Performance summary - Invesco Conservative Allocation Fund For the year ended December 31, 2019, Class A shares of Invesco Conservative Allocation Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Conservative Allocation Index, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/18 to 12/31/19, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares			14.39	%
Class C Shares			13.45
Class R Shares			14.05
Class S Shares			14.39
Class Y Shares			14.59
Class R5 Shares			14.69
Class R6 Shares			14.59
S&P 500 Indexq (Broad Market Index)			31.49
Custom Invesco Conservative Allocation Index⬛ (Style-Specific Index)			15.06
Lipper Mixed-Asset Target Allocation Conservative Funds Index◆ (Peer Group Index)			13.28
Source(s): qRIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ◆Lipper Inc.

 

    Relative to the style-specific index, underweight exposure to and style selection in the Fund’s fixed income allocation were the leading contributors to performance for the year. Relative underweight exposure to international equities and style selection within the alternatives allocation also benefited relative Fund performance.

    At the individual holdings level, Invesco Core Plus Bond Fund was the leading contributor to absolute performance and performance relative to the style-specific index during the year. Invesco Core Plus Bond Fund benefited from overweight exposures to lower-rated investment grade and high yield corporate credit. Invesco High Yield Fund and Invesco Emerging Markets Sovereign Debt ETF were also significant contributors to relative Fund performance as investors preferred riskier assets over less risky assets during the year. Within the Fund’s allocation to equities, Invesco American Franchise Fund and Invesco International Growth Fund produced double-digit gains and were the most notable contributors to relative Fund performance. Invesco Global Real Estate Income Fund in the alternatives allocation outperformed the asset class and meaningfully contributed to both absolute and relative Fund performance, as well.

    In contrast, the majority of the Fund’s underperformance relative to its style-specific index was driven by underperformance within the equities allocation, as global equities posted strong gains during the year. An underweight allocation to the asset class versus the style-specific index also detracted from relative Fund performance. Within the Fund’s allocation to equities, Invesco Diversified Dividend Fund was the leading detractor

 

Portfolio Composition*
By fund type, based on total investments
Fixed Income Funds			56.00	%
Equity Funds			33.56	%
Alternative Funds			9.79	%
Money Market Funds			0.65	%

 

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

Total Net Assets		$310.1 million

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

Data presented here are as of December 31, 2019.

 

from relative performance. Despite producing a strong gain during the year, the underlying fund trailed the style-specific index, as value stocks did not perform as well as growth stocks. Invesco S&P 500 Pure Growth ETF and Invesco Growth and Income Fund were also meaningful detractors from the Fund’s relative performance. An overweight allocation to alternatives versus the style-specific index detracted from relative Fund performance, as well. Within the Fund’s allocation to alternatives, Invesco Global Targeted Returns Fund was a significant detractor from relative performance due to its underlying holdings’ interest rate and currency positioning during the year. Within the Fund’s fixed income allocation, Invesco Short Term Bond Fund, Invesco Variable Rate Investment Grade ETF and Invesco Quality Income Fund were meaningful detractors from relative performance. Invesco Quality Income Fund’s duration and yield curve positioning detracted from relative Fund performance for the year.

As part of the Fund’s strategic annual rebalance, Invesco S&P GARP ETF, Invesco FTSE RAFI Developed Markets ex-US ETF and Invesco 1-30 Laddered Treasury ETF were removed as underlying holdings. Additionally, we added new positions in Invesco S&P 500 Pure Growth ETF, Invesco RAFI Strategic Developed ex-US ETF and Invesco Taxable Municipal Bond ETF during the year.

Please note that some of the Fund’s underlying holdings – which include, but are not limited to, Invesco Core Plus Bond Fund, Invesco Global Targeted Returns Fund and Invesco Balanced-Risk Allocation Fund – may use derivatives, including futures, which may create economic leverage in the underlying funds. Therefore, performance of these underlying funds, both positive and negative, can also be attributed to these instruments.

It has been our privilege to oversee Invesco Conservative Allocation Fund, and we thank you for your continued investment.

 

 

Portfolio managers:

Jacob Borbidge

Duy Nguyen

Assisted by Invesco’s Investment Solutions Team

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic

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

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

 

Performance summary - Invesco Growth Allocation Fund For the year ended December 31, 2019, Class A shares of Invesco Growth Allocation Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Growth Allocation Index, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/18 to 12/31/19, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares			20.59	%
Class C Shares			19.64
Class R Shares			20.26
Class S Shares			20.73
Class Y Shares			20.86
Class R5 Shares			20.98
Class R6 Shares			20.98
S&P 500 Indexq (Broad Market Index)			31.49
Custom Invesco Growth Allocation Index⬛ (Style-Specific Index)			23.38
Lipper Mixed-Asset Target Allocation Growth Funds Index◆ (Peer Group Index)			21.10
Source(s): qRIMES Technologies Corp.; ⬛Invesco, RIMES Technologies Corp.; ◆Lipper Inc.

