realized and unrealized gain (loss)	0.58	1.09	2.82	(0.69)	1.24

Total from investment operations	0.62	1.12	2.87	(0.60)	1.28


Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.04)	(0.08)	(0.07)	(0.08)	(0.02)
Distributions from net realized gain	(1.05)	(0.81)	0.00	0.00	(0.04)

Total dividends and/or distributions to shareholders	(1.09)	(0.89)	(0.07)	(0.08)	(0.06)


Net asset value, end of period	$14.69	$15.16	$14.93	$12.13	$12.81


Total Return, at Net Asset Value ³	4.73%	7.35%	23.85%	(4.72)%	11.05%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$169,801	$149,641	$81,433	$59,422	$47,128


Average net assets (in thousands)	$184,518	$111,030	$69,849	$54,043	$6,437


Ratios to average net assets: ⁴
Net investment income	0.28%	0.18%	0.38%	0.76%	0.33%
Expenses excluding specific expenses listed below	0.93%	0.96%	0.98%	1.00%	1.01%
Interest and fees from borrowings	0.00% ⁵	0.00% ⁵	0.00% ⁵	0.00% ⁵	0.00%

Total expenses ⁶	0.93%	0.96%	0.98%	1.00%	1.01%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	0.90%	0.90%	0.90%	0.90%	0.88%


Portfolio turnover rate	46%	52%	67%	53%	55%

1. Represents the last business day of the Fund’s reporting period.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:



Year Ended April 30, 2019	0.93	%
Year Ended April 30, 2018	0.96	%
Year Ended April 30, 2017	0.98	%
Year Ended April 29, 2016	1.00	%
Year Ended April 30, 2015	1.01	%

See accompanying Notes to Financial Statements.

24 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

NOTES TO FINANCIAL STATEMENTS April 30, 2019

1. Organization

Oppenheimer Main Street Small Cap Fund* (the “Fund”) is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek capital appreciation. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI.

The Fund offers Class A, Class C, Class I, Class R and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C and Class R shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class R shares are sold only through retirement plans. Retirement plans that offer Class R shares may impose charges on those accounts. Class I and Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class I and Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, C and R shares have separate distribution and/or service plans under which they pay fees. Class I and Class Y shares do not pay such fees.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Value of investment securities, other assets and liabilities — at the exchange rates prevailing at market close as described in Note 3.

(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the values are presented at the foreign exchange rates at market close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments shown in the Statement of Operations.

*Effective after the close of business on May 24, 2019, the Fund was reorganized as Invesco Oppenheimer Main Street Small Cap Fund, a series portfolio of AIM Growth Series (Invesco Growth Series).

25 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

For securities, which are subject to foreign withholding tax upon disposition, realized and unrealized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on the Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate.

Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. Interest income, if any, is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

Return of Capital Estimates. Distributions received from the Fund’s investments in Master Limited Partnerships (MLPs) and Real Estate Investments Trusts (REITs), generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates. Such estimates are based on historical information available from each MLP, REIT and other industry sources. These estimates may subsequently be revised based on information received from MLPs and REITs after their tax reporting periods are concluded.

26 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 2.00%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Undistributed

Net Investment

Income

Undistributed

Long-Term

Gain

Accumulated
Loss
Carryforward ^1,2,3

Net Unrealized
Appreciation
Based on cost of
Securities and
Other Investments
for Federal Income
Tax Purposes

$—

$1,842,977

$7,930,740

$86,774,559

1. At period end, the Fund had $7,930,740 of post-October losses available to offset future realized capital gains, if any.

2. During the reporting period, the Fund did not utilize any capital loss carryforward.

3. During the previous reporting period, the Fund utilized $168,376 of capital loss carryforward to offset capital gains realized in that fiscal year.

27 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Increase

to Paid-in Capital

Increase to
Accumulated Net
Loss ⁴

$350,489

4. $350,255, all of which was long-term capital gain, was distributed in connection with Fund share redemptions.

The tax character of distributions paid during the reporting periods:


	Year Ended April 30, 2019		Year Ended April 30, 2018

Distributions paid from:
Ordinary income	$	8,354,985	$	11,650,780
Long-term capital gain		38,648,240		19,635,384

Total	$	47,003,225	$	31,286,164


Federal tax cost of securities	$	579,988,801

Gross unrealized appreciation	$	122,443,152
Gross unrealized depreciation		(35,668,593	)

Net unrealized appreciation	$	86,774,559

28 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

New Accounting Pronouncements. In March 2017, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), ASU 2017-08. This provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Manager is evaluating the impacts of these changes on the financial statements.