 

contributors to absolute Fund performance for the year. Fund allocations to international equities, domestic small-and mid-cap equities and core fixed income holdings were also notable contributors to absolute Fund performance during the year.

    Relative to the Fund’s style-specific index, underweight exposure to the Fund’s fixed income allocation was the leading contributor to relative performance for the year. Underweight exposure to international equities also benefited relative performance, as domestic equities outperformed their international counterparts during the year. At the individual holdings level, Invesco International Select Equity Fund was the leading contributor to overall Fund performance. International Select Equity Fund benefited from positive stock selection in cyclical sectors, such as consumer discretionary and industrials, along with positive stock selection in emerging markets. Invesco International Growth Fund, Invesco American Franchise Fund, Invesco Core Plus Bond Fund and Invesco S&P 500 GARP ETF were also significant contributors to relative Fund performance during the year.

    In contrast, the majority of the Fund’s underperformance relative to its style-specific index was driven by underperformance within the equities allocation, as global equities posted strong gains during the year. An underweight allocation to the equity asset class also detracted from relative Fund performance. Within the Fund’s allocation to equities, Invesco Diversified Dividend Fund was the leading detractor from relative performance. Despite producing a strong gain during the year, the underlying fund trailed the style-specific index, as value stocks did not perform as well as growth stocks. Invesco S&P 500 Pure Growth ETF, Invesco Low Volatility Emerging Markets Fund and Invesco Comstock Fund were also meaningful detractors from relative Fund performance within the allocation. An overweight allocation to alternatives

 

Portfolio Composition*
By fund type, based on total investments
Equity Funds			81.68	%
Fixed Income Funds			10.45	%
Alternative Funds			7.26	%
Money Market Funds			0.61	%

 

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

Total Net Assets		$	1.0 billion

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

Data presented here are as of December 31, 2019.

 

versus the style-specific index detracted from relative performance, as well. All of the underlying holdings within the Fund’s alternatives allocation detracted from relative performance. Both Invesco Long/Short Equity Fund and Invesco All Cap Market Neutral Fund posted negative returns during the year and detracted from both absolute and relative Fund performance. Invesco Balanced-Risk Allocation Fund and Invesco Global Real Estate Income Fund both posted positive returns but underperformed the style-specific index and detracted from relative performance. Within the Fund’s fixed income allocation, Invesco Short Term Bond Fund and Invesco 1-30 Laddered Treasury ETF underperformed the style-specific index and detracted from relative Fund performance during the year.

    As part of the Fund’s strategic annual rebalance, Invesco S&P 500 GARP ETF, Invesco FTSE RAFI Developed Markets ex-US ETF, Invesco Emerging Markets Flexible Bond Fund and Invesco 1-30 Laddered Treasury ETF were removed as underlying holdings. Additionally, we added new positions in Invesco Small Cap Value Fund, Invesco S&P 500 Pure Growth ETF, Invesco RAFI Strategic Developed ex-US ETF and Invesco Taxable Municipal Bond ETF during the year.

    Please note that some of the Fund’s underlying holdings – which include, but are not limited to, Invesco Core Plus Bond Fund, Invesco Balanced-Risk Allocation Fund, Invesco All Cap Market Neutral Fund and Invesco Long/Short Equity Fund – may use derivatives, including futures, which may create economic leverage in the underlying funds. Therefore, performance of these underlying funds, both positive and negative, can also be attributed to these instruments.

    It has been our privilege to oversee Invesco Growth Allocation Fund, and we thank you for your continued investment.

 

 

Portfolio managers:

Jacob Borbidge

Duy Nguyen

Assisted by Invesco’s Investment Solutions Team

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any

market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

 

Performance summary - Invesco Moderate Allocation Fund For the year ended December 31, 2019, Class A shares of Invesco Moderate Allocation Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Moderate Allocation Index, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/18 to 12/31/19, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares			17.72	%
Class C Shares			16.87
Class R Shares			17.47
Class S Shares			17.84
Class Y Shares			18.00
Class R5 Shares			18.09
Class R6 Shares			18.11
S&P 500 Indexq (Broad Market Index)			31.49
Custom Invesco Moderate Allocation Index⬛ (Style-Specific Index)			19.75
Lipper Mixed-Asset Target Allocation Moderate Funds Index ◆ (Peer Group Index)			18.25
Source(s): qRIMES Technologies Corp.; ⬛Invesco, RIMES Technologies Corp.; ◆Lipper Inc.