During August 2018, the Securities and Exchange Commission (the “SEC”) issued Final Rule Release No. 33-10532 (the “Rule”), Disclosure Update and Simplification. The rule amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets. The requirements of the Rule are effective November 5, 2018, and the Funds’ Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within each Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to the Rule.

3. Securities Valuation

The Fund calculates the net asset value of its shares as of 4:00 P.M. Eastern Time, on each day the New York Stock Exchange (the “Exchange” or “NYSE”) is open for trading, except in the case of a scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the shares as of the scheduled early closing time of the Exchange.

Valuation Methods and Inputs

Securities are valued primarily using unadjusted quoted market prices, when available, as supplied by third party pricing services or broker-dealers.

The following methodologies are used to determine the market value or the fair value of the

29 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

types of securities described below:

Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

Securities for which market quotations are not readily available, or when a significant event has occurred that would materially affect the value of the security, are fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Those standardized fair valuation methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

Classifications

These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

30 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered, if any, are classified as Level 2 in the fair value hierarchy.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	99,852,030	$	—	$	—	$	99,852,030
Consumer Staples		19,308,836		—		—		19,308,836
Energy		19,390,776		—		—		19,390,776
Financials		155,790,720		—		—		155,790,720
Health Care		78,542,945		—		—		78,542,945
Industrials		132,349,188		—		—		132,349,188
Information Technology		87,758,752		—		—		87,758,752
Materials		31,547,788		—		—		31,547,788
Utilities		36,435,307		—		—		36,435,307
Investment Company		5,787,018		—		—		5,787,018
Total Assets	$	666,763,360	$	—	$	—	$	666,763,360

For the reporting period, there were no transfers between levels.

4. Investments and Risks

Investments in Affiliated Funds. The Fund is permitted to invest in other mutual funds advised by the Manager (“Affiliated Funds”). Affiliated Funds are open-end management investment companies registered under the 1940 Act, as amended. The Manager is the investment adviser of, and the Sub-Adviser provides investment and related advisory services to, the Affiliated Funds. When applicable, the Fund’s investments in Affiliated Funds are included in the Statement of Investments. Shares of Affiliated Funds are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Affiliated Funds’ expenses, including their management fee. The Manager will waive fees and/

31 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Affiliated Funds.

Each of the Affiliated Funds in which the Fund invests has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Affiliated Fund than in another, the Fund will have greater exposure to the risks of that Affiliated Fund.

Investments in Money Market Instruments. The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Invesco Oppenheimer Institutional Government Money Market Fund (“IGMMF”), which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market funds.

Master Limited Partnerships (“MLPs”). MLPs issue common units that represent an equity ownership interest in a partnership and provide limited voting rights. MLP common units are registered with the Securities and Exchange Commission (“SEC”), and are freely tradable on securities exchanges such as the NYSE and the NASDAQ Stock Market (“NASDAQ”), or in the over-the-counter (“OTC”) market. An MLP consists of one or more general partners, who conduct the business, and one or more limited partners, who contribute capital. MLP common unit holders have a limited role in the partnership’s operations and management. The Fund, as a limited partner, normally would not be liable for the debts of the MLP beyond the amounts the Fund has contributed, but would not be shielded to the same extent that a shareholder of a corporation would be. In certain circumstances creditors of an MLP would have the right to seek return of capital distributed to a limited partner. This right of an MLP’s creditors would continue after the Fund sold its investment in the MLP.

Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry.

Shareholder Concentration. At period end, one shareholder owned 20% or more of the Fund’s total outstanding shares.

32 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

The shareholder is a related party of the Fund. Related parties may include, but are not limited to, the investment manager and its affiliates, affiliated broker dealers, fund of funds, and directors or employees. The related party owned 29% of the Fund’s total outstanding shares at period end.

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

6. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:

33 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

NOTES TO FINANCIAL STATEMENTS Continued

6. Shares of Beneficial Interest (Continued)


	Year Ended April 30, 2019						Year Ended April 30, 2018
	Shares			Amount			Shares			Amount
Class A
Sold		5,020,727		$	78,539,366			2,950,985		$	44,804,305
Dividends and/or distributions reinvested		716,429			9,628,806			438,912			6,601,237
Redeemed		(3,598,215	)		(53,426,787	)		(3,222,153	)		(48,506,023	)

Net increase		2,138,941		$	34,741,385			167,744		$	2,899,519


Class C
Sold		1,112,608		$	16,709,353			761,041		$	11,229,602
Dividends and/or distributions reinvested		243,961			3,151,975			134,825			1,969,790
Redeemed		(816,867	)		(11,572,109	)		(561,841	)		(8,254,339	)