 

    Strategic asset class exposures in the Fund are obtained through underlying representative mutual funds and exchange-traded funds targeting a predefined level of risk. In terms of absolute performance, all except two of the Fund’s underlying holdings produced positive performance during the year and contributed to positive results. At the asset class level, underlying holdings in large-cap

domestic equities were the leading contributors to absolute Fund performance for the year. Fund allocations to international equities, domestic small-and mid-cap equities and core fixed income holdings were also notable contributors to absolute performance.

    Relative to the Fund’s style-specific index, underweight exposure to the Fund’s fixed income allocation was the leading contributor to performance for the year. Underweight exposure to international equities also benefited relative Fund performance, as domestic equities outperformed their international counterparts during the year. At the individual holdings level, Invesco International Select Equity Fund was the leading contributor to overall Fund performance. International Select Equity Fund benefited from positive stock selection in cyclical sectors, such as consumer discretionary and industrials, along with positive stock selection in emerging markets. Invesco International Growth Fund, Invesco American Franchise Fund, Invesco Core Plus Bond Fund and Invesco S&P 500 GARP ETF were also significant contributors to relative Fund performance during the year.

    In contrast, the majority of the Fund’s underperformance relative to its style-specific index was driven by underperformance within the equities allocation, as global equities posted strong gains during the year. An underweight allocation to the equity asset class also detracted from relative Fund results. Within the Fund’s allocation to equities, Invesco Diversified Dividend Fund was the leading detractor from relative performance. Despite producing a strong gain during the year, the underlying fund trailed the style-specific index, as value stocks did not perform as well as growth stocks. Invesco S&P 500 Pure Growth ETF, Invesco Low Volatility Emerging Markets Fund and Invesco Comstock Fund were also meaningful detractors from relative Fund performance within the allocation. An overweight allocation to alternatives

 

Portfolio Composition*
By fund type, based on total investments
Equity Funds			60.56	%
Fixed Income Funds			31.27	%
Alternative Funds			7.38	%
Money Market Funds			0.79	%

 

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

Total Net Assets		$737.7 million

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

Data presented here are as of December 31, 2019.

 

versus the style-specific index detracted from relative performance, as well. All of the underlying holdings within the Fund’s alternatives allocation detracted from relative performance results. Both Invesco Long/Short Equity Fund and Invesco All Cap Market Neutral Fund posted negative returns during the year and detracted from both absolute and relative Fund performance. Invesco Balanced-Risk Allocation Fund and Invesco Global Real Estate Income Fund both posted positive returns but underperformed the style-specific index and detracted from relative performance. Within the Fund’s fixed income allocation, Invesco Short Term Bond Fund and Invesco Quality Income Fund underperformed the style-specific index and detracted from relative Fund performance during the year.

    As part of the Fund’s strategic annual rebalance, Invesco S&P 500 GARP ETF, Invesco FTSE RAFI Developed Markets ex-US ETF and Invesco 1-30 Laddered Treasury ETF were removed as underlying holdings. Additionally, we added new positions in Invesco Small Cap Value Fund, Invesco S&P 500 Pure Growth ETF, Invesco RAFI Strategic Developed ex-US ETF and Invesco Taxable Municipal Bond ETF during the year.

    Please note that some of the Fund’s underlying holdings – which include, but are not limited to, Invesco Core Plus Bond Fund, Invesco Balanced-Risk Allocation Fund, Invesco All Cap Market Neutral Fund and Invesco Long/Short Equity Fund – may use derivatives, including futures, which may create economic leverage in the underlying funds. Therefore, performance of these underlying funds, both positive and negative, can also be attributed to these instruments.

    It has been our privilege to oversee Invesco Moderate Allocation Fund, and we thank you for your continued investment.

 

 

Portfolio managers:

Jacob Borbidge

Duy Nguyen

Assisted by Invesco’s Investment Solutions Team

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but

Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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

 

Past performance cannot guarantee future results.

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

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

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

 

Average Annual Total Returns
As of 12/31/19, including maximum applicable sales charges
Class A Shares
Inception (4/29/05)			4.21	%
10 Years			4.89
5 Years			2.85
1 Year			8.12
Class C Shares
Inception (4/29/05)			4.10	%
10 Years			4.68
5 Years			3.22
1 Year			12.45
Class R Shares
Inception (4/29/05)			4.35	%
10 Years			5.20
5 Years			3.75
1 Year			14.05
Class S Shares
10 Years			5.57	%
5 Years			4.11
1 Year			14.39
Class Y Shares
Inception (10/3/08)			5.84	%
10 Years			5.71
5 Years			4.27
1 Year			14.59
Class R5 Shares
Inception (4/29/05)			4.90	%
10 Years			5.78
5 Years			4.31
1 Year			14.69
Class R6 Shares
10 Years			5.55	%
5 Years			4.17
1 Year			14.59

Class S shares incepted on June 3, 2011. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

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

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder

would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares was 1.03%, 1.78%, 1.28%, 0.93%, 0.78%, 0.74 and 0.74%, respectively.¹ The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class S, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

 

1	The expense ratio includes acquired fund fees and expenses of the underlying funds in which the Fund invests of 0.53%.

 

Past performance cannot guarantee future results.