Net increase		539,702		$	8,289,219			334,025		$	4,945,053


Class I
Sold		4,142,433		$	59,270,062			2,369,368		$	35,883,802
Dividends and/or distributions reinvested		1,233,835			16,681,452			915,910			13,839,406
Redeemed		(2,693,773	)		(41,037,126	)		(10,091,517	)		(156,262,209	)

Net increase (decrease)		2,682,495		$	34,914,388			(6,806,239	)	$	(106,539,001	)


Class R
Sold		654,514		$	9,850,067			704,920		$	10,597,844
Dividends and/or distributions reinvested		113,704			1,510,194			55,525			827,876
Redeemed		(345,969	)		(5,200,487	)		(207,209	)		(3,122,390	)

Net increase		422,249		$	6,159,774			553,236		$	8,303,330


Class Y
Sold		7,307,710		$	112,911,128			5,519,755		$	83,884,229
Dividends and/or distributions reinvested		1,021,525			13,790,591			434,878			6,566,657
Redeemed		(6,639,579	)		(95,589,420	)		(1,539,493	)		(23,471,178	)

Net increase		1,689,656		$	31,112,299			4,415,140		$	66,979,708

7. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IGMMF, for the reporting period were as follows:


	Purchases		Sales
Investment securities	$	372,310,302	$	298,560,874

8. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:

34 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

NOTES TO FINANCIAL STATEMENTS Continued

8. Fees and Other Transactions with Affiliates (Continued)


Fee Schedule
Up to $200 million			0.75%
Next $200 million			0.72
Next $200 million			0.69
Next $200 million			0.66
Next $4.2 billion			0.60
Over $5 billion			0.58

The Fund’s effective management fee for the reporting period was 0.71% of average annual net assets before any applicable waivers.

Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.

Trustees’ Compensation. The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will

35 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

NOTES TO FINANCIAL STATEMENTS Continued

8. Fees and Other Transactions with Affiliates (Continued)

be deferred until distributed in accordance with the compensation deferral plan.

Distribution and Service Plans for Class C and Class R Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class C and Class R shares pursuant to Rule 12b-1 under the 1940 Act to compensate the Distributor for distributing those share classes, maintaining accounts and providing shareholder services. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class C shares’ daily net assets and 0.25% on Class R shares’ daily net assets. The Fund also pays a service fee under the Plans at an annual rate of 0.25% of daily net assets. The Plans continue in effect from year to year only if the Fund’s Board of Trustees votes annually to approve their continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.

Class A

Class C

Class R

Class A

Contingent

Front-End

Deferred

Sales Charges

Retained by

Year Ended

Distributor

April 30, 2019

$113,340

$—

$4,648

$—

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to waive fees and/or reimburse certain expenses so that “Expenses after payments, waivers

36 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

NOTES TO FINANCIAL STATEMENTS Continued

8. Fees and Other Transactions with Affiliates (Continued)

and/or reimbursements and reduction to custodian expenses”, excluding (i) interest, taxes, dividends tied to short sales, brokerage commissions, and other expenditures which are capitalized in accordance with generally accepted accounting principles; (ii) expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; (iii) certain other expenses attributable to, and incurred as a result of, a Fund’s investments; and (iv) other unusual and infrequent expenses (including litigation expenses) not incurred in the ordinary course of the Fund’s business); will not exceed 1.25% for Class A shares, 2.25% for Class C shares, 0.80% for Class I shares, 1.75% for Class R shares and 0.90% for Class Y shares.

During the reporting period, the Manager waived fees and/or reimbursed the Fund as follows:


Class Y		$	53,874

This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IGMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $14,090 for IGMMF management fees.

9. Borrowing and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.95 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Statement of Operations. The Fund did not utilize the Facility during the reporting period.

10. Subsequent Event

Effective after the close of business on May 24, 2019, Invesco Ltd., an independent global investment management company, completed its acquisition of MassMutual asset management affiliate OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”). In connection with the Transaction, the Fund’s Board of Trustees (the “Board”) approved that the Fund be transitioned to the Invesco mutual fund platform by transferring the assets and liabilities of the Fund to a newly formed fund (the “Acquiring Fund”), advised by an affiliate of Invesco Ltd., that has the same investment objectives and substantially similar principal investment strategies and risks as the Fund (the “Reorganization”). The Reorganization was accounted for as a tax-free reorganization for federal income tax purposes. Following the Reorganization, the accounting books and records of the Fund became the accounting books and records of the Acquiring Fund. On April 12, 2019, the Reorganization was approved by the shareholders of the Fund at a special meeting of shareholders.

37 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

NOTES TO FINANCIAL STATEMENTS Continued

10. Subsequent Event (Continued)

The Reorganization was completed after the close of business on May 24, 2019 at which time shareholders of the Fund received shares of the Acquiring Fund in exchange for their shares of the Fund. Also after the close of business on May 24, 2019, the Fund’s former Class I shares were reorganized as Class R6 shares and the Fund began offering Class R5 shares. Effective May 28, 2019, Invesco Advisers, Inc. has contractually agreed to waive advisory fees and/or reimburse expenses to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed in the Fund’s statement of additional information) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.20%, 1.94%, 1.45%, 0.90%, 0.82% and 0.77%, respectively, of the Acquiring Fund’s average daily net assets. This waiver and/or expense reimbursement cannot be terminated until May 28, 2021 without approval of the Board.

38 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

AIM Growth Series (Invesco Growth Series) :

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Invesco Oppenheimer Main Street Small Cap Fund, a series of AIM Growth Series (Invesco Growth Series), (the “Fund”), formerly known as Oppenheimer Main Street Small Cap Fund, including the statement of investments, as of April 30, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audits 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 and financial highlights 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 and financial highlights, 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 and financial highlights. Such procedures also included confirmation of securities owned as of April 30, 2019, by correspondence with the custodian, brokers and the transfer agent, or by other appropriate auditing procedures. 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 and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

KPMG LLP

Denver, Colorado

June 25, 2019

39 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

Capital gain distributions of $0.89231 per share were paid to Class A, Class C, Class I, Class R and Class Y shareholders, respectively, on December 6, 2018. Whether received in stock or in cash, the capital gain distribution should be treated by shareholders as a gain from the sale of the capital assets held for more than one year (long-term capital gains).

Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions should be multiplied by the maximum amount allowable but not less than 62.14% to arrive at the amount eligible for the corporate dividend-received deduction.

A portion, if any, of the dividends paid by the Fund during the reporting period which are not designated as capital gain distributions are eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. The maximum amount allowable but not less than $5,157,713 of the Fund’s fiscal year taxable income may be eligible for the lower individual income tax rates. In early 2019, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates.

Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the reporting period, the maximum amount allowable but not less than $63,341 of the ordinary distributions to be paid by the Fund qualifies as an interest related dividend and the maximum amount allowable but not less than $6,470,759 of the short-term capital gain distribution to be paid by the Fund qualifies as a short-term capital gain dividend.

guidance.

40 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENT OF INVESTMENTS Unaudited

Go paperless with eDelivery

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

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

● Fund reports and prospectuses

● Quarterly statements

● Daily confirmations

● Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q (or any successor Form). The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q (or any successor Form) on the SEC website at sec.gov.

41 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

DISTRIBUTION SOURCES Unaudited

For any distribution that took place over the last six months of the Fund’s reporting period, the table below details on a per-share basis the percentage of the Fund’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. Other capital sources represent a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” You should not draw any conclusions about the Fund’s investment performance from the amounts of these distributions. This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. If the Fund (or an underlying fund in which the Fund invests) invests in real estate investment trusts (REITs) and/or master limited partnerships (MLPs), the percentages attributed to each category are estimated using historical information because the character of the amounts received from the REITs and/or MLPs in which the Fund (or underlying fund) invests is unknown until after the end of the calendar year. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.

For the most current information, please go to oppenheimerfunds.com. Select your Fund, and scroll down to the ‘Dividends’ table under ‘Analytics’.

Fund Name

Pay

Date

Net Income

Net Profit
from Sale

Other Capital
Sources

Invesco Oppenheimer Main Street Small Cap Fund

12/7/18

3.2%

91.7%

5.1%

42 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

SHAREHOLDER PROXY Unaudited

A Special Meeting (“Meeting”) of Shareholders of Invesco Oppenheimer Main Street Small Cap Fund ^® was held on April 12, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer Main Street Small Cap Fund ^® into Invesco Oppenheimer Main Street Small Cap Fund ^® .

The results of the voting on the above matter was as follows:

Matter

Votes

For

Votes Against

Votes Abstain

Broker
Non-Votes

( ¹ ) Approval of an Agreement and Plan of Reorganization

28,163,446

493,334

1,106,860

43 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

TRUSTEES AND OFFICERS Unaudited

Information below is as of May 25, 2019.


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 PERSONS
Martin L. Flanagan ¹ — 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	241	None
Philip A. Taylor ² — 1954 Trustee	2006	Vice Chair, Invesco Ltd.; Director, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee, The Invesco Funds Formerly: Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered	241	None
1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.
2 Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

44 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

TRUSTEES AND OFFICERS Unaudited / 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
INTERESTED PERSONS (CONTINUED)
Philip A. Taylor (Continued)		investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./ Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company); Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./ Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc.

45 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

TRUSTEES AND OFFICERS Unaudited / 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
INTERESTED PERSONS (CONTINUED)
Philip A. Taylor (Continued)		(general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.

46 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

TRUSTEES AND OFFICERS Unaudited / 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
Bruce L. Crockett – 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	241	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	241	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown ³ – 1968 Trustee	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	225	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non -profit); and Vice President and Director of Grahamtastic Connection (non- profit)
Jack M. Fields – 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry	241	None

3 Mss. Brown and Krentzman and Messrs. Motley, Vandivort and Vaughn were appointed as Trustees of the Trust effective June 10, 2019.

47 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

TRUSTEES AND OFFICERS Unaudited / 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)
Jack M. Fields (Continued)		company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives
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); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	241	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	241	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman ³ – 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.; Advisory Board Member of the	225	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member

48 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

TRUSTEES AND OFFICERS Unaudited / 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)
Elizabeth Krentzman (Continued)		Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank and Managing Partner, KPMG LLP	241	Chairman of the Audit Committee, Blue Hills Bank; Chairman of the Business Advisory Council, Bentley University; Chairman of the Audit and Finance Committee and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	241	None
Joel W. Motley ³ – 1952 Trustee	2019	Director of Office of Finance Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Hoffman Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley. 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)	225	Director of Greenwall Foundation; Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; 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 Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	241	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)

49 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

TRUSTEES AND OFFICERS Unaudited / 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)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	241	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. – 1944 Trustee	2005	Retired Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	241	None
Robert C. Troccoli – 1949 Trustee	2016	Adjunct Professor, University of Denver – Daniels College of Business Formerly: Senior Partner, KPMG LLP	241	None
Daniel S. Vandivort ³ –1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management). Formerly: Trustee and Governance Chair, Board of Trustees (New York), Oppenheimer Funds	225	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds
James D. Vaughn ³ – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network; and Trustee of certain Oppenheimer Funds	225	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement
Christopher L. Wilson – 1957 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios);		ISO New England, Inc. (non-profit organization managing regional electricity market)

50 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

TRUSTEES AND OFFICERS Unaudited / 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)
Christopher L. Wilson (Continued)		Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments

51 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

TRUSTEES AND OFFICERS Unaudited / 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

OTHER OFFICERS

Sheri Morris — 1964 President, Principal Executive Officer and Treasurer

2003

President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and 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 and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust

N/A

Russell C. Burk — 1958 Senior Vice President and Senior Officer

2005

Senior Vice President and Senior Officer, The Invesco Funds

N/A

Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary

2018

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); Senior Vice President and 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

N/A

52 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

TRUSTEES AND OFFICERS Unaudited / 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

OTHER OFFICERS

(CONTINUED)

Jeffrey H. Kupor (Continued)

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; Secretary,
W.L. Ross & Co., LLC; Secretary and Vice President, Jemstep, Inc.

Formerly: 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.; and Secretary, Sovereign G./P. Holdings Inc.

Andrew R. Schlossberg – 1974

Senior Vice President

2019

Head of the Americas and Senior Managing Director, Invesco Ltd.; 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); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) and Invesco UK Limited; Director, President and Chairman, Invesco Insurance Agency, Inc.; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited

N/A

Formerly: 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,

53 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

TRUSTEES AND OFFICERS Unaudited / 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

OTHER OFFICERS

(CONTINUED)

Andrew R. Schlossberg

(Continued)

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; Managing Director and Principal Executive Officer, Invesco Capital Management LLC

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; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Invesco Canada Funds Advisory Board Member; Director, President Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and 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)

N/A

Formerly: 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

54 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

TRUSTEES AND OFFICERS Unaudited / 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

OTHER OFFICERS

(CONTINUED)

John M. Zerr (Continued)

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.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)

Gregory G. McGreevey - 1962

Senior Vice President

2012

Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds

Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds

N/A

55 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

TRUSTEES AND OFFICERS Unaudited / 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

OTHER OFFICERS

(CONTINUED)

Kelli Gallegos – 1970

Vice President, Principal

Financial Officer and Assistant Treasurer

2008

Vice President and Treasurer, 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; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC

Formerly: Assistant Treasurer, 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; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds

N/A

Crissie M. Wisdom – 1969

Anti-Money Laundering Compliance Officer

2013

Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc.

Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.

N/A

56 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

TRUSTEES AND OFFICERS Unaudited / 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

OTHER OFFICERS

(CONTINUED)

Robert R. Leveille – 1969

Chief Compliance Officer

2016

Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds

N/A

Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	KPMG LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza,	1225 17 ^th Street,
	Atlanta, GA 30309	Suite 1000	Suite 800
		Houston, TX	Denver, CO 80202
		77046-1173
Counsel to the Fund	Counsel to the	Transfer Agent	Custodian
Stradley Ronon Stevens &	Independent Trustees	Invesco Investment	State Street Bank and
Young, LLP	Goodwin Procter LLP	Services, Inc.	Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza,	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Suite 1000	Boston, MA 02110-2801
		Houston, TX
		77046-1173

57 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

INVESCO’S PRIVACY POLICY

This Privacy Policy was last updated on May 6, 2018.

Information We Collect and Use

How We Use Personal Information

¹ NTD

58 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

INVESCO’S PRIVACY POLICY Continued

you will find the most relevant and to provide customer service and support.

How We Share Personal Information

We occasionally disclose aggregate or de-identified data that is not personally identifiable with third parties.

Cookies and Other Tools

59 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

INVESCO’S PRIVACY POLICY Continued

Security

Transfer of Data to Other Countries

Children’s Privacy

Contact Us

Please contact us if you have any questions or concerns about your personal information or require assistance in managing your choices.

Invesco Ltd.

1555 Peachtree St. NE

Atlanta, GA 30309

By phone:

(404) 439-3236

By fax:

(404) 962-8288

By email:

Anne.Gerry@invesco.com

You may also contact us to:

60 INVESCO OPPENHEIMER MAIN STREET SMALL CAP FUND

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		Invesco Distributors, Inc.			O-MSS-AR-1 06242019

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 David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, Raymond Stickel, Jr., Robert C. Troccoli and James Vaughn. David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, Raymond Stickel, Jr., Robert Troccoli and James Vaughn are “independent” within the meaning of that term as used in Form N-CSR

Item 4. Principal Accountant Fees and Services.

The following information relates to the series funds of the Registrant covered by this report and includes information pertaining to principal accountant fees and services rendered to such funds for the two most recently completed fiscal years or, if shorter, since a fund’s commencement of operations.

(a)	Audit Fees

The principal accountant for the audit of the funds’ annual financial statements billed $50,440 in fiscal 2019 and $49,200 in fiscal 2018.

(b)	Audit-Related Fees

The principal accountant for the audit of the funds’ annual financial statements billed $8,383 in fiscal 2019 and $7,000 in fiscal 2018.

The principal accountant for the audit of the funds’ annual financial statements billed $87,586 in fiscal 2019 and $476,361 in fiscal 2018 to the funds’ investment adviser or any entity controlling, controlled by, or under common control with the adviser that provided ongoing services to the funds.

Such services included: Internal control reviews, GIPS attestation procedures, custody audits and additional audit services

(c)

Tax Fees

The principal accountant for the audit of the funds’ annual financial statements billed $4,668 in fiscal 2019 and no such fees in fiscal 2018.

The principal accountant for the audit of the funds’ annual financial statements billed $481,085 in fiscal 2019 and $669,599 in fiscal 2018 to the funds’ investment adviser or any entity controlling, controlled by, or under common control with the adviser that provided ongoing services to the funds.

Such services included: tax compliance, tax planning and tax advice. Tax compliance generally involved preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice included assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d)	All Other Fees

The principal accountant for the audit of the funds’ annual financial statements billed no such fees in fiscal 2019 and no such fees in fiscal 2018.

The principal accountant for the audit of the funds’ annual financial statements billed no such fees in fiscal 2019 and no such fees in fiscal 2018 to the funds’ investment adviser or any entity controlling, controlled by, or under common control with the adviser that provided ongoing services to the funds.

Such fees would have included the cost to the principal accountant of attending audit committee meetings and consultations regarding the funds’ retirement plan with respect to their Trustees.

(e)	(1) During its regularly scheduled periodic meetings, the funds’ audit committee pre-approved all audit, audit-related, tax and other services to be provided by the principal accountants of the funds.

The audit committee had delegated pre-approval authority to its committee chair for any subsequent new engagements that arose between regularly scheduled meeting dates provided that any such pre-approvals were presented to the audit committee at its next regularly scheduled meeting.

Under applicable laws, pre-approval of non-audit services may be waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to its principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.

(2) 0%

(f)	Not applicable as less than 50%.

(g)

The principal accountant for the audit of the funds’ annual financial statements billed $581,722 in fiscal 2019 and $1,152,960 in fiscal 2018 to the funds and the funds’ investment adviser or any entity controlling, controlled by, or under common control with the adviser that provided ongoing services to the funds related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

(h)

The funds’ audit committee had considered whether the provision of non-audit services that were rendered to the funds’ investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provided ongoing services to the funds that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were compatible with maintaining the principal accountant’s independence. No such services were rendered.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company

and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

None

Item 11. Controls and Procedures.

(a)

As of June 18, 2019, 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 June 18, 2019, 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 second fiscal quarter of 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.

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.

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.

AIM Growth Series (Invesco Growth Series)


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer
Date:		July 5, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer
Date:		July 5, 2019

By:		/s/ Kelli Gallegos
		Kelli Gallegos
		Principal Financial Officer
Date:		July 5, 2019

THE INVESCO FUNDS CODE OF ETHICS FOR COVERED OFFICERS

THE INVESCO FAMILY OF FUNDS CODE OF ETHICS FOR SENIOR OFFICERS

Introduction

The Boards of Trustees (“Board”) of The Invesco Family of Funds (the “Companies”) have adopted this code of ethics (this “Code”) applicable to their Principal Executive Officer and Principal Financial and Accounting Officer (the “Covered Officers”) to promote:

•

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

•

full, fair, accurate, timely and understandable disclosure in documents filed with the Securities and Exchange Commission (“SEC”) and in other public communications;

•

compliance with applicable governmental laws, rules and regulations;

•

the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

•

accountability for adherence to the Code.

II.

Covered Officers Should Act Honestly and Candidly

Each Covered Officer named in Exhibit A to this Code owes a duty to the Companies to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

•

act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Companies’ policies;

•

observe both the form and spirit of laws and governmental rules and regulations, accounting standards and policies of the Companies;

•

adhere to a high standard of business ethics; and

•

place the interests of the Companies before the Covered Officer’s own personal interests.

Business practices Covered Officers should be guided by and adhere to these fiduciary standards.

III.

Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Guiding Principles. A “conflict of interest” occurs when an individual’s private interest interferes with the interests of the Companies. A conflict of interest can arise when a Covered Officer takes actions or has interests that may make it difficult to perform his or her work for the Companies objectively and effectively. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his or her position in any of the Companies. In addition, investment companies should be sensitive to situations that create apparent, but not actual, conflicts of interest. Service to the Companies should never be subordinated to personal gain and advantage.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Companies that already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended and the Investment Advisers Act of 1940, as amended. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Companies because of their status as “affiliated persons” of the Companies. Therefore, as to the existing statutory and regulatory prohibitions on individual behavior, they will be

deemed to be incorporated in this Code and therefore any material violation will also be deemed a violation of this Code. Covered Officers must in all cases comply with applicable statutes and regulations.

As to conflicts arising from, or as a result of the contractual relationship between, the Companies and the investment adviser of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to the adviser’s fiduciary duties to the Companies, the Covered Officers will in the normal course of their duties (whether formally for the Companies or for the adviser, or for both) be involved in establishing policies and implementing decisions which will have different effects on the adviser and the Companies. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contractual relationship between the Companies and the adviser and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Companies. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of other investment companies advised by the same adviser and the codes which apply to senior officers of those investment companies will apply to the Covered Officers acting in those distinct capacities.

Each Covered Officer must:

•

avoid conflicts of interest wherever possible;

•

handle any actual or apparent conflict of interest ethically;

•

not use his or her personal influence or personal relationships to influence investment decisions or financial reporting by an investment company whereby the Covered Officer would benefit personally to the detriment of any of the Companies;

•

not cause an investment company to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit of such company;

•

not use knowledge of portfolio transactions made or contemplated for an investment company to profit or cause others to profit, by the market effect of such transactions; and

•

as described in more detail below, discuss any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest with the Chief Legal Officer of the Invesco Funds (the “Chief Legal Officer”).

Some conflict of interest situations that should always be discussed with the Chief Legal Officer, if material, include the following:

•

any outside business activity that detracts from an individual’s ability to devote appropriate time and attention to his or her responsibilities with the Companies;

•

being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member;

•

any direct ownership interest in, or any consulting or employment relationship with, any of the Companies’ service providers, other than its investment adviser, distributor or other Invesco Ltd. affiliated entities and other than a de minimis ownership interest (for purposes of this section of the Code an ownership interest of 1% or less shall constitute a de minimis ownership interest, and an ownership interest of more than 1% creates a rebuttable presumption that there may be a material conflict of interest); and

•

a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Companies for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer’s employment with Invesco, its subsidiaries, its parent organizations and any affiliates or subsidiaries thereof, such as compensation or equity ownership, and other than an interest arising from a de minimis ownership interest in a company with which the Companies execute portfolios transactions or a company that receives commissions or other fees related to its sales and redemptions of shares of the Companies (for purposes of this section of the Code an ownership interest of 1% or less shall constitute a de minimis ownership interest,

and an ownership interest of more than 1% creates a rebuttable presumption that there may be a material conflict of interest).

IV.

Disclosure

Each Covered Officer is required to be familiar, and comply, with the Companies’ disclosure controls and procedures so that the Companies’ subject reports and documents filed with the SEC comply in all material respects with the applicable federal securities laws and SEC rules. In addition, each Covered Officer having direct or supervisory authority regarding these SEC filings or the Companies’ other public communications should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Companies and take other appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.

Each Covered Officer must:

•

familiarize himself/herself with the disclosure requirements applicable to the Companies as well as the business and financial operations of the Companies; and

•

not knowingly misrepresent, or cause others to misrepresent, facts about the Companies to others, whether within or outside the Companies, including representations to the Companies’ internal auditors, independent Directors/Trustees, independent auditors, and to governmental regulators and self-regulatory organizations.

Compliance

It is the Companies’ policy to comply in all material respects with all applicable governmental laws, rules and regulations. It is the personal responsibility of each Covered Officer to adhere to the standards and restrictions imposed by those laws, rules and regulations, including those relating to affiliated transactions, accounting and auditing matters.

VI.

Reporting and Accountability

Each Covered Officer must:

•

upon receipt of the Code, sign and submit to the Chief Compliance Officer of the Companies an acknowledgement stating that he or she has received, read, and understands the Code.

•

annually thereafter submit a form to the Chief Compliance Officer of the Companies confirming that he or she has received, read and understands the Code and has complied with the requirements of the Code.

•

not retaliate against any employee or other Covered Officer for reports of potential violations that are made in good faith.

•

notify the Chief Legal Officer promptly if he becomes aware of any existing or potential violation of this Code. Failure to do so is itself a violation of this Code.

Except as described otherwise below, the Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented to him or her and has the authority to interpret this Code in any particular situation. The Chief Legal Officer shall take all action he or she considers appropriate to investigate any actual or potential violations reported to him or her.

The Chief Legal Officer is authorized to consult, as appropriate, with the Chairman of the Audit Committees of the Board, counsel to the Companies and counsel to the independent Directors/Trustees, and is encouraged to do so.

The Chief Legal Officer is responsible for granting waivers and determining sanctions, as appropriate. In addition, approvals, interpretations, or waivers sought by the Covered Officers may also be considered by the Chairman of the Invesco Funds Audit Committees.

The Companies will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

•

the Chief Legal Officer will take all appropriate action to investigate any violations reported to him or her;

•

violations and potential violations will be reported to the Chairman of the Audit Committees of the Board after such investigation;

•

if the Chairman of the Audit Committees determines that a violation has occurred, he or she will inform the Board, which will take all appropriate disciplinary or preventive action;

•

appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification to the SEC or other appropriate law enforcement authorities;

•

the Chief Legal Officer will be responsible for granting waivers, as appropriate; and

•

any changes to or waivers of this Code will, to the extent required, be disclosed on Form N-CSR as provided by SEC rules.

VII.

Other Policies and Procedures

The Companies’ and the Advisers’ and Principal Underwriters’ codes of ethics under Rule 17j-1 under the Investment Company Act and the Advisers’ more detailed policies and procedures set forth in its Compliance and Supervisory Procedures Manual are separate requirements applying to Covered Officers and others, and are not part of this Code.

VIII.

Amendments

Any material amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Companies’ Board, including a majority of independent Trustees.

IX.

Confidentiality

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the members of the Companies’ Board, counsel to the Companies, and counsel to the independent Directors/Trustees.

Exhibit A

Persons Covered by this Code of Ethics:

Sheri Morris — Principal Executive Officer

Kelli Gallegos — Principal Financial Officer

I, Sheri Morris, Principal Executive Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM Growth Series (Invesco Growth Series);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 5, 2019

/s/ Sheri Morris

Sheri Morris, Principal Executive Officer

I, Kelli Gallegos, Principal Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM Growth Series (Invesco Growth Series);

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 5, 2019

/s/ Kelli Gallegos

Kelli Gallegos, Principal Financial Officer

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Growth Series (Invesco Growth Series) (the “Company”) on Form N-CSR for the period ended April 30, 2019, as filed with the Securities and Exchange Commission (the “Report”), I, Sheri Morris, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: July 5, 2019						/s/ Sheri Morris
						Sheri Morris, Principal Executive Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Growth Series (Invesco Growth Series) (the “Company”) on Form N-CSR for the period ended April 30, 2019, as filed with the Securities and Exchange Commission (the “Report”), I, Kelli Gallegos, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: July 5, 2019						/s/ Kelli Gallegos
						Kelli Gallegos, Principal Financial Officer