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

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

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

 

Average Annual Total Returns
As of 12/31/19, including maximum applicable sales charges
Class A Shares
Inception (4/30/04)			5.66	%
10 Years			6.85
5 Years			4.71
1 Year			13.93
Class C Shares
Inception (4/30/04)			5.54	%
10 Years			6.64
5 Years			5.09
1 Year			18.64
Class R Shares
Inception (4/30/04)			5.78	%
10 Years			7.18
5 Years			5.63
1 Year			20.26
Class S Shares
Inception (9/25/09)			7.97	%
10 Years			7.56
5 Years			6.01
1 Year			20.73
Class Y Shares
Inception (10/3/08)			7.59	%
10 Years			7.71
5 Years			6.15
1 Year			20.86
Class R5 Shares
Inception (4/30/04)			6.39	%
10 Years			7.81
5 Years			6.27
1 Year			20.98
Class R6 Shares
10 Years			7.55	%
5 Years			6.08
1 Year			20.98

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

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

you may have a gain or loss when you sell shares.

The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares was 1.05%, 1.80%, 1.30%, 0.95%, 0.80%, 0.71% and 0.71%, respectively.¹ The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class S, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

 

1	The expense ratio includes acquired fund fees and expenses of the underlying funds in which the Fund invests of 0.55%.

 

Past performance cannot guarantee future results.

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

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

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

 

Average Annual Total Returns
As of 12/31/19, including maximum applicable sales charges
Class A Shares
Inception (4/30/04)			5.24	%
10 Years			6.07
5 Years			3.99
1 Year			11.23
Class C Shares
Inception (4/30/04)			5.12	%
10 Years			5.89
5 Years			4.40
1 Year			15.87
Class R Shares
Inception (4/30/04)			5.37	%
10 Years			6.41
5 Years			4.91
1 Year			17.47
Class S Shares
Inception (9/25/09)			7.13	%
10 Years			6.78
5 Years			5.28
1 Year			17.84
Class Y Shares
Inception (10/3/08)			7.12	%
10 Years			6.95
5 Years			5.43
1 Year			18.00
Class R5 Shares
Inception (4/30/04)			5.91	%
10 Years			6.95
5 Years			5.46
1 Year			18.09
Class R6 Shares
10 Years			6.76	%
5 Years			5.34
1 Year			18.11

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

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

you may have a gain or loss when you sell shares.

The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares was 1.02%, 1.77%, 1.27%, 0.92%, 0.77%, 0.72% and 0.72%, respectively.¹ The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class S, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

 

1	The expense ratio includes acquired fund fees and expenses of the underlying funds in which the Fund invests of 0.56%.

 

 

About share classes

∎

Class R shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information.

∎

Class S shares and Class Y shares are available only to certain investors. Please see the prospectus for more information.

∎

Class R5 shares and Class R6 shares are available for use by retirement plans that meet certain standards and for institutional investors. Class R6 shares are also available through intermediaries that have established an agreement with Invesco Distributors, Inc. to make such shares available for use in retail omnibus accounts. Please see the prospectus for more information.

 

 

About indexes used in this report

∎

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

∎

The Custom Invesco Conservative Allocation Index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index and Bloomberg Barclays U.S. Aggregate Bond Index. The composition of the index may change based on the Fund’s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective.

∎

The Lipper Mixed-Asset Target Allocation Conservative Funds Index is an

unmanaged index considered representative of mixed-asset target allocation conservative funds tracked by Lipper.

∎

The Custom Invesco Growth Allocation Index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index and Bloomberg Barclays U.S. Aggregate Bond Index. The composition of the index may change based on the Fund’s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective.

∎

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

∎

The Custom Invesco Moderate Allocation Index is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index and Bloomberg Barclays U.S. Aggregate Bond Index. The composition of the index may change based on the Fund’s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective.

∎

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

∎

The Russell 3000® Index is considered representative of the US stock market. The Russell 3000 Index is a

trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.

∎

The MSCI EAFE® Index is considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎

The Bloomberg Barclays U.S. Aggregate Bond Index is considered representative of the US investment grade, fixed-rate bond market.

∎

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

∎

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

 

 

Other information

∎

The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights.