AIM GROWTH SERIES (INVESCO GROWTH SERIES) (Form: N-CSR, Received: 03/01/2023 13:10:10)

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments

Aggregate unrealized (depreciation) of investments

Net unrealized appreciation of investments

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number		811-02699

AIM Growth Series (Invesco Growth Series)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

Sheri Morris 11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Name and address of agent for service)

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

Date of fiscal year end: 12/31

Date of reporting period: 12/31/22

ITEM 1.

REPORTS TO STOCKHOLDERS.

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

(b) Not applicable.

LOGO


Annual Report to Shareholders		December 31, 2022

Invesco Active Allocation Fund

Nasdaq:

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


2		Management’s Discussion
2		Performance Summary
3		Long-Term Fund Performance
5		Supplemental Information
7		Schedule of Investments
12		Financial Statements
15		Financial Highlights
16		Notes to Financial Statements
25		Report of Independent Registered Public Accounting Firm
26		Fund Expenses
27		Tax Information
T-1		Trustees and Officers

Management’s Discussion of Fund Performance


Performance summary
For the fiscal year ended December 31, 2022, Class A shares of Invesco Active Allocation Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Active Allocation Index. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/21 to 12/31/22, 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	-19.32	%
Class C Shares	-19.93
Class R Shares	-19.56
Class Y Shares	-19.15
Class R5 Shares	-19.08
Class R6 Shares	-19.14
Bloomberg Global Aggregate USD Hedged Index^▼	-11.22
Custom Invesco Active Allocation Index^∎	-16.75
MSCI All Country World Index^▼	-18.36
Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Global equity markets declined in the first half of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People’s Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

Global equity markets posted gains for the fourth quarter of 2022, after better inflation data sparked a rally in October and November. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023 as inflation remained above target levels. International stocks outperformed US stocks in the fourth quarter, led by results in Europe and the UK. Emerging market equities also posted gains for the fourth quarter of 2022, boosted by China, which eased its zero-COVID-19 policy and started to reopen even as COVID-19 infections surged.

Despite the rebound in the fourth quarter of 2022, at the end of the fiscal year ended December 31, 2022, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

Strategic asset class exposures in the Fund are obtained through underlying representative mutual funds and exchange-traded funds

targeting pre-defined risk levels. The Fund may also implement a tactical overlay strategy using futures contracts on a percentage of the underlying assets under management. From an absolute performance perspective, an allocation to US Value style-specific equities was slightly additive to Fund performance during the fiscal year and the leading contributor to absolute return. The remaining allocations to equity, fixed income and alternative assets were mainly detractors from absolute performance as the portfolio produced a negative return for the fiscal year.

From a relative performance perspective, the portfolio underperformed its custom benchmark during the fiscal year. Underperformance was driven mainly by manager selection within the equity allocations. Within the equity allocation, the Invesco Global Fund and Invesco Discovery Mid Cap Growth Fund were the primary detractors. The tactical overlay strategy using futures contracts also slightly detracted for the fiscal year.

Conversely, allocations to other fixed income funds and allocations to style-specific equities were the leading contributors to relative performance during the fiscal year. Within the allocations, the Invesco S&P 500 Low Volatility ETF, Invesco Russell 1000 Dynamic Multi-Factor ETF and Invesco Value Opportunities Fund were the leading contributors to relative performance.

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

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

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Alessio de Longis

Duy Nguyen

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

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

2 Invesco Active Allocation Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/12

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

3 Invesco Active Allocation Fund


Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges

Class A Shares
Inception (4/5/05)	4.20	%
10 Years	5.50
5 Years	1.80
1 Year	-23.77

Class C Shares
Inception (4/5/05)	4.18	%
10 Years	5.46
5 Years	2.18
1 Year	-20.70

Class R Shares
Inception (4/5/05)	4.29	%
10 Years	5.83
5 Years	2.69
1 Year	-19.56

Class Y Shares
Inception (4/5/05)	4.85	%
10 Years	6.36
5 Years	3.21
1 Year	-19.15

Class R5 Shares
10 Years	6.21	%
5 Years	3.16
1 Year	-19.08

Class R6 Shares
10 Years	6.21	%
5 Years	3.17
1 Year	-19.14

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

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

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

reflect reinvested distributions, changes in

net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

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

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

4 Invesco Active Allocation Fund

Supplemental Information

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

∎	Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

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

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

About indexes used in this report

∎	The Bloomberg Global Aggregate USD Hedged Index tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar.

∎	The Custom Invesco Active Allocation Index is composed of 80% MSCI All Country World Index and 20% Bloomberg Global Aggregate USD Hedged Index.

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

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

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

5 Invesco Active Allocation Fund

Fund Information

Portfolio Composition*


By fund type		% of total investments
Equity Funds		76.97%
Fixed Income Funds		17.31
Alternative Funds		4.91
Money Market Funds		0.81

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

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. Data presented here are as of December 31, 2022.

6 Invesco Active Allocation Fund

Schedule of Investments

December 31, 2022

Invesco Active Allocation Fund

Schedule of Investments in Affiliated Issuers–99.27%^(a)


	% of									Change in
	Net									Unrealized
	Assets		Value		Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	12/31/22		12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		12/31/22		12/31/22
Alternative Funds–4.89%
Invesco Global Real Estate Income Fund, Class R6^(b)		2.39%	$	52,999,438	$	2,891,140	$	–		$	(11,941,623	)	$	–		$	728,523		5,617,802	$	43,481,788
Invesco Macro Allocation Strategy Fund, Class R6^(c)		2.50%		77,928,029		–		(24,697,871	)		(4,932,915	)		(2,759,405	)		–		6,055,564		45,537,838
Total Alternative Funds				130,927,467		2,891,140		(24,697,871	)		(16,874,538	)		(2,759,405	)		728,523				89,019,626
Domestic Equity Funds–43.76%
Invesco Discovery Mid Cap Growth Fund, Class R6^(c)		5.87%		209,641,660		21,890,265		(64,851,528	)		(50,162,522	)		(9,582,216	)		–		4,225,036		106,935,659
Invesco Main Street Small Cap Fund, Class R6		6.08%		202,769,725		676,225		(65,128,170	)		(40,470,723	)		12,786,630			676,225		6,184,108		110,633,687
Invesco Russell 1000^®Dynamic Multifactor ETF		11.84%		178,872,541		84,055,648		(11,288,206	)		(35,193,374	)		(1,027,278	)		3,205,343		5,016,752		215,419,331
Invesco S&P 500^®Low Volatility ETF		8.18%		171,006,263		15,434,121		(25,098,708	)		(15,112,039	)		2,603,240			3,199,258		2,329,153		148,832,877
Invesco S&P 500^®Pure Growth ETF		5.27%		122,178,412		13,710,990		(4,014,009	)		(35,689,594	)		(184,376	)		716,339		633,213		96,001,423
Invesco S&P SmallCap Low Volatility ETF		3.49%		182,237,438		–		(98,798,430	)		(46,594,093	)		26,674,902			2,197,216		1,422,457		63,519,817
Invesco Value Opportunities Fund, Class R6		3.03%		–		66,769,676		(7,280,360	)		(4,348,545	)		4,447,191			562,733		3,449,076		55,116,230
Total Domestic Equity Funds				1,066,706,039		202,536,925		(276,459,411	)		(227,570,890	)		35,718,093			10,557,114				796,459,024
Fixed Income Funds–17.26%
Invesco 1-30 Laddered Treasury ETF		1.92%		48,568,059		–		(3,383,045	)		(9,665,606	)		(509,720	)		708,357		1,218,576		35,009,688
Invesco Core Plus Bond Fund, Class R6		7.68%		179,831,649		6,869,952		(17,142,464	)		(27,574,391	)		(2,251,209	)		5,255,066		15,338,477		139,733,537
Invesco Income Fund, Class R6		1.08%		42,124,979		934,136		(19,765,055	)		(3,890,186	)		180,390			934,137		2,859,017		19,584,264
Invesco Master Loan Fund, Class R6		0.77%		–		16,441,535		(1,583,248	)		(781,621	)		(72,541	)		794,217		924,060		14,004,125
Invesco Senior Floating Rate Fund, Class R6		1.13%		–		22,242,805		–			(1,620,698	)		–			1,398,284		3,167,758		20,622,107
Invesco Taxable Municipal Bond ETF^(d)		3.67%		89,858,749		3,665,377		(7,750,952	)		(18,143,539	)		(881,976	)		2,295,823		2,596,175		66,747,659
Invesco Variable Rate Investment Grade ETF		1.01%		23,885,363		–		(5,135,303	)		(289,711	)		(18,584	)		452,915		746,328		18,441,765
Total Fixed Income Funds				384,268,799		50,153,805		(54,760,067	)		(61,965,752	)		(3,553,640	)		11,838,799				314,143,145
Foreign Equity Funds–32.98%
Invesco EQV Emerging Markets All Cap Fund, Class R6^(e)		3.53%		69,306,630		11,356,340		(3,025,948	)		(11,909,756	)		(1,458,646	)		1,026,601		2,077,873		64,268,620
Invesco Developing Markets Fund, Class R6		3.72%		108,765,465		788,160		(14,823,066	)		(19,906,170	)		(7,057,917	)		788,160		1,940,621		67,766,472
Invesco Global Fund, Class R6		10.54%		259,017,765		48,238,644		(7,018,833	)		(105,896,504	)		21,124,209			–		2,533,712		191,852,708
Invesco Global Infrastructure Fund, Class R6		1.02%		16,367,471		4,358,362		–			(2,161,184	)		–			362,772		1,597,646		18,564,649
Invesco International Select Equity Fund, Class R6		1.72%		67,646,310		13,800,469		(32,518,954	)		(11,056,082	)		(6,490,612	)		313,915		3,463,701		31,381,131
Invesco International Small-Mid Company Fund, Class R6		3.40%		88,140,852		1,518,950		–			(27,847,896	)		171,367			263,968		1,582,891		61,811,906
Invesco RAFI^™ Strategic Developed ex-US ETF		4.37%		69,642,948		25,337,460		(5,399,826	)		(9,905,456	)		(173,474	)		2,516,886		2,959,853		79,501,652
Invesco S&P Emerging Markets Low Volatility ETF		3.69%		54,913,593		26,329,828		(7,594,814	)		(7,338,885	)		747,539			2,172,544		2,914,266		67,057,261
Invesco S&P International Developed Low Volatility ETF		0.99%		73,482,713		–		(50,725,679	)		(9,252,023	)		4,480,973			1,191,896		671,620		17,985,984
Total Foreign Equity Funds				807,283,747		131,728,213		(121,107,120	)		(205,273,956	)		11,343,439			8,636,742				600,190,383

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

7 Invesco Active Allocation Fund

Invesco Active Allocation Fund (continued)

Schedule of Investments in Affiliated Issuers–99.27%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	12/31/22			12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			12/31/22		12/31/22
Money Market Funds–0.38%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(f)		0.13	%	$	4,221,702	$	72,807,253	$	(74,608,068	)	$	–		$	–		$	41,150			2,420,887	$	2,420,887
Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(f)		0.10	%		3,015,499		52,005,180		(53,290,782	)		164			3			39,624			1,729,545		1,730,064
Invesco Treasury Portfolio, Institutional Class, 4.20%^(f)		0.15	%		4,824,802		83,208,289		(85,266,363	)		–			–			60,625			2,766,728		2,766,728
Total Money Market Funds					12,062,003		208,020,722		(213,165,213	)		164			3			141,399					6,917,679
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $1,770,552,693)		99.27	%		2,401,248,055		595,330,805		(690,189,682	)		(511,684,972	)		40,748,490			31,902,577					1,806,729,857
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.43%
Invesco Private Government Fund, 4.28%^(f)(g)		0.12	%		–		99,456,756		(97,264,856	)		–			–			52,178	^(h)		2,191,900		2,191,900
Invesco Private Prime Fund, 4.46%^(f)(g)		0.31	%		–		233,714,612		(228,083,458	)		248			4,911			142,721	^(h)		5,634,623		5,636,313
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,827,965)		0.43	%		–		333,171,368		(325,348,314	)		248			4,911			194,899					7,828,213
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $1,778,380,658)		99.70	%	$	2,401,248,055	$	928,502,173	$	(1,015,537,996	)	$	(511,684,724	)	$	40,753,401	⁽ⁱ⁾	$	32,097,476				$	1,814,558,070
OTHER ASSETS LESS LIABILITIES		0.30	%																				5,394,122
NET ASSETS		100.00	%																			$	1,819,952,192

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

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

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

^(c)	Non-income producing security.

^(d)	All or a portion of this security was out on loan at December 31, 2022.

^(e)	Effective February 28, 2022, the underlying fund’s name changed.

^(f)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

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

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


Fund Name	Capital Gain
Invesco Global Fund		$23,612,573
Invesco International Small-Mid Company Fund		171,367
Invesco Value Opportunities Fund		4,471,732

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

8 Invesco Active Allocation Fund


Open Futures Contracts^(a)

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

Equity Risk

MSCI Emerging Markets Index		429		March-2023	$	20,579,130		$	(358,002	)	$	(358,002	)

Nikkei 225 Index		17		March-2023		3,378,238			(187,811	)		(187,811	)

S&P/TSX 60 Index		13		March-2023		2,246,484			(77,482	)		(77,482	)

SPI 200 Index		18		March-2023		2,142,227			(50,695	)		(50,695	)

STOXX Europe 600 Index		437		March-2023		9,919,411			(296,256	)		(296,256	)

Subtotal									(970,246	)		(970,246	)

Interest Rate Risk

U.S. Treasury 10 Year Notes		263		March-2023		29,534,078			(147,938	)		(147,938	)

Subtotal - Long Futures Contracts									(1,118,184	)		(1,118,184	)


Short Futures Contracts

Equity Risk

E-Mini S&P 500 Index		24		March-2023		(4,633,200	)		128,651			128,651

Total Futures Contracts								$	(989,533	)	$	(989,533	)

^(a)	Futures contracts collateralized by $5,143,577 cash held with Merrill Lynch, the futures commission merchant.


Open Forward Foreign Currency Contracts

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

Currency Risk

03/15/2023	Bank of America, N.A.		CAD	6,880,000		USD	5,106,815	$	22,727

03/15/2023	Bank of America, N.A.		INR	498,000,000		USD	6,002,170		10,223

03/15/2023	Bank of America, N.A.		USD	768,049		CHF	715,000		11,124

03/15/2023	Bank of America, N.A.		USD	3,253,880		DKK	22,850,000		53,105

03/15/2023	Bank of America, N.A.		USD	5,213,699		NOK	51,400,000		48,717

03/15/2023	Barclays Bank PLC		USD	4,608,475		HKD	36,000,000		9,805

03/15/2023	Barclays Bank PLC		USD	8,934,703		SGD	12,100,000		109,313

03/02/2023	Citibank N.A.		USD	8,657,378		BRL	46,665,000		88,323

03/15/2023	Citibank N.A.		TWD	261,000,000		USD	8,723,874		169,103

03/15/2023	Citibank N.A.		USD	9,425,490		IDR	147,245,000,000		78,395

03/16/2023	Citibank N.A.		USD	5,433,654		HUF	2,187,900,000		314,991

03/15/2023	Deutsche Bank AG		USD	71,023		CZK	1,650,000		1,715

03/15/2023	Deutsche Bank AG		USD	5,770,451		JPY	777,820,000		211,813

03/15/2023	Deutsche Bank AG		USD	5,668,123		PLN	25,680,000		158,508

03/15/2023	Deutsche Bank AG		USD	4,318,446		ZAR	76,080,000		132,510

03/15/2023	JP Morgan Chase Bank, N.A.		USD	3,231,755		CAD	4,380,000		4,917

03/15/2023	Morgan Stanley and Co. International PLC		USD	14,100,400		EUR	13,465,000		382,335

03/15/2023	Morgan Stanley and Co. International PLC		USD	2,671,082		GBP	2,220,000		17,456

03/15/2023	Morgan Stanley and Co. International PLC		USD	206,360		MXN	4,135,000		3,144

Subtotal-Appreciation									1,828,224


Currency Risk
03/15/2023	Bank of America, N.A.		AUD	4,390,000		USD	2,960,337		(37,033	)

03/15/2023	Bank of America, N.A.		CLP	205,000,000		USD	229,563		(9,935	)

03/15/2023	Bank of America, N.A.		KRW	8,256,310,000		USD	6,350,306		(216,439	)

03/15/2023	Bank of America, N.A.		SGD	4,345,000		USD	3,166,007		(81,617	)

03/15/2023	Bank of America, N.A.		USD	4,602,461		INR	381,590,000		(11,161	)

03/15/2023	Barclays Bank PLC		ZAR	83,315,000		USD	4,778,606		(95,623	)

03/15/2023	BNP Paribas S.A.		IDR	67,670,000,000		USD	4,344,951		(22,789	)

03/02/2023	Citibank N.A.		BRL	20,000,000		USD	3,737,905		(10,386	)

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

9 Invesco Active Allocation Fund


Open Forward Foreign Currency Contracts–(continued)

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

03/15/2023	Citibank N.A.		THB	185,930,000		USD	5,368,657	$	(36,150	)

03/15/2023	Deutsche Bank AG		CHF	3,780,000		USD	4,028,776		(90,491	)

03/15/2023	Goldman Sachs International		USD	1,827,311		TWD	55,225,000		(17,207	)

03/15/2023	JP Morgan Chase Bank, N.A.		CNY	5,300,000		USD	765,587		(4,556	)

03/15/2023	JP Morgan Chase Bank, N.A.		DKK	17,250,000		USD	2,429,444		(67,076	)

03/15/2023	JP Morgan Chase Bank, N.A.		PHP	277,080,000		USD	4,901,035		(64,882	)

03/15/2023	JP Morgan Chase Bank, N.A.		USD	5,167,163		COP	25,146,000,000		(49,480	)

03/15/2023	Morgan Stanley and Co. International PLC		CNY	31,175,000		USD	4,392,936		(137,099	)

03/15/2023	Morgan Stanley and Co. International PLC		JPY	729,200,000		USD	5,410,856		(197,469	)

03/15/2023	Morgan Stanley and Co. International PLC		USD	6,101,472		GBP	4,990,000		(58,318	)

03/15/2023	Morgan Stanley and Co. International PLC		USD	4,859,942		SEK	49,950,000		(53,986	)

03/15/2023	UBS AG		NZD	8,885,000		USD	5,555,426		(90,144	)

Subtotal - Depreciation									(1,351,841	)

Total Forward Foreign Currency Contracts								$	476,383


Open Centrally Cleared Credit Default Swap Agreements^(a)

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

Credit Risk

Markit CDX Emerging Markets Index, Series 38, Version 1		Sell		1.00%		Quarterly		12/20/2027		2.3878	%		USD	40,850,000	$	(2,535,568	)	$	(2,389,970	)		$145,598

Markit CDX North America High Yield Index, Series 39, Version 1		Sell		5.00		Quarterly		12/20/2027		4.8491	%		USD	35,430,000		106,137			218,178			112,041

Subtotal - Appreciation																(2,429,431	)		(2,171,792	)		257,639

Credit Risk

Markit CDX North America Investment Grade Index, Series 39, Version 1		Buy		(1.00)		Quarterly		12/20/2027		0.8188	%		USD	96,120,000		(695,137	)		(768,576	)		(73,439)

Total Centrally Cleared Credit Default Swap Agreements															$	(3,124,568	)	$	(2,940,368	)		$184,200

^(a)	Centrally cleared swap agreements collateralized by $7,200,666 cash held with J.P. Morgan Chase Bank, N.A..

^(b)

Implied credit spreads represent the current level, as of December 31, 2022, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

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

10 Invesco Active Allocation Fund

Abbreviations:


AUD		–Australian Dollar
BRL		–Brazilian Real
CAD		–Canadian Dollar
CHF		–Swiss Franc
CLP		–Chile Peso
CNY		–Chinese Yuan Renminbi
COP		–Colombia Peso
CZK		–Czech Koruna
DKK		–Danish Krone
EUR		–Euro
GBP		–British Pound Sterling
HKD		–Hong Kong Dollar
HUF		–Hungarian Forint
IDR		–Indonesian Rupiah
INR		–Indian Rupee
JPY		–Japanese Yen
KRW		–South Korean Won
MXN		–Mexican Peso
NOK		–Norwegian Krone
NZD		–New Zealand Dollar
PHP		–Philippines Peso
PLN		–Polish Zloty
SEK		–Swedish Krona
SGD		–Singapore Dollar
THB		–Thai Baht
TWD		–New Taiwan Dollar
USD		–U.S. Dollar
ZAR		–South African Rand

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

11 Invesco Active Allocation Fund

Statement of Assets and Liabilities

December 31, 2022


Assets:
Investments in affiliated underlying funds, at value (Cost $1,778,380,658)*	$	1,814,558,070

Other investments:
Variation margin receivable – futures contracts		354,200

Variation margin receivable – centrally cleared swap agreements		8,580

Unrealized appreciation on forward foreign currency contracts outstanding		1,828,224

Deposits with brokers:
Cash collateral – exchange-traded futures contracts		5,143,577

Cash collateral – centrally cleared swap agreements		7,200,666

Cash collateral – OTC Derivatives		810,000

Cash		314,480

Receivable for:
Fund shares sold		958,775

Dividends - affiliated underlying funds		1,789,799

Investment for trustee deferred compensation and retirement plans		111,656

Other assets		64,852

Total assets		1,833,142,879


Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		1,351,841

Payable for:
Investments purchased - affiliated underlying funds		1,747,256

Fund shares reacquired		1,179,749

Collateral upon return of securities loaned		7,827,965

Accrued fees to affiliates		826,747

Accrued trustees’ and officers’ fees and benefits		48,792

Accrued other operating expenses		96,681

Trustee deferred compensation and retirement plans		111,656

Total liabilities		13,190,687

Net assets applicable to shares outstanding	$	1,819,952,192


Net assets consist of:
Shares of beneficial interest	$	1,762,599,700
Distributable earnings		57,352,492

	$	1,819,952,192


Net Assets:
Class A	$	1,498,860,952

Class C	$	167,991,385

Class R	$	127,967,547

Class Y	$	25,095,402

Class R5	$	9,618

Class R6	$	27,288


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		126,091,576

Class C		14,519,856

Class R		10,841,483

Class Y		2,072,280

Class R5		810

Class R6		2,301

Class A:
Net asset value per share	$	11.89

Maximum offering price per share (Net asset value of $11.89 ÷ 94.50%)	$	12.58

Class C:
Net asset value and offering price per share	$	11.57

Class R:
Net asset value and offering price per share	$	11.80

Class Y:
Net asset value and offering price per share	$	12.11

Class R5:
Net asset value and offering price per share	$	11.87

Class R6:
Net asset value and offering price per share	$	11.86

*	At December 31, 2022, security with a value of $7,617,873 was on loan to brokers.

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

12 Invesco Active Allocation Fund

Statement of Operations

For the year ended December 31, 2022


Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $ 159,979)	$	32,062,556

Interest		547,587

Total investment income		32,610,143


Expenses:
Advisory fees		1,688,038

Administrative services fees		284,118

Custodian fees		135,953

Distribution fees:
Class A		3,904,111

Class C		1,917,657

Class R		684,174

Transfer agent fees – A, C, R and Y		2,031,072

Transfer agent fees – R5		4

Transfer agent fees – R6		17

Trustees’ and officers’ fees and benefits		39,301

Registration and filing fees		148,321

Reports to shareholders		177,072

Professional services fees		37,323

Other		20,886

Total expenses		11,068,047

Less: Fees waived and/or expense offset arrangement(s)		(32,428	)

Net expenses		11,035,619

Net investment income		21,574,524


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares		12,497,729

Foreign currencies		1

Forward foreign currency contracts		2,209,404

Futures contracts		(10,740,763	)

Swap agreements		(4,016,375	)

Capital gain distributions from affiliated underlying fund shares		28,255,672

		28,205,668

Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		(511,684,724	)

Foreign currencies		509,552

Forward foreign currency contracts		949,565

Futures contracts		(2,504,560	)

Swap agreements		(264,003	)

		(512,994,170	)

Net realized and unrealized gain (loss)		(484,788,502	)

Net increase (decrease) in net assets resulting from operations	$	(463,213,978	)

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

13 Invesco Active Allocation Fund

Statement of Changes in Net Assets

For the years ended December 31, 2022 and 2021


	2022			2021

Operations:
Net investment income	$	21,574,524		$	13,254,181

Net realized gain		28,205,668			200,051,488

Change in net unrealized appreciation (depreciation)		(512,994,170	)		106,402,626

Net increase (decrease) in net assets resulting from operations		(463,213,978	)		319,708,295


Distributions to shareholders from distributable earnings:
Class A		(66,983,477	)		(153,175,119	)

Class C		(6,373,062	)		(18,154,278	)

Class R		(5,367,820	)		(12,616,970	)

Class Y		(1,201,353	)		(2,531,897	)

Class R5		(477	)		(943	)

Class R6		(1,311	)		(1,184	)

Total distributions from distributable earnings		(79,927,500	)		(186,480,391	)


Share transactions–net:
Class A		(30,892,240	)		(109,520,434	)

Class C		(25,738,511	)		(29,604,925	)

Class R		(1,315,735	)		11,774,429

Class Y		553,590			2,145,797

Class R5		1,497			–

Class R6		17,817			3,174

Net increase (decrease) in net assets resulting from share transactions		(57,373,582	)		(125,201,959	)

Net increase (decrease) in net assets		(600,515,060	)		8,025,945


Net assets:
Beginning of year		2,420,467,252			2,412,441,307

End of year	$	1,819,952,192		$	2,420,467,252

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

14 Invesco Active Allocation Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(d)			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(e)
Class A
Year ended 12/31/22		$	15.42		$	0.15			$	(3.12	)		$	(2.97	)		$	(0.17	)		$	(0.39	)		$	(0.56	)		$	11.89		(19.32	)%^(f)		$	1,498,861		0.47	%^(f)		0.47	%^(f)		1.18	%^(f)		20	%
Year ended 12/31/21			14.70			0.10				1.92				2.02				(0.32	)			(0.98	)			(1.30	)			15.42		13.92	^(f)			1,973,745		0.45	^(f)		0.47	^(f)		0.64	^(f)		16
Year ended 12/31/20			14.66			0.13				1.76				1.89				(0.14	)			(1.71	)			(1.85	)			14.70		13.04	^(f)			1,973,119		0.44	^(f)		0.48	^(f)		0.94	^(f)		70
Eleven months ended 12/31/19			13.89			0.21				1.85				2.06				(0.44	)			(0.85	)			(1.29	)			14.66		14.84				1,867,751		0.52	^(g)		0.56	^(g)		1.52	^(g)		24
Year ended 01/31/19			15.25			0.15				(1.27	)			(1.12	)			(0.24	)			–				(0.24	)			13.89		(7.22	)			1,636,759		0.53			0.57			1.04			38
Year ended 01/31/18			12.68			0.10				2.63				2.73				(0.16	)			–				(0.16	)			15.25		21.62				1,888,596		0.53			0.59			0.75			9
Class C
Year ended 12/31/22			15.01			0.05				(3.03	)			(2.98	)			(0.07	)			(0.39	)			(0.46	)			11.57		(19.93	)			167,991		1.23			1.23			0.42			20
Year ended 12/31/21			14.34			(0.02	)			1.86				1.84				(0.19	)			(0.98	)			(1.17	)			15.01		13.01				247,857		1.21			1.23			(0.12	)		16
Year ended 12/31/20			14.35			0.02				1.70				1.72				(0.02	)			(1.71	)			(1.73	)			14.34		12.18				263,343		1.20			1.24			0.18			70
Eleven months ended 12/31/19			13.60			0.10				1.81				1.91				(0.31	)			(0.85	)			(1.16	)			14.35		14.09				342,957		1.28	^(g)		1.32	^(g)		0.76	^(g)		24
Year ended 01/31/19			14.92			0.04				(1.23	)			(1.19	)			(0.13	)			–				(0.13	)			13.60		(7.92	)			489,474		1.28			1.32			0.28			38
Year ended 01/31/18			12.41			(0.00	)			2.57				2.57				(0.06	)			–				(0.06	)			14.92		20.72				579,999		1.28			1.34			(0.03	)		9
Class R
Year ended 12/31/22			15.31			0.12				(3.11	)			(2.99	)			(0.13	)			(0.39	)			(0.52	)			11.80		(19.56	)			127,968		0.73			0.73			0.92			20
Year ended 12/31/21			14.60			0.06				1.91				1.97				(0.28	)			(0.98	)			(1.26	)			15.31		13.64				166,900		0.71			0.73			0.38			16
Year ended 12/31/20			14.58			0.09				1.74				1.83				(0.10	)			(1.71	)			(1.81	)			14.60		12.70				147,675		0.70			0.74			0.68			70
Eleven months ended 12/31/19			13.82			0.17				1.83				2.00				(0.39	)			(0.85	)			(1.24	)			14.58		14.54				139,693		0.77	^(g)		0.81	^(g)		1.27	^(g)		24
Year ended 01/31/19			15.17			0.11				(1.26	)			(1.15	)			(0.20	)			–				(0.20	)			13.82		(7.44	)			125,162		0.78			0.82			0.78			38
Year ended 01/31/18			12.62			0.07				2.61				2.68				(0.13	)			–				(0.13	)			15.17		21.28				134,457		0.78			0.84			0.49			9
Class Y
Year ended 12/31/22			15.70			0.19				(3.19	)			(3.00	)			(0.20	)			(0.39	)			(0.59	)			12.11		(19.15	)			25,095		0.23			0.23			1.42			20
Year ended 12/31/21			14.94			0.14				1.96				2.10				(0.36	)			(0.98	)			(1.34	)			15.70		14.24				31,941		0.21			0.23			0.88			16
Year ended 12/31/20			14.88			0.17				1.77				1.94				(0.17	)			(1.71	)			(1.88	)			14.94		13.22				28,284		0.20			0.24			1.18			70
Eleven months ended 12/31/19			14.08			0.24				1.88				2.12				(0.47	)			(0.85	)			(1.32	)			14.88		15.11				26,168		0.28	^(g)		0.32	^(g)		1.76	^(g)		24
Year ended 01/31/19			15.42			0.19				(1.29	)			(1.10	)			(0.24	)			–				(0.24	)			14.08		(7.00	)			24,190		0.29			0.33			1.28			38
Year ended 01/31/18			12.81			0.13				2.68				2.81				(0.20	)			–				(0.20	)			15.42		21.98				63,523		0.28			0.34			0.90			9
Class R5
Year ended 12/31/22			15.39			0.19				(3.12	)			(2.93	)			(0.20	)			(0.39	)			(0.59	)			11.87		(19.08	)			10		0.17			0.17			1.48			20
Year ended 12/31/21			14.68			0.14				1.92				2.06				(0.37	)			(0.98	)			(1.35	)			15.39		14.19				11		0.19			0.21			0.90			16
Year ended 12/31/20			14.65			0.17				1.75				1.92				(0.18	)			(1.71	)			(1.89	)			14.68		13.29				10		0.18			0.22			1.20			70
Period ended 12/31/19^(h)			14.28			0.16				1.54				1.70				(0.48	)			(0.85	)			(1.33	)			14.65		11.94				10		0.22	^(g)		0.26	^(g)		1.82	^(g)		24
Class R6
Year ended 12/31/22			15.39			0.18				(3.12	)			(2.94	)			(0.20	)			(0.39	)			(0.59	)			11.86		(19.14	)			27		0.23			0.23			1.42			20
Year ended 12/31/21			14.67			0.14				1.93				2.07				(0.37	)			(0.98	)			(1.35	)			15.39		14.29				14		0.19			0.21			0.90			16
Year ended 12/31/20			14.65			0.17				1.75				1.92				(0.19	)			(1.71	)			(1.90	)			14.67		13.25				10		0.17			0.22			1.21			70
Period ended 12/31/19^(h)			14.28			0.17				1.54				1.71				(0.49	)			(0.85	)			(1.34	)			14.65		12.02				10		0.14	^(g)		0.18	^(g)		1.90	^(g)		24

^(a)	Calculated using average shares outstanding.

^(b)

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

^(c)

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

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

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

^(f)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the years ended December 31, 2022, 2021 and 2020.

^(g)	Annualized.

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

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

15 Invesco Active Allocation Fund

Notes to Financial Statements

December 31, 2022

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

Security Valuations – Securities of investment companies listed or traded on an exchange are generally valued at the trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Fund, as a result of having the same investment adviser, are set forth below.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

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

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

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. The Adviser may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans.

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Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

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

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

Expenses – Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.

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

Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated underlying funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2022, the Fund paid the Adviser $12,029 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated underlying funds on the Statement of Operations.

Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

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

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

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

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

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM.

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Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

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

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

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of December 31, 2022, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

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

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

COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


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

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

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.09%.

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Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

For the year ended December 31, 2022, the Adviser waived advisory fees of $6,920.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended December 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2022, IDI advised the Fund that IDI retained $217,464 in front-end sales commissions from the sale of Class A shares and $11,854 and $6,245 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

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

NOTE 3–Additional Valuation Information

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


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

The following is a summary of the tiered valuation input levels, as of December 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3			Total
Investments in Securities
Affiliated Issuers		$	1,799,812,178		$	–		$	–		$	1,799,812,178
Money Market Funds			6,917,679			7,828,213			–			14,745,892
Total Investments in Securities			1,806,729,857			7,828,213			–			1,814,558,070

Other Investments - Assets*
Futures Contracts			128,651			–			–			128,651
Forward Foreign Currency Contracts			–			1,828,224			–			1,828,224
Swap Agreements			–			257,639			–			257,639
			128,651			2,085,863			–			2,214,514

20 Invesco Active Allocation Fund


	Level 1			Level 2			Level 3		Total


Other Investments - Liabilities*


Futures Contracts	$	(1,118,184	)	$	–			$–	$	(1,118,184	)


Forward Foreign Currency Contracts		–			(1,351,841	)		–		(1,351,841	)

Swap Agreements		–			(73,439	)		–		(73,439	)


		(1,118,184	)		(1,425,280	)		–		(2,543,464	)


Total Other Investments		(989,533	)		660,583			–		(328,950	)


Total Investments	$	1,805,740,324		$	8,488,796			$–	$	1,814,229,120

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2022:


	Value
	Credit			Currency		Equity
Derivative Assets	Risk			Risk		Risk			Total


Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	–		$	–	$	128,651		$	128,651


Unrealized appreciation on swap agreements – Centrally Cleared^(a)		257,639			–		–			257,639


Unrealized appreciation on forward foreign currency contracts outstanding		–			1,828,224		–			1,828,224


Total Derivative Assets		257,639			1,828,224		128,651			2,214,514


Derivatives not subject to master netting agreements		(257,639	)		–		(128,651	)		(386,290	)


Total Derivative Assets subject to master netting agreements	$	–		$	1,828,224	$	–		$	1,828,224


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

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	–		$	–		$	(970,246	)	$	(147,938	)	$	(1,118,184	)

Unrealized depreciation on swap agreements – Centrally Cleared^(a)		(73,439	)		–			–			–			(73,439	)

Unrealized depreciation on forward foreign currency contracts outstanding		–			(1,351,841	)		–			–			(1,351,841	)

Total Derivative Liabilities		(73,439	)		(1,351,841	)		(970,246	)		(147,938	)		(2,543,464	)

Derivatives not subject to master netting agreements		73,439			–			970,246			147,938			1,191,623

Total Derivative Liabilities subject to master netting agreements	$	–		$	(1,351,841	)	$	–		$	–		$	(1,351,841	)

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of December 31, 2022.


	Financial		Financial
	Derivative		Derivative					Collateral
	Assets		Liabilities					(Received)/Pledged
	Forward Foreign		Forward Foreign		Net Value of					Net
Counterparty	Currency Contracts		Currency Contracts		Derivatives			Non-Cash	Cash	Amount

Bank of America, N.A.		$ 145,896	$	(356,185)		$(210,289)		$–	$–		$(210,289	)

Barclays Bank PLC		119,118		(95,623)		23,495		–	–		23,495

BNP Paribas S.A.		–		(22,789)		(22,789	)	–	–		(22,789	)

Citibank N.A.		650,812		(46,536)		604,276		–	–		604,276

Deutsche Bank AG		504,546		(90,491)		414,055		–	–		414,055

Goldman Sachs International		–		(17,207)		(17,207	)	–	–		(17,207	)

JP Morgan Chase Bank, N.A.		4,917		(185,994)		(181,077	)	–	–		(181,077	)

Morgan Stanley and Co. International PLC		402,935		(446,872)		(43,937	)	–	–		(43,937	)

UBS AG		–		(90,144)		(90,144	)	–	–		(90,144	)

Total		$1,828,224	$	(1,351,841)		$ 476,383		$–	$–		$ 476,383

21 Invesco Active Allocation Fund

Effect of Derivative Investments for the year ended December 31, 2022

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


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

Realized Gain (Loss):

Forward foreign currency contracts	$	–		$	2,209,404	$	–		$	–		$	2,209,404

Futures contracts		–			–		(4,532,759	)		(6,208,004	)		(10,740,763	)

Swap agreements		(4,016,375	)		–		–			–			(4,016,375	)

Change in Net Unrealized Appreciation
(Depreciation):
Forward foreign currency contracts		–			949,565		–			–			949,565

Futures contracts		–			–		(1,674,149	)		(830,411	)		(2,504,560	)

Swap agreements		(264,003	)		–		–			–			(264,003	)

Total	$	(4,280,378	)	$	3,158,969	$	(6,206,908	)	$	(7,038,415	)	$	(14,366,732	)

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

Forward

Foreign Currency

Futures

Swap

Contracts

Agreements

Average notional value

$224,072,553

$79,152,522

$94,033,333

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended December 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $25,508.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:


	2022		2021


Ordinary income*	$	22,960,352	$	122,061,476


Long-term capital gain		56,967,148		64,418,915


Total distributions	$	79,927,500	$	186,480,391

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

22 Invesco Active Allocation Fund

Tax Components of Net Assets at Period-End:


	2022

Undistributed long-term capital gain	$	25,900,149

Net unrealized appreciation – investments		30,891,749

Net unrealized appreciation – foreign currencies		713,547

Temporary book/tax differences		(152,953	)

Shares of beneficial interest		1,762,599,700

Total net assets	$	1,819,952,192

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

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

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

The Fund does not have a capital loss carryforward as of December 31, 2022.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2022 was $387,310,083 and $477,024,469, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	153,032,153


Aggregate unrealized (depreciation) of investments		(122,140,404	)


Net unrealized appreciation of investments	$	30,891,749

Cost of investments for tax purposes is $1,783,337,371.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions, derivative instruments, partnerships and equalization, on December 31, 2022, undistributed net investment income was increased by $1,861,498, undistributed net realized gain was decreased by $13,920,624 and shares of beneficial interest was increased by $12,059,126. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2022						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		7,552,885		$	99,240,838			8,832,942		$	140,484,176

Class C		1,929,933			24,470,488			2,197,410			33,956,657

Class R		1,394,339			17,925,314			1,489,640			23,441,103

Class Y		754,937			10,078,225			694,604			11,234,495

Class R5		110			1,497			–			–

Class R6		1,352			17,169			187			3,084



Issued as reinvestment of dividends:
Class A		5,483,458			65,691,442			9,938,765			150,174,792

Class C		543,671			6,339,766			1,224,066			18,017,957

Class R		450,191			5,357,270			839,744			12,604,545

Class Y		79,245			967,583			137,354			2,112,494

Class R6		75			899			16			239



Automatic conversion of Class C shares to Class A shares:
Class A		1,919,489			24,854,209			1,918,277			30,399,976

Class C		(1,977,621	)		(24,854,209	)		(1,973,199	)		(30,399,976	)

23 Invesco Active Allocation Fund


				Summary of Share Activity

	Year ended						Year ended
	December 31, 2022						December 31, 2021

	Shares			Amount			Shares			Amount


Reacquired:

Class A		(16,857,896	)		$(220,678,729	)		(26,939,310	)		$(430,579,378	)

Class C		(2,485,525	)		(31,694,556	)		(3,308,921	)		(51,179,563	)

Class R		(1,902,271	)		(24,598,319	)		(1,542,987	)		(24,271,219	)

Class Y		(796,572	)		(10,492,218	)		(690,148	)		(11,201,192	)

Class R6		(20	)		(251	)		(9	)		(149	)

Net increase (decrease) in share activity		(3,910,220	)		$ (57,373,582)			(7,181,569	)		$(125,201,959	)

24 Invesco Active Allocation Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Active Allocation Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the three years in the period ended December 31, 2022 and the eleven months ended December 31, 2019 for Class A, Class C, Class R and Class Y.

For each of the three years in the period ended December 31, 2022 and the period May 24, 2019 (commencement of operations) through December 31, 2019 for Class R5 and Class R6.

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

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2023

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

25 Invesco Active Allocation Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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


			ACTUAL				HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/22)		Ending Account Value (12/31/22)¹		Expenses Paid During Period^2,3		Ending Account Value (12/31/22)		Expenses Paid During Period^2,4		Annualized Expense Ratio²
Class A		$1,000.00		$1,016.40		$2.44		$1,022.79		$2.45		0.48%
Class C		1,000.00		1,012.50		6.29		1,018.95		6.31		1.24
Class R		1,000.00		1,014.50		3.76		1,021.48		3.77		0.74
Class Y		1,000.00		1,017.90		1.22		1,024.00		1.22		0.24
Class R5		1,000.00		1,017.50		1.22		1,024.00		1.22		0.24
Class R6		1,000.00		1,018.40		1.22		1,024.00		1.22		0.24

The actual ending account value is based on the actual total return of the Fund for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year. Effective June 1, 2022, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are to 0.48%, 1.24%, 0.74%, 0.24%, 0.18% and 0.17% for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively

³	The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $2.44, $6.29, $3.76, $1.22, $0.92 and $0.86 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴	The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $2.45, $6.31, $3.77, $1.22, $0.92 and $0.87 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

26 Invesco Active Allocation Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	56,967,148
Qualified Dividend Income*		71.25%
Corporate Dividends Received Deduction*		43.94%
U.S. Treasury Obligations*		5.40%
Qualified Business Income*		3.88%
Business Interest Income*		28.10%

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

27 Invesco Active Allocation Fund

Trustees and Officers

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


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 Trustee
Martin L. Flanagan¹– 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)	189	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.


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler –1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)

T-1 Invesco Active Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-2 Invesco Active Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.	N/A	N/A

		Formerly: Vice President, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; 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; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)
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); 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.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation	N/A	N/A

		Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; 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; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-3 Invesco Active Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
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; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); 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); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company	N/A	N/A

		Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)
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.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-4 Invesco Active Allocation Fund

Trustees and Officers–(continued)


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

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


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-5 Invesco Active Allocation Fund

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

LOGO


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

LOGO



Annual Report to Shareholders		December 31, 2022

Invesco Convertible Securities Fund

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

12		Financial Statements

15		Financial Highlights

16		Notes to Financial Statements

21		Report of Independent Registered Public Accounting Firm

22		Fund Expenses

23		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended December 31, 2022, Class A shares of Invesco Convertible Securities Fund (the Fund), at net asset value (NAV), outperformed the ICE BofA U.S. Convertible Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/21 to 12/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-15.72	%
Class C Shares	-16.35
Class Y Shares	-15.51
Class R5 Shares	-15.51
Class R6 Shares	-15.45
ICE BofA U.S. Convertible Index^▼(Broad Market/Style-Specific Index)	-18.63
Lipper Convertible Securities Funds Index^∎(Peer Group Index)	-17.06

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

Market conditions and your Fund

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve’s (the Fed) shift toward tighter monetary policy. Russia’s invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.1 Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would “taper” its asset purchase program quickly.²

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.³ Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high, above $5 per gallon in early June.¹ In an effort to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.² US equity markets rose in July and August until Fed chairman Jerome Powell’s hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb

inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.²

After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November, 4 despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.⁴ As energy prices declined,¹ the rate of inflation slowed modestly in the fourth quarter.³ Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.²

In this environment, US stocks had negative double-digit returns for the fiscal year of -18.11%, as measured by the S&P 500 Index.⁴

Convertible securities (as represented by the ICE BofA U.S. Convertible Index) experienced a difficult fiscal year due to rising interest rates and a sharp sell-off in convertible underlying equities. Convertibles returned -18.63% in 2022, the index’s worst annual return since 2008.⁵ Within the convertibles index, only energy and utilities sectors had positive returns, while media and consumer discretionary sectors had the largest declines. Amid the market volatility, new US convertible issuance experienced a steep drop from 2021. US convertible issuance totaled just $28.6 billion in 2022, down from $84.3 billion in 2021, marking the weakest year for issuance in a decade.⁶

Security selection in the technology sector was the largest contributor to the Fund’s relative performance, with KBR as a strong individual contributor. The company provides scientific, technology and engineering solutions

with a focus on government solutions and sustainable technology. KBR benefited from an increase in defense spending in the US and abroad, as well as the recently passed Inflation Reduction Act, which provided incentives for sustainability projects. Additionally, the Fund’s lack of exposure to some of the weaker names within the sector contributed to relative outperformance for the fiscal year.

Issue selection in the energy sector also contributed to the Fund’s relative return, due in large part to EQT and Pioneer Natural Resources, which benefited from higher oil and natural gas prices. Another contributor was Enphase Energy, which sells solar home energy solutions. The company is expected to benefit from the Inflation Reduction Act which provides significant incentives for clean energy development. We maintained our positions in these securities at fiscal year-end.

Security selection in the media sector also helped the Fund’s relative performance. Media was among the worst performing sectors for the fiscal year and the Fund’s underweight in Snapchat app developer Snap, was a significant relative contributor during the fiscal year.

Similarly, issue selection in the consumer discretionary sector also benefited the Fund, largely due to the avoidance of some weaker issues within the sector. The Fund’s lack of exposure to Opendoor Technologies and American Eagle Outfitters (not Fund’s holdings) and underweight in Wayfair contributed to relative returns. We eliminated our position in Wayfair during the fiscal year.

The Fund’s cash position, while less than 4% on average, also aided relative performance in the difficult market environment.

Issue selection in the financials sector was the largest detractor from the Fund’s relative performance during the fiscal year, due primarily to alternative asset manager KKR. The company’s stock and convertible issue declined amid a weakening environment for private equity. We maintained our position at fiscal year-end, as we believe it should benefit from growth in Asia and the trend toward higher allocations to alternatives among institutional and high net worth investors.

Security selection and an underweight in the health care sector also detracted from the Fund’s relative performance. A key detractor was Avantor, a chemicals and materials company. The firm reported better-than-expected earnings but inflation and supply-chain issues weighed on the stock and convertibles. We eliminated this position during the fiscal year. The Fund’s lack of exposure to Global Blood Therapeutics (not Fund’s holding) also hurt relative performance. Shares of the underlying stock rose sharply in August after Pfizer and Johnson and Johnson (not Fund holdings) initiated a bidding war for the firm, which specializes in sickle cell disease.

During the fiscal year, we sold or exchanged higher priced convertibles where


2		Invesco Convertible Securities Fund

applicable and redeployed those assets into more attractively priced trading closer to par value. From a sector standpoint, we reduced the Fund’s exposure to technology, consumer discretionary and media sectors and added to the health care, industrials and utilities sectors. The Fund’s largest absolute sector exposures at fiscal year-end were to the technology and health care sectors. The Fund’s largest overweight positions relative to the benchmark were in the industrials and utilities sectors, while the largest underweight positions were in the consumer discretionary and technology sectors.

The convertibles market had a challenging 2022 and we believe volatility may continue into 2023. Regardless of the market environment, we seek to avoid issue-specific underperformers and we continue to seek companies with healthy balance sheets and reasonable valuations that can benefit from the current economic environment.

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

1	Source: Bloomberg LP

2	Source: US Federal Reserve

3	Source: US Bureau of Labor Statistics

4	Source: Lipper Inc.

5	Source: BofA Global Research, ICE Data Indices, LLC

6	Source: BofA Global Research

Portfolio manager(s):

Ellen Gold - Lead

Ramez Nashed

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


3		Invesco Convertible Securities Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/12

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

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

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

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


4		Invesco Convertible Securities Fund



Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges
Class A Shares
Inception (7/28/97)	6.76	%
10 Years	7.45
5 Years	7.51
1 Year	-20.36
Class C Shares
Inception (7/28/97)	6.74	%
10 Years	7.43
5 Years	7.92
1 Year	-17.17
Class Y Shares
Inception (7/28/97)	7.26	%
10 Years	8.32
5 Years	8.99
1 Year	-15.51
Class R5 Shares
Inception (5/23/11)	7.44	%
10 Years	8.36
5 Years	9.01
1 Year	-15.51
Class R6 Shares
Inception (9/24/12)	8.34	%
10 Years	8.45
5 Years	9.10
1 Year	-15.45

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

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

shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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


5		Invesco Convertible Securities Fund

Supplemental Information

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

∎	Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

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

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

About indexes used in this report

∎	The ICE BofA U.S. Convertible Index tracks the performance of US-dollar-denominated convertible securities that are not currently in bankruptcy and have total market values of more than $50 million at issuance.

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

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Convertible Securities Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Information Technology		26.92	%

Health Care		19.70

Consumer Discretionary		10.94

Utilities		8.74

Industrials		8.44

Communication Services		7.55

Financials		7.27

Energy		4.47

Other Sectors, Each Less than 2% of Net Assets		2.60

Money Market Funds Plus Other Assets Less Liabilities		3.37

Top Five Debt Issuers*


		% of total net assets

1.	Microchip Technology Inc.		2.36	%

2.	Dexcom, Inc.		1.92

3.	NiSource, Inc.		1.75

4.	Ford Motor Co.		1.71

5.	American Electric Power Co., Inc.		1.70

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

*	Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.


7		Invesco Convertible Securities Fund

Schedule of Investments^(a)

December 31, 2022


	Principal Amount		Value


U.S. Dollar Denominated Bonds & Notes–79.38%
Aerospace & Defense–1.60%
Axon Enterprise, Inc., Conv., 0.50%, 12/15/2027^(b)	$	6,000,000	$	5,976,000


Parsons Corp., Conv., 0.25%, 08/15/2025		9,000,000		10,273,500


				16,249,500



Airlines–1.03%
American Airlines Group, Inc., Conv., 6.50%, 07/01/2025		4,568,000		4,837,512


Southwest Airlines Co., Conv., 1.25%, 05/01/2025		4,731,000		5,699,672


				10,537,184



Apparel Retail–0.95%
Burlington Stores, Inc., Conv., 2.25%, 04/15/2025		8,410,000		9,713,550



Application Software–9.92%
Bentley Systems, Inc., Conv., 0.13%, 01/15/2026		7,674,000		7,037,058


Bill.com Holdings, Inc., Conv., 0.00%, 04/01/2027^(c)		15,831,000		12,593,560


Blackline, Inc., Conv., 0.00%, 03/15/2026^(c)		2,721,000		2,331,557


Box, Inc., Conv., 0.00%, 01/15/2026^(c)		3,000,000		3,949,500


Coupa Software, Inc., Conv., 0.38%, 06/15/2026		11,030,000		10,660,495


Datadog, Inc., Conv., 0.13%, 06/15/2025		2,479,000		2,717,604


Dropbox, Inc., Conv., 0.00%, 03/01/2026^(c)		9,383,000		8,519,764


Five9, Inc., Conv., 0.50%, 06/01/2025		10,701,000		9,828,868


Nice Ltd. (Israel), Conv., 0.00%, 09/15/2025^(c)		9,925,000		9,403,938


RingCentral, Inc., Conv., 0.00%, 03/01/2025^(c)		7,750,000		6,694,063


Splunk, Inc., Conv., 1.13%, 06/15/2027		14,793,000		12,556,298


Tyler Technologies, Inc., Conv., 0.25%, 03/15/2026		12,415,000		11,595,610


Workiva, Inc., Conv., 1.13%, 08/15/2026		2,500,000		3,095,000


				100,983,315



Asset Management & Custody Banks–1.10%
Ares Capital Corp., Conv., 4.63%, 03/01/2024		10,500,000		11,189,063



Automobile Manufacturers–1.71%
Ford Motor Co., Conv., 0.00%, 03/15/2026^(c)		18,372,000		17,425,842



Biotechnology–6.59%
Alnylam Pharmaceuticals, Inc., Conv., 1.00%, 09/15/2027^(b)		7,770,000		8,449,875


BioMarin Pharmaceutical, Inc., Conv., 1.25%, 05/15/2027		8,800,000		9,500,135


	Principal Amount		Value


Biotechnology–(continued)
Cerevel Therapeutics Holdings, Inc., Conv., 2.50%, 08/15/2027^(b)	$	2,500,000	$	2,496,250


Exact Sciences Corp., Conv., 0.38%, 03/15/2027		6,371,000		5,287,930


Halozyme Therapeutics, Inc., Conv., 0.25%, 03/01/2027		3,900,000		3,795,187


1.00%, 08/15/2028^(b)		4,079,000		4,825,967


Insmed, Inc., Conv.,
1.75%, 01/15/2025		3,283,000		3,094,228


0.75%, 06/01/2028		5,000,000		4,150,000


Jazz Investments I Ltd., Conv., 2.00%, 06/15/2026		11,700,000		13,966,875


Sarepta Therapeutics, Inc., Conv., 1.25%, 09/15/2027^(b)		10,000,000		11,575,000


				67,141,447



Cable & Satellite–1.97%
Cable One, Inc., Conv., 1.13%, 03/15/2028		5,500,000		4,114,000


DISH Network Corp., Conv., 0.00%, 12/15/2025^(c)		5,300,000		3,407,900


Liberty Broadband Corp.,
Conv.,
1.25%, 10/05/2023^(b)(d)		5,290,000		5,131,300


2.75%, 10/05/2023^(b)(d)		7,575,000		7,396,622


				20,049,822



Coal & Consumable Fuels–0.46%
Peabody Energy Corp., Conv., 3.25%, 03/01/2028^(b)		3,000,000		4,720,500



Communications Equipment–0.64%
Lumentum Holdings, Inc., Conv., 0.50%, 12/15/2026		7,550,000		6,511,875



Construction Machinery & Heavy Trucks–1.13%
Greenbrier Cos., Inc. (The), Conv., 2.88%, 04/15/2028		13,000,000		11,524,500



Data Processing & Outsourced Services–1.47%
Block, Inc.,
Conv., 0.13%, 03/01/2025		2,000,000		1,912,500


0.00%, 05/01/2026^(c)		7,653,000		6,233,369


Shift4 Payments, Inc., Conv., 0.00%, 12/15/2025^(c)		6,815,000		6,785,184


				14,931,053



Distillers & Vintners–0.50%
MGP Ingredients, Inc., Conv., 1.88%, 11/15/2026^(d)		4,000,000		5,055,200



Diversified Metals & Mining–0.15%
Lithium Americas Corp. (Canada), Conv., 1.75%, 01/15/2027		2,000,000		1,568,000



Education Services–0.44%
Stride, Inc., Conv., 1.13%, 09/01/2027		5,000,000		4,478,000

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


8		Invesco Convertible Securities Fund


	Principal Amount		Value


Electric Utilities–1.70%
American Electric Power Co., Inc., Conv. Investment Units, 6.13%, 08/15/2023	$	335,900	$	17,325,722



Gas Utilities–0.55%
UGI Corp., Conv. Investment Units, 7.25%, 06/01/2024		64,300		5,557,128



Health Care Equipment–4.96%
CONMED Corp., Conv., 2.25%, 06/15/2027^(b)		10,000,000		9,160,000


DexCom, Inc., Conv., 0.25%, 11/15/2025		17,880,000		19,533,900


Insulet Corp., Conv., 0.38%, 09/01/2026		11,300,000		16,012,100


Integra LifeSciences Holdings Corp., Conv., 0.50%, 08/15/2025		6,000,000		5,847,000


				50,553,000



Health Care Supplies–0.42%
Lantheus Holdings, Inc., Conv., 2.63%, 12/15/2027^(b)		4,270,000		4,320,813



Health Care Technology–0.26%
NextGen Healthcare, Inc., Conv., 3.75%, 11/15/2027^(b)		2,500,000		2,613,114



Hotel & Resort REITs–0.64%
Pebblebrook Hotel Trust, Conv., 1.75%, 12/15/2026		7,876,000		6,517,390



Hotels, Resorts & Cruise Lines–5.49%
Airbnb, Inc., Conv., 0.00%, 03/15/2026^(c)		10,450,000		8,626,475


Booking Holdings, Inc., Conv., 0.75%, 05/01/2025		11,004,000		14,711,292


Expedia Group, Inc., Conv., 0.00%, 02/15/2026^(c)		13,034,000		11,416,853


Marriott Vacations Worldwide Corp., Conv., 3.25%, 12/15/2027^(b)		9,000,000		8,910,000


Royal Caribbean Cruises Ltd., Conv., 4.25%, 06/15/2023		4,346,000		4,334,056


6.00%, 08/15/2025^(b)		6,300,000		7,944,300


				55,942,976



Interactive Home Entertainment–0.40%
Spotify USA, Inc., Conv., 0.00%, 03/15/2026^(c)		5,000,000		4,050,000



Interactive Media & Services–0.76%
Snap, Inc., Conv., 0.00%, 05/01/2027^(c)		11,000,000		7,738,500



Internet & Direct Marketing Retail–0.85%
Etsy, Inc., Conv., 0.13%, 09/01/2027		4,778,000		4,789,945
0.25%, 06/15/2028		4,450,000		3,832,785


				8,622,730


	Principal Amount		Value


Internet Services & Infrastructure–4.17%
Akamai Technologies, Inc.,
Conv.,
0.13%, 05/01/2025	$	6,600,000	$	6,963,000


0.38%, 09/01/2027		3,500,000		3,388,000


Cloudflare, Inc., Conv., 0.00%, 08/15/2026^(c)		12,560,000		10,299,200


Okta, Inc., Conv., 0.38%, 06/15/2026		8,582,000		7,251,790


Shopify, Inc. (Canada), Conv., 0.13%, 11/01/2025		9,000,000		7,728,750


Wix.com Ltd. (Israel), Conv., 0.00%, 07/01/2023^(c)		7,000,000		6,834,100


				42,464,840



Investment Banking & Brokerage–1.24%
JPMorgan Chase Financial Co. LLC,Conv.,
0.25%, 05/01/2023^(b)		12,378,000		12,656,505



Leisure Facilities–0.85%
Vail Resorts, Inc., Conv., 0.00%, 01/01/2026^(c)		9,262,000		8,636,815



Life Sciences Tools & Services–1.23%
Illumina, Inc., Conv., 0.00%, 08/15/2023^(c)		10,000,000		9,709,757


NeoGenomics, Inc., Conv., 0.25%, 01/15/2028		4,275,000		2,805,683


				12,515,440



Movies & Entertainment–2.80%
IMAX Corp., Conv., 0.50%, 04/01/2026		5,260,000		4,462,647


Liberty Media Corp., Conv., 0.50%, 09/01/2024^(b)(d)		13,300,000		13,296,757


Liberty Media Corp.-Liberty Formula One, Conv., 2.25%, 08/15/2027^(b)		11,200,000		10,757,600


				28,517,004



Multi-Utilities–1.75%
NiSource, Inc., Conv. Investment Units, 7.75%, 03/01/2024		172,700		17,833,002



Oil & Gas Exploration & Production–4.01%
EQT Corp., Conv., 1.75%, 05/01/2026		5,584,000		12,993,968


Northern Oil and Gas, Inc., Conv., 3.63%, 04/15/2029^(b)		10,857,000		11,725,560


Pioneer Natural Resources Co., Conv., 0.25%, 05/15/2025		6,878,000		16,073,886


				40,793,414



Packaged Foods & Meats–1.31%
Post Holdings, Inc., Conv., 2.50%, 08/15/2027^(b)		12,670,000		13,369,384



Pharmaceuticals–0.74%
Pacira BioSciences, Inc., Conv., 0.75%, 08/01/2025		8,300,000		7,516,688



Renewable Electricity–1.38%
NextEra Energy Partners L.P., Conv., 2.50%, 06/15/2026^(b)		12,000,000		11,256,000

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


9		Invesco Convertible Securities Fund


	Principal Amount		Value


Renewable Electricity–(continued)
Sunnova Energy International, Inc., Conv., 2.63%, 02/15/2028^(b)	$	3,500,000	$	2,843,750


				14,099,750



Research & Consulting Services–1.33%
KBR, Inc., Conv., 2.50%, 11/01/2023		6,430,000		13,589,805



Restaurants–0.65%
Cheesecake Factory, Inc. (The), Conv., 0.38%, 06/15/2026		7,998,000		6,593,351



Semiconductor Equipment–1.69%
Enphase Energy, Inc., Conv., 0.00%, 03/01/2028^(c)		11,450,000		13,446,880


SolarEdge Technologies, Inc., Conv., 0.00%, 09/15/2025^(c)		3,000,000		3,739,500


				17,186,380



Semiconductors–6.00%
Impinj, Inc., Conv., 1.13%, 05/15/2027		5,200,000		6,266,000


MACOM Technology Solutions Holdings, Inc., Conv., 0.25%, 03/15/2026		7,200,000		7,160,400


Microchip Technology, Inc., Conv., 0.13%, 11/15/2024		22,324,000		24,054,110


ON Semiconductor Corp., Conv., 0.00%, 05/01/2027^(c)		4,000,000		5,320,000


Silicon Laboratories, Inc., Conv., 0.63%, 06/15/2025		4,275,000		5,362,560


Wolfspeed, Inc.,
Conv.,
0.25%, 02/15/2028^(b)		4,200,000		3,641,400


1.88%, 12/01/2029^(b)		10,231,000		9,264,170


				61,068,640



Systems Software–1.83%
Palo Alto Networks, Inc., Conv., 0.38%, 06/01/2025		9,000,000		13,333,500


Rapid7, Inc., Conv., 0.25%, 03/15/2027		6,775,000		5,325,107


				18,658,607



Technology Hardware, Storage & Peripherals–1.20%
Western Digital Corp., Conv., 1.50%, 02/01/2024		12,800,000		12,256,000



Trucking–1.51%
Lyft, Inc., Conv., 1.50%, 05/15/2025		2,650,000		2,346,468


Uber Technologies, Inc., Conv., 0.00%, 12/15/2025^(c)		15,350,000		13,005,385


				15,351,853


Total U.S. Dollar Denominated Bonds & Notes (Cost $843,389,676)				808,427,702

Abbreviations:


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


	Shares		Value


Preferred Stocks–17.25%
Asset Management & Custody Banks–0.51%
KKR & Co., Inc., 6.00%, Series C, Conv. Pfd.		91,213	$	5,221,944



Diversified Banks–4.42%
Bank of America Corp., 7.25%, Series L, Conv. Pfd.		19,500		22,620,000


Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd.		18,900		22,396,500


				45,016,500



Electric Utilities–2.36%
NextEra Energy, Inc., 6.93%, Conv. Pfd.		479,400		24,061,086



Health Care Equipment–3.85%
Becton, Dickinson and Co., 6.00%, Series B, Conv. Pfd.		403,014		20,182,941


Boston Scientific Corp., 5.50%, Series A, Conv. Pfd.		165,481		19,000,529


				39,183,470



Independent Power Producers & Energy Traders–1.00%
AES Corp. (The), 6.88%, Conv. Pfd.		100,000		10,201,000



Industrial Machinery–1.84%
Chart Industries, Inc., 6.75%, Series B, Conv. Pfd.		100,000		5,064,000


RBC Bearings, Inc., 5.00%, Series A, Conv. Pfd.		133,044		13,647,653


				18,711,653



Life Sciences Tools & Services–1.65%
Danaher Corp., 5.00%, Series B, Conv. Pfd.		12,400		16,821,220



Wireless Telecommunication Services–1.62%
2020 Cash Mandatory Exchangeable Trust, 5.25%, Conv. Pfd.^(b)		14,340		16,441,097


Total Preferred Stocks (Cost $175,741,274)				175,657,970



Money Market Funds–3.37%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(e)(f)		11,854,025		11,854,025


Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(e)(f)		8,901,510		8,904,180


Invesco Treasury Portfolio, Institutional Class, 4.20%^(e)(f)		13,547,457		13,547,457


Total Money Market Funds (Cost $34,301,910)				34,305,662


TOTAL INVESTMENTS IN SECURITIES-100.00% (Cost $1,053,432,860)				1,018,391,334


OTHER ASSETS LESS LIABILITIES-0.00%				43,633


NET ASSETS–100.00%			$	1,018,434,967

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


10		Invesco Convertible Securities Fund

Notes to Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at December 31, 2022 was $188,771,964, which represented 18.54% of the Fund’s Net Assets.

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

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

^(e)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2022.


	Value December 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value December 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 9,593,320		$122,513,990		$(120,253,285	)	$	-	$	-		$11,854,025		$332,562
Invesco Liquid Assets Portfolio, Institutional Class		7,285,927		87,509,993		(85,895,204	)		2,767		697		8,904,180		251,234
Invesco Treasury Portfolio, Institutional Class		10,963,794		140,015,989		(137,432,326	)		-		-		13,547,457		371,235
Total		$27,843,041		$350,039,972		$(343,580,815	)	$	2,767	$	697		$34,305,662		$955,031

^(f)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

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


11		Invesco Convertible Securities Fund

Statement of Assets and Liabilities

December 31, 2022


Assets:
Investments in unaffiliated securities, at value (Cost $1,019,130,950)	$	984,085,672


Investments in affiliated money market funds, at value (Cost $34,301,910)		34,305,662


Receivable for:
Fund shares sold		328,191


Dividends		839,259


Interest		1,675,796


Investment for trustee deferred compensation and retirement plans		91,434


Other assets		52,675


Total assets		1,021,378,689



Liabilities:
Payable for:
Fund shares reacquired		2,227,663


Amount due custodian		21,564


Accrued fees to affiliates		475,046


Accrued trustees’ and officers’ fees and benefits		4,057


Accrued other operating expenses		71,810


Trustee deferred compensation and retirement plans		143,582


Total liabilities		2,943,722


Net assets applicable to shares outstanding	$	1,018,434,967



Net assets consist of:
Shares of beneficial interest	$	1,049,840,712


Distributable earnings (loss)		(31,405,745	)


	$	1,018,434,967


Net Assets:
Class A	$	492,448,105


Class C	$	21,914,575


Class Y	$	345,452,810


Class R5	$	555,990


Class R6	$	158,063,487


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		23,353,207


Class C		1,048,084


Class Y		16,350,292


Class R5		26,370


Class R6		7,493,061


Class A:
Net asset value per share	$	21.09


Maximum offering price per share (Net asset value of $21.09 ÷ 94.50%)	$	22.32


Class C:
Net asset value and offering price per share	$	20.91


Class Y:
Net asset value and offering price per share	$	21.13


Class R5:
Net asset value and offering price per share	$	21.08


Class R6:
Net asset value and offering price per share	$	21.09

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


12		Invesco Convertible Securities Fund

Statement of Operations

For the year ended December 31, 2022


Investment income:
Interest	$	8,714,597


Dividends		10,166,291


Dividends from affiliated money market funds		955,031


Total investment income		19,835,919



Expenses:
Advisory fees		5,504,917


Administrative services fees		157,595


Custodian fees		10,235


Distribution fees:
Class A		1,377,947


Class C		297,388


Transfer agent fees – A, C and Y		1,455,584


Transfer agent fees – R5		595


Transfer agent fees – R6		27,445


Trustees’ and officers’ fees and benefits		28,276


Registration and filing fees		109,143


Reports to shareholders		35,889


Professional services fees		59,982


Other		21,748


Total expenses		9,086,744


Less: Fees waived and/or expense offset arrangement(s)		(56,970	)


Net expenses		9,029,774


Net investment income		10,806,145



Realized and unrealized gain (loss) from:

Net realized gain from:
Unaffiliated investment securities		3,485,371


Affiliated investment securities		697


		3,486,068


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(216,572,399	)


Affiliated investment securities		2,767


		(216,569,632	)


Net realized and unrealized gain (loss)		(213,083,564	)


Net increase (decrease) in net assets resulting from operations	$	(202,277,419	)

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


13		Invesco Convertible Securities Fund

Statement of Changes in Net Assets

For the years ended December 31, 2022 and 2021


	2022			2021


Operations:
Net investment income	$	10,806,145		$	7,385,681


Net realized gain		3,486,068			308,607,088


Change in net unrealized appreciation (depreciation)		(216,569,632	)		(250,679,173	)


Net increase (decrease) in net assets resulting from operations		(202,277,419	)		65,313,596



Distributions to shareholders from distributable earnings:
Class A		(18,142,854	)		(151,866,092	)


Class C		(644,843	)		(10,126,673	)


Class Y		(14,432,013	)		(133,876,860	)


Class R5		(22,202	)		(163,041	)


Class R6		(5,880,841	)		(11,990,219	)


Total distributions from distributable earnings		(39,122,753	)		(308,022,885	)



Share transactions-net:
Class A		(53,910,378	)		113,132,118


Class C		(15,661,262	)		(8,545,267	)


Class Y		(120,239,335	)		18,943,866


Class R5		(3,856	)		(1,040,071	)


Class R6		123,442,993			5,015,733


Net increase (decrease) in net assets resulting from share transactions		(66,371,838	)		127,506,379


Net increase (decrease) in net assets		(307,772,010	)		(115,202,910	)



Net assets:
Beginning of year		1,326,206,977			1,441,409,887


End of year	$	1,018,434,967		$	1,326,206,977

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


14		Invesco Convertible Securities Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 12/31/22		$25.93		$0.20			$(4.26	)		$(4.06	)		$(0.19	)		$(0.59	)		$(0.78	)		$21.09		(15.72	)%		$492,448		0.93	%		0.93	%		0.86	%		45	%
Year ended 12/31/21		31.91		0.14			1.17			1.31			(0.23	)		(7.06	)		(7.29	)		25.93		4.68			666,916		0.88			0.88			0.43			61
Year ended 12/31/20		24.64		0.23			10.47			10.70			(0.37	)		(3.06	)		(3.43	)		31.91		44.35			675,347		0.91			0.91			0.84			65
Year ended 12/31/19		21.42		0.28			4.28			4.56			(0.36	)		(0.98	)		(1.34	)		24.64		21.42	^(d)		473,599		0.90	^(d)		0.90	^(d)		1.13	^(d)		57
Year ended 12/31/18		24.41		0.28			(0.62	)		(0.34	)		(0.57	)		(2.08	)		(2.65	)		21.42		(1.71	)^(e)		407,548		0.90	^(e)		0.90	^(e)		1.09	^(e)		62
Class C
Year ended 12/31/22		25.72		0.03			(4.22	)		(4.19	)		(0.03	)		(0.59	)		(0.62	)		20.91		(16.35	)^(f)		21,915		1.66	^(f)		1.66	^(f)		0.13	^(f)		45
Year ended 12/31/21		31.73		(0.09	)		1.16			1.07			(0.02	)		(7.06	)		(7.08	)		25.72		3.94	^(g)		44,798		1.60	^(g)		1.60	^(g)		(0.29	)^(g)		61
Year ended 12/31/20		24.51		0.03			10.41			10.44			(0.16	)		(3.06	)		(3.22	)		31.73		43.25			61,221		1.66			1.66			0.09			65
Year ended 12/31/19		21.31		0.10			4.26			4.36			(0.18	)		(0.98	)		(1.16	)		24.51		20.54	^(d)		65,607		1.63	^(d)		1.63	^(d)		0.40	^(d)		57
Year ended 12/31/18		24.30		0.08			(0.62	)		(0.54	)		(0.37	)		(2.08	)		(2.45	)		21.31		(2.48	)^(e)		81,529		1.66	^(e)		1.66	^(e)		0.33	^(e)		62
Class Y
Year ended 12/31/22		25.98		0.26			(4.27	)		(4.01	)		(0.25	)		(0.59	)		(0.84	)		21.13		(15.51	)		345,453		0.68			0.68			1.11			45
Year ended 12/31/21		31.96		0.22			1.17			1.39			(0.31	)		(7.06	)		(7.37	)		25.98		4.93			562,488		0.63			0.63			0.68			61
Year ended 12/31/20		24.68		0.30			10.48			10.78			(0.44	)		(3.06	)		(3.50	)		31.96		44.69			647,484		0.66			0.66			1.09			65
Year ended 12/31/19		21.44		0.33			4.30			4.63			(0.41	)		(0.98	)		(1.39	)		24.68		21.73			582,112		0.67			0.67			1.36			57
Year ended 12/31/18		24.44		0.33			(0.62	)		(0.29	)		(0.63	)		(2.08	)		(2.71	)		21.44		(1.51	)		583,289		0.66			0.66			1.33			62
Class R5
Year ended 12/31/22		25.93		0.26			(4.26	)		(4.00	)		(0.26	)		(0.59	)		(0.85	)		21.08		(15.51	)		556		0.64			0.64			1.15			45
Year ended 12/31/21		31.91		0.23			1.17			1.40			(0.32	)		(7.06	)		(7.38	)		25.93		4.96			688		0.60			0.60			0.71			61
Year ended 12/31/20		24.65		0.31			10.46			10.77			(0.45	)		(3.06	)		(3.51	)		31.91		44.70			1,773		0.64			0.64			1.11			65
Year ended 12/31/19		21.43		0.34			4.29			4.63			(0.43	)		(0.98	)		(1.41	)		24.65		21.74			1,334		0.64			0.64			1.39			57
Year ended 12/31/18		24.43		0.34			(0.62	)		(0.28	)		(0.64	)		(2.08	)		(2.72	)		21.43		(1.49	)		1,081		0.64			0.64			1.35			62
Class R6
Year ended 12/31/22		25.94		0.27			(4.26	)		(3.99	)		(0.27	)		(0.59	)		(0.86	)		21.09		(15.45	)		158,063		0.57			0.57			1.22			45
Year ended 12/31/21		31.92		0.25			1.17			1.42			(0.34	)		(7.06	)		(7.40	)		25.94		5.06			51,316		0.52			0.52			0.79			61
Year ended 12/31/20		24.65		0.33			10.47			10.80			(0.47	)		(3.06	)		(3.53	)		31.92		44.86			55,585		0.56			0.56			1.19			65
Year ended 12/31/19		21.43		0.36			4.29			4.65			(0.45	)		(0.98	)		(1.43	)		24.65		21.82			42,492		0.56			0.56			1.47			57
Year ended 12/31/18		24.43		0.36			(0.62	)		(0.26	)		(0.66	)		(2.08	)		(2.74	)		21.43		(1.41	)		47,908		0.56			0.56			1.43			62

^(a)	Calculated using average shares outstanding.

^(b)

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

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

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

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

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

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


15		Invesco Convertible Securities Fund

Notes to Financial Statements

December 31, 2022

NOTE 1–Significant Accounting Policies

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

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

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

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

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

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

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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


16		Invesco Convertible Securities Fund

and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

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

Other Risks - During the period, the Fund experienced a low interest rate environment created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

The market values of convertible securities are affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. In addition, certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of certain triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade.

Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non-payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer.

COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.


17		Invesco Convertible Securities Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $750 million		0.520%


Next $250 million		0.470%


Next $500 million		0.420%


Next $500 million		0.395%


Next $1 billion		0.370%


Over $3 billion		0.345%

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.50%.

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

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2022, the Adviser waived advisory fees of $54,108.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”), an affiliate of the Adviser. The Fund has adopted a Plan of Distribution (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that the Fund will reimburse IDI for distribution related expenses that IDI incurs up to a maximum of the following annual rates: (1) Class A – up to 0.25% of the average daily net assets of Class A shares; and (2) Class C – up to 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly.

For the year ended December 31, 2022, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2022, IDI advised the Fund that IDI retained $52,279 in front-end sales commissions from the sale of Class A shares and $7,569 and $1,146 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information


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


18		Invesco Convertible Securities Fund


	Level 1	Level 2		Level 3	Total


Investments in Securities


U.S. Dollar Denominated Bonds & Notes	$ –	$	808,427,702	$–	$	808,427,702


Preferred Stocks	175,657,970		–	–		175,657,970


Money Market Funds	34,305,662		–	–		34,305,662


Total Investments	$209,963,632	$	808,427,702	$–	$	1,018,391,334

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:


	2022		2021


Ordinary income*	$	12,728,268	$	70,309,654


Long-term capital gain		26,394,485		237,713,231


Total distributions	$	39,122,753	$	308,022,885

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

Tax Components of Net Assets at Period-End:


	2022


Undistributed ordinary income	$	8,440,184


Net unrealized appreciation (depreciation) – investments		(39,726,355	)


Temporary book/tax differences		(119,574	)


Shares of beneficial interest		1,049,840,712


Total net assets	$	1,018,434,967

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to amortization and accretion on debt securities, convertible securities and deemed dividends.

The Fund does not have a capital loss carryforward as of December 31, 2022.


19		Invesco Convertible Securities Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2022 was $476,585,832 and $599,995,371, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$ 45,884,658


Aggregate unrealized (depreciation) of investments	(85,611,013	)


Net unrealized appreciation (depreciation) of investments	$(39,726,355	)

Cost of investments for tax purposes is $1,058,117,689.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of amortization and accretion on debt securities, amortizing notes, contingent payment debt instruments, deemed dividends and distributions, on December 31, 2022, undistributed net investment income was increased by $178,119 and undistributed net realized gain (loss) was decreased by $178,119. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

NOTE 10–Share Information


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		1,247,434		$	28,648,289			2,225,201		$	71,875,399


Class C		96,634			2,193,782			253,145			8,233,496


Class Y		4,114,601			94,372,792			3,594,448			115,396,099


Class R5		518			11,755			3,002			97,564


Class R6		6,365,089			142,204,287			243,871			7,971,409



Issued as reinvestment of dividends:
Class A		716,823			15,556,769			5,045,961			128,254,323


Class C		27,741			594,742			364,490			9,148,278


Class Y		499,435			10,874,856			4,066,152			103,633,142


Class R5		927			20,114			6,184			159,008


Class R6		257,346			5,569,262			394,754			10,058,666



Automatic conversion of Class C shares to Class A shares:
Class A		359,355			8,145,807			440,478			14,352,361


Class C		(362,500	)		(8,145,807	)		(443,296	)		(14,352,361	)



Reacquired:
Class A		(4,688,973	)		(106,261,243	)		(3,159,375	)		(101,349,965	)


Class C		(455,541	)		(10,303,979	)		(362,087	)		(11,574,680	)


Class Y		(9,912,476	)		(225,486,983	)		(6,272,312	)		(200,085,375	)


Class R5		(1,626	)		(35,725	)		(38,183	)		(1,296,643	)


Class R6		(1,107,651	)		(24,330,556	)		(401,808	)		(13,014,342	)


Net increase (decrease) in share activity		(2,842,864	)	$	(66,371,838	)		5,960,625		$	127,506,379

^(a)

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


20		Invesco Convertible Securities Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Convertible Securities Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2023


21		Invesco Convertible Securities Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)¹	Expenses Paid During Period²	Ending Account Value (12/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,033.80	$4.77	$1,020.52	$4.74	0.93%
Class C	1,000.00	1,029.80	8.49	1,016.84	8.44	1.66
Class Y	1,000.00	1,035.10	3.49	1,021.78	3.47	0.68
Class R5	1,000.00	1,034.90	3.23	1,022.03	3.21	0.63
Class R6	1,000.00	1,035.30	2.82	1,022.43	2.80	0.55

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


22		Invesco Convertible Securities Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$26,394,485
Qualified Dividend Income*	57.59	%
Corporate Dividends Received Deduction*	57.59	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	18.46	%
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


23		Invesco Convertible Securities Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 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)	189	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.


T-1		Invesco Convertible Securities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Convertible Securities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Convertible Securities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; 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; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	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); 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.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; 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; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Convertible Securities Fund

Trustees and Officers–(continued)


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


T-5		Invesco Convertible Securities Fund

Trustees and Officers–(continued)


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


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Convertible Securities Fund

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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

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

LOGO

Annual Report to Shareholders

December 31, 2022

Invesco Income Advantage International Fund

Nasdaq:

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


2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

14		Financial Statements

17		Financial Highlights

18		Notes to Financial Statements

26		Report of Independent Registered Public Accounting Firm

27		Fund Expenses

28		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended December 31, 2022, Class A shares of Invesco Income Advantage International Fund (the Fund), at net asset value (NAV), outperformed the MSCI All Country World ex USA Index, the Fund’s broad market/style-specific benchmark.

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

Fund vs. Indexes

Total returns, 12/31/21 to 12/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.


Class A Shares	-12.16	%
Class C Shares	-12.72
Class R Shares	-12.28
Class Y Shares	-11.90
Class R5 Shares	-11.87
Class R6 Shares	-11.89
MSCI All Country World ex USA Index^q (Broad Market/Style-Specific Index)	-16.00
Lipper Global Equity Income Funds Index^∎ (Peer Group Index)	-10.06

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

Market conditions and your Fund

Global equity markets posted gains for the fourth quarter of 2022, after better inflation data sparked a rally in October and Novem-ber. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023 as inflation remained above target levels. International stocks outperformed US stocks in the fourth quarter, led by results in Europe and the UK. Emerging market equities also posted gains for the fourth quarter of 2022, boosted by China, which eased its zero-COVID-19 policy and started to reopen even as COVID-19 infections surged.

The end of this fiscal year marked the Fund’s first full year under the new portfolio management team (the “team”) and with the

new investment strategy. The team’s investment strategy seeks to generate high income from diversified exposure to international equity markets, while providing some downside protection in the event of broad equity market downturns and also providing equity market upside participation. The team seeks to achieve the investment objectives by investing in two sub-portfolios: 1) a diversified portfolio of international stocks determined by their exposures to what the team believes to be historically rewarded factors, including momentum, value, quality and low volatility; and 2) a portfolio of equity-linked notes (ELNs), which the team customizes in an effort to provide high-income and defensive exposure to broad international equity markets.

For the fiscal year ended December 31, 2022, the Fund outperformed the MSCI All Country World ex USA Index with performance behavior that was in-line with the team’s expectations for the Fund. With more sustained volatility returning to equity markets, the value of the Fund’s structural downside risk mitigation was realized. Consistent with the overall direction of broad equity market performance, the Fund’s sub-portfolio of diversified, factor-oriented international stocks detracted in absolute terms while the Fund’s outperformance over the fiscal year was largely driven by the sub-portfolio of customized ELNs. The team’s customized ELNs are structured to include a pre-defined downside buffer relative to a reference broad-based equity security index or an exchange-traded fund that passively tracks such an index. We believe the Fund’s ELN sub-portfolio helped reduce downside impact to Fund performance, relative to the Fund’s benchmark, during the periods of market drawdowns. In addition to the downside performance buffer, we believe the ELN sub-portfolio also aided results by delivering a

high level of income, which was higher than the dividend yield of the benchmark index.

Thank you for investing in Invesco Income Advantage International Fund.

Portfolio manager(s):

Mark Ahnrud

John Burrello

Chris Devine

Scott Hixon

Christian Ulrich

Scott Wolle - Lead

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

2 Invesco Income Advantage International Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/12

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Lipper Inc.

Past performance cannot guarantee future results.

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

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

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

3 Invesco Income Advantage International Fund


Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges

Class A Shares
Inception (9/15/97)			4.57%
10 Years			3.14
5 Years			-1.04
1 Year			-17.01

Class C Shares
Inception (1/2/98)			4.81%
10 Years			3.11
5 Years			-0.65
1 Year			-13.54

Class R Shares
Inception (10/31/05)			2.91%
10 Years			3.47
5 Years			-0.14
1 Year			-12.28

Class Y Shares
Inception (10/3/08)			4.53%
10 Years			3.99
5 Years			0.35
1 Year			-11.90

Class R5 Shares
Inception (4/30/04)			4.45%
10 Years			4.14
5 Years			0.46
1 Year			-11.87

Class R6 Shares
10 Years			3.94%
5 Years			0.45
1 Year			-11.89

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

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

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

4 Invesco Income Advantage International Fund

Supplemental Information

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

∎	Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

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

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

About indexes used in this report

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

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

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

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


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

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

5 Invesco Income Advantage International Fund

Fund Information

Portfolio Composition


By sector	% of total net assets
Financials		35.26	%
Industrials		7.51
Health Care		6.74
Consumer Staples		5.31
Information Technology		4.89
Materials		4.73
Consumer Discretionary		4.35
Communication Services		4.33
Energy		4.10
Other Sectors, Each Less than 2% of Net Assets		2.29
Money Market Funds Plus Other Assets Less Liabilities		20.49

Top 10 Equity Holdings*


		% of total net assets
1.	Roche Holding AG		1.38	%
2.	Novo Nordisk A/S, Class B		1.20
3.	Nestle S.A.		0.94
4.	Novartis AG		0.86
5.	Taiwan Semiconductor Manufacturing Co. Ltd.		0.80
6.	AstraZeneca PLC		0.78
7.	ASML Holding N.V.		0.70
8.	Resona Holdings, Inc.		0.63
9.	Unilever PLC		0.58
10.	Sanofi		0.57

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

*	Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

6 Invesco Income Advantage International Fund

Schedule of Investments

December 31, 2022


	Shares	Value
Common Stocks & Other Equity Interests–52.45%

Australia–2.88%
Ampol Ltd.	487	$ 9,348
APA Group	2,821	20,654
Aurizon Holdings Ltd.	11,403	28,762
BHP Group Ltd.	10,536	326,207
BlueScope Steel Ltd.	814	9,278
Brambles Ltd.	5,575	45,787
Coles Group Ltd.	1,492	16,897
CSL Ltd.	672	131,034
Endeavour Group Ltd.	809	3,513
Flutter Entertainment PLC^(a)	158	21,596
Fortescue Metals Group Ltd.	2,490	34,714
Glencore PLC	17,800	119,025
Macquarie Group Ltd.	697	79,127
Mineral Resources Ltd.	104	5,471
Rio Tinto Ltd.	1,834	144,538
Rio Tinto PLC	4,485	314,695
Santos Ltd.	948	4,648
Sonic Healthcare Ltd.	537	10,949
South32 Ltd.	18,268	49,450
Telstra Group Ltd.	32,121	87,226
Wesfarmers Ltd.	3,535	110,383
WiseTech Global Ltd.	326	11,242
Woodside Energy Group Ltd.	1,972	47,713
Woolworths Group Ltd.	1,167	26,650
		1,658,907

Belgium–0.46%
Groupe Bruxelles Lambert N.V.	3,162	253,285
UCB S.A.	159	12,524
		265,809

Brazil–1.33%
Ambev S.A.	6,209	17,073
B3 S.A. - Brasil, Bolsa, Balcao	18,879	47,209
Banco BTG Pactual S.A.	7,876	35,681
Centrais Eletricas Brasileiras S.A.	1,431	11,416
Cia de Saneamento Basico do Estado de Sao Paulo	826	8,836
Localiza Rent a Car S.A.	1,368	13,777
Localiza Rent a Car S.A., Rts., expiring 1/31/23^(a)	5	10
M Dias Branco S.A.	1,283	8,740
Petroleo Brasileiro S.A., Preference Shares	46,881	219,437
Rumo S.A.	4,232	14,903
Telefonica Brasil S.A.	2,641	19,002
TIM S.A.	15,463	36,178
Vale S.A.	17,947	304,825
WEG S.A.	3,029	22,061
Yara International ASA	129	5,672
		764,820

Canada–5.30%
Alimentation Couche-Tard, Inc.	797	35,023
ARC Resources Ltd.	1,457	19,638


	Shares	Value
Canada–(continued)
BCE, Inc.	1,355	$ 59,534
Brookfield Corp.	2,299	72,298
Canadian National Railway Co.	2,445	290,439
Canadian Natural Resources Ltd.	2,324	129,056
Canadian Pacific Railway Ltd.	1,921	143,224
CCL Industries, Inc., Class B	1,195	51,048
Cenovus Energy, Inc.	1,644	31,897
CGI, Inc., Class A^(a)	517	44,564
Constellation Software, Inc.	77	120,218
Dollarama, Inc.	1,043	61,001
Emera, Inc.	124	4,739
Enbridge, Inc.	2,985	116,666
Fairfax Financial Holdings Ltd.	81	47,982
Fortis, Inc.	1,552	62,103
Franco-Nevada Corp.	40	5,453
George Weston Ltd.	167	20,720
Hydro One Ltd.^(b)	1,569	42,029
Imperial Oil Ltd.	922	44,908
Intact Financial Corp.	548	78,885
Loblaw Cos. Ltd.	961	84,971
Magna International, Inc.	927	52,074
Manulife Financial Corp.	18,094	322,725
Metro, Inc.	531	29,401
Nutrien Ltd.	1,729	126,227
Open Text Corp.	1,738	51,498
Pembina Pipeline Corp.	171	5,804
Power Corp. of Canada	3,696	86,941
Quebecor, Inc., Class B	1,055	23,531
Ritchie Bros. Auctioneers, Inc.	91	5,256
Rogers Communications, Inc., Class B	1,146	53,635
Saputo, Inc.	444	10,992
Shaw Communications, Inc., Class B	2,096	60,388
Sun Life Financial, Inc.	2,286	106,112
Suncor Energy, Inc.	5,891	186,867
TC Energy Corp.	1,344	53,581
Teck Resources Ltd., Class B	2,102	79,438
TELUS Corp.	1,082	20,881
TFI International, Inc.	378	37,859
Thomson Reuters Corp.	331	37,759
Tourmaline Oil Corp.	1,456	73,467
West Fraser Timber Co. Ltd.	788	56,900
WSP Global, Inc.	49	5,685
		3,053,417

Chile–0.03%
Antofagasta PLC	100	1,857
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares	192	15,527
		17,384

China–2.85%
Alibaba Group Holding Ltd.^(a)	14,720	162,526
ANTA Sports Products Ltd.	1,235	16,192
Autohome, Inc., ADR	246	7,528
China Coal Energy Co. Ltd., H Shares	15,818	12,803

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

7 Invesco Income Advantage International Fund


	Shares	Value
China–(continued)
China Feihe Ltd.^(b)	16,147	$ 13,601
China Hongqiao Group Ltd.	19,882	18,615
China Life Insurance Co. Ltd., H Shares	89,440	153,578
China National Building Material Co. Ltd., H Shares	29,415	24,163
China Petroleum & Chemical Corp., H Shares	249,893	120,772
China Shenhua Energy Co. Ltd., H Shares	8,491	24,443
China Tower Corp. Ltd., H Shares^(b)	372,908	40,137
CITIC Ltd.	79,912	84,372
COSCO SHIPPING Holdings Co. Ltd., H Shares	32,458	33,107
CSPC Pharmaceutical Group Ltd.	5,663	5,950
Daqo New Energy Corp., ADR^(a)	378	14,595
Dongfeng Motor Group Co. Ltd., H Shares	84,221	48,347
ENN Energy Holdings Ltd.	1,236	17,243
Fufeng Group Ltd.	17,300	10,492
Haichang Ocean Park Holdings Ltd.^(a)(b)	6,080	1,243
JD.com, Inc., A Shares	1,980	55,658
Kingboard Holdings Ltd.	8,271	26,336
Koolearn Technology Holding Ltd.^(a)(b)	2,152	14,408
Kunlun Energy Co. Ltd.	37,958	26,921
Lenovo Group Ltd.	33,927	27,868
Lufax Holding Ltd., ADR	13,622	26,427
NetEase, Inc.	3,220	46,936
New Oriental Education & Technology Group, Inc., ADR^(a)	433	15,077
Nongfu Spring Co. Ltd., H Shares^(b)	5,899	33,335
NXP Semiconductors N.V.	255	40,298
People’s Insurance Co. Group of China Ltd. (The), H Shares	161,382	53,556
PetroChina Co. Ltd., H Shares	203,775	93,283
PICC Property & Casualty Co. Ltd., H Shares	49,020	46,399
Pinduoduo, Inc., ADR^(a)	1,715	139,858
Ping An Insurance (Group) Co. of China Ltd., H Shares	16,482	108,784
Shanghai Fudan Microelectronics Group Co. Ltd., H Shares	1,902	7,205
Sino Biopharmaceutical Ltd.	23,742	13,903
Tencent Music Entertainment Group, ADR^(a)	1,883	15,591
Yangzijiang Shipbuilding Holdings Ltd.	20,789	21,023
Yankuang Energy Group Co. Ltd., H Shares	3,996	12,114
Yum China Holdings, Inc.	153	8,361
		1,643,048

Denmark–1.56%
AP Moller - Maersk A/S, Class B	82	184,177
Carlsberg A/S, Class B	23	3,045
Novo Nordisk A/S, Class B	5,114	692,435
Tryg A/S	876	20,778
		900,435

Finland–0.29%
Kone OYJ, Class B	356	18,440
Neste OYJ	175	8,083
Sampo OYJ, Class A	767	40,105
UPM-Kymmene OYJ	2,626	98,438
		165,066

France–4.26%
Air Liquide S.A.	987	140,390
Arkema S.A.	7	631


	Shares	Value
France–(continued)
AXA S.A.	5,341	$ 148,858
Bollore SE	7,512	42,097
Bouygues S.A.	1,813	54,390
Capgemini SE	103	17,274
Carrefour S.A.	1,975	33,046
Cie Generale des Etablissements Michelin S.C.A.	559	15,544
Danone S.A.	1,951	102,786
Dassault Systemes SE	670	24,165
Edenred	186	10,121
Eiffage S.A.	173	17,059
ENGIE S.A.	4,415	63,241
EssilorLuxottica S.A.	255	46,434
Hermes International	26	40,122
Kering S.A.	105	53,737
Legrand S.A.	558	44,929
L’Oreal S.A.	520	186,546
LVMH Moet Hennessy Louis Vuitton SE	303	220,113
Orange S.A.	10,059	100,021
Pernod Ricard S.A.	315	61,916
Publicis Groupe S.A.	620	39,370
Renault S.A.	692	23,056
Safran S.A.	472	58,983
Sanofi	3,384	327,438
Sartorius Stedim Biotech	2	652
Schneider Electric SE	791	111,246
SCOR SE	929	21,331
TotalEnergies SE	3,319	207,156
Vinci S.A.	1,387	138,527
Vivendi SE	10,186	97,471
Worldline S.A.^(a)(b)	103	4,019
		2,452,669

Germany–2.60%
Allianz SE	957	205,780
Aroundtown S.A.	7,158	16,710
BASF SE	1,029	51,084
Bayer AG	153	7,900
Bayerische Motoren Werke AG	1,091	97,377
Daimler Truck Holding AG^(a)	1,087	33,679
Deutsche Bank AG	6,404	72,586
Deutsche Boerse AG	446	76,953
Deutsche Post AG	1,727	65,008
Deutsche Telekom AG	3,690	73,603
Fresenius Medical Care AG & Co. KGaA	496	16,223
Fresenius SE & Co. KGaA	1,713	48,195
Hannover Rueck SE	37	7,355
HeidelbergCement AG	256	14,601
Knorr-Bremse AG	127	6,940
LEG Immobilien SE	74	4,822
Mercedes-Benz Group AG	1,914	125,604
Merck KGaA	211	40,862
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R	231	75,113
Porsche Automobil Holding SE, Preference Shares	396	21,725
Rheinmetall AG	51	10,158
RWE AG	979	43,533
SAP SE	1,421	146,646

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

8 Invesco Income Advantage International Fund


	Shares	Value
Germany–(continued)
Siemens AG	267	$ 37,058
thyssenkrupp AG^(a)	317	1,934
Volkswagen AG, Preference Shares	1,517	189,077
Vonovia SE	221	5,208
		1,495,734

Greece–0.20%
Hellenic Telecommunications Organization S.A.	5,720	89,334
JUMBO S.A.	1,441	24,599
		113,933

Hong Kong–0.84%
AIA Group Ltd.	5,142	56,649
CK Asset Holdings Ltd.	9,490	58,428
CK Hutchison Holdings Ltd.	17,023	102,195
Henderson Land Development Co. Ltd.	2,635	9,200
Hong Kong Exchanges & Clearing Ltd.	498	21,521
Jardine Matheson Holdings Ltd.	1,061	53,950
Kerry Properties Ltd.	11,487	25,022
MTR Corp. Ltd.	3,996	21,172
New World Development Co. Ltd.	2,890	8,147
Sun Hung Kai Properties Ltd.	6,992	95,683
Swire Pacific Ltd., Class A	3,272	28,697
WH Group Ltd.	9,251	5,382
		486,046

Hungary–0.09%
MOL Hungarian Oil & Gas PLC	7,735	54,029

India–0.46%
Adani Enterprises Ltd.	942	43,797
Dr. Reddy’s Laboratories Ltd., ADR	180	9,315
Infosys Ltd., ADR	5,143	92,626
Piramal Enterprises Ltd.	2,245	22,411
SBI Cards & Payment Services Ltd.	7,747	74,332
Tata Steel Ltd.	14,893	20,203
		262,684

Indonesia–0.22%
PT Adaro Energy Indonesia Tbk	107,777	26,586
PT Astra International Tbk	118,824	43,290
PT Telkom Indonesia (Persero) Tbk	225,337	54,286
		124,162

Ireland–0.33%
CRH PLC	2,917	115,491
Kerry Group PLC, Class A	846	76,341
		191,832

Israel–0.18%
Check Point Software Technologies Ltd.^(a)	410	51,725
Elbit Systems Ltd.	119	19,365
Nice Ltd.^(a)	156	30,241
		101,331

Italy–0.25%
Enel S.p.A.	3,220	17,318
Eni S.p.A.	3,613	51,609
Ferrari N.V.	178	38,084
Poste Italiane S.p.A.^(b)	1,489	14,521


	Shares	Value
Italy–(continued)
Prysmian S.p.A.	321	$ 11,883
Snam S.p.A.	2,211	10,735
		144,150

Japan–8.61%
Ajinomoto Co., Inc.	899	27,412
Astellas Pharma, Inc.	1,698	25,761
Bridgestone Corp.	1,230	43,790
Brother Industries Ltd.	1,335	20,201
Canon, Inc.	3,595	77,735
Central Japan Railway Co.	355	43,673
Chugai Pharmaceutical Co. Ltd.	300	7,623
Dai Nippon Printing Co. Ltd.	810	16,239
Dai-ichi Life Holdings, Inc.	1,219	27,682
Daiichi Sankyo Co. Ltd.	5,213	167,064
Daito Trust Construction Co. Ltd.	59	6,064
Daiwa House Industry Co. Ltd.	816	18,724
Denso Corp.	245	12,010
East Japan Railway Co.	515	29,384
Ebara Corp.	448	16,069
Eisai Co. Ltd.	240	15,720
ENEOS Holdings, Inc.	14,222	48,424
FANUC Corp.	343	51,190
FUJIFILM Holdings Corp.	1,335	67,355
Fujitsu Ltd.	78	10,329
Hankyu Hanshin Holdings, Inc.	772	22,951
Hitachi Ltd.	1,055	53,093
Honda Motor Co. Ltd.	6,493	148,457
Hoya Corp.	366	35,412
Idemitsu Kosan Co. Ltd.	346	8,097
IHI Corp.	393	11,411
Inpex Corp.	3,611	38,531
ITOCHU Corp.	2,613	81,700
Japan Post Holdings Co. Ltd.	26,271	221,479
Japan Tobacco, Inc.	3,202	64,745
Kao Corp.	59	2,362
KDDI Corp.	5,913	178,715
Keyence Corp.	212	82,999
Kintetsu Group Holdings Co. Ltd.	166	5,502
Komatsu Ltd.	2,422	52,546
Konami Group Corp.	105	4,775
Kubota Corp.	2,283	31,449
Kyocera Corp.	890	44,415
Marubeni Corp.	1,926	22,010
Marui Group Co. Ltd.	4,559	75,740
MEIJI Holdings Co. Ltd.	89	4,570
Mitsubishi Chemical Group Corp.	2,445	12,632
Mitsubishi Corp.	3,281	106,146
Mitsubishi Electric Corp.	4,818	47,694
Mitsubishi Estate Co. Ltd.	2,398	31,032
Mitsubishi Heavy Industries Ltd.	1,276	50,495
Mitsui & Co. Ltd.	4,549	132,273
Mitsui Fudosan Co. Ltd.	1,286	23,494
Mitsui OSK Lines Ltd.	1,628	40,798
MS&AD Insurance Group Holdings, Inc.	1,062	33,990
Murata Manufacturing Co. Ltd.	553	27,744
NEC Corp.	538	18,823
Nexon Co. Ltd.	481	10,729

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

9 Invesco Income Advantage International Fund


	Shares		Value
Japan–(continued)
NGK Insulators Ltd.		3,176	$ 40,505
Nintendo Co. Ltd.		2,297	96,188
Nippon Steel Corp.		1,698	29,564
Nippon Telegraph & Telephone Corp.		9,090	259,466
Nippon Yusen K.K.^(c)		2,578	61,074
Nissan Motor Co. Ltd.		4,461	14,035
Nomura Holdings, Inc.		21,634	80,524
Nomura Research Institute Ltd.		406	9,652
Oji Holdings Corp.		22,375	90,511
Olympus Corp.		1,621	28,652
Oriental Land Co. Ltd.		102	14,860
ORIX Corp.		5,647	91,057
Otsuka Holdings Co. Ltd.		102	3,321
Pan Pacific International Holdings Corp.		591	10,971
Recruit Holdings Co. Ltd.		2,292	72,894
Resona Holdings, Inc.		66,421	364,885
Ricoh Co. Ltd.		1,229	9,427
SBI Holdings, Inc.		2,397	45,957
Secom Co. Ltd.		300	17,114
Seiko Epson Corp.		1,411	20,481
Seven & i Holdings Co. Ltd.		699	29,902
Shin-Etsu Chemical Co. Ltd.		400	48,734
SMC Corp.		132	55,866
SoftBank Corp.		11,278	127,518
SoftBank Group Corp.		1,175	49,759
Sompo Holdings, Inc.		798	35,433
Sony Group Corp.		417	31,799
Sumitomo Chemical Co. Ltd.		202	723
Sumitomo Corp.		1,898	31,473
Taisei Corp.		64	2,062
Takeda Pharmaceutical Co. Ltd.		6,793	212,173
Tokio Marine Holdings, Inc.		5,026	107,589
Tokyo Electric Power Co. Holdings, Inc.^(a)		1,299	4,690
Tokyo Electron Ltd.		160	47,530
Tokyo Gas Co. Ltd.		274	5,387
Tokyu Corp.		1,572	19,799
Toppan, Inc.		1,459	21,539
Toshiba Corp.		334	11,708
Tosoh Corp.		7	83
Toyota Industries Corp.		1,303	71,041
Toyota Motor Corp.		14,765	201,795
Trend Micro, Inc.		168	7,856
Unicharm Corp.		170	6,519
Yakult Honsha Co. Ltd.		52	3,391
			4,954,765

Kuwait–0.15%
Mobile Telecommunications Co. KSCP		46,580	85,840

Luxembourg–0.17%
ArcelorMittal S.A.		3,719	97,237

Malaysia–0.15%
IHH Healthcare Bhd.		20,319	28,628
Tenaga Nasional Bhd.		27,473	60,053
			88,681

Mexico–0.15%
Grupo Bimbo S.A.B. de C.V., Series A		3,796	16,044


	Shares		Value
Mexico–(continued)
Wal-Mart de Mexico S.A.B. de C.V., Series V		20,658	$ 72,713
			88,757

Netherlands–1.96%
Argenx SE^(a)		42	15,659
ASML Holding N.V.		739	400,023
ASR Nederland N.V.		564	26,741
EXOR N.V.^(a)		1,304	95,188
Heineken Holding N.V.		551	42,427
Heineken N.V.		482	45,285
Koninklijke Ahold Delhaize N.V.		4,693	134,848
Koninklijke DSM N.V.		51	6,252
Koninklijke KPN N.V.		781	2,416
Koninklijke Philips N.V.		5,763	86,498
OCI N.V.		265	9,457
Randstad N.V.		63	3,847
Shell PLC		6,247	177,526
Universal Music Group N.V.		1,199	28,943
Wolters Kluwer N.V.		517	54,005
			1,129,115

New Zealand–0.02%
Spark New Zealand Ltd.		4,068	13,944

Norway–0.32%
Aker BP ASA		364	11,346
Equinor ASA		3,827	137,268
Gjensidige Forsikring ASA		1,698	33,321
Schibsted ASA, Class A		28	528
Telenor ASA		268	2,506
			184,969

Philippines–0.08%
SM Prime Holdings, Inc.		73,886	46,805

Poland–0.04%
Polski Koncern Naftowy ORLEN S.A.		1,390	20,329

Portugal–0.01%
Jeronimo Martins SGPS S.A.		134	2,897

Qatar–0.36%
Barwa Real Estate Co.		174,709	138,031
Ooredoo Q.P.S.C.		27,491	69,440
			207,471

Russia–0.00%
Tatneft PJSC, ADR^(d)		576	0
X5 Retail Group N.V., GDR^(b)(d)		422	0
			0

Singapore–0.00%
Jardine Cycle & Carriage Ltd.		83	1,773

South Africa–0.76%
Anglo American PLC		3,349	130,988
Aspen Pharmacare Holdings Ltd.		69	554
Exxaro Resources Ltd.		1,007	12,837
FirstRand Ltd.		16,183	59,108
Impala Platinum Holdings Ltd.		485	6,064
Investec Ltd.		7,213	45,629
Naspers Ltd., Class N		152	25,057

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

10 Invesco Income Advantage International Fund


	Shares		Value
South Africa–(continued)
Old Mutual Ltd.		51,834	$ 31,863
Remgro Ltd.		5,767	45,122
Sappi Ltd.^(a)		4,355	12,603
Sasol Ltd.		1,505	23,805
Shoprite Holdings Ltd.		747	9,938
Sibanye Stillwater Ltd.		2,741	7,277
Thungela Resources Ltd.		576	9,738
Woolworths Holdings Ltd.		4,724	18,443
			439,026

South Korea–1.40%
E-MART, Inc.		159	12,388
GS Holdings Corp.		820	28,528
HMM Co. Ltd.		2,502	39,018
Hyundai Mobis Co. Ltd.		122	19,449
Hyundai Motor Co.		2	240
Hyundai Steel Co.		280	6,835
Kia Corp.		441	20,800
KT Corp.		837	22,433
KT&G Corp.		633	45,771
Kumho Petrochemical Co. Ltd.		56	5,616
LG Chem Ltd.		15	7,176
LG Corp.		697	43,287
LG Display Co. Ltd.		2,643	26,245
LG Energy Solution Ltd.^(a)		44	15,246
LG Uplus Corp.		52	456
NAVER Corp.		346	49,142
POSCO Chemical Co. Ltd.		9	1,292
POSCO Holdings, Inc.		214	47,103
Samsung Biologics Co. Ltd.^(a)(b)		8	5,160
Samsung C&T Corp.		451	40,733
Samsung Electro-Mechanics Co. Ltd.		69	7,190
Samsung Electronics Co. Ltd.		4,092	180,449
Samsung SDI Co. Ltd.		48	22,618
SK Hynix, Inc.		2,015	121,287
SK Telecom Co. Ltd.		1,028	38,460
			806,922

Spain–1.13%
ACS Actividades de Construccion y Servicios S.A.		2,378	68,135
Cellnex Telecom S.A.^(b)		457	15,198
Ferrovial S.A.		1,498	39,187
Iberdrola S.A.		20,099	235,108
Industria de Diseno Textil S.A.		752	20,024
Red Electrica Corp. S.A.		805	13,984
Repsol S.A.		5,765	91,902
Telefonica S.A.		46,205	167,339
			650,877

Sweden–0.80%
Atlas Copco AB, Class A		2,463	29,160
Industrivarden AB, Class C		2,293	55,791
Investor AB, Class B		11,128	201,832
L E Lundbergforetagen AB, Class B		766	32,653
Telefonaktiebolaget LM Ericsson, Class B		9,830	57,568
Volvo AB, Class B		4,439	80,375
			457,379


	Shares		Value
Switzerland–1.32%
ABB Ltd.		1,093	$ 33,290
Julius Baer Group Ltd.		83	4,824
Novartis AG		5,442	492,944
Partners Group Holding AG		54	48,000
Schindler Holding AG, PC		79	14,834
UBS Group AG		6,345	118,268
Zurich Insurance Group AG		103	49,221
			761,381

Taiwan–1.83%
ASE Technology Holding Co. Ltd.		980	2,991
Asustek Computer, Inc.		4,994	43,599
AUO Corp.		49,468	24,126
Catcher Technology Co. Ltd.		2,957	16,253
Cathay Financial Holding Co. Ltd.		24,596	31,992
Chailease Holding Co. Ltd.		804	5,671
Chunghwa Telecom Co. Ltd.		13,788	50,680
Delta Electronics, Inc.		2,413	22,479
E Ink Holdings, Inc.		618	3,234
Evergreen Marine Corp. Taiwan Ltd.		4,166	21,732
Far Eastern New Century Corp.		11,053	11,467
Far EasTone Telecommunications Co. Ltd.		8,177	17,528
Formosa Chemicals & Fibre Corp.		6,992	15,993
Formosa Plastics Corp.		7,991	22,560
Fubon Financial Holding Co. Ltd.		19,071	34,916
Hon Hai Precision Industry Co. Ltd.		18,836	61,196
Innolux Corp.		80,217	28,821
Inventec Corp.		2,277	1,945
Lite-On Technology Corp.		999	2,073
Novatek Microelectronics Corp.		1,309	13,425
Pegatron Corp.		19,978	41,254
Taiwan Mobile Co. Ltd.		8,425	25,954
Taiwan Semiconductor Manufacturing Co. Ltd.		31,438	458,198
Uni-President Enterprises Corp.		19,493	42,225
Wan Hai Lines Ltd.		7,908	20,590
Yang Ming Marine Transport Corp.		14,997	31,930
			1,052,832

Thailand–0.20%
Advanced Info Service PCL, NVDR		5,993	33,703
Airports of Thailand PCL, NVDR		3,824	8,281
Delta Electronics Thailand PCL, NVDR		805	19,298
PTT Exploration & Production PCL, NVDR		3,553	18,122
PTT PCL, NVDR		38,785	37,270
			116,674

Turkey–0.30%
BIM Birlesik Magazalar A.S.		3,363	24,619
KOC Holding A.S.		12,056	53,949
Turk Hava Yollari AO^(a)		4,972	37,418
Turkiye Petrol Rafinerileri A.S.^(a)		710	20,123
Turkiye Sise ve Cam Fabrikalari A.S.		14,908	34,235
			170,344

United Arab Emirates–0.47%
Emaar Properties PJSC		26,259	41,798
International Holding Co. PJSC^(a)		1,881	209,952
Multiply Group PJSC^(a)		13,592	17,110
			268,860

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

11 Invesco Income Advantage International Fund


	Shares		Value
United Kingdom–4.77%
3i Group PLC		5,685	$ 92,305
AstraZeneca PLC		3,325	451,254
AVEVA Group PLC		276	10,720
Aviva PLC		15,117	80,576
BAE Systems PLC		6,244	64,533
BP PLC		30,396	176,760
British American Tobacco PLC		6,738	267,328
BT Group PLC		11,712	15,903
CNH Industrial N.V.		2,770	44,487
Coca-Cola Europacific Partners PLC		283	15,656
Compass Group PLC^(a)		248	5,730
Diageo PLC		5,650	249,500
Experian PLC		210	7,149
Imperial Brands PLC		2,322	58,014
International Distributions Services PLC		6,484	16,715
J Sainsbury PLC		11,778	30,917
Johnson Matthey PLC		209	5,380
Legal & General Group PLC		4,524	13,663
London Stock Exchange Group PLC		510	44,005
M&G PLC		14,855	33,766
Man Group PLC		12,152	31,401
Marks & Spencer Group PLC		217	322
National Grid PLC		5,684	68,273
Pearson PLC		2,512	28,473
Phoenix Group Holdings PLC		746	5,494
Reckitt Benckiser Group PLC		1,583	110,128
RELX PLC		3,675	101,819
Rentokil Initial PLC		1,714	10,535
Rightmove PLC		756	4,680
Sage Group PLC (The)		2,992	26,871
Smiths Group PLC		1,290	24,870
Spirax-Sarco Engineering PLC		101	12,978
SSE PLC		2,358	48,636
Tesco PLC		32,208	87,324
Unilever PLC		6,624	334,174
United Utilities Group PLC		202	2,422
Vodafone Group PLC		130,220	132,000
Wise PLC, Class A^(a)		342	2,313
WPP PLC		2,790	27,699
			2,744,773

United States–3.32%
Atlassian Corp., Class A^(a)		291	37,446
Computershare Ltd.		387	6,904
Ferguson PLC		312	39,419
GSK PLC		8,688	151,083
JBS S.A.		4,199	17,717
Nestle S.A.		4,660	538,162
Prosus N.V.		2,163	148,502
Roche Holding AG		2,519	791,626
Signify N.V.		328	11,043
Stellantis N.V.		9,939	140,785
Swiss Re AG		274	25,704
			1,908,391
Total Common Stocks & Other Equity Interests (Cost $30,559,824)			30,195,498


	Principal Amount		Value
Equity Linked Notes–27.06%
Canada–9.87%
Bank of Montreal (MSCI EAFE Index), 19.88%, 01/09/2023^(b)	$	1,179,000	$ 1,184,024
Bank of Montreal (MSCI EAFE Index), 20.31%, 01/09/2023^(b)		1,189,000	1,198,013
Canadian Imperial Bank of Commerce (MSCI EAFE Index), 20.50%, 01/20/2023^(b)		1,185,000	1,161,026
Canadian Imperial Bank of Commerce (MSCI EAFE Index), 23.00%, 02/03/2023^(b)		1,174,000	1,154,447
Royal Bank of Canada (MSCI Emerging Markets Index), 24.31%, 01/18/2023^(b)		1,012,000	986,519
			5,684,029

France–5.97%
BNP Paribas Issuance B.V. (MSCI EAFE Index), 18.64%, 01/13/2023^(b)		1,176,000	1,170,529
BNP Paribas S.A. (MSCI EAFE Index), 19.17%, 01/23/2023^(b)		1,180,000	1,162,306
Societe Generale S.A. (MSCI EAFE Index), 19.35%, 01/30/2023^(b)		1,167,000	1,101,830
			3,434,665

Switzerland–3.84%
Credit Suisse AG (MSCI Emerging Markets Index), 21.60%, 01/10/2023^(b)		1,034,000	1,042,908
Credit Suisse Group AG (MSCI EAFE Index), 23.30%, 01/06/2023^(b)		1,172,000	1,169,108
			2,212,016

United Kingdom–1.71%
HSBC Bank PLC (MSCI Emerging Markets Index), 21.68%, 01/31/2023^(b)		1,006,000	984,783

United States–5.67%
Citigroup, Inc. (MSCI EAFE Index), 25.20%, 02/06/2023^(b)		1,162,000	1,133,288
J.P. Morgan Structured Products B.V. (MSCI EAFE Index), 20.59%, 01/27/2023^(b)		1,185,000	1,132,838
JPMorgan Chase & Co. (MSCI Emerging Markets Index), 21.53%, 01/24/2023^(b)		1,015,000	997,538
			3,263,664
Total Equity Linked Notes (Cost $15,836,000)			15,579,157

	Shares

Money Market Funds–19.48%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(e)(f)		3,926,442	3,926,442
Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(e)(f)		2,795,724	2,796,563
Invesco Treasury Portfolio, Institutional Class, 4.20%^(e)(f)		4,487,362	4,487,362
Total Money Market Funds (Cost $11,209,043)			11,210,367
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-98.99% (Cost $57,604,867)			56,985,022

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

12 Invesco Income Advantage International Fund


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–0.10%
Invesco Private Government Fund, 4.28%^(e)(f)(g)		17,120	$	17,120
Invesco Private Prime Fund, 4.46%^(e)(f)(g)		41,728		41,740
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $58,853)				58,860
TOTAL INVESTMENTS IN SECURITIES–99.09% (Cost $57,663,720)				57,043,882
OTHER ASSETS LESS LIABILITIES–0.91%				525,778
NET ASSETS–100.00%			$	57,569,660


Investment Abbreviations:

ADR		– American Depositary Receipt
GDR		– Global Depositary Receipt
NVDR		– Non-Voting Depositary Receipt
PC		– Participation Certificate
Rts.		– Rights

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at December 31, 2022 was $15,762,808, which represented 27.38% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at December 31, 2022.

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

^(e⁾


	Value December 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value December 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$5,444,739	$	53,961,415	$	(55,479,712)		$ -	$	-		$3,926,442		$64,628
Invesco Liquid Assets Portfolio, Institutional Class		3,881,117		38,543,867		(39,628,365)		1,508		(1,564)		2,796,563		47,792
Invesco Treasury Portfolio, Institutional Class		6,222,558		61,670,188		(63,405,384)		-		-		4,487,362		71,746
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		97,418		(80,298)		-		-		17,120		176*
Invesco Private Prime Fund		-		203,987		(162,261)		7		7		41,740		480*
Total		$15,548,414	$	154,476,875	$	(158,756,020)		$1,515	$	(1,557)		$11,269,227		$184,822

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

^(f)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1J.


Open Futures Contracts^(a)
Long Futures Contracts	Number of Contracts		Expiration Month	Notional Value		Value			Unrealized Appreciation (Depreciation)
Equity Risk
MSCI Emerging Markets Index		18	March-2023	$	863,460	$	(2,552	)		$(2,552)

^(a)	Futures contracts collateralized by $38,856 cash held with Merill Lynch, the futures commission merchant.

See accompanying

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

13 Invesco Income Advantage International Fund

Statement of Assets and Liabilities

December 31, 2022


Assets:
Investments in unaffiliated securities, at value (Cost $46,395,824)*	$	45,774,655


Investments in affiliated money market funds, at value (Cost $11,267,896)		11,269,227


Deposits with brokers:
Cash collateral – exchange-traded futures contracts		38,856


Cash		1,162,000


Foreign currencies, at value (Cost $169,942)		172,069


Receivable for:
Investments sold		394


Fund shares sold		12,734


Dividends		225,399


Interest		194,738


Investment for trustee deferred compensation and retirement plans		50,199


Other assets		41,824


Total assets		58,942,095



Liabilities:
Other investments:
Variation margin payable – futures contracts		2,525
Payable for:
Investments purchased		1,162,000
Fund shares reacquired		7,422
Accrued foreign taxes		168
Collateral upon return of securities loaned		58,853
Accrued fees to affiliates		35,714
Accrued trustees’ and officers’ fees and benefits		2,799
Accrued other operating expenses		46,275
Trustee deferred compensation and retirement plans		56,679


Total liabilities		1,372,435


Net assets applicable to shares outstanding	$	57,569,660



Net assets consist of:
Shares of beneficial interest	$	70,631,807


Distributable earnings (loss)		(13,062,147	)


	$	57,569,660


Net Assets:
Class A	$	50,825,558
Class C	$	939,235
Class R	$	1,595,451
Class Y	$	3,678,993
Class R5	$	513,791
Class R6	$	16,632

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		4,273,291
Class C		83,500
Class R		133,863
Class Y		308,588
Class R5		42,708
Class R6		1,384
Class A:
Net asset value per share	$	11.89
Maximum offering price per share (Net asset value of $11.89 ÷ 94.50%)	$	12.58
Class C:
Net asset value and offering price per share	$	11.25
Class R:
Net asset value and offering price per share	$	11.92
Class Y:
Net asset value and offering price per share	$	11.92
Class R5:
Net asset value and offering price per share	$	12.03
Class R6:
Net asset value and offering price per share	$	12.02

*	At December 31, 2022, security with a value of $56,569 was on loan to brokers.

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

14 Invesco Income Advantage International Fund

Statement of Operations

For the year ended December 31, 2022


Investment income:
Interest (net of foreign withholding taxes of $7,663)	$	3,654,521


Dividends (net of foreign withholding taxes of $142,869)		1,386,570


Dividends from affiliated money market funds (includes net securities lending income of $47)		184,213


Total investment income		5,225,304



Expenses:
Advisory fees		463,299


Administrative services fees		9,031


Custodian fees		18,447


Distribution fees:
Class A		137,883


Class C		10,228


Class R		7,971


Transfer agent fees – A, C, R and Y		124,475


Transfer agent fees – R5		526


Transfer agent fees – R6		8


Trustees’ and officers’ fees and benefits		17,785


Registration and filing fees		74,856


Reports to shareholders		14,062


Professional services fees		68,638


Other		35,559


Total expenses		982,768


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(232,519	)


Net expenses		750,249


Net investment income		4,475,055



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $879)		(11,429,122	)


Affiliated investment securities		(1,557	)


Foreign currencies		(31,118	)


Forward foreign currency contracts		(825	)


Futures contracts		(264,290	)


		(11,726,912	)


Change in net unrealized appreciation (depreciation) of: Unaffiliated investment securities (net of foreign taxes of $515)		(1,312,448	)


Affiliated investment securities		1,515


Foreign currencies		(853	)


Futures contracts		(2,552	)


		(1,314,338	)


Net realized and unrealized gain (loss)		(13,041,250	)


Net increase (decrease) in net assets resulting from operations	$	(8,566,195	)

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

15 Invesco Income Advantage International Fund

Statement of Changes in Net Assets

For the years ended December 31, 2022 and 2021


	2022			2021


Operations:
Net investment income	$	4,475,055		$	2,376,165


Net realized gain (loss)		(11,726,912	)		12,802,155


Change in net unrealized appreciation (depreciation)		(1,314,338	)		(5,418,178	)


Net increase (decrease) in net assets resulting from operations		(8,566,195	)		9,760,142



Distributions to shareholders from distributable earnings:
Class A		(3,964,473	)		(1,752,390	)


Class C		(66,117	)		(23,528	)


Class R		(109,626	)		(38,642	)


Class Y		(264,840	)		(62,439	)


Class R5		(43,278	)		(19,570	)


Class R6		(1,381	)		(646	)


Total distributions from distributable earnings		(4,449,715	)		(1,897,215	)



Share transactions–net:
Class A		(1,617,317	)		(5,302,795	)


Class C		(16,632	)		(274,092	)


Class R		268,141			188,580


Class Y		2,015,756			122,744


Class R5		(42,742	)		57,382


Class R6		(1,077	)		205


Net increase (decrease) in net assets resulting from share transactions		606,129			(5,207,976	)


Net increase (decrease) in net assets		(12,409,781	)		2,654,951



Net assets:
Beginning of year		69,979,441			67,324,490


End of year	$	57,569,660		$	69,979,441

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

16 Invesco Income Advantage International Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Return of capital				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Class A
Year ended 12/31/22		$	14.56		$	0.92			$	(2.68	)		$	(1.76	)		$	(0.91	)		$	–			$	(0.91	)		$	11.89		(12.16	)%		$	50,826		1.21	%		1.59	%		7.25	%		97	%
Year ended 12/31/21			13.02			0.48				1.45				1.93				(0.39	)			–				(0.39	)			14.56		14.84				64,112		1.43			1.55			3.33			115
Year ended 12/31/20			14.04			0.19				(0.95	)			(0.76	)			(0.21	)			(0.05	)			(0.26	)			13.02		(5.16	)			62,139		1.55			1.55			1.54			71
Year ended 12/31/19			12.23			0.29				1.81				2.10				(0.29	)			–				(0.29	)			14.04		17.26				74,917		1.59			1.59			2.19			103
Year ended 12/31/18			13.89			0.28	^(d)			(1.70	)			(1.42	)			(0.24	)			–				(0.24	)			12.23		(10.39	)			70,104		1.59			1.59			2.07	^(d)		111
Class C
Year ended 12/31/22			13.76			0.78				(2.52	)			(1.74	)			(0.77	)			–				(0.77	)			11.25		(12.72	)			939		1.96			2.34			6.50			97
Year ended 12/31/21			12.32			0.35				1.36				1.71				(0.27	)			–				(0.27	)			13.76		13.86				1,176		2.18			2.30			2.58			115
Year ended 12/31/20			13.27			0.09				(0.88	)			(0.79	)			(0.13	)			(0.03	)			(0.16	)			12.32		(5.82	)			1,302		2.30			2.30			0.79			71
Year ended 12/31/19			11.56			0.18				1.71				1.89				(0.18	)			–				(0.18	)			13.27		16.40				2,781		2.34			2.34			1.44			103
Year ended 12/31/18			13.13			0.17	^(d)			(1.61	)			(1.44	)			(0.13	)			–				(0.13	)			11.56		(11.08	)			6,782		2.34			2.34			1.32	^(d)		111
Class R
Year ended 12/31/22			14.58			0.88				(2.66	)			(1.78	)			(0.88	)			–				(0.88	)			11.92		(12.28	)			1,595		1.46			1.84			7.00			97
Year ended 12/31/21			13.04			0.45				1.44				1.89				(0.35	)			–				(0.35	)			14.58		14.55				1,655		1.68			1.80			3.08			115
Year ended 12/31/20			14.06			0.16				(0.95	)			(0.79	)			(0.18	)			(0.05	)			(0.23	)			13.04		(5.41	)			1,307		1.80			1.80			1.29			71
Year ended 12/31/19			12.25			0.26				1.81				2.07				(0.26	)			–				(0.26	)			14.06		16.95				1,818		1.84			1.84			1.94			103
Year ended 12/31/18			13.91			0.25	^(d)			(1.71	)			(1.46	)			(0.20	)			–				(0.20	)			12.25		(10.60	)			1,253		1.84			1.84			1.82	^(d)		111
Class Y
Year ended 12/31/22			14.59			0.94				(2.66	)			(1.72	)			(0.95	)			–				(0.95	)			11.92		(11.90	)			3,679		0.96			1.34			7.50			97
Year ended 12/31/21			13.05			0.52				1.45				1.97				(0.43	)			–				(0.43	)			14.59		15.10				2,335		1.18			1.30			3.58			115
Year ended 12/31/20			14.07			0.23				(0.96	)			(0.73	)			(0.23	)			(0.06	)			(0.29	)			13.05		(4.89	)			2,001		1.30			1.30			1.79			71
Year ended 12/31/19			12.26			0.33				1.80				2.13				(0.32	)			–				(0.32	)			14.07		17.52				2,910		1.34			1.34			2.44			103
Year ended 12/31/18			13.93			0.32	^(d)			(1.72	)			(1.40	)			(0.27	)			–				(0.27	)			12.26		(10.21	)			2,168		1.34			1.34			2.32	^(d)		111
Class R5
Year ended 12/31/22			14.72			0.96				(2.69	)			(1.73	)			(0.96	)			–				(0.96	)			12.03		(11.87	)			514		0.96			1.23			7.50			97
Year ended 12/31/21			13.17			0.53				1.46				1.99				(0.44	)			–				(0.44	)			14.72		15.15				679		1.10			1.16			3.66			115
Year ended 12/31/20			14.20			0.25				(0.97	)			(0.72	)			(0.25	)			(0.06	)			(0.31	)			13.17		(4.74	)			557		1.16			1.16			1.93			71
Year ended 12/31/19			12.38			0.35				1.83				2.18				(0.36	)			–				(0.36	)			14.20		17.69				594		1.17			1.17			2.61			103
Year ended 12/31/18			14.06			0.34	^(d)			(1.73	)			(1.39	)			(0.29	)			–				(0.29	)			12.38		(10.05	)			502		1.21			1.21			2.45	^(d)		111
Class R6
Year ended 12/31/22			14.71			0.96				(2.69	)			(1.73	)			(0.96	)			–				(0.96	)			12.02		(11.89	)			17		0.96			1.18			7.50			97
Year ended 12/31/21			13.16			0.53				1.46				1.99				(0.44	)			–				(0.44	)			14.71		15.16				22		1.10			1.15			3.66			115
Year ended 12/31/20			14.21			0.24				(0.98	)			(0.74	)			(0.25	)			(0.06	)			(0.31	)			13.16		(4.88	)			19		1.16			1.16			1.93			71
Year ended 12/31/19			12.38			0.35				1.84				2.19				(0.36	)			–				(0.36	)			14.21		17.77				1,494		1.17			1.17			2.61			103
Year ended 12/31/18			14.06			0.34	^(d)			(1.73	)			(1.39	)			(0.29	)			–				(0.29	)			12.38		(10.03	)			1,483		1.20			1.20			2.46	^(d)		111

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)

Net investment income per share and the ratio of net investment income to average net assets includes significant dividends received during the year ended December 31, 2018. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.23 and 1.73%, $0.12 and 0.98%, $0.20 and 1.48%, $0.27 and 1.98%, $0.29 and 2.11% and $0.29 and 2.12% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

17 Invesco Income Advantage International Fund

Notes to Financial Statements

December 31, 2022

NOTE 1–Significant Accounting Policies

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

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

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

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

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

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

18 Invesco Income Advantage International Fund

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

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

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

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

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

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund

19 Invesco Income Advantage International Fund

could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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

20 Invesco Income Advantage International Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.75%.

The Adviser has contractually agreed, through at least April 30, 2024, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to shares to 1.23%, 1.98%, 1.48%, 0.98%, 0.98% and 0.98% respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended December 31, 2022, the Adviser waived advisory fees of $106,168 and reimbursed class level expenses of $112,200, $2,080, $3,249, $6,945, $526 and $8 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended December 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2022, IDI advised the Fund that IDI retained $2,474 in front-end sales commissions from the sale of Class A shares and $10 and $94 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information


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

21 Invesco Income Advantage International Fund


	Level 1	Level 2	Level 3	Total
Investments in Securities
Australia	$ –	$ 1,658,907	$–	$ 1,658,907
Belgium	–	265,809	–	265,809
Brazil	10	764,810	–	764,820
Canada	3,053,417	5,684,029	–	8,737,446
Chile	15,527	1,857	–	17,384
China	267,735	1,375,313	–	1,643,048
Denmark	–	900,435	–	900,435
Finland	–	165,066	–	165,066
France	–	5,887,334	–	5,887,334
Germany	–	1,495,734	–	1,495,734
Greece	–	113,933	–	113,933
Hong Kong	–	486,046	–	486,046
Hungary	–	54,029	–	54,029
India	101,941	160,743	–	262,684
Indonesia	–	124,162	–	124,162
Ireland	–	191,832	–	191,832
Israel	51,725	49,606	–	101,331
Italy	–	144,150	–	144,150
Japan	–	4,954,765	–	4,954,765
Kuwait	–	85,840	–	85,840
Luxembourg	–	97,237	–	97,237
Malaysia	–	88,681	–	88,681
Mexico	88,757	–	–	88,757
Netherlands	15,659	1,113,456	–	1,129,115
New Zealand	–	13,944	–	13,944
Norway	–	184,969	–	184,969
Philippines	–	46,805	–	46,805
Poland	–	20,329	–	20,329
Portugal	–	2,897	–	2,897
Qatar	–	207,471	–	207,471
Russia	– –		0	0
Singapore	–	1,773	–	1,773
South Africa	–	439,026	–	439,026
South Korea	–	806,922	–	806,922
Spain	–	650,877	–	650,877
Sweden	–	457,379	–	457,379
Switzerland	–	2,973,397	–	2,973,397
Taiwan	–	1,052,832	–	1,052,832
Thailand	–	116,674	–	116,674
Turkey	–	170,344	–	170,344
United Arab Emirates	–	268,860	–	268,860
United Kingdom	15,656	3,713,900	–	3,729,556
United States	37,446	5,134,609	–	5,172,055
Money Market Funds	11,210,367	58,860	–	11,269,227
Total Investments in Securities	14,858,240	42,185,642	0	57,043,882
Other Investments - Liabilities*
Futures Contracts	(2,552)	–	–	(2,552)
Total Investments	$14,855,688	$42,185,642	$0	$57,041,330

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

22 Invesco Income Advantage International Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2022:


	Value
Derivative Liabilities	Equity Risk
Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(2,552	)
Derivatives not subject to master netting agreements		2,552
Total Derivative Liabilities subject to master netting agreements	$	–

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

Effect of Derivative Investments for the year ended December 31, 2022

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


	Location of Gain (Loss) on Statement of Operations

	Currency Risk		Equity Risk			Total


Realized Gain (Loss):
Forward foreign currency contracts		$(825)	$	-		$	(825	)


Futures contracts		-		(264,290	)		(264,290	)


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


Total		$(825)	$	(266,842	)	$	(267,667	)

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


	Forward Foreign Currency Contracts	Futures Contracts
Average notional value	$52,821		$1,526,720

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:


	2022		2021
Ordinary income*	$	4,449,715	$	1,897,215

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

23 Invesco Income Advantage International Fund

Tax Components of Net Assets at Period-End:


	2022


Undistributed ordinary income	$	440,903


Net unrealized appreciation (depreciation) – investments		(1,423,952	)


Net unrealized appreciation (depreciation) – foreign currencies		(1,550	)


Temporary book/tax differences		(42,808	)


Capital loss carryforward		(12,034,740	)


Shares of beneficial interest		70,631,807


Total net assets	$	57,569,660

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


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term	Total

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

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2022 was $31,624,487 and $31,938,314, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	1,871,426


Aggregate unrealized (depreciation) of investments		(3,295,378	)

Net unrealized appreciation (depreciation) of investments	$	(1,423,952	)

Cost of investments for tax purposes is $58,465,282.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies and foreign currency transactions, on December 31, 2022, undistributed net investment income was decreased by $272,043 and undistributed net realized gain (loss) was increased by $272,043. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

NOTE 11–Share Information


	Summary of Share Activity

	Year ended				Year ended
	December 31, 2022^(a)				December 31, 2021
	Shares		Amount		Shares		Amount

Sold:
Class A		112,648	$	1,482,722		269,293	$	3,817,303

Class C		15,946		190,876		22,642		303,273

Class R		19,730		262,615		23,072		327,618

Class Y		159,553		2,150,970		49,164		719,534

Class R5		2,853		35,376		4,310		63,093


Issued as reinvestment of dividends:
Class A		288,224		3,605,512		109,388		1,593,558

Class C		5,157		60,985		1,590		21,914

Class R		8,788		109,606		2,646		38,642

Class Y		19,956		246,887		3,828		55,912

Class R5		3,418		43,278		1,328		19,571

Class R6		4		58		14		205

24 Invesco Income Advantage International Fund


		Summary of Share Activity


	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Automatic conversion of Class C shares to Class A shares:
Class A		11,730		$	144,450			22,389		$	313,468

Class C		(12,403	)		(144,450	)		(23,693	)		(313,468	)


Reacquired:
Class A		(543,804	)		(6,850,001	)		(767,767	)		(11,027,124	)

Class C		(10,617	)		(124,043	)		(20,837	)		(285,811	)

Class R		(8,171	)		(104,080	)		(12,393	)		(177,680	)

Class Y		(30,933	)		(382,101	)		(46,278	)		(652,702	)

Class R5		(9,713	)		(121,396	)		(1,763	)		(25,282	)

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

Net increase (decrease) in share activity		32,271		$	606,129			(363,067	)	$	(5,207,976	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 14% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

25 Invesco Income Advantage International Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Income Advantage International Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2023

26 Invesco Income Advantage International Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


			ACTUAL			HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/22)		Ending Account Value (12/31/22)¹		Expenses Paid During Period²	Ending Account Value (12/31/22)		Expenses Paid During Period²	Annualized Expense Ratio
Class A		$1,000.00		$1,013.30	$6.14		$1,019.11	$6.16		1.21%
Class C		1,000.00		1,009.80	9.93		1,015.32	9.96		1.96
Class R		1,000.00		1,012.90	7.41		1,017.85	7.43		1.46
Class Y		1,000.00		1,014.60	4.87		1,020.37	4.89		0.96
Class R5		1,000.00		1,014.90	4.88		1,020.37	4.89		0.96
Class R6		1,000.00		1,014.90	4.88		1,020.37	4.89		0.96

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

27 Invesco Income Advantage International Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2022:


Federal and State Income Tax
Qualified Dividend Income*			32.80%
Corporate Dividends Received Deduction*			1.14%
U.S. Treasury Obligations*			0.00%
Qualified Business Income*			0.00%
Business Interest Income*			26.32%
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

28 Invesco Income Advantage International Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 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)	189	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.

T-1 Invesco Income Advantage International Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler –1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. –1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Income Advantage International Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Income Advantage International Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; 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; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	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); 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.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg –1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; 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; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Income Advantage International Fund

Trustees and Officers–(continued)


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

T-5 Invesco Income Advantage International Fund

Trustees and Officers–(continued)


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


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Income Advantage International Fund

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

LOGO


Annual Report to Shareholders		December 31, 2022

Invesco Income Allocation Fund

Nasdaq:

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



2		Management’s Discussion
2		Performance Summary
3		Long-Term Fund Performance
5		Supplemental Information
7		Schedule of Investments
9		Financial Statements
12		Financial Highlights
13		Notes to Financial Statements
18		Report of Independent Registered Public Accounting Firm
19		Fund Expenses
20		Tax Information
T-1		Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended December 31, 2022, Class A shares of Invesco Income Allocation Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Income Allocation Index, the Fund’s style-specific benchmark.

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

Fund vs. Indexes

Total returns, 12/31/21 to 12/31/22, at net asset value (NAV). Performance shown does
not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.


Class A Shares	-11.78	%
Class C Shares	-12.43
Class R Shares	-11.91
Class Y Shares	-11.48
Class R5 Shares	-11.55
Class R6 Shares	-11.51
S&P 500 Index^q(Broad Market Index)	-18.11
Custom Invesco Income Allocation Index^∎(Style-Specific Index)	-14.62
Lipper Mixed-Asset Target Allocation Conservative Funds Index^¨(Peer Group Index)	-12.70
Source(s): ^qRIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.; ^¨Lipper Inc.

Market conditions and your Fund

Strategic asset class exposures in the Fund are obtained through underlying representative

mutual funds and exchange-traded funds that seeks to provide a high level of current income with a secondary objective of providing capital growth. From an absolute performance perspective, the portfolio’s allocation to dividend paying equities was the leading contributor to positive performance. The remaining allocations to equity, fixed income and alternative assets were all detractors from absolute performance as the portfolio produced a negative return for the fiscal year.

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

Conversely, allocations to other fixed income funds were the leading detractors to relative performance during the fiscal year. Within the allocation, the Invesco Taxable Municipal Bond ETF and Invesco 1-30 Laddered Treasury ETF were the leading detractors.

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

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

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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

2 Invesco Income Allocation Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/12

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Invesco, RIMES Technologies Corp.

3	Source: Lipper, Inc.

Past performance cannot guarantee future results.

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

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

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

3 Invesco Income Allocation Fund


Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges

Class A Shares
Inception (10/31/05)	4.13	%
10 Years	3.12
5 Years	0.18
1 Year	-16.64

Class C Shares
Inception (10/31/05)	4.11	%
10 Years	3.08
5 Years	0.57
1 Year	-13.29

Class R Shares
Inception (10/31/05)	4.21	%
10 Years	3.45
5 Years	1.09
1 Year	-11.91

Class Y Shares
Inception (10/3/08)	5.29	%
10 Years	3.96
5 Years	1.58
1 Year	-11.48

Class R5 Shares
Inception (10/31/05)	4.73	%
10 Years	3.96
5 Years	1.56
1 Year	-11.55

Class R6 Shares
10 Years	3.84	%
5 Years	1.57
1 Year	-11.51

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

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

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

4 Invesco Income Allocation Fund

Supplemental Information

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

∎	Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

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

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

About indexes used in this report

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

∎

The Custom Invesco Income Allocation Index is composed of the following indexes: S&P 500^®, MSCI EAFE^®, FTSE NAREIT Equity REITs and Bloomberg U.S. Universal. The composition of the index may change based on the fund’s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the fund’s objective. The MSCI EAFE Index is considered representative of stocks of Europe, Australasia and the Far East and is computed using the net return, which withholds applicable taxes for non-resident investors. The FTSE NAREIT Equity REITs Index is considered representative of US real estate investment trusts (REITs). The Bloomberg U.S. Universal Index is considered representative of USD-denominated, taxable bonds that are rated either investment grade or below investment grade.

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

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

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

This report must be accompanied or preceded by a currently effective

Fund prospectus, which contains more complete information, including

sales charges and expenses. Investors should read it carefully before investing.


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

5 Invesco Income Allocation Fund

Fund Information

Portfolio Composition*


By fund type	% of total investments

Fixed Income Funds		53.02	%
Equity Funds		28.29
Alternative Funds		16.99
Money Market Funds		1.70

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

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. Data presented here are as of December 31, 2022.

6 Invesco Income Allocation Fund

Schedule of Investments

December 31, 2022

Invesco Income Allocation Fund

Schedule of Investments in Affiliated Issuers–99.92%^(a)


	%of Net Assets 12/31/22			Value 12/31/21		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 12/31/22		Value 12/31/22

Alternative Funds–17.27%
Invesco Global Real Estate Income Fund, Class R6^(b)		7.29	%	$	41,034,793	$	3,016,166	$	(3,818,633	)	$	(8,749,389	)	$	44,730 $			528,604			4,027,300	$	31,171,300

Invesco Multi-Asset Income Fund, Class R6		9.98	%		55,614,278		4,679,454		(5,066,754	)		(10,971,156	)		(1,530,814	)		3,234,130			5,643,990		42,725,008

Total Alternative Funds					96,649,071		7,695,620		(8,885,387	)		(19,720,545	)		(1,486,084	)		3,762,734					73,896,308

Domestic Equity Funds–18.49%
Invesco Dividend Income Fund, Class R6		5.78	%		31,946,296		2,120,434		(7,987,615	)		(2,988,761	)		2,591,817			585,235			1,013,976		24,720,742

Invesco S&P 500^®Enhanced Value ETF		5.74	%		27,368,941		7,154,526		(7,842,546	)		(2,417,024	)		306,942			637,452			600,754		24,570,839

Invesco S&P 500^®High Dividend Low Volatility ETF		6.97	%		35,582,790		4,347,019		(9,019,224	)		(1,705,471	)		650,304			1,243,798			681,164		29,855,418

Total Domestic Equity Funds					94,898,027		13,621,979		(24,849,385	)		(7,111,256	)		3,549,063			2,466,485					79,146,999

Fixed Income Funds–53.89%
Invesco 1-30 Laddered Treasury ETF		9.53	%		-		52,714,364		(6,354,751	)		(5,210,195	)		(382,841	)		657,444			1,418,955		40,766,577

Invesco Core Plus Bond Fund, Class R6		10.04	%		68,716,297		4,377,336		(19,043,308	)		(9,044,625	)		(2,038,213	)		1,796,741			4,716,519		42,967,487

Invesco Corporate Bond Fund, Class R6		7.25	%		13,871,716		26,506,906		(4,200,255	)		(4,506,227	)		(643,337	)		1,152,554			5,070,066		31,028,803

Invesco Fundamental High Yield^®Corporate Bond ETF^(c)		6.96	%		37,307,510		2,060,829		(5,076,367	)		(3,845,265	)		(655,271	)		1,140,196			1,740,154		29,791,436

Invesco Income Fund, Class R6		6.25	%		32,883,295		3,369,605		(5,309,303	)		(3,900,607	)		(286,607	)		1,088,301			3,906,041		26,756,383

Invesco International Bond Fund, Class R6^(b)		2.98	%		30,762,705		812,813		(14,899,070	)		(1,190,260	)		(2,164,885	)		87,625			2,966,301		12,755,094

Invesco Master Loan Fund, Class R6		5.67	%		49,377,632		2,069,247		(25,530,655	)		(2,861,158	)		1,193,345			2,068,707			1,600,027		24,248,411

Invesco Taxable Municipal Bond ETF^(c)		5.21	%		65,514,262		3,618,959		(35,489,699	)		(6,141,547	)		(5,189,654	)		1,028,737			867,846		22,312,321

Invesco Variable Rate Preferred ETF		-			24,787,866		-		(23,133,312	)		(3,005,973	)		1,351,419			273,412			-		-

Total Fixed Income Funds					323,221,283		95,530,059		(139,036,720	)		(39,705,857	)		(8,816,044	)		9,293,717					230,626,512

Foreign Equity Funds–10.27%
Invesco RAFI^™ Strategic Developed ex-US ETF		4.99	%		-		28,672,301		(5,014,612	)		(1,799,990	)		(487,453	)		538,403			795,616		21,370,246

Invesco S&P International Developed Low Volatility ETF		5.28	%		38,793,366		479,651		(11,917,593	)		(4,644,891	)		(140,456	)		1,170,699			842,796		22,570,077

Total Foreign Equity Funds					38,793,366		29,151,952		(16,932,205	)		(6,444,881	)		(627,909	)		1,709,102					43,940,323

Money Market Funds–0.00%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(d)		0.00			1,707,412		31,025,955		(32,733,356	)		-			-			6,522			11		11

Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(d)		-			1,249,536		22,161,397		(23,411,382	)		(30	)		479			5,746			-		-

Invesco Treasury Portfolio, Institutional Class, 4.20%^(d)		0.00			1,951,328		35,458,235		(37,409,551	)		-			-			8,498			12		12

Total Money Market Funds					4,908,276		88,645,587		(93,554,289	)		(30	)		479			20,766					23

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $443,569,980)		99.92	%		558,470,023		234,645,197		(283,257,986	)		(72,982,569	)		(7,380,495	)		17,252,804					427,610,165

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.73%
Invesco Private Government Fund, 4.28%^(d)(e)		0.48	%		1,554,594		118,118,687		(117,600,176	)		-			-			34,091	^(f)		2,073,105		2,073,105

Invesco Private Prime Fund, 4.46%^(d)(e)		1.25	%		3,627,386		272,230,305		(270,528,952	)		454			1,649			94,371	^(f)		5,329,243		5,330,842

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,403,493)		1.73	%		5,181,980		390,348,992		(388,129,128	)		454			1,649			128,462					7,403,947

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $450,973,473)		101.65	%	$	563,652,003	$	624,994,189		$(671,387,114)		$	(72,982,115	)	$	(7,378,846	)^(g)(h)	$	17,381,266	^(g)			$	435,014,112

OTHER ASSETS LESS LIABILITIES		(1.65	)%																				(7,045,423	)

NET ASSETS		100.00	%																			$	427,968,689

Investment Abbreviations:

ETF - Exchange-Traded Fund

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

7 Invesco Income Allocation Fund

Notes to Schedule of Investments:

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

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

^(c)	All or a portion of this security was out on loan at December 31, 2022.

^(d)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

^(e)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1H.

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

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

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


Fund Name	Capital Gain
Invesco Dividend Income Fund		$961,429

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

8 Invesco Income Allocation Fund

Statement of Assets and Liabilities

December 31, 2022


Assets:

Investments in affiliated underlying funds, at value (Cost $450,973,473)*	$	435,014,112
Cash		745,278
Receivable for:
Investments sold - affiliated underlying funds		410,776
Fund shares sold		488,511
Dividends - affiliated underlying funds		785,096
Investment for trustee deferred compensation and retirement plans		31,638
Other assets		63,147
Total assets		437,538,558

Liabilities:

Payable for:
Investments purchased - affiliated underlying funds		756,186
Fund shares reacquired		1,085,363
Collateral upon return of securities loaned		7,403,493
Accrued fees to affiliates		230,011
Accrued trustees’ and officers’ fees and benefits		3,336
Accrued other operating expenses		53,001
Trustee deferred compensation and retirement plans		38,479
Total liabilities		9,569,869
Net assets applicable to shares outstanding	$	427,968,689

Net assets consist of:

Shares of beneficial interest	$	477,106,459
Distributable earnings (loss)		(49,137,770	)
	$	427,968,689


Net Assets:

Class A	$	366,254,097
Class C	$	29,588,191
Class R	$	3,469,765
Class Y	$	28,226,564
Class R5	$	92,951
Class R6	$	337,121
Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		36,268,555
Class C		2,926,339
Class R		343,370
Class Y		2,795,514

Class R5		9,209

Class R6		33,397
Class A: Net asset value per share	$	10.10

Maximum offering price per share (Net asset value of $10.10 ÷ 94.50%)	$	10.69

Class C: Net asset value and offering price per share	$	10.11

Class R: Net asset value and offering price per share	$	10.11

Class Y: Net asset value and offering price per share	$	10.10

Class R5: Net asset value and offering price per share	$	10.09

Class R6: Net asset value and offering price per share	$	10.09

*	At December 31, 2022, securities with an aggregate value of $7,219,662 were on loan to brokers.

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

9 Invesco Income Allocation Fund

Statement of Operations

For the year ended December 31, 2022


Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $ 180,748)	$ 17,425,314
Interest	199,973
Total investment income	17,625,287

Expenses:
Administrative services fees	72,214
Custodian fees	3,949
Distribution fees:
Class A	1,021,267
Class C	377,432
Class R	21,091
Transfer agent fees – A, C, R and Y	591,710
Transfer agent fees – R5	116
Transfer agent fees – R6	41
Trustees’ and officers’ fees and benefits	20,834
Registration and filing fees	108,368
Reports to shareholders	18,347
Professional services fees	34,412
Other	17,182
Total expenses	2,286,963
Less: Expenses reimbursed and/or expense offset arrangement(s)	(299,021	)
Net expenses	1,987,942
Net investment income	15,637,345

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares	(8,333,880	)
Capital gain distributions from affiliated underlying fund shares	961,429
	(7,372,451	)
Change in net unrealized appreciation (depreciation) of affiliated underlying fund shares	(72,982,115	)
Net realized and unrealized gain (loss)	(80,354,566	)
Net increase (decrease) in net assets resulting from operations	$(64,717,221)

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

10 Invesco Income Allocation Fund

Statement of Changes in Net Assets

For the years ended December 31, 2022 and 2021


	2022			2021

Operations:

Net investment income	$	15,637,345		$	15,416,986

Net realized gain (loss)		(7,372,451	)		4,345,968
Change in net unrealized appreciation (depreciation)		(72,982,115	)		18,902,149

Net increase (decrease) in net assets resulting from operations		(64,717,221	)		38,665,103

Distributions to shareholders from distributable earnings:

Class A		(13,588,812	)		(14,112,419	)

Class C		(966,467	)		(1,270,478	)

Class R		(130,234	)		(155,989	)

Class Y		(1,287,015	)		(1,678,129	)

Class R5		(4,154	)		(9,997	)

Class R6		(5,592	)		(357	)
Total distributions from distributable earnings		(15,982,274	)		(17,227,369	)

Share transactions–net:

Class A		(24,462,024	)		26,195,598

Class C		(10,376,817	)		(13,200,059	)

Class R		(929,219	)		(71,581	)

Class Y		(13,917,530	)		(3,018,631	)

Class R5		(21,428	)		(241,468	)

Class R6		220,424			129,006
Net increase (decrease) in net assets resulting from share transactions		(49,486,594	)		9,792,865
Net increase (decrease) in net assets		(130,186,089	)		31,230,599

Net assets:
Beginning of year		558,154,778			526,924,179
End of year	$	427,968,689		$	558,154,778

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

11 Invesco Income Allocation Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(d)
Class A
Year ended 12/31/22	$	11.84	$	0.35	$	(1.73	)	$	(1.38	)	$	(0.36	)	$	–		$	(0.36	)	$	10.10		(11.78	)%	$	366,254		0.37	%		0.43	%		3.25	%		30	%
Year ended 12/31/21		11.37		0.34		0.51			0.85			(0.38	)		–			(0.38	)		11.84		7.56			458,085		0.25			0.42			2.90			16
Year ended 12/31/20		11.60		0.40		(0.17	)		0.23			(0.46	)		(0.00	)		(0.46	)		11.37		2.33			414,703		0.25			0.43			3.65			66
Year ended 12/31/19		10.76		0.49		1.12			1.61			(0.53	)		(0.24	)		(0.77	)		11.60		15.19			434,337		0.25			0.44			4.28			14
Year ended 12/31/18		11.70		0.44		(0.96	)		(0.52	)		(0.42	)		–			(0.42	)		10.76		(4.53	)		323,945		0.25			0.45			3.86			20
Class C
Year ended 12/31/22		11.85		0.27		(1.73	)		(1.46	)		(0.28	)		–			(0.28	)		10.11		(12.43	)		29,588		1.12			1.18			2.50			30
Year ended 12/31/21		11.38		0.25		0.51			0.76			(0.29	)		–			(0.29	)		11.85		6.76			46,368		1.00			1.17			2.15			16
Year ended 12/31/20		11.61		0.31		(0.16	)		0.15			(0.38	)		(0.00	)		(0.38	)		11.38		1.56			57,434		1.00			1.18			2.90			66
Year ended 12/31/19		10.78		0.41		1.10			1.51			(0.44	)		(0.24	)		(0.68	)		11.61		14.22			78,374		1.00			1.19			3.53			14
Year ended 12/31/18		11.71		0.35		(0.94	)		(0.59	)		(0.34	)		–			(0.34	)		10.78		(5.15	)		110,370		1.00			1.20			3.11			20
Class R
Year ended 12/31/22		11.84		0.32		(1.72	)		(1.40	)		(0.33	)		–			(0.33	)		10.11		(11.91	)		3,470		0.62			0.68			3.00			30
Year ended 12/31/21		11.38		0.31		0.50			0.81			(0.35	)		–			(0.35	)		11.84		7.20			5,115		0.50			0.67			2.65			16
Year ended 12/31/20		11.60		0.37		(0.16	)		0.21			(0.43	)		(0.00	)		(0.43	)		11.38		2.17			4,975		0.50			0.68			3.40			66
Year ended 12/31/19		10.77		0.46		1.11			1.57			(0.50	)		(0.24	)		(0.74	)		11.60		14.80			6,847		0.50			0.69			4.03			14
Year ended 12/31/18		11.70		0.40		(0.94	)		(0.54	)		(0.39	)		–			(0.39	)		10.77		(4.68	)		8,601		0.50			0.70			3.61			20
Class Y
Year ended 12/31/22		11.83		0.38		(1.73	)		(1.35	)		(0.38	)		–			(0.38	)		10.10		(11.48	)		28,227		0.12			0.18			3.50			30
Year ended 12/31/21		11.37		0.37		0.50			0.87			(0.41	)		–			(0.41	)		11.83		7.74			48,311		0.00			0.17			3.15			16
Year ended 12/31/20		11.60		0.42		(0.16	)		0.26			(0.49	)		(0.00	)		(0.49	)		11.37		2.59			49,435		0.00			0.18			3.90			66
Year ended 12/31/19		10.76		0.52		1.11			1.63			(0.55	)		(0.24	)		(0.79	)		11.60		15.48			70,139		0.00			0.19			4.53			14
Year ended 12/31/18		11.70		0.47		(0.96	)		(0.49	)		(0.45	)		–			(0.45	)		10.76		(4.29	)		57,009		0.00			0.20			4.11			20
Class R5
Year ended 12/31/22		11.83		0.38		(1.73	)		(1.35	)		(0.39	)		–			(0.39	)		10.09		(11.55	)		93		0.11			0.16			3.51			30
Year ended 12/31/21		11.37		0.37		0.50			0.87			(0.41	)		–			(0.41	)		11.83		7.74			136		0.00			0.16			3.15			16
Year ended 12/31/20		11.60		0.42		(0.16	)		0.26			(0.49	)		(0.00	)		(0.49	)		11.37		2.59			367		0.00			0.16			3.90			66
Year ended 12/31/19		10.77		0.52		1.10			1.62			(0.55	)		(0.24	)		(0.79	)		11.60		15.37			1,712		0.00			0.16			4.53			14
Year ended 12/31/18		11.70		0.47		(0.95	)		(0.48	)		(0.45	)		–			(0.45	)		10.77		(4.20	)		1,807		0.00			0.18			4.11			20
Class R6
Year ended 12/31/22		11.83		0.38		(1.73	)		(1.35	)		(0.39	)		–			(0.39	)		10.09		(11.51	)		337		0.06			0.09			3.56			30
Year ended 12/31/21		11.36		0.37		0.51			0.88			(0.41	)		–			(0.41	)		11.83		7.83			139		0.00			0.12			3.15			16
Year ended 12/31/20		11.60		0.45		(0.20	)		0.25			(0.49	)		(0.00	)		(0.49	)		11.36		2.50			10		0.00			0.14			3.90			66
Year ended 12/31/19		10.77		0.53		1.09			1.62			(0.55	)		(0.24	)		(0.79	)		11.60		15.37			187		0.00			0.13			4.53			14
Year ended 12/31/18		11.70		0.47		(0.95	)		(0.48	)		(0.45	)		–			(0.45	)		10.77		(4.20	)		145		0.00			0.15			4.11			20

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by your Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds your Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in your Fund’s total return. Estimated acquired fund fees from underlying funds were 0.42%, 0.45%, 0.51%, 0.52% and 0.56% for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively.

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

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

12 Invesco Income Allocation Fund

Notes to Financial Statements

December 31, 2022

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is current income and, secondarily, growth of capital.

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

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

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

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

13 Invesco Income Allocation Fund

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

14 Invesco Income Allocation Fund

return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated underlying funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2022, the Fund paid the Adviser $8,632 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated underlying funds on the Statement of Operations.

Other Risks - Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Adviser indirectly as a shareholder of the underlying funds.

Effective May 1, 2022, the Adviser has contractually agreed, through at least June 30, 2023, to reimburse expenses to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to May 1, 2022, the Adviser had contractually agreed, through April 30, 2022, to reimburse expenses to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.25%, 1.00%, 0.50%, 0.00%, 0.00% and 0.00%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the expense reimbursement agreement, it will terminate on June 30, 2023. During its term, the expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement without approval of the Board of Trustees.

For the year ended December 31, 2022, the Adviser reimbursed class level expenses of $246,272, $24,333, $2,627, $24,481, $59 and $39 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

December 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2022, IDI advised the Fund that IDI retained $26,397 in front-end sales commissions from the sale of Class A shares and $71,881 and $235 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

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

15 Invesco Income Allocation Fund

NOTE 3–Additional Valuation Information


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

The following is a summary of the tiered valuation input levels, as of December 31, 2022. The level assigned to the securities valuations may not be an indication of the ri’sk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3	Total


Investments in Securities
Affiliated Issuers	$	427,610,142	$	–	$–	$	427,610,142


Money Market Funds		23		7,403,947	–		7,403,970
Total Investments	$	427,610,165	$	7,403,947	$–	$	435,014,112

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:


	2022		2021

Ordinary income*	$	15,982,274	$	17,227,369

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

Tax Components of Net Assets at Period-End:


	2022
Net unrealized appreciation (depreciation) – investments	$	(24,581,551	)
Temporary book/tax differences		(33,067	)
Capital loss carryforward		(24,523,152	)
Shares of beneficial interest		477,106,459
Total net assets	$	427,968,689

16 Invesco Income Allocation Fund

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


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	6,822,310	$	17,700,842	$	24,523,152

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2022 was $145,999,610 and $189,703,698, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	23,316,988
Aggregate unrealized (depreciation) of investments		(47,898,539	)
Net unrealized appreciation (depreciation) of investments	$	(24,581,551	)

Cost of investments for tax purposes is $459,595,663.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships, on December 31, 2022, undistributed net investment income was increased by $1,413,142, undistributed net realized gain (loss) was decreased by $1,488,200 and shares of beneficial interest was increased by $75,058. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


				Summary of Share Activity
	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021

	Shares			Amount			Shares			Amount
Sold:
Class A		7,103,803		$	76,464,730			9,211,409		$	107,654,588
Class C		222,019			2,404,896			245,475			2,872,403
Class R		100,775			1,094,491			133,067			1,548,725
Class Y		625,101			6,744,550			1,272,294			14,840,514
Class R5		6,743			77,809			6,857			79,769
Class R6		28,699			292,417			10,905			129,006

Issued as reinvestment of dividends:
Class A		1,054,439			11,167,729			997,757			11,646,372
Class C		73,472			780,705			88,026			1,027,923
Class R		11,994			127,241			13,347			155,849
Class Y		70,588			752,844			92,095			1,074,528
Class R5		348			3,713			817			9,524
Class R6		500			5,250			-			-

Automatic conversion of Class C shares to Class A shares:
Class A		247,882			2,658,020			286,043			3,335,367
Class C		(247,606	)		(2,658,020	)		(285,644	)		(3,335,367	)

Reacquired:
Class A		(10,839,541	)		(114,752,503	)		(8,270,318	)		(96,440,729	)
Class C		(1,034,470	)		(10,904,398	)		(1,180,531	)		(13,765,018	)
Class R		(201,243	)		(2,150,951	)		(151,892	)		(1,776,155	)
Class Y		(1,982,322	)		(21,414,924	)		(1,630,879	)		(18,933,673	)
Class R5		(9,343	)		(102,950	)		(28,467	)		(330,761	)
Class R6		(7,583	)		(77,243	)		-			-
Net increase (decrease) in share activity		(4,775,745	)	$	(49,486,594	)		810,361		$	9,792,865

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 60% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

17 Invesco Income Allocation Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Income Allocation Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2023

18 Invesco Income Allocation Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)¹	Expenses Paid During Period²	Ending Account Value (12/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$995.90	$2.21	$1,022.99	$2.24	0.44%
Class C	1,000.00	992.20	5.98	1,019.21	6.06	1.19
Class R	1,000.00	994.70	3.47	1,021.73	3.52	0.69
Class Y	1,000.00	997.10	0.96	1,024.25	0.97	0.19
Class R5	1,000.00	996.30	0.96	1,024.25	0.97	0.19
Class R6	1,000.00	997.60	0.45	1,024.75	0.46	0.09

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

19 Invesco Income Allocation Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2022:



Federal and State Income Tax
Qualified Dividend Income*	25.36	%
Corporate Dividends Received Deduction*	17.32	%
U.S. Treasury Obligations*	6.77	%
Qualified Business Income*	2.19	%
Business Interest Income*	46.15	%

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

20 Invesco Income Allocation Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 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)	189	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.

T-1 Invesco Income Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School-Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management-Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Income Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Income Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; 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; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	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); 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.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; 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; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Income Allocation Fund

Trustees and Officers–(continued)


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

T-5 Invesco Income Allocation Fund

Trustees and Officers–(continued)


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


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Income Allocation Fund

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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

LOGO


Annual Report to Shareholders		December 31, 2022

Invesco International Diversified Fund

Nasdaq:

A: OIDAX ∎ C: OIDCX ∎ R: OIDNX ∎ Y: OIDYX ∎ R5: INDFX ∎ R6: OIDIX



2		Management’s Discussion
2		Performance Summary
3		Long-Term Fund Performance
5		Supplemental Information
7		Schedule of Investments
8		Financial Statements
11		Financial Highlights
12		Notes to Financial Statements
17		Report of Independent Registered Public Accounting Firm
18		Fund Expenses
19		Tax Information
T-1		Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended December 31, 2022, Class A shares of Invesco International Diversified Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World ex USA Index.

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

Fund vs. Indexes


Class A Shares	-25.32	%
Class C Shares	-25.88
Class R Shares	-25.52
Class Y Shares	-25.15
Class R5 Shares	-25.09
Class R6 Shares	-25.02
MSCI All Country World ex USA Index^q	-16.00
Source(s): ^qRIMES Technologies Corp.

Market conditions and your Fund

During the fiscal year, the Fund’s portfolio consisted of four underlying mutual funds: In-vesco Oppenheimer International Growth Fund, Invesco Developing Markets Fund, Invesco International Small-Mid Company Fund

and Invesco International Equity Fund. For the one-year period ended December 31, 2022, the four underlying funds produced the following absolute returns at NAV: Invesco International Small-Mid Company Fund returned -31.19%, followed by Invesco Oppenheimer International Growth Fund which returned -27.31%, followed by Invesco International Equity Fund which returned -19.60% and finally the Invesco Developing Markets Fund returned -25.16%.

International Diversified Fund’s relative underperformance compared to the MSCI All Country World ex USA Index for the fiscal year was driven most by stock selection in the industrials, financials and energy sectors. The Fund’s underweight allocation to financials and underweight to energy also contributed negatively. The Fund’s relative performance during the fiscal year was hurt by stock selection in the United Kingdom and Japan. Exposure to Russian stocks also hurt relative performance during the fiscal year. Stock selection in the consumer discretionary sector was the largest contributor to the Fund’s relative performance. An underweight allocation to real estate also contributed positively. Geographically, stock selection and an underweight allocation in China and South Korea were contributors to relative Fund performance. An overweight allocation to Denmark also contributed positively.

The Fund is designed to offer investors broad-based exposure to non-US equities with a single portfolio by combining four that have varied individual mandates.

We thank you for your continued investment in Invesco International Diversified Fund.

Portfolio manager(s):

George R. Evans

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

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

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

2 Invesco International Diversified Fund

Your Fund’s Long-Term Performance

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

Fund and

index data from 12/31/12

LOGO

1	Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

3 Invesco International Diversified Fund


Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges

Class A Shares
Inception (9/27/05)	4.74	%
10 Years	3.94
5 Years	-1.22
1 Year	-29.42

Class C Shares
Inception (9/27/05)	4.72	%
10 Years	3.90
5 Years	-0.84
1 Year	-26.52

Class R Shares
Inception (9/27/05)	4.79	%
10 Years	4.26
5 Years	-0.35
1 Year	-25.52

Class Y Shares
Inception (9/27/05)	5.39	%
10 Years	4.80
5 Years	0.16
1 Year	-25.15

Class R5 Shares
10 Years	4.66	%
5 Years	0.17
1 Year	-25.09

Class R6 Shares
Inception (8/28/12)	5.86	%
10 Years	5.01
5 Years	0.31
1 Year	-25.02

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer International Diversified Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer International Diversified Fund. The Fund was subsequently renamed the Invesco International Diversified Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

4 Invesco International Diversified Fund

Supplemental Information

Invesco International Diversified Fund’s investment objective is to seek capital appreciation.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

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

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

About indexes used in this report

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

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

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


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


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

5 Invesco International Diversified Fund

Fund Information

Portfolio Composition


% of total investments

Invesco International Small-Mid Company Fund, Class R6	30.23	%
Invesco International Equity Fund, Class R6	24.93
Invesco Oppenheimer International Growth Fund, Class R6	24.90
Invesco Developing Markets Fund, Class R6	19.94

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, 2022.

6 Invesco International Diversified Fund

Schedule of Investments

December 31, 2022

Invesco International Diversified Fund

Schedule of Investments in Affiliated Issuers–99.85%^(a)


	%of Net Assets 12/31/22	Value 12/31/21		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 12/31/22		Value 12/31/22

Foreign Equity Funds–99.85%
Invesco Developing Markets Fund, Class R6	19.90%	$	1,160,009,926	$	119,217,949	$	(519,666,499	)	$	(210,586,816	)	$	(82,301,286	)	$	5,640,300		13,364,069		$ 466,673,274

Invesco International Equity Fund, Class R6	24.89%		1,064,587,231		38,554,562		(323,318,313	)		(203,756,240	)		7,450,090			10,960,434		29,847,434		583,517,330

Invesco International Small-Mid Company Fund, Class R6	30.19%		1,188,096,083		156,458,090		(270,399,493	)		(330,976,652	)		(33,383,215	)		3,148,234		18,124,225		707,750,993

Invesco Oppenheimer International Growth Fund, Class R6	24.87%		858,534,089		146,129,358		(201,094,165	)		(200,911,830	)		(19,645,062	)		1,517,594		17,645,653		583,012,390

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $1,803,187,164)	99.85%	$	4,271,227,329	$	460,359,959	$	(1,314,478,470	)	$	(946,231,538	)	$	(127,879,473	)^(b)	$	21,266,562				$ 2,340,953,987

OTHER ASSETS LESS LIABILITIES	0.15%																			3,624,859

NET ASSETS	100.00%																			$ 2,344,578,846

Notes to Schedule of Investments:

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

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


Fund Name	Capital Gain
Invesco International Small-Mid Company Fund		$	2,043,820

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

7 Invesco International Diversified Fund

Statement of Assets and Liabilities

December 31, 2022


Assets:

Investments in affiliated underlying funds, at value (Cost $1,803,187,164)	$	2,340,953,987

Cash		16,184,567
Receivable for:
Interest		60
Fund shares sold		1,515,469
Investment for trustee deferred compensation and retirement plans		155,859
Other assets		70,845
Total assets		2,358,880,787

Liabilities:
Payable for:
Fund shares reacquired		12,608,504
Accrued fees to affiliates		1,283,912
Accrued trustees’ and officers’ fees and benefits		32,470
Accrued other operating expenses		201,929
Trustee deferred compensation and retirement plans		175,126
Total liabilities		14,301,941
Net assets applicable to shares outstanding	$	2,344,578,846

Net assets consist of:
Shares of beneficial interest	$	2,042,321,037
Distributable earnings		302,257,809
	$	2,344,578,846


Net Assets:
Class A	$	838,140,922
Class C	$	82,627,944
Class R	$	123,942,893
Class Y	$	871,553,992
Class R5	$	27,785
Class R6	$	428,285,310

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		59,774,493
Class C		6,291,379
Class R		9,057,022
Class Y		61,164,775
Class R5		1,973
Class R6		29,889,051
Class A:
Net asset value per share	$	14.02
Maximum offering price per share (Net asset value of $14.02 ÷ 94.50%)	$	14.84
Class C:
Net asset value and offering price per share	$	13.13
Class R:
Net asset value and offering price per share	$	13.68
Class Y:
Net asset value and offering price per share	$	14.25
Class R5:
Net asset value and offering price per share	$	14.08
Class R6:
Net asset value and offering price per share	$	14.33

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

8 Invesco International Diversified Fund

Statement of Operations

For the year ended December 31, 2022


Investment income:
Dividends from affiliated underlying funds	$	21,266,562



Expenses:
Distribution fees:
Class A		2,430,160


Class C		1,114,779


Class R		684,040


Transfer agent fees – A, C, R and Y		4,312,615


Transfer agent fees – R5		35


Transfer agent fees – R6		198,456


Trustees’ and officers’ fees and benefits		45,373


Registration and filing fees		143,471


Reports to shareholders		187,024


Professional services fees		47,119


Other		(15,140	)


Total expenses		9,147,932


Less: Expense offset arrangement(s)		(18,547	)


Net expenses		9,129,385


Net investment income		12,137,177



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares		(129,923,293	)


Capital gain distributions from affiliated underlying fund shares		2,043,820


	(127,879,473)


Change in net unrealized appreciation (depreciation) of affiliated underlying fund shares		(946,231,538	)


Net realized and unrealized gain (loss)		(1,074,111,011	)


Net increase (decrease) in net assets resulting from operations	$	(1,061,973,834	)

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

9 Invesco International Diversified Fund

Statement of Changes in Net Assets

For the years ended December 31, 2022 and 2021


	2022			2021

Operations:

Net investment income	$	12,137,177		$	18,730,205


Net realized gain (loss)		(127,879,473	)		423,490,627


Change in net unrealized appreciation (depreciation)		(946,231,538	)		(251,343,538	)

Net increase (decrease) in net assets resulting from operations		(1,061,973,834	)		190,877,294


Distributions to shareholders from distributable earnings:

Class A		(109,807,177	)		(98,881,156	)


Class C		(11,734,501	)		(12,098,183	)


Class R		(16,350,183	)		(12,997,978	)


Class Y		(116,865,722	)		(139,158,428	)


Class R5		(3,778	)		(6,642	)


Class R6		(57,455,724	)		(62,654,259	)

Total distributions from distributable earnings		(312,217,085	)		(325,796,646	)


Share transactions–net:

Class A		(55,551,595	)		(21,470,401	)


Class C		(29,672,442	)		(41,045,225	)


Class R		6,282,249			(10,935,118	)


Class Y		(393,070,728	)		(142,025,694	)


Class R5		(25,327	)		54,174


Class R6		(126,965,668	)		(5,182,975	)

Net increase (decrease) in net assets resulting from share transactions		(599,003,511	)		(220,605,239	)

Net increase (decrease) in net assets		(1,973,194,430	)		(355,524,591	)


Net assets:

Beginning of year		4,317,773,276			4,673,297,867

End of year	$	2,344,578,846		$	4,317,773,276

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

10 Invesco International Diversified Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income loss^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(d)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(e)
Class A
Year ended 12/31/22		$	21.53		$	0.05			$	(5.49	)		$	(5.44	)		$	(0.06	)		$	(2.01	)		$	(2.07	)		$	14.02		(25.32	)%		$	838,141		0.44	%		0.44	%		0.26	%		15	%
Year ended 12/31/21			22.41			0.06				0.77				0.83				(0.11	)			(1.60	)			(1.71	)			21.53		3.89				1,337,605		0.42			0.42			0.26			20
Year ended 12/31/20			18.88			(0.01	)			3.79				3.78				(0.19	)			(0.06	)			(0.25	)			22.41		20.56				1,403,095		0.44			0.44			(0.04	)		12
Eight months ended 12/31/19			18.00			0.14				1.14				1.28				(0.18	)			(0.22	)			(0.40	)			18.88		7.16				1,279,901		0.44	^(f)		0.44	^(f)		1.16	^(f)		5
Year ended 04/30/19			18.47			0.13				(0.47	)			(0.34	)			(0.13	)			–				(0.13	)			18.00		(1.73	)			1,226,049		0.45			0.45			0.76			7
Year ended 04/30/18			15.75			0.08				2.71				2.79				(0.07	)			–				(0.07	)			18.47		17.73				1,406,336		0.47			0.48			0.48			30
Class C
Year ended 12/31/22			20.49			(0.08	)			(5.21	)			(5.29	)			(0.06	)			(2.01	)			(2.07	)			13.13		(25.88	)			82,628		1.19			1.19			(0.49	)		15
Year ended 12/31/21			21.46			(0.11	)			0.74				0.63				–				(1.60	)			(1.60	)			20.49		3.11				164,886		1.17			1.17			(0.49	)		20
Year ended 12/31/20			18.24			(0.14	)			3.61				3.47				(0.19	)			(0.06	)			(0.25	)			21.46		19.58				211,223		1.19			1.19			(0.79	)		12
Eight months ended 12/31/19			17.48			0.05				1.11				1.16				(0.18	)			(0.22	)			(0.40	)			18.24		6.68				282,376		1.19	^(f)		1.19	^(f)		0.40	^(f)		5
Year ended 04/30/19			17.92			0.00				(0.44	)			(0.44	)			–				–				–				17.48		(2.46	)			417,155		1.20			1.20			0.01			7
Year ended 04/30/18			15.34			(0.05	)			2.63				2.58				–				–				–				17.92		16.82				480,204		1.22			1.23			(0.27	)		30
Class R
Year ended 12/31/22			21.13			0.00				(5.38	)			(5.38	)			(0.06	)			(2.01	)			(2.07	)			13.68		(25.52	)			123,943		0.69			0.69			0.01			15
Year ended 12/31/21			22.02			0.00				0.76				0.76				(0.05	)			(1.60	)			(1.65	)			21.13		3.62				179,362		0.67			0.67			0.01			20
Year ended 12/31/20			18.61			(0.05	)			3.71				3.66				(0.19	)			(0.06	)			(0.25	)			22.02		20.21				196,106		0.69			0.69			(0.29	)		12
Eight months ended 12/31/19			17.77			0.11				1.13				1.24				(0.18	)			(0.22	)			(0.40	)			18.61		7.03				187,607		0.69	^(f)		0.69	^(f)		0.90	^(f)		5
Year ended 04/30/19			18.23			0.09				(0.46	)			(0.37	)			(0.09	)			–				(0.09	)			17.77		(1.96	)			200,643		0.70			0.70			0.51			7
Year ended 04/30/18			15.56			0.04				2.66				2.70				(0.03	)			–				(0.03	)			18.23		17.38				215,588		0.72			0.73			0.23			30
Class Y
Year ended 12/31/22			21.83			0.09				(5.57	)			(5.48	)			(0.09	)			(2.01	)			(2.10	)			14.25		(25.15	)			871,554		0.19			0.19			0.51			15
Year ended 12/31/21			22.71			0.12				0.78				0.90				(0.18	)			(1.60	)			(1.78	)			21.83		4.17				1,823,128		0.17			0.17			0.51			20
Year ended 12/31/20			19.10			0.04				3.84				3.88				(0.21	)			(0.06	)			(0.27	)			22.71		20.83				2,019,871		0.19			0.19			0.21			12
Eight months ended 12/31/19			18.17			0.17				1.16				1.33				(0.18	)			(0.22	)			(0.40	)			19.10		7.37				2,349,592		0.17	^(f)		0.19	^(f)		1.43	^(f)		5
Year ended 04/30/19			18.65			0.18				(0.48	)			(0.30	)			(0.18	)			–				(0.18	)			18.17		(1.41	)			2,386,585		0.16			0.20			1.05			7
Year ended 04/30/18			15.91			0.13				2.73				2.86				(0.12	)			–				(0.12	)			18.65		18.00				1,968,444		0.22			0.23			0.73			30
Class R5
Year ended 12/31/22			21.61			0.10				(5.51	)			(5.41	)			(0.11	)			(2.01	)			(2.12	)			14.08		(25.09	)			28		0.10			0.10			0.60			15
Year ended 12/31/21			22.50			0.15				0.78				0.93				(0.22	)			(1.60	)			(1.82	)			21.61		4.32				73		0.07			0.07			0.61			20
Year ended 12/31/20			18.93			0.07				3.80				3.87				(0.24	)			(0.06	)			(0.30	)			22.50		20.96				24		0.05			0.05			0.35			12
Period ended 12/31/19^(g)			17.05			0.16				2.12				2.28				(0.18	)			(0.22	)			(0.40	)			18.93		13.42				11		0.07	^(f)		0.07	^(f)		1.52	^(f)		5
Class R6
Year ended 12/31/22			21.94			0.11				(5.58	)			(5.47	)			(0.13	)			(2.01	)			(2.14	)			14.33		(25.02	)			428,285		0.04			0.04			0.66			15
Year ended 12/31/21			22.82			0.16				0.78				0.94				(0.22	)			(1.60	)			(1.82	)			21.94		4.31				812,719		0.03			0.03			0.65			20
Year ended 12/31/20			19.19			0.07				3.86				3.93				(0.24	)			(0.06	)			(0.30	)			22.82		20.99				842,979		0.04			0.04			0.36			12
Eight months ended 12/31/19			18.23			0.19				1.17				1.36				(0.18	)			(0.22	)			(0.40	)			19.19		7.51				805,573		0.03	^(f)		0.03	^(f)		1.57	^(f)		5
Year ended 04/30/19			18.73			0.20				(0.49	)			(0.29	)			(0.21	)			–				(0.21	)			18.23		(1.37	)			734,849		0.04			0.04			1.17			7
Year ended 04/30/18			15.96			0.16				2.75				2.91				(0.14	)			–				(0.14	)			18.73		18.28				461,321		0.05			0.05			0.90			30

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.77 %,0.82% and 0.81% for the year ended December 31, 2022,2021 and 2020, respectively.

^(d)	Does not include indirect expenses from affiliated fund fees and expenses of 0.80%, 0.83%, 0.83% and 0.70% for the eight months ended December 31, 2019, and the years ended April 30, 2019 and 2018, respectively.

^(e)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended ended December 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $103,226,025 and sold of $86,850,094 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco International Allocation Fund into the Fund.

^(f)	Annualized.

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

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

11 Invesco International Diversified Fund

Notes to Financial Statements

December 31, 2022

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek capital appreciation.

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

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

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

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

12 Invesco International Diversified Fund

revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

Therefore, no provision for federal income taxes is recorded in the financial statements.

Other Risks - Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

13 Invesco International Diversified Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Adviser has contractually agreed, through at least June 30, 2023, to reimburse expenses to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the expense reimbursement agreement, it will terminate on June 30, 2023. During its term, the expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement without approval of the Board of Trustees. The Adviser did not reimburse expenses during the period under these limits.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended December 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2022, IDI advised the Fund that IDI retained $89,955 in front-end sales commissions from the sale of Class A shares and $8,145 and $5,321 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information


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

As of December 31, 2022, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

14 Invesco International Diversified Fund

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

NOTE 6–Cash Balances

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:


	2022		2021

Ordinary income*	$	18,397,437	$	55,500,292
Long-term capital gain		293,819,648		270,296,354
Total distributions	$	312,217,085	$	325,796,646

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

Tax Components of Net Assets at Period-End:


	2022
Undistributed ordinary income	$	8,067,025
Net unrealized appreciation - investments		452,659,694
Temporary book/tax differences		(188,892	)
Capital loss carryforward		(158,280,018	)
Shares of beneficial interest		2,042,321,037
Total net assets	$	2,344,578,846

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


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	76,234,771	$	82,045,247	$	158,280,018

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2022 was $460,359,959 and $1,314,478,469, respectively. Cost of investments, including any derivatives,on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Cost of investments for tax purposes is $1,888,294,293.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions, on December 31, 2022, undistributed net investment income was decreased by $534,420 and undistributed net realized gain (loss) was increased by $534,420. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

15 Invesco International Diversified Fund

NOTE 10–Share Information


				Summary of Share Activity

	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021

	Shares			Amount			Shares			Amount


Sold:
Class A		4,166,805		$	71,384,490			4,683,543		$	108,807,493

Class C		552,171			8,898,630			775,949			17,195,667

Class R		1,131,838			18,910,093			1,025,896			23,339,785

Class Y		12,035,575			207,644,155			12,819,441			301,468,306

Class R5		-			-			3,177			73,511

Class R6		7,117,851			123,909,430			6,933,043			164,001,791


Issued as reinvestment of dividends:
Class A		7,240,485			102,241,217			4,363,527			91,459,528

Class C		833,265			11,024,367			569,107			11,359,379

Class R		1,181,096			16,275,523			630,030			12,966,001

Class Y		6,779,405			97,284,462			5,260,400			111,783,493

Class R5		193			2,742			102			2,155

Class R6		3,874,365			55,907,084			2,817,949			60,191,392


Automatic conversion of Class C shares to Class A shares:
Class A		903,229			15,202,129			1,330,763			30,886,743

Class C		(952,903	)		(15,202,129	)		(1,394,034	)		(30,886,743	)


Reacquired:
Class A		(14,657,386	)		(244,379,431	)		(10,866,190	)		(252,624,165	)

Class C		(2,186,473	)		(34,393,310	)		(1,746,279	)		(38,713,528	)

Class R		(1,742,819	)		(28,903,367	)		(2,073,729	)		(47,240,904	)

Class Y		(41,183,465	)		(697,999,345	)		(23,489,537	)		(555,277,493	)

Class R5		(1,608	)		(28,069	)		(939	)		(21,492	)

Class R6		(18,142,862	)		(306,782,182	)		(9,644,707	)		(229,376,158	)

Net increase (decrease) in share activity		(33,051,238	)	$	(599,003,511	)		(8,002,488	)	$	(220,605,239	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 35% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

16 Invesco International Diversified Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco International Diversified Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the three years in the period ended December 31, 2022 and the eight months ended December 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended December 31, 2022 and the period May 24, 2019 (commencement of operations) through December 31, 2019 for Class R5.

The financial statements of Oppenheimer International Diversified Fund (subsequently renamed Invesco International Diversified Fund) as of and for the year ended April 30, 2019 and the financial highlights for each of the periods ended on or prior to April 30, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated June 25, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2023

17 Invesco International Diversified Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

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


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)¹	Expenses Paid During Period²	Ending Account Value (12/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,025.40	$2.30	$1,022.94	$2.29	0.45%
Class C	1,000.00	1,021.30	6.11	1,019.16	6.11	1.20
Class R	1,000.00	1,023.90	3.57	1,021.68	3.57	0.70
Class Y	1,000.00	1,026.40	1.02	1,024.20	1.02	0.20
Class R5	1,000.00	1,026.50	0.56	1,024.65	0.56	0.11
Class R6	1,000.00	1,027.60	0.26	1,024.95	0.26	0.05

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

18 Invesco International Diversified Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2022:



Federal and State Income Tax
Long-Term Capital Gain Distributions	$	293,819,648
Qualified Dividend Income*		78.01	%
Corporate Dividends Received Deduction*		2.13	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%

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



Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$	5,095,658

19 Invesco International Diversified Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 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)	189	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.

T-1 Invesco International Diversified Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler –1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco International Diversified Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco International Diversified Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; 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; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	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); 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.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg –1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; 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; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco International Diversified Fund

Trustees and Officers–(continued)


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

T-5 Invesco International Diversified Fund

Trustees and Officers–(continued)


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


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco International Diversified Fund

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

LOGO

Annual Report to Shareholders

December 31, 2022

Invesco Main Street Mid Cap Fund^®

Nasdaq:

A: OPMSX ∎ C: OPMCX ∎ R: OPMNX ∎ Y: OPMYX ∎ R5: MSMJX ∎ R6: OPMIX


2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

21		Report of Independent Registered Public Accounting Firm

22		Fund Expenses

23		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended December 31, 2022, Class A shares of Invesco Main Street Mid Cap Fund^®(the Fund), at net asset value (NAV), outperformed the Russell Midcap Index.

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

Fund vs. Indexes


Class A Shares	-14.35	%
Class C Shares	-14.95
Class R Shares	-14.53
Class Y Shares	-14.10
Class R5 Shares	-14.06
Class R6 Shares	-14.00
Russell Midcap Index^▼	-17.32
Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve’s (the Fed) shift toward tighter monetary policy. Russia’s invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.¹ Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would “taper” its asset purchase program quickly.²

inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.²

After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November,⁴ despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.⁴ As energy prices declined,¹ the rate of inflation slowed modestly in the fourth quarter.³ Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.²

In this environment, US stocks had negative double-digit returns for the fiscal year of -18.11%, as measured by the S&P 500 Index.⁴

During the fiscal year, stock selection in the information technology, communication services and industrials sectors were the largest contributors to the Fund’s relative performance versus its benchmark, the Russell Mid-cap Index. This was offset by weaker stock selection in the energy and consumer staples sectors and an overweight exposure to the consumer discretionary sector.

The largest individual contributors to the Fund’s performance relative to the benchmark during the fiscal year included Chesapeake Energy, Schlumberger and Acadia Healthcare. Chesapeake Energy, an exploration and production company focused on oil and natural gas, benefited from the general outperformance of the energy sector.

Schlumberger, an oil and gas services company, also benefited from the outperformance of the energy sector. We exited our position in the holding during the fiscal year.

Acadia Healthcare, a provider of behavioral health care services, continued to see strong demand for mental health services and favorable pricing.

The largest individual detractors from the Fund’s performance relative to the benchmark during the fiscal year included Expedia Group, MKS Instruments and Block. Expedia Group underperformed as investors grew increasingly worried that a weakening US economy would impact leisure travel. Well-publicized airline capacity issues, flight delays/ cancellations and generally high airfare and hotel prices also raised concerns about the sustainability of the travel recovery.

MKS Instruments, a provider of semiconductor equipment, came under pressure due to a weaker demand backdrop as a result of macro concerns including inflation and a rising rate environment.

Block was under pressure due to concerns surrounding the cryptocurrency market and the company’s exposure to Bitcoin. We have exited our holding during the fiscal year.

We continue to maintain our discipline around valuation and focus on companies which we believe have competitive advantages and skilled management teams that are outexecuting peers. We believe this disciplined approach is essential to generating attractive long-term performance.

We thank you for your continued investment in Invesco Main Street Mid Cap Fund^®.

1	Source: Bloomberg LP

2	Source: US Federal Reserve

3	Source: US Bureau of Labor Statistics

4	Source: Lipper Inc.

Portfolio manager(s):

Joy Budzinski

Belinda Cavazos - Lead

Magnus Krantz

Raman Vardharaj

Adam Weiner - Lead

Matthew Ziehl - Lead

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

2 Invesco Main Street Mid Cap Fund^®

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/12

LOGO

1	Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

3 Invesco Main Street Mid Cap Fund^®


Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges

Class A Shares
Inception (8/2/99)			9.20%
10 Years			8.58
5 Years			4.73
1 Year			-19.07

Class C Shares
Inception (8/2/99)			9.19%
10 Years			8.54
5 Years			5.14
1 Year			-15.75

Class R Shares
Inception (3/1/01)			8.08%
10 Years			8.92
5 Years			5.68
1 Year			-14.53

Class Y Shares
Inception (8/2/99)			9.86%
10 Years			9.48
5 Years			6.20
1 Year			-14.10

Class R5 Shares
10 Years			9.34%
5 Years			6.19
1 Year			-14.06

Class R6 Shares
Inception (10/26/12)			9.99%
10 Years			9.66
5 Years			6.37
1 Year			-14.00

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Main Street Mid Cap Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Main Street Mid Cap Fund^®. The Fund was subsequently renamed the Invesco Main Street Mid Cap Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

4 Invesco Main Street Mid Cap Fund^®

Supplemental Information

Invesco Main Street Mid Cap Fund’s^® investment objective is to seek capital appreciation.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

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

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

About indexes used in this report

∎	The Russell Midcap^®Index is an unmanaged index considered representative of mid-cap stocks. The Russell Midcap Index is a trademark/service mark of the Frank Russell Co. Russell^®is a trademark of the Frank Russell Co.

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

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


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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

5 Invesco Main Street Mid Cap Fund^®

Fund Information

Portfolio Composition


By sector		% of total net assets
Industrials		18.49%
Financials		14.96
Consumer Discretionary		13.40
Information Technology		13.02
Health Care		8.92
Real Estate		6.65
Materials		5.46
Energy		5.22
Utilities		4.77
Consumer Staples		4.34
Communication Services		4.29
Money Market Funds Plus Other Assets Less Liabilities		0.48

Top 10 Equity Holdings*


		% of total net assets
1.	Synopsys, Inc.	1.98%
2.	Keysight Technologies, Inc.	1.91
3.	Carrier Global Corp.	1.71
4.	Raymond James Financial, Inc.	1.69
5.	D.R. Horton, Inc.	1.69
6.	APA Corp.	1.64
7.	Republic Services, Inc.	1.62
8.	Otis Worldwide Corp.	1.60
9.	Curtiss-Wright Corp.	1.59
10.	Acadia Healthcare Co., Inc.	1.48

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

*	Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

6 Invesco Main Street Mid Cap Fund^®

Schedule of Investments^(a)

December 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests–99.52%
Advertising–1.17%
Interpublic Group of Cos., Inc. (The)		817,933	$	27,245,348



Aerospace & Defense–2.88%
Curtiss-Wright Corp.		222,490		37,153,605


Howmet Aerospace, Inc.		766,903		30,223,647


				67,377,252



Application Software–5.79%
Manhattan Associates, Inc.^(b)		272,252		33,051,393


Paylocity Holding Corp.^(b)		126,300		24,535,038


Synopsys, Inc.^(b)(c)		144,970		46,287,471


Tyler Technologies, Inc.^(b)		97,705		31,501,069


				135,374,971



Asset Management & Custody Banks–1.97%
Federated Hermes, Inc., Class B		615,184		22,337,331


Northern Trust Corp.^(c)		267,836		23,700,808


				46,038,139



Auto Parts & Equipment–2.79%
Aptiv PLC^(b)		359,418		33,472,599


Mobileye Global, Inc., Class A (Israel)^(b)		166,784		5,847,447


Visteon Corp.^(b)		197,416		25,827,935


				65,147,981



Automotive Retail–1.31%
O’Reilly Automotive, Inc.^(b)		36,242		30,589,335



Biotechnology–0.90%
Seagen, Inc.^(b)		163,790		21,048,653



Building Products–1.71%
Carrier Global Corp.		969,365		39,986,306



Casinos & Gaming–0.81%
Boyd Gaming Corp.		348,890		19,024,972



Communications Equipment–1.46%
Motorola Solutions, Inc.		132,208		34,071,324



Construction & Engineering–1.08%
Valmont Industries, Inc.		76,580		25,322,708



Construction Materials–1.99%
Summit Materials, Inc., Class A^(b)(c)		699,519		19,859,333


Vulcan Materials Co.		152,610		26,723,537


				46,582,870



Distillers & Vintners–1.00%
Constellation Brands, Inc., Class A		100,278		23,239,426



Distributors–0.90%
LKQ Corp.		393,076		20,994,189



Electric Utilities–1.22%
American Electric Power Co., Inc.^(c)		299,031		28,392,993



Electrical Components & Equipment–3.76%
Generac Holdings, Inc.^(b)		201,724		20,305,538


Hubbell, Inc.^(c)		144,321		33,869,252


	Shares		Value


Electrical Components & Equipment–(continued)
Rockwell Automation, Inc.		130,933	$	33,724,413


				87,899,203



Electronic Equipment & Instruments–1.91%
Keysight Technologies, Inc.^(b)		260,823		44,618,991



Environmental & Facilities Services–1.61%
Republic Services, Inc.		292,307		37,704,680



Fertilizers & Agricultural Chemicals–1.28%
Mosaic Co. (The)		682,897		29,958,691



Financial Exchanges & Data–1.25%
Cboe Global Markets, Inc.		231,749		29,077,547



Food Distributors–0.88%
Sysco Corp.		267,237		20,430,269



Gas Utilities–1.14%
Atmos Energy Corp.^(c)		238,298		26,706,057



General Merchandise Stores–0.74%
Dollar General Corp.		70,483		17,356,439



Health Care Equipment–1.23%
DexCom, Inc.^(b)		253,513		28,707,812



Health Care Facilities–2.57%
Acadia Healthcare Co., Inc.^(b)(c)		419,122		34,502,123


Tenet Healthcare Corp.^(c)		524,528		25,591,721


				60,093,844



Health Care Supplies–1.33%
Cooper Cos., Inc. (The)		94,139		31,128,943



Homebuilding–2.50%
D.R. Horton, Inc.		442,391		39,434,734


TopBuild Corp.^(b)		120,432		18,846,403


				58,281,137



Hotels, Resorts & Cruise Lines–2.31%
Choice Hotels International, Inc.		243,094		27,382,108


Expedia Group, Inc.^(b)		302,154		26,468,690


				53,850,798



Household Products–1.24%
Church & Dwight Co., Inc.		360,018		29,021,051



Human Resource & Employment Services–1.97%
ASGN, Inc.^(b)(c)		264,961		21,589,022


Korn Ferry		483,374		24,468,392


				46,057,414



Hypermarkets & Super Centers–1.23%
BJ’s Wholesale Club Holdings, Inc.^(b)		433,473		28,678,574



Industrial Machinery–3.30%
Evoqua Water Technologies Corp.^(b)		653,671		25,885,372


Lincoln Electric Holdings, Inc.		96,741		13,978,107


Otis Worldwide Corp.		476,362		37,303,908


				77,167,387

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

7 Invesco Main Street Mid Cap Fund^®


	Shares		Value


Industrial REITs–1.10%
First Industrial Realty Trust, Inc.		533,261	$	25,735,176



Insurance Brokers–1.41%
Arthur J. Gallagher & Co.		175,113		33,015,805



Interactive Home Entertainment–1.32%
Electronic Arts, Inc.		252,172		30,810,375



Interactive Media & Services–0.89%
Pinterest, Inc., Class A^(b)		858,876		20,853,509



Internet Services & Infrastructure–0.96%
MongoDB, Inc.^(b)(c)		113,424		22,326,380



Investment Banking & Brokerage–1.69%
Raymond James Financial, Inc.		369,758		39,508,642



Life Sciences Tools & Services–0.45%
Illumina, Inc.^(b)		52,293		10,573,645



Managed Health Care–1.41%
Centene Corp.^(b)		401,397		32,918,568



Metal & Glass Containers–2.20%
Crown Holdings, Inc.		270,008		22,197,358


Silgan Holdings, Inc.^(c)		560,885		29,076,278


				51,273,636



Movies & Entertainment–0.91%
Endeavor Group Holdings, Inc., Class A^(b)(c)		943,842		21,274,199



Multi-line Insurance–1.31%
Hartford Financial Services Group, Inc. (The)		402,013		30,484,646



Multi-Utilities–2.42%
CMS Energy Corp.		447,478		28,338,782


WEC Energy Group, Inc.		299,638		28,094,059


				56,432,841



Oil & Gas Exploration & Production–4.00%
APA Corp.		821,456		38,345,566


Chesapeake Energy Corp.^(c)		334,319		31,549,684


Marathon Oil Corp.		871,497		23,591,424


				93,486,674



Oil & Gas Storage & Transportation–1.22%
Cheniere Energy, Inc.		190,576		28,578,777



Other Diversified Financial Services–1.29%
Equitable Holdings, Inc.		1,048,335		30,087,214



Pharmaceuticals–1.02%
Catalent, Inc.^(b)		531,153		23,907,196



Property & Casualty Insurance–1.41%
Allstate Corp. (The)		242,078		32,825,777



Regional Banks–4.63%
Comerica, Inc.		448,590		29,988,241


First Citizens BancShares, Inc., Class A^(c)		32,317		24,507,920


SVB Financial Group^(b)		102,313		23,546,314


Webster Financial Corp.^(c)		638,211		30,212,909


				108,255,384


	Shares		Value


Research & Consulting Services–2.18%
CACI International, Inc., Class A^(b)		105,932	$	31,842,100


TransUnion		334,917		19,006,540


				50,848,640



Residential REITs–1.41%
American Homes 4 Rent, Class A^(c)		1,093,246		32,950,434



Retail REITs–1.40%
Kimco Realty Corp.		1,538,354		32,582,338



Semiconductor Equipment–2.02%
KLA Corp.		64,912		24,473,772


MKS Instruments, Inc.		268,125		22,718,231


				47,192,003



Semiconductors–0.87%
Marvell Technology, Inc.		550,590		20,393,854



Specialized REITs–2.73%
Lamar Advertising Co., Class A		276,824		26,132,185


National Storage Affiliates Trust		508,155		18,354,559


SBA Communications Corp., Class A		69,122		19,375,588


				63,862,332



Specialty Stores–2.04%
Bath & Body Works, Inc.		396,624		16,713,735


Tractor Supply Co.		137,686		30,975,220


				47,688,955


Total Common Stocks & Other Equity Interests (Cost $2,028,203,787)				2,325,042,304



Money Market Funds–0.48%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(d)(e)		3,887,964		3,887,964


Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(d)(e)		2,776,400		2,777,233


Invesco Treasury Portfolio, Institutional Class, 4.20%^(d)(e)		4,443,388		4,443,388


Total Money Market Funds (Cost $11,108,585)				11,108,585


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $2,039,312,372)				2,336,150,889



Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–5.57%
Invesco Private Government Fund, 4.28%^(d)(e)(f)		36,445,618		36,445,618


Invesco Private Prime Fund, 4.46%^(d)(e)(f)		93,689,198		93,717,304


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $130,156,085)				130,162,922


TOTAL INVESTMENTS IN SECURITIES–105.57% (Cost $2,169,468,457)				2,466,313,811


OTHER ASSETS LESS LIABILITIES–(5.57)%				(130,035,218	)


NET ASSETS–100.00%			$	2,336,278,593

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

8 Invesco Main Street Mid Cap Fund^®

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at December 31, 2022.

^(d)


	Value December 31, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)			Value December 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	3,295,302		$	164,302,931		$	(163,710,269)		$	-		$	-		$	3,887,964		$	47,981
Invesco Liquid Assets Portfolio, Institutional Class			2,353,787			117,359,237			(116,936,299)			-			508			2,777,233			68,076
Invesco Treasury Portfolio, Institutional Class			6,164,818			187,774,779			(189,496,209)			-			-			4,443,388			79,917
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			76,977,397			475,080,329			(515,612,108)			-			-			36,445,618			596,798*
Invesco Private Prime Fund			179,613,921			1,026,307,924			(1,112,212,231)			9,854			(2,164)			93,717,304			1,650,314*
Total		$	268,405,225		$	1,970,825,200		$	(2,097,967,116)		$	9,854		$	(1,656)		$	141,271,507		$	2,443,086

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1K.

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

9 Invesco Main Street Mid Cap Fund^®

Statement of Assets and Liabilities

December 31, 2022


Assets:
Investments in unaffiliated securities, at value (Cost $2,028,203,787)*			$2,325,042,304


Investments in affiliated money market funds, at value (Cost $ 141,264,670)			141,271,507


Cash			4,514,144


Receivable for:
Fund shares sold			878,582


Dividends			2,061,609


Investment for trustee deferred compensation and retirement plans			565,852


Other assets			71,979


Total assets			2,474,405,977



Liabilities:
Payable for:
Fund shares reacquired			5,675,844


Collateral upon return of securities loaned			130,156,085


Accrued fees to affiliates			1,465,930


Accrued trustees’ and officers’ fees and benefits			5,926


Accrued other operating expenses			222,411


Trustee deferred compensation and retirement plans			601,188


Total liabilities			138,127,384


Net assets applicable to shares outstanding			$2,336,278,593



Net assets consist of:
Shares of beneficial interest			$2,103,884,629


Distributable earnings			232,393,964


			$2,336,278,593


Net Assets:

Class A	$	1,723,024,211


Class C	$	67,259,229


Class R	$	140,983,027


Class Y	$	310,823,410


Class R5	$	13,794,722


Class R6	$	80,393,994



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		73,807,028


Class C		4,103,590


Class R		6,629,554


Class Y		11,775,588


Class R5		586,205


Class R6		3,047,070


Class A:
Net asset value per share	$	23.34


Maximum offering price per share (Net asset value of $23.34 ÷ 94.50%)	$	24.70


Class C:
Net asset value and offering price per share	$	16.39


Class R:
Net asset value and offering price per share	$	21.27


Class Y:
Net asset value and offering price per share	$	26.40


Class R5:
Net asset value and offering price per share	$	23.53


Class R6:
Net asset value and offering price per share	$	26.38

*	At December 31, 2022, securities with an aggregate value of $122,755,805 were on loan to brokers.

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

10 Invesco Main Street Mid Cap Fund^®

Statement of Operations

For the year ended December 31, 2022


Investment income:

Dividends (net of foreign withholding taxes of $48,518)	$	35,564,580


Dividends from affiliated money market funds (includes net securities lending income of $169,662)		365,636


Total investment income		35,930,216



Expenses:

Advisory fees		15,704,705


Administrative services fees		365,957


Custodian fees		26,339


Distribution fees:
Class A		4,553,143


Class C		770,384


Class R		769,088


Transfer agent fees – A, C, R and Y		4,180,919


Transfer agent fees – R5		14,365


Transfer agent fees – R6		24,340


Trustees’ and officers’ fees and benefits		35,638


Registration and filing fees		173,509


Reports to shareholders		160,718


Professional services fees		78,265


Other		24,203


Total expenses		26,881,573


Less: Fees waived and/or expense offset arrangement(s)		(38,017	)


Net expenses		26,843,556


Net investment income		9,086,660



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		(9,909,915	)


Affiliated investment securities		(1,656	)


		(9,911,571	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(427,623,592	)


Affiliated investment securities		9,854


Foreign currencies		(428	)


		(427,614,166	)


Net realized and unrealized gain (loss)		(437,525,737	)


Net increase (decrease) in net assets resulting from operations	$	(428,439,077	)

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

11 Invesco Main Street Mid Cap Fund^®

Statement of Changes in Net Assets

For the years ended December 31, 2022 and 2021


	2022			2021


Operations:
Net investment income (loss)	$	9,086,660		$	(3,532,891	)


Net realized gain (loss)		(9,911,571	)		547,870,236


Change in net unrealized appreciation (depreciation)		(427,614,166	)		54,443,043


Net increase (decrease) in net assets resulting from operations		(428,439,077	)		598,780,388



Distributions to shareholders from distributable earnings:
Class A		(63,970,132	)		(355,543,435	)


Class C		(3,394,552	)		(20,334,419	)


Class R		(5,534,162	)		(31,376,253	)


Class Y		(11,211,195	)		(64,993,563	)


Class R5		(559,132	)		(2,762,491	)


Class R6		(2,974,376	)		(13,642,606	)


Total distributions from distributable earnings		(87,643,549	)		(488,652,767	)



Share transactions–net:
Class A		(117,153,382	)		193,467,001


Class C		(12,709,797	)		8,056,833


Class R		(11,468,950	)		16,826,232


Class Y		(54,503,086	)		18,436,527


Class R5		(575,616	)		2,020,487


Class R6		2,965,885			(58,471	)


Net increase (decrease) in net assets resulting from share transactions		(193,444,946	)		238,748,609


Net increase (decrease) in net assets		(709,527,572	)		348,876,230



Net assets:
Beginning of year		3,045,806,165			2,696,929,935


End of year	$	2,336,278,593		$	3,045,806,165

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

12 Invesco Main Street Mid Cap Fund^®

Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(d)
Class A
Year ended 12/31/22		$28.30		$0.09			$(4.16	)		$(4.07	)		$(0.03	)		$(0.86	)		$(0.89	)		$23.34		(14.35	)%^(e)		$1,723,024		1.06	%^(e)		1.06	%^(e)		0.35	%^(e)		54	%
Year ended 12/31/21		27.52		(0.04	)		6.20			6.16			(0.07	)		(5.31	)		(5.38	)		28.30		23.02			2,217,085		1.06			1.06			(0.13	)		65
Year ended 12/31/20		26.13		0.06			2.06			2.12			–			(0.73	)		(0.73	)		27.52		9.13	^(e)		1,946,102		1.10	^(e)		1.11	^(e)		0.27	^(e)		76
Six months ended 12/31/19		25.18		0.07			2.18			2.25			–			(1.30	)		(1.30	)		26.13		8.95			1,326,188		1.10	^(f)		1.12	^(f)		0.51	^(f)		27
Year ended 06/30/19		27.59		0.08			0.25			0.33			–			(2.74	)		(2.74	)		25.18		2.50			1,364,726		1.09			1.09			0.30			59
Year ended 06/30/18		28.59		0.02			2.84			2.86			(0.12	)		(3.74	)		(3.86	)		27.59		10.67			1,383,592		1.09			1.10			0.08			60
Class C
Year ended 12/31/22		20.29		(0.07	)		(2.97	)		(3.04	)		–			(0.86	)		(0.86	)		16.39		(14.95	)		67,259		1.82			1.82			(0.41	)		54
Year ended 12/31/21		21.11		(0.21	)		4.70			4.49			–			(5.31	)		(5.31	)		20.29		22.08			97,388		1.81			1.81			(0.88	)		65
Year ended 12/31/20		20.41		(0.09	)		1.52			1.43			–			(0.73	)		(0.73	)		21.11		8.29			90,764		1.84			1.87			(0.47	)		76
Six months ended 12/31/19		20.00		(0.02	)		1.73			1.71			–			(1.30	)		(1.30	)		20.41		8.56			111,246		1.84	^(f)		1.88	^(f)		(0.23	)^(f)		27
Year ended 06/30/19		22.69		(0.09	)		0.14			0.05			–			(2.74	)		(2.74	)		20.00		1.75			123,764		1.84			1.85			(0.46	)		59
Year ended 06/30/18		24.22		(0.16	)		2.37			2.21			–			(3.74	)		(3.74	)		22.69		9.84			269,651		1.84			1.85			(0.68	)		60
Class R
Year ended 12/31/22		25.90		0.02			(3.79	)		(3.77	)		–			(0.86	)		(0.86	)		21.27		(14.53	)		140,983		1.32			1.32			0.09			54
Year ended 12/31/21		25.58		(0.11	)		5.75			5.64			(0.01	)		(5.31	)		(5.32	)		25.90		22.73			184,312		1.31			1.31			(0.38	)		65
Year ended 12/31/20		24.41		0.01			1.89			1.90			–			(0.73	)		(0.73	)		25.58		8.87			163,178		1.34			1.37			0.03			76
Six months ended 12/31/19		23.63		0.03			2.05			2.08			–			(1.30	)		(1.30	)		24.41		8.81			145,346		1.34	^(f)		1.38	^(f)		0.27	^(f)		27
Year ended 06/30/19		26.13		0.01			0.23			0.24			–			(2.74	)		(2.74	)		23.63		2.28			152,799		1.34			1.35			0.05			59
Year ended 06/30/18		27.28		(0.05	)		2.69			2.64			(0.05	)		(3.74	)		(3.79	)		26.13		10.37			171,923		1.34			1.35			(0.18	)		60
Class Y
Year ended 12/31/22		31.87		0.17			(4.67	)		(4.50	)		(0.11	)		(0.86	)		(0.97	)		26.40		(14.10	)		310,823		0.82			0.82			0.59			54
Year ended 12/31/21		30.40		0.04			6.87			6.91			(0.13	)		(5.31	)		(5.44	)		31.87		23.31			436,518		0.81			0.81			0.12			65
Year ended 12/31/20		28.69		0.14			2.30			2.44			–			(0.73	)		(0.73	)		30.40		9.44			395,290		0.84			0.87			0.53			76
Six months ended 12/31/19		27.49		0.11			2.39			2.50			–			(1.30	)		(1.30	)		28.69		9.11			458,670		0.84	^(f)		0.88	^(f)		0.77	^(f)		27
Year ended 06/30/19		29.84		0.15			0.30			0.45			(0.06	)		(2.74	)		(2.80	)		27.49		2.73			477,999		0.84			0.85			0.55			59
Year ended 06/30/18		30.62		0.10			3.05			3.15			(0.19	)		(3.74	)		(3.93	)		29.84		10.96			596,309		0.84			0.85			0.32			60
Class R5
Year ended 12/31/22		28.54		0.17			(4.19	)		(4.02	)		(0.13	)		(0.86	)		(0.99	)		23.53		(14.06	)		13,795		0.75			0.75			0.66			54
Year ended 12/31/21		27.70		0.06			6.25			6.31			(0.16	)		(5.31	)		(5.47	)		28.54		23.41			17,284		0.74			0.74			0.19			65
Year ended 12/31/20		26.19		0.16			2.08			2.24			–			(0.73	)		(0.73	)		27.70		9.58			14,535		0.72			0.72			0.65			76
Six months ended 12/31/19		25.18		0.11			2.20			2.31			–			(1.30	)		(1.30	)		26.19		9.19			11		0.72	^(f)		0.72	^(f)		0.88	^(f)		27
Period ended 06/30/19^(g)		23.91		0.02			1.25			1.27			–			–			–			25.18		5.31			11		0.72	^(f)		0.74	^(f)		0.66	^(f)		59
Class R6
Year ended 12/31/22		31.86		0.21			(4.68	)		(4.47	)		(0.15	)		(0.86	)		(1.01	)		26.38		(14.00	)		80,394		0.68			0.68			0.73			54
Year ended 12/31/21		30.38		0.09			6.87			6.96			(0.17	)		(5.31	)		(5.48	)		31.86		23.50			93,221		0.67			0.68			0.26			65
Year ended 12/31/20		28.63		0.18			2.30			2.48			–			(0.73	)		(0.73	)		30.38		9.60			87,060		0.67			0.69			0.70			76
Six months ended 12/31/19		27.41		0.13			2.39			2.52			–			(1.30	)		(1.30	)		28.63		9.21			65,001		0.67	^(f)		0.69	^(f)		0.94	^(f)		27
Year ended 06/30/19		29.77		0.20			0.29			0.49			(0.11	)		(2.74	)		(2.85	)		27.41		2.92			123,716		0.67			0.68			0.71			59
Year ended 06/30/18		30.57		0.15			3.03			3.18			(0.24	)		(3.74	)		(3.98	)		29.77		11.11			337,300		0.67			0.67			0.49			60

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the six months ended December 31, 2019 and the years ended June 30, 2019 and 2018, respectively.

^(d)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2021, the portfolio turnover calculation excludes the value of securities purchased of $96,615,194 in connection with the acquisition of Invesco Endeavor Fund into the Fund. For the year ended December 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $654,478,527 in connection with the acquisition of Invesco Mid Cap Core Equity Fund into the Fund.

^(e)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the year ended December 31, 2022 and 2020.

^(f)	Annualized.

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

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

13 Invesco Main Street Mid Cap Fund^®

Notes to Financial Statements

December 31, 2022

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek capital appreciation.

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

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

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

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

14 Invesco Main Street Mid Cap Fund^®

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

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

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

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

Master Limited Partnerships – The Fund invests in Master Limited Partnerships (“MLPs”). MLPs are publicly traded partnerships and limited liability companies taxed as partnerships under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Fund invests in MLPs engaged in, among other things, the transportation, storage, processing, refining, marketing, exploration, production and mining of minerals and natural resources. The Fund is a partner in each MLP; accordingly, the Fund is required to take into account the Fund’s allocable share of income, gains, losses, deductions, expenses, and tax credits recognized by each MLP.

MLP’s may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

Return of Capital – Distributions received from the Fund’s investments in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. The return of capital portion of the distribution is a reduction to investment income that results in an equivalent reduction in the cost basis of the associated investments and increases net realized gains (losses) and change in unrealized appreciation (depreciation). Such estimates are based on historical information available from each MLP and other industry sources. These estimates will subsequently be revised and may materially differ primarily based on information received from the MLPs after their tax reporting periods are concluded.

Therefore, no provision for federal income taxes is recorded in the financial statements.

15 Invesco Main Street Mid Cap Fund^®

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2022, the Fund paid the Adviser $7,275 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets		Rate*
First $ 200 million		0.735%
Next $200 million		0.730%
Next $200 million		0.690%
Next $200 million		0.660%
Next $4.2 billion		0.600%
Over $5 billion		0.580%

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

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.62%.

16 Invesco Main Street Mid Cap Fund^®

to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended December 31, 2022, the Adviser waived advisory fees of $10,143.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2022, IDI advised the Fund that IDI retained $121,274 in front-end sales commissions from the sale of Class A shares and $6,943 and $1,138 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended December 31, 2022, the Fund incurred $21,401 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$2,325,042,304		$ –		$–	$2,325,042,304
Money Market Funds		11,108,585		130,162,922		–	141,271,507
Total Investments		$2,336,150,889		$130,162,922		$–	$2,466,313,811

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or

17 Invesco Main Street Mid Cap Fund^®

could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended December 31, 2022, the Fund engaged in securities purchases of $5,242,609.

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:


	2022		2021
Ordinary income*	$	15,601,433	$172,815,707
Long-term capital gain		72,042,116	315,837,060
Total distributions	$	87,643,549	$488,652,767

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

Tax Components of Net Assets at Period-End:


	2022


Undistributed ordinary income	$	1,797,519


Net unrealized appreciation – investments		296,780,729


Temporary book/tax differences		(477,150	)


Capital loss carryforward		(65,707,134	)


Shares of beneficial interest		2,103,884,629


Total net assets	$	2,336,278,593

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


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term	Total


Not subject to expiration	$	65,707,134	$–	$	65,707,134

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

18 Invesco Main Street Mid Cap Fund^®

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2022 was $1,363,398,829 and $1,633,550,744, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	427,957,040


Aggregate unrealized (depreciation) of investments		(131,176,311	)


Net unrealized appreciation of investments	$	296,780,729

Cost of investments for tax purposes is $2,169,533,082.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships, on December 31, 2022, undistributed net investment income was increased by $22,216,800, undistributed net realized gain (loss) was decreased by $18,448,952 and shares of beneficial interest was decreased by $3,767,848. Further, as a result of tax deferrals acquired in the reorganization of Invesco Mid Cap Core Equity Fund into the Fund, and. These reclassifications had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity



	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		3,724,323		$	92,878,240			3,421,801		$	105,800,038


Class C		513,421			9,128,755			506,268			11,911,844


Class R		754,696			17,214,956			896,841			25,697,898


Class Y		1,309,201			36,854,972			1,590,184			54,444,030


Class R5		83,613			2,067,184			77,474			2,381,041


Class R6		611,788			17,039,515			845,789			28,855,197



Issued as reinvestment of dividends:
Class A		2,654,164			61,683,358			12,497,060			342,419,420


Class C		205,887			3,359,828			1,018,476			20,023,231


Class R		260,901			5,522,448			1,248,067			31,301,522


Class Y		370,664			9,741,062			1,811,130			55,873,364


Class R5		23,834			558,441			99,808			2,758,684


Class R6		109,305			2,870,348			423,479			13,060,088



Automatic conversion of Class C shares to Class A shares:
Class A		383,621			9,494,074			372,438			11,488,958


Class C		(537,395	)		(9,494,074	)		(489,453	)		(11,488,958	)



Issued in connection with acquisitions:^(b)
Class A		-			-			2,902,068			91,827,245


Class C		-			-			306,598			7,425,168


Class R		-			-			171,554			5,042,873


Class Y		-			-			242,109			8,468,470


Class R5		-			-			79,110			2,522,481


Class R6		-			-			32,587			1,139,863

19 Invesco Main Street Mid Cap Fund^®


	Summary of Share Activity



	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Reacquired:
Class A		(11,305,114	)	$	(281,209,054	)		(11,562,288	)	$	(358,068,660	)


Class C		(877,003	)		(15,704,306	)		(842,550	)		(19,814,452	)


Class R		(1,502,386	)		(34,206,354	)		(1,578,093	)		(45,216,061	)


Class Y		(3,602,287	)		(101,099,120	)		(2,950,214	)		(100,349,337	)


Class R5		(126,864	)		(3,201,241	)		(175,522	)		(5,641,719	)


Class R6		(599,972	)		(16,943,978	)		(1,241,578	)		(43,113,619	)


Net increase (decrease) in share activity		(7,545,603	)	$	(193,444,946	)		9,703,143		$	238,748,609

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 17% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)

After the close of business on April 23, 2021, the Fund acquired all the net assets of Invesco Endeavor Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on January 22, 2021. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 3,734,026 shares of the Fund for 7,018,765 shares outstanding of the Target Fund as of the close of business on April 23, 2021. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 23, 2021. The Target Fund’s net assets as of the close of business on April 23, 2021 of $116,426,100, including $20,639,418 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $2,979,176,587 and $3,095,602,688 immediately after the acquisition.

The pro forma results of operations for the year ended December 31, 2021 assuming the reorganization had been completed on January 1, 2021, the beginning of the annual reporting period are as follows:


Net investment income (loss)	$	(3,735,493	)


Net realized/unrealized gains		618,157,011


Change in net assets resulting from operations	$	614,421,518

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since April 24, 2021.

20 Invesco Main Street Mid Cap Fund^®

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Main Street Mid Cap Fund^®

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Main Street Mid Cap Fund^® (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the three years in the period ended December 31, 2022, the six months ended December 31, 2019 and the year ended June 30, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended December 31, 2022, the six months ended December 31, 2019 and the period May 24, 2019 (commencement of operations) through June 30, 2019 for Class R5.

The financial statements of Oppenheimer Main Street Mid Cap Fund^® (subsequently renamed Invesco Main Street Mid Cap Fund^®) as of and for the year ended June 30, 2018 and the financial highlights for the year ended June 30, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated August 24, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2023

21 Invesco Main Street Mid Cap Fund^®

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)¹	Expenses Paid During Period²	Ending Account Value (12/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,067.30	$5.63	$1,019.76	$5.50	1.08%
Class C	1,000.00	1,063.30	9.57	1,015.93	9.35	1.84
Class R	1,000.00	1,066.40	6.98	1,018.45	6.82	1.34
Class Y	1,000.00	1,068.90	4.38	1,020.97	4.28	0.84
Class R5	1,000.00	1,069.20	3.96	1,021.37	3.87	0.76
Class R6	1,000.00	1,069.40	3.60	1,021.73	3.52	0.69

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

22 Invesco Main Street Mid Cap Fund^®

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	72,042,116
Qualified Dividend Income*		16.20	%
Corporate Dividends Received Deduction*		15.93	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		1.67	%
Business Interest Income*		0.00	%

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


Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$	11,393,255

23 Invesco Main Street Mid Cap Fund^®

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 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)	189	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.

T-1 Invesco Main Street Mid Cap Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Main Street Mid Cap Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Main Street Mid Cap Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; 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; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	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); 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.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; 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; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Main Street Mid Cap Fund^®

Trustees and Officers–(continued)


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

T-5 Invesco Main Street Mid Cap Fund^®

Trustees and Officers–(continued)


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


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Main Street Mid Cap Fund^®

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Invesco mailing information

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

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Fund holdings and proxy voting information

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

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

LOGO




Annual Report to Shareholders			December 31, 2022

Invesco Main Street Small Cap Fund^®

Nasdaq:

A: OSCAX ∎ C: OSCCX ∎ R: OSCNX ∎ Y: OSCYX ∎ R5: MNSQX ∎ R6: OSSIX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

11		Financial Statements

14		Financial Highlights

15		Notes to Financial Statements

22		Report of Independent Registered Public Accounting Firm

23		Fund Expenses

24		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended December 31, 2022, Class A shares of Invesco Main Street Small Cap Fund^® (the Fund), at net asset value (NAV), outperformed the Russell 2000 Index.

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

Fund vs. Indexes



Class A Shares	-16.09	%
Class C Shares	-16.72
Class R Shares	-16.26
Class Y Shares	-15.87
Class R5 Shares	-15.78
Class R6 Shares	-15.75
Russell 2000 Index^q	-20.44

Source(s): ^qRIMES Technologies Corp.

Market conditions and your Fund

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve’s (the Fed) shift toward tighter monetary policy. Russia’s invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.¹ Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would “taper” its asset purchase program quickly.²

inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.²

After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November,⁴ despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.⁴ As energy prices declined,¹ the rate of inflation slowed modestly in the fourth quarter.³ Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multidecade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.²

In this environment, US stocks had negative double-digit returns for the fiscal year of -18.11%, as measured by the S&P 500 Index.⁴

During the fiscal year, stock selection in the industrials, consumer discretionary and communication services sectors were the largest contributors to the Fund’s relative performance versus its benchmark, the Russell 2000 Index. This was partially offset by weaker stock selection in the energy and materials sectors and a moderate underweight allocation to the energy sector.

The largest individual contributors to the Fund’s performance relative to the benchmark during the fiscal year included Acadia Healthcare, Chesapeake Energy and Valmont. Acadia Healthcare, a provider of behavioral health care services, continued to show strong management execution and saw accelerated revenue growth due to strong demand for mental health services and favorable pricing.

Chesapeake Energy, an exploration and production company mainly focused on natural

gas production, benefited from a rise in natural gas prices and the general outperformance of the energy sector.

Valmont, a manufacturer of engineered fabricated metal products, benefited from strong infrastructure spending.

The largest individual detractors from the Fund’s performance relative to the benchmark during the fiscal year included Q2 Holdings, Tandem Diabetes and Cryoport. Q2 Holdings, a provider of digital banking solutions, was negatively impacted by the sharp sell-off in growth related stocks driven by macro factors which were made worse by company specific headwinds as budgets for back-office software solutions were deprioritized during 2022. We exited our position in the holding during the fiscal year.

Tandem Diabetes underperformed given competitive concerns after speculation of a merger between two key peers which could have negative implications for Tandem Dia-bates. The position was exited during the fiscal year.

Cryoport, a provider of logistics solutions to the life sciences industry, experienced a fire at one of its facilities that negatively impacted sales while the facility was not operating at full production. The company also faced headwinds due to temporary supply-chain constraints. The position was exited during the fiscal year.

We continue to maintain our discipline around valuation and focus on companies which we believe have skilled management teams that are outexecuting peers. We believe this disciplined approach is essential to generating attractive long-term performance.

We thank you for your continued investment in Invesco Main Street Small Cap Fund^®.

1 Source: Bloomberg LP

2 Source: US Federal Reserve

3 Source: US Bureau of Labor Statistics

4 Source: Lipper Inc.


2		Invesco Main Street Small Cap Fund®

Portfolio manager(s):

Joy Budzinski

Magnus Krantz

Raman Vardharaj

Adam Weiner - Lead

Matthew Ziehl - Lead

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


3		Invesco Main Street Small Cap Fund®

Your Fund’s Long-Term Performance

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

Fund and index data from 5/17/13

LOGO

1	Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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


4		Invesco Main Street Small Cap Fund®


Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges

Class A Shares
Inception (5/17/13)	8.02	%
5 Years	5.35
1 Year	-20.72

Class C Shares
Inception (5/17/13)	7.94	%
5 Years	5.74
1 Year	-17.55

Class R Shares
Inception (5/17/13)	8.34	%
5 Years	6.27
1 Year	-16.26

Class Y Shares
Inception (5/17/13)	8.98	%
5 Years	6.84
1 Year	-15.87

Class R5 Shares
Inception	8.80	%
5 Years	6.82
1 Year	-15.78

Class R6 Shares
Inception (5/17/13)	9.11	%
5 Years	6.98
1 Year	-15.75

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Main Street Small Cap Fund^®, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Main Street Small Cap Fund^®. The Fund was subsequently renamed the Invesco Main Street Small Cap Fund^® (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

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

fluctuate so that you may have a gain or loss when you sell shares.

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


5		Invesco Main Street Small Cap Fund®

Supplemental Information

Invesco Main Street Small Cap Fund’s^® investment objective is to seek capital appreciation.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

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

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

About indexes used in this report

∎	The Russell 2000^® Index is an unmanaged index considered representative of small-cap stocks. The Russell 2000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

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

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


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

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


6		Invesco Main Street Small Cap Fund®

Fund Information

Portfolio Composition


By sector		% of total net assets

Industrials		20.92%

Financials		15.77

Health Care		15.21

Information Technology		12.60

Consumer Discretionary		9.99

Energy		5.56

Materials		5.29

Consumer Staples		4.36

Real Estate		4.26

Utilities		2.79

Communication Services		1.85

Money Market Funds Plus Other Assets Less Liabilities		1.40

Top 10 Equity Holdings*


		% of total net assets

1.	Acadia Healthcare Co., Inc.	2.33%

2.	Inspire Medical Systems, Inc.	2.29

3.	AutoNation, Inc.	2.02

4.	Ziff Davis, Inc.	1.85

5.	Curtiss-Wright Corp.	1.79

6.	KBR, Inc.	1.75

7.	CACI International, Inc., Class A	1.73

8.	Stifel Financial Corp.	1.71

9.	Four Corners Property Trust, Inc.	1.69

10.	BJ’s Wholesale Club Holdings, Inc.	1.60

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

*	Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.


7		Invesco Main Street Small Cap Fund®

Schedule of Investments^(a)

December 31, 2022


	Shares		Value
Common Stocks & Other Equity Interests–98.60%
Aerospace & Defense–2.64%

BWX Technologies, Inc.		208,191	$	12,091,733
Curtiss-Wright Corp.		152,929		25,537,614
				37,629,347

Air Freight & Logistics–1.01%

Hub Group, Inc., Class A^(b)		180,619		14,357,404

Aluminum–0.94%

Kaiser Aluminum Corp.^(c)		175,759		13,350,654

Application Software–4.72%

Consensus Cloud Solutions, Inc.^(b)		169,877		9,132,588

Coupa Software, Inc.^(b)		107,535		8,513,546

Envestnet, Inc.^(b)(c)		190,429		11,749,469

HashiCorp, Inc., Class A^(b)(c)		245,239		6,704,834

Paycor HCM, Inc.^(b)(c)		792,481		19,392,010
Sprout Social, Inc., Class A^(b)(c)		208,179		11,753,786
				67,246,233

Asset Management & Custody Banks–2.39%

Federated Hermes, Inc., Class B		407,741		14,805,076

Focus Financial Partners, Inc.,
Class A^(b)(c)		515,496		19,212,536
				34,017,612

Auto Parts & Equipment–2.59%

Dorman Products, Inc.^(b)(c)		219,460		17,747,730
Visteon Corp.^(b)		146,887		19,217,226
				36,964,956

Automotive Retail–2.02%

AutoNation, Inc.^(b)(c)		268,346		28,793,526

Biotechnology–1.92%

ADMA Biologics, Inc.^(b)(c)		2,107,522		8,177,186

Avid Bioservices, Inc.^(b)(c)		770,164		10,605,158
Prometheus Biosciences, Inc.^(b)(c)		78,315		8,614,650
				27,396,994

Building Products–1.05%

Zurn Elkay Water Solutions Corp.		710,749		15,032,341

Casinos & Gaming–0.89%

Boyd Gaming Corp.		231,308		12,613,225

Construction & Engineering–1.51%

Valmont Industries, Inc.		64,882		21,454,531

Construction Machinery & Heavy Trucks–1.03%

Allison Transmission Holdings, Inc.		352,459		14,662,294

Construction Materials–1.54%

Summit Materials, Inc., Class A^(b)		773,299		21,953,969

Data Processing & Outsourced Services–1.31%

Paya Holdings, Inc., Class A^(b)		1,135,148		8,933,615
Payoneer Global, Inc.^(b)		1,771,651		9,690,931
				18,624,546


	Shares		Value

Diversified Banks–0.53%

Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		252,931	$	7,539,873

Diversified Metals & Mining–0.90%

Compass Minerals International, Inc.		313,923		12,870,843

Electrical Components & Equipment–3.26%

Atkore, Inc.^(b)(c)		193,550		21,952,441

Regal Rexnord Corp.		126,478		15,174,830
Vertiv Holdings Co.		679,615		9,283,541
				46,410,812

Electronic Components–1.37%

Belden, Inc.		171,771		12,350,335
Vishay Intertechnology, Inc.		330,050		7,119,178
				19,469,513

Electronic Equipment & Instruments–0.80%

Itron, Inc.^(b)		224,936		11,393,008

Environmental & Facilities Services–0.92%

Casella Waste Systems, Inc., Class A^(b)		165,110		13,094,874

Gas Utilities–2.80%

National Fuel Gas Co.		342,681		21,691,707

Northwest Natural Holding Co.		339,471		16,155,425
Suburban Propane Partners L.P.		131,731		1,999,677
				39,846,809

Health Care Equipment–3.76%

AtriCure, Inc.^(b)(c)		333,955		14,820,923

Inspire Medical Systems, Inc.^(b)		129,462		32,608,889
TransMedics Group, Inc.^(b)(c)		100,617		6,210,081
				53,639,893

Health Care Facilities–3.49%

Acadia Healthcare Co., Inc.^(b)		403,446		33,211,675
Tenet Healthcare Corp.		338,040		16,492,971
				49,704,646

Health Care Services–2.45%

Addus HomeCare Corp.^(b)(c)		213,923		21,283,199

Guardant Health, Inc.^(b)		124,611		3,389,419
Option Care Health, Inc.^(b)		338,559		10,187,241
				34,859,859

Home Furnishings–0.69%

Tempur Sealy International, Inc.^(c)		288,371		9,899,776

Homebuilding–1.87%

Skyline Champion Corp.^(b)(c)		160,812		8,283,426
TopBuild Corp.^(b)		117,695		18,418,091
				26,701,517

Hotel & Resort REITs–1.27%

DiamondRock Hospitality Co.		2,213,941		18,132,177

Human Resource & Employment Services–2.40%

ASGN, Inc.^(b)		226,810		18,480,479

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


8		Invesco Main Street Small Cap Fund®


	Shares		Value
Human Resource & Employment Services–(continued)
Korn Ferry		310,617	$	15,723,432
				34,203,911

Hypermarkets & Super Centers–1.59%

BJ’s Wholesale Club Holdings, Inc.^(b)		343,250		22,709,420

Industrial Machinery–3.61%

EnPro Industries, Inc.		204,625		22,240,691

Esab Corp.		178,418		8,371,373
Evoqua Water Technologies Corp.^(b)		525,344		20,803,622
				51,415,686

Interactive Media & Services–1.85%

Ziff Davis, Inc.^(b)(c)		332,455		26,297,191

Investment Banking & Brokerage–1.70%

Stifel Financial Corp.		415,965		24,279,877

Leisure Products–0.58%

Topgolf Callaway Brands Corp.^(b)(c)		422,212		8,338,687

Life Sciences Tools & Services–2.03%

Azenta, Inc.^(c)		250,225		14,568,100

BioLife Solutions, Inc.^(b)(c)		345,213		6,282,877
CryoPort, Inc.^(b)(c)		466,221		8,088,934
				28,939,911

Metal & Glass Containers–1.23%

Silgan Holdings, Inc.		337,710		17,506,886

Oil & Gas Drilling–1.20%

Helmerich & Payne, Inc.		346,382		17,170,156

Oil & Gas Equipment & Services–1.07%

NOV, Inc.		732,990		15,312,161

Oil & Gas Exploration & Production–2.71%

Chesapeake Energy Corp.^(c)		195,452		18,444,805
CNX Resources Corp.^(b)(c)		1,196,683		20,152,142
				38,596,947

Oil & Gas Storage & Transportation–0.58%

Equitrans Midstream Corp.		1,228,694		8,232,250

Packaged Foods & Meats–0.69%

Lancaster Colony Corp.		49,797		9,824,948

Personal Products–1.43%

BellRing Brands, Inc.^(b)		795,580		20,398,671

Pharmaceuticals–1.57%

Collegium Pharmaceutical, Inc.^(b)		443,082		10,279,502
Intra-Cellular Therapies, Inc.^(b)		228,593		12,097,142
				22,376,644

Property & Casualty Insurance–1.48%

Definity Financial Corp. (Canada)		740,576		21,046,798

Regional Banks–8.80%

BankUnited, Inc.^(c)		535,216		18,181,287

Berkshire Hills Bancorp, Inc.^(c)		450,954		13,483,525

Cathay General Bancorp		448,038		18,275,470

Columbia Banking System, Inc.^(c)		660,032		19,886,764

Heritage Financial Corp.		405,890		12,436,470

OceanFirst Financial Corp.		535,097		11,370,811


	Shares		Value
Regional Banks–(continued)

Pacific Premier Bancorp, Inc.		557,125	$	17,582,865
Webster Financial Corp.		297,815		14,098,562
				125,315,754

Research & Consulting Services–3.49%

CACI International, Inc., Class A^(b)		82,169		24,699,180
KBR, Inc.		473,008		24,974,822
				49,674,002

Restaurants–1.33%

Texas Roadhouse, Inc.^(c)		208,124		18,928,878

Semiconductor Equipment–0.80%

MKS Instruments, Inc.		134,485		11,394,914

Semiconductors–2.56%

Allegro MicroSystems, Inc. (Japan)^(b)(c)		463,397		13,911,178

Ambarella, Inc.^(b)(c)		132,732		10,914,552
MACOM Technology Solutions Holdings, Inc.^(b)		184,570		11,624,219
				36,449,949

Soft Drinks–0.65%

Coca-Cola Consolidated, Inc.^(c)		18,139		9,293,698

Specialized REITs–2.99%

Four Corners Property Trust, Inc.		926,490		24,023,886
National Storage Affiliates Trust		514,266		18,575,288
				42,599,174

Specialty Chemicals–0.68%

NewMarket Corp.		30,941		9,626,055

Systems Software–1.04%

Gitlab, Inc., Class A^(b)(c)		101,161		4,596,756
Progress Software Corp.		202,282		10,205,127
				14,801,883

Thrifts & Mortgage Finance–0.87%

WSFS Financial Corp.		274,604		12,450,545
Total Common Stocks & Other Equity Interests (Cost $1,087,283,620)				1,404,846,228

Money Market Funds–1.16%

Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(d)(e)		6,219,757		6,219,757

Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(d)(e)		3,204,077		3,205,039

Invesco Treasury Portfolio, Institutional Class, 4.20%^(d)(e)		7,108,294		7,108,293
Total Money Market Funds (Cost $16,531,686)				16,533,089
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.76% (Cost $1,103,815,306)				1,421,379,317
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–15.83%

Invesco Private Government Fund, 4.28%^(d)(e)(f)		63,136,710		63,136,710

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


9		Invesco Main Street Small Cap Fund®


	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 4.46%^(d)(e)(f)		162,302,848	$	162,351,537


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $225,470,006)				225,488,247


TOTAL INVESTMENTS IN SECURITIES–115.59% (Cost $1,329,285,312)				1,646,867,564


OTHER ASSETS LESS LIABILITIES–(15.59)%				(222,167,028	)


NET ASSETS–100.00%			$	1,424,700,536

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at December 31, 2022.

^(d)


	Value December 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value December 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 9,178,802	$	139,841,628	$	(142,800,673	)		$ -	$	-		$	6,219,757		$162,291
Invesco Liquid Assets Portfolio, Institutional Class		5,021,706		99,886,877		(101,704,963	)		1,403		16			3,205,039		99,418
Invesco Treasury Portfolio, Institutional Class		10,490,060		159,819,003		(163,200,770	)		-		-			7,108,293		181,171
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		56,111,634		408,461,987		(401,436,911	)		-		-			63,136,710		1,054,819*
Invesco Private Prime Fund		130,927,142		895,606,183		(864,193,406	)		26,922		(15,304	)		162,351,537		2,871,509*
Total		$211,729,344	$	1,703,615,678	$	(1,673,336,723	)		$28,325	$	(15,288	)	$	242,021,336		$4,369,208

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1K.

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


10		Invesco Main Street Small Cap Fund®

Statement of Assets and Liabilities

December 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $1,087,283,620)*	$	1,404,846,228


Investments in affiliated money market funds, at value (Cost $242,001,692)		242,021,336


Cash		489,147


Foreign currencies, at value (Cost $57,614)		57,522


Receivable for:
Investments sold		5,106,892


Fund shares sold		751,774


Dividends		1,042,188


Investment for trustee deferred compensation and retirement plans		133,000


Other assets		62,163


Total assets		1,654,510,250



Liabilities:
Payable for:
Investments purchased		2,151,262


Fund shares reacquired		1,286,126


Collateral upon return of securities loaned		225,470,006


Accrued fees to affiliates		592,467


Accrued trustees’ and officers’ fees and benefits		4,503


Accrued other operating expenses		163,968


Trustee deferred compensation and retirement plans		141,382


Total liabilities		229,809,714


Net assets applicable to shares outstanding	$	1,424,700,536



Net assets consist of:
Shares of beneficial interest	$	1,219,896,104


Distributable earnings		204,804,432


	$	1,424,700,536


Net Assets:
Class A	$	320,729,919


Class C	$	31,022,402


Class R	$	48,875,304


Class Y	$	533,098,412


Class R5	$	7,886,746


Class R6	$	483,087,753



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		18,153,216


Class C		1,892,968


Class R		2,834,115


Class Y		29,885,418


Class R5		444,518


Class R6		27,011,008


Class A:
Net asset value per share	$	17.67


Maximum offering price per share (Net asset value of $17.67 ÷ 94.50%)	$	18.70


Class C:
Net asset value and offering price per share	$	16.39


Class R:
Net asset value and offering price per share	$	17.25


Class Y:
Net asset value and offering price per share	$	17.84


Class R5:
Net asset value and offering price per share	$	17.74


Class R6:
Net asset value and offering price per share	$	17.88

*	At December 31, 2022, securities with an aggregate value of $220,088,960 were on loan to brokers.

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


11		Invesco Main Street Small Cap Fund®

Statement of Operations

For the year ended December 31, 2022


Investment income:

Dividends (net of foreign withholding taxes of $44,469)	$	18,123,210


Dividends from affiliated money market funds (includes net securities lending income of $275,750)		718,630


Total investment income		18,841,840



Expenses:
Advisory fees		9,839,797


Administrative services fees		221,407


Custodian fees		25,577


Distribution fees:
Class A		849,477


Class C		341,214


Class R		248,829


Transfer agent fees – A, C, R and Y		1,700,662


Transfer agent fees – R5		4,591


Transfer agent fees – R6		168,715


Trustees’ and officers’ fees and benefits		29,150


Registration and filing fees		137,669


Reports to shareholders		123,059


Professional services fees		60,310


Other		21,339


Total expenses		13,771,796


Less: Fees waived and/or expense offset arrangement(s)		(32,265	)


Net expenses		13,739,531


Net investment income		5,102,309



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(80,218,626	)


Affiliated investment securities		(15,288	)


Foreign currencies		(57	)


		(80,233,971	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(205,122,963	)


Affiliated investment securities		28,325


Foreign currencies		(92	)


		(205,094,730	)


Net realized and unrealized gain (loss)		(285,328,701	)


Net increase (decrease) in net assets resulting from operations	$	(280,226,392	)

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


12		Invesco Main Street Small Cap Fund®

Statement of Changes in Net Assets

For the years ended December 31, 2022 and 2021


	2022			2021


Operations:
Net investment income (loss)	$	5,102,309		$	(737,233	)


Net realized gain (loss)		(80,233,971	)		124,601,278


Change in net unrealized appreciation (depreciation)		(205,094,730	)		136,088,245


Net increase (decrease) in net assets resulting from operations		(280,226,392	)		259,952,290



Distributions to shareholders from distributable earnings:
Class A		(144,712	)		(27,017,539	)


Class C		–			(3,266,415	)


Class R		–			(4,024,137	)


Class Y		(1,456,560	)		(38,612,277	)


Class R5		(31,462	)		(555,583	)


Class R6		(2,534,347	)		(51,598,150	)


Total distributions from distributable earnings		(4,167,081	)		(125,074,101	)



Return of capital:
Class A		(26,386	)		—


Class Y		(265,577	)		—


Class R5		(5,736	)		—


Class R6		(462,092	)		—


Total return of capital		(759,791	)		—


Total distributions		(4,926,872	)		(125,074,101	)



Share transactions–net:
Class A		(22,451,163	)		234,669,141


Class C		(4,501,468	)		3,929,515


Class R		698,301			20,256,163


Class Y		58,197,893			273,706,951


Class R5		344,297			9,486,247


Class R6		(151,172,732	)		(46,718,953	)


Net increase (decrease) in net assets resulting from share transactions		(118,884,872	)		495,329,064


Net increase (decrease) in net assets		(404,038,136	)		630,207,253



Net assets:
Beginning of year		1,828,738,672			1,198,531,419


End of year	$	1,424,700,536		$	1,828,738,672

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


13		Invesco Main Street Small Cap Fund®

Financial Highlights

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Return of capital				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(d)
Class A
Year ended 12/31/22		$	21.07		$	0.02			$	(3.41	)		$	(3.39	)		$	(0.01	)		$	–			$	(0.00	)		$	(0.01	)		$	17.67		(16.09	)%		$	320,730		1.11	%		1.11	%		0.12	%		36	%
Year ended 12/31/21			18.71			(0.06	)			4.06				4.00				(0.01	)			(1.63	)			–				(1.64	)			21.07		21.73				408,430		1.11			1.11			(0.28	)		58
Year ended 12/31/20			15.68			0.01				3.10				3.11				–				(0.08	)			–				(0.08	)			18.71		19.82	^(e)			158,769		1.20	^(e)		1.23	^(e)		0.03	^(e)		43
Eight months ended 12/31/19			14.62			0.01				1.10				1.11				–				(0.05	)			–				(0.05	)			15.68		7.58				141,880		1.20	^(f)		1.25	^(f)		0.09	^(f)		19
Year ended 04/30/19			15.09			0.00				0.58				0.58				–				(1.05	)			–				(1.05	)			14.62		4.46				140,651		1.17			1.17			0.01			46
Year ended 04/30/18			14.87			(0.01	)			1.08				1.07				(0.04	)			(0.81	)			–				(0.85	)			15.09		7.08				112,937		1.20			1.21			(0.06	)		52
Class C
Year ended 12/31/22			19.68			(0.11	)			(3.18	)			(3.29	)			–				–				–				–				16.39		(16.72	)			31,022		1.86			1.86			(0.63	)		36
Year ended 12/31/21			17.70			(0.21	)			3.83				3.62				(0.01	)			(1.63	)			–				(1.64	)			19.68		20.81				42,392		1.86			1.86			(1.03	)		58
Year ended 12/31/20			14.95			(0.10	)			2.93				2.83				–				(0.08	)			–				(0.08	)			17.70		18.92				34,635		1.94			1.99			(0.71	)		43
Eight months ended 12/31/19			14.01			(0.06	)			1.05				0.99				–				(0.05	)			–				(0.05	)			14.95		7.06				37,488		1.94	^(f)		2.01	^(f)		(0.66	)^(f)		19
Year ended 04/30/19			14.62			(0.11	)			0.55				0.44				–				(1.05	)			–				(1.05	)			14.01		3.62				44,391		1.93			1.93			(0.74	)		46
Year ended 04/30/18			14.50			(0.12	)			1.05				0.93				–				(0.81	)			–				(0.81	)			14.62		6.31				38,424		1.95			1.96			(0.83	)		52
Class R
Year ended 12/31/22			20.60			(0.02	)			(3.33	)			(3.35	)			–				–				–				–				17.25		(16.26	)			48,875		1.36			1.36			(0.13	)		36
Year ended 12/31/21			18.37			(0.11	)			3.98				3.87				(0.01	)			(1.63	)			–				(1.64	)			20.60		21.42				57,441		1.36			1.36			(0.53	)		58
Year ended 12/31/20			15.45			(0.03	)			3.03				3.00				–				(0.08	)			–				(0.08	)			18.37		19.40				33,457		1.45			1.49			(0.22	)		43
Eight months ended 12/31/19			14.43			(0.02	)			1.09				1.07				–				(0.05	)			–				(0.05	)			15.45		7.41				26,910		1.45	^(f)		1.51	^(f)		(0.16	)^(f)		19
Year ended 04/30/19			14.95			(0.04	)			0.57				0.53				–				(1.05	)			–				(1.05	)			14.43		4.16				24,188		1.43			1.43			(0.24	)		46
Year ended 04/30/18			14.75			(0.05	)			1.08				1.03				(0.02	)			(0.81	)			–				(0.83	)			14.95		6.79				18,749		1.45			1.46			(0.35	)		52
Class Y
Year ended 12/31/22			21.27			0.07				(3.44	)			(3.37	)			(0.05	)			–				(0.01	)			(0.06	)			17.84		(15.87	)			533,098		0.86			0.86			0.37			36
Year ended 12/31/21			18.83			(0.01	)			4.09				4.08				(0.01	)			(1.63	)			–				(1.64	)			21.27		22.03				566,299		0.86			0.86			(0.03	)		58
Year ended 12/31/20			15.79			0.05				3.13				3.18				(0.06	)			(0.08	)			–				(0.14	)			18.83		20.13				266,951		0.90			0.99			0.33			43
Eight months ended 12/31/19			14.69			0.04				1.11				1.15				–				(0.05	)			–				(0.05	)			15.79		7.82				152,406		0.90	^(f)		1.01	^(f)		0.38	^(f)		19
Year ended 04/30/19			15.16			0.04				0.58				0.62				(0.04	)			(1.05	)			–				(1.09	)			14.69		4.73				169,801		0.90			0.93			0.28			46
Year ended 04/30/18			14.93			0.03				1.09				1.12				(0.08	)			(0.81	)			–				(0.89	)			15.16		7.35				149,641		0.90			0.96			0.18			52
Class R5
Year ended 12/31/22			21.16			0.09				(3.43	)			(3.34	)			(0.07	)			–				(0.01	)			(0.08	)			17.74		(15.78	)			7,887		0.74			0.74			0.49			36
Year ended 12/31/21			18.74			0.01				4.06				4.07				(0.02	)			(1.63	)			–				(1.65	)			21.16		22.08				9,028		0.77			0.77			0.06			58
Year ended 12/31/20			15.71			0.07				3.12				3.19				(0.08	)			(0.08	)			–				(0.16	)			18.74		20.30				13		0.77			0.77			0.46			43
Period ended 12/31/19^(g)			13.89			0.04				1.83				1.87				–				(0.05	)			–				(0.05	)			15.71		13.45				11		0.82	^(f)		0.82	^(f)		0.47	^(f)		19
Class R6
Year ended 12/31/22			21.36			0.10				(3.47	)			(3.37	)			(0.09	)			–				(0.02	)			(0.11	)			17.88		(15.79	)			483,088		0.71			0.71			0.52			36
Year ended 12/31/21			18.88			0.03				4.10				4.13				(0.02	)			(1.63	)			–				(1.65	)			21.36		22.23				745,149		0.68			0.68			0.15			58
Year ended 12/31/20			15.83			0.07				3.15				3.22				(0.09	)			(0.08	)			–				(0.17	)			18.88		20.31				704,706		0.77			0.77			0.46			43
Eight months ended 12/31/19			14.72			0.05				1.11				1.16				–				(0.05	)			–				(0.05	)			15.83		7.87				271,711		0.77	^(f)		0.78	^(f)		0.52	^(f)		19
Year ended 04/30/19			15.19			0.07				0.57				0.64				(0.06	)			(1.05	)			–				(1.11	)			14.72		4.85				287,799		0.76			0.76			0.43			46
Year ended 04/30/18			14.95			0.06				1.08				1.14				(0.09	)			(0.81	)			–				(0.90	)			15.19		7.58				256,221		0.77			0.77			0.38			52

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the eight months ended December 31, 2019 and the years ended April 30, 2019 and 2018, respectively.

^(d)

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

^(f)	Annualized.

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

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


14		Invesco Main Street Small Cap Fund®

Notes to Financial Statements

December 31, 2022

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek capital appreciation.

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

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

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

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.


15		Invesco Main Street Small Cap Fund®

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

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

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

MLP’s may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.


16		Invesco Main Street Small Cap Fund®

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2022, the Fund paid the Adviser $13,705 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate*

First $ 200 million		0.750	%
Next $200 million		0.720	%
Next $200 million		0.690	%
Next $200 million		0.660	%
Next $4.2 billion		0.600	%
Over $5 billion		0.580	%

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

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.64%.


17		Invesco Main Street Small Cap Fund®

Effective May 1, 2022, the Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to May 1, 2022, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.20%, 1.94%, 1.45%, 0.90%, 0.82% and 0.77%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended December 31, 2022, the Adviser waived advisory fees of $23,112.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended December 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2022, IDI advised the Fund that IDI retained $ 77,607 in front-end sales commissions from the sale of Class A shares and $795 and $1,160 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended December 31, 2022, the Fund incurred $1,665 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	1,404,846,228	$	–		$–	$	1,404,846,228


Money Market Funds		16,533,089		225,488,247		–		242,021,336


Total Investments	$	1,421,379,317	$	225,488,247		$–	$	1,646,867,564


18		Invesco Main Street Small Cap Fund®

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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

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


Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:
	2022		2021


Ordinary income*	$	4,167,081	$ 70,469,063


Long-term capital gain		–	54,605,038


Return of capital		759,791	–
Total distributions	$	4,926,872	$125,074,101

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

Tax Components of Net Assets at Period-End:


	2022


Net unrealized appreciation – investments	$	301,109,251


Net unrealized appreciation (depreciation) – foreign currencies		(92	)


Temporary book/tax differences		(7,502,937	)


Capital loss carryforward		(88,801,790	)


Shares of beneficial interest		1,219,896,104


Total net assets	$	1,424,700,536

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


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	48,246,091	$	40,555,699	$	88,801,790

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


19		Invesco Main Street Small Cap Fund®

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2022 was $535,342,394 and $648,102,862, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	349,341,793


Aggregate unrealized (depreciation) of investments		(48,232,542	)


Net unrealized appreciation of investments	$	301,109,251

Cost of investments for tax purposes is $1,345,758,313.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships, on December 31, 2022, undistributed net investment income was decreased by $7,700,907, undistributed net realized gain (loss) was increased by $8,689,526 and shares of beneficial interest was decreased by $988,619. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		2,219,819		$	41,006,882			2,905,027		$	62,049,295


Class C		330,840			5,673,120			418,569			8,454,536


Class R		614,480			11,038,254			731,812			15,373,505


Class Y		13,356,772			245,585,442			17,684,044			391,590,406


Class R5		64,975			1,215,021			355,448			7,756,867


Class R6		2,580,112			51,618,286			10,003,137			224,483,238



Issued as reinvestment of dividends:
Class A		8,483			154,815			1,286,142			26,189,851


Class C		-			-			166,709			3,189,249


Class R		-			-			201,440			4,022,839


Class Y		84,262			1,552,097			1,795,962			36,988,599


Class R5		2,017			36,956			27,237			554,263


Class R6		153,034			2,826,543			2,413,107			49,922,746



Automatic conversion of Class C shares to Class A shares:
Class A		165,697			3,055,056			164,128			3,496,397


Class C		(177,972	)		(3,055,056	)		(174,253	)		(3,496,397	)



Issued in connection with acquisitions:^(b)
Class A		-			-			9,626,098			209,056,866


Class C		-			-			246,598			5,051,190


Class R		-			-			564,254			12,023,732


Class Y		-			-			2,013,436			44,060,733


Class R5		-			-			793,761			17,290,581


Class R6		-			-			76,583			1,680,846


20		Invesco Main Street Small Cap Fund®


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(3,627,922	)	$	(66,667,916	)		(3,082,179	)	$	(66,123,268	)


Class C		(414,068	)		(7,119,532	)		(460,267	)		(9,269,063	)


Class R		(568,184	)		(10,339,953	)		(530,697	)		(11,163,913	)


Class Y		(10,178,306	)		(188,939,646	)		(9,046,657	)		(198,932,787	)


Class R5		(49,055	)		(907,680	)		(750,585	)		(16,115,464	)


Class R6		(10,613,106	)		(205,617,561	)		(14,935,086	)		(322,805,783	)


Net increase (decrease) in share activity		(6,048,122	)	$	(118,884,872	)		22,493,768		$	495,329,064

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 40% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 20% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)

After the close of business on April 23, 2021, the Fund acquired all the net assets of Invesco Select Companies Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on January 22, 2021. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 13,320,730 shares of the Fund for 17,970,769 shares outstanding of the Target Fund as of the close of business on April 23, 2021. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 23, 2021. The Target Fund’s net assets as of the close of business on April 23, 2021 of $289,163,948, including $79,421,792 of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,250,800,438 and $1,539,964,385 immediately after the acquisition.


Net investment income (loss)	$	(1,351,555)


Net realized/unrealized gains		308,010,119


Change in net assets resulting from operations	$	306,658,564


21		Invesco Main Street Small Cap Fund®

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Main Street Small Cap Fund^®

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Main Street Small Cap Fund^® (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the three years in the period ended December 31, 2022 and the eight months ended December 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended December 31, 2022 and the period May 24, 2019 (commencement of operations) through December 31, 2019 for Class R5.

The financial statements of Invesco Oppenheimer Main Street Small Cap Fund^® (subsequently renamed Invesco Main Street Small Cap Fund^®) as of and for the year ended April 30, 2019 and the financial highlights for each of the periods ended on or prior to April 30, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated June 25, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2023


22		Invesco Main Street Small Cap Fund®

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)¹	Expenses Paid During Period²	Ending Account Value (12/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,053.60	$5.75	$1,019.61	$5.65	1.11%
Class C	1,000.00	1,049.30	9.66	1,015.78	9.50	1.87
Class R	1,000.00	1,051.80	7.09	1,018.30	6.97	1.37
Class Y	1,000.00	1,054.50	4.51	1,020.82	4.43	0.87
Class R5	1,000.00	1,055.20	3.83	1,021.48	3.77	0.74
Class R6	1,000.00	1,056.10	3.58	1,021.73	3.52	0.69

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


23		Invesco Main Street Small Cap Fund®

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2022:


Federal and State Income Tax
Qualified Dividend Income*	87.80	%
Corporate Dividends Received Deduction*	87.82	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	10.57	%
Business Interest Income*	0.00	%

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


24		Invesco Main Street Small Cap Fund®

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 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)	189	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.


T-1		Invesco Main Street Small Cap Fund®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Main Street Small Cap Fund®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees—(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Main Street Small Cap Fund®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; 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; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	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); 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.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; 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; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Main Street Small Cap Fund®

Trustees and Officers–(continued)


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


T-5		Invesco Main Street Small Cap Fund®

Trustees and Officers–(continued)


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


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Main Street Small Cap Fund®

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



		Annual Report to Shareholders		December 31, 2022
		Invesco Peak Retirement^™ Funds Invesco Peak Retirement^™ Destination Fund Invesco Peak Retirement^™ 2010 Fund Invesco Peak Retirement^™ 2015 Fund Invesco Peak Retirement^™ 2020 Fund Invesco Peak Retirement^™ 2025 Fund Invesco Peak Retirement^™ 2030 Fund Invesco Peak Retirement^™ 2035 Fund Invesco Peak Retirement^™ 2040 Fund Invesco Peak Retirement^™ 2045 Fund Invesco Peak Retirement^™ 2050 Fund Invesco Peak Retirement^™ 2055 Fund Invesco Peak Retirement^™ 2060 Fund Invesco Peak Retirement^™ 2065 Fund

Table of Contents


Management’s Discussion			4

Performance Summary			4

Long-Term Fund Performance			17

Supplemental Information			43

Schedules of Investments			45

Financial Statements			71

Financial Highlights			87

Notes to Financial Statements			100

Report of Independent Registered Public Accounting Firm			116

Fund Expenses			117

Distribution Information			122

Tax Information			123

Trustees and Officers			T-1


2

Market in review


3		Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance



Performance summary - Invesco Peak Retirement^™ Destination Fund For the year ended December 31, 2022, Class A shares of Invesco Peak Retirement^™ Destination Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Peak Retirement Destination Benchmark, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/21 to 12/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-10.77	%
Class C Shares	-11.44
Class R Shares	-10.98
Class Y Shares	-10.44
Class R5 Shares	-10.44
Class R6 Shares	-10.44
Bloomberg U.S. Aggregate Bond Index^q(Broad Market Index)	-13.01
Custom Invesco Peak Retirement Destination Benchmark^∎(Style-Specific Index)	-13.73

Source(s): ^qRIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Strategic asset class exposures in the Fund are obtained through underlying representative mutual funds and exchange-traded funds targeting a predefined date of retirement. From an absolute performance perspective, the portfolio’s cash allocation was the leading contributor to positive performance. The remaining allocations to equity, fixed income and alternative assets were all detractors from absolute performance as the portfolio produced a negative return for the fiscal year ended December 31, 2022.

From a relative performance perspective, the portfolio outperformed its style-specific benchmark during the fiscal year. Outperformance was driven mainly by style selection within the US equity allocation. Within the allocation, the Invesco S&P 500 High Dividend Low Volatility ETF and Invesco S&P 500 Enhanced Value ETF were the primary contributors.

Conversely, allocations to alternative assets and fixed income were the leading detractors to relative performance during the fiscal year. Within the allocation, the Invesco Taxable Municipal Bond ETF and Invesco Global Real Estate Income Fund were the leading detractors.


Fund Nasdaq Symbols
Class A			PKTSX
Class C			PKTTX
Class R			PKTVX
Class Y			PKTUX
Class R5			PKTWX
Class R6			PKTZX

Additionally, after careful consideration, the Board of Trustees approved the liquidation and termination of the Invesco Peak Retirement^™ Fund Suite to occur on or about January 23, 2023. Thank you for your investment in the Invesco Peak Retirement^™ Destination Fund.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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

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


4		Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance



Performance summary - Invesco Peak Retirement^™ 2010 Fund For the year ended December 31, 2022, Class A shares of Invesco Peak Retirement^™ 2010 Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Peak Retirement 2010 Benchmark, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/21 to 12/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-10.54	%
Class C Shares	-11.25
Class R Shares	-10.70
Class Y Shares	-10.34
Class R5 Shares	-10.34
Class R6 Shares	-10.34
Bloomberg U.S. Aggregate Bond Index^q(Broad Market Index)	-13.01
Custom Invesco Peak Retirement 2010 Benchmark^∎(Style-Specific Index)	-13.86

Source(s): ^qRIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Conversely, allocations to alternative assets and fixed income were the leading detractors to relative performance during the fiscal year. Within the allocation, the Invesco Taxable Municipal Bond ETF, Invesco Global Real Estate Income Fund and Invesco Core Plus Bond Fund were the leading detractors.


Fund Nasdaq Symbols
Class A		PKAFX
Class C		PKCFX
Class R		PEKRX
Class Y		PKYFX
Class R5		PEKMX
Class R6		PEKNX

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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.


5		Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance



Performance summary - Invesco Peak Retirement^™ 2015 Fund For the year ended December 31, 2022, Class A shares of Invesco Peak Retirement^™ 2015 Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Peak Retirement 2015 Benchmark, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/21 to 12/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-10.55	%
Class C Shares	-11.26
Class R Shares	-10.79
Class Y Shares	-10.28
Class R5 Shares	-10.28
Class R6 Shares	-10.28
Bloomberg U.S. Aggregate Bond Index^q(Broad Market Index)	-13.01
Custom Invesco Peak Retirement 2015 Benchmark^∎(Style-Specific Index)	-13.95

Source(s): ^qRIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Conversely, allocations to alternative assets and fixed income were the leading detractors to relative performance during the fiscal year. Within the allocation, the Invesco Taxable Municipal Bond ETF, Invesco Global Real Estate Income Fund and Invesco Core Plus Bond Fund were the leading detractors.


Fund Nasdaq Symbols
Class A		PKTMX
Class C		PKTNX
Class R		PKTPX
Class Y		PKTOX
Class R5		PKTQX
Class R6		PKTRX

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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


6		Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance



Performance summary - Invesco Peak Retirement^™ 2020 Fund For the year ended December 31, 2022, Class A shares of Invesco Peak Retirement^™ 2020 Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Peak Retirement 2020 Benchmark, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/21 to 12/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-12.65	%
Class C Shares	-13.32
Class R Shares	-12.83
Class Y Shares	-12.50
Class R5 Shares	-12.41
Class R6 Shares	-12.41
Bloomberg U.S. Aggregate Bond Index^q(Broad Market Index)	-13.01
Custom Invesco Peak Retirement 2020 Benchmark^∎(Style-Specific Index)	-14.25

Source(s): ^qRIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

From a relative performance perspective, the portfolio outperformed its style-specific benchmark during the fiscal year. Outperformance was driven mainly by style selection within the US equity allocation. Within the allocation, the Invesco S&P 500 High Dividend Low Volatility ETF, Invesco S&P 500 Enhanced Value ETF and Invesco Russell 1000 Dynamic Multifactor ETF were the primary contributors.

Conversely, the allocations to fixed income and non-US developed equity were the leading detractors to relative performance during the fiscal year. Within the allocations, Invesco Core Plus Bond Fund and Invesco International


Fund Nasdaq Symbols
Class A		PKTGX
Class C		PKTHX
Class R		PKTJX
Class Y		PKTIX
Class R5		PKTKX
Class R6		PKTLX

Small-Mid Company Fund were the leading detractors.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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

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


7		Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance


Performance summary - Invesco Peak Retirement^™ 2025 Fund For the year ended December 31, 2022, Class A shares of Invesco Peak Retirement^™ 2025 Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Peak Retirement 2025 Benchmark, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/21 to 12/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-15.13	%
Class C Shares	-15.80
Class R Shares	-15.37
Class Y Shares	-14.94
Class R5 Shares	-14.88
Class R6 Shares	-14.87
Bloomberg U.S. Aggregate Bond Index^q(Broad Market Index)	-13.01
Custom Invesco Peak Retirement 2025 Benchmark^∎(Style-Specific Index)	-15.34

Source(s): ^qRIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

From a relative performance perspective, the portfolio outperformed its style-specific benchmark during the fiscal year. The performance was driven mainly by style selection within the US equity allocation and an allocation to floating rate fixed income. Within the allocations, the Invesco Russell 1000 Dynamic Multifactor ETF and Invesco Variable Rate Investment Grade ETF were the primary contributors.

Conversely, the allocations to taxable municipal fixed income and small- and mid-cap equities were the leading detractors to relative performance during the fiscal year. Within the allocations, Invesco Taxable Municipal Bond ETF and Invesco


Fund Nasdaq Symbols
Class A		PKTAX
Class C		PKTBX
Class R		PKTDX
Class Y		PKTCX
Class R5		PKTEX
Class R6		PKTFX

International Small-Mid Company Fund were the leading detractors.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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

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


8		Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance


Performance summary - Invesco Peak Retirement^™ 2030 Fund For the year ended December 31, 2022, Class A shares of Invesco Peak Retirement^™ 2030 Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Peak Retirement 2030 Benchmark, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/21 to 12/31/22, 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	-16.33	%
Class C Shares	-16.91
Class R Shares	-16.57
Class Y Shares	-16.09
Class R5 Shares	-16.08
Class R6 Shares	-16.09
Bloomberg U.S. Aggregate Bond Index^q(Broad Market Index)	-13.01
Custom Invesco Peak Retirement 2030 Benchmark^∎(Style-Specific Index)	-15.83

Source(s): ^qRIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

From a relative performance perspective, the portfolio underperformed its style-specific benchmark during the fiscal year. The allocations to taxable municipal fixed income and small- and mid-cap equities were the leading detractors to relative performance. Within the allocations, Invesco Taxable Municipal Bond ETF and Invesco International Small-Mid Company Fund were the leading detractors.

Conversely, the leading contributors to relative performance were allocations and style selection within the US equity allocation and an allocation to floating rate fixed income during the fiscal year. Within the allocations, the Invesco Russell


Fund Nasdaq Symbols
Class A		PKKSX
Class C		PKKTX
Class R		PKKVX
Class Y		PKKUX
Class R5		PKKWX
Class R6		PKKZX

1000 Dynamic Multifactor ETF and Invesco Variable Rate Investment Grade ETF were the primary contributors.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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


9		Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance



Performance summary - Invesco Peak Retirement^™ 2035 Fund
For the year ended December 31, 2022, Class A shares of Invesco Peak Retirement^™ 2035 Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Peak Retirement 2035 Benchmark, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/21 to 12/31/22, 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	-17.39	%
Class C Shares	-18.02
Class R Shares	-17.57
Class Y Shares	-17.19
Class R5 Shares	-17.13
Class R6 Shares	-17.19
Bloomberg U.S. Aggregate Bond Index^q(Broad Market Index)	-13.01
Custom Invesco Peak Retirement 2035 Benchmark^∎(Style-Specific Index)	-16.35

Source(s): ^qRIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

From a relative performance perspective, the portfolio underperformed its style-specific benchmark during the fiscal year. The allocations to taxable municipal fixed income, emerging markets and small- and mid-cap equities were the leading detractors to relative performance. Within the allocations, the Invesco Taxable Municipal Bond ETF, Invesco Developing Markets Fund and Invesco International Small-Mid Company Fund were the leading detractors.

Conversely, the leading contributors to relative performance were allocations and style selection within the US equity allocation and an allocation to floating


Fund Nasdaq Symbols
Class A		PKKMX
Class C		PKKNX
Class R		PKKPX
Class Y		PKKOX
Class R5		PKKQX
Class R6		PKKRX

rate fixed income during the fiscal year. Within the allocations, the Invesco Russell 1000 Dynamic Multifactor ETF and Invesco Variable Rate Investment Grade ETF were the primary contributors.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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


10		Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance



Performance summary - Invesco Peak Retirement™ 2040 Fund
For the year ended December 31, 2022, Class A shares of Invesco Peak Retirement™ 2040 Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Peak Retirement 2040 Benchmark, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/21 to 12/31/22, 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	-18.36	%
Class C Shares	-18.91
Class R Shares	-18.56
Class Y Shares	-18.16
Class R5 Shares	-18.10
Class R6 Shares	-18.16
Bloomberg U.S. Aggregate Bond Index^q(Broad Market Index)	-13.01
Custom Invesco Peak Retirement 2040 Benchmark^∎(Style-Specific Index)	-16.88

Source(s): ^qRIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

From a relative performance perspective, the portfolio underperformed its style-specific benchmark during the fiscal year. The allocations to emerging markets and small- and mid-cap equities were the leading detractors to relative performance. Within the allocations, the Invesco Discovery Mid Cap Growth Fund, Invesco Developing Markets Fund and Invesco International Small-Mid Company Fund were the leading detractors.


Fund Nasdaq Symbols
Class A		PKKGX
Class C		PKKHX
Class R		PKKJX
Class Y		PKKIX
Class R5		PKKKX
Class R6		PKKLX

Within the allocations, the Invesco Russell 1000 Dynamic Multifactor ETF and Invesco Variable Rate Investment Grade ETF were the primary contributors.

Additionally, after careful consideration, the Board of Trustees approved the liquidation and termination of the Invesco Peak Retirement™ Fund Suite to occur on or about January 23, 2023. Thank you for your investment in the Invesco Peak Retirement™ 2040 Fund.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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


11		Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance



Performance summary - Invesco Peak Retirement™ 2045 Fund
For the year ended December 31, 2022, Class A shares of Invesco Peak Retirement™ 2045 Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Peak Retirement 2045 Benchmark, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/21 to 12/31/22, 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	-18.85	%
Class C Shares	-19.46
Class R Shares	-19.06
Class Y Shares	-18.67
Class R5 Shares	-18.65
Class R6 Shares	-18.67
Russell 3000 Index^q(Broad Market Index)	-19.21
Custom Invesco Peak Retirement 2045 Benchmark^∎(Style-Specific Index)	-17.15

Source(s): ^qRIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund


Fund Nasdaq Symbols
Class A		PKKAX
Class C		PKKBX
Class R		PKKDX
Class Y		PKKCX
Class R5		PKKEX
Class R6		PKKFX

Within the allocations, the Invesco Russell 1000 Dynamic Multifactor ETF and Invesco Variable Rate Investment Grade ETF were the primary contributors.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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


12		Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance



Performance summary - Invesco Peak Retirement™ 2050 Fund
For the year ended December 31, 2022, Class A shares of Invesco Peak Retirement™ 2050 Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Peak Retirement 2050 Benchmark, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/21 to 12/31/22, 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	-18.86	%
Class C Shares	-19.50
Class R Shares	-18.97
Class Y Shares	-18.67
Class R5 Shares	-18.67
Class R6 Shares	-18.67
Russell 3000 Index^q(Broad Market Index)	-19.21
Custom Invesco Peak Retirement 2050 Benchmark^∎(Style-Specific Index)	-17.43

Source(s): ^qRIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Conversely, the leading contributors to relative performance were allocations and style selection within the US equity allocation during the fiscal year. Within the allocation, the Invesco Russell 1000


Fund Nasdaq Symbols
Class A		PKRSX
Class C		PKRTX
Class R		PKRVX
Class Y		PKRUX
Class R5		PKRWX
Class R6		PKRZX

Dynamic Multifactor ETF and Invesco S&P SmallCap Low Volatility ETF were the primary contributors.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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


13		Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance



Performance summary - Invesco Peak Retirement™ 2055 Fund
For the year ended December 31, 2022, Class A shares of Invesco Peak Retirement™ 2055 Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Peak Retirement 2055 Benchmark, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/21 to 12/31/22, 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	-18.76	%
Class C Shares	-19.41
Class R Shares	-18.88
Class Y Shares	-18.56
Class R5 Shares	-18.53
Class R6 Shares	-18.53
Russell 3000 Index^q(Broad Market Index)	-19.21
Custom Invesco Peak Retirement 2055 Benchmark^∎(Style-Specific Index)	-17.43

Source(s): ^qRIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund


Fund Nasdaq Symbols
Class A		PKRMX
Class C		PKRNX
Class R		PKRPX
Class Y		PKROX
Class R5		PKRQX
Class R6		PKRRX

Dynamic Multifactor ETF and Invesco S&P SmallCap Low Volatility ETF were the primary contributors.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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


14		Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance



Performance summary - Invesco Peak Retirement™ 2060 Fund
For the year ended December 31, 2022, Class A shares of Invesco Peak Retirement™ 2060 Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Peak Retirement 2060 Benchmark, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/21 to 12/31/22, 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	-18.94	%
Class C Shares	-19.53
Class R Shares	-19.14
Class Y Shares	-18.70
Class R5 Shares	-18.70
Class R6 Shares	-18.77
Russell 3000 Index^q(Broad Market Index)	-19.21
Custom Invesco Peak Retirement 2060 Benchmark^∎(Style-Specific Index)	-17.43

Source(s): ^qRIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund


Fund Nasdaq Symbols
Class A		PKRGX
Class C		PKRHX
Class R		PKRJX
Class Y		PKRIX
Class R5		PKRKX
Class R6		PKRLX

Dynamic Multifactor ETF and Invesco S&P SmallCap Low Volatility ETF were the primary contributors.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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


15		Invesco Peak Retirement^™ Funds

Management’s Discussion of Fund Performance



Performance summary - Invesco Peak Retirement™ 2065 Fund
For the year ended December 31, 2022, Class A shares of Invesco Peak Retirement™ 2065 Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Peak Retirement 2065 Benchmark, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/21 to 12/31/22, 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	-19.04	%
Class C Shares	-19.54
Class R Shares	-19.20
Class Y Shares	-18.80
Class R5 Shares	-18.80
Class R6 Shares	-18.80
Russell 3000 Index^q(Broad Market Index)	-19.21
Custom Invesco Peak Retirement 2065 Benchmark^∎(Style-Specific Index)	-17.43

Source(s): ^qRIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund


Fund Nasdaq Symbols
Class A		PKRAX
Class C		PKRBX
Class R		PKRDX
Class Y		PKRCX
Class R5		PKREX
Class R6		PKRFX

Dynamic Multifactor ETF and Invesco S&P SmallCap Low Volatility ETF were the primary contributors.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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


16		Invesco Peak Retirement^™ Funds

Invesco Peak Retirement™ Destination Fund’s Long-Term Performance

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

Fund and index data from 12/29/17

LOGO

1 Source: Invesco, RIMES Technologies

2 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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


17		Invesco Peak Retirement^™ Funds



Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	0.93	%
5 Years	0.93
1 Year	-15.67
Class C Shares
Inception (12/29/17)	1.33	%
5 Years	1.33
1 Year	-12.29
Class R Shares
Inception (12/29/17)	1.84	%
5 Years	1.84
1 Year	-10.98
Class Y Shares
Inception (12/29/17)	2.35	%
5 Years	2.35
1 Year	-10.44
Class R5 Shares
Inception (12/29/17)	2.35	%
5 Years	2.35
1 Year	-10.44
Class R6 Shares
Inception (12/29/17)	2.35	%
5 Years	2.35
1 Year	-10.44

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

The performance of the Fund’s share classes will differ primarily due to

different sales charge structures and class expenses.


18		Invesco Peak Retirement^™ Funds

Invesco Peak Retirement™ 2010 Fund’s Long-Term Performance

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

Fund and index data from 4/30/21

LOGO

1 Source: Invesco, RIMES Technologies

2 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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


19		Invesco Peak Retirement^™ Funds



Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges
Class A Shares
Inception (4/30/21)	-7.97	%
1 Year	-15.46
Class C Shares
Inception (4/30/21)	-5.53	%
1 Year	-12.09
Class R Shares
Inception (4/30/21)	-5.00	%
1 Year	-10.70
Class Y Shares
Inception (4/30/21)	-4.53	%
1 Year	-10.34
Class R5 Shares
Inception (4/30/21)	-4.53	%
1 Year	-10.34
Class R6 Shares
Inception (4/30/21)	-4.53	%
1 Year	-10.34

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

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

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns

would have been lower. See current prospectus for more information.


20		Invesco Peak Retirement^™ Funds

Invesco Peak Retirement™ 2015 Fund’s Long-Term Performance

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

Fund and index data from 12/29/17

LOGO

1 Source: Invesco, RIMES Technologies

2 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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


21		Invesco Peak Retirement^™ Funds



Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	0.85	%
5 Years	0.85
1 Year	-15.46
Class C Shares
Inception (12/29/17)	1.24	%
5 Years	1.24
1 Year	-12.12
Class R Shares
Inception (12/29/17)	1.76	%
5 Years	1.76
1 Year	-10.79
Class Y Shares
Inception (12/29/17)	2.26	%
5 Years	2.26
1 Year	-10.28
Class R5 Shares
Inception (12/29/17)	2.26	%
5 Years	2.26
1 Year	-10.28
Class R6 Shares
Inception (12/29/17)	2.26	%
5 Years	2.26
1 Year	-10.28

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

The performance of the Fund’s share classes will differ primarily due to

different sales charge structures and class expenses.


22		Invesco Peak Retirement^™ Funds

Invesco Peak Retirement™ 2020 Fund’s Long-Term Performance

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

Fund and index data from 12/29/17

LOGO

1 Source: Invesco, RIMES Technologies

2 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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


23		Invesco Peak Retirement^™ Funds



Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	1.02	%
5 Years	1.02
1 Year	-17.46
Class C Shares
Inception (12/29/17)	1.43	%
5 Years	1.43
1 Year	-14.15
Class R Shares
Inception (12/29/17)	1.91	%
5 Years	1.91
1 Year	-12.83
Class Y Shares
Inception (12/29/17)	2.43	%
5 Years	2.44
1 Year	-12.50
Class R5 Shares
Inception (12/29/17)	2.45	%
5 Years	2.46
1 Year	-12.41
Class R6 Shares
Inception (12/29/17)	2.45	%
5 Years	2.46
1 Year	-12.41

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

The performance of the Fund’s share classes will differ primarily due to

different sales charge structures and class expenses.


24		Invesco Peak Retirement^™ Funds

Invesco Peak Retirement™ 2025 Fund’s Long-Term Performance

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

Fund and index data from 12/29/17

LOGO

1 Source: Invesco, RIMES Technologies

2 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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


25		Invesco Peak Retirement^™ Funds



Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	1.16	%
5 Years	1.16
1 Year	-19.77
Class C Shares
Inception (12/29/17)	1.53	%
5 Years	1.53
1 Year	-16.60
Class R Shares
Inception (12/29/17)	2.06	%
5 Years	2.06
1 Year	-15.37
Class Y Shares
Inception (12/29/17)	2.56	%
5 Years	2.56
1 Year	-14.94
Class R5 Shares
Inception (12/29/17)	2.54	%
5 Years	2.54
1 Year	-14.88
Class R6 Shares
Inception (12/29/17)	2.56	%
5 Years	2.56
1 Year	-14.87

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

The performance of the Fund’s share classes will differ primarily due to

different sales charge structures and class expenses.


26		Invesco Peak Retirement^™ Funds

Invesco Peak Retirement™ 2030 Fund’s Long-Term Performance

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

Fund and index data from 12/29/17

LOGO

1 Source: Invesco, RIMES Technologies

2 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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


27		Invesco Peak Retirement^™ Funds



Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	1.23	%
5 Years	1.23
1 Year	-20.91
Class C Shares
Inception (12/29/17)	1.61	%
5 Years	1.61
1 Year	-17.72
Class R Shares
Inception (12/29/17)	2.10	%
5 Years	2.11
1 Year	-16.57
Class Y Shares
Inception (12/29/17)	2.64	%
5 Years	2.64
1 Year	-16.09
Class R5 Shares
Inception (12/29/17)	2.64	%
5 Years	2.64
1 Year	-16.08
Class R6 Shares
Inception (12/29/17)	2.64	%
5 Years	2.64
1 Year	-16.09

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

The performance of the Fund’s share classes will differ primarily due to

different sales charge structures and class expenses.


28		Invesco Peak Retirement^™ Funds

Invesco Peak Retirement™ 2035 Fund’s Long-Term Performance

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

Fund and index data from 12/29/17

LOGO

1 Source: Invesco, RIMES Technologies

2 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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


29		Invesco Peak Retirement^™ Funds



Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	1.62	%
5 Years	1.62
1 Year	-21.94
Class C Shares
Inception (12/29/17)	1.99	%
5 Years	1.99
1 Year	-18.81
Class R Shares
Inception (12/29/17)	2.52	%
5 Years	2.52
1 Year	-17.57
Class Y Shares
Inception (12/29/17)	3.03	%
5 Years	3.03
1 Year	-17.19
Class R5 Shares
Inception (12/29/17)	3.03	%
5 Years	3.03
1 Year	-17.13
Class R6 Shares
Inception (12/29/17)	3.03	%
5 Years	3.03
1 Year	-17.19

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

The performance of the Fund’s share classes will differ primarily due to

different sales charge structures and class expenses.


30		Invesco Peak Retirement^™ Funds

Invesco Peak Retirement™ 2040 Fund’s Long-Term Performance

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

Fund and index data from 12/29/17

LOGO

1 Source: Invesco, RIMES Technologies

2 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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


31		Invesco Peak Retirement^™ Funds



Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	1.70	%
5 Years	1.71
1 Year	-22.85
Class C Shares
Inception (12/29/17)	2.08	%
5 Years	2.09
1 Year	-19.69
Class R Shares
Inception (12/29/17)	2.55	%
5 Years	2.56
1 Year	-18.56
Class Y Shares
Inception (12/29/17)	3.10	%
5 Years	3.11
1 Year	-18.16
Class R5 Shares
Inception (12/29/17)	3.10	%
5 Years	3.11
1 Year	-18.10
Class R6 Shares
Inception (12/29/17)	3.10	%
5 Years	3.11
1 Year	-18.16

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

The performance of the Fund’s share classes will differ primarily due to

different sales charge structures and class expenses.


32		Invesco Peak Retirement^™ Funds

Invesco Peak Retirement™ 2045 Fund’s Long-Term Performance

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

Fund and index data from 12/29/17

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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


33		Invesco Peak Retirement^™ Funds



Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	1.97	%
5 Years	1.97
1 Year	-23.34
Class C Shares
Inception (12/29/17)	2.34	%
5 Years	2.35
1 Year	-20.23
Class R Shares
Inception (12/29/17)	2.85	%
5 Years	2.86
1 Year	-19.06
Class Y Shares
Inception (12/29/17)	3.37	%
5 Years	3.37
1 Year	-18.67
Class R5 Shares
Inception (12/29/17)	3.39	%
5 Years	3.39
1 Year	-18.65
Class R6 Shares
Inception (12/29/17)	3.37	%
5 Years	3.37
1 Year	-18.67

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

The performance of the Fund’s share classes will differ primarily due to

different sales charge structures and class expenses.


34		Invesco Peak Retirement^™ Funds

Invesco Peak Retirement™ 2050 Fund’s Long-Term Performance

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

Fund and index data from 12/29/17

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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


35		Invesco Peak Retirement^™ Funds



Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	2.29	%
5 Years	2.29
1 Year	-23.30
Class C Shares
Inception (12/29/17)	2.66	%
5 Years	2.66
1 Year	-20.27
Class R Shares
Inception (12/29/17)	3.14	%
5 Years	3.15
1 Year	-18.97
Class Y Shares
Inception (12/29/17)	3.69	%
5 Years	3.69
1 Year	-18.67
Class R5 Shares
Inception (12/29/17)	3.69	%
5 Years	3.69
1 Year	-18.67
Class R6 Shares
Inception (12/29/17)	3.69	%
5 Years	3.69
1 Year	-18.67

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

The performance of the Fund’s share classes will differ primarily due to

different sales charge structures and class expenses.


36		Invesco Peak Retirement^™ Funds

Invesco Peak Retirement™ 2055 Fund’s Long-Term Performance

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

Fund and index data from 12/29/17

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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


37		Invesco Peak Retirement^™ Funds



Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	2.65	%
5 Years	2.65
1 Year	-23.22
Class C Shares
Inception (12/29/17)	3.03	%
5 Years	3.03
1 Year	-20.18
Class R Shares
Inception (12/29/17)	3.53	%
5 Years	3.54
1 Year	-18.88
Class Y Shares
Inception (12/29/17)	4.03	%
5 Years	4.04
1 Year	-18.56
Class R5 Shares
Inception (12/29/17)	4.07	%
5 Years	4.07
1 Year	-18.53
Class R6 Shares
Inception (12/29/17)	4.07	%
5 Years	4.07
1 Year	-18.53

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

The performance of the Fund’s share classes will differ primarily due to

different sales charge structures and class expenses.


38		Invesco Peak Retirement^™ Funds

Invesco Peak Retirement™ 2060 Fund’s Long-Term Performance

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

Fund and index data from 12/29/17

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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


39		Invesco Peak Retirement^™ Funds



Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	2.42	%
5 Years	2.42
1 Year	-23.41
Class C Shares
Inception (12/29/17)	2.81	%
5 Years	2.81
1 Year	-20.31
Class R Shares
Inception (12/29/17)	3.30	%
5 Years	3.30
1 Year	-19.14
Class Y Shares
Inception (12/29/17)	3.86	%
5 Years	3.87
1 Year	-18.70
Class R5 Shares
Inception (12/29/17)	3.86	%
5 Years	3.86
1 Year	-18.70
Class R6 Shares
Inception (12/29/17)	3.84	%
5 Years	3.85
1 Year	-18.77

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

The performance of the Fund’s share classes will differ primarily due to

different sales charge structures and class expenses.


40		Invesco Peak Retirement^™ Funds

Invesco Peak Retirement™ 2065 Fund’s Long-Term Performance

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

Fund and index data from 12/29/17

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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


41		Invesco Peak Retirement^™ Funds



Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges
Class A Shares
Inception (12/29/17)	3.01	%
5 Years	3.01
1 Year	-23.48
Class C Shares
Inception (12/29/17)	3.18	%
5 Years	3.18
1 Year	-20.31
Class R Shares
Inception (12/29/17)	3.69	%
5 Years	3.69
1 Year	-19.20
Class Y Shares
Inception (12/29/17)	4.22	%
5 Years	4.23
1 Year	-18.80
Class R5 Shares
Inception (12/29/17)	4.22	%
5 Years	4.23
1 Year	-18.80
Class R6 Shares
Inception (12/29/17)	4.22	%
5 Years	4.23
1 Year	-18.80

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

The performance of the Fund’s share classes will differ primarily due to

different sales charge structures and class expenses.


42		Invesco Peak Retirement^™ Funds

Supplemental Information

Each of the Peak Retirement Fund’s investment objective is total return over time, consistent with its strategic target allocation.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

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

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

About indexes used in this report

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

∎	The Russell 3000^® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/ service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

∎

The Custom Invesco Peak Retirement Destination Benchmark, Custom Invesco Peak Retirement 2010 Benchmark, Custom Invesco Peak Retirement 2015 Benchmark and Custom Invesco Peak Retirement 2020 Benchmark were created by Invesco to serve as style-specific benchmarks for the Invesco Peak Retirement^TM Destination Fund, Invesco Peak Retirement^TM 2010 Fund, Invesco Peak Retirement^TM 2015 Fund and Invesco Peak Retirement^TM 2020 Fund, respectively. Each benchmark is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index, Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Treasury Bellwethers (3 Month) Index.

∎

The Custom Invesco Peak Retirement 2025 Benchmark, Custom Invesco Peak Retirement 2030 Benchmark, Custom Invesco Peak Retirement 2035 Benchmark, Custom Invesco Peak Retirement 2040 Benchmark, Custom Invesco Peak Retirement 2045 Benchmark, Custom Invesco Peak Retirement 2050 Benchmark, Custom Invesco Peak Retirement 2055 Benchmark, Custom Invesco Peak Retirement 2060 Benchmark and Custom Invesco Peak Retirement 2065 Benchmark were created by Invesco to serve as style-specific benchmarks for the

Invesco Peak Retirement^TM 2025 Fund, Invesco Peak Retirement^TM 2030 Fund, Invesco Peak Retirement^TM 2035 Fund, Invesco Peak Retirement^TM 2040 Fund, Invesco Peak Retirement^TM 2045 Fund, Invesco Peak Retirement^TM 2050 Fund, Invesco Peak Retirement^TM 2055 Fund, Invesco Peak Retirement^TM 2060 Fund and Invesco Peak Retirement^TM 2065 Fund, respectively. Each benchmark is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index and Bloomberg U.S. Aggregate Bond Index.

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


43		Invesco Peak Retirement^™ Funds

Portfolio Composition*



Invesco Peak Retirement™ Destination Fund

By fund type, based on total investments

Money Market Funds	99.70	%

Fixed Income Funds	0.30

Invesco Peak Retirement™ 2010 Fund

By fund type, based on total investments

Money Market Funds	99.69	%

Fixed Income Funds	0.30

Equity Funds	0.01

Invesco Peak Retirement™ 2015 Fund

By fund type, based on total investments

Money Market Funds	99.71	%

Fixed Income Funds	0.29

Invesco Peak Retirement™ 2020 Fund

By fund type, based on total investments

Money Market Funds	94.14	%

Equity Funds	5.56

Fixed Income Funds	0.30

Invesco Peak Retirement™ 2025 Fund

By fund type, based on total investments

Money Market Funds	88.36	%

Equity Funds	11.38

Fixed Income Funds	0.26

Invesco Peak Retirement™ 2030 Fund

By fund type, based on total investments

Money Market Funds	87.14	%

Equity Funds	12.77

Fixed Income Funds	0.09

Invesco Peak Retirement™ 2035 Fund

By fund type, based on total investments

Money Market Funds	85.73	%

Equity Funds	14.17

Fixed Income Funds	0.10

Invesco Peak Retirement™ 2040 Fund

By fund type, based on total investments

Money Market Funds	83.51	%

Equity Funds	16.43

Fixed Income Funds	0.06



Invesco Peak Retirement™ 2045 Fund

By fund type, based on total investments

Money Market Funds	84.53	%

Equity Funds	15.43

Fixed Income Funds	0.04

Invesco Peak Retirement™ 2050 Fund

By fund type, based on total investments

Money Market Funds	85.52	%

Equity Funds	14.45

Fixed Income Funds	0.03

Invesco Peak Retirement™ 2055 Fund

By fund type, based on total investments

Money Market Funds	87.71	%

Equity Funds	12.26

Fixed Income Funds	0.03

Invesco Peak Retirement™ 2060 Fund

By fund type, based on total investments

Money Market Funds	86.62	%

Equity Funds	13.35

Fixed Income Funds	0.03

Invesco Peak Retirement™ 2065 Fund

By fund type, based on total investments

Money Market Funds	86.31	%

Equity Funds	13.66

Fixed Income Funds	0.03

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

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. Data presented here are as of December 31, 2022.


44		Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2022

Invesco Peak Retirement™ Destination Fund

Schedule of Investments in Affiliated Issuers–105.17%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	12/31/22			12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			12/31/22		12/31/22


Alternative Funds–0.00%
Invesco Global Real Estate Income Fund, Class R6^(b)		0.00	%	$	372,819	$	158,066	$	(439,153	)	$	(43,293	)	$	(44,967	)	$	5,087			1	$	8


Invesco Multi-Asset Income Fund, Class R6		-			201,619		69,536		(222,762	)		(3,119	)		(45,274	)		12,545			-		-


Total Alternative Funds					574,438		227,602		(661,915	)		(46,412	)		(90,241	)		17,632					8


Domestic Equity Funds–0.00%
Invesco PureBeta^SMMSCI USA ETF		-			-		186,701		(162,487	)		-			(24,214	)		1,693			-		-


Invesco S&P 500^® Enhanced Value ETF		-			432,173		112,201		(516,453	)		(90,077	)		62,156			9,089			-		-


Invesco S&P 500^® High Dividend Low Volatility ETF		-			544,492		153,321		(689,173	)		(74,156	)		65,516			18,742			-		-


Total Domestic Equity Funds					976,665		452,223		(1,368,113	)		(164,233	)		103,458			29,524					-


Fixed Income Funds–0.32%
Invesco Core Plus Bond Fund, Class R6		0.06	%		424,429		159,663		(502,290	)		6,571			(86,581	)		13,683			197		1,792


Invesco Floating Rate ESG Fund, Class R6		0.15	%		300,333		73,760		(344,313	)		(8,042	)		(16,956	)		17,490			720		4,782


Invesco High Yield Bond Factor ETF^(b)		-			336,808		78,340		(362,405	)		1,257			(52,766	)		13,812			-		-


Invesco Income Fund, Class R6		0.02	%		300,088		81,145		(340,575	)		(12,122	)		(27,760	)		10,118			113		776


Invesco Intermediate Bond Factor Fund, Class R6		0.07	%		199,563		74,466		(237,969	)		(663	)		(33,187	)		6,157			244		2,210


Invesco International Bond Fund, Class R6^(b)		0.02	%		277,190		105,491		(330,854	)		8,655			(51,741	)		1,370			134		576


Invesco Short Duration Inflation Protected Fund, Class R6		-			225,495		67,841		(269,052	)		(329	)		(23,955	)		14,634			-		-


Invesco Taxable Municipal Bond ETF		-			545,686		230,172		(645,407	)		(12,068	)		(118,383	)		15,846			-		-


Invesco Variable Rate Preferred ETF		-			225,763		46,648		(244,600	)		(7,769	)		(20,042	)		7,976			-		-


Total Fixed Income Funds					2,835,355		917,526		(3,277,465	)		(24,510	)		(431,371	)		101,086					10,136


Foreign Equity Funds–0.00%
Invesco S&P International Developed Low Volatility ETF		-			404,075		133,344		(468,018	)		(19,394	)		(50,007	)		16,222			-		-


Money Market Funds–104.85%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(c)		52.32	%		121,437		2,902,937		(1,363,441	)		-			-			2,573			1,660,933		1,660,933


Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(c)		52.53	%		135,061		2,902,937		(1,370,234	)		(1	)		(21	)		2,833			1,667,242		1,667,742


Total Money Market Funds					256,498		5,805,874		(2,733,675	)		(1	)		(21	)		5,406					3,328,675


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $3,338,823)		105.17	%		5,047,031		7,536,569		(8,509,186	)		(254,550	)		(468,182	)		169,870					3,338,819


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 4.28%^(c)		-			-		1,413,787		(1,413,787	)		-			-			149	^(d)		-		-


Invesco Private Prime Fund, 4.46%^(c)		-			-		3,311,971		(3,312,005	)		-			34			811	^(d)		-		-


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		-		4,725,758		(4,725,792	)		-			34			960					-


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $3,338,823)		105.17	%	$	5,047,031	$	12,262,327	$	(13,234,978	)	$	(254,550	)	$	(468,148	)	$	170,830				$	3,338,819


OTHER ASSETS LESS LIABILITIES		(5.17	)%																				(164,211	)


NET ASSETS		100.00	%																			$	3,174,608

Investment Abbreviations:

ETF - Exchange-Traded Fund

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


45		Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

December 31, 2022

Notes to Schedule of Investments:

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

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

^(c)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

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

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


46		Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2022

Invesco Peak Retirement™ 2010 Fund

Schedule of Investments in Affiliated Issuers–100.09%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	12/31/22			12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			12/31/22		12/31/22


Alternative Funds–0.00%
Invesco Global Real Estate Income Fund, Class R6^(b)		-		$	34,489	$	17,804	$	(42,581	)	$	(1,715	)	$	(7,616	)	$	554			-	$	-


Invesco Multi-Asset Income Fund, Class R6		-			16,259		10,396		(21,891	)		83			(4,847	)		1,264			-		-


Total Alternative Funds					50,748		28,200		(64,472	)		(1,632	)		(12,463	)		1,818					-


Domestic Equity Funds–0.01%
Invesco Main Street Small Cap Fund, Class R6		0.01	%		5,121		1,979		(6,278	)		257			(1,062	)		22			1		17


Invesco PureBeta^SMMSCI USA ETF		-			-		19,686		(17,216	)		-			(2,470	)		187			-		-


Invesco S&P 500^® Enhanced Value ETF		-			53,844		20,439		(70,553	)		(2,559	)		(1,171	)		1,275			-		-


Invesco S&P 500^® High Dividend Low Volatility ETF		-			65,249		24,706		(88,229	)		(1,874	)		148			2,500			-		-


Total Domestic Equity Funds					124,214		66,810		(182,276	)		(4,176	)		(4,555	)		3,984					17


Fixed Income Funds–0.30%
Invesco Core Plus Bond Fund, Class R6		0.05	%		47,477		20,758		(58,182	)		815			(10,665	)		1,683			22		203


Invesco Floating Rate ESG Fund, Class R6		0.14	%		33,672		12,850		(42,975	)		118			(3,126	)		2,135			82		539


Invesco High Yield Bond Factor ETF^(b)		-			36,478		11,690		(41,992	)		399			(6,424	)		1,666			-		-


Invesco Income Fund, Class R6		0.02	%		30,889		11,822		(37,990	)		345			(4,986	)		1,167			12		80


Invesco Intermediate Bond Factor Fund, Class R6		0.07	%		21,492		10,236		(27,329	)		127			(4,277	)		740			27		249


Invesco International Bond Fund, Class R6^(b)		0.02	%		28,349		12,335		(34,680	)		988			(5,976	)		143			14		62


Invesco Short Duration Inflation Protected Fund, Class R6		-			24,406		10,757		(32,041	)		450			(3,572	)		1,872			-		-


Invesco Taxable Municipal Bond ETF		-			61,504		25,771		(71,161	)		(271	)		(15,843	)		1,941			-		-


Invesco Variable Rate Preferred ETF		-			22,628		5,915		(25,548	)		194			(3,189	)		927			-		-


Total Fixed Income Funds					306,895		122,134		(371,898	)		3,165			(58,058	)		12,274					1,133


Foreign Equity Funds–0.01%
Invesco Developing Markets Fund, Class R6		0.01	%		6,304		1,897		(6,430	)		987			(2,734	)		56			1		24


Invesco S&P International Developed Low Volatility ETF		-			43,954		19,634		(54,755	)		(969	)		(7,864	)		2,014			-		-


Total Foreign Equity Funds					50,258		21,531		(61,185	)		18			(10,598	)		2,070					24


Money Market Funds–99.77%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(c)		34.92	%		10,297		252,362		(131,839	)		-			-			152			130,820		130,820


Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(c)		24.94	%		7,353		180,258		(94,168	)		1			(1	)		184			93,414		93,443


Invesco Treasury Portfolio, Institutional Class, 4.20%^(c)		39.91	%		11,768		288,413		(150,673	)		-			-			261			149,508		149,508


Total Money Market Funds					29,418		721,033		(376,680	)		1			(1	)		597					373,771


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $374,942)		100.09	%		561,533		959,708		(1,056,511	)		(2,624	)		(85,675	)		20,743					374,945


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 4.28%^(c)		-			-		23,699		(23,699	)		-			-			8	^(d)		-		-


Invesco Private Prime Fund, 4.46%^(c)		-			-		57,902		(57,902	)		-			-			21	^(d)		-		-


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		-		81,601		(81,601	)		-			-			29					-


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $374,942)		100.09	%	$	561,533	$	1,041,309	$	(1,138,112	)	$	(2,624	)	$	(85,675	)	$	20,772				$	374,945


OTHER ASSETS LESS LIABILITIES		(0.09	)%																				(321	)


NET ASSETS		100.00	%																			$	374,624

Investment Abbreviations:

ETF - Exchange-Traded Fund

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


47		Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

December 31, 2022

Notes to Schedule of Investments:

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

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

^(c)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

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

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


48		Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2022

Invesco Peak Retirement™ 2015 Fund

Schedule of Investments in Affiliated Issuers–100.16%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	12/31/22			12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			12/31/22		12/31/22


Alternative Funds–0.00%
Invesco Global Real Estate Income Fund, Class R6^(b)		-		$	74,415	$	23,874	$	(79,383	)	$	(10,675	)	$	(7,475	)	$	1,023			-	$	-


Invesco Multi-Asset Income Fund, Class R6		-			32,671		9,989		(33,964	)		(456	)		(8,240	)		2,235			-		-


Total Alternative Funds					107,086		33,863		(113,347	)		(11,131	)		(15,715	)		3,258					-


Domestic Equity Funds–0.00%
Invesco Main Street Small Cap Fund, Class R6		-			54,735		12,092		(58,761	)		(279	)		(7,787	)		181			-		-


Invesco PureBeta^SMMSCI USA ETF		-			-		41,847		(36,582	)		-			(5,265	)		373			-		-


Invesco S&P 500^® Enhanced Value ETF		-			165,264		22,516		(176,563	)		(31,574	)		20,357			3,329			-		-


Invesco S&P 500^® High Dividend Low Volatility ETF		-			203,307		22,720		(222,196	)		(23,579	)		19,748			6,768			-		-


Total Domestic Equity Funds					423,306		99,175		(494,102	)		(55,432	)		27,053			10,651					-


Fixed Income Funds–0.29%
Invesco Core Plus Bond Fund, Class R6		0.05	%		139,327		24,942		(137,734	)		1,814			(27,852	)		4,335			55		497


Invesco Floating Rate ESG Fund, Class R6		0.14	%		99,121		14,713		(104,680	)		(1,275	)		(6,525	)		5,432			198		1,354


Invesco High Yield Bond Factor ETF^(b)		-			102,530		16,268		(102,244	)		179			(16,341	)		4,325			-		-


Invesco Income Fund, Class R6		0.02	%		73,977		12,391		(76,250	)		(4,092	)		(5,857	)		2,545			25		169


Invesco Intermediate Bond Factor Fund, Class R6		0.07	%		64,528		11,974		(64,928	)		(379	)		(10,582	)		1,892			68		613


Invesco International Bond Fund, Class R6^(b)		0.01	%		74,264		18,017		(77,809	)		605			(12,735	)		334			31		132


Invesco Short Duration Inflation Protected Fund, Class R6		0.00	%		73,961		10,465		(76,579	)		(95	)		(7,744	)		4,765			1		8


Invesco Taxable Municipal Bond ETF		-			180,390		40,640		(178,379	)		(4,397	)		(38,254	)		5,058			-		-


Invesco Variable Rate Preferred ETF		-			57,594		9,390		(59,555	)		(1,625	)		(5,804	)		2,150			-		-


Total Fixed Income Funds					865,692		158,800		(878,158	)		(9,265	)		(131,694	)		30,836					2,773


Foreign Equity Funds–0.00%
Invesco EQV Emerging Markets All Cap Fund, Class R6^(c)		-			24,681		3,336		(23,999	)		2,615			(6,633	)		213			-		-


Invesco Developing Markets Fund, Class R6		-			24,876		5,895		(24,012	)		2,871			(9,630	)		183			-		-


Invesco S&P International Developed Low Volatility ETF		-			124,520		22,180		(124,934	)		(5,958	)		(15,808	)		4,886			-		-


Total Foreign Equity Funds					174,077		31,411		(172,945	)		(472	)		(32,071	)		5,282					-


Money Market Funds–99.87%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(d)		49.95	%		43,354		876,043		(445,399	)		-			-			769			473,998		473,998


Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(d)		49.92	%		43,051		876,044		(445,399	)		3			(7	)		787			473,550		473,692


Total Money Market Funds					86,405		1,752,087		(890,798	)		3			(7	)		1,556					947,690


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $950,462)		100.16	%		1,656,566		2,075,336		(2,549,350	)		(76,297	)		(152,434	)		51,583					950,463


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 4.28%^(d)		-			-		113,566		(113,566	)		-			-			31	^(e)		-		-


Invesco Private Prime Fund, 4.46%^(d)		-			-		256,372		(256,375	)		-			3			86	^(e)		-		-


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		-		369,938		(369,941	)		-			3			117					-


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $950,462)		100.16	%	$	1,656,566	$	2,445,274	$	(2,919,291	)	$	(76,297	)	$	(152,431	)	$	51,700				$	950,463


OTHER ASSETS LESS LIABILITIES		(0.16	)%																				(1,544	)


NET ASSETS		100.00	%																			$	948,919

Investment Abbreviations:

ETF - Exchange-Traded Fund

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


49		Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

December 31, 2022

Notes to Schedule of Investments:

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

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

^(c)	Effective February 28, 2022, the underlying fund’s name changed.

^(d)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

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

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


50		Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2022

Invesco Peak Retirement™ 2020 Fund

Schedule of Investments in Affiliated Issuers–100.61%(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	12/31/22			12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		12/31/22		12/31/22


Alternative Funds–0.00%
Invesco Global Real Estate Income Fund, Class R6^(b)		0.00	%	$	382,843	$	63,783	$	(356,843	)	$	(54,407	)	$	(31,883	)	$	4,785		1	$	5


Invesco Macro Allocation Strategy Fund, Class R6^(c)		0.00	%		123,136		-		(111,407	)		4,440			(16,164	)		-		1		5


Invesco Multi-Asset Income Fund, Class R6		0.00	%		125,351		39,551		(131,834	)		(1,050	)		(32,013	)		8,349		1		5


Total Alternative Funds					631,330		103,334		(600,084	)		(51,017	)		(80,060	)		13,134				15


Domestic Equity Funds–5.59%
Invesco Main Street Small Cap Fund, Class R6		0.00	%		586,764		88,068		(587,338	)		(3,043	)		(84,438	)		1,912		1		13


Invesco PureBeta^SMMSCI USA ETF		-			624,487		365,732		(845,841	)		(138,321	)		(6,057	)		8,831		-		-


Invesco Russell 1000^® Dynamic Multifactor ETF		-			821,239		55,776		(778,078	)		(158,781	)		59,844			7,175		-		-


Invesco S&P 500^® Enhanced Value ETF		-			379,840		203,338		(540,957	)		(73,414	)		31,193			9,964		-		-


Invesco S&P 500^® High Dividend Low Volatility ETF		-			514,109		248,589		(748,228	)		(70,188	)		55,718			21,775		-		-


Invesco U.S. Managed Volatility Fund, Class R6		5.59	%		820,799		93,799		(443,495	)		(162,861	)		36,613			7,590		28,759		317,819


Total Domestic Equity Funds					3,747,238		1,055,302		(3,943,937	)		(606,608	)		92,873			57,247				317,832


Fixed Income Funds–0.30%
Invesco Core Plus Bond Fund, Class R6		0.06	%		1,060,678		156,474		(1,031,697	)		19,795			(201,730	)		29,545		386		3,520


Invesco Floating Rate ESG Fund, Class R6		0.14	%		628,753		95,944		(669,731	)		(15,423	)		(31,401	)		32,521		1,226		8,142


Invesco High Yield Bond Factor ETF^(b)		-			749,467		56,078		(692,963	)		1,690			(111,645	)		29,011		-		-


Invesco Income Fund, Class R6		0.01	%		186,630		99,925		(255,103	)		(16,093	)		(14,822	)		7,820		78		537


Invesco Intermediate Bond Factor Fund, Class R6		0.08	%		493,721		76,693		(489,029	)		(2,768	)		(74,272	)		13,074		480		4,345


Invesco International Bond Fund, Class R6^(b)		0.01	%		375,455		94,575		(396,949	)		2,371			(64,059	)		1,628		157		675


Invesco Short Duration Inflation Protected Fund, Class R6		0.00	%		563,057		78,480		(588,114	)		1,383			(54,799	)		32,098		1		7


Invesco Taxable Municipal Bond ETF		-			1,373,344		238,571		(1,315,355	)		(14,357	)		(282,203	)		34,638		-		-


Invesco Variable Rate Investment Grade ETF		-			499,346		23,041		(516,849	)		(5,090	)		(448	)		7,083		-		-


Invesco Variable Rate Preferred ETF		-			185,898		59,624		(214,953	)		(1,063	)		(29,506	)		9,143		-		-


Total Fixed Income Funds					6,116,349		979,405		(6,170,743	)		(29,555	)		(864,885	)		196,561				17,226


Foreign Equity Funds–0.00%
Invesco EQV Emerging Markets All Cap Fund, Class R6^(d)		-			407,005		75,615		(419,320	)		44,576			(107,876	)		2,614		-		-


Invesco Developing Markets Fund, Class R6		-			409,798		66,351		(389,634	)		48,761			(135,276	)		1,866		-		-


Invesco International Small-Mid Company Fund, Class R6		-			194,395		27,162		(168,292	)		(9,859	)		(43,157	)		384		-		-


Invesco RAFI™ Strategic Developed ex-US ETF		-			313,297		12,365		(301,793	)		(19,262	)		(4,607	)		6,476		-		-


Invesco S&P International Developed Low Volatility ETF		-			187,338		174,434		(308,714	)		(10,791	)		(42,267	)		11,688		-		-


Total Foreign Equity Funds					1,511,833		355,927		(1,587,753	)		53,425			(333,183	)		23,028				-


Money Market Funds–94.72%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(e)		47.15	%		319,469		5,865,143		(3,504,597	)		-			-			4,332		2,680,015		2,680,015


Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(e)		47.57	%		343,753		5,865,144		(3,504,597	)		24			(97	)		4,857		2,703,416		2,704,227


Total Money Market Funds					663,222		11,730,287		(7,009,194	)		24			(97	)		9,189				5,384,242


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $5,756,592)		100.61	%		12,669,972		14,224,255		(19,311,711	)		(633,731	)		(1,185,352	)		299,159				5,719,315

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


51		Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

December 31, 2022

Invesco Peak Retirement™ 2020 Fund (continued)

Schedule of Investments in Affiliated Issuers–100.61%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	12/31/22			12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			12/31/22		12/31/22


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 4.28%^(e)		-		$	-	$	1,348,420	$	(1,348,420	)	$	-		$	-		$	350	^(f)		-	$	-


Invesco Private Prime Fund, 4.46%^(e)		-			-		3,262,539		(3,262,597	)		-			58			977	^(f)		-		-


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		-		4,610,959		(4,611,017	)		-			58			1,327					-


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $5,756,592)		100.61	%	$	12,669,972	$	18,835,214	$	(23,922,728	)	$	(633,731	)	$	(1,185,294	)^(g)	$	300,486				$	5,719,315


OTHER ASSETS LESS LIABILITIES		(0.61	)%																				(34,596	)


NET ASSETS		100.00	%																			$	5,684,719

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

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

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

^(c)	Non-income producing security.

^(d)	Effective February 28, 2022, the underlying fund’s name changed.

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

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

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


Fund Name	Capital Gain


Invesco International Small-Mid Company Fund	$	249
Invesco U.S. Managed Volatility Fund		27,036

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


52		Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2022

Invesco Peak Retirement™ 2025 Fund

Schedule of Investments in Affiliated Issuers–100.43%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	12/31/22			12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		12/31/22		12/31/22


Alternative Funds–0.00%
Invesco Global Real Estate Income Fund, Class R6^(b)		-		$	740,583	$	121,441	$	(683,842	)	$	(115,044	)	$	(56,102	)	$	9,040		-	$	-


Invesco Macro Allocation Strategy Fund, Class R6^(c)		-			492,821		23,268		(462,227	)		18,940			(72,802	)		-		-		-


Invesco Multi-Asset Income Fund, Class R6		0.00	%		-		55,338		(44,204	)		-			(11,128	)		2,918		1		6


Total Alternative Funds					1,233,404		200,047		(1,190,273	)		(96,104	)		(140,032	)		11,958				6


Domestic Equity Funds–11.43%
Invesco Discovery Mid Cap Growth Fund, Class R6^(c)		0.00	%		736,567		154,845		` (680,988	)		(30,733	)		(179,672	)		-		1		19


Invesco Main Street Small Cap Fund, Class R6		0.00	%		1,289,724		320,142		(1,405,811	)		854			(204,896	)		3,904		1		13


Invesco PureBeta^SMMSCI USA ETF		-			1,476,437		972,180		(2,061,095	)		(372,225	)		(15,297	)		24,574		-		-


Invesco Russell 1000^® Dynamic Multifactor ETF		-			2,150,998		378,560		(2,222,294	)		(553,060	)		245,796			24,409		-		-


Invesco S&P 500^® Enhanced Value ETF		-			-		149,618		(133,326	)		-			(16,292	)		2,826		-		-


Invesco S&P 500^® High Dividend Low Volatility ETF		-			-		199,454		(192,138	)		-			(7,316	)		6,542		-		-


Invesco U.S. Managed Volatility Fund, Class R6		11.43	%		3,436,423		565,969		(2,286,672	)		(634,334	)		50,422			30,215		92,685		1,024,177


Total Domestic Equity Funds					9,090,149		2,740,768		(8,982,324	)		(1,589,498	)		(127,255	)		92,470				1,024,209


Fixed Income Funds–0.26%
Invesco Core Plus Bond Fund, Class R6		0.05	%		1,726,190		395,137		(1,778,990	)		27,123			(364,588	)		53,871		535		4,872


Invesco Floating Rate ESG Fund, Class R6		0.12	%		991,922		120,761		(1,022,312	)		(45,764	)		(33,943	)		53,709		1,606		10,664


Invesco High Yield Bond Factor ETF^(b)		-			1,228,913		139,148		(1,148,769	)		4,340			(218,337	)		57,378		-		-


Invesco Income Fund, Class R6		0.01	%		493,541		26,032		(458,416	)		(43,759	)		(16,616	)		15,060		114		782


Invesco Intermediate Bond Factor Fund, Class R6		0.07	%		863,932		121,673		(834,259	)		(2,913	)		(142,133	)		23,387		695		6,300


Invesco International Bond Fund, Class R6^(b)		0.01	%		493,458		150,016		(538,062	)		(8,744	)		(80,189	)		2,073		170		732


Invesco Short Duration Inflation Protected Fund, Class R6		0.00	%		984,485		160,755		(1,037,007	)		5,512			(113,736	)		64,093		1		9


Invesco Taxable Municipal Bond ETF		-			2,706,477		775,561		(2,837,515	)		(33,610	)		(610,913	)		74,147		-		-


Invesco Variable Rate Investment Grade ETF		-			1,107,752		65,307		(1,155,627	)		(13,100	)		(4,332	)		20,338		-		-


Invesco Variable Rate Preferred ETF		-			-		78,579		(67,920	)		-			(10,659	)		3,331		-		-


Total Fixed Income Funds					10,596,670		2,032,969		(10,878,877	)		(110,915	)		(1,595,446	)		367,387				23,359


Foreign Equity Funds–0.00%
Invesco EQV Emerging Markets All Cap Fund, Class R6^(d)		0.00	%		985,018		137,197		(940,553	)		112,768			(294,410	)		5,411		1		20


Invesco Developing Markets Fund, Class R6		0.00	%		986,155		167,464		(918,478	)		129,401			(364,515	)		3,606		1		27


Invesco International Small-Mid Company Fund, Class R6		0.00	%		368,952		122,313		(358,586	)		(23,441	)		(108,681	)		813		1		30


Invesco PureBeta^SMFTSE Developed ex-North America ETF		-			245,879		86,960		(288,924	)		(28,085	)		(15,830	)		6,679		-		-


Invesco RAFI™ Strategic Developed ex-US ETF		-			738,383		80,141		(737,229	)		(46,254	)		(35,041	)		21,068		-		-


Invesco S&P International Developed Low Volatility ETF		-			369,187		20,521		(325,470	)		(26,343	)		(37,895	)		14,090		-		-


Total Foreign Equity Funds					3,693,574		614,596		(3,569,240	)		118,046			(856,372	)		51,667				77


Money Market Funds–88.74%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(e)		31.08	%		44		7,095,866		(4,311,348	)		-			-			3,210		2,784,562		2,784,562


Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(e)		22.15	%		-		5,068,476		(3,083,678	)		(16	)		6			2,375		1,984,192		1,984,788


Invesco Treasury Portfolio, Institutional Class, 4.20%^(e)		35.51	%		50		8,109,561		(4,927,254	)		-			-			3,626		3,182,357		3,182,357


Total Money Market Funds					94		20,273,903		(12,322,280	)		(16	)		6			9,211				7,951,707


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $9,077,665)		100.43	%		24,613,891		25,862,283		(36,942,994	)		(1,678,487	)		(2,719,099	)		532,693				8,999,358

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


53		Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

December 31, 2022

Invesco Peak Retirement™ 2025 Fund (continued)

Schedule of Investments in Affiliated Issuers–100.43%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	12/31/22			12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			12/31/22		12/31/22


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 4.28%^(e)		-		$	-	$	946,440	$	(946,440	)	$	-		$	-		$	130	^(f)		-	$	-


Invesco Private Prime Fund, 4.46%^(e)		-			-		1,789,159		(1,789,207	)		-			48			363	^(f)		-		-


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		-		2,735,599		(2,735,647	)		-			48			493					-


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $9,077,665)		100.43	%	$	24,613,891	$	28,597,882	$	(39,678,641	)	$	(1,678,487	)	$	(2,719,051	)^(g)	$	533,186				$	8,999,358


OTHER ASSETS LESS LIABILITIES		(0.43	)%																				(38,561	)


NET ASSETS		100.00	%																			$	8,960,797

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

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

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

^(c)	Non-income producing security.

^(d)	Effective February 28, 2022, the underlying fund’s name changed.

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

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

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


Fund Name	Capital Gain


Invesco International Small-Mid Company Fund	$	527
Invesco U.S. Managed Volatility Fund		107,631

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


54		Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2022

Invesco Peak Retirement™ 2030 Fund

Schedule of Investments in Affiliated Issuers–100.70%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	12/31/22			12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		12/31/22		12/31/22


Alternative Funds–0.00%
Invesco Global Real Estate Income Fund, Class R6^(b)		-		$	1,205,879	$	185,713	$	(1,094,996	)	$	(179,513	)	$	(106,159	)	$	16,108		-	$	-


Invesco Macro Allocation Strategy Fund, Class R6^(c)		0.00	%		750,559		78,817		(734,323	)		34,343			(129,392	)		-		1		4


Total Alternative Funds					1,956,438		264,530		(1,829,319	)		(145,170	)		(235,551	)		16,108				4


Domestic Equity Funds-12.86%
Invesco Discovery Mid Cap Growth Fund, Class R6^(c)		-			2,075,781		521,109		(1,944,188	)		(211,231	)		(441,471	)		-		-		-


Invesco Main Street Small Cap Fund, Class R6		0.00	%		2,074,596		418,747		(2,156,005	)		(5,255	)		(332,071	)		8,190		1		12


Invesco PureBeta^SMMSCI USA ETF		-			2,383,831		1,872,683		(3,586,195	)		(560,905	)		(109,414	)		44,018		-		-


Invesco Russell 1000^® Dynamic Multifactor ETF		-			4,728,485		967,299		(5,024,437	)		(950,752	)		279,405			57,104		-		-


Invesco S&P SmallCap Low Volatility ETF		-			389,373		18,049		(364,921	)		(127,720	)		85,219			7,547		-		-


Invesco U.S. Managed Volatility Fund, Class R6		12.86	%		6,249,164		1,181,260		(3,137,880	)		(1,342,385	)		134,821			76,220		254,611		2,813,479


Total Domestic Equity Funds					17,901,230		4,979,147		(16,213,626	)		(3,198,248	)		(383,511	)		193,079				2,813,491


Fixed Income Funds-0.10%
Invesco Core Plus Bond Fund, Class R6		0.03	%		1,378,230		551,802		(1,613,646	)		15,988			(326,453	)		51,875		650		5,921


Invesco Floating Rate ESG Fund, Class R6		-			1,146,365		245,439		(1,289,167	)		(36,871	)		(65,766	)		71,300		-		-


Invesco High Yield Bond Factor ETF^(b)		-			1,570,595		322,364		(1,600,426	)		4,139			(289,623	)		78,701		-		-


Invesco Income Fund, Class R6		0.01	%		776,409		55,495		(727,414	)		(56,700	)		(46,056	)		26,045		253		1,734


Invesco Intermediate Bond Factor Fund, Class R6		0.05	%		1,188,787		203,621		(1,176,421	)		(5,323	)		(199,206	)		35,575		1,265		11,458


Invesco International Bond Fund, Class R6^(b)		0.01	%		777,511		165,773		(796,578	)		7,473			(129,651	)		3,510		325		1,396


Invesco Short Duration Inflation Protected Fund, Class R6		-			759,760		263,075		(919,714	)		(5,632	)		(97,489	)		62,296		-		-


Invesco Taxable Municipal Bond ETF		-			3,814,823		963,223		(3,845,473	)		(52,548	)		(880,025	)		110,304		-		-


Invesco Variable Rate Investment Grade ETF		-			1,551,690		90,653		(1,617,471	)		(17,965	)		(6,907	)		32,536		-		-


Total Fixed Income Funds					12,964,170		2,861,445		(13,586,310	)		(147,439	)		(2,041,176	)		472,142				20,509


Foreign Equity Funds-0.00%
Invesco EQV Emerging Markets All Cap Fund, Class R6^(d)		0.00	%		1,795,416		311,582		(1,776,192	)		199,532			(530,307	)		13,603		1		31


Invesco Developing Markets Fund, Class R6		0.00	%		1,698,746		405,852		(1,692,228	)		216,184			(628,520	)		8,892		1		34


Invesco International Select Equity Fund, Class R6		-			793,839		74,605		(714,047	)		147,521			(301,918	)		2,108		-		-


Invesco International Small-Mid Company Fund, Class R6		-			610,297		179,984		(579,652	)		(38,788	)		(170,705	)		1,749		-		-


Invesco PureBeta^SMFTSE Developed ex-North America ETF		-			384,122		292,154		(581,472	)		(44,004	)		(50,800	)		15,131		-		-


Invesco RAFI™ Strategic Developed ex-US ETF		-			1,165,228		237,925		(1,267,382	)		(81,491	)		(54,280	)		35,665		-		-


Invesco S&P International Developed Low Volatility ETF		-			581,902		91,518		(567,272	)		(40,098	)		(66,050	)		23,287		-		-


Total Foreign Equity Funds					7,029,550		1,593,620		(7,178,245	)		358,856			(1,802,580	)		100,435				65


Money Market Funds-87.74%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(e)		30.70	%		133,179		12,457,023		(5,872,899	)		-			-			6,707		6,717,303		6,717,303


Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(e)		21.95	%		112,440		8,897,874		(4,209,122	)		30			(87	)		5,196		4,799,695		4,801,135


Invesco Treasury Portfolio, Institutional Class, 4.20%^(e)		35.09	%		152,204		14,236,598		(6,711,884	)		-			-			7,620		7,676,918		7,676,918


Total Money Market Funds					397,823		35,591,495		(16,793,905	)		30			(87	)		19,523				19,195,356


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $22,283,150)		100.70	%		40,249,211		45,290,237		(55,601,405	)		(3,131,971	)		(4,462,905	)		801,287				22,029,425

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


55		Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

December 31, 2022

Invesco Peak Retirement™ 2030 Fund (continued)

Schedule of Investments in Affiliated Issuers–100.70%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	12/31/22			12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			12/31/22		12/31/22


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 4.28%^(e)		-		$	2,658	$	866,376	$	(869,034	)	$	-		$	-		$	411	^(f)		-	$	-


Invesco Private Prime Fund, 4.46%^(e)		-			6,341		2,025,328		(2,031,694	)		-			25			1,142	^(f)		-		-


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		8,999		2,891,704		(2,900,728	)		-			25			1,553					-


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $22,283,150)		100.70	%	$	40,258,210	$	48,181,941	$	(58,502,133	)	$	(3,131,971	)	$	(4,462,880	)^(g)	$	802,840				$	22,029,425


OTHER ASSETS LESS LIABILITIES		(0.70	)%																				(152,102	)


NET ASSETS		100.00	%																			$	21,877,323

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

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

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

^(c)	Non-income producing security.

^(d)	Effective February 28, 2022, the underlying fund’s name changed.

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

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

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


Fund Name	Capital Gain


Invesco International Small-Mid Company Fund	$	1,136
Invesco U.S. Managed Volatility Fund		271,501

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


56		Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2022

Invesco Peak Retirement™ 2035 Fund

Schedule of Investments in Affiliated Issuers–100.67%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	12/31/22			12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		12/31/22		12/31/22


Alternative Funds–0.00%
Invesco Global Real Estate Income Fund, Class R6^(b)		-		$	629,536	$	237,971	$	(702,032	)	$	(79,658	)	$	(79,595	)	$	9,674		-	$	-


Invesco Macro Allocation Strategy Fund, Class R6^(c)		-			430,682		70,373		(447,195	)		21,209			(75,069	)		-		-		-


Total Alternative Funds					1,060,218		308,344		(1,149,227	)		(58,449	)		(154,664	)		9,674				-


Domestic Equity Funds–14.27%
Invesco Discovery Mid Cap Growth Fund, Class R6^(c)		0.00	%		1,433,670		690,556		(1,657,881	)		(130,002	)		(336,324	)		-		1		19


Invesco Main Street Small Cap Fund, Class R6		0.00	%		992,003		319,751		(1,136,653	)		(157,648	)		(17,439	)		4,760		1		14


Invesco PureBeta^SMMSCI USA ETF		-			1,503,774		1,584,294		(2,647,966	)		(322,506	)		(117,596	)		30,425		-		-


Invesco Russell 1000^® Dynamic Multifactor ETF		-			2,631,685		957,892		(3,172,159	)		(534,305	)		116,887			37,029		-		-


Invesco S&P SmallCap Low Volatility ETF		-			645,395		176,286		(746,388	)		(155,110	)		79,817			15,281		-		-


Invesco U.S. Managed Volatility Fund, Class R6		14.27	%		3,842,374		1,564,449		(2,268,526	)		(866,755	)		85,127			57,189		194,835		2,152,958


Total Domestic Equity Funds					11,048,901		5,293,228		(11,629,573	)		(2,166,326	)		(189,528	)		144,684				2,152,991


Fixed Income Funds–0.10%
Invesco Core Plus Bond Fund, Class R6		0.02	%		643,001		227,992		(738,417	)		9,417			(139,147	)		22,986		312		2,846


Invesco Floating Rate ESG Fund, Class R6		0.03	%		204,005		158,878		(331,745	)		(7,079	)		(19,174	)		18,529		736		4,885


Invesco High Yield Bond Factor ETF^(b)		-			644,373		219,913		(736,416	)		2,535			(127,271	)		35,565		-		-


Invesco Income Fund, Class R6		0.01	%		307,053		116,959		(375,397	)		(10,399	)		(37,307	)		12,295		133		909


Invesco Intermediate Bond Factor Fund, Class R6		0.04	%		539,239		172,197		(609,781	)		(900	)		(94,507	)		18,091		690		6,248


Invesco International Bond Fund, Class R6^(b)		0.00	%		310,686		140,214		(385,465	)		5,297			(59,320	)		1,830		171		734


Invesco Short Duration Inflation Protected Fund, Class R6		0.00	%		305,491		96,463		(362,182	)		(1,441	)		(38,324	)		24,180		1		7


Invesco Taxable Municipal Bond ETF		-			1,285,374		707,131		(1,634,044	)		(7,145	)		(351,316	)		44,813		-		-


Invesco Variable Rate Investment Grade ETF		-			628,079		128,842		(745,985	)		(13,885	)		2,949			15,497		-		-


Total Fixed Income Funds					4,867,301		1,968,589		(5,919,432	)		(23,600	)		(863,417	)		193,786				15,629


Foreign Equity Funds–0.00%
Invesco EQV Emerging Markets All Cap Fund, Class R6^(d)		0.00	%		1,172,252		387,117		(1,342,025	)		129,393			(346,718	)		10,075		1		19


Invesco Developing Markets Fund, Class R6		-			1,137,371		456,327		(1,316,813	)		138,478			(415,363	)		6,765		-		-


Invesco International Select Equity Fund, Class R6		0.00	%		427,096		110,232		(428,920	)		56,974			(165,376	)		1,688		1		6


Invesco International Small-Mid Company Fund, Class R6		0.00	%		421,070		211,189		(479,820	)		(16,145	)		(135,362	)		1,391		1		29


Invesco PureBeta^SMFTSE Developed ex-North America ETF		-			212,280		337,799		(487,465	)		(23,247	)		(39,367	)		11,480		-		-


Invesco RAFI™ Strategic Developed ex-US ETF		-			630,201		216,071		(768,985	)		(33,796	)		(43,491	)		20,746		-		-


Invesco S&P International Developed Low Volatility ETF		-			417,450		132,635		(473,959	)		(23,711	)		(52,415	)		17,202		-		-


Total Foreign Equity Funds					4,417,720		1,851,370		(5,297,987	)		227,946			(1,198,092	)		69,347				54


Money Market Funds–86.30%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(e)		30.20	%		106,048		8,474,254		(4,022,563	)		-			-			4,571		4,557,739		4,557,739


Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(e)		21.58	%		80,014		6,053,038		(2,876,747	)		(3	)		(44	)		3,451		3,255,281		3,256,258


Invesco Treasury Portfolio, Institutional Class, 4.20%^(e)		34.52	%		121,198		9,684,861		(4,597,215	)		-			-			5,190		5,208,844		5,208,844


Total Money Market Funds					307,260		24,212,153		(11,496,525	)		(3	)		(44	)		13,212				13,022,841


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $15,438,962)		100.67	%		21,701,400		33,633,684		(35,492,744	)		(2,020,432	)		(2,405,745	)		430,703				15,191,515

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


57		Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

December 31, 2022

Invesco Peak Retirement™ 2035 Fund (continued)

Schedule of Investments in Affiliated Issuers–100.67%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	12/31/22			12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			12/31/22		12/31/22


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 4.28%^(e)		-		$	-	$	2,018,168	$	(2,018,168	)	$	-		$	-		$	214	^(f)		-	$	-


Invesco Private Prime Fund, 4.46%^(e)		-			-		4,728,817		(4,728,781	)		-			(36	)		568	^(f)				-


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		-		6,746,985		(6,746,949	)		-			(36	)		782					-


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $15,438,962)		100.67	%	$	21,701,400	$	40,380,669	$	(42,239,693	)	$	(2,020,432	)	$	(2,405,781	)^(g)	$	431,485				$	15,191,515


OTHER ASSETS LESS LIABILITIES		(0.67	)%																				(100,485	)


NET ASSETS		100.00	%																			$	15,091,030

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

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

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

^(c)	Non-income producing security.

^(d)	Effective February 28, 2022, the underlying fund’s name changed.

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

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

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


Fund Name	Capital Gain


Invesco International Small-Mid Company Fund	$	903
Invesco U.S. Managed Volatility Fund		203,711

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


58		Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2022

Invesco Peak Retirement™ 2040 Fund

Schedule of Investments in Affiliated Issuers–100.20%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	12/31/22			12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		12/31/22		12/31/22


Alternative Funds–0.00%
Invesco Global Real Estate Income Fund, Class R6^(b)		-		$	504,635	$	169,154	$	(536,957	)	$	(78,493	)	$	(53,226	)	$	7,881		-	$	-


Invesco Macro Allocation Strategy Fund, Class R6^(c)		-			-		101,523		(90,585	)		-			(10,938	)		-		-		-


Total Alternative Funds					504,635		270,677		(627,542	)		(78,493	)		(64,164	)		7,881				-


Domestic Equity Funds–16.46%
Invesco Discovery Mid Cap Growth Fund, Class R6^(c)		-			2,314,564		953,023		(2,528,284	)		(113,016	)		(626,287	)		-		-		-


Invesco Main Street Small Cap Fund, Class R6		0.00	%		1,405,895		436,859		(1,616,759	)		(192,601	)		(33,382	)		6,107		1		12


Invesco PureBeta^SMMSCI USA ETF		-			2,518,932		1,950,560		(3,807,650	)		(487,194	)		(174,648	)		44,108		-		-


Invesco Russell 1000^® Dynamic Multifactor ETF		-			3,410,082		1,031,148		(3,926,587	)		(706,527	)		191,884			43,991		-		-


Invesco S&P SmallCap Low Volatility ETF		-			746,189		180,723		(823,242	)		(172,144	)		68,474			19,472		-		-


Invesco U.S. Managed Volatility Fund, Class R6		16.46	%		4,575,979		1,247,885		(1,931,959	)		(1,003,384	)		88,913			65,492		248,337		2,744,143


Total Domestic Equity Funds					14,971,641		5,800,198		(14,634,481	)		(2,674,866	)		(485,046	)		179,170				2,744,155


Fixed Income Funds–0.06%
Invesco Core Plus Bond Fund, Class R6		0.01	%		236,716		187,352		(357,531	)		3,406			(68,504	)		11,360		158		1,439


Invesco Floating Rate ESG Fund, Class R6		0.01	%		-		53,957		(49,062	)		-			(4,111	)		2,867		118		784


Invesco High Yield Bond Factor ETF^(b)		-			485,844		150,867		(538,845	)		1,372			(96,858	)		26,957		-		-


Invesco Income Fund, Class R6		0.00	%		235,490		58,531		(257,760	)		(16,113	)		(19,448	)		9,221		102		700


Invesco Intermediate Bond Factor Fund, Class R6		0.04	%		616,955		112,168		(616,726	)		(2,703	)		(102,965	)		19,295		743		6,729


Invesco International Bond Fund, Class R6^(b)		0.00	%		250,019		88,866		(288,508	)		8,453			(50,170	)		1,394		132		567


Invesco Short Duration Inflation Protected Fund, Class R6		0.00	%		-		81,296		(73,384	)		-			(7,905	)		4,978		1		7


Invesco Taxable Municipal Bond ETF		-			1,251,557		482,388		(1,423,488	)		(5,550	)		(304,907	)		38,373		-		-


Invesco Variable Rate Investment Grade ETF		-			635,346		122,138		(747,348	)		(14,785	)		4,649			14,056		-		-


Total Fixed Income Funds					3,711,927		1,337,563		(4,352,652	)		(25,920	)		(650,219	)		128,501				10,226


Foreign Equity Funds–0.00%
Invesco EQV Emerging Markets All Cap Fund, Class R6^(d)		-			1,472,347		372,177		(1,576,535	)		166,170			(434,159	)		12,754		-		-


Invesco Developing Markets Fund, Class R6		0.00	%		1,481,885		344,863		(1,477,274	)		180,634			(530,077	)		8,640		1		31


Invesco International Select Equity Fund, Class R6		-			627,575		111,769		(589,255	)		110,561			(260,650	)		2,255		-		-


Invesco International Small-Mid Company Fund, Class R6		-			509,130		194,167		(522,838	)		(32,594	)		(146,807	)		1,630		-		-


Invesco PureBeta^SMFTSE Developed ex-North America ETF		-			750,491		310,448		(920,151	)		(41,631	)		(99,157	)		22,135		-		-


Invesco RAFI™ Strategic Developed ex-US ETF		-			751,329		217,594		(889,412	)		(62,731	)		(16,780	)		22,840		-		-


Invesco S&P International Developed Low Volatility ETF		-			490,770		125,454		(533,160	)		(28,700	)		(54,364	)		19,553		-		-


Total Foreign Equity Funds					6,083,527		1,676,472		(6,508,625	)		291,709			(1,541,994	)		89,807				31


Money Market Funds–83.68%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(e)		29.29	%		84,618		9,594,729		(4,796,365	)		-			-			4,881		4,882,982		4,882,982


Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(e)		20.92	%		43,739		6,853,378		(3,409,257	)		(2	)		(22	)		3,651		3,486,789		3,487,836


Invesco Treasury Portfolio, Institutional Class, 4.20%^(e)		33.47	%		96,706		10,965,405		(5,481,560	)		-			-			5,543		5,580,551		5,580,551


Total Money Market Funds					225,063		27,413,512		(13,687,182	)		(2	)		(22	)		14,075				13,951,369


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $16,994,586)		100.20	%		25,496,793		36,498,422		(39,810,482	)		(2,487,572	)		(2,741,445	)		419,434				16,705,781

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


59		Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

December 31, 2022

Invesco Peak Retirement™ 2040 Fund (continued)

Schedule of Investments in Affiliated Issuers–100.20%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	12/31/22			12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			12/31/22		12/31/22


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 4.28%^(e)		-		$	-	$	1,050,651	$	(1,050,651	)	$	-		$	-		$	625	^(f)		-	$	-


Invesco Private Prime Fund, 4.46%^(e)		-			-		2,458,205		(2,458,238	)		-			33			1,720	^(f)		-		-


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		-		3,508,856		(3,508,889	)		-			33			2,345					-


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $16,994,586)		100.20	%	$	25,496,793	$	40,007,278	$	(43,319,371	)	$	(2,487,572	)	$	(2,741,412	)^(g)	$	421,779				$	16,705,781


OTHER ASSETS LESS LIABILITIES		(0.20	)%																				(33,548	)


NET ASSETS		100.00	%																			$	16,672,233

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

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

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

^(c)	Non-income producing security.

^(d)	Effective February 28, 2022, the underlying fund’s name changed.

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

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

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


Fund Name	Capital Gain


Invesco International Small-Mid Company Fund	$	1,058
Invesco U.S. Managed Volatility Fund		233,291

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


60		Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2022

Invesco Peak Retirement™ 2045 Fund

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


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	12/31/22			12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		12/31/22		12/31/22


Alternative Funds–0.00%
Invesco Global Real Estate Income Fund, Class R6^(b)		0.00	%	$	-	$	46,841	$	(37,087	)	$	-		$	(9,365	)	$	598		1	$	4


Domestic Equity Funds–15.40%
Invesco Discovery Mid Cap Growth Fund, Class R6^(c)		0.00	%		946,495		563,839		(1,180,539	)		(84,514	)		(245,265	)		-		1		16


Invesco Main Street Small Cap Fund, Class R6		-			630,619		229,084		(749,447	)		(130,036	)		19,780			3,087		-		-


Invesco PureBeta^SMMSCI USA ETF		-			1,250,754		1,204,936		(2,101,390	)		(294,636	)		(59,664	)		23,954		-		-


Invesco Russell 1000^® Dynamic Multifactor ETF		-			1,770,140		749,846		(2,247,572	)		(403,881	)		131,467			24,756		-		-


Invesco S&P SmallCap Low Volatility ETF		-			309,988		109,545		(375,603	)		(81,303	)		37,373			8,685		-		-


Invesco U.S. Managed Volatility Fund, Class R6		15.40	%		1,767,488		796,954		(860,821	)		(429,933	)		47,516			28,191		110,477		1,220,786


Total Domestic Equity Funds					6,675,484		3,654,204		(7,515,372	)		(1,424,303	)		(68,793	)		88,673				1,220,802


Fixed Income Funds–0.04%
Invesco Core Plus Bond Fund, Class R6		0.00	%		-		24,812		(21,090	)		-			(3,618	)		704		11		104


Invesco High Yield Bond Factor ETF^(b)		-			149,695		68,535		(186,745	)		305			(31,021	)		8,782		-		-


Invesco Income Fund, Class R6		0.00	%		-		23,787		(20,923	)		-			(2,803	)		736		9		61


Invesco Intermediate Bond Factor Fund, Class R6		0.04	%		260,448		87,457		(298,167	)		(1,286	)		(45,328	)		8,809		345		3,124


Invesco International Bond Fund, Class R6^(b)		0.00	%		-		24,736		(20,970	)		1			(3,106	)		115		12		50


Invesco Taxable Municipal Bond ETF		-			412,461		216,472		(517,854	)		(7,098	)		(103,981	)		13,957		-		-


Invesco Variable Rate Investment Grade ETF		-			198,626		60,633		(255,767	)		(5,141	)		1,649			5,053		-		-


Total Fixed Income Funds					1,021,230		506,432		(1,321,516	)		(13,219	)		(188,208	)		38,156				3,339


Foreign Equity Funds–0.00%
Invesco EQV Emerging Markets All Cap Fund, Class R6^(d)		-			653,355		262,991		(795,220	)		69,446			(190,572	)		6,130		-		-


Invesco Developing Markets Fund, Class R6		0.00	%		645,975		295,479		(777,426	)		77,130			(241,136	)		4,348		1		22


Invesco International Select Equity Fund, Class R6		-			253,368		92,461		(280,651	)		44,103			(109,281	)		1,058		-		-


Invesco International Small-Mid Company Fund, Class R6		0.00	%		198,838		130,398		(251,023	)		(18,537	)		(59,169	)		739		1		27


Invesco PureBeta^SMFTSE Developed ex-North America ETF		-			404,840		206,176		(526,481	)		(27,422	)		(57,113	)		13,869		-		-


Invesco RAFI™ Strategic Developed ex-US ETF		-			312,751		122,030		(398,216	)		(23,549	)		(13,016	)		10,059		-		-


Invesco S&P International Developed Low Volatility ETF		-			198,702		106,007		(264,949	)		(15,857	)		(23,903	)		9,203		-		-


Total Foreign Equity Funds					2,667,829		1,215,542		(3,293,966	)		105,314			(694,190	)		45,406				49


Money Market Funds–84.37%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(e)		29.53	%		50,583		4,574,830		(2,284,502	)		-			-			2,168		2,340,911		2,340,911


Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(e)		21.09	%		36,647		3,267,736		(1,632,291	)		6			(18	)		1,622		1,671,578		1,672,080


Invesco Treasury Portfolio, Institutional Class, 4.20%^(e)		33.75	%		57,809		5,228,377		(2,610,859	)		-			-			2,461		2,675,327		2,675,327


Total Money Market Funds					145,039		13,070,943		(6,527,652	)		6			(18	)		6,251				6,688,318


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $8,063,164)		99.81	%		10,509,582		18,493,962		(18,695,593	)		(1,332,202	)		(960,574	)		179,084				7,912,512

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


61		Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

December 31, 2022

Invesco Peak Retirement™ 2045 Fund (continued)

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


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	12/31/22			12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			12/31/22		12/31/22


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 4.28%^(e)		-		$	-	$	1,504,057	$	(1,504,057	)	$	-		$	-		$	247	^(f)		-	$	-


Invesco Private Prime Fund, 4.46%^(e)		-			-		3,674,267		(3,674,267	)		-			-			657	^(f)		-		-


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		-		5,178,324		(5,178,324	)		-			-			904					-


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $8,063,164)		99.81	%	$	10,509,582	$	23,672,286	$	(23,873,917	)	$	(1,332,202	)	$	(960,574	)^(g)	$	179,988				$	7,912,512


OTHER ASSETS LESS LIABILITIES		0.19	%																				15,241


NET ASSETS		100.00	%																			$	7,927,753

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

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

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

^(c)	Non-income producing security.

^(d)	Effective February 28, 2022, the underlying fund’s name changed.

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

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

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


Fund Name	Capital Gain


Invesco International Small-Mid Company Fund	$	480
Invesco U.S. Managed Volatility Fund		100,418

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


62		Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2022

Invesco Peak Retirement™ 2050 Fund

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


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	12/31/22			12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			12/31/22		12/31/22


Domestic Equity Funds–14.43%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		-		$	1,504,027	$	660,414	$	(1,633,114	)	$	(103,836	)	$	(427,491	)	$	-			-	$	-


Invesco Main Street Small Cap Fund, Class R6		-			1,156,101		291,796		(1,243,626	)		(180,698	)		(23,573	)		5,630			-		-


Invesco PureBeta^SMMSCI USA ETF		-			2,784,369		1,851,844		(3,923,720	)		(609,262	)		(103,231	)		48,522			-		-


Invesco Russell 1000^® Dynamic Multifactor ETF		-			3,526,641		926,287		(3,924,358	)		(689,113	)		160,543			47,235			-		-


Invesco S&P SmallCap Low Volatility ETF		-			639,665		152,327		(710,112	)		(151,023	)		69,143			16,432			-		-


Invesco U.S. Managed Volatility Fund, Class R6		14.43	%		2,970,457		895,885		(1,112,613	)		(718,593	)		93,709			45,486			177,991		1,966,823


Total Domestic Equity Funds					12,581,260		4,778,553		(12,547,543	)		(2,452,525	)		(230,900	)		163,305					1,966,823


Fixed Income Funds–0.03%
Invesco High Yield Bond Factor ETF^(c)		-			-		60,265		(50,831	)		-			(9,201	)		2,683			-		-


Invesco Intermediate Bond Factor Fund, Class R6		0.03	%		362,234		105,257		(397,822	)		(1,548	)		(63,677	)		12,422			491		4,444


Invesco Taxable Municipal Bond ETF		-			362,197		228,330		(484,693	)		(8,787	)		(97,047	)		13,227			-		-


Invesco Variable Rate Investment Grade ETF		-			180,532		45,865		(223,048	)		(5,136	)		1,787			4,813			-		-


Total Fixed Income Funds					904,963		439,717		(1,156,394	)		(15,471	)		(168,138	)		33,145					4,444


Foreign Equity Funds–0.00%
Invesco EQV Emerging Markets All Cap Fund, Class R6^(d)		0.00	%		1,205,045		300,887		(1,285,143	)		138,512			(359,280	)		11,364			1		21


Invesco Developing Markets Fund, Class R6		-			1,200,482		360,873		(1,258,494	)		162,203			(465,064	)		7,726			-		-


Invesco International Select Equity Fund, Class R6		-			547,693		127,936		(542,713	)		105,694			(238,610	)		2,140			-		-


Invesco International Small-Mid Company Fund, Class R6		-			403,682		189,530		(440,853	)		(30,540	)		(120,886	)		1,437			-		-


Invesco PureBeta^SMFTSE Developed ex-North America ETF		-			743,859		377,499		(965,379	)		(50,903	)		(105,076	)		24,584			-		-


Invesco RAFI™ Strategic Developed ex-US ETF		-			558,464		112,838		(611,258	)		(43,434	)		(16,610	)		17,382			-		-


Invesco S&P International Developed Low Volatility ETF		-			361,813		85,692		(382,392	)		(27,602	)		(37,511	)		15,261			-		-


Total Foreign Equity Funds					5,021,038		1,555,255		(5,486,232	)		253,930			(1,343,037	)		79,894					21


Money Market Funds–85.35%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(e)		29.87	%		73,058		7,412,644		(3,412,770	)		-			-			3,805			4,072,932		4,072,932


Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(e)		21.34	%		53,163		5,294,746		(2,438,655	)		9			(20	)		2,853			2,908,371		2,909,243


Invesco Treasury Portfolio, Institutional Class, 4.20%^(e)		34.14	%		83,494		8,471,594		(3,900,309	)		-			-			4,321			4,654,779		4,654,779


Total Money Market Funds					209,715		21,178,984		(9,751,734	)		9			(20	)		10,979					11,636,954


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $13,828,733)		99.81	%		18,716,976		27,952,509		(28,941,903	)		(2,214,057	)		(1,742,095	)		287,323					13,608,242


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 4.28%^(e)		-			23,637		730,397		(754,034	)		-			-			623	^(f)		-		-


Invesco Private Prime Fund, 4.46%^(e)		-			55,153		1,725,371		(1,780,632	)		5			103			1,698	^(f)		-		-


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		78,790		2,455,768		(2,534,666	)		5			103			2,321					-


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $13,828,733)		99.81	%	$	18,795,766	$	30,408,277	$	(31,476,569	)	$	(2,214,052	)	$	(1,741,992	)^(g)	$	289,644				$	13,608,242


OTHER ASSETS LESS LIABILITIES		0.19%																					26,355


NET ASSETS		100.00	%																			$	13,634,597

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


63		Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

December 31, 2022

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)	Effective February 28, 2022, the underlying fund’s name changed.

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

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

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


Fund Name	Capital Gain


Invesco International Small-Mid Company Fund	$	933
Invesco U.S. Managed Volatility Fund		162,022

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


64		Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2022

Invesco Peak Retirement™ 2055 Fund

Schedule of Investments in Affiliated Issuers–100.24%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	12/31/22			12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			12/31/22		12/31/22


Domestic Equity Funds–12.29%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		-		$	477,566	$	298,289	$	(603,105	)	$	(54,526	)	$	(118,224	)	$	-			-	$	-


Invesco Main Street Small Cap Fund, Class R6		-			374,943		166,545		(475,163	)		(73,124	)		6,799			2,213			-		-


Invesco PureBeta^SMMSCI USA ETF		-			901,330		809,617		(1,452,466	)		(225,783	)		(32,698	)		18,234			-		-


Invesco Russell 1000^® Dynamic Multifactor ETF		-			1,140,598		495,386		(1,452,728	)		(250,995	)		67,739			17,733			-		-


Invesco S&P SmallCap Low Volatility ETF		-			207,839		74,625		(252,170	)		(54,720	)		24,426			6,100			-		-


Invesco U.S. Managed Volatility Fund, Class R6		12.29	%		959,066		477,126		(479,520	)		(234,783	)		19,937			17,907			61,356		678,036


Total Domestic Equity Funds					4,061,342		2,321,588		(4,715,152	)		(893,931	)		(32,021	)		62,187					678,036


Fixed Income Funds–0.03%
Invesco Intermediate Bond Factor Fund, Class R6		0.03	%		119,752		43,855		(140,822	)		(391	)		(20,722	)		4,308			185		1,672


Invesco Taxable Municipal Bond ETF		-			116,975		53,142		(140,245	)		(2,430	)		(27,442	)		3,866			-		-


Invesco Variable Rate Investment Grade ETF		-			56,084		8,177		(63,363	)		(1,453	)		555			1,421			-		-


Total Fixed Income Funds					292,811		105,174		(344,430	)		(4,274	)		(47,609	)		9,595					1,672


Foreign Equity Funds–0.00%
Invesco EQV Emerging Markets All Cap Fund, Class R6^(c)		-			385,532		182,591		(496,423	)		40,969			(112,669	)		4,753			-		-


Invesco Developing Markets Fund, Class R6		-			388,876		208,651		(498,639	)		42,942			(141,830	)		3,196			-		-


Invesco International Select Equity Fund, Class R6		0.00	%		179,510		85,061		(218,632	)		21,135			(67,068	)		898			1		6


Invesco International Small-Mid Company Fund, Class R6		-			132,839		90,275		(170,931	)		(13,868	)		(37,945	)		569			-		-


Invesco PureBeta^SMFTSE Developed ex-North America ETF		-			235,286		176,755		(359,965	)		(24,273	)		(27,803	)		8,981			-		-


Invesco RAFI™ Strategic Developed ex-US ETF		-			177,978		78,951		(235,932	)		(19,119	)		(1,878	)		6,079			-		-


Invesco S&P International Developed Low Volatility ETF		-			119,413		48,904		(144,662	)		(10,054	)		(13,601	)		5,458			-		-


Total Foreign Equity Funds					1,619,434		871,188		(2,125,184	)		37,732			(402,794	)		29,934					6


Money Market Funds–87.92%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(d)		30.77	%		33,196		2,960,549		(1,295,306	)		-			-			1,622			1,698,439		1,698,439


Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(d)		21.98	%		23,712		2,114,676		(925,211	)		2			(6	)		1,215			1,212,810		1,213,173


Invesco Treasury Portfolio, Institutional Class, 4.20%^(d)		35.17	%		37,939		3,383,484		(1,480,350	)		-			-			1,843			1,941,073		1,941,073


Total Money Market Funds					94,847		8,458,709		(3,700,867	)		2			(6	)		4,680					4,852,685


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $5,618,285)		100.24	%		6,068,434		11,756,659		(10,885,633	)		(860,471	)		(482,430	)		106,396					5,532,399


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 4.28%^(d)		-			-		1,327,175		(1,327,175	)		-			-			78	^(e)		-		-


Invesco Private Prime Fund, 4.46%^(d)		-			-		3,278,531		(3,278,632	)		-			101			211	^(e)		-		-


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		-		4,605,706		(4,605,807	)		-			101			289					-


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $5,618,285)		100.24	%	$	6,068,434	$	16,362,365	$	(15,491,440	)	$	(860,471	)	$	(482,329	)^(f)	$	106,685				$	5,532,399


OTHER ASSETS LESS LIABILITIES		(0.24)%																					(13,180	)


NET ASSETS		100.00	%																			$	5,519,219

Investment Abbreviations:

ETF - Exchange-Traded Fund

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


65		Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

December 31, 2022

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	Effective February 28, 2022, the underlying fund’s name changed.

^(d)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

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

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


Fund Name	Capital Gain


Invesco International Small-Mid Company Fund	$	370
Invesco U.S. Managed Volatility Fund		63,790

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


66		Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2022

Invesco Peak Retirement™ 2060 Fund

Schedule of Investments in Affiliated Issuers–100.05%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	12/31/22			12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			12/31/22		12/31/22


Domestic Equity Funds–13.36%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		-		$	653,657	$	281,875	$	(711,785	)	$	(64,761	)	$	(158,986	)	$	-			-	$	-


Invesco Main Street Small Cap Fund, Class R6		-			501,079		111,822		(525,840	)		(110,820	)		23,759			2,391			-		-


Invesco PureBeta^SMMSCI USA ETF		-			1,197,089		813,842		(1,687,152	)		(313,061	)		(10,718	)		21,885			-		-


Invesco Russell 1000^® Dynamic Multifactor ETF		-			1,504,217		404,037		(1,668,399	)		(364,691	)		124,836			20,876			-		-


Invesco S&P SmallCap Low Volatility ETF		-			274,150		72,825		(308,490	)		(80,097	)		41,612			7,278			-		-


Invesco U.S. Managed Volatility Fund, Class R6		13.36	%		1,271,352		387,794		(445,325	)		(305,248	)		38,583			19,537			79,417		877,564


Total Domestic Equity Funds					5,401,544		2,072,195		(5,346,991	)		(1,238,678	)		59,086			71,967					877,564


Fixed Income Funds–0.03%
Invesco Intermediate Bond Factor Fund, Class R6		0.03	%		151,843		44,227		(167,504	)		(642	)		(26,039	)		5,134			208		1,885


Invesco Taxable Municipal Bond ETF		-			151,781		50,429		(164,111	)		(3,393	)		(34,706	)		4,778			-		-


Invesco Variable Rate Investment Grade ETF		-			75,857		7,301		(81,971	)		(750	)		(437	)		1,734			-		-


Total Fixed Income Funds					379,481		101,957		(413,586	)		(4,785	)		(61,182	)		11,646					1,885


Foreign Equity Funds–0.00%
Invesco EQV Emerging Markets All Cap Fund, Class R6^(c)		-			518,140		130,835		(554,860	)		49,717			(143,832	)		4,872			-		-


Invesco Developing Markets Fund, Class R6		-			513,027		160,246		(542,695	)		51,431			(182,009	)		3,313			-		-


Invesco International Select Equity Fund, Class R6		0.00	%		238,843		57,420		(236,719	)		34,660			(94,195	)		944			1		9


Invesco International Small-Mid Company Fund, Class R6		0.00	%		169,327		94,053		(198,691	)		(18,586	)		(45,676	)		606			1		34


Invesco PureBeta^SMFTSE Developed ex-North America ETF		-			310,760		164,597		(408,916	)		(30,188	)		(36,253	)		10,884			-		-


Invesco RAFI™ Strategic Developed ex-US ETF		-			237,709		60,445		(271,381	)		(30,418	)		3,645			7,341			-		-


Invesco S&P International Developed Low Volatility ETF		-			151,652		51,214		(174,968	)		(12,678	)		(15,220	)		6,431			-		-


Total Foreign Equity Funds					2,139,458		718,810		(2,388,230	)		43,938			(513,540	)		34,391					43


Money Market Funds–86.66%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(d)		30.30	%		36,215		3,105,202		(1,151,453	)		-			-			1,856			1,989,964		1,989,964


Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(d)		21.73	%		23,461		2,218,000		(814,014	)		3			(10	)		1,489			1,427,012		1,427,440


Invesco Treasury Portfolio, Institutional Class, 4.20%^(d)		34.63	%		41,389		3,548,802		(1,315,947	)		-			-			2,107			2,274,244		2,274,244


Total Money Market Funds					101,065		8,872,004		(3,281,414	)		3			(10	)		5,452					5,691,648


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $6,667,411)		100.05	%		8,021,548		11,764,966		(11,430,221	)		(1,199,522	)		(515,646	)		123,456					6,571,140


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 4.28%^(d)		-			-		942,838		(942,838	)		-			-			38	^(e)		-


Invesco Private Prime Fund, 4.46%^(d)		-			-		2,249,956		(2,249,956	)		-			-			101	^(e)		-


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		-		3,192,794		(3,192,794	)		-			-			139					-


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $6,667,411)		100.05	%	$	8,021,548	$	14,957,760	$	(14,623,015	)	$	(1,199,522	)	$	(515,646	)^(f)	$	123,595				$	6,571,140


OTHER ASSETS LESS LIABILITIES		(0.05	)%																				(3,071	)


NET ASSETS		100.00	%																			$	6,568,069

Investment Abbreviations:

ETF - Exchange-Traded Fund

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


67		Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

December 31, 2022

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	Effective February 28, 2022, the underlying fund’s name changed.

^(d)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

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

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


Fund Name	Capital Gain


Invesco International Small-Mid Company Fund	$	393
Invesco U.S. Managed Volatility Fund		69,592

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


68		Invesco Peak Retirement^™ Funds

Schedule of Investments

December 31, 2022

Invesco Peak Retirement™ 2065 Fund

Schedule of Investments in Affiliated Issuers–102.17%^(a)


	%of Net Assets 12/31/22			Value 12/31/21		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 12/31/22		Value 12/31/22



Domestic Equity Funds–13.95%
Invesco Discovery Mid Cap Growth Fund, Class R6^(b)		0.00	%	$	468,662	$	272,630	$	(566,655	)	$	(47,319	)	$	(127,294	)	$	-			1	$	24


Invesco Main Street Small Cap Fund, Class R6		0.00	%		366,309		160,785		(455,518	)		(70,229	)		(1,333	)		1,967			1		14


Invesco PureBeta^SMMSCI USA ETF		-			880,586		836,761		(1,455,829	)		(223,991	)		(37,527	)		17,710			-		-


Invesco Russell 1000^® Dynamic Multifactor ETF		-			1,114,386		475,324		(1,404,610	)		(242,782	)		57,682			16,819			-		-


Invesco S&P SmallCap Low Volatility ETF		-			205,547		81,989		(257,235	)		(53,949	)		23,648			5,982			-		-


Invesco U.S. Managed Volatility Fund, Class R6		13.95	%		936,993		487,944		(452,694	)		(238,927	)		24,482			15,915			63,447		701,104


Total Domestic Equity Funds					3,972,483		2,315,433		(4,592,541	)		(877,197	)		(60,342	)		58,393					701,142



Fixed Income Funds–0.03%
Invesco Intermediate Bond Factor Fund, Class R6		0.03	%		117,773		42,458		(137,066	)		(467	)		(21,193	)		4,101			166		1,505


Invesco Taxable Municipal Bond ETF		-			117,404		46,708		(133,746	)		(2,484	)		(27,882	)		3,804			-		-


Invesco Variable Rate Investment Grade ETF		-			58,716		17,321		(74,987	)		(528	)		(522	)		1,439			-		-


Total Fixed Income Funds					293,893		106,487		(345,799	)		(3,479	)		(49,597	)		9,344					1,505



Foreign Equity Funds–0.00%
Invesco EQV Emerging Markets All Cap Fund, Class R6^(c)		0.00	%		381,932		185,991		(491,866	)		38,590			(114,622	)		4,224			1		25


Invesco Developing Markets Fund, Class R6		0.00	%		382,309		211,543		(491,059	)		43,656			(146,428	)		2,841			1		21


Invesco International Select Equity Fund, Class R6		0.00	%		176,022		67,921		(197,783	)		26,280			(72,435	)		798			1		5


Invesco International Small-Mid Company Fund, Class R6		0.00	%		132,031		94,062		(173,577	)		(13,166	)		(38,994	)		506			1		28


Invesco PureBeta^SMFTSE Developed ex-North America ETF		-			234,640		154,197		(333,986	)		(23,171	)		(31,680	)		8,995			-		-


Invesco RAFI™ Strategic Developed ex-US ETF		-			176,159		69,570		(224,539	)		(17,871	)		(3,319	)		6,047			-		-


Invesco S&P International Developed Low Volatility ETF		-			117,466		46,575		(141,116	)		(9,780	)		(13,145	)		5,234			-		-


Total Foreign Equity Funds					1,600,559		829,859		(2,053,926	)		44,538			(420,623	)		28,645					79


Money Market Funds–88.19%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(d)		30.86	%		-		2,778,540		(1,228,294	)		-			-			1,442			1,550,246		1,550,246


Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(d)		22.07	%		9,691		1,984,672		(885,309	)		2			(14	)		1,138			1,108,709		1,109,042


Invesco Treasury Portfolio, Institutional Class, 4.20%^(d)		35.26	%		-		3,175,475		(1,403,766	)		-			-			1,639			1,771,709		1,771,709


Total Money Market Funds					9,691		7,938,687		(3,517,369	)		2			(14	)		4,219					4,430,997


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $5,231,918)		102.17	%		5,876,626		11,190,466		(10,509,635	)		(836,136	)		(530,576	)		100,601					5,133,723



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 4.28%^(d)		-			-		466,348		(466,348	)		-			-			4	^(e)		-		-


Invesco Private Prime Fund, 4.46%^(d)		-			-		1,088,121		(1,088,121	)		-			-			10	^(e)		-		-


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		-		1,554,469		(1,554,469	)		-			-			14					-


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $5,231,918)		102.17	%	$	5,876,626	$	12,744,935	$	(12,064,104	)	$	(836,136	)	$	(530,576	)^(f)	$	100,615				$	5,133,723


OTHER ASSETS LESS LIABILITIES		(2.17	)%																				(109,206	)


NET ASSETS		100.00	%																			$	5,024,517

Investment Abbreviations:

ETF - Exchange-Traded Fund

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


69		Invesco Peak Retirement^™ Funds

Schedule of Investments–(continued)

December 31, 2022

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	Effective February 28, 2022, the underlying fund’s name changed.

^(d)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

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

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


Fund Name	Capital Gain
Invesco International Small-Mid Company Fund	$	328
Invesco U.S. Managed Volatility Fund		56,694

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


70		Invesco Peak Retirement^™ Funds

Statements of Assets and Liabilities

December 31, 2022


	Invesco Peak Retirement™ Destination Fund			Invesco Peak Retirement™ 2010 Fund			Invesco Peak Retirement™ 2015 Fund			Invesco Peak Retirement™ 2020 Fund			Invesco Peak Retirement™ 2025 Fund			Invesco Peak Retirement™ 2030 Fund

Assets:

Investments in affiliated underlying funds, at value	$	3,338,819		$	374,945		$	950,463		$	5,719,315		$	8,999,358		$	22,029,425

Cash		347			-			-			-			5			-

Receivable for:
Fund expenses absorbed		-			10,700			-			-			-			-

Fund shares sold		91			-			-			1,215			35,947			17,133

Dividends - affiliated underlying funds		12,096			1,253			3,211			20,042			27,595			32,790

Investment for trustee deferred compensation and retirement plans		17,115			7,810			17,103			17,141			17,191			17,243

Other assets		54,564			27,479			53,761			54,014			54,586			58,479

Total assets		3,423,032			422,187			1,024,538			5,811,727			9,134,682			22,155,070


Liabilities:

Payable for:
Investments purchased - affiliated underlying funds		10,123			1,107			2,709			17,199			23,336			20,498

Fund shares reacquired		162,505			-			713			27,405			91,022			131,359

Amount due custodian		-			-			-			-			-			58,507

Accrued fees to affiliates		22,247			295			18,810			29,747			3,958			11,541

Accrued trustees’ and officers’ fees and benefits		3,318			3,756			3,229			2,744			2,753			2,761

Accrued other operating expenses		33,116			34,595			33,055			32,772			35,625			35,838

Trustee deferred compensation and retirement plans		17,115			7,810			17,103			17,141			17,191			17,243

Total liabilities		248,424			47,563			75,619			127,008			173,885			277,747

Net assets applicable to shares outstanding	$	3,174,608		$	374,624		$	948,919		$	5,684,719		$	8,960,797		$	21,877,323


Net assets consist of:

Shares of beneficial interest	$	3,704,314		$	467,427		$	1,120,693		$	6,960,420		$	11,728,469		$	26,510,946

Distributable earnings (loss)		(529,706	)		(92,803	)		(171,774	)		(1,275,701	)		(2,767,672	)		(4,633,623	)

	$	3,174,608		$	374,624		$	948,919		$	5,684,719		$	8,960,797		$	21,877,323

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


71		Invesco Peak Retirement^™ Funds

Statements of Assets and Liabilities–(continued)

December 31, 2022


	Invesco Peak Retirement™ Destination Fund		Invesco Peak Retirement™ 2010 Fund		Invesco Peak Retirement™ 2015 Fund		Invesco Peak Retirement™ 2020 Fund		Invesco Peak Retirement™ 2025 Fund		Invesco Peak Retirement™ 2030 Fund


Net Assets:

Class A	$	2,643,088	$	100,436	$	372,446	$	3,925,026	$	5,997,781	$	14,487,073

Class C	$	24,203	$	8,498	$	10,710	$	476,053	$	1,359,022	$	3,143,068

Class R	$	212,842	$	36,946	$	166,278	$	1,084,380	$	1,385,987	$	4,094,062

Class Y	$	36,453	$	8,479	$	36,327	$	92,509	$	199,645	$	134,511

Class R5	$	91,119	$	8,480	$	90,802	$	94,774	$	9,494	$	9,623

Class R6	$	166,903	$	211,785	$	272,356	$	11,977	$	8,868	$	8,986


Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		290,522		11,837		41,098		416,370		630,865		1,477,904

Class C		2,660		1,001		1,177		50,347		144,111		322,978

Class R		23,349		4,350		18,376		115,155		145,991		419,002

Class Y		4,001		1,001		4,001		9,767		20,953		13,670

Class R5		10,001		1,001		10,001		10,001		997		978

Class R6		18,319		25,001		30,001		1,264		931		913

Class A:
Net asset value per share	$	9.10	$	8.48	$	9.06	$	9.43	$	9.51	$	9.80

Maximum offering price per share (Net asset value ÷ 94.50%)	$	9.63	$	8.97	$	9.59	$	9.98	$	10.06	$	10.37

Class C:
Net asset value and offering price per share	$	9.10	$	8.49	$	9.10	$	9.46	$	9.43	$	9.73

Class R:
Net asset value and offering price per share	$	9.12	$	8.49	$	9.05	$	9.42	$	9.49	$	9.77

Class Y:
Net asset value and offering price per share	$	9.11	$	8.47	$	9.08	$	9.47	$	9.53	$	9.84

Class R5:
Net asset value and offering price per share	$	9.11	$	8.47	$	9.08	$	9.48	$	9.52	$	9.84

Class R6:
Net asset value and offering price per share	$	9.11	$	8.47	$	9.08	$	9.48	$	9.53	$	9.84

Cost of Investments in affiliated underlying funds	$	3,338,823	$	374,942	$	950,462	$	5,756,592	$	9,077,665	$	22,283,150

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


72		Invesco Peak Retirement^™ Funds

Statements of Assets and Liabilities-(continued)

December 31, 2022


	Invesco Peak Retirement™ 2035 Fund			Invesco Peak Retirement™ 2040 Fund			Invesco Peak Retirement™ 2045 Fund			Invesco Peak Retirement™ 2050 Fund			Invesco Peak Retirement™ 2055 Fund			Invesco Peak Retirement™ 2060 Fund

Assets:

Investments in affiliated underlying funds, at value	$	15,191,515		$	16,705,781		$	7,912,512		$	13,608,242		$	5,532,399		$	6,571,140

Cash		-			1,262			557			1,372			-			130

Receivable for:
Fund expenses absorbed		-			-			-			-			-			-

Fund shares sold		33,425			35,142			35,565			67,271			27,372			28,445

Dividends - affiliated underlying funds		23,606			18,903			6,998			11,137			4,683			5,536

Investment for trustee deferred compensation and retirement plans		17,174			17,184			17,138			17,162			17,119			17,125

Other assets		56,267			56,166			54,511			54,558			54,043			54,274

Total assets		15,321,987			16,834,438			8,027,281			13,759,742			5,635,616			6,676,650


Liabilities:

Payable for:
Investments purchased - affiliated underlying funds		15,604			10,201			3,319			4,442			1,664			1,876

Fund shares reacquired		92,708			87,726			7,488			56,591			17,643			23,607

Amount due custodian		60,245			-			-			-			16,820			-

Accrued fees to affiliates		6,983			8,532			35,777			8,858			26,778			28,170

Accrued trustees’ and officers’ fees and benefits		2,746			2,750			2,735			2,737			2,731			2,733

Accrued other operating expenses		35,497			35,812			33,071			35,355			33,642			35,070

Trustee deferred compensation and retirement plans		17,174			17,184			17,138			17,162			17,119			17,125

Total liabilities		230,957			162,205			99,528			125,145			116,397			108,581

Net assets applicable to shares outstanding	$	15,091,030		$	16,672,233		$	7,927,753		$	13,634,597		$	5,519,219		$	6,568,069


Net assets consist of:

Shares of beneficial interest	$	17,693,095		$	19,702,357		$	9,035,579		$	15,641,649		$	6,092,164		$	7,190,155

Distributable earnings (loss)		(2,602,065	)		(3,030,124	)		(1,107,826	)		(2,007,052	)		(572,945	)		(622,086	)

	$	15,091,030		$	16,672,233		$	7,927,753		$	13,634,597		$	5,519,219		$	6,568,069

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


73		Invesco Peak Retirement^™ Funds

Statements of Assets and Liabilities–(continued)

December 31, 2022


	Invesco Peak Retirement™ 2035 Fund		Invesco Peak Retirement™ 2040 Fund		Invesco Peak Retirement™ 2045 Fund		Invesco Peak Retirement™ 2050 Fund		Invesco Peak Retirement™ 2055 Fund		Invesco Peak Retirement™ 2060 Fund


Net Assets:

Class A	$	7,631,470	$	10,692,332	$	4,185,449	$	7,903,398	$	2,979,407	$	3,682,097

Class C	$	2,763,215	$	2,171,402	$	1,203,920	$	1,905,119	$	714,587	$	575,089

Class R	$	3,982,524	$	3,077,212	$	2,362,602	$	3,579,640	$	1,382,232	$	1,816,286

Class Y	$	695,392	$	713,069	$	53,022	$	18,356	$	61,777	$	128,555

Class R5	$	9,573	$	9,479	$	21,669	$	104,342	$	104,590	$	105,868

Class R6	$	8,856	$	8,739	$	101,091	$	123,742	$	276,626	$	260,174


Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		756,847		1,061,576		428,409		760,720		285,840		349,296

Class C		276,773		217,382		124,875		185,603		69,354		55,164

Class R		396,661		307,009		243,017		346,991		133,341		173,122

Class Y		68,704		70,510		5,410		1,759		5,915		12,143

Class R5		946		938		2,209		10,001		10,001		10,001

Class R6		875		864		10,314		11,859		26,455		24,582

Class A:
Net asset value per share	$	10.08	$	10.07	$	9.77	$	10.39	$	10.42	$	10.54

Maximum offering price per share (Net asset value ÷ 94.50%)	$	10.67	$	10.66	$	10.34	$	10.99	$	11.03	$	11.15

Class C:
Net asset value and offering price per share	$	9.98	$	9.99	$	9.64	$	10.26	$	10.30	$	10.43

Class R:
Net asset value and offering price per share	$	10.04	$	10.02	$	9.72	$	10.32	$	10.37	$	10.49

Class Y:
Net asset value and offering price per share	$	10.12	$	10.11	$	9.80	$	10.44	$	10.44	$	10.59

Class R5:
Net asset value and offering price per share	$	10.12	$	10.11	$	9.81	$	10.43	$	10.46	$	10.59

Class R6:
Net asset value and offering price per share	$	10.12	$	10.11	$	9.80	$	10.43	$	10.46	$	10.58

Cost of Investments in affiliated underlying funds	$	15,438,962	$	16,994,586	$	8,063,164	$	13,828,733	$	5,618,285	$	6,667,411

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


74		Invesco Peak Retirement^™ Funds

Statements of Assets and Liabilities–(continued)

December 31, 2022


	Invesco Peak Retirement™ 2065 Fund

Assets:

Investments in affiliated underlying funds, at value	$	5,133,723

Cash		1,172

Receivable for:
Fund shares sold		13,521

Dividends - affiliated underlying funds		4,272

Investment for trustee deferred compensation and retirement plans		17,118

Other assets		55,917

Total assets		5,225,723


Liabilities:

Payable for:
Investments purchased - affiliated underlying funds		1,502

Fund shares reacquired		119,108

Accrued fees to affiliates		26,658

Accrued trustees’ and officers’ fees and benefits		3,326

Accrued other operating expenses		33,494

Trustee deferred compensation and retirement plans		17,118

Total liabilities		201,206

Net assets applicable to shares outstanding	$	5,024,517


Net assets consist of:

Shares of beneficial interest	$	5,651,491

Distributable earnings (loss)		(626,974	)

	$	5,024,517

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


75		Invesco Peak Retirement^™ Funds

Statements of Assets and Liabilities–(continued)

December 31, 2022


	Invesco Peak Retirement™ 2065 Fund


Net Assets:

Class A	$	2,756,912

Class C	$	639,323

Class R	$	939,318

Class Y	$	323,085

Class R5	$	105,547

Class R6	$	260,332


Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		258,989

Class C		61,616

Class R		89,751

Class Y		30,613

Class R5		10,001

Class R6		24,671

Class A:
Net asset value per share	$	10.64

Maximum offering price per share
(Net asset value ÷ 94.50%)	$	11.26

Class C:
Net asset value and offering price per share	$	10.38

Class R:
Net asset value and offering price per share	$	10.47

Class Y:
Net asset value and offering price per share	$	10.55

Class R5:
Net asset value and offering price per share	$	10.55

Class R6:
Net asset value and offering price per share	$	10.55

Cost of Investments in affiliated underlying funds	$	5,231,918

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


76		Invesco Peak Retirement^™ Funds

Statements of Operations

For the year ended December 31, 2022


	Invesco Peak Retirement™ Destination Fund			Invesco Peak Retirement™ 2010 Fund			Invesco Peak Retirement™ 2015 Fund			Invesco Peak Retirement™ 2020 Fund			Invesco Peak Retirement™ 2025 Fund			Invesco Peak Retirement™ 2030 Fund

Investment income:

Dividends from affiliated underlying funds	$	169,870		$	20,743		$	51,583		$	299,159		$	532,693		$	801,287

Securities lending income		4,670			128			696			4,808			3,282			6,318

Total investment income		174,540			20,871			52,279			303,967			535,975			807,605


Expenses:

Administrative services fees		728			92			223			1,592			3,534			5,689

Custodian fees		15,801			14,825			15,369			15,616			19,996			20,003

Distribution fees:
Class A		10,185			653			1,941			17,702			40,817			60,282

Class C		951			328			1,438			12,335			28,193			49,603

Class R		1,257			188			808			8,781			14,775			38,174

Transfer agent fees – A, C, R and Y		3,284			–			1,322			10,158			19,148			45,098

Transfer agent fees – R5		35			3			34			50			3			3

Transfer agent fees – R6		64			63			102			7			3			2

Trustees’ and officers’ fees and benefits		16,925			18,013			16,750			15,916			15,466			16,039

Registration and filing fees		84,560			89,861			80,501			83,033			83,146			81,212

Reports to shareholders		9,151			(2,340	)		9,653			9,875			10,593			11,045

Professional services fees		38,310			44,372			42,361			36,292			33,724			37,194

Other		6,822			4,933			6,875			7,055			7,785			14,964

Total expenses		188,073			170,991			177,377			218,412			277,183			379,308

Less: Expenses reimbursed and/or expense offset arrangement(s)		(173,023	)		(169,317	)		(172,183	)		(173,172	)		(181,613	)		(212,886	)

Net expenses		15,050			1,674			5,194			45,240			95,570			166,422

Net investment income		159,490			19,197			47,085			258,727			440,405			641,183


Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Affiliated underlying fund shares		(468,148	)		(85,675	)		(152,431	)		(1,212,579	)		(2,827,209	)		(4,735,517	)

Capital gain distributions from affiliated underlying fund shares		–			–			–			27,285			108,158			272,637

		(468,148)			(85,675	)		(152,431	)		(1,185,294	)		(2,719,051	)		(4,462,880	)
Change in net unrealized appreciation (depreciation) of affiliated underlying fund shares		(254,550	)		(2,624	)		(76,297	)		(633,731	)		(1,678,487	)		(3,131,971	)

Net realized and unrealized gain (loss)		(722,698	)		(88,299	)		(228,728	)		(1,819,025	)		(4,397,538	)		(7,594,851	)

Net increase (decrease) in net assets resulting from operations	$	(563,208	)	$	(69,102	)	$	(181,643	)	$	(1,560,298	)	$	(3,957,133	)	$	(6,953,668	)

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


77		Invesco Peak Retirement^™ Funds

Statements of Operations–(continued)

For the year ended December 31, 2022


	Invesco Peak Retirement^™ 2035 Fund			Invesco Peak Retirement^™ 2040 Fund			Invesco Peak Retirement^™ 2045 Fund			Invesco Peak Retirement^™ 2050 Fund			Invesco Peak Retirement^™ 2055 Fund			Invesco Peak Retirement^™ 2060 Fund

Investment income:

Dividends from affiliated underlying funds	$	430,703		$	419,434		$	179,084		$	287,323		$	106,396		$	123,456

Securities lending income		2,374			8,934			2,864			7,062			963			533

Total investment income		433,077			428,368			181,948			294,385			107,359			123,989


Expenses:

Administrative services fees		3,339			3,699			1,642			2,745			964			1,183

Custodian fees		19,703			19,832			16,281			19,333			15,997			15,802

Distribution fees:
Class A		29,656			36,354			13,865			25,929			8,618			10,712

Class C		37,283			28,387			19,906			27,771			9,605			7,265

Class R		26,237			30,237			14,926			22,808			7,718			11,350

Transfer agent fees – A, C, R and Y		29,669			41,203			24,589			45,978			22,374			23,924

Transfer agent fees – R5		3			3			7			46			41			42

Transfer agent fees – R6		3			3			35			54			108			102

Trustees’ and officers’ fees and benefits		15,570			15,918			16,308			15,880			16,285			16,299

Registration and filing fees		82,667			82,746			81,680			82,361			80,852			81,189

Reports to shareholders		9,933			11,232			10,367			11,322			10,775			10,872

Professional services fees		35,290			35,280			38,039			36,991			36,549			37,827

Other		8,108			7,881			7,788			8,630			7,135			8,876

Total expenses		297,461			312,775			245,433			299,848			217,021			225,443

Less: Expenses reimbursed and/or expense offset arrangement(s)		(193,290	)		(200,892	)		(188,042	)		(208,773	)		(185,435	)		(187,856	)

Net expenses		104,171			111,883			57,391			91,075			31,586			37,587

Net investment income		328,906			316,485			124,557			203,310			75,773			86,402


Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Affiliated underlying fund shares		(2,610,395	)		(2,975,761	)		(1,061,472	)		(1,904,947	)		(546,489	)		(585,631	)

Capital gain distributions from affiliated underlying fund shares		204,614			234,349			100,898			162,955			64,160			69,985

		(2,405,781	)		(2,741,412	)		(960,574	)		(1,741,992	)		(482,329	)		(515,646	)
Change in net unrealized appreciation (depreciation) of affiliated underlying fund shares		(2,020,432	)		(2,487,572	)		(1,332,202	)		(2,214,052	)		(860,471	)		(1,199,522	)

Net realized and unrealized gain (loss)		(4,426,213	)		(5,228,984	)		(2,292,776	)		(3,956,044	)		(1,342,800	)		(1,715,168	)

Net increase (decrease) in net assets resulting from operations	$	(4,097,307	)	$	(4,912,499	)	$	(2,168,219	)	$	(3,752,734	)	$	(1,267,027	)	$	(1,628,766	)

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


78		Invesco Peak Retirement^™ Funds

Statements of Operations–(continued)

For the year ended December 31, 2022


	Invesco Peak Retirement™ 2065 Fund

Investment income:

Dividends from affiliated underlying funds	$	100,601

Securities lending income		197

Total investment income		100,798


Expenses:

Administrative services fees		953

Custodian fees		16,104

Distribution fees:
Class A		9,448

Class C		8,511

Class R		4,472

Transfer agent fees – A, C, R and Y		20,926

Transfer agent fees – R5		38

Transfer agent fees – R6		94

Trustees’ and officers’ fees and benefits		16,957

Registration and filing fees		81,457

Reports to shareholders		10,799

Professional services fees		36,625

Other		6,518

Total expenses		212,902

Less: Expenses reimbursed and/or expense offset arrangement(s)		(184,988	)

Net expenses		27,914

Net investment income		72,884


Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Affiliated underlying fund shares		(587,598	)

Capital gain distributions from affiliated underlying fund shares		57,022

		(530,576	)

Change in net unrealized appreciation (depreciation) of affiliated underlying fund shares		(836,136	)

Net realized and unrealized gain (loss)		(1,366,712	)

Net increase (decrease) in net assets resulting from operations	$	(1,293,828	)

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


79		Invesco Peak Retirement^™ Funds

Statements of Changes in Net Assets

For the years ended December 31, 2022 and 2021


	Invesco Peak Retirement™ Destination Fund						Invesco Peak Retirement™ 2010 Fund

	2022			2021			2022			2021¹

Operations:

Net investment income	$	159,490		$	116,854		$	19,197		$	7,745

Net realized gain (loss)		(468,148	)		99,323			(85,675	)		1,021

Change in net unrealized appreciation (depreciation)		(254,550	)		103,691			(2,624	)		2,627

Net increase (decrease) in net assets resulting from operations		(563,208	)		319,868			(69,102	)		11,393


Distributions to shareholders from distributable earnings:

Class A		(161,790	)		(122,091	)		(6,407	)		(3,991	)

Class C		(2,595	)		(4,689	)		(1,232	)		(293	)

Class R		(11,176	)		(4,481	)		(2,258	)		(147	)

Class Y		(1,715	)		(1,533	)		(619	)		(170	)

Class R5		(4,288	)		(3,830	)		(619	)		(170	)

Class R6		(7,856	)		(10,099	)		(15,456	)		(4,234	)

Total distributions from distributable earnings		(189,420	)		(146,723	)		(26,591	)		(9,005	)


Return of capital:

Class A		(9,803	)		–			(160	)		–

Class C		(167	)		–			(31	)		–

Class R		(618	)		–			(56	)		–

Class Y		(102	)		–			(15	)		–

Class R5		(255	)		–			(15	)		–

Class R6		(466	)		–			(385	)		–

Total return of capital		(11,411	)		–			(662	)		–

Total distributions		(200,831	)		(146,723	)		(27,253	)		(9,005	)


Share transactions–net:

Class A		(985,867	)		2,200,144			(111,328	)		255,454

Class C		(139,281	)		52,186			(10,209	)		23,677

Class R		33,412			174,752			30,957			10,010

Class Y		–			–			–			10,010

Class R5		–			–			–			10,010

Class R6		–			(125,000	)		–			250,010

Net increase (decrease) in net assets resulting from share transactions		(1,091,736	)		2,302,082			(90,580	)		559,171

Net increase (decrease) in net assets		(1,855,775	)		2,475,227			(186,935	)		561,559


Net assets:

Beginning of year		5,030,383			2,555,156			561,559			–

End of year	$	3,174,608		$	5,030,383		$	374,624		$	561,559

¹	For the period April 30, 2021 (commencement date) through December 31, 2021.

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


80		Invesco Peak Retirement^™ Funds

Statements of Changes in Net Assets–(continued)

For the years ended December 31, 2022 and 2021


	Invesco Peak Retirement™ 2015 Fund						Invesco Peak Retirement™ 2020 Fund

	2022			2021			2022			2021

Operations:

Net investment income	$	47,085		$	37,375		$	258,727		$	191,194

Net realized gain (loss)		(152,431	)		55,519			(1,185,294	)		271,443

Change in net unrealized appreciation (depreciation)		(76,297	)		19,689			(633,731	)		337,450

Net increase (decrease) in net assets resulting from operations		(181,643	)		112,583			(1,560,298	)		800,087


Distributions to shareholders from distributable earnings:

Class A		(19,450	)		(42,807	)		(294,572	)		(213,028	)

Class C		(1,992	)		(4,266	)		(22,430	)		(31,885	)

Class R		(8,096	)		(7,309	)		(62,705	)		(49,260	)

Class Y		(2,162	)		(2,263	)		(5,948	)		(3,278	)

Class R5		(5,405	)		(5,656	)		(6,325	)		(3,290	)

Class R6		(16,213	)		(16,965	)		(799	)		(415	)

Total distributions from distributable earnings		(53,318	)		(79,266	)		(392,779	)		(301,156	)


Return of capital:

Class A		–			–			(4,041	)		–

Class C		–			–			(288	)		–

Class R		–			–			(848	)		–

Class Y		–			–			(82	)		–

Class R5		–			–			(88	)		–

Class R6		–			–			(11	)		–

Total return of capital		–			–			(5,358	)		–

Total distributions		(53,318	)		(79,266	)		(398,137	)		(301,156	)


Share transactions–net:

Class A		(402,817	)		354,103			(3,229,527	)		5,145,005

Class C		(96,633	)		79,853			(997,171	)		687,349

Class R		32,135			33,255			(743,950	)		992,508

Class Y		–			–			(2,605	)		18,996

Class R5		–			–			–			–

Class R6		–			–			–			(342,261	)

Net increase (decrease) in net assets resulting from share transactions		(467,315	)		467,211			(4,973,253	)		6,501,597

Net increase (decrease) in net assets		(702,276	)		500,528			(6,931,688	)		7,000,528


Net assets:

Beginning of year		1,651,195			1,150,667			12,616,407			5,615,879

End of year	$	948,919		$	1,651,195		$	5,684,719		$	12,616,407

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


81		Invesco Peak Retirement^™ Funds

Statements of Changes in Net Assets–(continued)

For the years ended December 31, 2022 and 2021


	Invesco Peak Retirement™ 2025 Fund						Invesco Peak Retirement™ 2030 Fund

	2022			2021			2022			2021

Operations:

Net investment income	$	440,405		$	337,181		$	641,183		$	461,001

Net realized gain (loss)		(2,719,051	)		600,088			(4,462,880	)		1,024,157

Change in net unrealized appreciation (depreciation)		(1,678,487	)		773,451			(3,131,971	)		1,715,655

Net increase (decrease) in net assets resulting from operations		(3,957,133	)		1,710,720			(6,953,668	)		3,200,813


Distributions to shareholders from distributable earnings:

Class A		(439,439	)		(583,246	)		(724,908	)		(685,743	)

Class C		(84,068	)		(68,321	)		(113,639	)		(113,045	)

Class R		(105,299	)		(78,006	)		(184,165	)		(195,139	)

Class Y		(14,041	)		(5,978	)		(12,290	)		(8,986	)

Class R5		(673	)		(400	)		(492	)		(354	)

Class R6		(628	)		(373	)		(459	)		(330	)

Total distributions from distributable earnings		(644,148	)		(736,324	)		(1,035,953	)		(1,003,597	)


Share transactions–net:

Class A		(9,427,981	)		8,885,404			(6,437,048	)		10,496,539

Class C		(880,350	)		620,530			(1,351,976	)		3,261,560

Class R		(818,125	)		1,274,847			(2,422,194	)		5,212,127

Class Y		55,048			58,095			(132,705	)		152,458

Class R5		–			(11,500	)		–			(13,200	)

Class R6		–			(241,000	)		–			(247,800	)

Net increase (decrease) in net assets resulting from share transactions		(11,071,408	)		10,586,376			(10,343,923	)		18,861,684

Net increase (decrease) in net assets		(15,672,689	)		11,560,772			(18,333,544	)		21,058,900


Net assets:

Beginning of year		24,633,486			13,072,714			40,210,867			19,151,967

End of year	$	8,960,797		$	24,633,486		$	21,877,323		$	40,210,867

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


82		Invesco Peak Retirement^™ Funds

Statements of Changes in Net Assets–(continued)

For the years ended December 31, 2022 and 2021


	Invesco Peak Retirement™ 2035 Fund						Invesco Peak Retirement™ 2040 Fund

	2022			2021			2022			2021

Operations:

Net investment income	$	328,906		$	197,149		$	316,485		$	178,691

Net realized gain (loss)		(2,405,781	)		568,961			(2,741,412	)		859,336

Change in net unrealized appreciation (depreciation)		(2,020,432	)		950,355			(2,487,572	)		1,315,285

Net increase (decrease) in net assets resulting from operations		(4,097,307	)		1,716,465			(4,912,499	)		2,353,312


Distributions to shareholders from distributable earnings:

Class A		(327,371	)		(238,266	)		(498,841	)		(380,303	)

Class C		(98,450	)		(57,018	)		(77,076	)		(61,528	)

Class R		(160,039	)		(87,421	)		(138,374	)		(152,803	)

Class Y		(30,038	)		(22,894	)		(32,839	)		(20,701	)

Class R5		(434	)		(279	)		(456	)		(341	)

Class R6		(402	)		(258	)		(420	)		(315	)

Total distributions from distributable earnings		(616,734	)		(406,136	)		(748,006	)		(615,991	)


Share transactions–net:

Class A		(1,548,267	)		6,842,713			(946,694	)		9,845,398

Class C		(257,480	)		1,297,132			(264,427	)		1,690,961

Class R		201,084			2,778,093			(2,115,556	)		3,635,819

Class Y		(123,426	)		181,478			124,714			148,539

Class R5		–			(15,300	)		–			(15,800	)

Class R6		–			(255,600	)		–			(259,627	)

Net increase (decrease) in net assets resulting from share transactions		(1,728,089	)		10,828,516			(3,201,963	)		15,045,290

Net increase (decrease) in net assets		(6,442,130	)		12,138,845			(8,862,468	)		16,782,611


Net assets:

Beginning of year		21,533,160			9,394,315			25,534,701			8,752,090

End of year	$	15,091,030		$	21,533,160		$	16,672,233		$	25,534,701

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


83		Invesco Peak Retirement^™ Funds

Statements of Changes in Net Assets–(continued)

For the years ended December 31, 2022 and 2021


	Invesco Peak Retirement™ 2045 Fund						Invesco Peak Retirement™ 2050 Fund

	2022			2021			2022			2021

Operations:

Net investment income	$	124,557		$	59,353		$	203,310		$	104,818

Net realized gain (loss)		(960,574	)		798,815			(1,741,992	)		632,926

Change in net unrealized appreciation (depreciation)		(1,332,202	)		337,220			(2,214,052	)		1,259,118

Net increase (decrease) in net assets resulting from operations		(2,168,219	)		1,195,388			(3,752,734	)		1,996,862


Distributions to shareholders from distributable earnings:

Class A		(206,124	)		(302,919	)		(410,377	)		(130,266	)

Class C		(58,755	)		(109,043	)		(80,706	)		(20,742	)

Class R		(103,795	)		(146,818	)		(173,511	)		(50,988	)

Class Y		(2,724	)		(9,954	)		(9,508	)		(3,548	)

Class R5		(1,165	)		(1,836	)		(5,724	)		(2,009	)

Class R6		(5,438	)		(8,574	)		(6,787	)		(2,383	)

Total distributions from distributable earnings		(378,001	)		(579,144	)		(686,613	)		(209,936	)


Share transactions–net:

Class A		68,517			1,504,835			191,190			6,370,678

Class C		(332,051	)		868,924			(435,433	)		1,613,084

Class R		422,885			1,056,939			(150,520	)		3,198,334

Class Y		(104,901	)		90,962			(186,513	)		25,547

Class R6		–			(151,323	)		–			(252,177	)

Net increase (decrease) in net assets resulting from share transactions		54,450			3,370,337			(581,276	)		10,955,466

Net increase (decrease) in net assets		(2,491,770	)		3,986,581			(5,020,623	)		12,742,392


Net assets:

Beginning of year		10,419,523			6,432,942			18,655,220			5,912,828

End of year	$	7,927,753		$	10,419,523		$	13,634,597		$	18,655,220

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


84		Invesco Peak Retirement^™ Funds

Statements of Changes in Net Assets–(continued)

For the years ended December 31, 2022 and 2021


	Invesco Peak Retirement™ 2055 Fund						Invesco Peak Retirement™ 2060 Fund

	2022			2021			2022			2021

Operations:

Net investment income	$	75,773		$	33,473		$	86,402		$	48,523

Net realized gain (loss)		(482,329	)		291,103			(515,646	)		268,291

Change in net unrealized appreciation (depreciation)		(860,471	)		316,026			(1,199,522	)		568,481

Net increase (decrease) in net assets resulting from operations		(1,267,027	)		640,602			(1,628,766	)		885,295


Distributions to shareholders from distributable earnings:

Class A		(141,409	)		(66,088	)		(149,478	)		(45,493	)

Class C		(26,708	)		(14,818	)		(18,680	)		(3,877	)

Class R		(60,495	)		(22,001	)		(71,071	)		(21,456	)

Class Y		(3,120	)		(1,616	)		(5,572	)		(2,068	)

Class R5		(5,358	)		(3,165	)		(4,723	)		(1,789	)

Class R6		(14,166	)		(8,355	)		(11,610	)		(4,398	)

Total distributions from distributable earnings		(251,256	)		(116,043	)		(261,134	)		(79,081	)


Share transactions–net:

Class A		575,166			1,380,513			494,252			1,828,671

Class C		(51,354	)		466,789			17,402			353,917

Class R		522,418			634,653			(8,912	)		1,294,374

Class Y		(8,370	)		24,729			4,445			50,517

Class R6		618			(50,468	)		–			(75,705	)

Net increase (decrease) in net assets resulting from share transactions		1,038,478			2,456,216			507,187			3,451,774

Net increase (decrease) in net assets		(479,805	)		2,980,775			(1,382,713	)		4,257,988


Net assets:

Beginning of year		5,999,024			3,018,249			7,950,782			3,692,794

End of year	$	5,519,219		$	5,999,024		$	6,568,069		$	7,950,782

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


85		Invesco Peak Retirement^™ Funds

Statements of Changes in Net Assets–(continued)

For the years ended December 31, 2022 and 2021


	Invesco Peak Retirement™ 2065 Fund

	2022			2021

Operations:

Net investment income	$	72,884		$	35,826

Net realized gain (loss)		(530,576	)		282,443

Change in net unrealized appreciation (depreciation)		(836,136	)		324,919

Net increase (decrease) in net assets resulting from operations		(1,293,828	)		643,188


Distributions to shareholders from distributable earnings:

Class A		(136,459	)		(75,209	)

Class C		(25,468	)		(14,232	)

Class R		(45,560	)		(13,144	)

Class Y		(17,334	)		(8,069	)

Class R5		(5,570	)		(3,303	)

Class R6		(13,739	)		(8,149	)

Total distributions from distributable earnings		(244,130	)		(122,106	)


Share transactions–net:

Class A		169,929			1,672,785

Class C		(16,160	)		507,429

Class R		470,083			302,528

Class Y		9,227			172,572

Class R6		–			(75,693	)

Net increase (decrease) in net assets resulting from share transactions		633,079			2,579,621

Net increase (decrease) in net assets		(904,879	)		3,100,703


Net assets:

Beginning of year		5,929,396			2,828,693

End of year	$	5,024,517		$	5,929,396

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


86		Invesco Peak Retirement^™ Funds

Financial Highlights

The following schedules present financial highlights for a share of each Fund outstanding throughout the periods indicated.

Invesco Peak Retirement™ Destination Fund


	Net asset value, beginning of period			Net investment income^(a)(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Return of capital				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Year ended 12/31/22		$	10.67		$	0.33		$	(1.47	)		$	(1.14	)		$	(0.33	)		$	(0.08	)		$	(0.02	)		$	(0.43	)		$	9.10		(10.77	)%		$	2,643		0.31	%		3.96	%		3.38	%		41	%
Year ended 12/31/21			10.14			0.29			0.60				0.89				(0.31	)			(0.05	)			–				(0.36	)			10.67		8.84				4,286		0.30			3.73			2.77			48
Year ended 12/31/20			10.17			0.30			0.05				0.35				(0.37	)			(0.01	)			–				(0.38	)			10.14		3.71				1,948		0.35			11.12			3.11			130
Year ended 12/31/19			9.27			0.40			0.93				1.33				(0.37	)			(0.06	)			–				(0.43	)			10.17		14.50				486		0.37			21.66			3.97			30
Period ended 12/31/18^(f)			10.00			0.34			(0.72	)			(0.38	)			(0.35	)			–				–				(0.35	)			9.27		(3.90	)			38		0.37	^(g)		52.02	^(g)		3.47	^(g)		4
Class C
Year ended 12/31/22			10.67			0.26			(1.47	)			(1.21	)			(0.26	)			(0.08	)			(0.02	)			(0.36	)			9.10		(11.44	)			24		1.06			4.71			2.63			41
Year ended 12/31/21			10.14			0.21			0.60				0.81				(0.23	)			(0.05	)			–				(0.28	)			10.67		8.08				180		1.05			4.48			2.02			48
Year ended 12/31/20			10.16			0.23			0.06				0.29				(0.30	)			(0.01	)			–				(0.31	)			10.14		3.03				119		1.10			11.87			2.36			130
Year ended 12/31/19			9.27			0.32			0.92				1.24				(0.29	)			(0.06	)			–				(0.35	)			10.16		13.53				93		1.12			22.41			3.22			30
Period ended 12/31/18^(f)			10.00			0.26			(0.71	)			(0.45	)			(0.28	)			–				–				(0.28	)			9.27		(4.56	)			9		1.12	^(g)		52.77	^(g)		2.72	^(g)		4
Class R
Year ended 12/31/22			10.68			0.30			(1.45	)			(1.15	)			(0.31	)			(0.08	)			(0.02	)			(0.41	)			9.12		(10.88	)			213		0.56			4.21			3.13			41
Year ended 12/31/21			10.14			0.27			0.59				0.86				(0.27	)			(0.05	)			–				(0.32	)			10.68		8.63				219		0.55			3.98			2.52			48
Year ended 12/31/20			10.17			0.28			0.05				0.33				(0.35	)			(0.01	)			–				(0.36	)			10.14		3.45				42		0.60			11.37			2.86			130
Year ended 12/31/19			9.27			0.37			0.93				1.30				(0.34	)			(0.06	)			–				(0.40	)			10.17		14.21				10		0.62			21.91			3.72			30
Period ended 12/31/18^(f)			10.00			0.31			(0.72	)			(0.41	)			(0.32	)			–				–				(0.32	)			9.27		(4.12	)			9		0.62	^(g)		52.27	^(g)		3.22	^(g)		4
Class Y
Year ended 12/31/22			10.67			0.35			(1.45	)			(1.10	)			(0.35	)			(0.08	)			(0.03	)			(0.46	)			9.11		(10.44	)			36		0.06			3.71			3.63			41
Year ended 12/31/21			10.15			0.32			0.58				0.90				(0.33	)			(0.05	)			–				(0.38	)			10.67		9.01				43		0.05			3.48			3.02			48
Year ended 12/31/20			10.17			0.32			0.06				0.38				(0.39	)			(0.01	)			–				(0.40	)			10.15		4.07				41		0.10			10.87			3.36			130
Year ended 12/31/19			9.28			0.42			0.92				1.34				(0.39	)			(0.06	)			–				(0.45	)			10.17		14.66				41		0.12			21.41			4.22			30
Period ended 12/31/18^(f)			10.00			0.36			(0.71	)			(0.35	)			(0.37	)			–				–				(0.37	)			9.28		(3.57	)			37		0.12	^(g)		51.77	^(g)		3.72	^(g)		4
Class R5
Year ended 12/31/22			10.67			0.35			(1.45	)			(1.10	)			(0.35	)			(0.08	)			(0.03	)			(0.46	)			9.11		(10.44	)			91		0.06			3.67			3.63			41
Year ended 12/31/21			10.15			0.32			0.58				0.90				(0.33	)			(0.05	)			–				(0.38	)			10.67		9.01				107		0.05			3.39			3.02			48
Year ended 12/31/20			10.17			0.32			0.06				0.38				(0.39	)			(0.01	)			–				(0.40	)			10.15		4.07				101		0.10			10.73			3.36			130
Year ended 12/31/19			9.28			0.42			0.92				1.34				(0.39	)			(0.06	)			–				(0.45	)			10.17		14.66				102		0.12			21.26			4.22			30
Period ended 12/31/18^(f)			10.00			0.36			(0.71	)			(0.35	)			(0.37	)			–				–				(0.37	)			9.28		(3.57	)			93		0.12	^(g)		51.22	^(g)		3.72	^(g)		4
Class R6
Year ended 12/31/22			10.67			0.35			(1.45	)			(1.10	)			(0.35	)			(0.08	)			(0.03	)			(0.46	)			9.11		(10.44	)			167		0.06			3.67			3.63			41
Year ended 12/31/21			10.14			0.32			0.59				0.91				(0.33	)			(0.05	)			–				(0.38	)			10.67		9.11				196		0.05			3.39			3.02			48
Year ended 12/31/20			10.17			0.32			0.05				0.37				(0.39	)			(0.01	)			–				(0.40	)			10.14		3.97				304		0.10			10.73			3.45			130
Year ended 12/31/19			9.28			0.42			0.92				1.34				(0.39	)			(0.06	)			–				(0.45	)			10.17		14.66				305		0.12			21.26			4.22			30
Period ended 12/31/18^(f)			10.00			0.36			(0.71	)			(0.35	)			(0.37	)			–				–				(0.37	)			9.28		(3.57	)			278		0.12	^(g)		51.22	^(g)		3.72	^(g)		4

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

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

Estimated acquired fund fees from underlying funds were 0.42%, 0.46%, 0.50%, 0.47% and 0.44% for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively.

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

^(f)	Commencement date of January 3, 2018.

^(g)	Annualized.

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


87		Invesco Peak Retirement^™ Funds

Financial Highlights–(continued)

Invesco Peak Retirement™ 2010 Fund


	Net asset value, beginning of period			Net investment income^(a)(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Return of capital				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Year ended 12/31/22		$	10.13		$	0.30		$	(1.37	)		$	(1.07	)		$	(0.56	)		$	(0.01	)		$	(0.01	)		$	(0.58	)		$	8.48		(10.54	)%		$	100		0.34	%		29.28	%		3.23	%		46	%
Period ended 12/31/21^(f)			10.00			0.19			0.10				0.29				(0.16	)			–				–				(0.16	)			10.13		2.94				254		0.35	^(g)		55.68	^(g)		2.86	^(g)		2
Class C
Year ended 12/31/22			10.12			0.23			(1.37	)			(1.14	)			(0.47	)			(0.01	)			(0.01	)			(0.49	)			8.49		(11.25	)			8		1.09			30.03			2.48			46
Period ended 12/31/21^(f)			10.00			0.14			0.11				0.25				(0.13	)			–				–				(0.13	)			10.12		2.47				24		1.10	^(g)		56.43	^(g)		2.11	^(g)		2
Class R
Year ended 12/31/22			10.13			0.27			(1.35	)			(1.08	)			(0.54	)			(0.01	)			(0.01	)			(0.56	)			8.49		(10.70	)			37		0.59			29.53			2.98			46
Period ended 12/31/21^(f)			10.00			0.18			0.10				0.28				(0.15	)			–				–				(0.15	)			10.13		2.78				10		0.60	^(g)		55.93	^(g)		2.61	^(g)		2
Class Y
Year ended 12/31/22			10.15			0.33			(1.38	)			(1.05	)			(0.60	)			(0.01	)			(0.02	)			(0.63	)			8.47		(10.34	)			8		0.09			29.03			3.48			46
Period ended 12/31/21^(f)			10.00			0.21			0.11				0.32				(0.17	)			–				–				(0.17	)			10.15		3.21				10		0.10	^(g)		55.43	^(g)		3.11	^(g)		2
Class R5
Year ended 12/31/22			10.15			0.33			(1.38	)			(1.05	)			(0.60	)			(0.01	)			(0.02	)			(0.63	)			8.47		(10.34	)			8		0.09			29.06			3.48			46
Period ended 12/31/21^(f)			10.00			0.21			0.11				0.32				(0.17	)			–				–				(0.17	)			10.15		3.21				10		0.10	^(g)		54.32	^(g)		3.11	^(g)		2
Class R6
Year ended 12/31/22			10.15			0.33			(1.38	)			(1.05	)			(0.60	)			(0.01	)			(0.02	)			(0.63	)			8.47		(10.34	)			212		0.09			29.06			3.48			46
Period ended 12/31/21^(f)			10.00			0.21			0.11				0.32				(0.17	)			–				–				(0.17	)			10.15		3.21				254		0.10	^(g)		54.32	^(g)		3.11	^(g)		2

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

In addition to the fees and expenses, which the Funds bear directly, the Funds indirectly bear a pro rata share of the fees and expenses of the underlying funds in which they invest. Because the underlying funds have varied expenses and fee levels and the Funds may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Funds will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Funds. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Funds invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Funds’ total return. Estimated acquired fund fees from underlying funds were 0.42% and 0.39% for the year ended December 31, 2022 and 2021, respectively.

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

^(f)	Commencement date of April 30, 2021.

^(g)	Annualized.

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


88		Invesco Peak Retirement^™ Funds

Financial Highlights–(continued)

Invesco Peak Retirement™ 2015 Fund


	Net asset value, beginning of period			Net investment income^(a)(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Year ended 12/31/22		$	10.68		$	0.31		$	(1.43	)		$	(1.12	)		$	(0.47	)		$	(0.03	)		$	(0.50	)		$	9.06		(10.55	)%		$	372		0.32	%		11.69	%		3.13	%		24	%
Year ended 12/31/21			10.36			0.27			0.59				0.86				(0.30	)			(0.24	)			(0.54	)			10.68		8.37				888		0.32			10.91			2.47			69
Year ended 12/31/20			10.30			0.31			0.05				0.36				(0.30	)			(0.00	)			(0.30	)			10.36		3.53				520		0.36			18.52			3.13			75
Year ended 12/31/19			9.35			0.36			0.98				1.34				(0.33	)			(0.06	)			(0.39	)			10.30		14.25				181		0.39			23.68			3.54			68
Period ended 12/31/18^(f)			10.00			0.31			(0.68	)			(0.37	)			(0.28	)			–				(0.28	)			9.35		(3.73	)			121		0.38	^(g)		45.25	^(g)		3.11	^(g)		5
Class C
Year ended 12/31/22			10.63			0.23			(1.42	)			(1.19	)			(0.31	)			(0.03	)			(0.34	)			9.10		(11.26	)			11		1.07			12.44			2.38			24
Year ended 12/31/21			10.29			0.19			0.60				0.79				(0.21	)			(0.24	)			(0.45	)			10.63		7.68				131		1.07			11.66			1.72			69
Year ended 12/31/20			10.28			0.23			0.05				0.28				(0.27	)			(0.00	)			(0.27	)			10.29		2.81				50		1.11			19.27			2.38			75
Year ended 12/31/19			9.30			0.27			0.97				1.24				(0.20	)			(0.06	)			(0.26	)			10.28		13.29				10		1.14			24.43			2.79			68
Period ended 12/31/18^(f)			10.00			0.23			(0.67	)			(0.44	)			(0.26	)			–				(0.26	)			9.30		(4.42	)			109		1.13	^(g)		46.00	^(g)		2.36	^(g)		5
Class R
Year ended 12/31/22			10.66			0.28			(1.43	)			(1.15	)			(0.43	)			(0.03	)			(0.46	)			9.05		(10.79	)			166		0.57			11.94			2.88			24
Year ended 12/31/21			10.33			0.24			0.60				0.84				(0.27	)			(0.24	)			(0.51	)			10.66		8.20				161		0.57			11.16			2.22			69
Year ended 12/31/20			10.28			0.29			0.05				0.34				(0.29	)			(0.00	)			(0.29	)			10.33		3.37				123		0.61			18.77			2.88			75
Year ended 12/31/19			9.34			0.33			0.96				1.29				(0.29	)			(0.06	)			(0.35	)			10.28		13.78				10		0.64			23.93			3.29			68
Period ended 12/31/18^(f)			10.00			0.28			(0.67	)			(0.39	)			(0.27	)			–				(0.27	)			9.34		(3.90	)			9		0.63	^(g)		45.50	^(g)		2.86	^(g)		5
Class Y
Year ended 12/31/22			10.72			0.33			(1.43	)			(1.10	)			(0.51	)			(0.03	)			(0.54	)			9.08		(10.28	)			36		0.07			11.44			3.38			24
Year ended 12/31/21			10.39			0.30			0.60				0.90				(0.33	)			(0.24	)			(0.57	)			10.72		8.68				43		0.07			10.66			2.72			69
Year ended 12/31/20			10.31			0.33			0.06				0.39				(0.31	)			(0.00	)			(0.31	)			10.39		3.84				42		0.11			18.27			3.38			75
Year ended 12/31/19			9.37			0.38			0.97				1.35				(0.35	)			(0.06	)			(0.41	)			10.31		14.35				41		0.14			23.43			3.79			68
Period ended 12/31/18^(f)			10.00			0.33			(0.67	)			(0.34	)			(0.29	)			–				(0.29	)			9.37		(3.41	)			37		0.13	^(g)		45.00	^(g)		3.36	^(g)		5
Class R5
Year ended 12/31/22			10.72			0.33			(1.43	)			(1.10	)			(0.51	)			(0.03	)			(0.54	)			9.08		(10.28	)			91		0.07			11.35			3.38			24
Year ended 12/31/21			10.39			0.30			0.60				0.90				(0.33	)			(0.24	)			(0.57	)			10.72		8.68				107		0.07			10.52			2.72			69
Year ended 12/31/20			10.31			0.33			0.06				0.39				(0.31	)			(0.00	)			(0.31	)			10.39		3.84				104		0.11			18.09			3.38			75
Year ended 12/31/19			9.37			0.38			0.97				1.35				(0.35	)			(0.06	)			(0.41	)			10.31		14.35				103		0.14			23.23			3.79			68
Period ended 12/31/18^(f)			10.00			0.33			(0.67	)			(0.34	)			(0.29	)			–				(0.29	)			9.37		(3.41	)			94		0.13	^(g)		44.65	^(g)		3.36	^(g)		5
Class R6
Year ended 12/31/22			10.72			0.33			(1.43	)			(1.10	)			(0.51	)			(0.03	)			(0.54	)			9.08		(10.28	)			272		0.07			11.35			3.38			24
Year ended 12/31/21			10.39			0.30			0.60				0.90				(0.33	)			(0.24	)			(0.57	)			10.72		8.68				322		0.07			10.52			2.72			69
Year ended 12/31/20			10.31			0.33			0.06				0.39				(0.31	)			(0.00	)			(0.31	)			10.39		3.84				312		0.11			18.09			3.38			75
Year ended 12/31/19			9.37			0.38			0.97				1.35				(0.35	)			(0.06	)			(0.41	)			10.31		14.35				309		0.14			23.23			3.79			68
Period ended 12/31/18^(f)			10.00			0.33			(0.67	)			(0.34	)			(0.29	)			–				(0.29	)			9.37		(3.41	)			281		0.13	^(g)		44.65	^(g)		3.36	^(g)		5

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.42%, 0.43%, 0.47%, 0.46% and 0.41% for the years ended December 31,2022, 2021, 2020, 2019 and 2018, respectively.

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

^(f)	Commencement date of January 3, 2018.

^(g)	Annualized.

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


89		Invesco Peak Retirement^™ Funds

Financial Highlights–(continued)

Invesco Peak Retirement™ 2020 Fund


	Net asset value, beginning of period			Net investment income^(a)(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Return of capital				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Year ended 12/31/22		$	11.48		$	0.28		$	(1.73	)		$	(1.45	)		$	(0.41	)		$	(0.18	)		$	(0.01	)		$	(0.60	)		$	9.43		(12.65	)%		$	3,925		0.31	%		1.99	%		2.64	%		27	%
Year ended 12/31/21			10.86			0.22			0.70				0.92				(0.24	)			(0.06	)			–				(0.30	)			11.48		8.55				8,513		0.32			1.88			1.96			51
Year ended 12/31/20			10.35			0.25			0.48				0.73				(0.20	)			(0.02	)			–				(0.22	)			10.86		7.12				3,105		0.38			6.05			2.46			78
Year ended 12/31/19			9.39			0.36			0.92				1.28				(0.23	)			(0.09	)			–				(0.32	)			10.35		13.59				757		0.40			12.58			3.44			49
Period ended 12/31/18^(f)			10.00			0.27			(0.62	)			(0.35	)			(0.25	)			(0.01	)			–				(0.26	)			9.39		(3.52	)			227		0.40	^(g)		40.02	^(g)		2.74	^(g)		5
Class C
Year ended 12/31/22			11.41			0.20			(1.71	)			(1.51	)			(0.25	)			(0.18	)			(0.01	)			(0.44	)			9.46		(13.32	)			476		1.06			2.74			1.89			27
Year ended 12/31/21			10.79			0.14			0.70				0.84				(0.16	)			(0.06	)			–				(0.22	)			11.41		7.79				1,698		1.07			2.63			1.21			51
Year ended 12/31/20			10.30			0.17			0.49				0.66				(0.15	)			(0.02	)			–				(0.17	)			10.79		6.47				919		1.13			6.80			1.71			78
Year ended 12/31/19			9.38			0.27			0.92				1.19				(0.18	)			(0.09	)			–				(0.27	)			10.30		12.74				302		1.15			13.33			2.69			49
Period ended 12/31/18^(f)			10.00			0.19			(0.62	)			(0.43	)			(0.18	)			(0.01	)			–				(0.19	)			9.38		(4.27	)			115		1.15	^(g)		40.77	^(g)		1.99	^(g)		5
Class R
Year ended 12/31/22			11.44			0.25			(1.71	)			(1.46	)			(0.37	)			(0.18	)			(0.01	)			(0.56	)			9.42		(12.83	)			1,084		0.56			2.24			2.39			27
Year ended 12/31/21			10.83			0.19			0.70				0.89				(0.22	)			(0.06	)			–				(0.28	)			11.44		8.21				2,158		0.57			2.13			1.71			51
Year ended 12/31/20			10.33			0.22			0.49				0.71				(0.19	)			(0.02	)			–				(0.21	)			10.83		6.88				1,063		0.63			6.30			2.21			78
Year ended 12/31/19			9.39			0.33			0.92				1.25				(0.22	)			(0.09	)			–				(0.31	)			10.33		13.29				421		0.65			12.83			3.19			49
Period ended 12/31/18^(f)			10.00			0.25			(0.62	)			(0.37	)			(0.23	)			(0.01	)			–				(0.24	)			9.39		(3.75	)			9		0.65	^(g)		40.27	^(g)		2.49	^(g)		5
Class Y
Year ended 12/31/22			11.55			0.30			(1.74	)			(1.44	)			(0.45	)			(0.18	)			(0.01	)			(0.64	)			9.47		(12.50	)			93		0.06			1.74			2.89			27
Year ended 12/31/21			10.92			0.25			0.71				0.96				(0.27	)			(0.06	)			–				(0.33	)			11.55		8.82				117		0.07			1.63			2.21			51
Year ended 12/31/20			10.38			0.28			0.50				0.78				(0.22	)			(0.02	)			–				(0.24	)			10.92		7.52				92		0.13			5.80			2.71			78
Year ended 12/31/19			9.41			0.38			0.92				1.30				(0.24	)			(0.09	)			–				(0.33	)			10.38		13.79				42		0.15			12.33			3.69			49
Period ended 12/31/18^(f)			10.00			0.30			(0.61	)			(0.31	)			(0.27	)			(0.01	)			–				(0.28	)			9.41		(3.18	)			38		0.15	^(g)		39.77	^(g)		2.99	^(g)		5
Class R5
Year ended 12/31/22			11.55			0.30			(1.73	)			(1.43	)			(0.45	)			(0.18	)			(0.01	)			(0.64	)			9.48		(12.41	)			95		0.06			1.69			2.89			27
Year ended 12/31/21			10.92			0.25			0.71				0.96				(0.27	)			(0.06	)			–				(0.33	)			11.55		8.82				116		0.07			1.55			2.21			51
Year ended 12/31/20			10.38			0.28			0.50				0.78				(0.22	)			(0.02	)			–				(0.24	)			10.92		7.52				109		0.13			5.68			2.71			78
Year ended 12/31/19			9.41			0.38			0.92				1.30				(0.24	)			(0.09	)			–				(0.33	)			10.38		13.79				104		0.15			12.21			3.69			49
Period ended 12/31/18^(f)			10.00			0.30			(0.61	)			(0.31	)			(0.27	)			(0.01	)			–				(0.28	)			9.41		(3.18	)			94		0.15	^(g)		39.51	^(g)		2.99	^(g)		5
Class R6
Year ended 12/31/22			11.55			0.30			(1.73	)			(1.43	)			(0.45	)			(0.18	)			(0.01	)			(0.64	)			9.48		(12.41	)			12		0.06			1.69			2.89			27
Year ended 12/31/21			10.92			0.25			0.71				0.96				(0.27	)			(0.06	)			–				(0.33	)			11.55		8.82				15		0.07			1.55			2.21			51
Year ended 12/31/20			10.38			0.28			0.50				0.78				(0.22	)			(0.02	)			–				(0.24	)			10.92		7.52				328		0.13			5.68			2.71			78
Year ended 12/31/19			9.41			0.38			0.92				1.30				(0.24	)			(0.09	)			–				(0.33	)			10.38		13.79				311		0.15			12.21			3.69			49
Period ended 12/31/18^(f)			10.00			0.30			(0.61	)			(0.31	)			(0.27	)			(0.01	)			–				(0.28	)			9.41		(3.18	)			282		0.15	^(g)		39.51	^(g)		2.99	^(g)		5

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.42%, 0.44%, 0.46%, 0.44% and 0.41% for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively

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

^(f)	Commencement date of January 3, 2018.

^(g)	Annualized.

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


90		Invesco Peak Retirement^™ Funds

Financial Highlights–(continued)

Invesco Peak Retirement™ 2025 Fund


	Net asset value, beginning of period			Net investment income^(a)(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Year ended 12/31/22		$	11.93		$	0.22		$	(2.02	)		$	(1.80	)		$	(0.33	)		$	(0.29	)		$	(0.62	)		$	9.51		(15.13	)%		$	5,998		0.31	%		1.12	%		2.09	%		27	%
Year ended 12/31/21			11.24			0.21			0.86				1.07				(0.25	)			(0.13	)			(0.38	)			11.93		9.53				18,814		0.31			1.20			1.79			46
Year ended 12/31/20			10.46			0.25			0.79				1.04				(0.23	)			(0.03	)			(0.26	)			11.24		9.91				9,224		0.37			2.27			2.34			81
Year ended 12/31/19			9.35			0.39			0.97				1.36				(0.19	)			(0.06	)			(0.25	)			10.46		14.53				3,358		0.42			7.05			3.75			42
Period ended 12/31/18^(f)			10.00			0.25			(0.68	)			(0.43	)			(0.22	)			–				(0.22	)			9.35		(4.24	)			375		0.40	^(g)		37.07	^(g)		2.55	^(g)		10
Class C
Year ended 12/31/22			11.78			0.14			(1.99	)			(1.85	)			(0.21	)			(0.29	)			(0.50	)			9.43		(15.80	)			1,359		1.06			1.87			1.34			27
Year ended 12/31/21			11.11			0.12			0.84				0.96				(0.16	)			(0.13	)			(0.29	)			11.78		8.72				2,836		1.06			1.95			1.04			46
Year ended 12/31/20			10.37			0.16			0.79				0.95				(0.18	)			(0.03	)			(0.21	)			11.11		9.16				2,068		1.12			3.02			1.59			81
Year ended 12/31/19			9.33			0.31			0.95				1.26				(0.16	)			(0.06	)			(0.22	)			10.37		13.56				680		1.17			7.80			3.00			42
Period ended 12/31/18^(f)			10.00			0.18			(0.67	)			(0.49	)			(0.18	)			–				(0.18	)			9.33		(4.92	)			91		1.15	^(g)		37.82	^(g)		1.80	^(g)		10
Class R
Year ended 12/31/22			11.89			0.19			(2.01	)			(1.82	)			(0.29	)			(0.29	)			(0.58	)			9.49		(15.37	)			1,386		0.56			1.37			1.84			27
Year ended 12/31/21			11.21			0.18			0.85				1.03				(0.22	)			(0.13	)			(0.35	)			11.89		9.24				2,776		0.56			1.45			1.54			46
Year ended 12/31/20			10.44			0.22			0.79				1.01				(0.21	)			(0.03	)			(0.24	)			11.21		9.67				1,405		0.62			2.52			2.09			81
Year ended 12/31/19			9.35			0.36			0.97				1.33				(0.18	)			(0.06	)			(0.24	)			10.44		14.24				582		0.67			7.30			3.50			42
Period ended 12/31/18^(f)			10.00			0.23			(0.67	)			(0.44	)			(0.21	)			–				(0.21	)			9.35		(4.41	)			9		0.65	^(g)		37.32	^(g)		2.30	^(g)		10
Class Y
Year ended 12/31/22			11.99			0.25			(2.03	)			(1.78	)			(0.39	)			(0.29	)			(0.68	)			9.53		(14.94	)			200		0.06			0.87			2.34			27
Year ended 12/31/21			11.29			0.24			0.86				1.10				(0.27	)			(0.13	)			(0.40	)			11.99		9.80				184		0.06			0.95			2.04			46
Year ended 12/31/20			10.49			0.27			0.80				1.07				(0.24	)			(0.03	)			(0.27	)			11.29		10.22				116		0.12			2.02			2.59			81
Year ended 12/31/19			9.37			0.42			0.96				1.38				(0.20	)			(0.06	)			(0.26	)			10.49		14.70				58		0.17			6.80			4.00			42
Period ended 12/31/18^(f)			10.00			0.28			(0.67	)			(0.39	)			(0.24	)			–				(0.24	)			9.37		(3.91	)			37		0.15	^(g)		36.82	^(g)		2.80	^(g)		10
Class R5
Year ended 12/31/22			11.97			0.25			(2.02	)			(1.77	)			(0.39	)			(0.29	)			(0.68	)			9.52		(14.88	)			9		0.06			0.81			2.34			27
Year ended 12/31/21			11.28			0.24			0.85				1.09				(0.27	)			(0.13	)			(0.40	)			11.97		9.72				12		0.06			0.88			2.04			46
Year ended 12/31/20			10.49			0.27			0.79				1.06				(0.24	)			(0.03	)			(0.27	)			11.28		10.13				22		0.12			1.89			2.59			81
Year ended 12/31/19			9.37			0.42			0.96				1.38				(0.20	)			(0.06	)			(0.26	)			10.49		14.70				105		0.17			6.66			4.00			42
Period ended 12/31/18^(f)			10.00			0.28			(0.67	)			(0.39	)			(0.24	)			–				(0.24	)			9.37		(3.91	)			94		0.15	^(g)		36.55	^(g)		2.80	^(g)		10
Class R6
Year ended 12/31/22			11.98			0.25			(2.02	)			(1.77	)			(0.39	)			(0.29	)			(0.68	)			9.53		(14.87	)			9		0.06			0.81			2.34			27
Year ended 12/31/21			11.29			0.24			0.85				1.09				(0.27	)			(0.13	)			(0.40	)			11.98		9.71				11		0.06			0.88			2.04			46
Year ended 12/31/20			10.49			0.27			0.80				1.07				(0.24	)			(0.03	)			(0.27	)			11.29		10.22				238		0.12			1.89			2.59			81
Year ended 12/31/19			9.37			0.42			0.96				1.38				(0.20	)			(0.06	)			(0.26	)			10.49		14.70				315		0.17			6.66			4.00			42
Period ended 12/31/18^(f)			10.00			0.28			(0.67	)			(0.39	)			(0.24	)			–				(0.24	)			9.37		(3.91	)			281		0.15	^(g)		36.55	^(g)		2.80	^(g)		10

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income does not include net investment income of the underlying funds in which the Fund invests.

^(c)

⁽^d)

In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.42%, 0.45%, 0.46%, 0.45% and 0.39% for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively.

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

^(f)	Commencement date of January 3, 2018.

^(g)	Annualized.

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


91		Invesco Peak Retirement^™ Funds

Financial Highlights–(continued)

Invesco Peak Retirement™ 2030 Fund


	Net asset value, beginning of period			Net investment income^(a)(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Year ended 12/31/22		$	12.26		$	0.20		$	(2.19	)		$	(1.99	)		$	(0.24	)		$	(0.23	)		$	(0.47	)		$	9.80		(16.33	)%		$	14,487		0.30	%		0.87	%		1.88	%		28	%
Year ended 12/31/21			11.37			0.18			1.05				1.23				(0.23	)			(0.11	)			(0.34	)			12.26		10.82				26,085		0.30			0.88			1.52			40
Year ended 12/31/20			10.51			0.21			0.85				1.06				(0.18	)			(0.02	)			(0.20	)			11.37		10.11				14,133		0.37			2.11			2.03			55
Year ended 12/31/19			9.25			0.35			1.18				1.53				(0.21	)			(0.06	)			(0.27	)			10.51		16.55				2,357		0.42			7.35			3.37			37
Period ended 12/31/18^(f)			10.00			0.23			(0.78	)			(0.55	)			(0.20	)			–				(0.20	)			9.25		(5.47	)			375		0.40	^(g)		41.47	^(g)		2.40	^(g)		5
Class C
Year ended 12/31/22			12.12			0.12			(2.16	)			(2.04	)			(0.12	)			(0.23	)			(0.35	)			9.73		(16.91	)			3,143		1.05			1.62			1.13			28
Year ended 12/31/21			11.27			0.09			1.02				1.11				(0.15	)			(0.11	)			(0.26	)			12.12		9.85				5,601		1.05			1.63			0.77			40
Year ended 12/31/20			10.44			0.13			0.86				0.99				(0.14	)			(0.02	)			(0.16	)			11.27		9.46				2,041		1.12			2.86			1.28			55
Year ended 12/31/19			9.24			0.27			1.17				1.44				(0.18	)			(0.06	)			(0.24	)			10.44		15.62				571		1.17			8.10			2.62			37
Period ended 12/31/18^(f)			10.00			0.16			(0.79	)			(0.63	)			(0.13	)			–				(0.13	)			9.24		(6.24	)			11		1.15	^(g)		42.22	^(g)		1.65	^(g)		5
Class R
Year ended 12/31/22			12.21			0.17			(2.19	)			(2.02	)			(0.19	)			(0.23	)			(0.42	)			9.77		(16.57	)			4,094		0.55			1.12			1.63			28
Year ended 12/31/21			11.33			0.15			1.04				1.19				(0.20	)			(0.11	)			(0.31	)			12.21		10.54				8,167		0.55			1.13			1.27			40
Year ended 12/31/20			10.48			0.18			0.86				1.04				(0.17	)			(0.02	)			(0.19	)			11.33		9.90				2,549		0.62			2.36			1.78			55
Year ended 12/31/19			9.25			0.32			1.17				1.49				(0.20	)			(0.06	)			(0.26	)			10.48		16.14				651		0.67			7.60			3.12			37
Period ended 12/31/18^(f)			10.00			0.21			(0.78	)			(0.57	)			(0.18	)			–				(0.18	)			9.25		(5.71	)			34		0.65	^(g)		41.72	^(g)		2.15	^(g)		5
Class Y
Year ended 12/31/22			12.32			0.23			(2.20	)			(1.97	)			(0.28	)			(0.23	)			(0.51	)			9.84		(16.09	)			135		0.05			0.62			2.13			28
Year ended 12/31/21			11.43			0.22			1.03				1.25				(0.25	)			(0.11	)			(0.36	)			12.32		11.00				335		0.05			0.63			1.77			40
Year ended 12/31/20			10.54			0.24			0.86				1.10				(0.19	)			(0.02	)			(0.21	)			11.43		10.49				164		0.12			1.86			2.28			55
Year ended 12/31/19			9.26			0.37			1.19				1.56				(0.22	)			(0.06	)			(0.28	)			10.54		16.87				162		0.17			7.10			3.62			37
Period ended 12/31/18^(f)			10.00			0.26			(0.79	)			(0.53	)			(0.21	)			–				(0.21	)			9.26		(5.28	)			37		0.15	^(g)		41.22	^(g)		2.65	^(g)		5
Class R5
Year ended 12/31/22			12.32			0.23			(2.20	)			(1.97	)			(0.28	)			(0.23	)			(0.51	)			9.84		(16.08	)			10		0.05			0.53			2.13			28
Year ended 12/31/21			11.43			0.21			1.04				1.25				(0.25	)			(0.11	)			(0.36	)			12.32		11.00				12		0.05			0.53			1.77			40
Year ended 12/31/20			10.54			0.24			0.86				1.10				(0.19	)			(0.02	)			(0.21	)			11.43		10.49				24		0.12			1.71			2.28			55
Year ended 12/31/19			9.26			0.37			1.19				1.56				(0.22	)			(0.06	)			(0.28	)			10.54		16.87				105		0.17			6.84			3.62			37
Period ended 12/31/18^(f)			10.00			0.26			(0.79	)			(0.53	)			(0.21	)			–				(0.21	)			9.26		(5.28	)			93		0.15	^(g)		40.89	^(g)		2.65	^(g)		5
Class R6
Year ended 12/31/22			12.32			0.23			(2.20	)			(1.97	)			(0.28	)			(0.23	)			(0.51	)			9.84		(16.09	)			9		0.05			0.53			2.13			28
Year ended 12/31/21			11.43			0.21			1.04				1.25				(0.25	)			(0.11	)			(0.36	)			12.32		11.00				11		0.05			0.53			1.77			40
Year ended 12/31/20			10.54			0.24			0.86				1.10				(0.19	)			(0.02	)			(0.21	)			11.43		10.49				242		0.12			1.71			2.28			55
Year ended 12/31/19			9.26			0.37			1.19				1.56				(0.22	)			(0.06	)			(0.28	)			10.54		16.87				316		0.17			6.84			3.62			37
Period ended 12/31/18^(f)			10.00			0.26			(0.79	)			(0.53	)			(0.21	)			–				(0.21	)			9.26		(5.28	)			278		0.15	^(g)		40.89	^(g)		2.65	^(g)		5

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.42%, 0.46%, 0.45%, 0.45% and 0.39% for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively.

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

^(f)	Commencement date of January 3, 2018.

^(g)	Annualized.

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


92		Invesco Peak Retirement^™ Funds

Financial Highlights–(continued)

Invesco Peak Retirement™ 2035 Fund


	Net asset value, beginning of period			Net investment income			Net gains (losses) on securities (both realized and unrealized)^(a)(b)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Year ended 12/31/22		$	12.71		$	0.18		$	(2.38	)		$	(2.20	)		$	(0.19	)		$	(0.24	)		$	(0.43	)		$	10.08		(17.39	)%		$	7,631		0.31	%		1.19	%		1.67	%		46	%
Year ended 12/31/21			11.54			0.17			1.27				1.44				(0.22	)			(0.05	)			(0.27	)			12.71		12.53				11,726		0.30			1.45			1.40			26
Year ended 12/31/20			10.53			0.17			1.06				1.23				(0.18	)			(0.04	)			(0.22	)			11.54		11.72				4,187		0.39			3.04			1.63			78
Year ended 12/31/19			9.12			0.33			1.33				1.66				(0.18	)			(0.07	)			(0.25	)			10.53		18.28				1,264		0.43			9.46			3.24			34
Period ended 12/31/18^(f)			10.00			0.21			(0.87	)			(0.66	)			(0.21	)			(0.01	)			(0.22	)			9.12		(6.66	)			127		0.41	^(g)		47.00	^(g)		2.09	^(g)		6
Class C
Year ended 12/31/22			12.57			0.10			(2.36	)			(2.26	)			(0.09	)			(0.24	)			(0.33	)			9.98		(18.02	)			2,763		1.06			1.94			0.92			46
Year ended 12/31/21			11.43			0.08			1.25				1.33				(0.14	)			(0.05	)			(0.19	)			12.57		11.71				3,849		1.05			2.20			0.65			26
Year ended 12/31/20			10.46			0.09			1.04				1.13				(0.12	)			(0.04	)			(0.16	)			11.43		10.85				2,287		1.14			3.79			0.88			78
Year ended 12/31/19			9.11			0.25			1.33				1.58				(0.16	)			(0.07	)			(0.23	)			10.46		17.32				588		1.18			10.21			2.49			34
Period ended 12/31/18^(f)			10.00			0.13			(0.86	)			(0.73	)			(0.15	)			(0.01	)			(0.16	)			9.11		(7.35	)			84		1.16	^(g)		47.75	^(g)		1.34	^(g)		6
Class R
Year ended 12/31/22			12.65			0.16			(2.37	)			(2.21	)			(0.16	)			(0.24	)			(0.40	)			10.04		(17.57	)			3,983		0.56			1.44			1.42			46
Year ended 12/31/21			11.50			0.14			1.26				1.40				(0.20	)			(0.05	)			(0.25	)			12.65		12.19				4,916		0.55			1.70			1.15			26
Year ended 12/31/20			10.50			0.14			1.06				1.20				(0.16	)			(0.04	)			(0.20	)			11.50		11.46				1,897		0.64			3.29			1.38			78
Year ended 12/31/19			9.11			0.31			1.33				1.64				(0.18	)			(0.07	)			(0.25	)			10.50		17.98				824		0.68			9.71			2.99			34
Period ended 12/31/18^(f)			10.00			0.18			(0.86	)			(0.68	)			(0.20	)			(0.01	)			(0.21	)			9.11		(6.86	)			65		0.66	^(g)		47.25	^(g)		1.84	^(g)		6
Class Y
Year ended 12/31/22			12.77			0.21			(2.40	)			(2.19	)			(0.22	)			(0.24	)			(0.46	)			10.12		(17.19	)			695		0.06			0.94			1.92			46
Year ended 12/31/21			11.59			0.21			1.26				1.47				(0.24	)			(0.05	)			(0.29	)			12.77		12.77				1,019		0.05			1.20			1.65			26
Year ended 12/31/20			10.56			0.20			1.07				1.27				(0.20	)			(0.04	)			(0.24	)			11.59		12.05				752		0.14			2.79			1.88			78
Year ended 12/31/19			9.14			0.36			1.32				1.68				(0.19	)			(0.07	)			(0.26	)			10.56		18.45				341		0.18			9.21			3.49			34
Period ended 12/31/18^(f)			10.00			0.23			(0.86	)			(0.63	)			(0.22	)			(0.01	)			(0.23	)			9.14		(6.33	)			37		0.16	^(g)		46.75	^(g)		2.34	^(g)		6
Class R5
Year ended 12/31/22			12.76			0.21			(2.39	)			(2.18	)			(0.22	)			(0.24	)			(0.46	)			10.12		(17.13	)			10		0.05			0.83			1.93			46
Year ended 12/31/21			11.59			0.20			1.26				1.46				(0.24	)			(0.05	)			(0.29	)			12.76		12.68				12		0.05			1.06			1.65			26
Year ended 12/31/20			10.56			0.20			1.07				1.27				(0.20	)			(0.04	)			(0.24	)			11.59		12.05				25		0.14			2.56			1.88			78
Year ended 12/31/19			9.14			0.35			1.33				1.68				(0.19	)			(0.07	)			(0.26	)			10.56		18.45				106		0.18			8.98			3.49			34
Period ended 12/31/18^(f)			10.00			0.23			(0.86	)			(0.63	)			(0.22	)			(0.01	)			(0.23	)			9.14		(6.33	)			91		0.16	^(g)		46.29	^(g)		2.34	^(g)		6
Class R6
Year ended 12/31/22			12.77			0.21			(2.40	)			(2.19	)			(0.22	)			(0.24	)			(0.46	)			10.12		(17.19	)			9		0.05			0.83			1.93			46
Year ended 12/31/21			11.59			0.20			1.27				1.47				(0.24	)			(0.05	)			(0.29	)			12.77		12.77				11		0.05			1.06			1.65			26
Year ended 12/31/20			10.56			0.20			1.07				1.27				(0.20	)			(0.04	)			(0.24	)			11.59		12.05				247		0.14			2.56			1.88			78
Year ended 12/31/19			9.13			0.35			1.34				1.69				(0.19	)			(0.07	)			(0.26	)			10.56		18.58				317		0.18			8.98			3.49			34
Period ended 12/31/18^(f)			10.00			0.23			(0.87	)			(0.64	)			(0.22	)			(0.01	)			(0.23	)			9.13		(6.44	)			274		0.16	^(g)		46.29	^(g)		2.34	^(g)		6

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.42%, 0.46%, 0.44%, 0.44% and 0.38% for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively.

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

^(f)	Commencement date of January 3, 2018.

^(g)	Annualized.

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


93		Invesco Peak Retirement^™ Funds

Financial Highlights–(continued)

Invesco Peak Retirement™ 2040 Fund


	Net asset value, beginning of period			Net investment income^(a)(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Year ended 12/31/22		$	12.88		$	0.16		$	(2.52	)		$	(2.36	)		$	(0.18	)		$	(0.27	)		$	(0.45	)		$	10.07		(18.36	)%		$	10,692		0.32	%		1.15	%		1.45	%		40	%
Year ended 12/31/21			11.58			0.13			1.51				1.64				(0.19	)			(0.15	)			(0.34	)			12.88		14.21				15,050		0.32			1.31			1.04			29
Year ended 12/31/20			10.50			0.16			1.09				1.25				(0.12	)			(0.05	)			(0.17	)			11.58		11.87				4,222		0.40			3.74			1.51			80
Year ended 12/31/19			9.03			0.29			1.48				1.77				(0.19	)			(0.11	)			(0.30	)			10.50		19.61				1,538		0.44			11.33			2.83			51
Period ended 12/31/18^(f)			10.00			0.20			(0.97	)			(0.77	)			(0.19	)			(0.01	)			(0.20	)			9.03		(7.72	)			278		0.40	^(g)		47.00	^(g)		2.06	^(g)		5
Class C
Year ended 12/31/22			12.74			0.08			(2.49	)			(2.41	)			(0.07	)			(0.27	)			(0.34	)			9.99		(18.91	)			2,171		1.07			1.90			0.70			40
Year ended 12/31/21			11.48			0.04			1.48				1.52				(0.11	)			(0.15	)			(0.26	)			12.74		13.28				3,117		1.07			2.06			0.29			29
Year ended 12/31/20			10.45			0.08			1.08				1.16				(0.08	)			(0.05	)			(0.13	)			11.48		11.06				1,189		1.15			4.49			0.76			80
Year ended 12/31/19			9.03			0.21			1.48				1.69				(0.16	)			(0.11	)			(0.27	)			10.45		18.73				179		1.19			12.08			2.08			51
Period ended 12/31/18^(f)			10.00			0.13			(0.98	)			(0.85	)			(0.11	)			(0.01	)			(0.12	)			9.03		(8.47	)			9		1.15	^(g)		47.75	^(g)		1.31	^(g)		5
Class R
Year ended 12/31/22			12.80			0.13			(2.50	)			(2.37	)			(0.14	)			(0.27	)			(0.41	)			10.02		(18.56	)			3,077		0.57			1.40			1.20			40
Year ended 12/31/21			11.52			0.10			1.49				1.59				(0.16	)			(0.15	)			(0.31	)			12.80		13.88				6,583		0.57			1.56			0.79			29
Year ended 12/31/20			10.48			0.13			1.07				1.20				(0.11	)			(0.05	)			(0.16	)			11.52		11.40				2,521		0.65			3.99			1.26			80
Year ended 12/31/19			9.03			0.27			1.47				1.74				(0.18	)			(0.11	)			(0.29	)			10.48		19.32				301		0.69			11.58			2.58			51
Period ended 12/31/18^(f)			10.00			0.18			(0.98	)			(0.80	)			(0.16	)			(0.01	)			(0.17	)			9.03		(7.97	)			9		0.65	^(g)		47.25	^(g)		1.81	^(g)		5
Class Y
Year ended 12/31/22			12.94			0.19			(2.53	)			(2.34	)			(0.22	)			(0.27	)			(0.49	)			10.11		(18.16	)			713		0.07			0.90			1.70			40
Year ended 12/31/21			11.63			0.16			1.51				1.67				(0.21	)			(0.15	)			(0.36	)			12.94		14.46				761		0.07			1.06			1.29			29
Year ended 12/31/20			10.54			0.19			1.08				1.27				(0.13	)			(0.05	)			(0.18	)			11.63		12.06				547		0.15			3.49			1.76			80
Year ended 12/31/19			9.05			0.31			1.49				1.80				(0.20	)			(0.11	)			(0.31	)			10.54		19.90				95		0.19			11.08			3.08			51
Period ended 12/31/18^(f)			10.00			0.23			(0.97	)			(0.74	)			(0.20	)			(0.01	)			(0.21	)			9.05		(7.42	)			36		0.15	^(g)		46.75	^(g)		2.31	^(g)		5
Class R5
Year ended 12/31/22			12.93			0.19			(2.52	)			(2.33	)			(0.22	)			(0.27	)			(0.49	)			10.11		(18.10	)			9		0.07			0.76			1.70			40
Year ended 12/31/21			11.63			0.15			1.51				1.66				(0.21	)			(0.15	)			(0.36	)			12.93		14.37				12		0.07			0.89			1.29			29
Year ended 12/31/20			10.54			0.18			1.09				1.27				(0.13	)			(0.05	)			(0.18	)			11.63		12.06				25		0.15			3.16			1.76			80
Year ended 12/31/19			9.05			0.31			1.49				1.80				(0.20	)			(0.11	)			(0.31	)			10.54		19.90				105		0.19			10.81			3.08			51
Period ended 12/31/18^(f)			10.00			0.23			(0.97	)			(0.74	)			(0.20	)			(0.01	)			(0.21	)			9.05		(7.42	)			90		0.15	^(g)		46.29	^(g)		2.31	^(g)		5
Class R6
Year ended 12/31/22			12.94			0.19			(2.53	)			(2.34	)			(0.22	)			(0.27	)			(0.49	)			10.11		(18.16	)			9		0.07			0.76			1.70			40
Year ended 12/31/21			11.63			0.16			1.51				1.67				(0.21	)			(0.15	)			(0.36	)			12.94		14.46				11		0.07			0.89			1.29			29
Year ended 12/31/20			10.54			0.18			1.09				1.27				(0.13	)			(0.05	)			(0.18	)			11.63		12.06				248		0.15			3.16			1.76			80
Year ended 12/31/19			9.05			0.31			1.49				1.80				(0.20	)			(0.11	)			(0.31	)			10.54		19.90				316		0.19			10.81			3.08			51
Period ended 12/31/18^(f)			10.00			0.23			(0.97	)			(0.74	)			(0.20	)			(0.01	)			(0.21	)			9.05		(7.42	)			271		0.15	^(g)		46.29	^(g)		2.31	^(g)		5

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

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

Estimated Fund’s total return estimated acquired fund fees from underlying funds were 0.40%, 0.44%, 0.43%, 0.43% and 0.36% for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively.

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

^(f)	Commencement date of January 3, 2018.

^(g)	Annualized.

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


94		Invesco Peak Retirement^™ Funds

Financial Highlights–(continued)

Invesco Peak Retirement™ 2045 Fund


	Net asset value, beginning of period			Net investment income^(a)(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Year ended 12/31/22		$	12.64		$	0.14		$	(2.52	)		$	(2.38	)		$	(0.15	)		$	(0.34	)		$	(0.49	)		$	9.77		(18.85	)%		$	4,185		0.33	%		2.07	%		1.35	%		54	%
Year ended 12/31/21			11.64			0.11			1.69				1.80				(0.20	)			(0.60	)			(0.80	)			12.64		15.64				5,397		0.34			2.45			0.89			51
Year ended 12/31/20			10.65			0.13			1.02				1.15				(0.10	)			(0.06	)			(0.16	)			11.64		10.80				3,544		0.41			4.59			1.28			86
Year ended 12/31/19			9.00			0.27			1.69				1.96				(0.18	)			(0.13	)			(0.31	)			10.65		21.81				915		0.45			12.89			2.66			45
Period ended 12/31/18^(f)			10.00			0.18			(0.97	)			(0.79	)			(0.19	)			(0.02	)			(0.21	)			9.00		(7.90	)			142		0.41	^(g)		44.98	^(g)		1.84	^(g)		3
Class C
Year ended 12/31/22			12.45			0.06			(2.48	)			(2.42	)			(0.05	)			(0.34	)			(0.39	)			9.64		(19.46	)			1,204		1.08			2.82			0.60			54
Year ended 12/31/21			11.49			0.02			1.66				1.68				(0.12	)			(0.60	)			(0.72	)			12.45		14.77				2,033		1.09			3.20			0.14			51
Year ended 12/31/20			10.53			0.05			1.01				1.06				(0.04	)			(0.06	)			(0.10	)			11.49		10.06				1,062		1.16			5.34			0.53			86
Year ended 12/31/19			8.94			0.20			1.67				1.87				(0.15	)			(0.13	)			(0.28	)			10.53		20.95				599		1.20			13.64			1.91			45
Period ended 12/31/18^(f)			10.00			0.11			(0.99	)			(0.88	)			(0.16	)			(0.02	)			(0.18	)			8.94		(8.73	)			70		1.16	^(g)		45.73	^(g)		1.09	^(g)		3
Class R
Year ended 12/31/22			12.57			0.12			(2.51	)			(2.39	)			(0.12	)			(0.34	)			(0.46	)			9.72		(19.06	)			2,363		0.58			2.32			1.10			54
Year ended 12/31/21			11.59			0.08			1.67				1.75				(0.17	)			(0.60	)			(0.77	)			12.57		15.29				2,632		0.59			2.70			0.64			51
Year ended 12/31/20			10.61			0.11			1.01				1.12				(0.08	)			(0.06	)			(0.14	)			11.59		10.57				1,451		0.66			4.84			1.03			86
Year ended 12/31/19			8.99			0.25			1.67				1.92				(0.17	)			(0.13	)			(0.30	)			10.61		21.39				340		0.70			13.14			2.41			45
Period ended 12/31/18^(f)			10.00			0.16			(0.97	)			(0.81	)			(0.18	)			(0.02	)			(0.20	)			8.99		(8.09	)			37		0.66	^(g)		45.23	^(g)		1.59	^(g)		3
Class Y
Year ended 12/31/22			12.69			0.18			(2.54	)			(2.36	)			(0.19	)			(0.34	)			(0.53	)			9.80		(18.67	)			53		0.08			1.82			1.60			54
Year ended 12/31/21			11.68			0.15			1.69				1.84				(0.23	)			(0.60	)			(0.83	)			12.69		15.91				199		0.09			2.20			1.14			51
Year ended 12/31/20			10.67			0.16			1.02				1.18				(0.11	)			(0.06	)			(0.17	)			11.68		11.12				100		0.16			4.34			1.53			86
Year ended 12/31/19			9.01			0.30			1.68				1.98				(0.19	)			(0.13	)			(0.32	)			10.67		22.00				54		0.20			12.64			2.91			45
Period ended 12/31/18^(f)			10.00			0.21			(0.98	)			(0.77	)			(0.20	)			(0.02	)			(0.22	)			9.01		(7.65	)			36		0.16	^(g)		44.73	^(g)		2.09	^(g)		3
Class R5
Year ended 12/31/22			12.70			0.17			(2.53	)			(2.36	)			(0.19	)			(0.34	)			(0.53	)			9.81		(18.65	)			22		0.08			1.62			1.60			54
Year ended 12/31/21			11.69			0.15			1.69				1.84				(0.23	)			(0.60	)			(0.83	)			12.70		15.90				28		0.09			1.97			1.14			51
Year ended 12/31/20			10.67			0.16			1.03				1.19				(0.11	)			(0.06	)			(0.17	)			11.69		11.21				26		0.16			4.00			1.53			86
Year ended 12/31/19			9.01			0.30			1.68				1.98				(0.19	)			(0.13	)			(0.32	)			10.67		22.00				107		0.20			12.32			2.91			45
Period ended 12/31/18^(f)			10.00			0.21			(0.98	)			(0.77	)			(0.20	)			(0.02	)			(0.22	)			9.01		(7.65	)			90		0.16	^(g)		44.37	^(g)		2.09	^(g)		3
Class R6
Year ended 12/31/22			12.69			0.17			(2.53	)			(2.36	)			(0.19	)			(0.34	)			(0.53	)			9.80		(18.67	)			101		0.08			1.62			1.60			54
Year ended 12/31/21			11.68			0.15			1.69				1.84				(0.23	)			(0.60	)			(0.83	)			12.69		15.91				131		0.09			1.97			1.14			51
Year ended 12/31/20			10.67			0.16			1.02				1.18				(0.11	)			(0.06	)			(0.17	)			11.68		11.12				249		0.16			4.00			1.53			86
Year ended 12/31/19			9.01			0.30			1.68				1.98				(0.19	)			(0.13	)			(0.32	)			10.67		22.00				320		0.20			12.32			2.91			45
Period ended 12/31/18^(f)			10.00			0.21			(0.98	)			(0.77	)			(0.20	)			(0.02	)			(0.22	)			9.01		(7.65	)			270		0.16	^(g)		44.37	^(g)		2.09	^(g)		3

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

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

Estimated acquired fund fees from underlying funds were 0.40%, 0.43%, 0.42%, 0.42% and 0.35% for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively.

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

^(f)	Commencement date of January 3, 2018.

^(g)	Annualized.

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


95		Invesco Peak Retirement^™ Funds

Financial Highlights–(continued)

Invesco Peak Retirement™ 2050 Fund


	Net asset value, beginning of period			Net investment income^(a)(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Year ended 12/31/22		$	13.46		$	0.15		$	(2.69	)		$	(2.54	)		$	(0.17	)		$	(0.36	)		$	(0.53	)		$	10.39		(18.86	)%		$	7,903		0.33	%		1.48	%		1.29	%		40	%
Year ended 12/31/21			11.74			0.11			1.78				1.89				(0.17	)			(0.00	)			(0.17	)			13.46		16.17				10,208		0.34			1.64			0.86			29
Year ended 12/31/20			10.71			0.12			1.08				1.20				(0.10	)			(0.07	)			(0.17	)			11.74		11.19				2,855		0.41			5.23			1.22			87
Year ended 12/31/19			9.02			0.23			1.84				2.07				(0.19	)			(0.19	)			(0.38	)			10.71		22.93				913		0.44			11.49			2.22			59
Period ended 12/31/18^(f)			10.00			0.20			(1.01	)			(0.81	)			(0.16	)			(0.01	)			(0.17	)			9.02		(8.04	)			222		0.40	^(g)		45.97	^(g)		2.07	^(g)		10
Class C
Year ended 12/31/22			13.27			0.06			(2.65	)			(2.59	)			(0.06	)			(0.36	)			(0.42	)			10.26		(19.50	)			1,905		1.08			2.23			0.54			40
Year ended 12/31/21			11.59			0.01			1.76				1.77				(0.09	)			(0.00	)			(0.09	)			13.27		15.31				3,059		1.09			2.39			0.11			29
Year ended 12/31/20			10.62			0.05			1.05				1.10				(0.06	)			(0.07	)			(0.13	)			11.59		10.31				1,141		1.16			5.98			0.47			87
Year ended 12/31/19			8.96			0.15			1.83				1.98				(0.13	)			(0.19	)			(0.32	)			10.62		22.15				277		1.19			12.24			1.47			59
Period ended 12/31/18^(f)			10.00			0.13			(1.01	)			(0.88	)			(0.15	)			(0.01	)			(0.16	)			8.96		(8.82	)			108		1.15	^(g)		46.72	^(g)		1.32	^(g)		10
Class R
Year ended 12/31/22			13.35			0.12			(2.65	)			(2.53	)			(0.14	)			(0.36	)			(0.50	)			10.32		(18.97	)			3,580		0.58			1.73			1.04			40
Year ended 12/31/21			11.66			0.08			1.75				1.83				(0.14	)			(0.00	)			(0.14	)			13.35		15.79				4,831		0.59			1.89			0.61			29
Year ended 12/31/20			10.66			0.10			1.05				1.15				(0.08	)			(0.07	)			(0.15	)			11.66		10.81				1,244		0.66			5.48			0.97			87
Year ended 12/31/19			9.00			0.20			1.82				2.02				(0.17	)			(0.19	)			(0.36	)			10.66		22.50				433		0.69			11.74			1.97			59
Period ended 12/31/18^(f)			10.00			0.18			(1.01	)			(0.83	)			(0.16	)			(0.01	)			(0.17	)			9.00		(8.32	)			43		0.65	^(g)		46.22	^(g)		1.82	^(g)		10
Class Y
Year ended 12/31/22			13.52			0.18			(2.69	)			(2.51	)			(0.21	)			(0.36	)			(0.57	)			10.44		(18.60	)			18		0.08			1.23			1.54			40
Year ended 12/31/21			11.79			0.14			1.79				1.93				(0.20	)			(0.00	)			(0.20	)			13.52		16.42				262		0.09			1.39			1.11			29
Year ended 12/31/20			10.74			0.15			1.09				1.24				(0.12	)			(0.07	)			(0.19	)			11.79		11.49				201		0.16			4.98			1.47			87
Year ended 12/31/19			9.03			0.25			1.85				2.10				(0.20	)			(0.19	)			(0.39	)			10.74		23.28				178		0.19			11.24			2.47			59
Period ended 12/31/18^(f)			10.00			0.23			(1.02	)			(0.79	)			(0.17	)			(0.01	)			(0.18	)			9.03		(7.88	)			47		0.15	^(g)		45.72	^(g)		2.32	^(g)		10
Class R5
Year ended 12/31/22			13.52			0.18			(2.70	)			(2.52	)			(0.21	)			(0.36	)			(0.57	)			10.43		(18.67	)			104		0.08			1.01			1.54			40
Year ended 12/31/21			11.79			0.14			1.79				1.93				(0.20	)			(0.00	)			(0.20	)			13.52		16.42				135		0.09			1.12			1.11			29
Year ended 12/31/20			10.74			0.15			1.09				1.24				(0.12	)			(0.07	)			(0.19	)			11.79		11.49				118		0.16			4.45			1.47			87
Year ended 12/31/19			9.03			0.25			1.85				2.10				(0.20	)			(0.19	)			(0.39	)			10.74		23.28				107		0.19			10.83			2.47			59
Period ended 12/31/18^(f)			10.00			0.23			(1.02	)			(0.79	)			(0.17	)			(0.01	)			(0.18	)			9.03		(7.88	)			90		0.15	^(g)		45.18	^(g)		2.32	^(g)		10
Class R6
Year ended 12/31/22			13.52			0.18			(2.70	)			(2.52	)			(0.21	)			(0.36	)			(0.57	)			10.43		(18.67	)			124		0.08			1.01			1.54			40
Year ended 12/31/21			11.79			0.14			1.79				1.93				(0.20	)			(0.00	)			(0.20	)			13.52		16.42				160		0.09			1.12			1.11			29
Year ended 12/31/20			10.74			0.15			1.09				1.24				(0.12	)			(0.07	)			(0.19	)			11.79		11.50				354		0.16			4.45			1.47			87
Year ended 12/31/19			9.03			0.25			1.85				2.10				(0.20	)			(0.19	)			(0.39	)			10.74		23.28				322		0.19			10.83			2.47			59
Period ended 12/31/18^(f)			10.00			0.23			(1.02	)			(0.79	)			(0.17	)			(0.01	)			(0.18	)			9.03		(7.88	)			271		0.15	^(g)		45.18	^(g)		2.32	^(g)		10

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

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

Estimated acquired fund fees from underlying funds were 0.37%, 0.43%, 0.42%, 0.41% and 0.36% for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively.

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

^(f)	Commencement date of January 3, 2018.

^(g)	Annualized.

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


96		Invesco Peak Retirement^™ Funds

Financial Highlights–(continued)

Invesco Peak Retirement™ 2055 Fund


	Net asset value, beginning of period			Net investment income^(a)(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Year ended 12/31/22		$	13.44		$	0.15		$	(2.66	)		$	(2.51	)		$	(0.14	)		$	(0.37	)		$	(0.51	)		$	10.42		(18.76	)%		$	2,979		0.34	%		3.24	%		1.33	%		55	%
Year ended 12/31/21			11.81			0.11			1.81				1.92				(0.19	)			(0.10	)			(0.29	)			13.44		16.32				3,206		0.34			4.27			0.85			33
Year ended 12/31/20			10.62			0.12			1.22				1.34				(0.09	)			(0.06	)			(0.15	)			11.81		12.66				1,549		0.42			9.21			1.13			86
Year ended 12/31/19			8.94			0.22			1.91				2.13				(0.20	)			(0.25	)			(0.45	)			10.62		23.92				382		0.45			23.79			2.15			54
Period ended 12/31/18^(f)			10.00			0.16			(1.02	)			(0.86	)			(0.19	)			(0.01	)			(0.20	)			8.94		(8.59	)			53		0.42	^(g)		49.71	^(g)		1.63	^(g)		6
Class C
Year ended 12/31/22			13.27			0.07			(2.64	)			(2.57	)			(0.03	)			(0.37	)			(0.40	)			10.30		(19.41	)			715		1.09			3.99			0.58			55
Year ended 12/31/21			11.68			0.01			1.80				1.81				(0.12	)			(0.10	)			(0.22	)			13.27		15.49				1,006		1.09			5.02			0.10			33
Year ended 12/31/20			10.55			0.04			1.20				1.24				(0.05	)			(0.06	)			(0.11	)			11.68		11.78				457		1.17			9.96			0.38			86
Year ended 12/31/19			8.90			0.14			1.92				2.06				(0.16	)			(0.25	)			(0.41	)			10.55		23.17				78		1.20			24.54			1.40			54
Period ended 12/31/18^(f)			10.00			0.09			(1.03	)			(0.94	)			(0.15	)			(0.01	)			(0.16	)			8.90		(9.40	)			23		1.17	^(g)		50.46	^(g)		0.88	^(g)		6
Class R
Year ended 12/31/22			13.36			0.12			(2.64	)			(2.52	)			(0.10	)			(0.37	)			(0.47	)			10.37		(18.88	)			1,382		0.59			3.49			1.08			55
Year ended 12/31/21			11.75			0.08			1.80				1.88				(0.17	)			(0.10	)			(0.27	)			13.36		16.01				1,207		0.59			4.52			0.60			33
Year ended 12/31/20			10.58			0.09			1.21				1.30				(0.07	)			(0.06	)			(0.13	)			11.75		12.38				483		0.67			9.46			0.88			86
Year ended 12/31/19			8.93			0.20			1.89				2.09				(0.19	)			(0.25	)			(0.44	)			10.58		23.43				149		0.70			24.04			1.90			54
Period ended 12/31/18^(f)			10.00			0.14			(1.03	)			(0.89	)			(0.17	)			(0.01	)			(0.18	)			8.93		(8.86	)			9		0.67	^(g)		49.96	^(g)		1.38	^(g)		6
Class Y
Year ended 12/31/22			13.47			0.18			(2.67	)			(2.49	)			(0.17	)			(0.37	)			(0.54	)			10.44		(18.56	)			62		0.09			2.99			1.58			55
Year ended 12/31/21			11.84			0.14			1.81				1.95				(0.22	)			(0.10	)			(0.32	)			13.47		16.50				89		0.09			4.02			1.10			33
Year ended 12/31/20			10.64			0.14			1.22				1.36				(0.10	)			(0.06	)			(0.16	)			11.84		12.87				55		0.17			8.96			1.38			86
Year ended 12/31/19			8.94			0.25			1.91				2.16				(0.21	)			(0.25	)			(0.46	)			10.64		24.26				64		0.20			23.54			2.40			54
Period ended 12/31/18^(f)			10.00			0.19			(1.03	)			(0.84	)			(0.21	)			(0.01	)			(0.22	)			8.94		(8.40	)			36		0.17	^(g)		49.46	^(g)		1.88	^(g)		6
Class R5
Year ended 12/31/22			13.49			0.18			(2.67	)			(2.49	)			(0.17	)			(0.37	)			(0.54	)			10.46		(18.53	)			105		0.09			2.66			1.58			55
Year ended 12/31/21			11.85			0.14			1.82				1.96				(0.22	)			(0.10	)			(0.32	)			13.49		16.57				135		0.09			3.57			1.10			33
Year ended 12/31/20			10.64			0.14			1.23				1.37				(0.10	)			(0.06	)			(0.16	)			11.85		12.96				118		0.17			8.15			1.38			86
Year ended 12/31/19			8.94			0.25			1.91				2.16				(0.21	)			(0.25	)			(0.46	)			10.64		24.26				106		0.20			22.61			2.40			54
Period ended 12/31/18^(f)			10.00			0.19			(1.03	)			(0.84	)			(0.21	)			(0.01	)			(0.22	)			8.94		(8.40	)			89		0.17	^(g)		48.81	^(g)		1.88	^(g)		6
Class R6
Year ended 12/31/22			13.49			0.18			(2.67	)			(2.49	)			(0.17	)			(0.37	)			(0.54	)			10.46		(18.53	)			277		0.09			2.66			1.58			55
Year ended 12/31/21			11.85			0.14			1.82				1.96				(0.22	)			(0.10	)			(0.32	)			13.49		16.57				356		0.09			3.57			1.10			33
Year ended 12/31/20			10.64			0.14			1.23				1.37				(0.10	)			(0.06	)			(0.16	)			11.85		12.96				355		0.17			8.15			1.38			86
Year ended 12/31/19			8.94			0.25			1.91				2.16				(0.21	)			(0.25	)			(0.46	)			10.64		24.26				319		0.20			22.61			2.40			54
Period ended 12/31/18^(f)			10.00			0.19			(1.03	)			(0.84	)			(0.21	)			(0.01	)			(0.22	)			8.94		(8.40	)			268		0.17	^(g)		48.81	^(g)		1.88	^(g)		6

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

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

Estimated acquired fund fees from underlying funds were 0.37%, 0.43%, 0.44%, 0.40% and 0.35% for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively.

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

^(f)	Commencement date of January 3, 2018.

^(g)	Annualized.

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


97		Invesco Peak Retirement^™ Funds

Financial Highlights–(continued)

Invesco Peak Retirement™ 2060 Fund


	Net asset value, beginning of period			Net investment income^(a)(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Year ended 12/31/22		$	13.54		$	0.14		$	(2.70	)		$	(2.56	)		$	(0.16	)		$	(0.28	)		$	(0.44	)		$	10.54		(18.94	)%		$	3,682		0.36	%		2.77	%		1.23	%		39	%
Year ended 12/31/21			11.75			0.11			1.83				1.94				(0.15	)			–				(0.15	)			13.54		16.56				4,220		0.33			3.17			0.89			27
Year ended 12/31/20			10.72			0.12			1.05				1.17				(0.07	)			(0.07	)			(0.14	)			11.75		10.94				1,988		0.43			8.43			1.17			86
Year ended 12/31/19			8.91			0.24			1.97				2.21				(0.18	)			(0.22	)			(0.40	)			10.72		24.84				562		0.45			19.50			2.33			50
Period ended 12/31/18^(f)			10.00			0.16			(1.05	)			(0.89	)			(0.18	)			(0.02	)			(0.20	)			8.91		(8.87	)			48		0.42	^(g)		51.11	^(g)		1.57	^(g)		6
Class C
Year ended 12/31/22			13.38			0.05			(2.66	)			(2.61	)			(0.06	)			(0.28	)			(0.34	)			10.43		(19.53	)			575		1.11			3.52			0.48			39
Year ended 12/31/21			11.63			0.02			1.81				1.83				(0.08	)			–				(0.08	)			13.38		15.71				739		1.08			3.92			0.14			27
Year ended 12/31/20			10.65			0.04			1.04				1.08				(0.03	)			(0.07	)			(0.10	)			11.63		10.15				321		1.18			9.18			0.42			86
Year ended 12/31/19			8.89			0.16			1.97				2.13				(0.15	)			(0.22	)			(0.37	)			10.65		23.97				56		1.20			20.25			1.58			50
Period ended 12/31/18^(f)			10.00			0.08			(1.05	)			(0.97	)			(0.12	)			(0.02	)			(0.14	)			8.89		(9.66	)			12		1.17	^(g)		51.86	^(g)		0.82	^(g)		6
Class R
Year ended 12/31/22			13.47			0.11			(2.69	)			(2.58	)			(0.12	)			(0.28	)			(0.40	)			10.49		(19.14	)			1,816		0.61			3.02			0.98			39
Year ended 12/31/21			11.70			0.08			1.81				1.89				(0.12	)			–				(0.12	)			13.47		16.22				2,362		0.58			3.42			0.64			27
Year ended 12/31/20			10.69			0.09			1.05				1.14				(0.06	)			(0.07	)			(0.13	)			11.70		10.64				819		0.68			8.68			0.92			86
Year ended 12/31/19			8.90			0.22			1.96				2.18				(0.17	)			(0.22	)			(0.39	)			10.69		24.57				173		0.70			19.75			2.08			50
Period ended 12/31/18^(f)			10.00			0.13			(1.05	)			(0.92	)			(0.16	)			(0.02	)			(0.18	)			8.90		(9.18	)			10		0.67	^(g)		51.36	^(g)		1.32	^(g)		6
Class Y
Year ended 12/31/22			13.60			0.17			(2.71	)			(2.54	)			(0.19	)			(0.28	)			(0.47	)			10.59		(18.70	)			129		0.11			2.52			1.48			39
Year ended 12/31/21			11.80			0.15			1.83				1.98				(0.18	)			–				(0.18	)			13.60		16.80				159		0.08			2.92			1.14			27
Year ended 12/31/20			10.74			0.14			1.07				1.21				(0.08	)			(0.07	)			(0.15	)			11.80		11.32				93		0.18			8.18			1.42			86
Year ended 12/31/19			8.91			0.26			1.98				2.24				(0.19	)			(0.22	)			(0.41	)			10.74		25.17				43		0.20			19.25			2.58			50
Period ended 12/31/18^(f)			10.00			0.18			(1.05	)			(0.87	)			(0.20	)			(0.02	)			(0.22	)			8.91		(8.66	)			36		0.17	^(g)		50.86	^(g)		1.82	^(g)		6
Class R5
Year ended 12/31/22			13.60			0.17			(2.71	)			(2.54	)			(0.19	)			(0.28	)			(0.47	)			10.59		(18.70	)			106		0.11			2.24			1.48			39
Year ended 12/31/21			11.80			0.15			1.83				1.98				(0.18	)			–				(0.18	)			13.60		16.80				136		0.08			2.54			1.14			27
Year ended 12/31/20			10.74			0.14			1.07				1.21				(0.08	)			(0.07	)			(0.15	)			11.80		11.32				118		0.18			7.36			1.42			86
Year ended 12/31/19			8.91			0.26			1.98				2.24				(0.19	)			(0.22	)			(0.41	)			10.74		25.17				107		0.20			18.62			2.58			50
Period ended 12/31/18^(f)			10.00			0.18			(1.05	)			(0.87	)			(0.20	)			(0.02	)			(0.22	)			8.91		(8.66	)			89		0.17	^(g)		50.20	^(g)		1.82	^(g)		6
Class R6
Year ended 12/31/22			13.60			0.17			(2.72	)			(2.55	)			(0.19	)			(0.28	)			(0.47	)			10.58		(18.77	)			260		0.11			2.24			1.48			39
Year ended 12/31/21			11.80			0.15			1.83				1.98				(0.18	)			–				(0.18	)			13.60		16.80				334		0.08			2.54			1.14			27
Year ended 12/31/20			10.74			0.14			1.07				1.21				(0.08	)			(0.07	)			(0.15	)			11.80		11.32				354		0.18			7.36			1.42			86
Year ended 12/31/19			8.91			0.26			1.98				2.24				(0.19	)			(0.22	)			(0.41	)			10.74		25.17				322		0.20			18.62			2.58			50
Period ended 12/31/18^(f)			10.00			0.18			(1.05	)			(0.87	)			(0.20	)			(0.02	)			(0.22	)			8.91		(8.66	)			267		0.17	^(g)		50.20	^(g)		1.82	^(g)		6

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

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

Estimated acquired fund fees from underlying funds were 0.37%, 0.43%, 0.41%, 0.40% and 0.35% for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively

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

^(f)	Commencement date of January 3, 2018.

^(g)	Annualized.

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


98		Invesco Peak Retirement^™ Funds

Financial Highlights–(continued)

Invesco Peak Retirement™ 2065 Fund


	Net asset value, beginning of period			Net investment income^(a)(b)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(c)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover^(e)
Class A
Year ended 12/31/22		$	13.78		$	0.15		$	(2.77	)		$	(2.62	)		$	(0.12	)		$	(0.40	)		$	(0.52	)		$	10.64		(19.04	)%		$	2,757		0.35	%		3.30	%		1.25	%		55	%
Year ended 12/31/21			12.09			0.11			1.89				2.00				(0.17	)			(0.14	)			(0.31	)			13.78		16.55				3,510		0.34			4.22			0.85			37
Year ended 12/31/20			10.79			0.13			1.34				1.47				(0.12	)			(0.05	)			(0.17	)			12.09		13.66				1,536		0.42			11.26			1.21			82
Year ended 12/31/19			9.00			0.21			2.00				2.21				(0.19	)			(0.23	)			(0.42	)			10.79		24.56				216		0.43			23.83			2.00			49
Period ended 12/31/18^(f)			10.00			0.16			(0.98	)			(0.82	)			(0.18	)			–				(0.18	)			9.00		(8.15	)			49		0.42	^(g)		48.89	^(g)		1.56	^(g)		165
Class C
Year ended 12/31/22			13.42			0.06			(2.68	)			(2.62	)			(0.02	)			(0.40	)			(0.42	)			10.38		(19.54	)			639		1.10			4.05			0.50			55
Year ended 12/31/21			11.81			0.01			1.84				1.85				(0.10	)			(0.14	)			(0.24	)			13.42		15.66				867		1.09			4.97			0.10			37
Year ended 12/31/20			10.60			0.05			1.30				1.35				(0.09	)			(0.05	)			(0.14	)			11.81		12.72				299		1.17			12.01			0.46			82
Year ended 12/31/19			8.88			0.13			1.95				2.08				(0.13	)			(0.23	)			(0.36	)			10.60		23.46				71		1.18			24.58			1.25			49
Period ended 12/31/18^(f)			10.00			0.08			(1.05	)			(0.97	)			(0.15	)			–				(0.15	)			8.88		(9.69	)			24		1.17	^(g)		49.64	^(g)		0.81	^(g)		165
Class R
Year ended 12/31/22			13.55			0.11			(2.70	)			(2.59	)			(0.09	)			(0.40	)			(0.49	)			10.47		(19.12	)			939		0.60			3.55			1.00			55
Year ended 12/31/21			11.90			0.08			1.85				1.93				(0.14	)			(0.14	)			(0.28	)			13.55		16.26				669		0.59			4.47			0.60			37
Year ended 12/31/20			10.65			0.10			1.31				1.41				(0.11	)			(0.05	)			(0.16	)			11.90		13.25				309		0.67			11.51			0.96			82
Year ended 12/31/19			8.90			0.18			1.98				2.16				(0.18	)			(0.23	)			(0.41	)			10.65		24.23				75		0.68			24.08			1.75			49
Period ended 12/31/18^(f)			10.00			0.13			(1.06	)			(0.93	)			(0.17	)			–				(0.17	)			8.90		(9.29	)			9		0.67	^(g)		49.14	^(g)		1.31	^(g)		165
Class Y
Year ended 12/31/22			13.67			0.18			(2.75	)			(2.57	)			(0.15	)			(0.40	)			(0.55	)			10.55		(18.80	)			323		0.10			3.05			1.50			55
Year ended 12/31/21			11.99			0.15			1.87				2.02				(0.20	)			(0.14	)			(0.34	)			13.67		16.83				410		0.09			3.97			1.10			37
Year ended 12/31/20			10.70			0.15			1.32				1.47				(0.13	)			(0.05	)			(0.18	)			11.99		13.80				205		0.17			11.01			1.46			82
Year ended 12/31/19			8.92			0.23			1.98				2.21				(0.20	)			(0.23	)			(0.43	)			10.70		24.82				43		0.18			23.58			2.25			49
Period ended 12/31/18^(f)			10.00			0.18			(1.05	)			(0.87	)			(0.21	)			–				(0.21	)			8.92		(8.72	)			36		0.17	^(g)		48.64	^(g)		1.81	^(g)		165
Class R5
Year ended 12/31/22			13.67			0.18			(2.75	)			(2.57	)			(0.15	)			(0.40	)			(0.55	)			10.55		(18.80	)			106		0.08			2.72			1.52			55
Year ended 12/31/21			11.99			0.15			1.87				2.02				(0.20	)			(0.14	)			(0.34	)			13.67		16.83				137		0.09			3.59			1.10			37
Year ended 12/31/20			10.70			0.15			1.32				1.47				(0.13	)			(0.05	)			(0.18	)			11.99		13.80				120		0.17			10.12			1.46			82
Year ended 12/31/19			8.92			0.23			1.98				2.21				(0.20	)			(0.23	)			(0.43	)			10.70		24.82				107		0.18			22.73			2.25			49
Period ended 12/31/18^(f)			10.00			0.18			(1.05	)			(0.87	)			(0.21	)			–				(0.21	)			8.92		(8.72	)			89		0.17	^(g)		48.08	^(g)		1.81	^(g)		165
Class R6
Year ended 12/31/22			13.67			0.18			(2.75	)			(2.57	)			(0.15	)			(0.40	)			(0.55	)			10.55		(18.80	)			260		0.08			2.72			1.52			55
Year ended 12/31/21			11.99			0.15			1.87				2.02				(0.20	)			(0.14	)			(0.34	)			13.67		16.83				337		0.09			3.59			1.10			37
Year ended 12/31/20			10.70			0.15			1.32				1.47				(0.13	)			(0.05	)			(0.18	)			11.99		13.80				360		0.17			10.12			1.46			82
Year ended 12/31/19			8.92			0.23			1.98				2.21				(0.20	)			(0.23	)			(0.43	)			10.70		24.82				321		0.18			22.73			2.25			49
Period ended 12/31/18^(f)			10.00			0.18			(1.05	)			(0.87	)			(0.21	)			–				(0.21	)			8.92		(8.72	)			268		0.17	^(g)		48.08	^(g)		1.81	^(g)		165

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

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

Estimated acquired fund fees from underlying funds were 0.37%, 0.43%, 0.41%, 0.40% and 0.35% for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively

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

^(f)	Commencement date of January 3, 2018.

^(g)	Annualized.

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


99		Invesco Peak Retirement^™ Funds

Notes to Financial Statements

December 31, 2022

NOTE 1–Significant Accounting Policies

AIM Growth Series (Invesco Growth Series) (the “Trust”) is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. The Funds covered in this report, each a series portfolio of the Trust, are Invesco Peak Retirement™ Destination Fund, Invesco Peak Retirement™ 2010 Fund, Invesco Peak Retirement™ 2015 Fund, Invesco Peak Retirement™ 2020 Fund, Invesco Peak Retirement™ 2025 Fund, Invesco Peak Retirement™ 2030 Fund, Invesco Peak Retirement™ 2035 Fund, Invesco Peak Retirement™ 2040 Fund, Invesco Peak Retirement™ 2045 Fund, Invesco Peak Retirement™ 2050 Fund, Invesco Peak Retirement™ 2055 Fund, Invesco Peak Retirement™ 2060 Fund and Invesco Peak Retirement™ 2065 Fund (collectively, the “Funds”). Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or each class will be voted on exclusively by the shareholders of each Fund or each class.

The investment objective of each Fund is total return over time, consistent with its strategic target allocation.

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

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

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

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

Security Valuations – Securities of investment companies listed or traded on an exchange are generally valued at the trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Funds, as a result of having the same investment adviser, are set forth below.

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

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


100		Invesco Peak Retirement^™ Funds

the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

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

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

Distributions – Invesco Peak Retirement™ Destination Fund generally declares and pays dividends from net investment income, if any, monthly. Invesco Peak Retirement™ 2010 Fund, Invesco Peak Retirement™ 2015 Fund, Invesco Peak Retirement™ 2020 Fund, Invesco Peak Retirement™ 2025 Fund, Invesco Peak Retirement™ 2030 Fund, Invesco Peak Retirement™ 2035 Fund, Invesco Peak Retirement™ 2040 Fund, Invesco Peak Retirement™ 2045 Fund, Invesco Peak Retirement™ 2050 Fund, Invesco Peak Retirement™ 2055 Fund, Invesco Peak Retirement™ 2060 Fund and Invesco Peak Retirement™ 2065 Fund generally declare and pay dividends from net investment income, if any, annually. Distributions from net realized capital gains, if any, are generally paid annually and recorded on the ex-dividend date. The Funds may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

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

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.


101		Invesco Peak Retirement^™ Funds

Expenses – Expenses included in the accompanying financial statements reflect the expenses of the Funds and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.

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

Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

Securities Lending – Each Fund may lend portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statements of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for each Fund. The Bank of New York Mellon also serves as a lending agent. To the extent each Fund utilizes the Adviser as an affiliated securities lending agent, each Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2022, fees paid to the Adviser were less than $500 for each Fund, except for Invesco Peak Retirement^TM 2040 Fund and Invesco Peak Retirement^TM 2065 Fund. Invesco Peak Retirement^TM 2040 Fund and Invesco Peak Retirement^TM 2065 Fund had no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in Securities lending income on the Statement of Operations.

Other Risks – Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers’ securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.

Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco. Under the terms of the investment advisory agreement, the Funds do not pay an advisory fee. However, each Fund pays advisory fees to Invesco indirectly as a shareholder of the underlying funds.


102		Invesco Peak Retirement^™ Funds

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

Invesco has contractually agreed, through at least April 30, 2023, to reimburse expenses to the extent necessary to limit total annual fund operating expenses after expense reimbursement (including estimated prior fiscal year-end Acquired Fund Fees and Expenses and excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares for each Fund as shown in the following table (the “expense limits”):


	Class A	Class C	Class R	Class Y	Class R5	Class R6	Acquired Fund Fees and Expenses
Invesco Peak Retirement™ Destination Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.42%
Invesco Peak Retirement™ 2010 Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.41%
Invesco Peak Retirement™ 2015 Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.42%
Invesco Peak Retirement™ 2020 Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.42%
Invesco Peak Retirement™ 2025 Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.43%
Invesco Peak Retirement™ 2030 Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.43%
Invesco Peak Retirement™ 2035 Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.43%
Invesco Peak Retirement™ 2040 Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.41%
Invesco Peak Retirement™ 2045 Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.40%
Invesco Peak Retirement™ 2050 Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.40%
Invesco Peak Retirement™ 2055 Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.39%
Invesco Peak Retirement™ 2060 Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.39%
Invesco Peak Retirement™ 2065 Fund	0.74%	1.49%	0.99%	0.49%	0.49%	0.49%	0.39%

In determining Invesco’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of a Fund directly, but are fees and expenses, including management fees of the investment companies in which a Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues each Fund’s expense reimbursement agreement, it will terminate on April 30, 2023. During its term, each expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement without approval of the Board of Trustees.

For the year ended December 31, 2022, the Adviser reimbursed the following expenses:


	Fund Level		Class A		Class C		Class R		Class Y		Class R5		Class R6
Invesco Peak Retirement™ Destination Fund	$	169,640	$	3,000	$	70	$	185	$	29		$35		$ 64
Invesco Peak Retirement™ 2010 Fund		169,251		0		0		0		0		3		63
Invesco Peak Retirement™ 2015 Fund		170,725		915		168		192		47		34		102
Invesco Peak Retirement™ 2020 Fund		162,854		7,064		1,237		1,749		108		50		7
Invesco Peak Retirement™ 2025 Fund		162,153		13,992		2,428		2,563		165		3		3
Invesco Peak Retirement™ 2030 Fund		167,121		29,388		6,054		9,317		338		3		3
Invesco Peak Retirement™ 2035 Fund		163,050		16,123		5,067		7,132		1,347		3		3
Invesco Peak Retirement™ 2040 Fund		158,928		24,825		4,844		10,327		1,207		3		3
Invesco Peak Retirement™ 2045 Fund		162,882		12,777		4,592		6,878		342		7		35
Invesco Peak Retirement™ 2050 Fund		161,867		26,576		7,128		11,687		587		46		54
Invesco Peak Retirement™ 2055 Fund		162,405		12,808		3,579		5,720		266		41		108
Invesco Peak Retirement™ 2060 Fund		163,217		13,827		2,342		7,317		437		42		102
Invesco Peak Retirement™ 2065 Fund		163,433		13,432		3,025		3,179		1,290		38		94

The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the year ended December 31, 2022, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as custodian and fund accountant and provides certain administrative services to the Funds.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the year ended December 31, 2022, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.


103		Invesco Peak Retirement^™ Funds

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of each Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to each Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). Each Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of each Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund. For the year ended December 31, 2022, expenses incurred under the Plans are shown in the Statements of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Funds. Front-end sales commissions are deducted from proceeds from the sales of each Fund’s shares prior to investment in Class A shares of the Funds. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2022, IDI advised the Funds that IDI retained the following front-end sales commissions from the sale of Class A shares and received the following in CDSC imposed on redemptions by shareholders:


	Front End Sales Charge		Contingent Deferred Sales Charge
			Class A	Class C
Invesco Peak Retirement™ Destination Fund		$ 5,049	$0		$ 0
Invesco Peak Retirement™ 2015 Fund		488	0		0
Invesco Peak Retirement™ 2020 Fund		1,125	0		0
Invesco Peak Retirement™ 2025 Fund		7,727	0		2
Invesco Peak Retirement™ 2030 Fund		25,427	0		170
Invesco Peak Retirement™ 2035 Fund		21,169	0		56
Invesco Peak Retirement™ 2040 Fund		28,973	0		0
Invesco Peak Retirement™ 2045 Fund		16,210	0		0
Invesco Peak Retirement™ 2050 Fund		23,906	0		41
Invesco Peak Retirement™ 2055 Fund		15,269	0		0
Invesco Peak Retirement™ 2060 Fund		12,108	0		0
Invesco Peak Retirement™ 2065 Fund		10,277	0		6

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

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

NOTE 3–Additional Valuation Information


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


104		Invesco Peak Retirement^™ Funds

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangements are comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended December 31, 2022, the Funds received credits from these arrangements, which resulted in the reduction of the Funds’ total expenses of:


		Transfer Agent Credits
Invesco Peak Retirement™ Destination Fund		$ 0
Invesco Peak Retirement™ 2010 Fund		0
Invesco Peak Retirement™ 2015 Fund		0
Invesco Peak Retirement™ 2020 Fund		103
Invesco Peak Retirement™ 2025 Fund		306
Invesco Peak Retirement™ 2030 Fund		662
Invesco Peak Retirement™ 2035 Fund		565
Invesco Peak Retirement™ 2040 Fund		755
Invesco Peak Retirement™ 2045 Fund		529
Invesco Peak Retirement™ 2050 Fund		828
Invesco Peak Retirement™ 2055 Fund		508
Invesco Peak Retirement™ 2060 Fund		572
Invesco Peak Retirement™ 2065 Fund		497

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plans represent unsecured claims against the general assets of the Funds.

NOTE 6–Cash Balances

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:


	December 31, 2022								December 31, 2021

	Ordinary income*		Long-term capital gains		Return of capital		Total distributions		Ordinary Income		Long-Term Capital Gains		Total distributions
Invesco Peak Retirement™ Destination Fund		$166,404		$ 23,016		$11,411		$ 200,831		$122,682		$ 24,041		$ 146,723
Invesco Peak Retirement™ 2010 Fund		26,157		434		662		27,253		8,633		372		9,005
Invesco Peak Retirement™ 2015 Fund		50,453		2,865		–		53,318		46,261		33,005		79,266
Invesco Peak Retirement™ 2020 Fund		270,750		122,029		5,358		398,137		237,109		64,047		301,156
Invesco Peak Retirement™ 2025 Fund		335,146		309,002		–		644,148		534,139		202,185		736,324
Invesco Peak Retirement™ 2030 Fund		503,975		531,978		–		1,035,953		750,392		253,205		1,003,597
Invesco Peak Retirement™ 2035 Fund		252,334		364,400		–		616,734		324,018		82,118		406,136
Invesco Peak Retirement™ 2040 Fund		281,180		466,826		–		748,006		350,263		265,728		615,991
Invesco Peak Retirement™ 2045 Fund		104,384		273,617		–		378,001		156,127		423,017		579,144
Invesco Peak Retirement™ 2050 Fund		203,261		483,352		–		686,613		205,143		4,793		209,936
Invesco Peak Retirement™ 2055 Fund		61,532		189,724		–		251,256		74,041		42,002		116,043
Invesco Peak Retirement™ 2060 Fund		87,949		173,185		–		261,134		79,081		–		79,081
Invesco Peak Retirement™ 2065 Fund		51,808		192,322		–		244,130		87,074		35,032		122,106

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


105		Invesco Peak Retirement^™ Funds

Tax Components of Net Assets at Period-End:


	Undistributed Ordinary Income		Net unrealized Appreciation (Depreciation) - Investments			Temporary Book/Tax Differences			Capital Loss Carryforward			Shares of Beneficial Interest		Total Net Assets
Invesco Peak Retirement™ Destination Fund		$ –		$ (38	)		$(12,530	)		$ (517,138	)		$ 3,704,314		$ 3,174,608
Invesco Peak Retirement™ 2010 Fund		–		2			(7,147	)		(85,658	)		467,427		374,624
Invesco Peak Retirement™ 2015 Fund		2,292		(15	)		(12,314	)		(161,737	)		1,120,693		948,919
Invesco Peak Retirement™ 2020 Fund		–		(43,510	)		(12,669	)		(1,219,522	)		6,960,420		5,684,719
Invesco Peak Retirement™ 2025 Fund		139,360		(99,307	)		(12,710	)		(2,795,015	)		11,728,469		8,960,797
Invesco Peak Retirement™ 2030 Fund		224,809		(299,514	)		(12,764	)		(4,546,154	)		26,510,946		21,877,323
Invesco Peak Retirement™ 2035 Fund		146,574		(286,271	)		(12,705	)		(2,449,663	)		17,693,095		15,091,030
Invesco Peak Retirement™ 2040 Fund		116,193		(327,868	)		(12,708	)		(2,805,741	)		19,702,357		16,672,233
Invesco Peak Retirement™ 2045 Fund		63,816		(172,721	)		(15,610	)		(983,311	)		9,035,579		7,927,753
Invesco Peak Retirement™ 2050 Fund		58,360		(242,696	)		(12,691	)		(1,810,025	)		15,641,649		13,634,597
Invesco Peak Retirement™ 2055 Fund		40,658		(96,261	)		(12,647	)		(504,695	)		6,092,164		5,519,219
Invesco Peak Retirement™ 2060 Fund		47,413		(109,402	)		(12,658	)		(547,439	)		7,190,155		6,568,069
Invesco Peak Retirement™ 2065 Fund		45,073		(116,081	)		(12,635	)		(543,331	)		5,651,491		5,024,517

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

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

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


106		Invesco Peak Retirement^™ Funds

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


	Short-Term			Long-Term
	Not subject to			Not subject to
Fund	Expiration			Expiration			Total*
Invesco Peak Retirement™ Destination Fund		$	82,408		$	434,730		$	517,138
Invesco Peak Retirement™ 2010 Fund			27,978			57,680			85,658
Invesco Peak Retirement™ 2015 Fund			26,410			135,327			161,737
Invesco Peak Retirement™ 2020 Fund			183,991			1,035,531			1,219,522
Invesco Peak Retirement™ 2025 Fund			404,780			2,390,235			2,795,015
Invesco Peak Retirement™ 2030 Fund			678,977			3,867,177			4,546,154
Invesco Peak Retirement™ 2035 Fund			631,792			1,817,871			2,449,663
Invesco Peak Retirement™ 2040 Fund			515,453			2,290,288			2,805,741
Invesco Peak Retirement™ 2045 Fund			393,009			590,302			983,311
Invesco Peak Retirement™ 2050 Fund			419,670			1,390,355			1,810,025
Invesco Peak Retirement™ 2055 Fund			243,385			261,310			504,695
Invesco Peak Retirement™ 2060 Fund			213,258			334,181			547,439
Invesco Peak Retirement™ 2065 Fund			260,303			283,028			543,331

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities purchased and sold by each Fund and aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:


					At December 31, 2022
	For the year ended											Net Unrealized
	December 31, 2022*						Unrealized		Unrealized			Appreciation
	Purchases		Sales		Federal Tax Cost		Appreciation		(Depreciation)			(Depreciation)


Invesco Peak Retirement™ Destination Fund	$	1,730,695	$	5,775,511		$ 3,338,857	$	1		$ (39	)		$ (38	)


Invesco Peak Retirement™ 2010 Fund		238,675		679,831		374,943		2		–			2


Invesco Peak Retirement™ 2015 Fund		323,249		1,658,552		950,478		1		(16	)		(15	)


Invesco Peak Retirement™ 2020 Fund		2,493,968		12,302,517		5,762,825		25		(43,535	)		(43,510	)


Invesco Peak Retirement™ 2025 Fund		5,588,380		24,620,714		9,098,665		3		(99,310	)		(99,307	)


Invesco Peak Retirement™ 2030 Fund		9,698,742		38,807,500		22,328,939		36		(299,550	)		(299,514	)


Invesco Peak Retirement™ 2035 Fund		9,421,531		23,996,219		15,477,786		9		(286,280	)		(286,271	)


Invesco Peak Retirement™ 2040 Fund		9,084,910		26,123,300		17,033,649		5		(327,873	)		(327,868	)


Invesco Peak Retirement™ 2045 Fund		5,423,019		12,167,941		8,085,233		13		(172,734	)		(172,721	)


Invesco Peak Retirement™ 2050 Fund		6,773,525		19,190,169		13,850,938		13		(242,709	)		(242,696	)


Invesco Peak Retirement™ 2055 Fund		3,297,950		7,184,766		5,628,660		7		(96,268	)		(96,261	)


Invesco Peak Retirement™ 2060 Fund		2,892,962		8,148,807		6,680,542		7		(109,409	)		(109,402	)


Invesco Peak Retirement™ 2065 Fund		3,251,779		6,992,266		5,249,804		13		(116,094	)		(116,081	)

*	Excludes U.S. Treasury obligations and money market funds, if any.


107		Invesco Peak Retirement^™ Funds

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions from underlying funds, on December 31, 2022, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and shares of beneficial interest. These reclassifications had no effect on the net assets or the distributable earnings of each Fund.


	Undistributed Net				Undistributed Net				Shares of
	Investment Income				Realized Gain (Loss)				Beneficial Interest
Invesco Peak Retirement™ Destination Fund		$	1,907			$	9,504			$	(11,411	)
Invesco Peak Retirement™ 2010 Fund			406				256				(662	)
Invesco Peak Retirement™ 2015 Fund			(622	)			622				–
Invesco Peak Retirement™ 2020 Fund			9,901				(4,543	)			(5,358	)
Invesco Peak Retirement™ 2025 Fund			26,497				(26,497	)			–
Invesco Peak Retirement™ 2030 Fund			78,071				(78,071	)			–
Invesco Peak Retirement™ 2035 Fund			62,726				(62,726	)			–
Invesco Peak Retirement™ 2040 Fund			72,321				(72,321	)			–
Invesco Peak Retirement™ 2045 Fund			31,317				(31,317	)			–
Invesco Peak Retirement™ 2050 Fund			50,075				(50,075	)			–
Invesco Peak Retirement™ 2055 Fund			19,440				(19,440	)			–
Invesco Peak Retirement™ 2060 Fund			20,786				(20,786	)			–
Invesco Peak Retirement™ 2065 Fund			17,669				(17,669	)			–

NOTE 10–Share Information

Invesco Peak Retirement™ Destination Fund


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		155,111		$	1,515,948			287,746		$	3,022,564


Class C		586			5,813			17,345			182,670


Class R		13,698			132,902			26,283			279,655



Issued as reinvestment of dividends:
Class A		17,759			168,188			11,422			120,511


Class C		252			2,406			418			4,407


Class R		1,215			11,388			393			4,155



Automatic conversion of Class C shares to Class A shares:
Class A		122			1,182			140			1,475


Class C		(122	)		(1,182	)		(140	)		(1,475	)



Reacquired:
Class A		(284,340	)		(2,671,185	)		(89,647	)		(944,406	)


Class C		(14,912	)		(146,318	)		(12,482	)		(133,416	)


Class R		(12,113	)		(110,878	)		(10,236	)		(109,058	)


Class R6		-			-			(11,682	)		(125,000	)


Net increase (decrease) in share activity		(122,744	)	$	(1,091,736	)		219,560		$	2,302,082

^(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 10% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

In addition, 48% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


108		Invesco Peak Retirement^™ Funds

NOTE 10–Share Information–(continued)

Invesco Peak Retirement™ 2010 Fund


	Summary of Share Activity


	Year ended
	December 31, 2022^(a)						December 31, 2021^(b)
	Shares			Amount			Shares		Amount


Sold:
Class A		13,876		$	131,303			24,639	$	251,624


Class C		1,795			17,394			2,339		23,510


Class R		6,681			61,014			1,001		10,010


Class Y		-			-			1,001		10,010


Class R5		-			-			1,001		10,010


Class R6		-			-			25,001		250,010



Issued as reinvestment of dividends:
Class A		702			5,981			382		3,830


Class C		90			768			17		167


Class R		206			1,754			-		-



Reacquired:
Class A		(27,762	)		(248,612	)		-		-


Class C		(3,240	)		(28,371	)		-		-


Class R		(3,538	)		(31,811	)		-		-


Net increase (decrease) in share activity		(11,190	)	$	(90,580	)		55,381	$	559,171

^(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 8% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

In addition, 88% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b⁾	Commencement date of April 30, 2021.

Invesco Peak Retirement™ 2015 Fund


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		24,867		$	248,478			68,043		$	741,763


Class C		5,441			56,338			28,190			306,720


Class R		2,626			26,036			8,835			95,776



Issued as reinvestment of dividends:
Class A		1,919			17,465			3,852			40,643


Class C		181			1,658			364			3,821


Class R		840			7,634			646			6,798



Automatic conversion of Class C shares to Class A shares:
Class A		-			-			922			10,261


Class C		-			-			(934	)		(10,261	)



Reacquired:
Class A		(68,823	)		(668,760	)		(39,940	)		(438,564	)


Class C		(16,755	)		(154,629	)		(20,185	)		(220,427	)


Class R		(156	)		(1,535	)		(6,320	)		(69,319	)


Net increase (decrease) in share activity		(49,860	)	$	(467,315	)		43,473		$	467,211

^(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 15% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

In addition, 67% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


109		Invesco Peak Retirement^™ Funds

NOTE 10–Share Information–(continued)

Invesco Peak Retirement™ 2020 Fund


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		157,190		$	1,696,690			533,426		$	6,043,745


Class C		13,482			138,214			95,057			1,045,403


Class R		49,372			520,076			150,317			1,678,241


Class Y		810			8,853			1,537			17,035



Issued as reinvestment of dividends:
Class A		30,373			288,236			18,786			213,028


Class C		2,314			22,030			2,810			31,667


Class R		6,645			62,996			4,331			48,983


Class Y		363			3,464			172			1,961



Automatic conversion of Class C shares to Class A shares:
Class A		6,517			68,075			7,661			87,768


Class C		(6,579	)		(68,075	)		(7,740	)		(87,768	)



Reacquired:
Class A		(519,267	)		(5,282,528	)		(104,276	)		(1,199,536	)


Class C		(107,767	)		(1,089,340	)		(26,453	)		(301,953	)


Class R		(129,429	)		(1,327,022	)		(64,204	)		(734,716	)


Class Y		(1,540	)		(14,922	)		-			-


Class R6		-			-			(28,737	)		(342,261	)


Net increase (decrease) in share activity		(497,516	)	$	(4,973,253	)		582,687		$	6,501,597

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 10% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 33% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

Invesco Peak Retirement™ 2025 Fund


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		292,427		$	3,164,482			936,855		$	11,027,656


Class C		131,906			1,417,043			126,798			1,468,708


Class R		154,762			1,616,807			104,175			1,229,086


Class Y		13,931			140,906			8,957			105,146



Issued as reinvestment of dividends:
Class A		41,427			397,281			49,245			579,616


Class C		8,801			83,786			5,802			67,418


Class R		10,931			104,720			6,620			77,655


Class Y		1,180			11,354			441			5,210



Automatic conversion of Class C shares to Class A shares:
Class A		17,354			184,516			15,320			182,337


Class C		(17,616	)		(184,516	)		(15,558	)		(182,337	)


110		Invesco Peak Retirement^™ Funds

NOTE 10–Share Information–(continued)


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(1,297,701	)	$	(13,174,260	)		(244,578	)	$	(2,904,205	)


Class C		(219,830	)		(2,196,663	)		(62,282	)		(733,259	)


Class R		(253,152	)		(2,539,652	)		(2,687	)		(31,894	)
Class Y		(9,521	)		(97,212	)		(4,341	)		(52,261	)


Class R5		-			-			(961	)		(11,500	)


Class R6		-			-			(20,133	)		(241,000	)


Net increase (decrease) in share activity		(1,125,101	)	$	(11,071,408	)		903,673		$	10,586,376

^(a)

In addition, 8% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

Invesco Peak Retirement™ 2030 Fund


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		654,263		$	7,011,780			1,267,273		$	15,024,463


Class C		147,203			1,553,988			374,875			4,380,285


Class R		248,808			2,670,602			463,758			5,448,870


Class Y		2,376			25,304			12,218			144,818



Issued as reinvestment of dividends:
Class A		71,399			706,854			56,690			684,250


Class C		11,458			112,628			9,462			112,977


Class R		18,467			182,268			16,234			195,139


Class Y		1,179			11,716			707			8,575



Automatic conversion of Class C shares to Class A shares:
Class A		29,661			313,177			18,599			226,201


Class C		(30,103	)		(313,177	)		(18,844	)		(226,201	)



Reacquired:
Class A		(1,405,128	)		(14,468,859	)		(457,395	)		(5,438,375	)


Class C		(267,605	)		(2,705,415	)		(84,561	)		(1,005,501	)


Class R		(517,261	)		(5,275,064	)		(35,907	)		(431,882	)


Class Y		(17,042	)		(169,725	)		(77	)		(935	)


Class R5		-			-			(1,079	)		(13,200	)


Class R6		-			-			(20,262	)		(247,800	)


Net increase (decrease) in share activity		(1,052,325	)	$	(10,343,923	)		1,601,691		$	18,861,684

^(a⁾	4% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


111		Invesco Peak Retirement^™ Funds

NOTE 10–Share Information–(continued)

Invesco Peak Retirement™ 2035 Fund


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2022						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		440,875		$	4,909,591			610,463		$	7,484,095


Class C		156,107			1,688,582			126,124			1,545,591


Class R		253,240			2,803,467			239,264			2,971,399


Class Y		26,313			289,585			16,994			208,177



Issued as reinvestment of dividends:
Class A		31,808			323,808			19,092			238,266


Class C		9,525			96,106			4,617			57,018


Class R		15,677			158,969			7,033			87,421


Class Y		2,886			29,497			1,798			22,546



Automatic conversion of Class C shares to Class A shares:
Class A		7,101			77,712			12,620			158,218


Class C		(7,204	)		(77,712	)		(12,795	)		(158,218	)



Reacquired:
Class A		(645,733	)		(6,859,378	)		(82,233	)		(1,037,866	)


Class C		(187,869	)		(1,964,456	)		(11,741	)		(147,259	)


Class R		(260,876	)		(2,761,352	)		(22,644	)		(280,727	)


Class Y		(40,276	)		(442,508	)		(3,915	)		(49,245	)


Class R5		-			-			(1,222	)		(15,300	)


Class R6		-			-			(20,415	)		(255,600	)


Net increase (decrease) in share activity		(198,426	)	$	(1,728,089	)		883,040		$	10,828,516

Invesco Peak Retirement™ 2040 Fund


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		572,438		$	6,372,598			886,005		$	10,848,723


Class C		130,666			1,429,869			170,342			2,055,178


Class R		189,630			2,078,408			390,361			4,833,194


Class Y		13,808			148,442			13,435			167,851



Issued as reinvestment of dividends:
Class A		47,845			487,541			30,069			379,474


Class C		7,375			74,559			4,927			61,533


Class R		13,561			137,511			12,176			152,803


Class Y		3,165			32,381			1,605			20,358



Automatic conversion of Class C shares to Class A shares:
Class A		4,684			50,672			4,143			52,599


Class C		(4,747	)		(50,672	)		(4,194	)		(52,599	)



Reacquired:
Class A		(732,201	)		(7,857,505	)		(116,019	)		(1,435,398	)


Class C		(160,545	)		(1,718,183	)		(30,004	)		(373,151	)


Class R		(410,480	)		(4,331,475	)		(107,107	)		(1,350,178	)


Class Y		(5,285	)		(56,109	)		(3,288	)		(39,670	)


Class R5		-			-			(1,244	)		(15,800	)


Class R6		-			-			(20,449	)		(259,627	)


Net increase (decrease) in share activity		(330,086	)	$	(3,201,963	)		1,230,758		$	15,045,290

^(a)	4% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


112		Invesco Peak Retirement^™ Funds

NOTE 10–Share Information–(continued)

Invesco Peak Retirement™ 2045 Fund


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2022						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		315,931		$	3,390,875			257,600		$	3,259,252


Class C		96,870			1,044,544			72,925			897,218


Class R		174,662			1,873,200			86,707			1,096,317


Class Y		2,360			25,114			6,403			82,707



Issued as reinvestment of dividends:
Class A		20,386			201,613			23,898			295,863


Class C		4,847			47,305			8,938			109,043


Class R		10,419			102,523			11,917			146,818


Class Y		201			1,994			714			8,871



Automatic conversion of Class C shares to Class A shares:
Class A		2,635			27,780			2,545			32,296


Class C		(2,685	)		(27,780	)		(2,587	)		(32,296	)



Reacquired:
Class A		(337,487	)		(3,551,751	)		(161,483	)		(2,082,576	)


Class C		(137,479	)		(1,396,120	)		(8,434	)		(105,041	)


Class R		(151,386	)		(1,552,838	)		(14,503	)		(186,196	)


Class Y		(12,804	)		(132,009	)		(48	)		(616	)


Class R6		-			-			(11,029	)		(151,323	)


Net increase (decrease) in share activity		(13,530	)	$	54,450			273,563		$	3,370,337

Invesco Peak Retirement™ 2050 Fund


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2022						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		458,006		$	5,283,033			648,608		$	8,086,472


Class C		89,545			1,019,903			161,328			1,984,096


Class R		172,063			1,918,418			299,811			3,765,549


Class Y		1,663			19,331			5,474			69,409



Issued as reinvestment of dividends:
Class A		38,527			404,926			9,783			128,866


Class C		7,699			79,996			1,598			20,740


Class R		16,195			169,080			3,901			50,988


Class Y		841			8,885			252			3,330



Automatic conversion of Class C shares to Class A shares:
Class A		6,255			70,364			2,640			34,573


Class C		(6,371	)		(70,364	)		(2,683	)		(34,573	)



Reacquired:
Class A		(500,592	)		(5,567,133	)		(145,744	)		(1,879,233	)


Class C		(135,808	)		(1,464,968	)		(28,122	)		(357,179	)


Class R		(202,989	)		(2,238,018	)		(48,680	)		(618,203	)


Class Y		(20,127	)		(214,729	)		(3,422	)		(47,192	)


Class R6		-			-			(18,142	)		(252,177	)


Net increase (decrease) in share activity		(75,093	)	$	(581,276	)		886,602		$	10,955,466


113		Invesco Peak Retirement^™ Funds

NOTE 10–Share Information–(continued)

Invesco Peak Retirement™ 2055 Fund


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		187,994		$	2,140,062			149,323		$	1,931,182


Class C		41,847			472,466			43,738			559,379


Class R		112,383			1,284,799			52,487			679,343


Class Y		-			-			4,146			53,924


Class R6		54			600			-			-



Issued as reinvestment of dividends:
Class A		13,278			139,946			4,997			65,707


Class C		2,563			26,708			1,142			14,818


Class R		5,749			60,255			1,682			22,001


Class Y		92			976			27			350


Class R6		2			21			-			-



Reacquired:
Class A		(154,034	)		(1,704,842	)		(46,880	)		(616,376	)


Class C		(50,846	)		(550,528	)		(8,199	)		(107,408	)


Class R		(75,133	)		(822,636	)		(4,959	)		(66,691	)


Class Y		(777	)		(9,346	)		(2,199	)		(29,545	)


Class R6		-			(3	)		(3,602	)		(50,468	)


Net increase in share activity		83,172		$	1,038,478			191,703		$	2,456,216

^(a)	8% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

Invesco Peak Retirement™ 2060 Fund


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021
	Shares			Amount			Shares		Amount


Sold:
Class A		184,943		$	2,148,344			166,305	$	2,138,893


Class C		36,703			415,600			32,745		420,275


Class R		65,464			740,637			108,213		1,331,952


Class Y		655			7,560			3,755		49,190



Issued as reinvestment of dividends:
Class A		13,930			148,491			3,430		45,452


Class C		1,772			18,680			296		3,877


Class R		6,699			71,071			1,628		21,456


Class Y		344			3,683			102		1,352



Automatic conversion of Class C shares to Class A shares:
Class A		56			612			-		-


Class C		(57	)		(612	)		-		-


114		Invesco Peak Retirement^™ Funds

NOTE 10–Share Information–(continued)


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(161,217	)	$	(1,803,195	)		(27,307	)	$	(355,674	)


Class C		(38,491	)		(416,266	)		(5,403	)		(70,235	)


Class R		(74,415	)		(820,620	)		(4,452	)		(59,034	)


Class Y		(566	)		(6,798	)		(2	)		(25	)


Class R6		-			-			(5,419	)		(75,705	)


Net increase in share activity		35,820		$	507,187			273,891		$	3,451,774

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 16% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 6% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

Invesco Peak Retirement™ 2065 Fund


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		201,693		$	2,398,878			168,581		$	2,214,268


Class C		29,318			337,878			43,780			565,831


Class R		79,610			899,439			32,716			427,699


Class Y		3,464			40,291			21,860			296,681



Issued as reinvestment of dividends:
Class A		12,428			133,846			5,389			72,647


Class C		2,419			25,402			1,084			14,227


Class R		4,259			45,065			970			12,865


Class Y		1,416			15,105			505			6,748



Reacquired:
Class A		(209,882	)		(2,362,795	)		(46,262	)		(614,130	)


Class C		(34,764	)		(379,440	)		(5,559	)		(72,629	)


Class R		(43,467	)		(474,421	)		(10,269	)		(138,036	)


Class Y		(4,241	)		(46,169	)		(9,524	)		(130,857	)


Class R6		-			-			(5,330	)		(75,693	)


Net increase in share activity		42,253		$	633,079			197,941		$	2,579,621

^(a)	8% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 11–Significant Event

On September 20, 2022, the Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of each Fund. In order to effect such liquidations, each Fund closed to investments by new accounts after the close of business on October 24, 2022. Each Fund was liquidated on January 23, 2023.


115		Invesco Peak Retirement^™ Funds

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Peak Retirement™ Destination Fund, Invesco Peak Retirement™ 2010 Fund, Invesco Peak Retirement™ 2015 Fund, Invesco Peak Retirement™ 2020 Fund, Invesco Peak Retirement™ 2025 Fund, Invesco Peak Retirement™ 2030 Fund, Invesco Peak Retirement™ 2035 Fund, Invesco Peak Retirement™ 2040 Fund, Invesco Peak Retirement™ 2045 Fund, Invesco Peak Retirement™ 2050 Fund, Invesco Peak Retirement™ 2055 Fund, Invesco Peak Retirement™ 2060 Fund and Invesco Peak Retirement™ 2065 Fund

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Peak Retirement™ Destination Fund, Invesco Peak Retirement™ 2010 Fund, Invesco Peak Retirement™ 2015 Fund, Invesco Peak Retirement™ 2020 Fund, Invesco Peak Retirement™ 2025 Fund, Invesco Peak Retirement™ 2030 Fund, Invesco Peak Retirement™ 2035 Fund, Invesco Peak Retirement™ 2040 Fund, Invesco Peak Retirement™ 2045 Fund, Invesco Peak Retirement™ 2050 Fund, Invesco Peak Retirement™ 2055 Fund, Invesco Peak Retirement™ 2060 Fund and Invesco Peak Retirement™ 2065 Fund (thirteen of the funds constituting AIM Growth Series (Invesco Growth Series), hereafter collectively referred to as the “Funds”) as of December 31, 2022, the related statements of operations for the year ended December 31, 2022 and the statements of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended and the changes in each of their net assets for each of the periods indicated in the table below and each of the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

Invesco Peak Retirement™ Destination Fund, Invesco Peak Retirement™ 2015 Fund, Invesco Peak Retirement™ 2020 Fund, Invesco Peak Retirement™ 2025 Fund, Invesco Peak Retirement™ 2030 Fund, Invesco Peak Retirement™ 2035 Fund, Invesco Peak Retirement™ 2040 Fund, Invesco Peak Retirement™ 2045 Fund, Invesco Peak Retirement™ 2050 Fund, Invesco Peak Retirement™ 2055 Fund, Invesco Peak Retirement™ 2060 Fund and Invesco Peak Retirement™ 2065 Fund: statements of changes in net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the four years in the period ended December 31, 2022 and for the period January 3, 2018 (commencement of operations) through December 31, 2018.

Invesco Peak Retirement™ 2010 Fund: statement of changes in net assets and the financial highlights for the year ended December 31, 2022 and for the period April 30, 2021 (commencement of operations) through December 31, 2021.

Basis for Opinion

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

Subsequent Event

As discussed in Note 10 to the financial statements, the board of trustees approved a plan of liquidation for Funds on September 20, 2022.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2023


116		Invesco Peak Retirement^™ Funds

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2022 through December 31, 2022.

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

Actual expenses

Hypothetical example for comparison purposes

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

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

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

Invesco Peak Retirement™ Destination Fund


Invesco Peak Retirement™ Destination Fund	Beginning Account Value (07/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)¹	Expenses Paid During Period²	Ending Account Value (12/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$996.90	$1.61	$1,023.59	$1.63	0.32%
Class C	1,000.00	993.20	5.38	1,019.81	5.45	1.07
Class R	1,000.00	995.70	2.87	1,022.33	2.91	0.57
Class Y	1,000.00	998.20	0.35	1,024.85	0.36	0.07
Class R5	1,000.00	998.20	0.35	1,024.85	0.36	0.07
Class R6	1,000.00	998.20	0.35	1,024.85	0.36	0.07

The actual ending account value is based on the actual total return of the Funds for the period July 1, 2022 through December 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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


117		Invesco Peak Retirement^™ Funds

Invesco Peak Retirement™ 2010 Fund


Invesco Peak Retirement™ 2010 Fund	Beginning Account Value (07/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
Invesco Peak Retirement™ 2010 Fund	Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)¹	Expenses Paid During Period²	Ending Account Value (12/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$998.10	$1.66	$1,023.54	$1.68	0.33%
Class C	1,000.00	993.50	5.43	1,019.76	5.50	1.08
Class R	1,000.00	997.40	2.92	1,022.28	2.96	0.58
Class Y	1,000.00	1,000.10	0.40	1,024.80	0.41	0.08
Class R5	1,000.00	1,000.10	0.40	1,024.80	0.41	0.08
Class R6	1,000.00	1,000.10	0.40	1,024.80	0.41	0.08

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

Invesco Peak Retirement™ 2015 Fund


Invesco Peak Retirement™ 2015 Fund	Beginning Account Value (07/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
Invesco Peak Retirement™ 2015 Fund	Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)¹	Expenses Paid During Period²	Ending Account Value (12/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,001.40	$1.61	$1,023.59	$1.63	0.32%
Class C	1,000.00	998.20	5.39	1,019.81	5.45	1.07
Class R	1,000.00	1,001.10	2.88	1,022.33	2.91	0.57
Class Y	1,000.00	1,002.90	0.35	1,024.85	0.36	0.07
Class R5	1,000.00	1,004.00	0.35	1,024.85	0.36	0.07
Class R6	1,000.00	1,004.00	0.35	1,024.85	0.36	0.07

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

Invesco Peak Retirement™ 2020 Fund


Invesco Peak Retirement™ 2020 Fund	Beginning Account Value (07/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
Invesco Peak Retirement™ 2020 Fund	Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)¹	Expenses Paid During Period²	Ending Account Value (12/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,004.90	$1.62	$1,023.59	$1.63	0.32%
Class C	1,000.00	1,001.10	5.40	1,019.81	5.45	1.07
Class R	1,000.00	1,003.30	2.88	1,022.33	2.91	0.57
Class Y	1,000.00	1,005.60	0.35	1,024.85	0.36	0.07
Class R5	1,000.00	1,006.70	0.35	1,024.85	0.36	0.07
Class R6	1,000.00	1,006.70	0.35	1,024.85	0.36	0.07

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


118		Invesco Peak Retirement^™ Funds

Invesco Peak Retirement™ 2025 Fund


Invesco Peak Retirement™ 2025 Fund	Beginning Account Value (07/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
Invesco Peak Retirement™ 2025 Fund	Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)¹	Expenses Paid During Period²	Ending Account Value (12/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,006.50	$1.57	$1,023.64	$1.58	0.31%
Class C	1,000.00	1,002.90	5.35	1,019.86	5.40	1.06
Class R	1,000.00	1,005.30	2.83	1,022.38	2.85	0.56
Class Y	1,000.00	1,007.70	0.30	1,024.90	0.31	0.06
Class R5	1,000.00	1,007.70	0.30	1,024.90	0.31	0.06
Class R6	1,000.00	1,007.80	0.30	1,024.90	0.31	0.06

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

Invesco Peak Retirement™ 2030 Fund


Invesco Peak Retirement™ 2030 Fund	Beginning Account Value (07/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
Invesco Peak Retirement™ 2030 Fund	Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)¹	Expenses Paid During Period²	Ending Account Value (12/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,008.70	$1.57	$1,023.64	$1.58	0.31%
Class C	1,000.00	1,005.00	5.36	1,019.86	5.40	1.06
Class R	1,000.00	1,007.60	2.83	1,022.38	2.85	0.56
Class Y	1,000.00	1,010.60	0.30	1,024.90	0.31	0.06
Class R5	1,000.00	1,010.60	0.30	1,024.90	0.31	0.06
Class R6	1,000.00	1,010.60	0.30	1,024.90	0.31	0.06

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

Invesco Peak Retirement™ 2035 Fund


Invesco Peak Retirement™ 2035 Fund	Beginning Account Value (07/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
Invesco Peak Retirement™ 2035 Fund	Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)¹	Expenses Paid During Period²	Ending Account Value (12/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,009.60	$1.57	$1,023.64	$1.58	0.31%
Class C	1,000.00	1,005.40	5.36	1,019.86	5.40	1.06
Class R	1,000.00	1,008.50	2.84	1,022.38	2.85	0.56
Class Y	1,000.00	1,011.00	0.30	1,024.90	0.31	0.06
Class R5	1,000.00	1,011.00	0.30	1,024.90	0.31	0.06
Class R6	1,000.00	1,011.00	0.30	1,024.90	0.31	0.06

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


119		Invesco Peak Retirement^™ Funds

Invesco Peak Retirement™ 2040 Fund


Invesco Peak Retirement™ 2040 Fund	Beginning Account Value (07/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
Invesco Peak Retirement™ 2040 Fund	Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)¹	Expenses Paid During Period²	Ending Account Value (12/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,014.90	$1.68	$1,023.54	$1.68	0.33%
Class C	1,000.00	1,010.90	5.47	1,019.76	5.50	1.08
Class R	1,000.00	1,013.10	2.94	1,022.28	2.96	0.58
Class Y	1,000.00	1,016.30	0.41	1,024.80	0.41	0.08
Class R5	1,000.00	1,016.30	0.41	1,024.80	0.41	0.08
Class R6	1,000.00	1,015.40	0.41	1,024.80	0.41	0.08

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

Invesco Peak Retirement™ 2045 Fund


Invesco Peak Retirement™ 2045 Fund	Beginning Account Value (07/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
Invesco Peak Retirement™ 2045 Fund	Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)¹	Expenses Paid During Period²	Ending Account Value (12/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,018.60	$1.78	$1,023.44	$1.79	0.35%
Class C	1,000.00	1,014.90	5.59	1,019.66	5.60	1.10
Class R	1,000.00	1,017.40	3.05	1,022.18	3.06	0.60
Class Y	1,000.00	1,019.90	0.51	1,024.70	0.51	0.10
Class R5	1,000.00	1,019.80	0.51	1,024.70	0.51	0.10
Class R6	1,000.00	1,019.90	0.51	1,024.70	0.51	0.10

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

Invesco Peak Retirement™ 2050 Fund


Invesco Peak Retirement™ 2050 Fund	Beginning Account Value (07/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
Invesco Peak Retirement™ 2050 Fund	Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)¹	Expenses Paid During Period²	Ending Account Value (12/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,021.70	$1.73	$1,023.49	$1.73	0.34%
Class C	1,000.00	1,017.40	5.54	1,019.71	5.55	1.09
Class R	1,000.00	1,020.50	3.00	1,022.23	3.01	0.59
Class Y	1,000.00	1,021.90	0.46	1,024.75	0.46	0.09
Class R5	1,000.00	1,021.90	0.46	1,024.75	0.46	0.09
Class R6	1,000.00	1,021.90	0.46	1,024.75	0.46	0.09

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


120		Invesco Peak Retirement^™ Funds

Invesco Peak Retirement™ 2055 Fund


Invesco Peak Retirement™ 2055 Fund	Beginning Account Value (07/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
Invesco Peak Retirement™ 2055 Fund	Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)¹	Expenses Paid During Period²	Ending Account Value (12/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,024.30	$1.79	$1,023.44	$1.79	0.35%
Class C	1,000.00	1,020.50	5.60	1,019.66	5.60	1.10
Class R	1,000.00	1,023.30	3.06	1,022.18	3.06	0.60
Class Y	1,000.00	1,025.20	0.51	1,024.70	0.51	0.10
Class R5	1,000.00	1,026.20	0.51	1,024.70	0.51	0.10
Class R6	1,000.00	1,026.20	0.51	1,024.70	0.51	0.10

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

Invesco Peak Retirement™ 2060 Fund


Invesco Peak Retirement™ 2060 Fund	Beginning Account Value (07/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
Invesco Peak Retirement™ 2060 Fund	Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)¹	Expenses Paid During Period²	Ending Account Value (12/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,022.80	$1.99	$1,023.24	$1.99	0.39%
Class C	1,000.00	1,019.60	5.80	1,019.46	5.80	1.14
Class R	1,000.00	1,021.80	3.26	1,021.98	3.26	0.64
Class Y	1,000.00	1,024.80	0.71	1,024.50	0.71	0.14
Class R5	1,000.00	1,024.80	0.71	1,024.50	0.71	0.14
Class R6	1,000.00	1,023.80	0.71	1,024.50	0.71	0.14

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

Invesco Peak Retirement™ 2065 Fund


Invesco Peak Retirement™ 2065 Fund	Beginning Account Value (07/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
Invesco Peak Retirement™ 2065 Fund	Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)¹	Expenses Paid During Period²	Ending Account Value (12/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,022.60	$1.78	$1,023.44	$1.79	0.35%
Class C	1,000.00	1,020.60	5.60	1,019.66	5.60	1.10
Class R	1,000.00	1,021.30	3.06	1,022.18	3.06	0.60
Class Y	1,000.00	1,024.00	0.51	1,024.70	0.51	0.10
Class R5	1,000.00	1,024.00	0.51	1,024.70	0.51	0.10
Class R6	1,000.00	1,024.00	0.51	1,024.70	0.51	0.10

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


121		Invesco Peak Retirement^™ Funds

Distribution Information

Shareholders were sent a notice from each Fund that set forth an estimate on a per share basis of the source or sources from which the distribution was paid in December of 2022. Subsequently, certain of these estimates have been corrected. Listed below is a written statement of the sources of this distribution for each Fund impacted, as corrected, on a generally accepted accounting principles (“GAAP”) basis.

Invesco Peak Retirement™ 2010 Fund


		Net Income	Gain from Sale of Securities	Return of Principal	Total Distribution
12/21/2022	Class A	$0.4061	$0.0059	$0.1735	$0.5855
12/21/2022	Class C	$0.3150	$0.0059	$0.1735	$0.4944
12/21/2022	Class R	$0.3797	$0.0059	$0.1735	$0.5591
12/21/2022	Class Y	$0.4542	$0.0059	$0.1735	$0.6336
12/21/2022	Class R5	$0.4542	$0.0059	$0.1735	$0.6336
12/21/2022	Class R6	$0.4542	$0.0059	$0.1735	$0.6336

Invesco Peak Retirement™ 2015 Fund
		Net Income	Gain from Sale of Securities	Return of Principal	Total Distribution
12/21/2022	Class A	$0.4373	$0.0000	$0.0584	$0.4957
12/21/2022	Class C	$0.2761	$0.0000	$0.0584	$0.3345
12/21/2022	Class R	$0.4039	$0.0000	$0.0584	$0.4623
12/21/2022	Class Y	$0.4820	$0.0000	$0.0584	$0.5404
12/21/2022	Class R5	$0.4820	$0.0000	$0.0584	$0.5404
12/21/2022	Class R6	$0.4820	$0.0000	$0.0584	$0.5404

Please note that the information in the preceding chart is for financial accounting purposes only. Shareholders should be aware that the tax treatment of distributions likely differs from GAAP treatment. Form 1099-DIV for the calendar year will report distributions for U.S. federal income tax purposes. This notice is sent to comply with certain U.S. Securities and Exchange Commission requirements.


122		Invesco Peak Retirement^™ Funds

Tax Information

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

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

The Funds designate the following amounts or, if subsequently determined to be different, the maximum amount allowable for their fiscal year ended December 31, 2022:

Federal and State Income

Tax


	Long-Term Capital Gain Distribution		Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Qualifed Buiness Income*			Business Interest Income*
Invesco Peak Retirement™ Destination Fund		23,016		25.45	%		18.69	%		10.89	%		2.46	%		51.21	%
Invesco Peak Retirement™ 2010 Fund		434		21.91	%		16.49	%		8.79	%		2.49	%		51.89	%
Invesco Peak Retirement™ 2015 Fund		2,865		28.09	%		21.23	%		11.67	%		2.25	%		50.62	%
Invesco Peak Retirement™ 2020 Fund		123,061		25.40	%		18.64	%		14.40	%		1.44	%		54.54	%
Invesco Peak Retirement™ 2025 Fund		309,002		23.50	%		13.82	%		23.14	%		1.10	%		59.70	%
Invesco Peak Retirement™ 2030 Fund		531,978		25.12	%		14.55	%		16.09	%		1.66	%		56.60	%
Invesco Peak Retirement™ 2035 Fund		364,400		39.74	%		22.87	%		13.41	%		2.50	%		40.66	%
Invesco Peak Retirement™ 2040 Fund		466,826		41.83	%		24.76	%		4.91	%		2.28	%		24.03	%
Invesco Peak Retirement™ 2045 Fund		273,617		53.03	%		31.52	%		3.26	%		1.70	%		16.97	%
Invesco Peak Retirement™ 2050 Fund		483,352		63.09	%		39.14	%		2.41	%		2.45	%		12.37	%
Invesco Peak Retirement™ 2055 Fund		189,724		60.63	%		37.73	%		3.04	%		1.86	%		7.41	%
Invesco Peak Retirement™ 2060 Fund		173,185		62.43	%		37.89	%		2.49	%		1.69	%		7.01	%
Invesco Peak Retirement™ 2065 Fund		192,322		61.38	%		38.09	%		3.32	%		2.40	%		9.42	%

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


123		Invesco Peak Retirement^™ Funds

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 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)	189	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.


T-1		Invesco Peak Retirement^™ Funds

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Peak Retirement^™ Funds

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort -1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Peak Retirement^™ Funds

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; 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; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	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); 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.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; 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; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Peak Retirement^™ Funds

Trustees and Officers–(continued)


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


T-5		Invesco Peak Retirement^™ Funds

Trustees and Officers–(continued)


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


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Peak Retirement^™ Funds

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LOGO

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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

LOGO


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

LOGO


Annual Report to Shareholders		December 31, 2022

Invesco Quality Income Fund

Nasdaq:

A: VKMGX ∎ C: VUSCX ∎ R: VUSRX ∎ Y: VUSIX ∎ R5: VUSJX ∎ R6: VUSSX


2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

14		Financial Statements

17		Financial Highlights

18		Notes to Financial Statements

25		Report of Independent Registered Public Accounting Firm

26		Fund Expenses

27		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended December 31, 2022, Class A shares of Invesco Quality Income Fund (the Fund), at net asset value (NAV), underperformed the Bloomberg U.S. Mortgage-Backed Securities Index, the Fund’s broad market/style-specific benchmark.

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

Fund vs. Indexes


Class A Shares	-12.52	%
Class C Shares	-13.12
Class R Shares	-12.76
Class Y Shares	-12.26
Class R5 Shares	-12.26
Class R6 Shares	-12.16
Bloomberg U.S. Mortgage-Backed Securities Index^▼(Broad Market/Style- Specific Index)	-11.81
Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

2022 was a year the bond market would like to forget. Our expectations coming into 2022 were that inflation was transitory. As of December 31, 2021, futures markets expected the US Federal Reserve (the Fed) to hike three times during 2022 and end with a Fed funds rate of 0.80%. The Fed hiked nine times during 2022 bringing the Fed funds to 4.25% as of the end of the fiscal year.

We believe there is reason to be more optimistic on bond market prospects for 2023 as headline Consumer Price Index inflation peaked at a rate of 9.1% annualized in June 2022 and has retreated to 6.5% as of December 31, 2022. The employment situation has remained strong for job seekers and challenging for employers. Average non-farm monthly payrolls registered 385,000 during 2022, but the quarterly average for the fourth quarter had fallen to approximately 250,000 monthly new jobs.¹ While this is still higher than where the Fed would desire this figure, progress is being made. Additionally, average hourly earnings fell from 5.6% in the spring to 4.6% as of December 31, 2022,¹ indicating some further progress in the Fed’s efforts to slow wage inflation.

The yield curve flattened and inverted this fiscal year given the unanticipated nature of inflation and the Fed moves, with the one-year Treasury rate increasing by 431 basis points, while the 10-year Treasury rate increased by 236 basis points. As of December 31, 2022, the one-year rate was 81 basis points higher than the 10-year rate.¹

Given this market backdrop, Class A shares of Invesco Quality Income Fund, at NAV, generated a negative return and underperformed its broad market/style-specific index, the Bloomberg U.S. Mortgage-Backed Securities Index. Sector allocation and security selection within fixed-rate MBS lower coupons were

significant contributors to relative Fund performance during the fiscal year. Duration and yield curve positioning proved to be the largest detractor from relative Fund performance for the fiscal year. The Fund’s modest exposure to out-of-index structured credit also detracted from relative Fund performance.

The Fund utilizes duration and yield curve positioning for risk management and for generating returns. We believe duration measures a portfolio’s price sensitivity to interest rate changes, with a shorter duration tending to be less sensitive to these changes. Yield curve positioning refers to actively emphasizing points (maturities) along the yield curve with favorable risk-return expectations. During the fiscal year, duration was managed with cash, bonds and futures positions. Buying and selling interest rate futures contracts was an important tool we used to manage interest rate risk.

Our strategy is implemented using derivative instruments, including futures, swaps and options. Therefore, a portion of the performance of the Fund, both positive and negative, can be attributed to these instruments. We believe derivatives can be a cost-effective way to gain or hedge exposure to certain risks and asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed-income securities tends to fall. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates as well as individual security characteristics, such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We are monitoring interest rates and the

market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates continue to rise, markets may experience increased volatility, which may affect the value and/or liquidity of certain investments.

We welcome new investors who joined the Fund during the year and thank you for your investment in Invesco Quality Income Fund.

1 Source: Bloomberg LP

Portfolio manager(s):

Mario Clemente

Clint Dudley

Brian Norris

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

2 Invesco Quality Income Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/12

LOGO

1	Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

3 Invesco Quality Income Fund


Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges

Class A Shares
Inception (5/31/84)			5.25%
10 Years			0.19
5 Years			-1.68
1 Year			-16.21

Class C Shares
Inception (8/13/93)			3.16%
10 Years			0.03
5 Years			-1.56
1 Year			-13.98

Class R Shares
10 Years			0.35%
5 Years			-1.11
1 Year			-12.76

Class Y Shares
Inception (9/25/06)			2.31%
10 Years			0.88
5 Years			-0.57
1 Year			-12.26

Class R5 Shares
Inception (6/1/10)			1.70%
10 Years			0.93
5 Years			-0.55
1 Year			-12.26

Class R6 Shares
10 Years			0.85%
5 Years			-0.47
1 Year			-12.16

Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, Van Kampen U.S. Mortgage Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class C and Class Y shares, respectively, of Invesco Van Kampen U.S. Mortgage Fund (renamed Invesco U.S. Mortgage Fund and subsequently Invesco Quality Income Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C and Class Y shares are those for Class A, Class C and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R shares incepted on May 15, 2020. Performance shown prior to that date is that of the Fund’s Class A shares at net asset value, restated to reflect the higher 12b-1 fees applicable to Class R shares.

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

Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

4 Invesco Quality Income Fund

Supplemental Information

Invesco Quality Income Fund’s investment objective is to provide a high level of current income, with liquidity and safety of principal.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

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

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

About indexes used in this report

∎	The Bloomberg U.S. Mortgage-Backed Securities Index represents mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae and Freddie Mac.

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

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

This report must be accompanied or preceded by a currently effective Fund

prospectus, which contains more complete information, including sales

charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

5 Invesco Quality Income Fund

Fund Information

Portfolio Composition


By security type		% of total investments
U.S. Government Sponsored Agency Mortgage- Backed Securities		82.53%
Asset-Backed Securities		6.22
Commercial Paper		5.83
Certificate of Deposit		2.46
Security types each less than 1% of portfolio		1.11
Money Market Funds		1.85

Top Five Debt Issuers*

		% of total net assets
1. Federal National Mortgage Association		68.35%
2. Federal Home Loan Mortgage Corp.		23.67
3. Government National Mortgage Association		15.25
4. Canadian Imperial Bank of Commerce		3.38
5. Societe Generale S.A.		2.92

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

*	Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.

6 Invesco Quality Income Fund

Schedule of Investments

December 31, 2022


	Principal Amount		Value
U.S. Government Sponsored Agency Mortgage-Backed Securities–113.23%

Collateralized Mortgage Obligations–5.96%
Fannie Mae Grantor Trust, 7.50%, 01/19/2039^(a)	$	115,285	$ 116,234


Fannie Mae Interest STRIPS, IO, 7.50%, 05/25/2023 to 01/25/2032^(b)		112,786	8,943


6.50%, 10/25/2024 to 02/25/2033^(b)		1,155,965	174,376


7.00%, 02/25/2028^(b)		211,229	20,417


8.00%, 05/25/2030^(b)		267,718	47,595


6.00%, 02/25/2033 to 09/25/2035^(b)(d)		1,480,015	227,907


5.50%, 11/25/2033 to 06/25/2035^(b)		678,069	114,115


PO, 0.00%, 09/25/2032^(c)		39,500	34,058


Fannie Mae REMICs, 3.50%, 09/25/2023 to 08/25/2042^(b)		1,548,127	189,364


4.00%, 07/25/2024 to 08/25/2047^(b)		898,704	591,773


2.50%, 12/25/2025 to 08/25/2049^(b)		22,635,102	3,611,064


5.50%, 12/25/2025 to 07/25/2046^(b)		489,577	207,787


7.00%, 03/18/2027 to 05/25/2033^(b)		473,023	282,305


6.50%, 10/25/2028 to 05/25/2033^(b)		125,171	113,618


5.39% (1 mo. USD LIBOR + 1.00%), 12/25/2031 to 12/25/2032^(e)		362,363	364,500


5.34% (1 mo. USD LIBOR + 1.00%), 03/18/2032 to 12/18/2032^(e)		306,405	308,810


4.89% (1 mo. USD LIBOR + 0.50%), 08/25/2032 to 06/25/2046^(e)		1,099,226	1,083,402


4.84% (1 mo. USD LIBOR + 0.50%), 10/18/2032^(e)		33,669	33,324


4.79% (1 mo. USD LIBOR + 0.40%), 03/25/2033 to 03/25/2042^(e)		180,394	177,222


4.73% (1 mo. USD LIBOR + 0.34%), 06/25/2035^(e)		804,512	792,351


4.74% (1 mo. USD LIBOR + 0.35%), 08/25/2035 to 10/25/2035^(e)		659,276	652,231


8.47% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036^(e)		129,317	150,263


8.11% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036^(e)		86,274	100,783


8.11% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036^(e)		86,162	95,130


5.33% (1 mo. USD LIBOR + 0.94%), 06/25/2037^(e)		641,375	645,427


4.84% (1 mo. USD LIBOR + 0.45%), 08/25/2037^(e)		352,222	345,204


	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
6.60%, 06/25/2039^(a)	$	347,396	$ 363,274


5.00%, 04/25/2040		198,257	196,044


2.00%, 05/25/2044 to 03/25/2051^(b)		6,733,490	1,122,253


IO, 2.31% (6.70% - (1.00 x 1 mo. USD LIBOR)), 02/25/2024 to 05/25/2035^(b)(e)		636,730	43,413


3.00%, 10/25/2026 to 07/25/2045^(b)		8,265,161	4,481,678


8.00%, 08/18/2027 to 09/18/2027^(b)		169,824	17,504


0.75%, 10/25/2031^(b)		3,353	56


3.51% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031^(b)(e)		78,532	7,700


3.56% (7.90% - (1.00 x 1 mo. USD LIBOR)), 12/18/2031^(b)(e)		62,892	4,875


3.56% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032^(b)(e)		50,236	4,648


3.66% (8.00% - (1.00 x 1 mo. USD LIBOR)), 03/18/2032^(b)(e)		120,066	12,037


3.71% (8.10% - (1.00 x 1 mo. USD LIBOR)), 03/25/2032 to 04/25/2032^(b)(e)		161,633	16,689


2.61% (7.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032 to 08/25/2032^(b)(e)		264,172	19,024


3.41% (7.80% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032^(b)(e)		55,395	5,669


3.61% (8.00% - (1.00 x 1 mo. USD LIBOR)), 07/25/2032 to 09/25/2032^(b)(e)		358,825	39,253


3.76% (8.10% - (1.00 x 1 mo. USD LIBOR)), 12/18/2032^(b)(e)		222,717	19,424


3.86% (8.25% - (1.00 x 1 mo. USD LIBOR)), 02/25/2033 to 05/25/2033^(b)(e)		293,553	39,056


6.00%, 05/25/2033^(b)		15,988	2,796


1.66% (6.05% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035 to 07/25/2038^(b)(e)		875,132	49,411


2.36% (6.75% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035^(b)(e)		51,069	3,346


2.21% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035^(b)(e)		176,804	10,221


2.26% (6.65% - (1.00 x 1 mo. USD LIBOR)), 03/25/2039^(b)(e)		442,133	2,440


2.16% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041^(b)(e)		146,562	9,564


1.76% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042^(b)(e)		411,352	41,303


4.50%, 02/25/2043^(b)		357,272	53,709


1.51% (5.90% - (1.00 x 1 mo. USD LIBOR)), 09/25/2047^(b)(e)		1,710,386	118,611


0.00%, 02/25/2056^(d)		4,993,846	237,090

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

7 Invesco Quality Income Fund


	Principal Amount		Value

Collateralized Mortgage Obligations–(continued)
Freddie Mac Multifamily Structured Pass-Through Ctfs., Series KC02, Class X1, IO, 1.91%, 03/25/2024^(d)	$	217,192,043	$ 879,823


Series KC03, Class X1, IO, 0.63%, 11/25/2024^(d)		21,067,303	204,926


0.50%, 09/25/2025^(a)		56,601,408	638,888


Series K734, Class X1, IO, 0.65%, 02/25/2026^(d)		16,713,087	265,190


Series K735, Class X1, IO, 1.10%, 05/25/2026^(d)		15,654,848	406,243


Series K093, Class X1, IO, 0.95%, 05/25/2029^(d)		13,203,973	630,136


Series Q004, Class AFL, 3.17%(12 mo. MTA Rate + 0.74%), 05/25/2044^(e)		365,628	365,596


Freddie Mac REMICs, 5.00%, 09/15/2023		16,969	16,911


2.00%, 12/15/2023		177,734	174,149


2.66% (COFI 11 + 1.37%), 03/15/2024^(e)		35,266	35,387


4.00%, 10/15/2024 to 03/15/2045^(b)		308,566	194,370


3.50%, 11/15/2025 to 05/15/2032		689,479	664,535


3.00%, 07/15/2026 to 05/15/2040^(b)		4,353,463	490,418


1.50%, 08/15/2027		5,999,327	5,327,181


6.95%, 03/15/2028		113,930	116,634


6.50%, 08/15/2028 to 03/15/2032		1,191,093	1,212,665


4.92% (1 mo. USD LIBOR + 0.60%), 01/15/2029 to 12/15/2032^(e)		85,749	85,338


6.00%, 01/15/2029 to 04/15/2029		184,723	187,646


4.67% (1 mo. USD LIBOR + 0.35%), 02/15/2029^(e)		98,700	97,661


5.02% (1 mo. USD LIBOR + 0.90%), 03/15/2029^(e)		110,414	110,463


4.72% (1 mo. USD LIBOR + 0.40%), 06/15/2029 to 01/15/2033^(e)		147,127	145,526


4.97% (1 mo. USD LIBOR + 0.65%), 07/15/2029^(e)		26,172	26,069


8.00%, 03/15/2030		52,826	55,468


5.27% (1 mo. USD LIBOR + 0.95%), 08/15/2031^(e)		82,047	82,552


4.82% (1 mo. USD LIBOR + 0.50%), 02/15/2032 to 03/15/2032^(e)		248,883	246,349


5.32% (1 mo. USD LIBOR + 1.00%), 02/15/2032 to 03/15/2032^(e)		168,125	169,269


4.87% (1 mo. USD LIBOR + 0.55%), 03/15/2032 to 10/15/2036^(e)		483,392	476,162


8.92% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035^(e)		23,125	27,176


4.62% (1 mo. USD LIBOR + 0.30%), 03/15/2036^(e)		1,310,005	1,283,226


4.77% (1 mo. USD LIBOR + 0.45%), 07/15/2037^(e)		68,008	66,885


	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
3.66% (1 mo. USD LIBOR + 0.50%), 03/15/2042^(e)	$	113,991	$ 114,019


IO, 1.68% (6.00% - (1.00 x 1 mo. USD LIBOR)), 03/15/2024 to 04/15/2038^(b)(e)		176,399	3,310


3.33% (7.65% - (1.00 x 1 mo. USD LIBOR)), 07/15/2026^(b)(e)		16,718	447


2.50%, 09/15/2027 to 09/25/2048^(b)		10,710,419	2,179,693


4.36% (8.70% - (1.00 x 1 mo. USD LIBOR)), 07/17/2028^(b)(e)		23,591	362


3.78% (8.10% - (1.00 x 1 mo. USD LIBOR)), 06/15/2029 to 09/15/2029^(b)(e)		158,336	9,576


2.38% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035^(b)(e)		714,808	35,102


2.43% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035^(b)(e)		110,074	5,771


2.40% (6.72% - (1.00 x 1 mo. USD LIBOR)), 05/15/2035^(b)(e)		177,766	9,568


2.68% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037^(b)(e)		14,213	1,420


1.75% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038^(b)(e)		880,430	65,601


0.02%, 02/15/2039^(d)		1,893,688	88,349


1.93% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039^(b)(e)		229,329	14,797


1.78% (6.10% - (1.00 x 1 mo. USD LIBOR)), 01/15/2044^(b)(e)		281,860	28,167


Freddie Mac Seasoned Loans Structured Transaction, Series 2019-1, Class A2, 3.50%, 05/25/2029		2,000,000	1,837,292


Freddie Mac STRIPS, IO, 3.00%, 12/15/2027^(b)		385,804	20,575


3.27%, 12/15/2027^(d)		98,194	4,535


6.50%, 02/01/2028^(b)		23,810	2,523


7.00%, 09/01/2029^(b)		225,263	31,485


7.50%, 12/15/2029^(b)		15,240	2,311


8.00%, 06/15/2031^(b)		391,628	75,944


6.00%, 12/15/2032^(b)		81,837	10,592


0.00%, 12/01/2031 to 03/01/2032^(c)		210,173	181,579


4.82%(1 mo. USD LIBOR + 0.50%), 05/15/2036^(e)		560,615	558,218


Freddie Mac Structured Pass-Through Ctfs., 6.50%, 02/25/2043		1,256,343	1,311,445


Freddie Mac Whole Loan Securities Trust, Series 2015-SC02, Class 1A, 3.00%, 09/25/2045		256,601	237,751


			38,922,565

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

8 Invesco Quality Income Fund


	Principal Amount		Value
Federal Home Loan Mortgage Corp. (FHLMC)–23.67%
9.00%, 08/01/2022 to 05/01/2025	$	3,057	$ 3,105


5.50%, 01/01/2024 to 11/01/2052		22,725,596	22,925,754


6.00%, 07/01/2024 to 10/01/2029		201,686	206,465


6.50%, 10/17/2024 to 04/01/2034		459,722	472,724


2.50%, 02/01/2031 to 10/01/2051		19,496,331	16,727,260


8.50%, 03/01/2031 to 08/01/2031		108,728	114,551


7.00%, 10/01/2031 to 10/01/2037		174,290	180,591


7.50%, 01/01/2032 to 08/01/2037		4,671,515	4,880,529


3.00%, 02/01/2032 to 05/01/2050		33,571,890	30,488,397


8.00%, 08/01/2032		69,254	72,477


5.00%, 01/01/2037 to 07/01/2052		9,510,486	9,462,291


4.50%, 05/01/2038 to 07/01/2052		17,507,468	17,087,287


5.35%, 07/01/2038 to 10/17/2038		1,053,785	1,062,374


5.45%, 11/25/2038		1,056,896	1,068,059


5.80%, 01/20/2039		443,662	442,845


4.00%, 06/01/2042 to 07/01/2049		18,200,973	17,506,823


3.50%, 09/01/2045 to 05/01/2050		18,503,923	17,150,578


2.00%, 12/01/2051 to 01/01/2052		17,878,430	14,697,400


			154,549,510



Federal National Mortgage Association (FNMA)–42.90%
2.00%, 03/01/2023 to 01/01/2052		60,965,237	51,707,679


5.00%, 03/01/2023 to 01/01/2041		2,131,761	2,164,037


6.00%, 05/01/2023 to 05/01/2040		1,527,686	1,573,101


7.00%, 07/01/2023 to 01/01/2036		1,321,713	1,355,361


6.50%, 08/01/2023 to 11/01/2038		2,194,033	2,262,941


5.50%, 01/01/2024 to 04/01/2038		2,924,184	2,998,284


4.50%, 07/01/2025 to 07/01/2044		3,815,890	3,786,791


7.50%, 02/01/2027 to 08/01/2037		1,857,445	1,927,500


3.59%, 10/01/2028		9,586,000	9,192,482


3.00%, 02/01/2029 to 01/01/2052		64,119,673	57,917,399


9.50%, 04/01/2030		5,019	5,130


5.63%, 08/01/2032		66,310	65,723


8.50%, 10/01/2032		152,386	163,153


8.00%, 04/01/2033		155,393	165,425


3.50%, 11/01/2034 to 05/01/2050		44,523,654	41,882,227


2.50%, 03/01/2035 to 04/01/2052		78,123,997	67,020,147


	Principal Amount		Value
Federal National Mortgage Association (FNMA)–(continued)
5.45%, 01/01/2038	$	243,415	$ 243,052


4.00%, 02/01/2042 to 03/01/2050		37,181,274	35,645,015


			280,075,447



Government National Mortgage Association (GNMA)–15.25%
7.00%, 05/15/2023 to 01/20/2030		169,885	171,577


6.50%, 01/15/2024 to 10/15/2028		21,873	22,537


3.00%, 12/16/2025 to 02/20/2050		2,772,748	2,493,130


6.00%, 06/15/2028 to 04/20/2029		73,683	75,366


7.50%, 06/15/2028 to 08/15/2028		105,181	105,485


8.00%, 09/15/2028		3,377	3,375


5.50%, 05/15/2033 to 10/15/2034		285,176	296,397


7.11%, 11/20/2033^(a)		879,806	916,918


5.00%, 11/20/2037		345,256	340,689


5.90%, 01/20/2039^(a)		783,987	807,658


4.52%, 07/20/2041^(a)		784,713	773,185


2.44%, 09/20/2041		615,473	591,798


2.53% (1 mo. USD LIBOR + 0.45%), 07/20/2044^(e)		432,554	422,631


3.50%, 05/20/2046 to 06/20/2050		12,020,479	11,204,576


4.00%, 02/20/2048 to 03/20/2050		4,276,716	4,079,280


IO, 2.32% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041^(b)(e)		1,255,644	72,647


4.50%, 09/16/2047^(b)		746,463	124,535


1.87% (6.20% - (1.00 x 1 mo. USD LIBOR)), 10/16/2047^(b)(e)		666,873	58,431


TBA, 2.00%, 01/01/2053^(f)		4,984,000	4,178,107


2.50%, 01/01/2053^(f)		23,848,000	20,672,086


3.00%, 01/01/2053^(f)		29,450,000	26,229,658


3.50%, 01/01/2053^(f)		9,700,000	8,913,599


4.50%, 01/01/2053^(f)		7,200,000	6,985,620


5.00%, 01/01/2053^(f)		3,600,000	3,567,750


Series 2020-137, Class A, 1.50%, 04/16/2062		7,928,041	6,422,559


			99,529,594



Uniform Mortgage-Backed Securities–25.45%
TBA, 4.00%, 01/01/2038^(f)		21,600,000	21,059,102


2.00%, 01/01/2053^(f)		40,919,000	33,305,161


2.50%, 01/01/2053^(f)		39,845,000	33,748,040


3.50%, 01/01/2053^(f)		25,380,000	23,060,654


4.50%, 01/01/2053^(f)		17,200,000	16,556,183


5.00%, 01/01/2053^(f)		21,700,000	21,386,086


5.50%, 01/01/2053^(f)		17,000,000	17,047,245


			166,162,471


Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $826,402,006)			739,239,587

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

9 Invesco Quality Income Fund


	Principal Amount		Value
Asset-Backed Securities–8.54%
Adjustable Rate Mortgage Trust, Series 2005-7, Class 2A21, 0.77%, 10/25/2035^(a)	$	169,672	$	143,482


Agate Bay Mortgage Trust, Series 2015-2, Class B1, 3.62%, 03/25/2045^(a)(g)		1,557,736		1,437,056


Banc of America Funding Trust, Series 2006-3, Class 5A5, 5.50%, 03/25/2036		26,604		22,563


Series 2006-A, Class 1A1, 3.96%, 02/20/2036^(a)		203,122		189,639


Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-1, Class 2A1, 3.37%, 03/25/2035^(a)		788,618		731,385


Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.53%, 01/15/2051^(d)		13,075,027		259,717


BINOM Securitization Trust, Series 2021-INV1, Class A1, 2.03%, 06/25/2056^(a)(g)		3,241,125		2,855,618


CCG Receivables Trust, Series 2019-2, Class C, 2.89%, 03/15/2027^(g)		405,000		400,333


CD Mortgage Trust, Series 2017- CD6, Class XA, IO, 0.88%, 11/13/2050^(d)		6,685,877		186,534


Chase Mortgage Finance Corp., Series 2016-2, Class M4, 3.75%, 12/25/2045^(d)(g)		1,551,261		1,336,081


Series 2016-SH1, Class M3, 3.75%, 04/25/2045^(a)(g)		1,235,505		1,036,508


Chase Mortgage Finance Trust, Series 2005-A1, Class 3A1, 3.94%, 12/25/2035^(a)		14,667		12,399


Series 2007-A2, Class 2A1, 4.14%, 06/25/2035^(a)		193,557		185,845


Series 2007-A2, Class 2A4, 4.14%, 06/25/2035^(a)		178,806		170,761


Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class XA, IO, 0.99%, 11/10/2046^(d)		4,868,428		23,190


Series 2017-C4, Class XA, IO, 1.04%, 10/12/2050^(d)		17,229,581		591,572


Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A4, 3.88%, 08/25/2034^(a)		60,062		55,092


Series 2005-11, Class A2A, 5.41% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035^(e)		526,847		487,347


Series 2006-AR2, Class 1A2, 2.56%, 03/25/2036^(a)		12,668		11,776


COMM Mortgage Trust, Series 2013-LC13, Class XA, IO, 0.96%, 08/10/2046^(d)		17,617,012		61,707


Series 2015-CR24, Class XA, IO, 0.69%, 08/10/2048^(d)		34,632,699		491,732


Commonbond Student Loan Trust, Series 2018-CGS, Class A1, 3.87%, 02/25/2046^(g)		852,765		817,626


	Principal Amount		Value
Countrywide Home Loans Mortgage Pass-Through Trust, Series 2004-29, Class 1A1, 4.93% (1 mo. USD LIBOR + 0.54%), 02/25/2035^(e)	$	164,449	$	146,253


Credit Suisse Mortgage Capital Trust, Series 2013-7, Class B1, 3.53%, 08/25/2043^(a)(g)		1,319,993		1,234,932


Credit Suisse Mortgage Loan Trust, Series 2015-1, Class A9, 3.50%, 05/25/2045^(a)(g)		316,057		279,944


CSFB Mortgage-Backed Pass-Through Ctfs., Series 2004-AR5, Class 5A1, 3.52%, 06/25/2034^(a)		346,489		329,947


Deutsche Mortgage Securities, Inc. Re-REMIC Trust Ctfs., Series 2007-WM1, Class A1, 3.46%, 06/27/2037^(a)(g)		1,472,196		1,272,024


Galton Funding Mortgage Trust, Series 2018-1, Class A33, 3.50%, 11/25/2057^(a)(g)		360,566		320,925


GMACM Mortgage Loan Trust, Series 2005-AR3, Class 2A1, 2.96%, 06/19/2035^(a)		646,964		586,281


GSAA Home Equity Trust, Series 2007-7, Class A4, 4.93% (1 mo. USD LIBOR + 0.54%), 07/25/2037^(e)		25,961		24,732


GSR Mortgage Loan Trust, Series 2004-12, Class 3A6, 1.46%, 12/25/2034^(a)		179,184		158,548


Series 2005-AR4, Class 6A1, 3.65%, 07/25/2035^(a)		107,523		98,957


Invitation Homes Trust, Series 2018-SFR4, Class C, 5.74% (1 mo. USD LIBOR + 1.40%), 01/17/2038^(e)(g)		4,228,805		4,167,318


JP Morgan Mortgage Trust, Series 2005-A1, Class 3A1, 3.54%, 02/25/2035^(a)		392,646		366,704


Series 2005-A3, Class 6A5, 3.08%, 06/25/2035^(a)		221,559		216,486


Series 2014-1, Class 1A17, 0.79%, 01/25/2044^(a)(g)		627,288		567,127


Series 2015-3, Class A3, 3.50%, 05/25/2045^(a)(g)		599,413		539,538


Series 2017-5, Class A1, 3.21%, 10/26/2048^(a)(g)		469,788		448,753


Series 2019-INV2, Class A15, 3.50%, 02/25/2050^(a)(g)		151,325		132,919


Luminent Mortgage Trust, Series 2006-1, Class A1, 5.11% (1 mo. USD LIBOR + 0.72%), 04/25/2036^(e)		30,976		25,444


MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A2, 4.02%, 04/21/2034^(a)		107,797		103,123


Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 3A, 2.39%, 11/25/2035^(a)		222,461		202,522


Series 2005-A, Class A1, 4.85% (1 mo. USD LIBOR + 0.46%), 03/25/2030^(e)		276,592		253,754

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

10 Invesco Quality Income Fund


	Principal Amount		Value
Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.87%, 12/15/2050^(d)	$	5,458,769	$	187,800


Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061^(a)(g)		6,685,309		5,349,933


PRKCM Trust, Series 2021-AFC2, Class A1, 2.07%, 11/25/2056^(a)(g)		8,004,746		6,670,314


Progress Residential Trust, Series 2020-SFR1, Class C, 2.18%, 04/17/2037^(g)		2,500,000		2,268,840


Residential Accredit Loans, Inc. Trust, Series 2006-QO2, Class A2, 4.93% (1 mo. USD LIBOR + 0.54%), 02/25/2046^(e)		40,763		9,086


Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		29,272		22,582


Sapphire Aviation Finance II Ltd., Series 2020-1A, Class B, 4.34%, 03/15/2040^(g)		5,610,803		3,425,495


SGR Residential Mortgage Trust, Series 2021-2, Class A1, 1.74%, 12/25/2061^(a)(g)		7,363,077		5,948,248


Shellpoint Asset Funding Trust, Series 2013-1, Class A3, 3.75%, 07/25/2043^(a)(g)		382,099		344,546


Starwood Mortgage Residential Trust, Series 2021-6, Class A1, 1.92%, 11/25/2066^(a)(g)		4,347,927		3,622,847


Structured Adjustable Rate Mortgage Loan Trust, Series 2004-13, Class A2, 4.69% (1 mo. USD LIBOR + 0.30%), 09/25/2034^(e)		235,508		203,074


Series 2004-20, Class 3A1, 3.56%, 01/25/2035^(a)		45,170		44,582


Structured Asset Mortgage Investments II Trust, Series 2005-AR2, Class 2A1, 4.85% (1 mo. USD LIBOR + 0.46%), 05/25/2045^(e)		468,100		409,537


Structured Asset Sec Mortgage Pass-Through Ctfs., Series 2002-21A, Class B1II, 4.46%, 11/25/2032^(a)		36,022		34,675


UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.07%, 11/15/2050^(d)		10,225,101		336,039


Vendee Mortgage Trust, Series 1999-3, Class IO, 0.00%, 10/15/2029^(d)		3,971,528		4


Series 2001-3, Class IO, 0.00%, 10/15/2031^(d)		2,023,618		2


Series 2002-2, Class IO, 0.00%, 01/15/2032^(d)		5,591,653		628


Series 2002-3, Class IO, 0.27%, 08/15/2032^(d)		6,478,111		36,837


Series 2003-1, Class IO, 0.07%, 11/15/2032^(d)		10,368,219		21,958


Verus Securitization Trust, Series 2019-INV3, Class A2, 2.95%, 11/25/2059^(a)(g)		1,088,778		1,029,401


	Principal Amount		Value
WaMu Mortgage Pass-Through Ctfs. Trust, Series 2003-AR10, Class A7, 4.24%, 10/25/2033^(a)	$	138,635	$	129,075


Series 2007-HY2, Class 2A1, 3.74%, 11/25/2036^(a)		43,896		39,141


Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, IO, 0.86%, 12/15/2050^(d)		9,105,595		310,669


Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051^(g)		2,863,750		2,316,333


Total Asset-Backed Securities (Cost $67,406,559)				55,745,840



Commercial Paper–7.99%
Diversified Banks–7.99%
BPCE S.A. (France), 0.00%, 11/15/2023^(g)		20,000,000		19,060,978


Societe Generale S.A. (France), 0.00%, 11/15/2023^(g)		20,000,000		19,100,800


Svenska Handelsbanken AB (Sweden), 5.00%(SOFR + 0.69%), 08/29/2023^(e)		14,000,000		14,012,374


Total Commercial Paper (Cost $52,136,167)				52,174,152



Certificates of Deposit–3.38%
Diversified Banks–3.38%
Canadian Imperial Bank of Commerce (Canada), 5.03% (SOFR + 0.73%), 08/04/2023^(e)(Cost $22,000,000)		22,000,000		22,056,347



Agency Credit Risk Transfer Notes–1.32%
Fannie Mae Connecticut Avenue Securities, Series 2022-R03, Class 1M1, 6.03% (30 Day Average SOFR + 2.10%), 03/25/2042^(e)(g)		4,809,045		4,778,042


Series 2022-R06, Class 1M1, 6.68% (30 Day Average SOFR + 2.75%), 05/25/2042^(e)(g)		3,762,219		3,811,139


Total Agency Credit Risk Transfer Notes (Cost $8,571,264)				8,589,181



U.S. Treasury Securities–0.21%
U.S. Treasury Bills–0.21%
2.04% - 2.15%, 03/09/2023^(h)(i)		442,000		438,617


3.35% - 4.65%, 05/11/2023^(h)(i)		931,000		915,987


Total U.S. Treasury Securities (Cost $1,354,941)				1,354,604


	Shares
Money Market Funds–2.53%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(j)(k)(Cost $16,552,417)		16,552,417		16,552,417


TOTAL INVESTMENTS IN SECURITIES–137.20% (Cost $994,423,354)				895,712,128


OTHER ASSETS LESS LIABILITIES–(37.20)%				(242,861,758	)


NET ASSETS–100.00%			$	652,850,370

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

11 Invesco Quality Income Fund


Investment Abbreviations:

COFI		– Cost of Funds Index
Ctfs.		– Certificates
IO		– Interest Only
LIBOR		– London Interbank Offered Rate
MTA		– Moving Treasury Average
PO		– Principal Only
REMICs		– Real Estate Mortgage Investment Conduits
SOFR		– Secured Overnight Financing Rate
STRIPS		– Separately Traded Registered Interest and Principal Security
TBA		– To Be Announced
USD		– U.S. Dollar

Notes to Schedule of Investments:

^(a)	Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on December 31, 2022.

^(b)	Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

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

^(d)

Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on December 31, 2022.

^(e)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2022.

^(f)	Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1J.

^(g)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at December 31, 2022 was $94,573,618, which represented 14.49% of the Fund’s Net Assets.

^(h)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1I.

⁽ⁱ⁾	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(j)


	Value December 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value December 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$9,273,851	$	286,710,779	$	(279,432,213)		$-		$-		$16,552,417	$	144,569
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		10,464,062		(10,464,062)		-		-		-		71*
Invesco Private Prime Fund		-		10,618,727		(10,618,727)		-		-		-		147*
Total		$9,273,851	$	307,793,568	$	(300,515,002)		$-		$-		$16,552,417	$	144,787

⁽^k)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.


Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury Long Bonds		92		March-2023		$11,531,625		$(77,910	)		$(77,910	)
U.S. Treasury Ultra Bonds		22		March-2023		2,954,875		(3,094	)		(3,094	)
Subtotal–Long Futures Contracts								(81,004	)		(81,004	)

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

12 Invesco Quality Income Fund


Open Futures Contracts–(continued)
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes		285		March-2023		$(58,447,266	)		$(14,773	)		$(14,773	)
U.S. Treasury 5 Year Notes		471		March-2023		(50,834,883	)		29,929			29,929
U.S. Treasury 10 Year Notes		165		March-2023		(18,528,984	)		108,281			108,281
U.S. Treasury 10 Year Ultra Notes		54		March-2023		(6,387,188	)		201,656			201,656
Subtotal–Short Futures Contracts									325,093			325,093
Total Futures Contracts									$244,089			$244,089

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

13 Invesco Quality Income Fund

Statement of Assets and Liabilities

December 31, 2022


Assets:
Investments in unaffiliated securities, at value (Cost $ 977,870,937)	$	879,159,711


Investments in affiliated money market funds, at value (Cost $ 16,552,417)		16,552,417


Other investments:
Variation margin receivable – futures contracts		86,260


Cash collateral – TBA commitments		1,315,459


Receivable for:
Investments sold		923


TBA sales commitment		61,503,903


Fund shares sold		231,299


Interest		2,384,051


Principal paydowns		211


Investment for trustee deferred compensation and retirement plans		191,600


Other assets		382,167


Total assets		961,808,001



Liabilities:
Payable for:
TBA sales commitment		301,576,231


Dividends		269,272


Fund shares reacquired		5,292,032


Amount due custodian		1,065,127


Accrued fees to affiliates		367,317


Accrued trustees’ and officers’ fees and benefits		3,570


Accrued other operating expenses		183,433


Trustee deferred compensation and retirement plans		200,649


Total liabilities		308,957,631


Net assets applicable to shares outstanding	$	652,850,370



Net assets consist of:
Shares of beneficial interest	$	879,353,150


Distributable earnings (loss)		(226,502,780	)


	$	652,850,370


Net Assets:
Class A		$511,108,114
Class C		$ 19,024,508
Class R		$ 19,496,756
Class Y		$ 82,041,638
Class R5		$ 138,952
Class R6		$ 21,040,402

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		52,906,102
Class C		1,981,198
Class R		2,019,563
Class Y		8,459,432
Class R5		14,365
Class R6		2,169,515
Class A:
Net asset value per share		$ 9.66
Maximum offering price per share (Net asset value of $9.66 ÷ 95.75%)		$ 10.09
Class C:
Net asset value and offering price per share		$ 9.60
Class R:
Net asset value and offering price per share		$ 9.65
Class Y:
Net asset value and offering price per share		$ 9.70
Class R5:
Net asset value and offering price per share		$ 9.67
Class R6:
Net asset value and offering price per share		$ 9.70

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

14 Invesco Quality Income Fund

Statement of Operations

For the year ended December 31, 2022


Investment income:
Interest (net of foreign withholding taxes of $2,060)	$	17,638,674


Dividends from affiliated money market funds (includes net securities lending income of $122)		144,691


Total investment income		17,783,365



Expenses:
Advisory fees		3,106,827


Administrative services fees		108,820


Custodian fees		20,857


Distribution fees:
Class A		1,431,944


Class C		240,836


Class R		107,985


Transfer agent fees – A, C, R and Y		1,010,393


Transfer agent fees – R5		217


Transfer agent fees – R6		8,052


Trustees’ and officers’ fees and benefits		22,391


Registration and filing fees		90,897


Reports to shareholders		79,101


Professional services fees		62,602


Other		20,862


Total expenses		6,311,784


Less: Fees waived and/or expense offset arrangement(s)		(16,012	)


Net expenses		6,295,772


Net investment income		11,487,593



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(38,400,252	)


Futures contracts		2,448,750


		(35,951,502	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(81,210,164	)


Futures contracts		903,683


		(80,306,481	)


Net realized and unrealized gain (loss)		(116,257,983	)


Net increase (decrease) in net assets resulting from operations	$	(104,770,390	)

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

15 Invesco Quality Income Fund

Statement of Changes in Net Assets

For the years ended December 31, 2022 and 2021


	2022			2021


Operations:
Net investment income	$	11,487,593		$	5,865,498


Net realized gain (loss)		(35,951,502	)		3,622,147


Change in net unrealized appreciation (depreciation)		(80,306,481	)		(25,410,576	)


Net increase (decrease) in net assets resulting from operations		(104,770,390	)		(15,922,931	)



Distributions to shareholders from distributable earnings:
Class A		(16,334,116	)		(23,336,759	)


Class C		(478,546	)		(980,466	)


Class R		(548,387	)		(725,039	)


Class Y		(2,663,489	)		(5,164,083	)


Class R5		(6,617	)		(15,287	)


Class R6		(872,066	)		(1,152,084	)


Total distributions from distributable earnings		(20,903,221	)		(31,373,718	)



Share transactions–net:
Class A		(87,661,083	)		(84,007,942	)


Class C		(9,564,788	)		(19,118,430	)


Class R		(1,496,150	)		(2,029,383	)


Class Y		(9,384,216	)		(72,778,157	)


Class R5		(302,893	)		114,913


Class R6		(7,666,318	)		2,041,712


Net increase (decrease) in net assets resulting from share transactions		(116,075,448	)		(175,777,287	)


Net increase (decrease) in net assets		(241,749,059	)		(223,073,936	)



Net assets:
Beginning of year		894,599,429			1,117,673,365


End of year	$	652,850,370		$	894,599,429

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

16 Invesco Quality Income Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 12/31/22		$	11.36		$	0.16			$	(1.57	)		$	(1.41	)		$	(0.29	)		$	9.66		(12.52	)%^(d)		$	511,108		0.85	%^(d)		0.85	%^(d)		1.53	%^(d)		520	%
Year ended 12/31/21			11.90			0.07				(0.25	)			(0.18	)			(0.36	)			11.36		(1.55	)^(e)			697,347		0.84	^(e)		0.86	^(e)		0.57	^(e)		401
Year ended 12/31/20			11.72			0.26				0.36				0.62				(0.44	)			11.90		5.33	^(e)			816,715		0.83	^(e)		0.85	^(e)		2.15	^(e)		979
Year ended 12/31/19			11.48			0.35				0.33				0.68				(0.44	)			11.72		5.97	^(d)			301,996		0.92	^(d)		0.92	^(d)		3.04	^(d)		448
Year ended 12/31/18			11.95			0.36				(0.38	)			(0.02	)			(0.45	)			11.48		(0.15	)^(d)			308,880		0.94	^(d)		0.94	^(d)		3.10	^(d)		416
Class C
Year ended 12/31/22			11.28			0.08				(1.55	)			(1.47	)			(0.21	)			9.60		(13.12	)			19,025		1.61			1.61			0.77			520
Year ended 12/31/21			11.82			(0.02	)			(0.25	)			(0.27	)			(0.27	)			11.28		(2.35	)^(e)			32,752		1.62	^(e)		1.62	^(e)		(0.21	)^(e)		401
Year ended 12/31/20			11.64			0.16				0.37				0.53				(0.35	)			11.82		4.57	^(e)			53,821		1.60	^(e)		1.60	^(e)		1.38	^(e)		979
Year ended 12/31/19			11.40			0.27				0.32				0.59				(0.35	)			11.64		5.19				8,659		1.68			1.68			2.28			448
Year ended 12/31/18			11.87			0.27				(0.38	)			(0.11	)			(0.36	)			11.40		(0.93	)			9,179		1.70			1.70			2.34			416
Class R
Year ended 12/31/22			11.35			0.13				(1.57	)			(1.44	)			(0.26	)			9.65		(12.76	)			19,497		1.11			1.11			1.27			520
Year ended 12/31/21			11.89			0.03				(0.25	)			(0.22	)			(0.32	)			11.35		(1.84	)			24,551		1.12			1.12			0.29			401
Period ended 12/31/20^(f)			11.79			0.14				0.21				0.35				(0.25	)			11.89		2.99				27,785		1.10	^(g)		1.10	^(g)		1.88	^(g)		979
Class Y
Year ended 12/31/22			11.40			0.18				(1.57	)			(1.39	)			(0.31	)			9.70		(12.26	)			82,042		0.61			0.61			1.77			520
Year ended 12/31/21			11.95			0.10				(0.26	)			(0.16	)			(0.39	)			11.40		(1.35	)			106,019		0.57			0.62			0.84			401
Year ended 12/31/20			11.77			0.29				0.36				0.65				(0.47	)			11.95		5.59				185,925		0.52			0.61			2.46			979
Year ended 12/31/19			11.53			0.38				0.33				0.71				(0.47	)			11.77		6.21				20,339		0.68			0.68			3.28			448
Year ended 12/31/18			12.00			0.39				(0.38	)			0.01				(0.48	)			11.53		0.11				13,189		0.70			0.70			3.34			416
Class R5
Year ended 12/31/22			11.37			0.19				(1.57	)			(1.38	)			(0.32	)			9.67		(12.26	)			139		0.57			0.57			1.81			520
Year ended 12/31/21			11.91			0.10				(0.25	)			(0.15	)			(0.39	)			11.37		(1.29	)			489		0.56			0.57			0.85			401
Year ended 12/31/20			11.76			0.30				0.33				0.63				(0.48	)			11.91		5.42				395		0.46			0.46			2.52			979
Year ended 12/31/19			11.52			0.40				0.32				0.72				(0.48	)			11.76		6.36				132,657		0.55			0.55			3.41			448
Year ended 12/31/18			12.00			0.40				(0.39	)			0.01				(0.49	)			11.52		0.16				142,812		0.56			0.56			3.48			416
Class R6
Year ended 12/31/22			11.40			0.20				(1.57	)			(1.37	)			(0.33	)			9.70		(12.16	)			21,040		0.50			0.50			1.88			520
Year ended 12/31/21			11.95			0.11				(0.26	)			(0.15	)			(0.40	)			11.40		(1.30	)			33,442		0.51			0.51			0.90			401
Year ended 12/31/20			11.77			0.30				0.36				0.66				(0.48	)			11.95		5.69				33,032		0.46			0.46			2.52			979
Year ended 12/31/19			11.53			0.40				0.32				0.72				(0.48	)			11.77		6.35				22,379		0.55			0.55			3.41			448
Year ended 12/31/18			12.00			0.40				(0.38	)			0.02				(0.49	)			11.53		0.25				19,097		0.56			0.56			3.48			416

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $1,606,141,382 in connection with the acquisition of Invesco Oppenheimer Limited-Term Government Fund into the Fund.

^(d)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the years ended December 31, 2022, 2019 and 2018, respectively.

^(e)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% and 0.99% for Class A and Class C shares for the years ended December 31, 2021 and 2020, respectively.

^(f)	Commencement date of May 15, 2020 for Class R.

^(g)	Annualized.

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

17 Invesco Quality Income Fund

Notes to Financial Statements

December 31, 2022

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to provide a high level of current income, with liquidity and safety of principal.

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

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

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

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

18 Invesco Quality Income Fund

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

C.	Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2022, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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

19 Invesco Quality Income Fund

and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

Dollar Rolls and Forward Commitment Transactions – The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement.

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

Other Risks – The Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government. Many securities purchased by the Fund are not guaranteed by the U.S. Government. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund’s income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets		Rate
First $100 million		0.4700%
Next $150 million		0.4400%
Next $250 million		0.4125%
Next $2 billion		0.3825%
Next $2.5 billion		0.3800%
Next $2.5 billion		0.3650%
Next $2.5 billion		0.3400%
Next $2.5 billion		0.2950%
Over $12.5 billion		0.2700%

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.42%.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

20 Invesco Quality Income Fund

For the year ended December 31, 2022, the Adviser waived advisory fees of $6,638.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc.(“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plans”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 1.00% of the average daily net assets of Class C shares. The Fund pursuant to the Class R Plan, pays IDI compensation at the annual rate of 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2022, IDI advised the Fund that IDI retained $26,289 in front-end sales commissions from the sale of Class A shares and $649 and $625 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information


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


	Level 1			Level 2		Level 3		Total


Investments in Securities


U.S. Government Sponsored Agency Mortgage-Backed Securities	$	–		$	739,239,587		$–	$	739,239,587


Asset-Backed Securities		–			55,745,840		–		55,745,840


Commercial Paper		–			52,174,152		–		52,174,152


Certificate of Deposit		–			22,056,347		–		22,056,347


Agency Credit Risk Transfer Notes		–			8,589,181		–		8,589,181


U.S. Treasury Securities		–			1,354,604		–		1,354,604


Money Market Funds		16,552,417			–		–		16,552,417


Total Investments in Securities		16,552,417			879,159,711		–		895,712,128



Other Investments - Assets*


Futures Contracts		339,866			–		–		339,866



Other Investments - Liabilities*


Futures Contracts		(95,777	)		–		–		(95,777	)


Total Other Investments		244,089			–		–		244,089


Total Investments	$	16,796,506		$	879,159,711		$–	$	895,956,217

*	Unrealized appreciation (depreciation).

21 Invesco Quality Income Fund

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2022:


	Value

Derivative Assets	Interest Rate Risk


Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	339,866


Derivatives not subject to master netting agreements		(339,866	)


Total Derivative Assets subject to master netting agreements	$	–



	Value

	Interest
Derivative Liabilities	Rate Risk


Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(95,777	)


Derivatives not subject to master netting agreements		95,777


Total Derivative Liabilities subject to master netting agreements	$	–

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

Effect of Derivative Investments for the year ended December 31, 2022

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


	Location of Gain on Statement of Operations
	Interest
	Rate Risk
Realized Gain:
Futures contracts		$	2,448,750
Change in Net Unrealized Appreciation:
Futures contracts			903,683
Total		$	3,352,433

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


	Futures
	Contracts
Average notional value	$	126,484,817

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate

22 Invesco Quality Income Fund

by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:


	2022		2021
Ordinary income*	$	20,903,221	$31,373,718

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

Tax Components of Net Assets at Period-End:


	2022


Undistributed ordinary income	$	2,536,801


Net unrealized appreciation (depreciation) – investments		(98,786,371	)


Temporary book/tax differences		(184,617	)


Capital loss carryforward		(130,068,593	)


Shares of beneficial interest		879,353,150


Total net assets	$	652,850,370

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


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	73,818,980	$	56,249,613	$130,068,593

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2022 was $0 and $20,841,653, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	1,638,951


Aggregate unrealized (depreciation) of investments		(100,425,322	)

Net unrealized appreciation (depreciation) of investments	$	(98,786,371	)

Cost of investments for tax purposes is $994,742,588.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of dollar rolls and paydowns, on December 31, 2022, undistributed net investment income was increased by $11,645,762 and undistributed net realized gain (loss) was decreased by $11,645,762. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

NOTE 11–Share Information


			Summary of Share Activity
	Year ended				Year ended
	December 31, 2022^(a)				December 31, 2021
	Shares		Amount		Shares		Amount
Sold:

Class A		3,372,175	$	35,129,235		5,247,785	$ 61,226,557

Class C		390,796		4,059,915		442,265	5,135,542

Class R		352,401		3,685,988		457,434	5,336,274

Class Y		4,316,746		44,291,312		4,240,157	49,957,902

Class R5		18,411		194,453		9,444	110,786

Class R6		406,909		4,263,706		2,160,441	25,243,150

23 Invesco Quality Income Fund


				Summary of Share Activity

	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Issued as reinvestment of dividends:
Class A		1,370,790		$	13,965,439			1,707,161		$	19,856,606

Class C		41,871			424,011			72,652			840,995

Class R		53,209			540,200			61,299			712,320

Class Y		202,453			2,061,206			298,525			3,490,500

Class R5		517			5,374			1,271			14,775

Class R6		63,882			654,044			79,035			922,272


Automatic conversion of Class C shares to Class A shares:
Class A		355,040			3,669,718			490,064			5,712,148

Class C		(357,288	)		(3,669,718	)		(493,153	)		(5,712,148	)


Reacquired:
Class A		(13,604,332	)		(140,425,475	)		(14,665,238	)		(170,803,253	)

Class C		(996,999	)		(10,378,996	)		(1,671,452	)		(19,382,819	)

Class R		(549,950	)		(5,722,338	)		(691,970	)		(8,077,977	)

Class Y		(5,360,927	)		(55,736,734	)		(10,800,066	)		(126,226,559	)

Class R5		(47,530	)		(502,720	)		(916	)		(10,648	)

Class R6		(1,234,913	)		(12,584,068	)		(2,070,983	)		(24,123,710	)

Net increase (decrease) in share activity		(11,206,739	)	$	(116,075,448	)		(15,126,245	)	$	(175,777,287	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 11% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

24 Invesco Quality Income Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Quality Income Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2023

25 Invesco Quality Income Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


			ACTUAL			HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/22)		Ending Account Value (12/31/22)¹		Expenses Paid During Period²	Ending Account Value (12/31/22)		Expenses Paid During Period²	Annualized Expense Ratio
Class A		$1,000.00		$962.20	$4.25		$1,020.87	$4.38		0.86%
Class C		1,000.00		958.10	8.00		1,017.04	8.24		1.62
Class R		1,000.00		960.80	5.54		1,019.56	5.70		1.12
Class Y		1,000.00		963.50	3.07		1,022.08	3.16		0.62
Class R5		1,000.00		963.60	2.72		1,022.43	2.80		0.55
Class R6		1,000.00		964.10	2.48		1,022.68	2.55		0.50

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

26 Invesco Quality Income Fund

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2022:


Federal and State Income Tax
Qualified Dividend Income*			0.00%
Corporate Dividends Received Deduction*			0.00%
U.S. Treasury Obligations*			0.54%
Qualified Business Income*			0.00%
Business Interest Income*			100.00%

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

27 Invesco Quality Income Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 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)	189	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.

T-1 Invesco Quality Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Quality Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Quality Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; 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; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	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); 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.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; 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; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Quality Income Fund

Trustees and Officers–(continued)


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

T-5 Invesco Quality Income Fund

Trustees and Officers–(continued)


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


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Quality Income Fund

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LOGO

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

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∎ Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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

LOGO


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

LOGO


Annual Report to Shareholders		December 31, 2022

Invesco Select Risk: Conservative Investor Fund

Nasdaq:

A: OACIX ∎ C: OCCIX ∎ R: ONCIX ∎ Y: OYCIX ∎ R5: PXCIX ∎ R6: PXCCX



2		Management’s Discussion
2		Performance Summary
3		Long-Term Fund Performance
5		Supplemental Information
7		Schedule of Investments
9		Financial Statements
12		Financial Highlights
13		Notes to Financial Statements
20		Report of Independent Registered Public Accounting Firm
21		Fund Expenses
22		Tax Information
T-1		Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended December 31, 2022, Class A shares of Invesco Select Risk: Conservative Investor Fund (the Fund), at net asset value (NAV), underper-formed the Custom Invesco Select Risk: Conservative Investor Index.

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

Fund vs. Indexes


Class A Shares	-15.62	%
Class C Shares	-16.42
Class R Shares	-15.90
Class Y Shares	-15.53
Class R5 Shares	-15.42
Class R6 Shares	-15.41
Bloomberg Global Aggregate USD Hedged Index^q	-11.22
MSCI All Country World Index^q	-18.36
Custom Invesco Select Risk: Conservative Investor Index^∎	-12.45
Source(s)^{: q}RIMES Technologies Corp.;^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Strategic asset class exposures in the Fund are obtained through underlying representative mutual funds and exchange-traded funds

targeting pre-defined risk levels. From an absolute performance perspective, the portfolio’s allocation to variable rate fixed income was the leading contributor to positive performance. The remaining allocations to equity, fixed income and alternative assets were all detractors from absolute performance as the portfolio produced a negative return for the fiscal year.

From a relative performance perspective, the portfolio underperformed its custom benchmark, the Custom Invesco Select Risk: Conservative Investor Index, during the fiscal year. Underperformance was driven mainly by style selection within the fixed income allocation. Within the allocation, the Invesco 1-30 Laddered Treasury ETF and Invesco Taxable Municipal Bond ETF were the primary detractors.

Conversely, allocations to other fixed income funds and allocations to style-specific US equities were the leading contributors to relative performance during the fiscal year. Within the allocation, the Invesco Variable Rate Investment Grade ETF, Invesco Master Loan Fund and Invesco S&P 500 Low Volatility ETF were the leading contributors.

Thank you for your continued investment in the Invesco Select Risk Series: Conservative Investor Fund.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

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

2 Invesco Select Risk: Conservative Investor Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/12

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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

3 Invesco Select Risk: Conservative Investor Fund


Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges

Class A Shares
Inception (4/5/05)	1.48	%
10 Years	1.85
5 Years	-0.70
1 Year	-20.30

Class C Shares
Inception (4/5/05)	1.44	%
10 Years	1.80
5 Years	-0.36
1 Year	-17.24

Class R Shares
Inception (4/5/05)	1.52	%
10 Years	2.15
5 Years	0.16
1 Year	-15.90

Class Y Shares
Inception (4/5/05)	2.08	%
10 Years	2.67
5 Years	0.66
1 Year	-15.53

Class R5 Shares
10 Years	2.53	%
5 Years	0.64
1 Year	-15.42

Class R6 Shares
10 Years	2.53	%
5 Years	0.64
1 Year	-15.41

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

flect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

4 Invesco Select Risk: Conservative Investor Fund

Supplemental Information

Invesco Select Risk: Conservative Investor Fund’s investment objective is to seek total return.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

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

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

About indexes used in this report

∎	The Bloomberg Global Aggregate USD Hedged Index tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar.

∎	The Custom Invesco Select Risk: Conservative Investor Index is composed of 20% MSCI All Country World Index and 80% Bloomberg Global Aggregate USD Hedged Index.

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

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

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


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


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

5 Invesco Select Risk: Conservative Investor Fund

Fund Information

Portfolio Composition*


By fund type		% of total investments

Fixed Income Funds		75.38%
Equity Funds		19.19
Alternative Funds		4.89
Money Market Funds		0.54

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

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. Data presented here are as of December 31, 2022.

6 Invesco Select Risk: Conservative Investor Fund

Schedule of Investments

December 31, 2022

Invesco Select Risk: Conservative Investor Fund

Schedule of Investments in Affiliated Issuers-99.43%^(a)


	% of Net Assets 12/31/22			Value 12/31/21		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 12/31/22		Value 12/31/22

Alternative Funds-4.86%
Invesco Global Real Estate Income Fund, Class R6^(b)		2.03	%	$	9,491,387	$	948,799	$	(838,142	)	$	(2,051,854	)	$	106,974		$	123,284		979,261	$	7,579,479

Invesco Macro Allocation Strategy Fund, Class R6^(c)		2.83	%		15,397,574		-		(3,139,914	)		(1,411,237	)		(250,169	)		-		1,409,076		10,596,254

Total Alternative Funds					24,888,961		948,799		(3,978,056	)		(3,463,091	)		(143,195	)		123,284				18,175,733

Domestic Equity Funds-11.76%
Invesco Discovery Mid Cap Growth Fund, Class R6^(c)		1.42	%		9,221,620		782,339		(2,096,792	)		(2,441,981	)		(171,230	)		-		209,165		5,293,956

Invesco Main Street Small Cap Fund, Class R6		1.27	%		7,136,773		295,366		(1,660,667	)		(808,015	)		(227,907	)		28,945		264,704		4,735,550

Invesco Russell 1000^®Dynamic Multifactor ETF		2.63	%		8,354,904		4,537,538		(1,360,360	)		(1,552,514	)		(135,831	)		150,533		229,244		9,843,737

Invesco S&P 500^®Low Volatility ETF		2.56	%		9,361,818		1,800,722		(861,400	)		(722,037	)		(9,056	)		200,215		149,766		9,570,047

Invesco S&P 500^®Pure Growth ETF		2.34	%		11,701,142		2,831,566		(2,628,161	)		(3,267,597	)		92,754			65,263		57,580		8,729,704

Invesco S&P 500^®Pure Value ETF		1.54	%		5,837,219		1,140,151		(998,142	)		(486,512	)		261,662			128,922		73,793		5,754,378

Total Domestic Equity Funds					51,613,476		11,387,682		(9,605,522	)		(9,278,656	)		(189,608	)		573,878				43,927,372

Fixed Income Funds-74.95%
Invesco 1-30 Laddered Treasury ETF		16.81	%		55,884,739		27,846,171		(6,537,542	)		(13,491,921	)		(909,561	)		1,144,527		2,185,586		62,791,886

Invesco Core Plus Bond Fund, Class R6		20.02	%		82,291,759		14,670,530		(7,076,808	)		(13,696,204	)		(1,411,824	)		2,769,752		8,208,283		74,777,453

Invesco Fundamental High Yield^®Corporate Bond ETF		4.94	%		30,588,539		-		(8,877,457	)		(2,707,986	)		(526,952	)		738,164		1,079,214		18,476,144

Invesco Income Fund, Class R6		1.71	%		17,642,100		341,016		(10,203,674	)		(2,218,589	)		841,637			341,017		934,670		6,402,490

Invesco International Bond Fund, Class R6^(b)		4.25	%		32,555,668		1,131,666		(13,701,467	)		(2,973,254	)		(531,079	)		100,645		3,690,816		15,870,511

Invesco Master Loan Fund, Class R6		7.72	%		36,457,653		2,108,768		(7,843,814	)		(1,202,550	)		(684,937	)		2,112,347		1,902,680		28,835,120

Invesco Taxable Municipal Bond ETF		10.16	%		65,933,415		1,862,795		(16,824,265	)		(10,117,042	)		(2,895,991	)		1,411,479		1,476,426		37,958,912

Invesco Variable Rate Investment Grade ETF		9.34	%		35,128,156		9,507,131		(9,215,857	)		(505,730	)		(35,486	)		859,966		1,411,502		34,878,214

Total Fixed Income Funds					356,482,029		57,468,077		(80,280,884	)		(46,913,276	)		(6,154,193	)		9,477,897				279,990,730

Foreign Equity Funds-7.32%
Invesco Developing Markets Fund, Class R6		1.54	%		11,355,550		1,631,006		(4,553,465	)		(657,578	)		(2,015,414	)		66,993		164,951		5,760,099

Invesco Global Infrastructure Fund, Class R6		0.99	%		3,662,836		1,072,991		(634,149	)		(463,996	)		37,147			71,619		316,250		3,674,829

Invesco International Select Equity Fund, Class R6		1.22	%		11,406,016		964,475		(5,146,413	)		(1,377,334	)		(1,286,318	)		45,619		503,358		4,560,426

Invesco RAFI^™ Strategic Developed ex-US ETF		1.56	%		-		6,700,153		(273,160	)		(596,541	)		(6	)		133,556		217,068		5,830,446

Invesco S&P Emerging Markets Low Volatility ETF		1.00	%		-		4,258,467		-			(509,908	)		-			103,819		162,910		3,748,559

Invesco S&P International Developed Low Volatility ETF		1.01	%		9,348,410		116,918		(4,869,828	)		(1,264,421	)		437,242			206,929		140,714		3,768,321

Total Foreign Equity Funds					35,772,812		14,744,010		(15,477,015	)		(4,869,778	)		(2,827,349	)		628,535				27,342,680

Money Market Funds-0.54%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(d)		0.19	%		725,211		23,344,946		(23,369,204	)		-			-			11,629		700,953		700,953

Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(d)		0.13	%		939,732		16,674,960		(17,114,436	)		38			527			8,624		500,672		500,821

Invesco Treasury Portfolio, Institutional Class, 4.20%^(d)		0.22	%		828,813		26,679,938		(26,707,662	)		-			-			13,152		801,089		801,089

Total Money Market Funds					2,493,756		66,699,844		(67,191,302	)		38			527			33,405				2,002,863

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $418,731,126)		99.43	%		471,251,034		151,248,412		(176,532,779	)		(64,524,763	)		(9,313,818	)		10,836,999				371,439,378

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

7 Invesco Select Risk: Conservative Investor Fund

Invesco Select Risk: Conservative Investor Fund (continued)

Schedule of Investments in Affiliated Issuers-99.43%^(a)


	% of Net Assets 12/31/22			Value 12/31/21		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 12/31/22		Value 12/31/22

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.00%
Invesco Private Government Fund, 4.28%^(d)		-		$	-	$	30,840,672	$	(30,840,672	)	$	-		$	-		$	34,559	^(e)		-	$	-

Invesco Private Prime Fund, 4.46%^(d)		-			-		72,606,970		(72,613,324	)		-			6,354			96,037	^(e)				-

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		-		103,447,642		(103,453,996	)		-			6,354			130,596					-

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $418,731,126)		99.43	%	$	471,251,034	$	254,696,054	$	(279,986,775	)	$	(64,524,763	)	$	(9,307,464	)	$	10,967,595				$	371,439,378

OTHER ASSETS LESS LIABILITIES		0.57	%																				2,135,657

NET ASSETS		100.00	%																			$	373,575,035

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

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

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

^(c)	Non-income producing security.

^(d)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

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


Open Futures Contracts^(a)

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

Equity Risk

E-Mini S&P 500 Index		5	March-2023	$	965,250		$(26,823)	$	(26,823	)

Interest Rate Risk

Canada 10 Year Bonds		45	March-2023		4,072,932		(97,378)		(97,378	)

Euro-BTP		54	March-2023		6,296,041		(463,236)		(463,236	)

Euro-Bund		32	March-2023		4,553,435		(278,145)		(278,145	)

Euro-OAT		59	March-2023		8,039,825		(548,199)		(548,199	)

Japan 10 year Bonds		29	March-2023		32,142,182		(614,294)		(614,294	)

Long Gilt		72	March-2023		8,695,736		(539,675)		(539,675	)

Subtotal							(2,540,927)		(2,540,927	)

Total Futures Contracts							$(2,567,750)	$	(2,567,750	)

^(a)	Futures contracts collateralized by $1,862,841 cash held with Merrill Lynch International, the futures commission merchant.

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

8 Invesco Select Risk: Conservative Investor Fund

Statement of Assets and Liabilities

December 31, 2022


Assets:
Investments in affiliated underlying funds, at value (Cost $418,731,126)	$	371,439,378
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		1,862,841
Cash		35,707
Receivable for:
Fund shares sold		694,105
Dividends - affiliated underlying funds		816,517
Investment for trustee deferred compensation and retirement plans		34,291
Other assets		45,623
Total assets		374,928,462

Liabilities:
Other investments:
Variation margin payable - futures contracts		161,698
Payable for:
Investments purchased - affiliated underlying funds		793,934
Fund shares reacquired		122,710
Accrued fees to affiliates		195,967
Accrued trustees’ and officers’ fees and benefits		9,030
Accrued other operating expenses		35,797
Trustee deferred compensation and retirement plans		34,291
Total liabilities		1,353,427
Net assets applicable to shares outstanding	$	373,575,035

Net assets consist of:
Shares of beneficial interest	$	434,398,048
Distributable earnings (loss)		(60,823,013	)
	$	373,575,035


Net Assets:

Class A	$	287,368,216
Class C	$	38,358,772
Class R	$	40,863,775
Class Y	$	6,967,239
Class R5	$	8,517
Class R6	$	8,516

Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		35,453,060
Class C		4,780,972
Class R		5,051,627
Class Y		855,960
Class R5		1,053
Class R6		1,053
Class A:
Net asset value per share	$	8.11
Maximum offering price per share (Net asset value of $8.11 ÷ 94.50%)	$	8.58
Class C:
Net asset value and offering price per share	$	8.02
Class R:
Net asset value and offering price per share	$	8.09
Class Y:
Net asset value and offering price per share	$	8.14
Class R5:
Net asset value and offering price per share	$	8.09
Class R6:
Net asset value and offering price per share	$	8.09

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

9 Invesco Select Risk: Conservative Investor Fund

Statement of Operations

For the year ended December 31, 2022


Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $ 86,598)	$ 10,923,597
Interest	112,719
Total investment income	11,036,316

Expenses:
Custodian fees	12,106
Distribution fees:
Class A	742,836
Class C	459,402
Class R	216,622
Transfer agent fees – A, C, R and Y	482,689
Transfer agent fees – R5	2
Transfer agent fees – R6	2
Trustees’ and officers’ fees and benefits	20,986
Registration and filing fees	98,782
Reports to shareholders	34,392
Professional services fees	29,786
Other	16,580
Total expenses	2,114,185
Less: Expense offset arrangement(s)	(5,001	)
Net expenses	2,109,184
Net investment income	8,927,132

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares	(9,307,464	)
Foreign currencies	(28	)
Futures contracts	(6,250,403	)
	(15,557,895	)
Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares	(64,524,763	)
Foreign currencies	80,875
Futures contracts	(2,241,299	)
	(66,685,187	)
Net realized and unrealized gain (loss)	(82,243,082	)
Net increase (decrease) in net assets resulting from operations	$(73,315,950	)

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

10 Invesco Select Risk: Conservative Investor Fund

Statement of Changes in Net Assets

For the years ended December 31, 2022 and 2021


	2022			2021


Operations:

Net investment income	$	8,927,132		$	8,260,691



Net realized gain (loss)		(15,557,895	)		20,718,960



Change in net unrealized appreciation (depreciation)		(66,685,187	)		(12,458,115	)

Net increase (decrease) in net assets resulting from operations		(73,315,950	)		16,521,536


Distributions to shareholders from distributable earnings:

Class A		(7,877,419	)		(16,015,519	)


Class C		(739,246	)		(2,221,005	)


Class R		(1,002,758	)		(2,048,476	)


Class Y		(203,313	)		(364,777	)


Class R5		(275	)		(523	)


Class R6		(275	)		(895	)

Total distributions from distributable earnings		(9,823,286	)		(20,651,195	)


Share transactions-net:

Class A		(6,424,050	)		(91,535,827	)


Class C		(11,238,113	)		(8,582,614	)


Class R		625,963			(1,783,064	)


Class Y		602,418			(982,778	)


Class R6		(7,827	)		8,132

Net increase (decrease) in net assets resulting from share transactions		(16,441,609	)		(102,876,151	)

Net increase (decrease) in net assets		(99,580,845	)		(107,005,810	)


Net assets:

Beginning of year		473,155,880			580,161,690


End of year	$	373,575,035		$	473,155,880

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

11 Invesco Select Risk: Conservative Investor Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(d)			Ratio of net investment income to average net assets			Portfolio turnover(^e)
Class A
Year ended 12/31/22		$	9.88		$	0.20		$	(1.74	)		$	(1.54	)		$	(0.16	)		$	(0.07	)		$	(0.23	)		$	8.11		(15.62	)%^(f)		$	287,368		0.41	%^(f)		0.41	%^(f)		2.32	%^(f)		21	%
Year ended 12/31/21			10.03			0.17			0.14				0.31				(0.35	)			(0.11	)			(0.46	)			9.88		3.11	^(f)			357,004		0.37	^(f)		0.42	^(f)		1.68	^(f)		27
Year ended 12/31/20			9.46			0.18			0.60				0.78				(0.21	)			–				(0.21	)			10.03		8.29	^(f)			451,258		0.33	^(f)		0.43	^(f)		1.85	^(f)		80
Eleven months ended 12/31/19			9.31			0.21			0.56				0.77				(0.33	)			(0.29	)			(0.62	)			9.46		8.26				415,244		0.43	^(g)		0.53	^(g)		2.39	^(g)		6
Year ended 01/31/19			9.67			0.22			(0.37	)			(0.15	)			(0.21	)			–				(0.21	)			9.31		(1.49	)			396,318		0.42			0.52			2.35			45
Year ended 01/31/18			9.02			0.17			0.69				0.86				(0.21	)			–				(0.21	)			9.67		9.53				445,732		0.42			0.53			1.82			7
Class C
Year ended 12/31/22			9.77			0.14			(1.73	)			(1.59	)			(0.09	)			(0.07	)			(0.16	)			8.02		(16.34	)			38,359		1.17			1.17			1.56			21
Year ended 12/31/21			9.92			0.09			0.14				0.23				(0.27	)			(0.11	)			(0.38	)			9.77		2.31				59,281		1.13			1.18			0.92			27
Year ended 12/31/20			9.35			0.10			0.61				0.71				(0.14	)			–				(0.14	)			9.92		7.55				68,581		1.09			1.19			1.09			80
Eleven months ended 12/31/19			9.20			0.14			0.55				0.69				(0.25	)			(0.29	)			(0.54	)			9.35		7.48				88,939		1.19	^(g)		1.29	^(g)		1.63	^(g)		6
Year ended 01/31/19			9.56			0.15			(0.38	)			(0.23	)			(0.13	)			–				(0.13	)			9.20		(2.30	)			125,385		1.17			1.27			1.60			45
Year ended 01/31/18			8.92			0.10			0.67				0.77				(0.13	)			–				(0.13	)			9.56		8.69				139,290		1.17			1.28			1.06			7
Class R
Year ended 12/31/22			9.86			0.17			(1.74	)			(1.57	)			(0.13	)			(0.07	)			(0.20	)			8.09		(15.90	)			40,864		0.67			0.67			2.06			21
Year ended 12/31/21			10.01			0.14			0.14				0.28				(0.32	)			(0.11	)			(0.43	)			9.86		2.84				49,057		0.63			0.68			1.42			27
Year ended 12/31/20			9.44			0.15			0.61				0.76				(0.19	)			–				(0.19	)			10.01		8.03				51,481		0.59			0.69			1.59			80
Eleven months ended 12/31/19			9.29			0.19			0.55				0.74				(0.30	)			(0.29	)			(0.59	)			9.44		7.99				49,017		0.68	^(g)		0.78	^(g)		2.13	^(g)		6
Year ended 01/31/19			9.65			0.20			(0.37	)			(0.17	)			(0.19	)			–				(0.19	)			9.29		(1.73	)			44,044		0.67			0.77			2.10			45
Year ended 01/31/18			9.01			0.15			0.67				0.82				(0.18	)			–				(0.18	)			9.65		9.18				45,605		0.66			0.77			1.59			7
Class Y
Year ended 12/31/22			9.93			0.22			(1.76	)			(1.54	)			(0.18	)			(0.07	)			(0.25	)			8.14		(15.53	)			6,967		0.17			0.17			2.56			21
Year ended 12/31/21			10.08			0.20			0.14				0.34				(0.38	)			(0.11	)			(0.49	)			9.93		3.38				7,785		0.13			0.18			1.92			27
Year ended 12/31/20			9.49			0.20			0.63				0.83				(0.24	)			–				(0.24	)			10.08		8.71				8,821		0.09			0.19			2.09			80
Eleven months ended 12/31/19			9.34			0.23			0.56				0.79				(0.35	)			(0.29	)			(0.64	)			9.49		8.47				8,189		0.19	^(g)		0.29	^(g)		2.63	^(g)		6
Year ended 01/31/19			9.71			0.24			(0.38	)			(0.14	)			(0.23	)			–				(0.23	)			9.34		(1.31	)			6,671		0.18			0.28			2.59			45
Year ended 01/31/18			9.06			0.20			0.68				0.88				(0.23	)			–				(0.23	)			9.71		9.78				6,195		0.17			0.28			2.14			7
Class R5
Year ended 12/31/22			9.87			0.23			(1.75	)			(1.52	)			(0.19	)			(0.07	)			(0.26	)			8.09		(15.42	)			9		0.07			0.07			2.66			21
Year ended 12/31/21			10.03			0.20			0.14				0.34				(0.39	)			(0.11	)			(0.50	)			9.87		3.38				10		0.10			0.15			1.95			27
Year ended 12/31/20			9.45			0.20			0.62				0.82				(0.24	)			–				(0.24	)			10.03		8.67				11		0.04			0.14			2.14			80
Period ended 12/31/19^(h)			9.50			0.16			0.43				0.59				(0.35	)			(0.29	)			(0.64	)			9.45		6.30				10		0.15	^(g)		0.25	^(g)		2.67	^(g)		6
Class R6
Year ended 12/31/22			9.87			0.23			(1.75	)			(1.52	)			(0.19	)			(0.07	)			(0.26	)			8.09		(15.41	)			9		0.07			0.07			2.66			21
Year ended 12/31/21			10.03			0.20			0.14				0.34				(0.39	)			(0.11	)			(0.50	)			9.87		3.37				18		0.10			0.15			1.95			27
Year ended 12/31/20			9.45			0.20			0.62				0.82				(0.24	)			–				(0.24	)			10.03		8.67				11		0.04			0.14			2.14			80
Period ended 12/31/19^(h)			9.50			0.16			0.44				0.60				(0.36	)			(0.29	)			(0.65	)			9.45		6.31				10		0.07	^(g)		0.17	^(g)		2.75	^(g)		6

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds was 0.42%, 0.47% and 0.55% for the years ended December 31, 2022, 2021 and 2020, respectively.

^(d)	Does not include indirect expenses from affiliated fund fees and expenses of 0.46%, 0.48% and 0.53% for the eleven months ended December 31, 2019, and for the years ended January 31, 2019 and 2018, respectively.

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

^(f)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the years ended December 31, 2022, 2021 and 2020, respectively.

^(g)	Annualized.

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

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

12 Invesco Select Risk: Conservative Investor Fund

Notes to Financial Statements

December 31, 2022

NOTE 1–Significant Accounting Policies

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

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

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

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

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

13 Invesco Select Risk: Conservative Investor Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

Therefore, no provision for federal income taxes is recorded in the financial statements.

When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are

14 Invesco Select Risk: Conservative Investor Fund

net of compensation to counterparties, are included in Dividends from affiliated underlying funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2022, the Fund paid the Adviser $8,856 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated underlying funds on the Statement of Operations.

J.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

L.	Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

Other Risks – Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

15 Invesco Select Risk: Conservative Investor Fund

Effective May 1, 2022, the Adviser has contractually agreed, through at least April 30, 2024, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.50%, 1.25%, 0.75%, 0.25%, 0.25%, and 0.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to May 1, 2022, the Adviser had contractually agreed to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.50%, 1.25%, 0.75%, 0.25%, 0.20% and 0.15%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the expense reimbursement agreement, it will terminate on April 30, 2024. During its term, the expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement without approval of the Board of Trustees. The Adviser did not reimburse expenses during the period under these expense limits.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2022, IDI advised the Fund that IDI retained $38,986 in front-end sales commissions from the sale of Class A shares and $11,587 and $1,870 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

The underlying Invesco Funds pay no distribution fees for Class R6 shares and the Funds pay no sales loads or other similar compensation to IDI for acquiring underlying fund shares.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1			Level 2		Level 3		Total


Investments in Securities


Affiliated Issuers		$369,436,515			$-		$-		$369,436,515


Money Market Funds		2,002,863			-		-		2,002,863


Total Investments in Securities		371,439,378			-		-		371,439,378


Other Investments - Liabilities*


Futures Contracts		(2,567,750	)		-		-		(2,567,750	)


Total Investments		$368,871,628			$-		$-		$368,871,628

*	Unrealized appreciation (depreciation).

16 Invesco Select Risk: Conservative Investor Fund

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2022:


	Value
Derivative Liabilities	Equity Risk			Interest Rate Risk			Total


Unrealized depreciation on futures contracts -Exchange-Traded^(a)	$	(26,823	)	$	(2,540,927	)	$	(2,567,750	)


Derivatives not subject to master netting agreements		26,823			2,540,927			2,567,750


Total Derivative Liabilities subject to master netting agreements	$	-		$	-		$	-

^(a)	The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the year ended December 31, 2022

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Statement of Operations
	Equity Risk			Interest Rate Risk			Total


Realized Gain (Loss): Futures contracts	$	(176,681	)	$	(6,073,722	)	$	(6,250,403	)


Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(51,638	)		(2,189,661	)		(2,241,299	)


Total	$	(228,319	)	$	(8,263,383	)	$	(8,491,702	)

The table below summarizes the average notional value of derivatives held during the period.


	Futures
	Contracts

Average notional value	$	69,587,445

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:


	2022		2021

Ordinary income*	$	9,823,286	$	20,651,195

^*	Includes short-term capital gain distributions, if any.

17 Invesco Select Risk: Conservative Investor Fund

Tax Components of Net Assets at Period-End:


	2022

Undistributed ordinary income	$	2,973,489

Net unrealized appreciation (depreciation) – investments		(50,472,458	)

Net unrealized appreciation – foreign currencies		56,717

Temporary book/tax differences		(38,696	)

Capital loss carryforward		(13,342,065	)

Shares of beneficial interest		434,398,048

Total net assets	$	373,575,035

The Fund does not have a capital loss carryforward as of December 31, 2022.

Capital Loss Carryforward*


Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	4,100,876	$	9,241,189	$	13,342,065

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2022 was $84,548,566 and $109,341,477, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	9,116,248
Aggregate unrealized (depreciation) of investments		(59,588,706	)
Net unrealized appreciation (depreciation) of investments	$	(50,472,458	)

Cost of investments for tax purposes is $419,344,086.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and partnerships, on December 31, 2022, undistributed net investment income was decreased by $1,236,694 and undistributed net realized gain (loss) was increased by $1,236,694. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

NOTE 11–Share Information


				Summary of Share Activity
	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021

	Shares			Amount			Shares			Amount
Sold:
Class A		7,485,091		$	65,209,057			8,829,161		$	90,142,169
Class C		739,809			6,427,846			1,312,657			13,172,393
Class R		930,994			8,142,117			940,856			9,573,909
Class Y		249,946			2,190,915			328,551			3,353,031
Class R6		11			98			765			7,770

Issued as reinvestment of dividends:
Class A		926,391			7,586,867			1,575,051			15,482,752
Class C		89,431			725,288			224,018			2,179,692
Class R		122,510			1,000,908			208,786			2,048,191
Class Y		22,710			186,675			32,815			323,891
Class R6		-			-			38			374

Automatic conversion of Class C shares to Class A shares:
Class A		760,823			6,720,693			771,456			7,832,170
Class C		(771,541	)		(6,720,693	)		(782,269	)		(7,832,170	)

18 Invesco Select Risk: Conservative Investor Fund


				Summary of Share Activity


	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021

	Shares			Amount			Shares			Amount


Reacquired:
Class A		(9,835,742	)	$	(85,940,667	)		(20,030,567	)	$	(204,992,918	)


Class C		(1,341,309	)		(11,670,554	)		(1,602,165	)		(16,102,529	)


Class R		(976,092	)		(8,517,062	)		(1,318,513	)		(13,405,164	)


Class Y		(200,955	)		(1,775,172	)		(452,556	)		(4,659,700	)


Class R6		(813	)		(7,925	)		(1	)		(12	)


Net increase (decrease) in share activity		(1,798,736	)	$	(16,441,609	)		(9,961,917	)	$	(102,876,151	)

^(a)

19 Invesco Select Risk: Conservative Investor Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Select Risk: Conservative Investor Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Select Risk: Conservative Investor Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the three years in the period ended December 31, 2022 and the eleven months ended December 31, 2019 for Class A, Class C, Class R and Class Y. For each of the three years in the period ended December 31, 2022 and the period May 24, 2019 (commencement of operations) through December 31, 2019 for Class R5 and Class R6.

The financial statements of Oppenheimer Portfolio Series: Conservative Investor Fund (subsequently renamed Invesco Select Risk: Conservative Investor Fund) as of and for the year ended January 31, 2019 and the financial highlights for each of the periods ended on or prior to January 31, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated March 25, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2023

20 Invesco Select Risk: Conservative Investor Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)¹	Expenses Paid During Period²	Ending Account Value (12/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$983.10	$2.10	$1,023.09	$2.14	0.42%
Class C	1,000.00	978.90	5.89	1,019.26	6.01	1.18
Class R	1,000.00	981.30	3.40	1,021.78	3.47	0.68
Class Y	1,000.00	984.50	0.90	1,024.30	0.92	0.18
Class R5	1,000.00	984.50	0.25	1,024.95	0.26	0.05
Class R6	1,000.00	984.50	0.25	1,024.95	0.26	0.05

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

21 Invesco Select Risk: Conservative Investor Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2022:



Federal and State Income Tax
Qualified Dividend Income*	10.49	%
Corporate Dividends Received Deduction*	6.49	%
U.S. Treasury Obligations*	15.17	%
Qualified Business Income*	0.00	%
Business Interest Income*	48.10	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.



Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions			$3,020,113

22 Invesco Select Risk: Conservative Investor Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 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)	189	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.

T-1 Invesco Select Risk: Conservative Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler –1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Select Risk: Conservative Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Select Risk: Conservative Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; 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; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	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); 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.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; 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; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Select Risk: Conservative Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; 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; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); 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); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
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.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes- 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Select Risk: Conservative Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Select Risk: Conservative Investor Fund

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Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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SEC file number(s): 811-02699 and 002-57526		Invesco Distributors, Inc.		O-OPSCI-AR-1

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Annual Report to Shareholders		December 31, 2022

Invesco Select Risk: Growth Investor Fund

Nasdaq:

A: AADAX ∎ C: AADCX ∎ R: AADRX ∎ S: AADSX ∎ Y: AADYX ∎ R5: AADIX ∎ R6: AAESX



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

9		Financial Statements

12		Financial Highlights

13		Notes to Financial Statements

18		Report of Independent Registered Public Accounting Firm

19		Fund Expenses

20		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended December 31, 2022, Class A shares of Invesco Select Risk: Growth Investor Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Select Risk: Growth Investor Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/21 to 12/31/22, 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	-18.79	%
Class C Shares	-19.42
Class R Shares	-19.04
Class S Shares	-18.68
Class Y Shares	-18.59
Class R5 Shares	-18.57
Class R6 Shares	-18.57
Bloomberg Global Aggregate USD Hedged Index^▼	-11.22
MSCI All Country World Index^▼	-18.36
Custom Invesco Select Risk: Growth Investor Index^∎	-16.81

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Strategic asset class exposures in the Fund are obtained through underlying representative

mutual funds and exchange-traded funds targeting pre-defined risk levels. From an absolute Fund performance perspective, an allocation to variable rate fixed income was slightly additive to performance and leading contributor to absolute return. The remaining allocations to equity, fixed income and alternative assets were all detractors from absolute performance as the portfolio produced a negative return for the fiscal year.

From a relative Fund performance perspective, the portfolio underperformed its custom benchmark, the Custom Invesco Select Risk: Growth Investor Index, during the fiscal year. Fund underperformance was driven mainly by manager selection within the equity allocations. Within the equity allocation, the Invesco Global Fund, Invesco Discovery Mid Cap Growth Fund and Invesco International Small-Mid Company Fund were the primary detractors.

Conversely, allocations to other fixed income funds and allocations to style-specific equities were the leading contributors to relative performance during the fiscal year. Within the allocations, the Invesco S&P 500 Low Volatility ETF and Invesco Russell 1000 Dynamic Multifactor ETF were the leading contributors to relative performance.

Thank you for your continued investment in the Invesco Select Risk: Growth Investor Fund.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

See important Fund and, if applicable, index disclosures later in this report.


2		Invesco Select Risk: Growth Investor Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/12

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1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


3		Invesco Select Risk: Growth Investor Fund



Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges

Class A Shares
Inception (4/30/04)	4.90	%
10 Years	4.56
5 Years	1.53
1 Year	-23.26

Class C Shares
Inception (4/30/04)	4.89	%
10 Years	4.53
5 Years	1.90
1 Year	-20.19

Class R Shares
Inception (4/30/04)	4.96	%
10 Years	4.89
5 Years	2.41
1 Year	-19.04

Class S Shares
Inception (9/25/09)	6.38	%
10 Years	5.26
5 Years	2.78
1 Year	-18.68

Class Y Shares
Inception (10/3/08)	6.23	%
10 Years	5.41
5 Years	2.92
1 Year	-18.59

Class R5 Shares
Inception (4/30/04)	5.56	%
10 Years	5.51
5 Years	2.98
1 Year	-18.57

Class R6 Shares
10 Years	5.36	%
5 Years	3.01
1 Year	-18.57

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class S, Class Y, Class R5 and Class R6 shares do not have

a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.


4		Invesco Select Risk: Growth Investor Fund

Supplemental Information

Invesco Select Risk: Growth Investor Fund’s investment objective is long-term growth of capital consistent with a higher level of risk relative to the broad stock market.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The Bloomberg Global Aggregate USD Hedged Index tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar.

∎	The Custom Invesco Select Risk: Growth Investor Index is composed of 80% MSCI All Country World Index and 20% Bloomberg Global Aggregate USD Hedged Index.

∎	The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


5		Invesco Select Risk: Growth Investor Fund

Fund Information

Portfolio Composition*


By fund type	% of total investments

Equity Funds		77.82	%

Fixed Income Funds		16.46

Alternative Funds		4.66

Money Market Funds		1.06

*	Based on the Schedule of Investments, which classifies each underlying fund and other investments into broad asset classes based on their predominant investments.

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. Data presented here are as of December 31, 2022.


6		Invesco Select Risk: Growth Investor Fund

Schedule of Investments

December 31, 2022

Invesco Select Risk: Growth Investor Fund

Schedule of Investments in Affiliated Issuers–100.04%^(a)


	% of									Change in
	Net									Unrealized
	Assets		Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	12/31/22		12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			12/31/22		12/31/22
Alternative Funds–4.68%
Invesco Global Real Estate Income Fund, Class R6^(b)		2.37%	$	20,997,007	$	7,219,682	$	(1,557,175	)	$	(5,633,022	)	$	87,509		$	343,202			2,702,431	$ 20,916,820
Invesco Macro Allocation Strategy Fund, Class R6^(c)		2.31%		36,517,511		1,165,096		(13,644,644	)		(1,987,919	)		(1,627,393	)		–			2,715,778	20,422,651
Total Alternative Funds				57,514,518		8,384,778		(15,201,819	)		(7,620,941	)		(1,539,884	)		343,202				41,339,471
Domestic Equity Funds–43.87%
Invesco Discovery Mid Cap Growth Fund, Class R6^(c)		5.88%		100,403,223		13,116,554		(33,921,323	)		(21,560,885	)		(6,186,230	)		–			2,048,650	51,851,339
Invesco Main Street Small Cap Fund, Class R6		6.13%		94,165,710		330,684		(27,704,310	)		(16,975,896	)		4,285,316			330,684			3,024,120	54,101,504
Invesco Russell 1000^®Dynamic Multifactor ETF		11.93%		81,758,365		50,862,827		(10,188,853	)		(17,103,228	)		(46,586	)		1,533,693			2,451,852	105,282,525
Invesco S&P 500^®Low Volatility ETF		8.17%		73,597,577		13,520,723		(9,193,824	)		(6,363,551	)		526,965			1,509,255			1,128,136	72,087,890
Invesco S&P 500^®Pure Growth ETF^(d)		5.15%		53,983,623		15,737,586		(8,267,074	)		(15,854,027	)		(146,065	)		339,505			299,809	45,454,043
Invesco S&P SmallCap Low Volatility ETF		3.45%		85,222,001		1,239,316		(46,748,931	)		(21,906,339	)		12,635,847			1,028,987			681,713	30,441,894
Invesco Value Opportunities Fund, Class R6		3.16%		–		34,080,863		(4,032,822	)		(1,909,512	)		1,987,217			284,499			1,743,741	27,864,983
Total Domestic Equity Funds				489,130,499		128,888,553		(140,057,137	)		(101,673,438	)		13,056,464			5,026,623				387,084,178
Fixed Income Funds–16.55%
Invesco 1-30 Laddered Treasury ETF		1.96%		22,630,530		1,854,067		(2,510,296	)		(4,534,837	)		(141,533	)		338,654			602,086	17,297,931
Invesco Core Plus Bond Fund, Class R6		7.35%		83,568,140		9,093,142		(13,391,937	)		(11,632,916	)		(2,776,414	)		2,489,564			7,119,650	64,860,015
Invesco Income Fund, Class R6		1.03%		19,501,163		876,471		(9,569,258	)		(1,771,403	)		77,078			425,558			1,330,518	9,114,051
Invesco Master Loan Fund, Class R6		0.76%		–		7,867,746		(720,537	)		(375,286	)		(38,456	)		391,251			444,307	6,733,467
Invesco Senior Floating Rate Fund, Class R6		0.95%		–		10,787,388		(1,632,867	)		(650,881	)		(100,855	)		603,861			1,290,750	8,402,785
Invesco Taxable Municipal Bond ETF^(d)		3.56%		41,940,018		5,305,489		(6,726,892	)		(7,875,276	)		(1,289,068	)		1,093,308			1,219,536	31,354,271
Invesco Variable Rate Investment Grade ETF		0.94%		10,964,051		512,389		(3,056,003	)		(136,953	)		(9,958	)		211,937			334,825	8,273,526
Total Fixed Income Funds				178,603,902		36,296,692		(37,607,790	)		(26,977,552	)		(4,279,206	)		5,554,133				146,036,046
Foreign Equity Funds–34.38%
Invesco EQV Emerging Markets All Cap Fund, Class R6^(e)		3.55%		35,943,960		5,042,630		(2,861,453	)		(5,701,400	)		(1,076,616	)		500,726			1,013,486	31,347,121
Invesco Developing Markets Fund, Class R6		3.92%		58,510,292		12,548,305		(22,772,163	)		(3,705,910	)		(10,022,585	)		422,496			989,632	34,557,939
Invesco Global Fund, Class R6		11.10%		125,308,070		37,833,901		(12,924,086	)		(48,861,038	)		8,664,708			(67	)		1,293,772	97,964,429
Invesco Global Infrastructure Fund, Class R6		0.97%		11,842,646		180,999		(2,442,216	)		(1,295,305	)		296,499			180,999			738,608	8,582,623
Invesco International Select Equity Fund, Class R6		1.71%		39,560,007		2,135,453		(17,613,984	)		(7,258,686	)		(1,791,379	)		150,364			1,659,096	15,031,411
Invesco International Small-Mid Company Fund, Class R6		3.58%		43,711,969		6,287,830		(4,910,297	)		(12,027,879	)		(1,390,195	)		134,879			808,806	31,583,865
Invesco RAFI^™ Strategic Developed ex-US ETF		4.71%		32,423,086		18,374,557		(4,530,343	)		(4,965,323	)		279,452			1,230,067			1,548,082	41,581,429
Invesco S&P Emerging Markets Low Volatility ETF		3.84%		25,738,837		16,707,739		(5,394,456	)		(3,923,767	)		764,986			1,057,559			1,472,983	33,893,339
Invesco S&P International Developed Low Volatility ETF		1.00%		34,156,890		233,058		(23,298,716	)		(4,239,021	)		1,959,453			569,931			329,039	8,811,664
Total Foreign Equity Funds				407,195,757		99,344,472		(96,747,714	)		(91,978,329	)		(2,315,677	)		4,246,954				303,353,820
Money Market Funds–0.56%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(f)		0.20%		1,820,180		37,081,825		(37,197,930	)		–			–			15,368			1,704,075	1,704,075

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


7		Invesco Select Risk: Growth Investor Fund

Invesco Select Risk: Growth Investor Fund (continued)

Schedule of Investments in Affiliated Issuers–100.04%^(a)


	% of									Change in
	Net									Unrealized
	Assets		Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	12/31/22		12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			12/31/22		12/31/22


Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(f)		0.14%	$	1,368,752	$	26,487,018	$	(26,607,801	)	$	126		$	634		$	14,519			1,248,355	$	1,248,729


Invesco Treasury Portfolio, Institutional Class, 4.20%^(f)		0.22%		2,080,205		42,379,229		(42,511,920	)		–			–			20,925			1,947,514		1,947,514


Total Money Market Funds				5,269,137		105,948,072		(106,317,651	)		126			634			50,812					4,900,318


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $911,926,670)		100.04%		1,137,713,813		378,862,567		(395,932,111	)		(228,250,134	)		4,922,331			15,221,724					882,713,833


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.51%
Invesco Private Government Fund, 4.28%^(f)(g)		0.14%		2,048,942		117,333,035		(118,117,220	)		–			–			16,619	^(h)		1,264,757		1,264,757


Invesco Private Prime Fund, 4.46%^(f)(g)		0.37%		4,780,865		265,937,394		(267,467,910	)		–			1,882			46,924	^(h)		3,252,231		3,252,231


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,516,988)		0.51%		6,829,807		383,270,429		(385,585,130	)		–			1,882			63,543					4,516,988


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $916,443,658)		100.55%	$	1,144,543,620	$	762,132,996	$	(781,517,241	)	$	(228,250,134	)	$	4,924,213	⁽ⁱ⁾	$	15,285,267				$	887,230,821


OTHER ASSETS LESS LIABILITIES		(0.55)%																				(4,859,411	)


NET ASSETS		100.00%																			$	882,371,410

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)	Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

^(b)	Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

^(c)	Non-income producing security.

^(d)	All or a portion of this security was out on loan at December 31, 2022.

^(e)	Effective February 28, 2022, the underlying fund’s name changed.

^(f)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1H.

^(h)	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

⁽ⁱ⁾	Includes capital gains distributions from affiliated underlying funds as follows:


Fund Name		Capital Gain
Invesco Global Fund		$12,057,126
Invesco International Small-Mid Company Fund		87,563
Invesco Value Opportunities Fund		2,260,763

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


8		Invesco Select Risk: Growth Investor Fund

Statement of Assets and Liabilities

December 31, 2022


Assets:
Investments in affiliated underlying funds, at value (Cost $916,443,658)*	$	887,230,821


Cash		31,300


Receivable for:
Dividends - affiliated underlying funds		795,220


Fund shares sold		897,934


Investment for trustee deferred compensation and retirement plans		128,382


Other assets		54,087


Total assets		889,137,744



Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		776,891


Fund shares reacquired		691,570


Collateral upon return of securities loaned		4,516,988


Accrued fees to affiliates		520,680


Accrued trustees’ and officers’ fees and benefits		3,875


Accrued other operating expenses		115,827


Trustee deferred compensation and retirement plans		140,503


Total liabilities		6,766,334


Net assets applicable to shares outstanding	$	882,371,410



Net assets consist of:
Shares of beneficial interest	$	901,873,788


Distributable earnings (loss)		(19,502,378	)


	$	882,371,410


Net Assets:
Class A	$	787,334,762


Class C	$	40,057,912


Class R	$	25,191,807


Class S	$	17,950,612


Class Y	$	11,673,083


Class R5	$	45,216


Class R6	$	118,018



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		60,912,607


Class C		3,149,055


Class R		1,955,219


Class S		1,390,946


Class Y		906,374


Class R5		3,481


Class R6		9,084


Class A:
Net asset value per share	$	12.93


Maximum offering price per share (Net asset value of $12.93 ÷ 94.50%)	$	13.68


Class C:
Net asset value and offering price per share	$	12.72


Class R:
Net asset value and offering price per share	$	12.88


Class S:
Net asset value and offering price per share	$	12.91


Class Y:
Net asset value and offering price per share	$	12.88


Class R5:
Net asset value and offering price per share	$	12.99


Class R6:
Net asset value and offering price per share	$	12.99

*	At December 31, 2022, securities with an aggregate value of $1,735,226 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Invesco Select Risk: Growth Investor Fund

Statement of Operations

For the year ended December 31, 2022


Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $81,077)	$	15,302,801


Interest		160,932


Total investment income		15,463,733



Expenses:
Administrative services fees		138,049


Custodian fees		14,305


Distribution fees:
Class A		2,103,161


Class C		430,694


Class R		115,497


Class S		29,887


Transfer agent fees – A, C, R, S and Y		1,336,575


Transfer agent fees – R5		41


Transfer agent fees – R6		98


Trustees’ and officers’ fees and benefits		24,143


Registration and filing fees		118,574


Reports to shareholders		54,800


Professional services fees		36,905


Other		20,705


Total expenses		4,423,434


Less: Expense offset arrangement(s)		(9,962	)


Net expenses		4,413,472


Net investment income		11,050,261



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares		(9,481,239	)


Capital gain distributions from affiliated underlying fund shares		14,405,452


		4,924,213


Change in net unrealized appreciation (depreciation) of affiliated underlying fund shares		(228,250,134	)


Net realized and unrealized gain (loss)		(223,325,921	)


Net increase (decrease) in net assets resulting from operations	$	(212,275,660	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Invesco Select Risk: Growth Investor Fund

Statement of Changes in Net Assets

For the years ended December 31, 2022 and 2021


	2022			2021


Operations:
Net investment income	$	11,050,261		$	8,912,515


Net realized gain		4,924,213			79,356,776


Change in net unrealized appreciation (depreciation)		(228,250,134	)		51,608,047


Net increase (decrease) in net assets resulting from operations		(212,275,660	)		139,877,338



Distributions to shareholders from distributable earnings:
Class A		(43,731,932	)		(60,863,717	)


Class C		(2,022,504	)		(2,894,317	)


Class R		(1,310,594	)		(1,476,979	)


Class S		(1,019,840	)		(1,492,207	)


Class Y		(694,228	)		(918,692	)


Class R5		(2,647	)		(3,107	)


Class R6		(6,868	)		(38,398	)


Total distributions from distributable earnings		(48,788,613	)		(67,687,417	)



Share transactions–net:
Class A		3,419,049			5,099,523


Class C		(1,867,405	)		(7,933,298	)


Class R		5,448,140			3,156,194


Class S		(811,152	)		(1,001,865	)


Class Y		238,568			3,587,352


Class R5		8,007			(434,271	)


Class R6		(443,787	)		(226,919	)


Net increase in net assets resulting from share transactions		5,991,420			2,246,716


Net increase (decrease) in net assets		(255,072,853	)		74,436,637



Net assets:
Beginning of year		1,137,444,263			1,063,007,626


End of year	$	882,371,410		$	1,137,444,263

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


11		Invesco Select Risk: Growth Investor Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income^(a)^(b)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(c)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover ^(e)
Class A
Year ended 12/31/22		$16.85		$0.17		$(3.33	)		$(3.16	)		$(0.19	)		$(0.57	)		$(0.76	)		$12.93		(18.79	)%		$ 787,335		0.43	%		0.43	%		1.22	%		29	%
Year ended 12/31/21		15.80		0.14		1.98			2.12			(0.25	)		(0.82	)		(1.07	)		16.85		13.55			1,017,511		0.45			0.45			0.83			19
Year ended 12/31/20		15.79		0.14		1.71			1.85			(0.27	)		(1.57	)		(1.84	)		15.80		11.87			948,121		0.47			0.47			0.92			90
Year ended 12/31/19		14.37		0.28		2.68			2.96			(0.22	)		(1.32	)		(1.54	)		15.79		20.59			889,968		0.49			0.49			1.76			32
Year ended 12/31/18		16.05		0.20		(1.53	)		(1.33	)		(0.20	)		(0.15	)		(0.35	)		14.37		(8.27	)		739,240		0.50			0.50			1.26			16
Class C
Year ended 12/31/22		16.62		0.06		(3.28	)		(3.22	)		(0.11	)		(0.57	)		(0.68	)		12.72		(19.42	)		40,058		1.18			1.18			0.47			29
Year ended 12/31/21		15.60		0.01		1.95			1.96			(0.12	)		(0.82	)		(0.94	)		16.62		12.64			54,151		1.20			1.20			0.08			19
Year ended 12/31/20		15.64		0.02		1.70			1.72			(0.19	)		(1.57	)		(1.76	)		15.60		11.09			58,187		1.22			1.22			0.17			90
Year ended 12/31/19		14.26		0.16		2.64			2.80			(0.10	)		(1.32	)		(1.42	)		15.64		19.64			73,066		1.24			1.24			1.01			32
Year ended 12/31/18		15.91		0.08		(1.51	)		(1.43	)		(0.07	)		(0.15	)		(0.22	)		14.26		(8.95	)		118,925		1.25			1.25			0.51			16
Class R
Year ended 12/31/22		16.80		0.14		(3.33	)		(3.19	)		(0.16	)		(0.57	)		(0.73	)		12.88		(19.04	)		25,192		0.68			0.68			0.97			29
Year ended 12/31/21		15.76		0.10		1.97			2.07			(0.21	)		(0.82	)		(1.03	)		16.80		13.24			26,032		0.70			0.70			0.58			19
Year ended 12/31/20		15.75		0.10		1.71			1.81			(0.23	)		(1.57	)		(1.80	)		15.76		11.64			21,447		0.72			0.72			0.67			90
Year ended 12/31/19		14.34		0.24		2.66			2.90			(0.17	)		(1.32	)		(1.49	)		15.75		20.26			20,690		0.74			0.74			1.51			32
Year ended 12/31/18		16.01		0.16		(1.52	)		(1.36	)		(0.16	)		(0.15	)		(0.31	)		14.34		(8.49	)		18,275		0.75			0.75			1.01			16
Class S
Year ended 12/31/22		16.82		0.19		(3.33	)		(3.14	)		(0.20	)		(0.57	)		(0.77	)		12.91		(18.68	)		17,951		0.33			0.33			1.32			29
Year ended 12/31/21		15.78		0.16		1.97			2.13			(0.27	)		(0.82	)		(1.09	)		16.82		13.62			24,254		0.35			0.35			0.93			19
Year ended 12/31/20		15.77		0.15		1.72			1.87			(0.29	)		(1.57	)		(1.86	)		15.78		11.98			23,627		0.37			0.37			1.02			90
Year ended 12/31/19		14.35		0.30		2.67			2.97			(0.23	)		(1.32	)		(1.55	)		15.77		20.73			22,788		0.39			0.39			1.86			32
Year ended 12/31/18		16.03		0.22		(1.53	)		(1.31	)		(0.22	)		(0.15	)		(0.37	)		14.35		(8.17	)		20,700		0.40			0.40			1.36			16
Class Y
Year ended 12/31/22		16.79		0.21		(3.32	)		(3.11	)		(0.23	)		(0.57	)		(0.80	)		12.88		(18.59	)		11,673		0.18			0.18			1.47			29
Year ended 12/31/21		15.75		0.19		1.97			2.16			(0.30	)		(0.82	)		(1.12	)		16.79		13.82			14,854		0.20			0.20			1.08			19
Year ended 12/31/20		15.74		0.17		1.72			1.89			(0.31	)		(1.57	)		(1.88	)		15.75		12.16			10,589		0.22			0.22			1.17			90
Year ended 12/31/19		14.33		0.32		2.67			2.99			(0.26	)		(1.32	)		(1.58	)		15.74		20.86			10,233		0.24			0.24			2.01			32
Year ended 12/31/18		16.02		0.24		(1.54	)		(1.30	)		(0.24	)		(0.15	)		(0.39	)		14.33		(8.08	)		8,271		0.25			0.25			1.51			16
Class R5
Year ended 12/31/22		16.93		0.22		(3.36	)		(3.14	)		(0.23	)		(0.57	)		(0.80	)		12.99		(18.57	)		45		0.13			0.13			1.52			29
Year ended 12/31/21		15.88		0.19		1.99			2.18			(0.31	)		(0.82	)		(1.13	)		16.93		13.84			49		0.14			0.14			1.14			19
Year ended 12/31/20		15.86		0.19		1.72			1.91			(0.32	)		(1.57	)		(1.89	)		15.88		12.20			453		0.14			0.14			1.25			90
Year ended 12/31/19		14.42		0.34		2.69			3.03			(0.27	)		(1.32	)		(1.59	)		15.86		21.05			33		0.15			0.15			2.10			32
Year ended 12/31/18		16.12		0.26		(1.56	)		(1.30	)		(0.25	)		(0.15	)		(0.40	)		14.42		(8.02	)		25		0.16			0.16			1.60			16
Class R6
Year ended 12/31/22		16.93		0.22		(3.36	)		(3.14	)		(0.23	)		(0.57	)		(0.80	)		12.99		(18.57	)		118		0.13			0.13			1.52			29
Year ended 12/31/21		15.88		0.22		1.97			2.19			(0.32	)		(0.82	)		(1.14	)		16.93		13.95			594		0.05			0.05			1.23			19
Year ended 12/31/20		15.85		0.19		1.73			1.92			(0.32	)		(1.57	)		(1.89	)		15.88		12.27			584		0.14			0.14			1.25			90
Year ended 12/31/19		14.42		0.34		2.68			3.02			(0.27	)		(1.32	)		(1.59	)		15.85		20.98			11		0.15			0.15			2.10			32
Year ended 12/31/18		16.11		0.26		(1.55	)		(1.29	)		(0.25	)		(0.15	)		(0.40	)		14.42		(7.96	)		10		0.16			0.16			1.60			16

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds 0.50%, 0.54%, 0.58%, 0.58% and 0.55% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.

^(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


12		Invesco Select Risk: Growth Investor Fund

Notes to Financial Statements

December 31, 2022

NOTE 1–Significant Accounting Policies

Invesco Select Risk: Growth Investor Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is long-term growth of capital consistent with a higher level of risk relative to the broad stock market.

The Fund is a “fund of funds”, in that it invests in other mutual funds (“underlying funds”) advised by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) and exchange-traded funds advised by Invesco Capital Management LLC (“Invesco Capital”), an affiliate of Invesco, or other unaffiliated advisers. The Adviser may change the Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.

The Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class S, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


13		Invesco Select Risk: Growth Investor Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.


14		Invesco Select Risk: Growth Investor Fund

net of compensation to counterparties, are included in Dividends from affiliated underlying funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2022, the Fund paid the Adviser $7,708 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated underlying funds on the Statement of Operations.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Adviser has contractually agreed, through June 30, 2023, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.90%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the expense reimbursement agreement, it will terminate on June 30, 2023. During its term, the expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement without approval of the Board of Trustees. The Adviser did not reimburse expenses during the period under these expense limits.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Class S shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares, 0.50% of the average daily net assets of Class R shares and 0.15% of the average daily net assets of Class S shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of Class A, Class C and Class R shares and 0.15% of the average daily net assets of Class S shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2022, IDI advised the Fund that IDI retained $110,201 in front-end sales commissions from the sale of Class A shares and $16,523 and $2,592 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


15		Invesco Select Risk: Growth Investor Fund

market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Affiliated Issuers	$	877,813,515	$	–		$–	$	877,813,515


Money Market Funds		4,900,318		4,516,988		–		9,417,306


Total Investments	$	882,713,833	$	4,516,988		$–	$	887,230,821

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:


	2022		2021


Ordinary income*	$	12,187,211	$	44,545,753


Long-term capital gain		36,601,402		23,141,664


Total distributions	$	48,788,613	$	67,687,417

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2022


Undistributed ordinary income	$	6,005,217


Undistributed long-term capital gain		13,395,350


Net unrealized appreciation (depreciation) – investments		(38,801,436	)


Temporary book/tax differences		(101,509	)


Shares of beneficial interest		901,873,788


Total net assets	$	882,371,410


16		Invesco Select Risk: Growth Investor Fund

The Fund does not have a capital loss carryforward as of December 31, 2022.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2022 was $272,914,495 and $289,614,460, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$57,837,315


Aggregate unrealized (depreciation) of investments	(96,638,751	)


Net unrealized appreciation (depreciation) of investments	$(38,801,436	)

Cost of investments for tax purposes is $926,032,257.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships and distributions, on December 31, 2022, undistributed net investment income was increased by $685,426 and undistributed net realized gain was decreased by $685,426. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

NOTE 10–Share Information


	Summary of Share Activity



	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		6,095,363		$	87,099,917			5,767,516		$	98,495,471


Class C		608,534			8,441,416			532,000			8,906,676


Class R		478,639			6,648,080			330,716			5,633,671


Class S		38,771			535,561			28,658			494,736


Class Y		196,578			2,798,081			360,974			6,177,497


Class R5		441			6,165			282			4,937


Class R6		6,104			87,020			197,960			3,408,627



Issued as reinvestment of dividends:
Class A		3,252,278			42,345,053			3,565,205			58,897,268


Class C		155,309			1,991,063			174,949			2,851,658


Class R		100,970			1,310,588			89,676			1,476,971


Class S		78,126			1,015,639			90,463			1,491,736


Class Y		46,853			608,157			49,021			806,880


Class R5		149			1,947			128			2,127


Class R6		409			5,355			2,127			35,307



Automatic conversion of Class C shares to Class A shares:
Class A		288,355			4,109,381			327,512			5,552,372


Class C		(293,223	)		(4,109,381	)		(332,773	)		(5,552,372	)



Reacquired:
Class A		(9,121,498	)		(130,135,302	)		(9,263,372	)		(157,845,588	)


Class C		(579,661	)		(8,190,503	)		(846,822	)		(14,139,260	)


Class R		(173,797	)		(2,510,528	)		(231,663	)		(3,954,448	)


Class S		(167,684	)		(2,362,352	)		(174,571	)		(2,988,337	)


Class Y		(221,563	)		(3,167,670	)		(197,595	)		(3,397,025	)


Class R5		(7	)		(105	)		(26,029	)		(441,335	)


Class R6		(32,502	)		(536,162	)		(201,811	)		(3,670,853	)


Net increase in share activity		756,944		$	5,991,420			242,551		$	2,246,716

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


17		Invesco Select Risk: Growth Investor Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Select Risk: Growth Investor Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Select Risk: Growth Investor Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2023


18		Invesco Select Risk: Growth Investor Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)¹	Expenses Paid During Period²	Ending Account Value (12/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,019.60	$2.29	$1,022.94	$2.29	0.45%
Class C	1,000.00	1,015.30	6.10	1,019.16	6.11	1.20
Class R	1,000.00	1,017.30	3.56	1,021.68	3.57	0.70
Class S	1,000.00	1,020.00	1.78	1,023.44	1.79	0.35
Class Y	1,000.00	1,020.80	1.02	1,024.20	1.02	0.20
Class R5	1,000.00	1,021.20	0.66	1,024.55	0.66	0.13
Class R6	1,000.00	1,020.50	0.61	1,024.60	0.61	0.12

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


19		Invesco Select Risk: Growth Investor Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	36,601,402
Qualified Dividend Income*		39.22	%
Corporate Dividends Received Deduction*		22.80	%
U.S. Treasury Obligations*		4.86	%
Qualified Business Income*		2.22	%
Business Interest Income*		16.48	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


20		Invesco Select Risk: Growth Investor Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 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)	189	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.


T-1		Invesco Select Risk: Growth Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Select Risk: Growth Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Select Risk: Growth Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; 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; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	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); 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.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; 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; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Select Risk: Growth Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; 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; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); 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); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
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.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Select Risk: Growth Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Select Risk: Growth Investor Fund

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SEC file number(s): 811-02699 and 002-57526		Invesco Distributors, Inc.		GAL-AR-1

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Annual Report to Shareholders			December 31, 2022

Invesco Select Risk: High Growth Investor Fund

Nasdaq:

A: OAAIX ∎ C: OCAIX ∎ R: ONAIX ∎ Y: OYAIX ∎ R5: PXQIX ∎ R6: PXGGX



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

9		Financial Statements

12		Financial Highlights

13		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance


Performance summary
For the fiscal year ended December 31, 2022, Class A shares of Invesco Select Risk: High Growth Investor Fund (the Fund), at net asset value (NAV), underper-formed the Custom Invesco Select Risk: High Growth Investor Index. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/21 to 12/31/22, 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	-19.59	%
Class C Shares	-20.19
Class R Shares	-19.83
Class Y Shares	-19.42
Class R5 Shares	-19.38
Class R6 Shares	-19.38
Bloomberg Global Aggregate USD Hedged Index^▼	-11.22
Custom Invesco Select Risk: High Growth Investor Index^∎	-17.58
MSCI All Country World Index^▼	-18.36
Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Strategic asset class exposures in the Fund are obtained through underlying representative mutual funds and exchange-traded funds

targeting pre-defined risk levels. From an absolute performance perspective, an allocation to value style-specific US equity was slightly additive to performance and leading contributor to absolute return. The remaining allocations to equity, fixed income and alternative assets were all detractors from absolute performance as the portfolio produced a negative return for the fiscal year.

From a relative performance perspective, the portfolio underperformed its custom benchmark, the Custom Invesco Select Risk: High Growth Investor Index, during the fiscal year. Underperformance was driven mainly by manager selection within the equity allocations. Within the equity allocation, the Invesco Global Fund, Invesco Discovery Mid Cap Growth Fund and Invesco International Small-Mid Company Fund were the primary detractors.

Conversely, allocations to other fixed income funds and allocations to style-specific equities were the leading contributors to relative performance during the fiscal year. Within the allocations, the Invesco S&P 500 Low Volatility ETF, Invesco Russell 1000 Dynamic Multifactor ETF and Invesco Value Opportunities Fund were the leading contributors to relative performance.

Thank you for your continued investment in the Invesco Select Risk: High Growth Investor Fund.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

See important Fund and, if applicable, index disclosures later in this report.

2 Invesco Select Risk: High Growth Investor Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment — Oldest Share Class(es)

Fund and index data from 12/31/12

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1	Source: RIMES Technologies Corp.

2	Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

3 Invesco Select Risk: High Growth Investor Fund


Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges

Class A Shares
Inception (4/5/05)	5.55	%
10 Years	6.29
5 Years	1.82
1 Year	-24.02

Class C Shares
Inception (4/5/05)	5.52	%
10 Years	6.25
5 Years	2.19
1 Year	-20.94

Class R Shares
Inception (4/5/05)	5.65	%
10 Years	6.62
5 Years	2.70
1 Year	-19.83

Class Y Shares
Inception (4/5/05)	6.23	%
10 Years	7.17
5 Years	3.23
1 Year	-19.42

Class R5 Shares
10 Years	7.01	%
5 Years	3.20
1 Year	-19.38

Class R6 Shares
10 Years	7.02	%
5 Years	3.22
1 Year	-19.38

Effective May 24, 2019, Class A, Class C, Class R and Class Y shares of the Oppenheimer Portfolio Series: Growth investor Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R and Class Y shares, respectively, of the Invesco Select Risk: High Growth Investor Fund. Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R and Class Y shares are those for Class A, Class C, Class R and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent

month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

4 Invesco Select Risk: High Growth Investor Fund

Supplemental Information

Invesco Select Risk: High Growth Investor Fund’s investment objective is to seek total return.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The Custom Invesco Select Risk: High Growth Investor Index is composed of 90% MSCI All Country World Index and 10% Bloomberg Global Aggregate USD Hedged Index.

∎	The Bloomberg Global Aggregate USD Hedged Index tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

5 Invesco Select Risk: High Growth Investor Fund

Fund Information

Portfolio Composition*


By fund type		% of total investments

Equity Funds		86.75%
Fixed Income Funds		7.73
Alternative Funds		4.91
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.

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, 2022.

6 Invesco Select Risk: High Growth Investor Fund

Invesco Select Risk: High Growth Investor Fund

Schedule of Investments in Affiliated Issuers–99.87%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	12/31/22			12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		12/31/22		12/31/22

Alternative Funds–4.91%
Invesco Global Real Estate Income Fund, Class R6^(b)		2.55	%	$	16,999,165	$	7,334,185	$	(1,030,138	)	$	(4,616,625	)	$	48,200		$	292,730		2,399,415	$	18,571,474

Invesco Macro Allocation Strategy Fund, Class R6^(c)		2.36	%		30,341,757		—		(10,185,451	)		(1,750,247	)		(1,236,876	)		—		2,283,136		17,169,183

Total Alternative Funds					47,340,922		7,334,185		(11,215,589	)		(6,366,872	)		(1,188,676	)		292,730				35,740,657

Domestic Equity Funds–49.03%
Invesco Discovery Mid Cap Growth Fund, Class R6^(c)		7.33	%		92,104,894		13,289,240		(25,301,220	)		(23,203,206	)		(3,475,609	)		—		2,110,395		53,414,099

Invesco Main Street Small Cap Fund, Class R6		7.45	%		91,731,825		1,582,305		(26,393,837	)		(17,412,255	)		4,774,944			331,793		3,034,264		54,282,982

Invesco Russell 1000^®Dynamic Multifactor ETF		13.23	%		78,126,469		45,936,291		(11,489,907	)		(16,871,514	)		679,595			1,445,656		2,244,549		96,380,934

Invesco S&P 500^®Low Volatility ETF		8.44	%		62,972,280		12,757,180		(8,982,017	)		(5,781,425	)		507,507			1,314,412		962,027		61,473,525

Invesco S&P 500^®Pure Growth ETF		5.32	%		48,345,453		11,644,896		(6,890,925	)		(14,053,530	)		(278,915	)		299,278		255,702		38,766,979

Invesco S&P SmallCap Low Volatility ETF		3.96	%		85,609,811		—		(47,509,606	)		(21,859,784	)		12,631,314			1,046,001		646,551		28,871,735

Invesco Value Opportunities Fund, Class R6		3.30	%		—		28,564,398		(2,479,353	)		(1,970,230	)		1,919,265			245,859		1,506,907		24,080,373

Total Domestic Equity Funds					458,890,732		113,774,310		(129,046,865	)		(101,151,944	)		16,758,101			4,682,999				357,270,627

Fixed Income Funds–7.72%
Invesco 1-30 Laddered Treasury ETF		2.59	%		19,087,172		7,099,149		(2,758,314	)		(4,333,768	)		(221,099	)		355,559		656,914		18,873,140

Invesco Core Plus Bond Fund, Class R6		5.13	%		37,925,185		11,882,563		(5,529,339	)		(6,067,983	)		(843,290	)		1,312,936		4,101,771		37,367,136

Total Fixed Income Funds					57,012,357		18,981,712		(8,287,653	)		(10,401,751	)		(1,064,389	)		1,668,495				56,240,276

Foreign Equity Funds–37.60%
Invesco EQV Emerging Markets All Cap Fund, Class R6		4.19	%		31,951,687		7,716,026		(3,088,528	)		(4,981,817	)		(1,068,815	)		487,651		987,021		30,528,553

Invesco Developing Markets Fund, Class R6		4.72	%		46,647,242		6,728,438		(6,985,272	)		(8,944,845	)		(3,081,678	)		399,670		984,075		34,363,885

Invesco Global Fund, Class R6		11.49	%		111,165,102		27,130,795		(7,874,517	)		(44,818,194	)		8,407,505			0		1,105,496		83,708,176

Invesco Global Infrastructure Fund, Class R6		0.95	%		9,740,850		145,046		(2,217,645	)		(1,080,232	)		309,717			145,046		593,609		6,897,736

Invesco International Select Equity Fund, Class R6		2.10	%		37,078,186		1,389,455		(14,680,601	)		(4,769,568	)		(3,689,390	)		153,331		1,691,841		15,328,082

Invesco International Small-Mid Company Fund, Class R6		4.03	%		40,688,519		3,474,550		(1,841,765	)		(12,545,617	)		(329,228	)		125,403		751,986		29,365,047

Invesco RAFI^™ Strategic Developed ex-US ETF		5.43	%		37,169,227		15,098,113		(7,895,030	)		(4,819,107	)		46,871			1,257,621		1,474,314		39,600,074

Invesco S&P Emerging Markets Low Volatility ETF		3.74	%		23,360,609		10,968,036		(4,584,472	)		(2,930,785	)		470,766			859,038		1,185,752		27,284,154

Invesco S&P International Developed Low Volatility ETF		0.95	%		33,289,145		—		(24,432,389	)		(3,893,443	)		1,936,554			491,397		257,650		6,899,867

Total Foreign Equity Funds					371,090,567		72,650,459		(73,600,219	)		(88,783,608	)		3,002,302			3,919,157				273,975,574

Money Market Funds–0.61%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(d)		0.21	%		1,983,970		28,117,812		(28,583,281	)		—			—			12,021		1,518,501		1,518,501

Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(d)		0.16	%		1,781,818		20,084,152		(20,666,022	)		95			473			14,352		1,200,156		1,200,516

Invesco Treasury Portfolio, Institutional Class, 4.20%^(d)		0.24	%		2,267,394		32,134,643		(32,666,607	)		—			—			17,856		1,735,430		1,735,430

Total Money Market Funds					6,033,182		80,336,607		(81,915,910	)		95			473			44,229				4,454,447

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $695,723,844)		99.87	%		940,367,760		293,077,273		(304,066,236	)		(206,704,080	)		17,507,811			10,607,610				727,681,581

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7 Invesco Select Risk: High Growth Investor Fund

Invesco Select Risk: High Growth Investor Fund (continued)

Schedule of Investments in Affiliated Issuers–99.87%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	12/31/22			12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			12/31/22		12/31/22

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 4.28%^(d)(e)		0.00	%	$	374,772	$	22,958,708	$	(23,333,109	)	$	—		$	—		$	3,453	^(f)		371	$	371

Invesco Private Prime Fund, 4.46%^(d)(e)		0.00	%		874,467		57,189,720		(58,066,001	)		—			2,767			10,717	^(f)		953		953

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,324)		0.00	%		1,249,239		80,148,428		(81,399,110	)		—			2,767			14,170					1,324

TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $695,725,168)		99.87	%	$	941,616,999	$	373,225,701	$	(385,465,346	)	$	(206,704,080	)	$	17,510,578	^(g)	$	10,621,780				$	727,682,905

OTHER ASSETS LESS LIABILITIES		0.13	%																				927,040

NET ASSETS		100.00	%																			$	728,609,945

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)	Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

^(b)	Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

^(c)	Non-income producing security.

^(d)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

^(e)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1H.

^(f)	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(g)	Includes capital gains distributions from affiliated underlying funds as follows:


Fund Name	Capital Gain
Invesco Global Fund	$	10,302,515
Invesco International Small-Mid Company Fund		81,412
Invesco Value Opportunities Fund		1,953,707


Open Futures Contracts^(a)

Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)

Equity Risk

E-Mini S&P 500 Index		27		March-2023	$	5,212,350	$	(144,842	)	$	(144,842	)

MSCI Emerging Markets Index		6		March-2023		287,820		(5,007	)		(5,007	)

Nikkei 225 Index		1		March-2023		198,720		(12,119	)		(12,119	)

S&P/TSX 60 Index		1		March-2023		172,807		(5,960	)		(5,960	)

SPI 200 Index		1		March-2023		119,013		(2,817	)		(2,817	)

STOXX Europe 600 Index		28		March-2023		635,569		(18,982	)		(18,982	)

Total Futures Contracts							$	(189,727	)	$	(189,727	)

(a) Futures contracts collateralized by $417,493 cash held with Merrill Lynch International, the futures commission merchant.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Select Risk: High Growth Investor Fund

Statement of Assets and Liabilities

December 31, 2022


Assets:
Investments in affiliated underlying funds, at value (Cost $695,725,168)	$	727,682,905

Other investments:
Variation margin receivable – futures contracts		144,791

Deposits with brokers:
Cash collateral – exchange-traded futures contracts		417,493

Cash		323,204

Receivable for:
Dividends - affiliated underlying funds		262,371

Fund shares sold		623,200

Investment for trustee deferred compensation and retirement plans		43,280

Other assets		48,137

Total assets		729,545,381


Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		246,925

Fund shares reacquired		257,180

Collateral upon return of securities loaned		1,324

Accrued fees to affiliates		323,172

Accrued trustees’ and officers’ fees and benefits		12,428

Accrued other operating expenses		51,127

Trustee deferred compensation and retirement plans		43,280

Total liabilities		935,436

Net assets applicable to shares outstanding	$	728,609,945


Net assets consist of:
Shares of beneficial interest	$	689,986,313

Distributable earnings		38,623,632

	$	728,609,945


Net Assets:
Class A	$	570,008,826

Class C	$	73,396,734

Class R	$	72,465,443

Class Y	$	12,716,179

Class R5	$	7,299

Class R6	$	15,464


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		46,959,795

Class C		6,318,436

Class R		5,977,340

Class Y		1,038,906

Class R5		602

Class R6		1,276

Class A:
Net asset value per share	$	12.14

Maximum offering price per share (Net asset value of $12.14 ÷ 94.50%)	$	12.85

Class C:
Net asset value and offering price per share	$	11.62

Class R:
Net asset value and offering price per share	$	12.12

Class Y:
Net asset value and offering price per share	$	12.24

Class R5:
Net asset value and offering price per share	$	12.12

Class R6:
Net asset value and offering price per share	$	12.12

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Select Risk: High Growth Investor Fund

Statement of Operations

For the year ended December 31, 2022


Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $ 73,912)	$	10,681,522

Interest		138,110

Total investment income		10,819,632


Expenses:
Custodian fees		14,735

Distribution fees:
Class A		1,470,224

Class C		819,778

Class R		368,304

Transfer agent fees – A, C, R and Y		877,176

Transfer agent fees – R5		6

Transfer agent fees – R6		24

Trustees’ and officers’ fees and benefits		24,737

Registration and filing fees		107,404

Reports to shareholders		44,652

Professional services fees		31,903

Other		18,457

Total expenses		3,777,400

Less: Expenses reimbursed and/or expense offset arrangement(s)		(12,284	)

Net expenses		3,765,116

Net investment income		7,054,516


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares		5,172,944

Foreign currencies		(168	)

Futures contracts		(1,122,504	)

Capital gain distributions from affiliated underlying fund shares		12,337,634

		16,387,906

Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		(206,704,080	)

Foreign currencies		(7,244	)

Futures contracts		(361,949	)

		(207,073,273	)

Net realized and unrealized gain (loss)		(190,685,367	)

Net increase (decrease) in net assets resulting from operations	$	(183,630,851	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Select Risk: High Growth Investor Fund

Statement of Changes in Net Assets

For the years ended December 31, 2022 and 2021


	2022			2021

Operations:
Net investment income	$	7,054,516		$	4,821,883

Net realized gain		16,387,906			71,851,533

Change in net unrealized appreciation (depreciation)		(207,073,273	)		53,205,202

Net increase (decrease) in net assets resulting from operations		(183,630,851	)		129,878,618


Distributions to shareholders from distributable earnings:
Class A		(36,054,856	)		(48,416,741	)

Class C		(4,267,974	)		(6,414,634	)

Class R		(4,385,194	)		(5,533,480	)

Class Y		(865,084	)		(857,944	)

Class R5		(517	)		(719	)

Class R6		(1,063	)		(26,643	)

Total distributions from distributable earnings		(45,574,688	)		(61,250,161	)


Share transactions–net:
Class A		13,262,927			(20,803,215	)

Class C		(6,367,274	)		(7,769,991	)

Class R		6,737,802			3,374,905

Class Y		3,389,456			(1,378,039	)

Class R6		(332,713	)		342,426

Net increase (decrease) in net assets resulting from share transactions		16,690,198			(26,233,914	)

Net increase (decrease) in net assets		(212,515,341	)		42,394,543


Net assets:
Beginning of year		941,125,286			898,730,743

End of year	$	728,609,945		$	941,125,286

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Select Risk: High Growth Investor Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(d)			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(e)
Class A
Year ended 12/31/22	$	16.11	$	0.14		$	(3.29	)	$	(3.15	)	$	(0.15	)	$	(0.67	)	$	(0.82	)	$	12.14		(19.59	)%^(f)	$	570,009		0.38	%^(f)		0.38	%^(f)		1.02	%^(f)		27	%
Year ended 12/31/21		15.01		0.10			2.14			2.24			(0.28	)		(0.86	)		(1.14	)		16.11		15.06	^(f)		736,134		0.39	^(f)		0.39	^(f)		0.62	^(f)		17
Year ended 12/31/20		15.84		0.09			2.01			2.10			(0.10	)		(2.83	)		(2.93	)		15.01		13.52	^(f)		702,842		0.42	^(f)		0.42	^(f)		0.62	^(f)		70
Eleven months ended 12/31/19		16.13		0.19			2.53			2.72			(0.18	)		(2.83	)		(3.01	)		15.84		16.94			657,555		0.46	^(g)		0.46	^(g)		1.21	^(g)		31
Year ended 01/31/19		19.46		0.11			(2.31	)		(2.20	)		(0.18	)		(0.95	)		(1.13	)		16.13		(10.71	)		574,046		0.45			0.45			0.62			38
Year ended 01/31/18		15.59		0.07			4.24			4.31			(0.27	)		(0.17	)		(0.44	)		19.46		27.83			674,845		0.46			0.47			0.42			8
Class C
Year ended 12/31/22		15.45		0.03			(3.15	)		(3.12	)		(0.04	)		(0.67	)		(0.71	)		11.62		(20.19	)		73,397		1.14			1.14			0.26			27
Year ended 12/31/21		14.43		(0.02	)		2.05			2.03			(0.15	)		(0.86	)		(1.01	)		15.45		14.22			104,723		1.15			1.15			(0.14	)		17
Year ended 12/31/20		15.37		(0.02	)		1.93			1.91			(0.02	)		(2.83	)		(2.85	)		14.43		12.66			104,858		1.18			1.18			(0.14	)		70
Eleven months ended 12/31/19		15.71		0.07			2.46			2.53			(0.04	)		(2.83	)		(2.87	)		15.37		16.16			127,666		1.22	^(g)		1.22	^(g)		0.45	^(g)		31
Year ended 01/31/19		18.96		(0.02	)		(2.24	)		(2.26	)		(0.04	)		(0.95	)		(0.99	)		15.71		(11.39	)		169,142		1.20			1.20			(0.13	)		38
Year ended 01/31/18		15.21		(0.06	)		4.12			4.06			(0.14	)		(0.17	)		(0.31	)		18.96		26.83			212,996		1.21			1.22			(0.36	)		8
Class R
Year ended 12/31/22		16.09		0.10			(3.29	)		(3.19	)		(0.11	)		(0.67	)		(0.78	)		12.12		(19.83	)		72,465		0.64			0.64			0.76			27
Year ended 12/31/21		14.99		0.06			2.13			2.19			(0.23	)		(0.86	)		(1.09	)		16.09		14.79			87,346		0.65			0.65			0.36			17
Year ended 12/31/20		15.83		0.05			2.00			2.05			(0.06	)		(2.83	)		(2.89	)		14.99		13.22			78,109		0.68			0.68			0.36			70
Eleven months ended 12/31/19		16.11		0.15			2.53			2.68			(0.13	)		(2.83	)		(2.96	)		15.83		16.72			66,628		0.72	^(g)		0.72	^(g)		0.96	^(g)		31
Year ended 01/31/19		19.44		0.07			(2.31	)		(2.24	)		(0.14	)		(0.95	)		(1.09	)		16.11		(10.97	)		56,312		0.70			0.70			0.37			38
Year ended 01/31/18		15.59		0.04			4.21			4.25			(0.23	)		(0.17	)		(0.40	)		19.44		27.44			59,559		0.71			0.72			0.22			8
Class Y
Year ended 12/31/22		16.24		0.17			(3.32	)		(3.15	)		(0.18	)		(0.67	)		(0.85	)		12.24		(19.42	)		12,716		0.14			0.14			1.26			27
Year ended 12/31/21		15.12		0.14			2.16			2.30			(0.32	)		(0.86	)		(1.18	)		16.24		15.37			12,553		0.15			0.15			0.86			17
Year ended 12/31/20		15.93		0.13			2.03			2.16			(0.14	)		(2.83	)		(2.97	)		15.12		13.82			12,904		0.18			0.18			0.86			70
Eleven months ended 12/31/19		16.20		0.23			2.55			2.78			(0.22	)		(2.83	)		(3.05	)		15.93		17.24			21,733		0.22	^(g)		0.22	^(g)		1.46	^(g)		31
Year ended 01/31/19		19.55		0.16			(2.33	)		(2.17	)		(0.23	)		(0.95	)		(1.18	)		16.20		(10.50	)		21,582		0.21			0.21			0.87			38
Year ended 01/31/18		15.67		0.13			4.23			4.36			(0.31	)		(0.17	)		(0.48	)		19.55		28.04			25,773		0.22			0.23			0.72			8
Class R5
Year ended 12/31/22		16.09		0.17			(3.28	)		(3.11	)		(0.19	)		(0.67	)		(0.86	)		12.12		(19.38	)		7		0.11			0.11			1.29			27
Year ended 12/31/21		14.99		0.16			2.13			2.29			(0.33	)		(0.86	)		(1.19	)		16.09		15.48			10		0.06			0.06			0.95			17
Year ended 12/31/20		15.82		0.14			2.01			2.15			(0.15	)		(2.83	)		(2.98	)		14.99		13.83			9		0.14			0.14			0.90			70
Period ended 12/31/19^(h)		16.60		0.16			2.12			2.28			(0.23	)		(2.83	)		(3.06	)		15.82		13.83			10		0.14	^(g)		0.14	^(g)		1.53	^(g)		31
Class R6
Year ended 12/31/22		16.09		0.19			(3.30	)		(3.11	)		(0.19	)		(0.67	)		(0.86	)		12.12		(19.38	)		15		0.10			0.11			1.30			27
Year ended 12/31/21		14.99		0.16			2.13			2.29			(0.33	)		(0.86	)		(1.19	)		16.09		15.48			359		0.06			0.06			0.95			17
Year ended 12/31/20		15.82		0.14			2.01			2.15			(0.15	)		(2.83	)		(2.98	)		14.99		13.87			9		0.10			0.14			0.94			70
Period ended 12/31/19^(h)		16.60		0.17			2.12			2.29			(0.24	)		(2.83	)		(3.07	)		15.82		13.90			10		0.10	^(g)		0.10	^(g)		1.58	^(g)		31

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds was 0.51%, 0.55% and 0.64% for the years ended December 31, 2022, 2021 and 2020, respectively.

^(d)	Does not include indirect expenses from affiliated fund fees and expenses of 0.67%, 0.71% and 0.70% or the eleven months ended December 31, 2019, and for the years ended January 31, 2019 and 2018, respectively.

^(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the years ended December 31, 2022, 2021 and 2020, respectively.

^(g)	Annualized.

^(h)	Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco Select Risk: High Growth Investor Fund

Notes to Financial Statements

December 31, 2022

NOTE 1–Significant Accounting Policies

Invesco Select Risk: High Growth Investor Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek total return.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

13 Invesco Select Risk: High Growth Investor Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

14 Invesco Select Risk: High Growth Investor Fund

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2022, the Fund paid the Adviser $6,144 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated underlying funds on the Statement of Operations.

J.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

Futures Contracts — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

L.	Leverage Risk — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

M.	Collateral —To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

15 Invesco Select Risk: High Growth Investor Fund

Effective May 1, 2022 through at least April 30, 2024, the Adviser has contractually agreed to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.45%, 1.20%, 0.70%, 0.20%, 0.20%, and 0.20%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to May 1, 2022, the Adviser had contractually agreed to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.45%, 1.20%, 0.70%, 0.20%, 0.15% and 0.10%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the expense reimbursement agreement, it will terminate on April 30, 2024. During its term, the expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement without approval of the Board of Trustees.

For the year ended December 31, 2022, the Adviser reimbursed class level expenses of $2 of Class R6 shares.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2022, IDI advised the Fund that IDI retained $126,643 in front-end sales commissions from the sale of Class A shares and $6,381 and $1,312 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

The underlying Invesco Funds pay no distribution fees for Class R6 shares and the Funds pay no sales loads or other similar compensation to IDI for acquiring underlying fund shares.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -				Prices are determined using quoted prices in an active market for identical assets.
Level 2 -				Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -				Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1			Level 2		Level 3		Total

Investments in Securities

Affiliated Issuers	$	723,227,134		$	–		$–	$	723,227,134

Money Market Funds		4,454,447			1,324		–		4,455,771

Total Investments in Securities		727,681,581			1,324		–		727,682,905


Other Investments - Liabilities*

Futures Contracts		(189,727	)		–		–		(189,727	)

Total Investments	$	727,491,854		$	1,324		$–	$	727,493,178

*	Unrealized appreciation (depreciation).

16 Invesco Select Risk: High Growth Investor Fund

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2022:


	Value

	Equity
Derivative Liabilities	Risk

Unrealized depreciation on futures contracts – Exchange-Traded^(a)		$(189,727)

Derivatives not subject to master netting agreements		189,727

Total Derivative Liabilities subject to master netting agreements		$ -

^(a)	The daily variation margin receivable (payable) at period end is recorded in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the year ended December 31, 2022

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on
	Statement of Operations
	Equity
	Risk

Realized Gain (Loss):
Futures contracts		$(1,122,504	)

Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(361,949	)

Total		$(1,484,453	)

The table below summarizes the average notional value of derivatives held during the period.


	Futures
	Contracts

Average notional value	$	6,968,014

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

17 Invesco Select Risk: High Growth Investor Fund

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:


	2022		2021

Ordinary income*	$	7,821,447	$	34,162,974

Long-term capital gain		37,753,241		27,087,187

Total distributions	$	45,574,688	$	61,250,161

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2022

Undistributed ordinary income	$	3,802

Undistributed long-term capital gain		11,692,301

Net unrealized appreciation – investments		27,003,163

Net unrealized appreciation (depreciation) – foreign currencies		(25,200	)

Temporary book/tax differences		(50,434	)

Shares of beneficial interest		689,986,313

Total net assets	$	728,609,945

The Fund does not have a capital loss carryforward as of December 31, 2022.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2022 was $212,740,666 and $222,150,326, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	64,853,141

Aggregate unrealized (depreciation) of investments		(37,849,978	)

Net unrealized appreciation of investments	$	27,003,163

Cost of investments for tax purposes is $700,490,015.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions, partnerships and equalization, on December 31, 2022, undistributed net investment income was increased by $270,859, undistributed net realized gain was decreased by $3,257,858 and shares of beneficial interest was increased by $2,986,999. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity

	Year ended December 31, 2022				Year ended December 31, 2021
	Shares		Amount		Shares		Amount

Sold:

Class A		3,915,203	$	53,041,156		3,768,609	$	61,352,978

Class C		952,699		12,305,439		1,005,459		15,743,648

Class R		1,085,730		14,599,307		939,898		15,314,471

Class Y		596,974		7,895,694		264,687		4,366,110

Class R6		1,276		16,257		22,296		352,221


Issued as reinvestment of dividends:

Class A		2,903,853		35,513,530		3,028,393		47,727,446

Class C		362,891		4,249,483		421,757		6,372,745

Class R		358,216		4,377,396		350,594		5,518,320

Class Y		59,288		731,017		46,943		745,454

Class R6		38		464		1,648		25,924

18 Invesco Select Risk: High Growth Investor Fund


	Summary of Share Activity

	Year ended December 31, 2022						Year ended December 31, 2021
	Shares			Amount			Shares			Amount


Automatic conversion of Class C shares to Class A shares:

Class A		664,369		$	8,954,181			668,770		$	10,916,017

Class C		(695,192	)		(8,954,181	)		(697,889	)		(10,916,017	)


Reacquired:
Class A		(6,205,956	)		(84,245,940	)		(8,607,620	)		(140,799,656	)

Class C		(1,079,544	)		(13,968,015	)		(1,217,054	)		(18,970,367	)

Class R		(894,662	)		(12,238,901	)		(1,073,025	)		(17,457,886	)

Class Y		(390,207	)		(5,237,255	)		(392,338	)		(6,489,603	)

Class R6		(22,371	)		(349,434	)		(2,214	)		(35,719	)

Net increase (decrease) in share activity		1,612,605		$	16,690,198			(1,471,086	)	$	(26,233,914	)

19 Invesco Select Risk: High Growth Investor Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Select Risk: High Growth Investor Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Select Risk: High Growth Investor Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the three years in the period ended December 31, 2022 and the eleven months ended December 31, 2019 for Class A, Class C, Class R and Class Y.

For each of the three years in the period ended December 31, 2022 and the period May 24, 2019 (commencement of operations) through December 31, 2019 for Class R5 and Class R6.

The financial statements of Oppenheimer Portfolio Series: Growth Investor Fund (subsequently renamed Invesco Select Risk: High Growth Investor Fund)as of and for the year ended January 31, 2019 and the financial highlights for each of the periods ended on or prior to January 31, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated March 25, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2023

20 Invesco Select Risk: High Growth Investor Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.


			ACTUAL				HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/22)		Ending Account Value (12/31/22)¹		Expenses Paid During Period²		Ending Account Value (12/31/22)		Expenses Paid During Period²		Annualized Expense Ratio
Class A		$1,000.00		$1,023.20		$1.99		$1,023.24		$1.99		0.39%
Class C		1,000.00		1,019.00		5.85		1,019.41		5.85		1.15
Class R		1,000.00		1,021.30		3.31		1,021.93		3.31		0.65
Class Y		1,000.00		1,024.00		0.77		1,024.45		0.77		0.15
Class R5		1,000.00		1,024.70		0.51		1,024.70		0.51		0.10
Class R6		1,000.00		1,024.70		0.51		1,024.70		0.51		0.10

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

21 Invesco Select Risk: High Growth Investor Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	37,753,241
Qualified Dividend Income*		92.84	%
Corporate Dividends Received Deduction*		55.58	%
U.S. Treasury Obligations*		6.12	%
Qualified Business Income*		4.86	%
Business Interest Income*		12.72	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Non-Resident Alien Shareholders

Short-Term Capital Gain Distributions

166,766

22 Invesco Select Risk: High Growth Investor Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 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)	189	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.

T-1 Invesco Select Risk: High Growth Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Select Risk: High Growth Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Select Risk: High Growth Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; 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; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	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); 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.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; 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; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Select Risk: High Growth Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; 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; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); 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); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
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.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Select Risk: High Growth Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Select Risk: High Growth Investor Fund

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Fund holdings and proxy voting information

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

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SEC file number(s): 811-02699 and 002-57526		Invesco Distributors, Inc.		O-OPSGI-AR-1

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Annual Report to Shareholders		December 31, 2022

Invesco Select Risk: Moderate Investor Fund

Nasdaq:

A: OAMIX ∎ C: OCMIX ∎ R: ONMIX ∎ S: PXMSX ∎ Y: OYMIX ∎ R5: PXMQX ∎ R6: PXMMX



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

21		Report of Independent Registered Public Accounting Firm

22		Fund Expenses

23		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended December 31, 2022, Class A shares of Invesco Select Risk: Moderate Investor Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Select Risk: Moderate Investor Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/21 to 12/31/22, 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	-17.73	%
Class C Shares	-18.38
Class R Shares	-17.94
Class S Shares	-17.64
Class Y Shares	-17.54
Class R5 Shares	-17.45
Class R6 Shares	-17.45
Bloomberg Global Aggregate USD Hedged Index^▼	-11.22
MSCI All Country World Index^▼	-18.36
Custom Invesco Select Risk: Moderate Investor Index^∎	-15.22

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Strategic asset class exposures in the Fund are obtained through underlying representative

mutual funds and exchange-traded funds targeting pre-defined risk levels. From an absolute performance perspective, the allocations to variable rate fixed income and value style-specific equities were slightly additive to Fund performance and leading contributors to absolute return. The remaining allocations to equity, fixed income and alternative assets were all detractors from absolute performance as the portfolio produced a negative return for the fiscal year.

From a relative performance perspective, the portfolio underperformed its custom benchmark, the Custom Invesco Select Risk: Moderate Investor Index, during the fiscal year. Underperformance was driven mainly by manager selection within the equity allocations. Within the equity allocation, the Invesco Global Fund and Invesco Discovery Mid Cap Growth Fund were the primary detractors. The Invesco 1-30 Laddered Treasury ETF and Invesco Taxable Municipal Bond ETF were noteworthy detractors from relative performance for the fiscal year as well.

Conversely, allocations to other fixed income funds and allocations to style-specific equities were the leading contributors to relative performance during the fiscal year. Within the allocations, the Invesco S&P 500 Pure Value ETF and Invesco Variable Rate Investment Grade ETF were the leading contributors to relative performance.

the creation of leverage and may be less liquid than traditional securities.

Thank you for your continued investment in the Invesco Select Risk: Moderate Investor Fund.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

See important Fund and, if applicable, index disclosures later in this report.


2		Invesco Select Risk: Moderate Investor Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/12

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1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


3		Invesco Select Risk: Moderate Investor Fund



Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges

Class A Shares
Inception (4/5/05)	3.27	%
10 Years	4.42
5 Years	1.31
1 Year	-22.28

Class C Shares
Inception (4/5/05)	3.24	%
10 Years	4.37
5 Years	1.67
1 Year	-19.17

Class R Shares
Inception (4/5/05)	3.33	%
10 Years	4.75
5 Years	2.20
1 Year	-17.94

Class S Shares
10 Years	5.05	%
5 Years	2.54
1 Year	-17.64

Class Y Shares
Inception (4/5/05)	3.90	%
10 Years	5.28
5 Years	2.70
1 Year	-17.54

Class R5 Shares
10 Years	5.14	%
5 Years	2.72
1 Year	-17.45

Class R6 Shares
10 Years	5.15	%
5 Years	2.73
1 Year	-17.45

Effective May 24, 2019, Class A, Class C, Class R and Class Y shares of the Oppenheimer Portfolio Series: Moderate Investor Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R and Class Y shares, respectively, of the Invesco Select Risk: Moderate Investor Fund. Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R and Class Y shares are those for Class A, Class C, Class R and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Class S shares incepted on May 15, 2020. Performance shown above is that of the Fund’s and the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

Class R6 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of the predecessor fund’s

Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class S, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.


4		Invesco Select Risk: Moderate Investor Fund

Supplemental Information

Invesco Select Risk: Moderate Investor Fund’s investment objective is to seek total return.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The Bloomberg Global Aggregate USD Hedged Index tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar.

∎	The Custom Invesco Select Risk: Moderate Investor Index is composed of 60% MSCI All Country World Index and 40% Bloomberg Global Aggregate USD Hedged Index.

∎	The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


5		Invesco Select Risk: Moderate Investor Fund

Fund Information

Portfolio Composition*


By fund type	% of total investments

Equity Funds		57.14	%

Fixed Income Funds		35.55

Alternative Funds		4.57

Money Market Funds		2.74

*	Based on the Schedule of Investments, which classifies each underlying fund and other investments into broad asset classes based on their predominant investments.

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. Data presented here are as of December 31, 2022.


6		Invesco Select Risk: Moderate Investor Fund

Invesco Select Risk: Moderate Investor Fund

Schedule of Investments in Affiliated Issuers–99.85%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend		Shares		Value
	12/31/22			12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income		12/31/22		12/31/22


Alternative Funds–4.69%
Invesco Global Real Estate Income Fund, Class R6^(b)		2.13	%	$	41,350,560	$	8,431,577	$	(2,288,930	)	$	(10,140,546	)	$	86,781		$	614,208		4,789,041	$	37,067,177


Invesco Macro Allocation Strategy Fund, Class R6^(c)		2.56	%		72,960,020		-		(21,013,232	)		(5,005,167	)		(2,508,779	)		-		5,908,623		44,432,842


Total Alternative Funds					114,310,580		8,431,577		(23,302,162	)		(15,145,713	)		(2,421,998	)		614,208				81,500,019


Domestic Equity Funds–33.49%
Invesco Discovery Mid Cap Growth Fund, Class R6^(c)		4.50	%		165,651,740		23,771,679		(64,424,747	)		(38,596,251	)		(8,060,165	)		-		3,095,308		78,342,256


Invesco Main Street Small Cap Fund, Class R6		3.73	%		113,973,690		2,084,622		(35,513,529	)		(21,432,476	)		5,750,211			396,458		3,625,630		64,862,518


Invesco Russell 1000^®Dynamic Multifactor ETF		8.34	%		112,605,562		73,249,858		(17,661,940	)		(22,205,687	)		(1,036,351	)		2,129,909		3,375,674		144,951,442


Invesco S&P 500^®Low Volatility ETF		6.91	%		113,061,748		27,912,132		(11,182,030	)		(10,230,455	)		514,948			2,491,412		1,879,129		120,076,343


Invesco S&P 500^®Pure Growth ETF^(d)		4.52	%		89,902,502		26,842,009		(10,464,297	)		(26,904,247	)		(840,319	)		597,254		518,011		78,535,648


Invesco S&P 500^®Pure Value ETF		2.53	%		46,639,395		7,464,787		(8,200,475	)		(2,493,651	)		686,152			990,862		565,481		44,096,208


Invesco S&P SmallCap Low Volatility ETF		1.04	%		85,097,662		-		(58,539,763	)		(24,582,024	)		16,117,438			752,603		405,180		18,093,313


Invesco Value Opportunities Fund, Class R6^(b)		1.92	%		-		37,385,980		(1,211,605	)		(2,751,073	)		2,608,499			340,275		2,085,596		33,327,823


Total Domestic Equity Funds					726,932,299		198,711,067		(207,198,386	)		(149,195,864	)		15,740,413			7,698,773				582,285,551


Fixed Income Funds–36.44%
Invesco 1-30 Laddered Treasury ETF		6.73	%		124,532,500		31,276,110		(9,639,899	)		(28,324,462	)		(891,314	)		2,234,551		4,070,760		116,952,935


Invesco Core Plus Bond Fund, Class R6		8.01	%		177,694,157		9,109,515		(17,441,765	)		(27,278,983	)		(2,859,094	)		5,298,127		15,282,528		139,223,830


Invesco Fundamental High Yield^®Corporate Bond ETF		3.03	%		78,056,942		-		(16,997,357	)		(7,078,688	)		(1,361,242	)		2,015,768		3,073,578		52,619,655


Invesco Income Fund, Class R6		1.69	%		45,076,036		1,247,021		(12,027,554	)		(5,222,998	)		392,567			1,247,017		4,301,470		29,465,072


Invesco International Bond Fund, Class R6^(b)		2.35	%		66,866,532		1,665,657		(18,656,346	)		(6,606,471	)		(916,870	)		259,662		9,522,444		40,946,508


Invesco Master Loan Fund, Class R6		3.55	%		71,584,760		4,438,457		(10,376,070	)		(3,781,118	)		(194,450	)		4,447,304		4,069,388		61,671,579


Invesco Taxable Municipal Bond ETF^(d)		6.35	%		164,825,511		-		(20,468,787	)		(30,714,156	)		(3,268,175	)		3,923,716		4,293,053		110,374,393


Invesco Variable Rate Investment Grade ETF		4.73	%		67,087,850		42,066,779		(25,651,679	)		(1,124,394	)		(61,738	)		2,020,062		3,331,316		82,316,818


Total Fixed Income Funds					795,724,288		89,803,539		(131,259,457	)		(110,131,270	)		(9,160,316	)		21,446,207				633,570,790


Foreign Equity Funds–25.08%
Invesco EQV Emerging Markets All Cap Fund, Class R6^(e)		3.46	%		71,782,953		9,453,416		(8,174,601	)		(10,550,258	)		(2,380,086	)		960,515		1,944,113		60,131,424


Invesco Developing Markets Fund, Class R6		3.11	%		89,028,299		628,855		(14,244,925	)		(15,429,316	)		(5,913,594	)		628,855		1,548,377		54,069,319


Invesco Global Fund, Class R6^(b)		7.00	%		179,829,393		44,481,861		(29,912,495	)		(67,983,369	)		10,365,606			-		1,608,443		121,791,336


Invesco Global Infrastructure Fund, Class R6		0.96	%		23,575,413		349,233		(5,412,572	)		(2,655,841	)		790,759			349,233		1,432,615		16,646,992


Invesco International Select Equity Fund, Class R6		1.47	%		67,718,134		256,275		(26,949,772	)		(4,177,977	)		(11,227,557	)		256,276		2,827,716		25,619,103


Invesco International Small-Mid Company Fund, Class R6^(b)		2.70	%		56,955,320		9,073,068		(821,831	)		(18,023,311	)		(46,175	)		200,743		1,203,758		47,006,750

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


7		Invesco Select Risk: Moderate Investor Fund

Invesco Select Risk: Moderate Investor Fund (continued)

Schedule of Investments in Affiliated Issuers–99.85%^(a)


	% of										Change in
	Net										Unrealized
	Assets			Value		Purchases		Proceeds			Appreciation			Realized			Dividend			Shares		Value
	12/31/22			12/31/21		at Cost		from Sales			(Depreciation)			Gain (Loss)			Income			12/31/22		12/31/22


Invesco RAFI^™ Strategic Developed ex-US ETF		3.69	%	$	32,601,550	$	43,812,191	$	(5,120,229	)	$	(7,071,866	)	$	(75,964	)	$	1,743,135			2,388,149	$	64,145,682


Invesco S&P Emerging Markets Low Volatility ETF		1.74	%		39,987,733		-		(7,778,982	)		(2,638,974	)		604,824			1,057,764			1,311,369		30,174,601


Invesco S&P International Developed Low Volatility ETF		0.95	%		45,865,401		-		(25,475,723	)		(6,109,708	)		2,251,886			943,667			617,321		16,531,856


Total Foreign Equity Funds					607,344,196		108,054,899		(123,891,130	)		(134,640,620	)		(5,630,301	)		6,140,188					436,117,063


Money Market Funds–0.15%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(f)		0.05	%		4,291,522		89,579,085		(92,989,254	)		-			-			24,754			881,353		881,353


Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(f)		0.04	%		2,912,289		63,985,061		(66,270,088	)		89			2,505			23,203			629,668		629,856


Invesco Treasury Portfolio, Institutional Class, 4.20%^(f)		0.06	%		4,904,596		102,376,097		(106,273,432	)		-			-			35,079			1,007,261		1,007,261


Total Money Market Funds					12,108,407		255,940,243		(265,532,774	)		89			2,505			83,036					2,518,470


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $1,800,604,619)		99.85	%		2,256,419,770		660,941,325		(751,183,909	)		(409,113,378	)		(1,469,697	)		35,982,412					1,735,991,893


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.66%
Invesco Private Government Fund, 4.28%^(f)(g)		0.74	%		-		190,877,854		(177,922,388	)		-			-			199,999	^(h)		12,955,466		12,955,466


Invesco Private Prime Fund, 4.46%^(f)(g)		1.92	%		-		401,488,937		(368,181,783	)		6,665			238			552,463	^(h)		33,304,066		33,314,057


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $46,262,858)		2.66	%		-		592,366,791		(546,104,171	)		6,665			238			752,462					46,269,523


TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $1,846,867,477)		102.51	%	$	2,256,419,770	$	1,253,308,116	$	(1,297,288,080	)	$	(409,106,713	)	$	(1,469,459	)⁽ⁱ⁾	$	36,734,874				$	1,782,261,416


OTHER ASSETS LESS LIABILITIES		(2.51	)%																				(43,679,762	)


NET ASSETS		100.00	%																			$	1,738,581,654

Investment Abbreviations:

ETF - Exchange-Traded Fund

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


8		Invesco Select Risk: Moderate Investor Fund

Notes to Schedule of Investments:

^(a)	Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

^(b)	Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

^(c)	Non-income producing security.

^(d)	All or a portion of this security was out on loan at December 31, 2022.

^(e)	Effective February 28, 2022, the underlying fund’s name changed.

^(f)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1H.

^(h)	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

⁽ⁱ⁾	Includes capital gains distributions from affiliated underlying funds as follows:


Fund Name	Capital Gain


Invesco Global Fund	$	14,989,660
Invesco International Small-Mid Company Fund		130,321
Invesco Value Opportunities Fund		2,703,978


Open Futures Contracts^(a)


Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)


Equity Risk


E-Mini S&P 500 Index		45		March-2023	$	8,687,250	$	(241,404	)	$	(241,404	)


MSCI Emerging Markets Index		6		March-2023		287,820		(5,007	)		(5,007	)


Nikkei 225 Index		1		March-2023		198,720		(12,119	)		(12,119	)


S&P/TSX 60 Index		1		March-2023		172,806		(5,959	)		(5,959	)


SPI 200 Index		1		March-2023		119,013		(2,816	)		(2,816	)


STOXX Europe 600 Index		23		March-2023		522,074		(15,593	)		(15,593	)


Subtotal								(282,898	)		(282,898	)


Interest Rate Risk


Canada 10 Year Bonds		69		March-2023		6,245,162		(149,313	)		(149,313	)


Euro-BTP		83		March-2023		9,677,249		(712,011	)		(712,011	)


Euro-Bund		49		March-2023		6,972,448		(425,910	)		(425,910	)


Euro-OAT		92		March-2023		12,536,676		(854,818	)		(854,818	)


Japan 10 year Bonds		45		March-2023		49,875,800		(953,216	)		(953,216	)


Long Gilt		111		March-2023		13,405,927		(831,999	)		(831,999	)


Subtotal								(3,927,267	)		(3,927,267	)


Total Futures Contracts							$	(4,210,165	)	$	(4,210,165	)

^(a)	Futures contracts collateralized by $3,404,720 cash held with Merrill Lynch International, the futures commission merchant.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Invesco Select Risk: Moderate Investor Fund

Statement of Assets and Liabilities

December 31, 2022


Assets:
Investments in affiliated underlying funds, at value (Cost $1,846,867,477)*	$	1,782,261,416


Other investments:
Variation margin receivable – futures contracts		33,528


Deposits with brokers:
Cash collateral – exchange-traded futures contracts		3,404,720


Cash		394,143


Receivable for:
Fund shares sold		1,457,585


Dividends - affiliated underlying funds		1,703,608


Investment for trustee deferred compensation and retirement plans		157,879


Other assets		67,314


Total assets		1,789,480,193



Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		1,647,486


Fund shares reacquired		1,833,092


Collateral upon return of securities loaned		46,262,858


Accrued fees to affiliates		827,459


Accrued trustees’ and officers’ fees and benefits		20,391


Accrued other operating expenses		135,329


Trustee deferred compensation and retirement plans		171,924


Total liabilities		50,898,539


Net assets applicable to shares outstanding	$	1,738,581,654



Net assets consist of:
Shares of beneficial interest	$	1,820,382,515


Distributable earnings (loss)		(81,800,861	)


	$	1,738,581,654


Net Assets:
Class A	$	1,393,169,362


Class C	$	162,701,223


Class R	$	135,035,020


Class S	$	19,993,745


Class Y	$	25,612,502


Class R5	$	8,628


Class R6	$	2,061,174



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		145,382,656


Class C		17,429,792


Class R		14,217,980


Class S		2,085,272


Class Y		2,650,879


Class R5		901


Class R6		215,200


Class A:
Net asset value per share	$	9.58


Maximum offering price per share (Net asset value of $9.58 ÷ 94.50%)	$	10.14


Class C:
Net asset value and offering price per share	$	9.33


Class R:
Net asset value and offering price per share	$	9.50


Class S:
Net asset value and offering price per share	$	9.59


Class Y:
Net asset value and offering price per share	$	9.66


Class R5:
Net asset value and offering price per share	$	9.58


Class R6:
Net asset value and offering price per share	$	9.58

*	At December 31, 2022, securities with an aggregate value of $44,883,389 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Invesco Select Risk: Moderate Investor Fund

Statement of Operations

For the year ended December 31, 2022


Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $ 297,503)	$	36,279,915


Interest		390,412


Total investment income		36,670,327



Expenses:
Distribution fees:
Class A		3,626,537


Class C		1,836,326


Class R		689,705


Class S		32,371


Transfer agent fees – A, C, R, S and Y		2,035,375


Transfer agent fees – R5		3


Transfer agent fees – R6		668


Trustees’ and officers’ fees and benefits		32,965


Registration and filing fees		156,120


Reports to shareholders		122,011


Professional services fees		39,306


Other		(138	)


Total expenses		8,571,249


Less: Expense offset arrangement(s)		(22,230	)


Net expenses		8,549,019


Net investment income		28,121,308



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares		(19,293,418	)


Foreign currencies		(31	)


Futures contracts		(11,148,255	)


Capital gain distributions from affiliated underlying fund shares		17,823,959


		(12,617,745	)


Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares		(409,106,713	)


Foreign currencies		125,376


Futures contracts		(3,921,353	)


		(412,902,690	)


Net realized and unrealized gain (loss)		(425,520,435	)


Net increase (decrease) in net assets resulting from operations	$	(397,399,127	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


11		Invesco Select Risk: Moderate Investor Fund

Statement of Changes in Net Assets

For the years ended December 31, 2022 and 2021


	2022			2021


Operations:
Net investment income	$	28,121,308		$	21,069,450


Net realized gain (loss)		(12,617,745	)		179,261,801


Change in net unrealized appreciation (depreciation)		(412,902,690	)		23,347,867


Net increase (decrease) in net assets resulting from operations		(397,399,127	)		223,679,118



Distributions to shareholders from distributable earnings:
Class A		(58,494,777	)		(136,177,573	)


Class C		(5,695,232	)		(16,475,705	)


Class R		(5,290,625	)		(11,831,434	)


Class S		(859,346	)		(1,988,500	)


Class Y		(1,158,407	)		(2,599,430	)


Class R5		(408	)		(940	)


Class R6		(93,149	)		(218,480	)


Total distributions from distributable earnings		(71,591,944	)		(169,292,062	)



Share transactions–net:
Class A		(33,245,176	)		(94,480,858	)


Class C		(23,833,583	)		(22,648,712	)


Class R		8,181,682			4,777,137


Class S		(661,448	)		(913,586	)


Class Y		(978,788	)		3,774,344


Class R6		(190,185	)		608,688


Net increase (decrease) in net assets resulting from share transactions		(50,727,498	)		(108,882,987	)


Net increase (decrease) in net assets		(519,718,569	)		(54,495,931	)



Net assets:
Beginning of year		2,258,300,223			2,312,796,154


End of year	$	1,738,581,654		$	2,258,300,223

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


12		Invesco Select Risk: Moderate Investor Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(d)			Ratio of net investment income to average net assets			Portfolio turnover ^(e)
Class A
Year ended 12/31/22		$12.15		$0.17		$(2.32	)		$(2.15	)		$(0.16	)		$(0.26	)		$(0.42	)		$ 9.58		(17.73	)%^(f)		$1,393,169		0.37	%^(f)		0.37	%^(f)		1.58	%^(f)		22	%
Year ended 12/31/21		11.95		0.13		1.06			1.19			(0.26	)		(0.73	)		(0.99	)		12.15		10.11	^(f)		1,801,506		0.35	^(f)		0.38	^(f)		1.01	^(f)		32
Year ended 12/31/20		11.96		0.16		1.14			1.30			(0.18	)		(1.13	)		(1.31	)		11.95		11.67	^(f)		1,851,149		0.31	^(f)		0.38	^(f)		1.42	^(f)		88
Eleven months ended 12/31/19		11.72		0.22		1.32			1.54			(0.36	)		(0.94	)		(1.30	)		11.96		13.13			1,156,291		0.40	^(g)		0.47	^(g)		1.95	^(g)		16
Year ended 01/31/19		12.66		0.20		(0.80	)		(0.60	)		(0.21	)		(0.13	)		(0.34	)		11.72		(4.59	)		1,037,833		0.41			0.48			1.61			40
Year ended 01/31/18		11.06		0.14		1.69			1.83			(0.23	)		–			(0.23	)		12.66		16.59			1,169,055		0.41			0.49			1.20			6
Class C
Year ended 12/31/22		11.84		0.08		(2.25	)		(2.17	)		(0.08	)		(0.26	)		(0.34	)		9.33		(18.38	)		162,701		1.13			1.13			0.82			22
Year ended 12/31/21		11.66		0.03		1.04			1.07			(0.16	)		(0.73	)		(0.89	)		11.84		9.33			233,536		1.11			1.14			0.25			32
Year ended 12/31/20		11.72		0.07		1.09			1.16			(0.09	)		(1.13	)		(1.22	)		11.66		10.70			250,605		1.08			1.15			0.65			88
Eleven months ended 12/31/19		11.49		0.13		1.29			1.42			(0.25	)		(0.94	)		(1.19	)		11.72		12.44			273,048		1.16	^(g)		1.23	^(g)		1.19	^(g)		16
Year ended 01/31/19		12.41		0.10		(0.78	)		(0.68	)		(0.11	)		(0.13	)		(0.24	)		11.49		(5.33	)		358,746		1.17			1.24			0.86			40
Year ended 01/31/18		10.85		0.05		1.65			1.70			(0.14	)		–			(0.14	)		12.41		15.69			409,418		1.16			1.25			0.43			6
Class R
Year ended 12/31/22		12.05		0.14		(2.30	)		(2.16	)		(0.13	)		(0.26	)		(0.39	)		9.50		(17.94	)		135,035		0.63			0.63			1.32			22
Year ended 12/31/21		11.85		0.09		1.07			1.16			(0.23	)		(0.73	)		(0.96	)		12.05		9.92			161,076		0.61			0.64			0.75			32
Year ended 12/31/20		11.88		0.13		1.12			1.25			(0.15	)		(1.13	)		(1.28	)		11.85		11.32			153,448		0.58			0.65			1.15			88
Eleven months ended 12/31/19		11.65		0.19		1.30			1.49			(0.32	)		(0.94	)		(1.26	)		11.88		12.84			131,445		0.66	^(g)		0.73	^(g)		1.69	^(g)		16
Year ended 01/31/19		12.59		0.16		(0.79	)		(0.63	)		(0.18	)		(0.13	)		(0.31	)		11.65		(4.86	)		116,637		0.66			0.73			1.36			40
Year ended 01/31/18		11.00		0.11		1.68			1.79			(0.20	)		–			(0.20	)		12.59		16.33			123,884		0.66			0.74			0.96			6
Class S
Year ended 12/31/22		12.16		0.18		(2.32	)		(2.14	)		(0.17	)		(0.26	)		(0.43	)		9.59		(17.64	)		19,994		0.28			0.28			1.67			22
Year ended 12/31/21		11.96		0.14		1.07			1.21			(0.28	)		(0.73	)		(1.01	)		12.16		10.22			26,025		0.26			0.29			1.10			32
Period ended 12/31/20^(h)		10.46		0.11		2.38			2.49			(0.19	)		(0.80	)		(0.99	)		11.96		23.86			26,339		0.23	^(g)		0.30	^(g)		1.50	^(g)		88
Class Y
Year ended 12/31/22		12.25		0.19		(2.34	)		(2.15	)		(0.18	)		(0.26	)		(0.44	)		9.66		(17.54	)		25,613		0.13			0.13			1.82			22
Year ended 12/31/21		12.04		0.16		1.08			1.24			(0.30	)		(0.73	)		(1.03	)		12.25		10.40			33,378		0.11			0.14			1.25			32
Year ended 12/31/20		12.03		0.19		1.15			1.34			(0.20	)		(1.13	)		(1.33	)		12.04		11.97			29,097		0.08			0.15			1.65			88
Eleven months ended 12/31/19		11.78		0.25		1.32			1.57			(0.38	)		(0.94	)		(1.32	)		12.03		13.39			18,433		0.16	^(g)		0.23	^(g)		2.19	^(g)		16
Year ended 01/31/19		12.73		0.23		(0.82	)		(0.59	)		(0.23	)		(0.13	)		(0.36	)		11.78		(4.41	)		15,732		0.17			0.24			1.85			40
Year ended 01/31/18		11.12		0.20		1.67			1.87			(0.26	)		–			(0.26	)		12.73		16.91			17,618		0.17			0.25			1.63			6
Class R5
Year ended 12/31/22		12.15		0.20		(2.32	)		(2.12	)		(0.19	)		(0.26	)		(0.45	)		9.58		(17.45	)		9		0.05			0.05			1.90			22
Year ended 12/31/21		11.95		0.17		1.07			1.24			(0.31	)		(0.73	)		(1.04	)		12.15		10.53			11		0.00			0.03			1.36			32
Year ended 12/31/20		11.95		0.20		1.14			1.34			(0.21	)		(1.13	)		(1.34	)		11.95		12.04			11		0.00			0.07			1.73			88
Period ended 12/31/19⁽ⁱ⁾		12.03		0.17		1.08			1.25			(0.39	)		(0.94	)		(1.33	)		11.95		10.45			10		0.09	^(g)		0.16	^(g)		2.26	^(g)		16
Class R6
Year ended 12/31/22		12.15		0.20		(2.32	)		(2.12	)		(0.19	)		(0.26	)		(0.45	)		9.58		(17.45	)		2,061		0.05			0.05			1.90			22
Year ended 12/31/21		11.95		0.17		1.07			1.24			(0.31	)		(0.73	)		(1.04	)		12.15		10.53			2,767		0.00			0.03			1.36			32
Year ended 12/31/20		11.95		0.20		1.14			1.34			(0.21	)		(1.13	)		(1.34	)		11.95		12.04			2,147		(0.01	)		0.06			1.74			88
Period ended 12/31/19⁽ⁱ⁾		12.03		0.18		1.08			1.26			(0.40	)		(0.94	)		(1.34	)		11.95		10.49			10		0.04	^(g)		0.11	^(g)		2.31	^(g)		16

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 0.48%, 0.52% and 0.58% for the years ended December 31, 2022, 2021 and 2020, respectively.

^(d)	Does not include indirect expenses from affiliated fund fees and expenses of 0.56%, 0.57% and 0.58% for the eleven months ended December 31, 2019, and for the years ended January 31, 2019 and 2018, respectively.

^(e)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $597,759,006 in connection with the acquisition of Invesco Moderate Allocation Fund into the Fund.

^(f)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24%, 0.24% and 0.23% for the years ended December 31, 2022, 2021 and 2020, respectively.

^(g)	Annualized.

^(h)	Commencement date of May 15, 2020.

⁽ⁱ⁾	Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


13		Invesco Select Risk: Moderate Investor Fund

Notes to Financial Statements

December 31, 2022

NOTE 1–Significant Accounting Policies

Invesco Select Risk: Moderate Investor Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek total return.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


14		Invesco Select Risk: Moderate Investor Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.


15		Invesco Select Risk: Moderate Investor Fund

net of compensation to counterparties, are included in Dividends from affiliated underlying funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2022, the Fund paid the Adviser $21,142 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated underlying funds on the Statement of Operations.

J.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

L.	Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

M.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


16		Invesco Select Risk: Moderate Investor Fund

Effective May 1, 2022 through at least April 30, 2024, the Adviser has contractually agreed to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares to 0.47%, 1.22%, 0.72%, 0.37%, 0.22%, 0.22% and 0.22%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to May 1, 2022, the Adviser had contractually agreed to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares to 0.47%, 1.23%, 0.72%, 0.37%, 0.22%, 0.17% and 0.12%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the expense reimbursement agreement, it will terminate on April 30, 2024. During its term, the expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement without approval of the Board of Trustees. The Adviser did not reimburse expenses during the period under these expense limits.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Class S shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C, Class R and Class S Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares, 0.50% of the average daily net assets of Class R shares and 0.15% of the average daily net assets of Class S shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of Class A, Class C and Class R shares and 0.15% of the average daily net assets of Class S shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2022, IDI advised the Fund that IDI retained $229,904 in front-end sales commissions from the sale of Class A shares and $37,250 and $4,101 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

The underlying Invesco Funds pay no distribution fees for Class R6 shares and the Funds pay no sales loads or other similar compensation to IDI for acquiring underlying fund shares.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Affiliated Issuers	$	1,733,473,423	$	–		$–	$	1,733,473,423


Money Market Funds		2,518,470		46,269,523		–		48,787,993


Total Investments in Securities		1,735,991,893		46,269,523		–		1,782,261,416


17		Invesco Select Risk: Moderate Investor Fund


	Level 1			Level 2		Level 3		Total


Other Investments - Liabilities*


Futures Contracts	$	(4,210,165	)	$	–		$–	$	(4,210,165	)


Total Investments	$	1,731,781,728		$	46,269,523		$–	$	1,778,051,251

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2022:


	Value

Derivative Liabilities	Equity Risk			Interest Rate Risk			Total


Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(282,898	)	$	(3,927,267	)	$	(4,210,165	)


Derivatives not subject to master netting agreements		282,898			3,927,267			4,210,165


Total Derivative Liabilities subject to master netting agreements	$	–		$	–		$	–

^(a) The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the year ended December 31, 2022

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Statement of Operations

	Equity Risk			Interest Rate Risk			Total


Realized Gain (Loss):
Futures contracts	$	(1,766,736	)	$	(9,381,519	)	$	(11,148,255	)


Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(539,373	)		(3,381,980	)		(3,921,353	)


Total	$	(2,306,109	)	$	(12,763,499	)	$	(15,069,608	)


							Futures Contracts


Average notional value							$	116,601,172

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances


18		Invesco Select Risk: Moderate Investor Fund

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:


	2022		2021


Ordinary income*	$	27,025,156	$	131,795,360


Long-term capital gain		44,566,788		37,496,702


Total distributions	$	71,591,944	$	169,292,062

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2022


Undistributed ordinary income	$	3,853,021


Net unrealized appreciation (depreciation) – investments		(75,144,504	)


Net unrealized appreciation – foreign currencies		76,837


Temporary book/tax differences		(156,323	)


Capital loss carryforward		(10,429,892	)


Shares of beneficial interest		1,820,382,515


Total net assets	$	1,738,581,654

The Fund has a capital loss carryforward as of December 31, 2022, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total


Not subject to expiration	$	10,429,892	$–	$	10,429,892

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2022 was $405,001,083 and $485,651,138, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$ 95,391,232


Aggregate unrealized (depreciation) of investments	(170,535,736	)


Net unrealized appreciation (depreciation) of investments	$ (75,144,504	)

Cost of investments for tax purposes is $1,853,195,755.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of equalization, foreign currency transactions, distributions and partnerships, on December 31, 2022, undistributed net investment income was decreased by $629,441, undistributed net realized gain (loss) was decreased by $13,388,559 and shares of beneficial interest was increased by $14,018,000. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity



	Year ended				Year ended
	December 31, 2022^(a)				December 31, 2021
	Shares		Amount		Shares		Amount


Sold:
Class A		14,338,320	$	150,222,629		15,093,559	$	190,917,093


Class C		2,744,369		27,692,460		2,887,900		35,544,182


Class R		2,457,707		25,351,396		2,305,611		28,896,248


Class S		39,119		410,243		60,610		764,835


Class Y		850,293		8,835,459		1,001,438		12,750,740


Class R6		12,901		133,952		89,751		1,138,355


19		Invesco Select Risk: Moderate Investor Fund


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Class A		5,872,144		$	56,726,114			11,037,840		$	132,122,928


Class C		601,320			5,658,501			1,403,294			16,376,440


Class R		551,404			5,282,453			994,955			11,810,122


Class S		88,826			858,948			165,907			1,987,564


Class Y		103,039			1,003,601			192,790			2,326,981


Class R6		9,589			92,627			18,175			217,551



Automatic conversion of Class C shares to Class A shares:
Class A		2,019,476			21,054,232			2,113,154			26,639,254


Class C		(2,078,985	)		(21,054,232	)		(2,171,681	)		(26,639,254	)



Reacquired:
Class A		(25,067,732	)		(261,248,151	)		(34,931,431	)		(444,160,133	)


Class C		(3,555,243	)		(36,130,312	)		(3,888,057	)		(47,930,080	)


Class R		(2,159,937	)		(22,452,167	)		(2,877,307	)		(35,929,233	)


Class S		(182,712	)		(1,930,639	)		(289,355	)		(3,665,985	)


Class Y		(1,026,712	)		(10,817,848	)		(886,805	)		(11,303,377	)


Class R6		(35,023	)		(416,764	)		(59,833	)		(747,218	)


Net increase (decrease) in share activity		(4,417,837	)	$	(50,727,498	)		(7,739,485	)	$	(108,882,987	)

^(a)


20		Invesco Select Risk: Moderate Investor Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Select Risk: Moderate Investor Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Select Risk: Moderate Investor Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the three years in the period ended December 31, 2022 and the eleven months ended December 31, 2019 for Class A, Class C, Class R and Class Y.

For each of the three years in the period ended December 31, 2022 and the period May 24, 2019 (commencement of operations) through December 31, 2019 for Class R5 and Class R6.

For each of the two years in the period ended December 31, 2022 and the period May 15, 2020 (commencement of operations) through December 31, 2020 for Class S.

The financial statements of Oppenheimer Portfolio Series: Moderate Investor Fund (subsequently renamed Invesco Select Risk: Moderate Investor Fund) as of and for the year ended January 31, 2019 and the financial highlights for each of the periods ended on or prior to January 31, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated March 25, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2023


21		Invesco Select Risk: Moderate Investor Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)¹	Expenses Paid During Period²	Ending Account Value (12/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,008.60	$1.92	$1,023.29	$1.94	0.38%
Class C	1,000.00	1,004.50	5.76	1,019.46	5.80	1.14
Class R	1,000.00	1,007.90	3.24	1,021.98	3.26	0.64
Class S	1,000.00	1,009.60	1.47	1,023.74	1.48	0.29
Class Y	1,000.00	1,009.10	0.71	1,024.50	0.71	0.14
Class R5	1,000.00	1,010.00	0.30	1,024.90	0.31	0.06
Class R6	1,000.00	1,010.00	0.30	1,024.90	0.31	0.06

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


22		Invesco Select Risk: Moderate Investor Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	44,566,788
Qualified Dividend Income*		39.90	%
Corporate Dividends Received Deduction*		24.59	%
U.S. Treasury Obligations*		10.98	%
Qualified Business Income*		1.87	%
Business Interest Income*		38.15	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


23		Invesco Select Risk: Moderate Investor Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 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)	189	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.


T-1		Invesco Select Risk: Moderate Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Select Risk: Moderate Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Select Risk: Moderate Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; 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; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	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); 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.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; 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; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Select Risk: Moderate Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; 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; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); 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); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
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.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Select Risk: Moderate Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Select Risk: Moderate Investor Fund

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LOGO

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

LOGO


SEC file number(s): 811-02699 and 002-57526		Invesco Distributors, Inc.		O-OPSMI-AR-1

LOGO


Annual Report to Shareholders		December 31, 2022

Invesco Select Risk: Moderately Conservative Investor Fund

Nasdaq:

A: CAAMX ∎ C: CACMX ∎ R: CMARX ∎ S: CMASX ∎ Y: CAAYX ∎ R5: CMAIX ∎ R6: CNSSX



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

9		Financial Statements

12		Financial Highlights

13		Notes to Financial Statements

19		Report of Independent Registered Public Accounting Firm

20		Fund Expenses

21		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended December 31, 2022, Class A shares of Invesco Select Risk: Moderately Conservative Investor Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Select Risk: Moderately Conservative Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/21 to 12/31/22, 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	-16.69	%
Class C Shares	-17.29
Class R Shares	-16.90
Class S Shares	-16.66
Class Y Shares	-16.49
Class R5 Shares	-16.40
Class R6 Shares	-16.33
Bloomberg Global Aggregate USD Hedged Index^q	-11.22
Custom Invesco Select Risk: Moderately Conservative Index^∎	-13.89
MSCI All Country World Index^q	-18.36

Source(s): ^qRIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

Strategic asset class exposures in the Fund are obtained through underlying representative

mutual funds and exchange-traded funds targeting pre-defined risk levels. From an absolute Fund performance perspective, the portfolio’s allocation to variable rate fixed income was the leading contributor to positive performance. The remaining allocations to equity, fixed income and alternative assets were all detractors from absolute Fund performance as the portfolio produced a negative return for the fiscal year.

From a relative Fund performance perspective, the portfolio underperformed its custom benchmark, the Custom Invesco Select Risk: Moderately Conservative Investor Index, during the fiscal year. Underperformance was driven mainly by style selection within the fixed income and small- and mid-cap equity allocations. Within the fixed income allocation, the Invesco 1-30 Laddered Treasury ETF and Invesco Taxable Municipal Bond ETF were the leading detractors. Within the equity allocation, the Invesco Discovery Mid Cap Growth Fund was the primary detractor.

Conversely, allocations to other fixed income funds and allocations to style-specific equities were the leading contributors to relative performance during the fiscal year. Within the allocations, the Invesco Variable Rate Investment Grade ETF, Invesco Master Loan Fund, Invesco S&P 500 Low Volatility ETF and Invesco S&P 500 Pure Value ETF were the leading contributors.

the creation of leverage and may be less liquid than traditional securities.

Thank you for your continued investment in the Invesco Select Risk: Moderately Conservative Investor Fund.

Portfolio manager(s):

Jeffrey Bennett

Jacob Borbidge

Duy Nguyen

See important Fund and, if applicable, index disclosures later in this report.


2		Invesco Select Risk: Moderately Conservative Investor Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/12

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


3		Invesco Select Risk: Moderately Conservative Investor Fund



Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges

Class A Shares
Inception (4/29/05)	3.39	%
10 Years	2.31
5 Years	0.33
1 Year	-21.25

Class C Shares
Inception (4/29/05)	3.39	%
10 Years	2.28
5 Years	0.72
1 Year	-18.09

Class R Shares
Inception (4/29/05)	3.47	%
10 Years	2.64
5 Years	1.24
1 Year	-16.90

Class S Shares
Inception (6/3/11)	3.56	%
10 Years	3.00
5 Years	1.58
1 Year	-16.66

Class Y Shares
Inception (10/3/08)	4.54	%
10 Years	3.16
5 Years	1.73
1 Year	-16.49

Class R5 Shares
Inception (4/29/05)	4.02	%
10 Years	3.21
5 Years	1.79
1 Year	-16.40

Class R6 Shares
10 Years	3.07	%
5 Years	1.81
1 Year	-16.33

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class S, Class Y, Class R5 and Class R6 shares do not have

a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.


4		Invesco Select Risk: Moderately Conservative Investor Fund

Supplemental Information

Invesco Select Risk: Moderately Conservative Investor Fund’s investment objective is total return consistent with a lower level of risk relative to the broad stock market.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The Bloomberg Global Aggregate USD Hedged Index tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar.

∎	The Custom Invesco Select Risk: Moderately Conservative Index is composed of 40% MSCI All Country World Index and 60% Bloomberg Global Aggregate USD Hedged Index.

∎	The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


5		Invesco Select Risk: Moderately Conservative Investor Fund

Fund Information

Portfolio Composition*


By fund type	% of total investments

Fixed Income Funds		56.61	%

Equity Funds		38.14

Alternative Funds		5.03

Money Market Funds		0.22

*	Based on the Schedule of Investments, which classifies each underlying fund and other investments into broad asset classes based on their predominant investments.

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. Data presented here are as of December 31, 2022.


6		Invesco Select Risk: Moderately Conservative Investor Fund

Schedule of Investments

December 31, 2022

Invesco Select Risk: Moderately Conservative Investor Fund

Schedule of Investments in Affiliated Issuers–99.95%^(a)


	% of Net Assets 12/31/22			Value 12/31/21		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 12/31/22		Value 12/31/22
Alternative Funds–5.02%
Invesco Global Real Estate Income Fund, Class R6^(b)		1.92	%	$	6,832,193	$	1,145,268	$	(767,578	)	$	(1,568,852	)	$	39,072		$	94,184		726,048	$	5,619,614
Invesco Macro Allocation Strategy Fund, Class R6^(c)		3.10	%		12,205,700		991,721		(2,771,805	)		(896,234	)		(434,769	)		–		1,209,390		9,094,613
Total Alternative Funds					19,037,893		2,136,989		(3,539,383	)		(2,465,086	)		(395,697	)		94,184				14,714,227
Domestic Equity Funds–20.93%
Invesco Discovery Mid Cap Growth Fund, Class R6^(c)		2.89	%		16,600,843		3,638,709		(7,082,591	)		(3,518,960	)		(1,155,204	)		—		335,156		8,482,797
Invesco Main Street Small Cap Fund, Class R6		1.54	%		5,624,496		355,189		(588,983	)		(875,555	)		(14,947	)		27,507		251,548		4,500,200
Invesco Russell 1000^®Dynamic Multifactor ETF		5.17	%		16,154,541		5,400,388		(3,723,205	)		(2,416,840	)		(275,099	)		243,678		352,580		15,139,785
Invesco S&P 500^®Low Volatility ETF		4.27	%		9,006,795		7,354,299		(2,884,616	)		(972,181	)		19,911			255,435		195,997		12,524,208
Invesco S&P 500^®Pure Growth ETF		3.59	%		13,878,913		3,951,788		(3,402,785	)		(3,884,354	)		(27,741	)		80,644		69,361		10,515,821
Invesco S&P 500^®Pure Value ETF		2.43	%		7,489,546		2,470,590		(2,537,138	)		(648,968	)		345,856			167,802		91,304		7,119,886
Invesco S&P SmallCap Low Volatility ETF		1.04	%		5,734,588		139,845		(2,143,291	)		(1,244,678	)		549,674			95,063		67,991		3,036,138
Total Domestic Equity Funds					74,489,722		23,310,808		(22,362,609	)		(13,561,536	)		(557,550	)		870,129				61,318,835
Fixed Income Funds–56.59%
Invesco 1-30 Laddered Treasury ETF		14.32	%		37,830,314		21,629,153		(7,712,233	)		(8,680,149	)		(1,110,569	)		782,128		1,460,373		41,956,516
Invesco Core Plus Bond Fund, Class R6		14.04	%		51,799,306		3,931,903		(5,503,742	)		(8,374,424	)		(731,035	)		1,598,996		4,513,942		41,122,008
Invesco Fundamental High Yield^®Corporate Bond ETF		4.00	%		17,155,842		422,874		(3,964,006	)		(1,550,478	)		(360,076	)		455,608		683,654		11,704,156
Invesco Income Fund, Class R6		1.72	%		10,394,838		502,556		(4,908,570	)		(970,562	)		13,658			240,216		734,587		5,031,920
Invesco International Bond Fund, Class R6^(b)		3.19	%		21,220,026		755,997		(10,055,634	)		(968,408	)		(1,247,343	)		60,368		2,169,214		9,327,619
Invesco Master Loan Fund, Class R6		5.11	%		17,007,538		1,864,461		(2,914,115	)		(901,568	)		(77,530	)		1,074,910		988,373		14,978,786
Invesco Taxable Municipal Bond ETF		8.95	%		45,510,013		3,175,113		(13,456,089	)		(6,775,987	)		(2,222,962	)		979,044		1,020,229		26,230,088
Invesco Variable Rate Investment Grade ETF		5.26	%		11,337,119		8,775,424		(4,480,176	)		(180,785	)		(36,323	)		370,382		623,847		15,415,259
Total Fixed Income Funds					212,254,996		41,057,481		(52,994,565	)		(28,402,361	)		(5,772,180	)		5,561,652				165,766,352
Foreign Equity Funds–17.19%
Invesco EQV Emerging Markets All Cap Fund, Class R6^(d)		1.49	%		—		5,284,015		(792,629	)		(104,755	)		(23,164	)		76,361		141,076		4,363,467
Invesco Developing Markets Fund, Class R6		2.11	%		13,103,674		1,685,908		(5,541,001	)		(634,873	)		(2,439,892	)		71,805		176,799		6,173,816
Invesco Global Fund, Class R6^(b)		5.79	%		28,629,662		8,395,370		(9,187,205	)		(8,253,953	)		(516,202	)		–		224,222		16,978,069
Invesco Global Infrastructure Fund, Class R6		0.99	%		4,028,327		119,305		(922,681	)		(443,243	)		114,445			61,632		249,239		2,896,153
Invesco International Select Equity Fund, Class R6		1.27	%		9,313,876		834,350		(4,239,700	)		(705,785	)		(1,494,060	)		37,099		409,347		3,708,681
Invesco International Small-Mid Company Fund, Class R6^(b)		1.00	%		6,733,606		803,628		(2,735,650	)		(1,460,935	)		(403,523	)		12,508		75,007		2,929,006
Invesco RAFI^™ Strategic Developed ex-US ETF		1.99	%		3,699,040		3,934,906		(1,081,836	)		(680,203	)		(32,113	)		175,513		217,416		5,839,794
Invesco S&P Emerging Markets Low Volatility ETF		1.53	%		–		5,215,376		(99,959	)		(611,388	)		(9,463	)		124,481		195,331		4,494,566
Invesco S&P International Developed Low Volatility ETF		1.02	%		7,543,112		240,652		(4,131,110	)		(1,001,309	)		331,599			168,798		111,387		2,982,944
Total Foreign Equity Funds					73,051,297		26,513,510		(28,731,771	)		(13,896,444	)		(4,472,373	)		728,197				50,366,496
Money Market Funds–0.22%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(e)		0.08	%		1,125,363		27,709,947		(28,608,025	)		–			–			4,984		227,285		227,285

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


7		Invesco Select Risk: Moderately Conservative Investor Fund

Invesco Select Risk: Moderately Conservative Investor Fund (continued)

Schedule of Investments in Affiliated Issuers–99.95%^(a)


	% of Net Assets 12/31/22			Value 12/31/21		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income			Shares 12/31/22		Value 12/31/22
Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(e)		0.05	%	$	639,870	$	19,792,823	$	(20,278,550	)	$	4		$	733		$	4,399			154,834	$	154,880
Invesco Treasury Portfolio, Institutional Class, 4.20%^(e)		0.09	%		1,286,129		31,668,511		(32,694,886	)		–			–			6,801			259,754		259,754
Total Money Market Funds					3,051,362		79,171,281		(81,581,461	)		4			733			16,184					641,919
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan) (Cost $314,566,838)		99.95	%		381,885,270		172,190,069		(189,209,789	)		(58,325,423	)		(11,197,067	)		7,270,346					292,807,829
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.00%
Invesco Private Government Fund, 4.28%^(e)(f)		–			1,306,080		52,859,588		(54,165,668	)		–			–			35,251	^(g)		–		–
Invesco Private Prime Fund, 4.46%^(e)(f)		–			2,978,648		122,990,239		(125,966,910	)		–			(1,977	)		96,172	^(g)		–		–
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $0)		0.00	%		4,284,728		175,849,827		(180,132,578	)		–			(1,977	)		131,423					–
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $314,566,838)		99.95	%	$	386,169,998	$	348,039,896	$	(369,342,367	)	$	(58,325,423	)	$	(11,199,044	)^(h)	$	7,401,769				$	292,807,829
OTHER ASSETS LESS LIABILITIES		0.05	%																				142,774
NET ASSETS		100.00	%																			$	292,950,603

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)	Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.

^(b)	Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

^(c)	Non-income producing security.

^(d)	Effective February 28, 2022, the underlying fund’s name changed.

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1H.

^(g)	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(h)	Includes capital gains distributions from affiliated underlying funds as follows:


Fund Name	Capital Gain
Invesco Global Fund	$	2,089,603
Invesco International Small-Mid Company Fund		8,120

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


8		Invesco Select Risk: Moderately Conservative Investor Fund

Statement of Assets and Liabilities

December 31, 2022


Assets:

Investments in affiliated underlying funds, at value (Cost $314,566,838)	$	292,807,829


Cash		4,502


Receivable for:
Investments sold - affiliated underlying funds		882,659


Fund shares sold		309,322


Dividends - affiliated underlying funds		450,671


Investment for trustee deferred compensation and retirement plans		44,349


Other assets		42,106


Total assets		294,541,438



Liabilities:
Payable for:
Investments purchased - affiliated underlying funds		441,474


Fund shares reacquired		906,444


Accrued fees to affiliates		143,406


Accrued trustees’ and officers’ fees and benefits		3,136


Accrued other operating expenses		45,232


Trustee deferred compensation and retirement plans		51,143


Total liabilities		1,590,835


Net assets applicable to shares outstanding	$	292,950,603



Net assets consist of:
Shares of beneficial interest	$	328,564,348


Distributable earnings (loss)		(35,613,745	)


	$	292,950,603


Net Assets:
Class A	$	248,676,878


Class C	$	16,083,594


Class R	$	8,954,951


Class S	$	1,567,148


Class Y	$	17,526,154


Class R5	$	96,181


Class R6	$	45,697



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		26,143,109


Class C		1,711,694


Class R		945,713


Class S		164,540


Class Y		1,845,668


Class R5		10,065


Class R6		4,782


Class A:
Net asset value per share	$	9.51


Maximum offering price per share (Net asset value of $9.51 ÷ 94.50%)	$	10.06


Class C:
Net asset value and offering price per share	$	9.40


Class R:
Net asset value and offering price per share	$	9.47


Class S:
Net asset value and offering price per share	$	9.52


Class Y:
Net asset value and offering price per share	$	9.50


Class R5:
Net asset value and offering price per share	$	9.56


Class R6:
Net asset value and offering price per share	$	9.56

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Invesco Select Risk: Moderately Conservative Investor Fund

Statement of Operations

For the year ended December 31, 2022


Investment income:

Dividends from affiliated underlying funds (includes net securities lending income of $59,626)	$	7,329,972


Interest		53,487


Total investment income		7,383,459



Expenses:

Administrative services fees		48,114


Custodian fees		4,472


Distribution fees:
Class A		692,388


Class C		191,252


Class R		42,885


Class S		2,565


Transfer agent fees – A, C, R, S and Y		400,041


Transfer agent fees – R5		44


Transfer agent fees – R6		15


Trustees’ and officers’ fees and benefits		19,750


Registration and filing fees		96,100


Reports to shareholders		14,999


Professional services fees		33,451


Other		18,761


Total expenses		1,564,837


Less: Expense offset arrangement(s)		(2,245	)


Net expenses		1,562,592


Net investment income		5,820,867



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Affiliated underlying fund shares		(13,296,767	)


Capital gain distributions from affiliated underlying fund shares		2,097,723


		(11,199,044	)


Change in net unrealized appreciation (depreciation) of affiliated underlying fund shares		(58,325,423	)


Net realized and unrealized gain (loss)		(69,524,467	)


Net increase (decrease) in net assets resulting from operations	$	(63,703,600	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Invesco Select Risk: Moderately Conservative Investor Fund

Statement of Changes in Net Assets

For the years ended December 31, 2022 and 2021


	2022			2021


Operations:

Net investment income	$	5,820,867		$	4,405,432


Net realized gain (loss)		(11,199,044	)		19,137,130


Change in net unrealized appreciation (depreciation)		(58,325,423	)		1,848,210


Net increase (decrease) in net assets resulting from operations		(63,703,600	)		25,390,772



Distributions to shareholders from distributable earnings:

Class A		(11,115,426	)		(15,934,233	)


Class C		(608,915	)		(1,040,411	)


Class R		(356,214	)		(452,945	)


Class S		(70,925	)		(101,131	)


Class Y		(846,632	)		(630,289	)


Class R5		(4,459	)		(5,184	)


Class R6		(1,871	)		(1,886	)


Total distributions from distributable earnings		(13,004,442	)		(18,166,079	)



Return of capital:

Class A		(178,713	)		-


Class C		(7,293	)		-


Class R		(4,918	)		-


Class S		(1,166	)		-


Class Y		(14,568	)		-


Class R5		(76	)		-


Class R6		(27	)		-


Total return of capital		(206,761	)		-


Total distributions		(13,211,203	)		(18,166,079	)



Share transactions–net:

Class A		(17,524,674	)		25,701,760


Class C		(3,969,209	)		(3,419,010	)


Class R		1,003,513			1,979,083


Class S		(39,358	)		(49,735	)


Class Y		9,072,926			1,775,486


Class R5		9,458			99,654


Class R6		11,888			28,671


Net increase (decrease) in net assets resulting from share transactions		(11,435,456	)		26,115,909


Net increase (decrease) in net assets		(88,350,259	)		33,340,602



Net assets:

Beginning of year		381,300,862			347,960,260


End of year	$	292,950,603		$	381,300,862

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


11		Invesco Select Risk: Moderately Conservative Investor Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income^(a)^(b)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Return of capital			Total distributions			Net asset value, end of period		Total return^(c)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(d)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets^(b)			Portfolio turnover ^(e)
Class A
Year ended 12/31/22		$11.93		$0.19		$(2.18	)		$(1.99	)		$(0.18	)		$(0.24	)		$(0.01	)		$(0.43	)		$ 9.51		(16.69	)%		$248,677		0.44	%		0.44	%		1.83	%		29	%
Year ended 12/31/21		11.69		0.15		0.69			0.84			(0.23	)		(0.37	)		–			(0.60	)		11.93		7.26			331,992		0.44			0.44			1.25			28
Year ended 12/31/20		11.47		0.20		0.94			1.14			(0.27	)		(0.65	)		–			(0.92	)		11.69		10.23			300,116		0.47			0.47			1.81			86
Year ended 12/31/19		10.68		0.35		1.18			1.53			(0.35	)		(0.39	)		–			(0.74	)		11.47		14.39			257,703		0.48			0.48			3.01			28
Year ended 12/31/18		11.63		0.28		(0.80	)		(0.52	)		(0.28	)		(0.15	)		–			(0.43	)		10.68		(4.50	)		210,248		0.50			0.50			2.43			23
Class C
Year ended 12/31/22		11.79		0.11		(2.15	)		(2.04	)		(0.11	)		(0.24	)		–			(0.35	)		9.40		(17.29	)		16,084		1.19			1.19			1.08			29
Year ended 12/31/21		11.55		0.06		0.68			0.74			(0.13	)		(0.37	)		–			(0.50	)		11.79		6.53			24,758		1.19			1.19			0.50			28
Year ended 12/31/20		11.34		0.12		0.92			1.04			(0.18	)		(0.65	)		–			(0.83	)		11.55		9.40			27,569		1.22			1.22			1.06			86
Year ended 12/31/19		10.57		0.26		1.16			1.42			(0.26	)		(0.39	)		–			(0.65	)		11.34		13.45			33,282		1.23			1.23			2.26			28
Year ended 12/31/18		11.51		0.19		(0.79	)		(0.60	)		(0.19	)		(0.15	)		–			(0.34	)		10.57		(5.21	)		57,060		1.25			1.25			1.68			23
Class R
Year ended 12/31/22		11.88		0.16		(2.16	)		(2.00	)		(0.16	)		(0.24	)		(0.01	)		(0.41	)		9.47		(16.90	)		8,955		0.69			0.69			1.58			29
Year ended 12/31/21		11.64		0.12		0.69			0.81			(0.20	)		(0.37	)		–			(0.57	)		11.88		7.02			10,020		0.69			0.69			1.00			28
Year ended 12/31/20		11.42		0.18		0.93			1.11			(0.24	)		(0.65	)		–			(0.89	)		11.64		9.99			7,877		0.72			0.72			1.56			86
Year ended 12/31/19		10.64		0.32		1.17			1.49			(0.32	)		(0.39	)		–			(0.71	)		11.42		14.05			7,777		0.73			0.73			2.76			28
Year ended 12/31/18		11.58		0.25		(0.79	)		(0.54	)		(0.25	)		(0.15	)		–			(0.40	)		10.64		(4.68	)		7,410		0.75			0.75			2.18			23
Class S
Year ended 12/31/22		11.95		0.20		(2.19	)		(1.99	)		(0.19	)		(0.24	)		(0.01	)		(0.44	)		9.52		(16.66	)		1,567		0.34			0.34			1.93			29
Year ended 12/31/21		11.70		0.16		0.70			0.86			(0.24	)		(0.37	)		–			(0.61	)		11.95		7.46			2,009		0.34			0.34			1.35			28
Year ended 12/31/20		11.48		0.22		0.93			1.15			(0.28	)		(0.65	)		–			(0.93	)		11.70		10.33			2,012		0.37			0.37			1.91			86
Year ended 12/31/19		10.70		0.36		1.17			1.53			(0.36	)		(0.39	)		–			(0.75	)		11.48		14.39			1,877		0.38			0.38			3.11			28
Year ended 12/31/18		11.64		0.29		(0.79	)		(0.50	)		(0.29	)		(0.15	)		–			(0.44	)		10.70		(4.31	)		1,814		0.40			0.40			2.53			23
Class Y
Year ended 12/31/22		11.92		0.21		(2.17	)		(1.96	)		(0.21	)		(0.24	)		(0.01	)		(0.46	)		9.50		(16.49	)		17,526		0.19			0.19			2.08			29
Year ended 12/31/21		11.67		0.18		0.70			0.88			(0.26	)		(0.37	)		–			(0.63	)		11.92		7.63			12,372		0.19			0.19			1.50			28
Year ended 12/31/20		11.45		0.23		0.93			1.16			(0.29	)		(0.65	)		–			(0.94	)		11.67		10.52			10,363		0.22			0.22			2.06			86
Year ended 12/31/19		10.67		0.37		1.18			1.55			(0.38	)		(0.39	)		–			(0.77	)		11.45		14.59			9,457		0.23			0.23			3.26			28
Year ended 12/31/18		11.62		0.31		(0.80	)		(0.49	)		(0.31	)		(0.15	)		–			(0.46	)		10.67		(4.27	)		6,268		0.25			0.25			2.68			23
Class R5
Year ended 12/31/22		11.99		0.22		(2.18	)		(1.96	)		(0.22	)		(0.24	)		(0.01	)		(0.47	)		9.56		(16.40	)		96		0.12			0.12			2.15			29
Year ended 12/31/21		11.74		0.19		0.69			0.88			(0.26	)		(0.37	)		–			(0.63	)		11.99		7.65			109		0.15			0.15			1.54			28
Year ended 12/31/20		11.52		0.24		0.93			1.17			(0.30	)		(0.65	)		–			(0.95	)		11.74		10.51			11		0.19			0.19			2.09			86
Year ended 12/31/19		10.73		0.38		1.18			1.56			(0.38	)		(0.39	)		–			(0.77	)		11.52		14.69			11		0.19			0.20			3.30			28
Year ended 12/31/18		11.68		0.31		(0.80	)		(0.49	)		(0.31	)		(0.15	)		–			(0.46	)		10.73		(4.18	)		10		0.21			0.21			2.72			23
Class R6
Year ended 12/31/22		11.98		0.22		(2.17	)		(1.95	)		(0.22	)		(0.24	)		(0.01	)		(0.47	)		9.56		(16.33	)		46		0.12			0.12			2.15			29
Year ended 12/31/21		11.74		0.19		0.68			0.87			(0.26	)		(0.37	)		–			(0.63	)		11.98		7.56			41		0.15			0.15			1.54			28
Year ended 12/31/20		11.52		0.24		0.93			1.17			(0.30	)		(0.65	)		–			(0.95	)		11.74		10.51			12		0.19			0.19			2.09			86
Year ended 12/31/19		10.73		0.38		1.18			1.56			(0.38	)		(0.39	)		–			(0.77	)		11.52		14.69			10		0.19			0.20			3.30			28
Year ended 12/31/18		11.67		0.31		(0.79	)		(0.48	)		(0.31	)		(0.15	)		–			(0.46	)		10.73		(4.10	)		9		0.21			0.21			2.72			23

^(a)	Calculated using average shares outstanding.

^(b)	Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

^(c)

^(d)

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds 0.45%, 0.49%, 0.51%, 0.51% and 0.53% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.

^(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


12		Invesco Select Risk: Moderately Conservative Investor Fund

Notes to Financial Statements

December 31, 2022

NOTE 1–Significant Accounting Policies

Invesco Select Risk: Moderately Conservative Investor Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is total return consistent with a lower level of risk relative to the broad stock market.

The Fund is a “fund of funds”, in that it invests in other mutual funds (“underlying funds”) advised by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) and exchange-traded funds advised by Invesco Capital Management LLC (“Invesco Capital”), an affiliate of Invesco, or other unaffiliated advisers. The Adviser may change the Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuations - Securities of investment companies listed or traded on an exchange are generally valued at the trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Fund, as a result of having the same investment adviser, are set forth below.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


13		Invesco Select Risk: Moderately Conservative Investor Fund

Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Expenses - Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.

Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

Securities Lending - The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for


14		Invesco Select Risk: Moderately Conservative Investor Fund

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2022, the Fund paid the Adviser $770 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated underlying funds on the Statement of Operations.

Other Risks - Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers’ securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Adviser has contractually agreed, through June 30, 2023, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.40%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the expense reimbursement agreement, it will terminate on June 30, 2023. During its term, the expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement without approval of the Board of Trustees. The Adviser did not reimburse expenses during the period under these expense limits.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2022, IDI advised the Fund that IDI retained $29,302 in front-end sales commissions from the sale of Class A shares and $13,789 and $2,124 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

The underlying Invesco Funds pay no distribution fees for Class R6 shares and the Funds pay no sales loads or other similar compensation to IDI for acquiring underlying fund shares.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


15		Invesco Select Risk: Moderately Conservative Investor Fund

available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2	Level 3	Total


Investments in Securities


Affiliated Issuers	$	292,165,910	$–	$–	$	292,165,910


Money Market Funds		641,919	–	–		641,919


Total Investments	$	292,807,829	$–	$–	$	292,807,829

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:


	2022		2021


Ordinary income*	$	6,057,918	$	16,251,362


Long-term capital gain		6,946,524		1,914,717


Return of capital		206,761		–


Total distributions	$	13,211,203	$	18,166,079

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2022


Net unrealized appreciation (depreciation) – investments	$	(27,834,306	)


Temporary book/tax differences		(39,121	)


Capital loss carryforward		(7,740,318	)


Shares of beneficial interest		328,564,348


Total net assets	$	292,950,603


16		Invesco Select Risk: Moderately Conservative Investor Fund

The Fund has a capital loss carryforward as of December 31, 2022, as follows:


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term		Total


Not subject to expiration	$	3,454,437	$	4,285,881	$	7,740,318

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2022 was $93,018,788 and $107,628,328, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	12,251,000


Aggregate unrealized (depreciation) of investments		(40,085,306	)


Net unrealized appreciation (depreciation) of investments	$	(27,834,306	)

Cost of investments for tax purposes is $320,642,135.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions and return of capital distributions, on December 31, 2022, undistributed net investment income was increased by $143,298, undistributed net realized gain (loss) was increased by $63,463 and shares of beneficial interest was decreased by $206,761. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity



	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		3,913,981		$	40,339,954			5,446,631		$	65,972,089


Class C		444,004			4,579,693			492,238			5,862,630


Class R		349,475			3,601,407			345,361			4,149,561


Class S		1,564			16,200			4,800			59,558


Class Y		1,101,986			12,109,546			389,216			4,682,496


Class R5		588			6,032			9,308			113,682


Class R6		2,713			27,965			2,398			29,180



Issued as reinvestment of dividends:
Class A		1,079,790			10,546,978			1,259,071			14,963,129


Class C		60,731			583,120			84,391			989,281


Class R		36,972			358,613			38,102			450,409


Class S		7,364			72,091			8,495			101,131


Class Y		82,662			807,223			45,779			543,603


Class R5		417			4,089			383			4,579


Class R6		152			1,485			111			1,328



Automatic conversion of Class C shares to Class A shares:
Class A		158,199			1,636,174			225,877			2,728,054


Class C		(160,206	)		(1,636,174	)		(228,581	)		(2,728,054	)


17		Invesco Select Risk: Moderately Conservative Investor Fund


	Summary of Share Activity


	Year ended December 31, 2022^(a)						Year ended December 31, 2021
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(6,830,674	)	$	(70,047,780	)		(4,789,672	)	$	(57,961,512	)


Class C		(732,401	)		(7,495,848	)		(634,657	)		(7,542,867	)


Class R		(284,285	)		(2,956,507	)		(216,817	)		(2,620,887	)


Class S		(12,505	)		(127,649	)		(17,072	)		(210,424	)


Class Y		(377,272	)		(3,843,843	)		(284,740	)		(3,450,613	)


Class R5		(63	)		(663	)		(1,517	)		(18,607	)


Class R6		(1,496	)		(17,562	)		(151	)		(1,837	)


Net increase (decrease) in share activity		(1,158,304	)	$	(11,435,456	)		2,178,954		$	26,115,909

^(a)

In addition, 3% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


18		Invesco Select Risk: Moderately Conservative Investor Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Select Risk: Moderately Conservative Investor Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Select Risk: Moderately Conservative Investor Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2023


19		Invesco Select Risk: Moderately Conservative Investor Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)¹	Expenses Paid During Period²	Ending Account Value (12/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$996.10	$2.21	$1,022.99	$2.24	0.44%
Class C	1,000.00	993.20	5.98	1,019.21	6.06	1.19
Class R	1,000.00	995.80	3.47	1,021.73	3.52	0.69
Class S	1,000.00	996.60	1.71	1,023.49	1.73	0.34
Class Y	1,000.00	998.40	0.96	1,024.25	0.97	0.19
Class R5	1,000.00	998.90	0.55	1,024.65	0.56	0.11
Class R6	1,000.00	998.90	0.55	1,024.65	0.56	0.11

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


20		Invesco Select Risk: Moderately Conservative Investor Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$6,946,524
Qualified Dividend Income*	24.14	%
Corporate Dividends Received Deduction*	15.18	%
U.S. Treasury Obligations*	15.53	%
Qualified Business Income*	1.36	%
Business Interest Income*	51.30	%



		* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


21		Invesco Select Risk: Moderately Conservative Investor Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 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)	189	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.


T-1		Invesco Select Risk: Moderately Conservative Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Select Risk: Moderately Conservative Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Select Risk: Moderately Conservative Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; 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; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	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); 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.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; 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; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Select Risk: Moderately Conservative Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; 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; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); 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); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
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.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes- 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Select Risk: Moderately Conservative Investor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Select Risk: Moderately Conservative Investor Fund

LOGO

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

LOGO


SEC file number(s): 811-02699 and 002-57526		Invesco Distributors, Inc.		CAL-AR-1

LOGO



Annual Report to Shareholders		December 31, 2022

Invesco Small Cap Growth Fund

Nasdaq:

A: GTSAX ∎ C: GTSDX ∎ R: GTSRX ∎ Y: GTSYX ∎ Investor: GTSIX ∎ R5: GTSVX ∎ R6: GTSFX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

11		Financial Statements

14		Financial Highlights

15		Notes to Financial Statements

21		Report of Independent Registered Public Accounting Firm

22		Fund Expenses

23		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended December 31, 2022, Class A shares of Invesco Small Cap Growth Fund (the Fund), at net asset value (NAV), underperformed the Russell 2000 Growth Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/21 to 12/31/22, 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	-35.60	%
Class C Shares	-36.10
Class R Shares	-35.79
Class Y Shares	-35.44
Investor Class Shares	-35.58
Class R5 Shares	-35.39
Class R6 Shares	-35.35
S&P 500 Index^▼(Broad Market Index)	-18.11
Russell 2000 Growth Index^▼(Style-Specific Index)	-26.36
Lipper Small-Cap Growth Funds Index^∎(Peer Group Index)	-26.54

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the US Federal Reserve’s (the Fed) shift toward tighter monetary policy. Russia’s invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.¹ Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and indicated it would “taper” its asset purchase program quickly.²

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the consumer price index rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.3 Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high, above $5 per gallon in early June.¹ In an effort to tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.² US equity markets rose in July and August until Fed chairman Jerome Powell’s hawkish comments at an economic policy symposium held in

Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.²

After experiencing a sharp drop in September 2022, US equity markets rebounded in October and November,⁴ despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data shows inflation meaningfully declining, sent markets lower in December.⁴ As energy prices declined,¹ the rate of inflation slowed modestly in the fourth quarter.³ Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multidecade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.²

In this environment, US stocks had negative double-digit returns for the fiscal year of -18.11%, as measured by the S&P 500 Index.⁴

Given this environment, the Fund produced a negative return and underperformed its style-specific benchmark, the Russell 2000 Growth Index, during the fiscal year. A challenging macro-economic environment brought about by COVID-19 driven supply-chain disruptions and followed by Russia’s invasion of Ukraine meant that inflation would stay higher for longer and central banks would need to aggressively raise interest rates to combat record inflation levels. As a result of more persistent inflation and the Fed’s shift in interest rate policy, small caps and growth-oriented equities sold off as investors scrambled to reposition portfolios more defensively.

At a sector level, relative Fund performance was negatively impacted by stock selection in several sectors including health care, industrials, materials, information technology (IT), consumer staples and consumer discretionary. Stock selection in the energy sector was also a headwind, but the portfolio’s underweight relative to the benchmark was a bigger detractor to Fund performance as energy companies broadly experienced strong performance as supply-chain constraints and the ongoing war in Ukraine pushed energy prices higher. Active positioning relative to the benchmark in the IT and consumer staples sectors were also head-winds during the fiscal year. Alternatively, the leading contributors to relative Fund performance included stock selection in the financials, communication services, real estate and utilities sectors. An underweight in the real estate sector and the portfolio’s ancillary cash position also provided a boost to relative Fund performance during the fiscal year.

On an individual stock basis, the leading absolute detractor from Fund performance was Kornit Digital. Kornit Digital develops industrial and commercial printing solutions for apparel. Disappointing guidance driven by a slower pace of consumable purchases and the timing of new system deliveries weighed on stock performance. Additionally, rising interest rates and elevated geopolitical risks caused investor sentiment to sour on this higher-growth higher-valuation business. We sold our position during the fiscal year to reallocate capital into businesses with higher quality and more stable revenues.

Semiconductor company, Ambarella, after putting together a string of solid quarterly marks, reported in-line results and disappointing guidance due to supply-chain issues in the first half of 2022. Specifically, Ambarella’s long-time wafer supplier, Samsung reported that Ambarella’s supply would be constrained in the second quarter and could not quantify the impact for the second half of the fiscal year, which made the near-term outlook for the company much less compelling. We exited our position in this company during the fiscal year as a result.

Another leading absolute detractor from Fund performance was Ranpak Holdings, which makes paper packing material machines and proprietary paper products. Initial headwinds faced by Ranpak Holdings were due to enterprise software implementation downtime and supply-chain bottlenecks. Subsequently, with roughly 40-45% of the company’s sales coming from Europe, the fallout from the Ukraine war caused significant disruptions to the business. In an effort to reduce exposure to names with significant ties to Europe, we decided to exit our position in this company during the fiscal year.

The leading contributor to absolute Fund performance during the fiscal year was Halozyme Therapeutics, which is a biotechnology firm focused on the development of


2		Invesco Small Cap Growth Fund

novel oncology therapies used on human enzymes with the aim of altering tumors. Halozyme Therapetics’ share price received a boost after its acquisition of Antares (not a fund holding) and the subsequent solid reported earnings and revenue that beat analyst estimates. Revenue growth was 80.1%, which boosted third quarter adjusted earnings that were up 35% year-over-year. Management’s forward guidance was also upbeat due to robust demand for several of its therapies.

Another leading contributor to absolute Fund performance was LPL Financial, which did relatively well in the fiscal year versus other interest rate-sensitive stocks due to its ability to provide good interest rate exposure with less credit risk than a bank, while also delivering strong growth in assets under management as more registered investment advisors join the LPL platform. This is a continuation of trends that have been ongoing for several quarters.

Valmont Industries was also among the top absolute contributors to Fund performance during the fiscal year. Valmont Industries makes highly engineered steel structures and sells them to a variety of end markets, all of which are seeing solid demand growth and appear to have multi-year growth drivers relatively insulated from the broader economy. Valmont Industries also delivered decent earnings and modestly raised fourth quarter guidance.

We wish to remind you that all positioning changes are based on bottom-up stock selection, while disciplined portfolio construction acts as a risk control and ensures alignment with small-cap market sector exposure with modest over- and under-weights. The portfolio tends to have higher quality and larger market cap biases relative to its style-specific benchmark. Structural underweights include real estate investment trusts and pharma/biotech. To manage the risk of binary events, companies with either phase III clinical data showing proven efficacy or an existing revenue stream are preferred. Relative to the style-specific benchmark, the Fund’s largest sector overweights were in IT and consumer discretionary sectors. The largest sector underweights are in materials, energy and health care sectors.

The war in Ukraine has continued to drive market uncertainty and persistent inflationary pressure. The Fed continues to aggressively raise interest rates to combat inflation, causing meaningful slowing in housing and significantly tighter financial conditions. We believe, the US economy could enter a recession in 2023, as we expect the Fed will continue raising rates to combat inflation despite the weakening economy given the labor market remains healthy. We anticipate earnings expectations to further decline as we enter the new year and our overall outlook remains guarded. In this environment, we have repositioned the portfolio into high-quality, stable revenue and energy stocks and away from long-duration growth and cyclical revenue stocks.

Thank you for your commitment to the Invesco Small Cap Growth Fund and for sharing our long-term investment horizon.

1	Source: Bloomberg LP

2	Source: US Federal Reserve

3	Source: US Bureau of Labor Statistics

4	Source: Lipper Inc.

Portfolio manager(s):

Juan Hartsfield - Lead

Clay Manley

Justin Sander

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Small Cap Growth Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment — Oldest Share Class(es)

Fund and index data from 12/31/12

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco Small Cap Growth Fund



Average Annual Total Returns
As of 12/31/22, including maximum applicable sales charges

Class A Shares
Inception (10/18/95)	9.47	%
10 Years	9.08
5 Years	3.01
1 Year	-39.13

Class C Shares
Inception (5/3/99)	7.91	%
10 Years	9.04
5 Years	3.39
1 Year	-36.67

Class R Shares
Inception (6/3/02)	7.99	%
10 Years	9.41
5 Years	3.91
1 Year	-35.79

Class Y Shares
Inception (10/3/08)	10.62	%
10 Years	9.97
5 Years	4.44
1 Year	-35.44

Investor Class Shares
Inception (4/7/06)	7.82	%
10 Years	9.72
5 Years	4.22
1 Year	-35.58

Class R5 Shares
Inception (3/15/02)	8.19	%
10 Years	10.10
5 Years	4.55
1 Year	-35.39

Class R6 Shares
Inception (9/24/12)	10.13	%
10 Years	10.20
5 Years	4.64
1 Year	-35.35

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Investor Class, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.


5		Invesco Small Cap Growth Fund

Supplemental Information

Invesco Small Cap Growth Fund’s investment objective is long-term growth of capital.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2022, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

∎	The Russell 2000^® Growth Index is an unmanaged index considered representative of small-cap growth stocks. The Russell 2000 Growth Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

∎	The Lipper Small-Cap Growth Funds Index is an unmanaged index considered representative of small-cap growth funds tracked by Lipper.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

This report must be accompanied or preceded by a currently effective Fund

prospectus, which contains more complete information, including sales

charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Small Cap Growth Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Health Care		22.41	%

Information Technology		22.11

Industrials		18.15

Consumer Discretionary		13.01

Financials		5.88

Energy		5.16

Consumer Staples		4.48

Communication Services		2.30

Other Sectors, Each Less than 2% of Net Assets		4.62

Money Market Funds Plus Other Assets Less Liabilities		1.88

Top 10 Equity Holdings*


		% of total net assets

1.	Halozyme Therapeutics, Inc.		2.22	%

2.	Valmont Industries, Inc.		2.16

3.	AECOM		2.05

4.	Evoqua Water Technologies Corp.		1.91

5.	Impinj, Inc.		1.67

6.	Iridium Communications, Inc.		1.58

7.	Clean Harbors, Inc.		1.51

8.	Performance Food Group Co.		1.47

9.	Allegro MicroSystems, Inc.		1.41

10.	Texas Roadhouse, Inc.		1.36

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2022.


7		Invesco Small Cap Growth Fund

Schedule of Investments^(a)

December 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests–98.12%
Aerospace & Defense–1.57%
BWX Technologies, Inc.		345,678	$	20,076,978


Mercury Systems, Inc.^(b)(c)		351,979		15,747,541


				35,824,519



Air Freight & Logistics–0.73%
GXO Logistics, Inc.^(b)(c)		388,499		16,585,022



Alternative Carriers–1.58%
Iridium Communications, Inc.^(b)		700,917		36,027,134



Apparel, Accessories & Luxury Goods–0.99%
Kontoor Brands, Inc.^(c)		564,417		22,571,036



Application Software–8.11%
Altair Engineering, Inc., Class A^(b)(c)		469,261		21,337,298


CCC Intelligent Solutions Holdings, Inc.^(b)(c)		1,645,329		14,314,362


Clearwater Analytics Holdings, Inc.^(b)(c)		174,899		3,279,356


Descartes Systems Group, Inc. (The) (Canada)^(b)		339,249		23,628,693


Guidewire Software, Inc.^(b)(c)		299,275		18,722,644


HashiCorp, Inc., Class A^(b)(c)		209,286		5,721,879


Manhattan Associates, Inc.^(b)		196,795		23,890,913


Paycor HCM, Inc.^(b)(c)		625,413		15,303,856


Procore Technologies, Inc.^(b)(c)		388,127		18,311,832


Sprout Social, Inc., Class A^(b)(c)		362,238		20,451,958


Workiva, Inc.^(b)(c)		236,061		19,822,042


				184,784,833



Asset Management & Custody Banks–0.18%
Blucora, Inc.^(b)		158,233		4,039,688



Auto Parts & Equipment–1.83%
Fox Factory Holding Corp.^(b)(c)		252,523		23,037,673


Gentherm, Inc.^(b)(c)		285,951		18,669,741


				41,707,414



Biotechnology–6.01%
Abcam PLC, ADR (United Kingdom)^(b)		1,414,030		22,002,307


Apellis Pharmaceuticals, Inc.^(b)(c)		191,293		9,891,761


Cytokinetics, Inc.^(b)(c)		232,808		10,667,263


Halozyme Therapeutics, Inc.^(b)(c)		889,647		50,620,914


Intellia Therapeutics, Inc.^(b)(c)		159,568		5,567,328


Karuna Therapeutics, Inc.^(b)(c)		51,115		10,044,097


Mirati Therapeutics, Inc.^(b)(c)		126,311		5,723,151


Natera, Inc.^(b)(c)		559,060		22,457,440


				136,974,261



Communications Equipment–1.31%
Calix, Inc.^(b)		434,564		29,737,215



Construction & Engineering–5.29%
AECOM		548,521		46,585,889


Construction Partners, Inc., Class A^(b)		930,005		24,821,833


Valmont Industries, Inc.		148,733		49,181,541


				120,589,263


	Shares		Value


Data Processing & Outsourced Services–2.57%
ExlService Holdings, Inc.^(b)		150,832	$	25,555,466


Flywire Corp.^(b)(c)		748,526		18,316,431


Verra Mobility Corp.^(b)(c)		1,063,006		14,701,373


				58,573,270



Distributors–0.98%
Pool Corp.		73,786		22,307,721



Diversified Metals & Mining–0.18%
MP Materials Corp.^(b)(c)		164,327		3,989,860



Education Services–0.59%
Stride, Inc.^(b)(c)		429,410		13,431,945



Electronic Components–1.13%
Littelfuse, Inc.		116,510		25,655,502



Electronic Manufacturing Services–1.06%
Flex Ltd.^(b)		1,120,118		24,037,732



Environmental & Facilities Services–1.50%
Clean Harbors, Inc.^(b)		300,360		34,277,083



Financial Exchanges & Data–2.30%
Morningstar, Inc.		139,593		30,234,448


TMX Group Ltd. (Canada)		220,269		22,046,421


				52,280,869



Food Distributors–1.47%
Performance Food Group Co.^(b)		573,837		33,506,342



Food Retail–0.61%
Grocery Outlet Holding Corp.^(b)(c)		475,562		13,881,655



Gas Utilities–0.88%
New Jersey Resources Corp.		405,305		20,111,234



Health Care Equipment–6.53%
AtriCure, Inc.^(b)(c)		550,431		24,428,128


Axonics, Inc.^(b)(c)		241,181		15,081,048


Globus Medical, Inc., Class A^(b)(c)		296,510		22,021,798


Inari Medical, Inc.^(b)(c)		390,587		24,825,710


Insulet Corp.^(b)(c)		97,786		28,787,220


iRhythm Technologies, Inc.^(b)(c)		195,012		18,266,774


Mesa Laboratories, Inc.^(c)		91,919		15,277,857


				148,688,535



Health Care Facilities–1.15%
Acadia Healthcare Co., Inc.^(b)		317,540		26,139,893



Health Care Services–2.07%
Chemed Corp.		49,248		25,137,657


Guardant Health, Inc.^(b)(c)		204,301		5,556,987


R1 RCM, Inc.^(b)(c)		1,505,396		16,484,086


				47,178,730



Health Care Supplies–0.54%
Lantheus Holdings, Inc.^(b)		243,364		12,401,829



Health Care Technology–1.47%
Doximity, Inc., Class A^(b)(c)		479,603		16,095,477

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


8		Invesco Small Cap Growth Fund


	Shares		Value


Health Care Technology–(continued)
Evolent Health, Inc., Class A^(b)(c)		616,728	$	17,317,722


				33,413,199



Hotels, Resorts & Cruise Lines–2.03%
Marriott Vacations Worldwide Corp.		214,842		28,915,585


Wyndham Hotels & Resorts, Inc.		241,450		17,217,799


				46,133,384



Human Resource & Employment Services–0.75%
ASGN, Inc.^(b)		210,022		17,112,593



Industrial Machinery–3.92%
Chart Industries, Inc.^(b)(c)		144,733		16,677,584


Evoqua Water Technologies Corp.^(b)		1,096,304		43,413,638


Nordson Corp.		122,553		29,133,299


				89,224,521



Industrial REITs–1.75%
EastGroup Properties, Inc.		163,308		24,179,383


Terreno Realty Corp.		274,283		15,598,474


				39,777,857



Insurance Brokers–0.98%
BRP Group, Inc., Class A^(b)(c)		887,888		22,321,504



Interactive Media & Services–0.72%
Shutterstock, Inc.^(c)		312,513		16,475,685



Internet & Direct Marketing Retail–0.45%
Overstock.com, Inc.^(b)(c)		527,511		10,212,613



Investment Banking & Brokerage–0.66%
LPL Financial Holdings, Inc.		69,953		15,121,740



IT Consulting & Other Services–0.59%
Perficient, Inc.^(b)		191,963		13,404,776



Leisure Facilities–1.30%
Planet Fitness, Inc., Class A^(b)(c)		376,783		29,690,500



Life Sciences Tools & Services–1.29%
Repligen Corp.^(b)(c)		173,479		29,371,729



Motorcycle Manufacturers–1.20%
Harley-Davidson, Inc.		654,980		27,247,168



Oil & Gas Equipment & Services–0.97%
ChampionX Corp.		758,446		21,987,350



Oil & Gas Exploration & Production–4.19%
Chord Energy Corp.		152,669		20,886,646


Matador Resources Co.		510,628		29,228,347


Permian Resources Corp.^(c)		1,838,431		17,281,251


Range Resources Corp.		566,683		14,178,409


SM Energy Co.		394,901		13,754,402


				95,329,055



Packaged Foods & Meats–2.40%
Freshpet, Inc.^(b)(c)		290,215		15,314,646


Post Holdings, Inc.^(b)		225,677		20,369,606


Simply Good Foods Co. (The)^(b)(c)		499,073		18,979,746


				54,663,998



Pharmaceuticals–3.35%
Arvinas, Inc.^(b)(c)		235,104		8,042,908


	Shares		Value


Pharmaceuticals–(continued)
Harmony Biosciences Holdings, Inc.^(b)(c)		358,185	$	19,735,993


Intra-Cellular Therapies, Inc.^(b)(c)		263,924		13,966,858


Pacira BioSciences, Inc.^(b)(c)		395,237		15,260,101


Prestige Consumer Healthcare, Inc.^(b)		309,021		19,344,715


				76,350,575



Property & Casualty Insurance–1.76%
Hanover Insurance Group, Inc. (The)		158,533		21,422,564


Selective Insurance Group, Inc.		211,912		18,777,523


				40,200,087



Research & Consulting Services–2.23%
CACI International, Inc., Class A^(b)		65,995		19,837,437


Clarivate PLC^(b)		830,751		6,928,463


KBR, Inc.		455,383		24,044,223


				50,810,123



Restaurants–2.53%
Texas Roadhouse, Inc.		339,128		30,843,691


Wingstop, Inc.^(c)		195,124		26,852,965


				57,696,656



Semiconductor Equipment–0.53%
MKS Instruments, Inc.		141,330		11,974,891



Semiconductors–5.55%
Allegro MicroSystems, Inc. (Japan)^(b)(c)		1,071,816		32,175,916


Diodes, Inc.^(b)		203,034		15,459,009


Impinj, Inc.^(b)		347,692		37,961,013


Lattice Semiconductor Corp.^(b)		362,717		23,533,079


Power Integrations, Inc.^(c)		241,803		17,342,111


				126,471,128



Specialty Chemicals–0.85%
Element Solutions, Inc.		1,067,560		19,418,916



Specialty Stores–1.11%
National Vision Holdings, Inc.^(b)(c)		653,930		25,346,327



Steel–0.12%
Cleveland-Cliffs, Inc.^(b)(c)		163,653		2,636,450



Systems Software–1.26%
Gitlab, Inc., Class A^(b)(c)		262,558		11,930,636


KnowBe4, Inc., Class A^(b)(c)		673,603		16,691,882


				28,622,518



Trading Companies & Distributors–1.28%
WESCO International, Inc.^(b)		233,372		29,218,174



Trucking–0.88%
Saia, Inc.^(b)(c)		95,410		20,005,569



Water Utilities–0.84%
American States Water Co.		205,990		19,064,375


Total Common Stocks & Other Equity Interests (Cost $2,119,183,543)				2,234,606,046



Money Market Funds–1.98%
Invesco Government & Agency Portfolio, Institutional Class, 4.22%^(d)(e)		16,145,133		16,145,133


Invesco Liquid Assets Portfolio, Institutional Class, 4.42%^(d)(e)		10,560,914		10,564,083

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Invesco Small Cap Growth Fund


	Shares		Value


Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 4.20%^(d)(e)		18,451,581	$	18,451,581


Total Money Market Funds (Cost $45,155,732)				45,160,797


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10% (Cost $2,164,339,275)				2,279,766,843



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–19.54%
Invesco Private Government Fund, 4.28%^(d)(e)(f)		125,264,649		125,264,649


	Shares		Value


Money Market Funds–(continued)
Invesco Private Prime Fund, 4.46%^(d)(e)(f)		319,540,822	$	319,636,680


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $444,847,188)				444,901,329


TOTAL INVESTMENTS IN SECURITIES–119.64% (Cost $2,609,186,463)				2,724,668,172


OTHER ASSETS LESS LIABILITIES–(19.64)%				(447,201,958	)


NET ASSETS–100.00%			$	2,277,466,214

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at December 31, 2022.

^(d)


	Value December 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value December 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	32,241,983	$	202,047,435	$	(218,144,285	)	$	-	$	-	$	16,145,133	$	457,867
Invesco Liquid Assets Portfolio, Institutional Class		22,057,639		144,319,597		(155,817,347	)		5,064		(870)		10,564,083		320,289
Invesco Treasury Portfolio, Institutional Class		36,847,981		230,911,355		(249,307,755	)		-		-		18,451,581		510,499
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		206,465,257		777,796,345		(858,996,953	)		-		-		125,264,649		2,368,243*
Invesco Private Prime Fund		480,543,174		1,704,322,126		(1,865,291,471	)		100,810		(37,959)		319,636,680		6,513,400*
Total	$	778,156,034	$	3,059,396,858	$	(3,347,557,811	)	$	105,874	$	(38,829)	$	490,062,126	$	10,170,298

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2022.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Invesco Small Cap Growth Fund

Statement of Assets and Liabilities

December 31, 2022


Assets:
Investments in unaffiliated securities, at value (Cost $2,119,183,543)*	$	2,234,606,046


Investments in affiliated money market funds, at value (Cost $490,002,920)		490,062,126


Receivable for:
Fund shares sold		3,593,164


Dividends		1,147,017


Investment for trustee deferred compensation and retirement plans		335,326


Other assets		80,313


Total assets		2,729,823,992



Liabilities:
Payable for:
Fund shares reacquired		5,447,088


Amount due custodian		63,244


Amount due custodian - foreign currency, at value (Cost $328,370)		328,957


Collateral upon return of securities loaned		444,847,188


Accrued fees to affiliates		1,163,315


Accrued trustees’ and officers’ fees and benefits		6,182


Accrued other operating expenses		128,477


Trustee deferred compensation and retirement plans		373,327


Total liabilities		452,357,778


Net assets applicable to shares outstanding	$	2,277,466,214



Net assets consist of:
Shares of beneficial interest	$	2,404,252,346


Distributable earnings (loss)		(126,786,132	)


	$	2,277,466,214


Net Assets:
Class A	$	541,921,681


Class C	$	7,123,230


Class R	$	63,160,502


Class Y	$	129,517,851


Investor Class	$	144,075,013


Class R5	$	737,830,236


Class R6	$	653,837,701



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		23,993,715


Class C		1,004,303


Class R		3,355,156


Class Y		5,300,230


Investor Class		5,760,965


Class R5		25,334,720


Class R6		22,132,392


Class A:
Net asset value per share	$	22.59


Maximum offering price per share (Net asset value of $22.59 ÷ 94.50%)	$	23.90


Class C:
Net asset value and offering price per share	$	7.09


Class R:
Net asset value and offering price per share	$	18.82


Class Y:
Net asset value and offering price per share	$	24.44


Investor Class:
Net asset value and offering price per share	$	25.01


Class R5:
Net asset value and offering price per share	$	29.12


Class R6:
Net asset value and offering price per share	$	29.54

*	At December 31, 2022, securities with an aggregate value of $433,594,398 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


11		Invesco Small Cap Growth Fund

Statement of Operations

For the year ended December 31, 2022


Investment income:

Dividends (net of foreign withholding taxes of $391,935)	$	14,864,824


Dividends from affiliated money market funds (includes net securities lending income of $629,347)		1,918,002


Total investment income		16,782,826



Expenses:

Advisory fees		18,252,588


Administrative services fees		400,436


Custodian fees		26,111


Distribution fees:
Class A		1,612,775


Class C		92,508


Class R		365,222


Investor Class		373,788


Transfer agent fees – A, C, R, Y and Investor		2,147,742


Transfer agent fees – R5		861,262


Transfer agent fees – R6		253,130


Trustees’ and officers’ fees and benefits		38,196


Registration and filing fees		182,484


Reports to shareholders		52,107


Professional services fees		67,274


Other		22,418


Total expenses		24,748,041


Less: Fees waived and/or expense offset arrangement(s)		(79,396	)


Net expenses		24,668,645


Net investment income (loss)		(7,885,819	)



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		(238,491,039	)


Affiliated investment securities		(38,829	)


Foreign currencies		(11,935	)


		(238,541,803	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(1,152,783,506	)


Affiliated investment securities		105,874


Foreign currencies		(592	)


		(1,152,678,224	)


Net realized and unrealized gain (loss)		(1,391,220,027	)


Net increase (decrease) in net assets resulting from operations	$	(1,399,105,846	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


12		Invesco Small Cap Growth Fund

Statement of Changes in Net Assets

For the years ended December 31, 2022 and 2021


	2022			2021


Operations:

Net investment income (loss)	$	(7,885,819	)	$	(26,494,192	)


Net realized gain (loss)		(238,541,803	)		1,001,871,425


Change in net unrealized appreciation (depreciation)		(1,152,678,224	)		(666,041,368	)


Net increase (decrease) in net assets resulting from operations		(1,399,105,846	)		309,335,865



Distributions to shareholders from distributable earnings:

Class A		(19,053,290	)		(275,936,062	)


Class C		(735,601	)		(8,582,087	)


Class R		(2,614,949	)		(35,223,437	)


Class Y		(4,238,695	)		(73,341,959	)



Investor Class		(4,575,585	)		(64,327,342	)


Class R5		(19,883,252	)		(335,205,984	)


Class R6		(17,908,330	)		(217,106,044	)


Total distributions from distributable earnings		(69,009,702	)		(1,009,722,915	)



Share transactions–net:

Class A		(86,561,713	)		140,560,393


Class C		(2,682,507	)		1,528,656


Class R		(8,308,052	)		1,007,244


Class Y		(45,751,085	)		24,362,032


Investor Class		(11,353,774	)		43,079,148


Class R5		(227,541,022	)		99,863,661


Class R6		95,968,061			263,617,470


Net increase (decrease) in net assets resulting from share transactions		(286,230,092	)		574,018,604


Net increase (decrease) in net assets		(1,754,345,640	)		(126,368,446	)



Net assets:

Beginning of year		4,031,811,854			4,158,180,300


End of year	$	2,277,466,214		$	4,031,811,854

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


13		Invesco Small Cap Growth Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Distributions from net realized gains			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 12/31/22		$36.33		$(0.14	)		$(12.79	)		$(12.93	)		$ (0.81	)		$22.59		(35.60	)%		$ 541,922		1.16	%		1.16	%		(0.54	)%		44	%
Year ended 12/31/21		47.78		(0.43	)		3.12			2.69			(14.14	)		36.33		7.33			988,307		1.14			1.14			(0.86	)		35
Year ended 12/31/20		35.35		(0.35	)		19.40			19.05			(6.62	)		47.78		57.00			1,047,921		1.15			1.15			(0.90	)		51
Year ended 12/31/19		31.02		(0.09	)		7.59			7.50			(3.17	)		35.35		24.32			499,603		1.17			1.17			(0.25	)		31
Year ended 12/31/18		37.31		(0.18	)		(3.08	)		(3.26	)		(3.03	)		31.02		(9.04	)		502,315		1.18			1.18			(0.47	)		21
Class C
Year ended 12/31/22		12.36		(0.11	)		(4.35	)		(4.46	)		(0.81	)		7.09		(36.10	)		7,123		1.91			1.91			(1.29	)		44
Year ended 12/31/21		25.63		(0.41	)		1.28			0.87			(14.14	)		12.36		6.55	^(d)		15,850		1.86	^(d)		1.86	^(d)		(1.58	)^(d)		35
Year ended 12/31/20		21.39		(0.38	)		11.24			10.86			(6.62	)		25.63		55.86	^(d)		21,567		1.87	^(d)		1.87	^(d)		(1.62	)^(d)		51
Year ended 12/31/19		19.95		(0.23	)		4.84			4.61			(3.17	)		21.39		23.32			3,686		1.92			1.92			(1.00	)		31
Year ended 12/31/18		25.33		(0.32	)		(2.03	)		(2.35	)		(3.03	)		19.95		(9.72	)		11,053		1.93			1.93			(1.22	)		21
Class R
Year ended 12/31/22		30.57		(0.17	)		(10.77	)		(10.94	)		(0.81	)		18.82		(35.79	)		63,161		1.41			1.41			(0.79	)		44
Year ended 12/31/21		42.52		(0.50	)		2.69			2.19			(14.14	)		30.57		7.07			112,217		1.39			1.39			(1.11	)		35
Year ended 12/31/20		32.08		(0.39	)		17.45			17.06			(6.62	)		42.52		56.59			137,020		1.40			1.40			(1.15	)		51
Year ended 12/31/19		28.46		(0.17	)		6.96			6.79			(3.17	)		32.08		24.01			118,302		1.42			1.42			(0.50	)		31
Year ended 12/31/18		34.58		(0.26	)		(2.83	)		(3.09	)		(3.03	)		28.46		(9.27	)		124,450		1.43			1.43			(0.72	)		21
Class Y
Year ended 12/31/22		39.11		(0.08	)		(13.78	)		(13.86	)		(0.81	)		24.44		(35.44	)		129,518		0.91			0.91			(0.29	)		44
Year ended 12/31/21		50.24		(0.32	)		3.33			3.01			(14.14	)		39.11		7.61			274,782		0.89			0.89			(0.61	)		35
Year ended 12/31/20		36.83		(0.26	)		20.29			20.03			(6.62	)		50.24		57.38			301,301		0.90			0.90			(0.65	)		51
Year ended 12/31/19		32.14		(0.00	)		7.86			7.86			(3.17	)		36.83		24.59			217,477		0.92			0.92			0.00			31
Year ended 12/31/18		38.43		(0.08	)		(3.18	)		(3.26	)		(3.03	)		32.14		(8.77	)		216,750		0.93			0.93			(0.22	)		21
Investor Class
Year ended 12/31/22		40.08		(0.14	)		(14.12	)		(14.26	)		(0.81	)		25.01		(35.58	)^(e)		144,075		1.13	^(e)		1.13	^(e)		(0.51	)^(e)		44
Year ended 12/31/21		51.24		(0.42	)		3.40			2.98			(14.14	)		40.08		7.41	^(e)		246,961		1.05	^(e)		1.05	^(e)		(0.77	)^(e)		35
Year ended 12/31/20		37.52		(0.33	)		20.67			20.34			(6.62	)		51.24		57.11	^(e)		249,837		1.07	^(e)		1.07	^(e)		(0.82	)^(e)		51
Year ended 12/31/19		32.76		(0.08	)		8.01			7.93			(3.17	)		37.52		24.34			187,171		1.13			1.13			(0.21	)		31
Year ended 12/31/18		39.21		(0.19	)		(3.23	)		(3.42	)		(3.03	)		32.76		(9.01	)		168,567		1.18			1.18			(0.47	)		21
Class R5
Year ended 12/31/22		46.32		(0.06	)		(16.33	)		(16.39	)		(0.81	)		29.12		(35.39	)		737,830		0.81			0.81			(0.19	)		44
Year ended 12/31/21		56.89		(0.31	)		3.88			3.57			(14.14	)		46.32		7.71			1,445,168		0.79			0.79			(0.51	)		35
Year ended 12/31/20		41.01		(0.24	)		22.74			22.50			(6.62	)		56.89		57.56			1,564,134		0.80			0.80			(0.55	)		51
Year ended 12/31/19		35.45		0.05			8.68			8.73			(3.17	)		41.01		24.75			1,156,887		0.80			0.80			0.12			31
Year ended 12/31/18		42.02		(0.04	)		(3.50	)		(3.54	)		(3.03	)		35.45		(8.69	)		1,192,199		0.81			0.81			(0.10	)		21
Class R6
Year ended 12/31/22		46.94		(0.04	)		(16.55	)		(16.59	)		(0.81	)		29.54		(35.35	)		653,838		0.74			0.74			(0.12	)		44
Year ended 12/31/21		57.42		(0.26	)		3.92			3.66			(14.14	)		46.94		7.80			948,527		0.70			0.70			(0.42	)		35
Year ended 12/31/20		41.31		(0.20	)		22.93			22.73			(6.62	)		57.42		57.70			836,400		0.71			0.71			(0.46	)		51
Year ended 12/31/19		35.66		0.09			8.73			8.82			(3.17	)		41.31		24.86			497,160		0.71			0.71			0.21			31
Year ended 12/31/18		42.20		0.00			(3.51	)		(3.51	)		(3.03	)		35.66		(8.58	)		353,791		0.71			0.71			0.00			21

^(a)	Based on average shares outstanding.

^(b)

^(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.97% for Class C for the years ended December 31, 2021 and 2020, respectively.

^(e)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.22%, 0.16% and 0.17% for Investor Class for the years ended December 31, 2022, 2021 and 2020, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


14		Invesco Small Cap Growth Fund

Notes to Financial Statements

December 31, 2022

NOTE 1–Significant Accounting Policies

Invesco Small Cap Growth Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Investor Class, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

Effective as of the close of business on March 18, 2002, the Fund’s shares were offered on a limited basis to certain investors.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.


15		Invesco Small Cap Growth Fund

Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.


16		Invesco Small Cap Growth Fund

consistent with the federal securities laws. For the year ended December 31, 2022, the Fund paid the Adviser $35,432 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $500 million		0.725%


Next $500 million		0.700%


Next $500 million		0.675%


Over $1.5 billion		0.650%

For the year ended December 31, 2022, the effective advisory fee rate incurred by the Fund was 0.68%.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended December 31, 2022, the Adviser waived advisory fees of $73,683.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc.(“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plan”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 1.00% of the average daily net assets of Class C shares and up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The Fund pursuant to the Class R Plan, pays IDI compensation at the annual rate of 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2022, IDI advised the Fund that IDI retained $22,733 in front-end sales commissions from the sale of Class A shares and $169 and $141 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended December 31, 2022, the Fund incurred $51,164 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.


17		Invesco Small Cap Growth Fund

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Advisor’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	2,234,606,046	$	–		$–	$	2,234,606,046


Money Market Funds		45,160,797		444,901,329		–		490,062,126


Total Investments	$	2,279,766,843	$	444,901,329		$–	$	2,724,668,172

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2022 and 2021:


	2022		2021


Ordinary income*	$	9,442,460	$	224,331,378


Long-term capital gain		59,567,242		785,391,537


Total distributions	$	69,009,702	$	1,009,722,915

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2022


Net unrealized appreciation – investments	$	114,915,493


Net unrealized appreciation (depreciation) – foreign currencies		(588	)


Temporary book/tax differences		(268,956	)


Capital loss carryforward		(241,432,081	)


Shares of beneficial interest		2,404,252,346


Total net assets	$	2,277,466,214


18		Invesco Small Cap Growth Fund

The Fund has a capital loss carryforward as of December 31, 2022, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total


Not subject to expiration	$	241,432,081	$–	$	241,432,081

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2022 was $1,178,817,528 and $1,504,017,721, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$ 445,921,813


Aggregate unrealized (depreciation) of investments	(331,006,320	)


Net unrealized appreciation of investments	$ 114,915,493

Cost of investments for tax purposes is $2,609,752,679.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses, on December 31, 2022, undistributed net investment income (loss) was increased by $7,915,648, undistributed net realized gain (loss) was increased by $249,211 and shares of beneficial interest was decreased by $8,164,859. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity



	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		2,050,024		$	53,737,900			2,304,765		$	116,462,004


Class C		86,200			759,175			48,052			1,275,128


Class R		529,867			11,515,638			357,189			15,726,335


Class Y		1,224,289			34,836,061			801,374			42,195,873


Investor Class		340,253			10,041,542			234,809			12,299,844


Class R5		2,993,457			97,805,958			4,331,136			261,926,783


Class R6		7,354,616			277,105,301			4,687,715			284,661,030



Issued as reinvestment of dividends:
Class A		821,377			18,653,474			7,840,075			269,306,056


Class C		101,950			726,904			709,116			8,289,565


Class R		138,134			2,614,872			1,218,527			35,215,428


Class Y		161,679			3,972,442			1,831,659			67,716,421


Investor Class		173,272			4,357,868			1,605,616			60,836,805


Class R5		673,059			19,707,176			7,565,468			331,291,845


Class R6		599,710			17,811,382			4,873,813			216,251,105



Automatic conversion of Class C shares to Class A shares:
Class A		48,178			1,244,909			55,274			2,785,916


Class C		(142,388	)		(1,244,908	)		(106,937	)		(2,785,916	)


19		Invesco Small Cap Growth Fund


	Summary of Share Activity



	Year ended						Year ended
	December 31, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(6,127,843	)	$	(160,197,996	)		(4,929,239	)	$	(247,993,583	)


Class C		(323,593	)		(2,923,678	)		(209,712	)		(5,250,121	)


Class R		(984,049	)		(22,438,562	)		(1,127,142	)		(49,934,519	)


Class Y		(3,112,393	)		(84,559,588	)		(1,603,134	)		(85,550,262	)


Investor Class		(913,660	)		(25,753,184	)		(555,577	)		(30,057,501	)


Class R5		(9,531,038	)		(345,054,156	)		(8,191,619	)		(493,354,967	)


Class R6		(6,029,135	)		(198,948,622	)		(3,921,753	)		(237,294,665	)


Net increase (decrease) in share activity		(9,868,034	)	$	(286,230,092	)		17,819,475		$	574,018,604

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 30% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


20		Invesco Small Cap Growth Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Small Cap Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Small Cap Growth Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 22, 2023


21		Invesco Small Cap Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/22)	Ending Account Value (12/31/22)¹	Expenses Paid During Period²	Ending Account Value (12/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,045.00	$5.98	$1,019.36	$5.90	1.16%
Class C	1,000.00	1,040.60	9.82	1,015.58	9.70	1.91
Class R	1,000.00	1,043.50	7.31	1,018.05	7.22	1.42
Class Y	1,000.00	1,046.40	4.69	1,020.62	4.63	0.91
Investor Class	1,000.00	1,045.30	5.72	1,019.61	5.65	1.11
Class R5	1,000.00	1,046.80	4.13	1,021.17	4.08	0.80
Class R6	1,000.00	1,047.20	3.82	1,021.48	3.77	0.74

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


22		Invesco Small Cap Growth Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$59,567,242
Qualified Dividend Income*	4.05	%
Corporate Dividends Received Deduction*	4.05	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions			$9,442,460


23		Invesco Small Cap Growth Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 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)	189	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.


T-1		Invesco Small Cap Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Small Cap Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Small Cap Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer 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; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; 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; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	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); 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.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; 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; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Small Cap Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; 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; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); 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); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
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.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Small Cap Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Small Cap Growth Fund

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SEC file number(s): 811-02699 and 002-57526		Invesco Distributors, Inc.		SCG-AR-1

ITEM 2.

CODE OF ETHICS.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli. Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli are “independent” within the meaning of that term as used in Form N-CSR.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Pursuant to PCAOB Rule 3526, Communication with Audit Committees Concerning Independence, PricewaterhouseCoopers LLC (“PwC”) advised the Registrant’s Audit Committee of the following two matters identified since the previous annual Form N-CSR filing that may be reasonably thought to bear on PwC’s independence. PwC advised the Audit Committee that one PwC Senior Associate and one PwC Partner each held financial interests directly in an investment company within the complex that includes the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively the “Invesco Funds Investment Company Complex”) that were inconsistent with the requirements of Rule 2-01(c)(1) of SEC Regulation S-X. In reporting each matter to the Audit Committee, PwC noted, among other things, that the impermissible holdings were disposed of by the individuals, the individuals were not in the chain of command of the audit or the audit partners of the Funds, the financial interests were not material to the net worth of each individual or his or her respective immediate family members and the Funds’ audit engagement team was unaware of the impermissible holdings until after the matters were confirmed to be independence exceptions . In addition, PwC considered that the audit services performed by the PwC Senior Associate were reviewed by team members at least two levels higher than the individual and the individual did not have any decision making responsibility for matters that materially affected the audit and that the PwC Partner provided non-audit services that were not relied upon by the audit engagement team in the audits of the financial statements of the Funds. Based on the mitigating factors noted above, PwC advised the Audit Committee that it concluded, individually for each matter and in the aggregate, that its objectivity and impartiality with respect to all issues encompassed within the audit engagement has not been impaired and it believes that a reasonable investor with knowledge of all relevant facts and circumstances for the violations would conclude PwC is capable of exercising objective and impartial judgment on all issues encompassed within the audits of the financial statements of the Funds in the Registrant for the impacted periods.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PwC billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.


	Fees Billed for Services Rendered to the Registrant for fiscal year end 2022			Fees Billed for Services Rendered to the Registrant for fiscal year end 2021
Audit Fees		$	565,550		$	554,425
Audit-Related Fees		$	0		$	0
Tax Fees⁽¹⁾		$	418,564		$	516,414
All Other Fees		$	0		$	0
Total Fees		$	984,114		$	1,070,839

(1)

Tax Fees for the fiscal years ended December 31, 2022 and December 31, 2021 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Advisers, Inc. (“Invesco”), the Registrant’s adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Invesco Affiliates”) aggregate fees for pre-approved non-audit services rendered to Invesco and Invesco Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Invesco Affiliates that were required to be pre-approved.


	Fees Billed for Non- Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2022 That Were Required to be Pre-Approved by the Registrant’s Audit Committee			Fees Billed for Non-Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2021 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees⁽¹⁾		$	874,000		$	801,000
Tax Fees		$	0		$	0
All Other Fees		$	0		$	0
Total Fees		$	874,000		$	801,000

(1)	Audit-Related Fees for the fiscal years ended 2022 and 2021 include fees billed related to reviewing controls at a service organization.

(e)(1)

PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES

POLICIES AND PROCEDURES

As adopted by the Audit Committees

of the Invesco Funds (the “Funds”)

Last Amended March 29, 2017

Statement of Principles

The Audit Committees (the “Audit Committee”) of the Boards of Trustees of the Funds (the “Board”) have adopted these policies and procedures (the “Procedures”) with respect to the pre-approval of audit and non-audit services to be provided by the Funds’ independent auditor (the “Auditor”) to the Funds, and to the Funds’ investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, “Service Affiliates”).

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a “Service Affiliate’s Covered Engagement”).

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approve audit and non-audit services for the Funds and a Service Affiliate’s Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and other organizations and regulatory bodies applicable to the Funds (“Applicable Rules”).¹ They address both general pre-approvals without consideration of specific case-by-case services (“general pre-approvals”) and pre-approvals on a case-by-case basis (“specific pre-approvals”). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.

II.

Pre-Approval of Fund Audit Services

The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor’s qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

¹	Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE.

III.

General and Specific Pre-Approval of Non-Audit Fund Services

The Audit Committee will consider, at least annually, the list of General Pre-Approved Non-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee’s review and approval of General Pre-Approved Non-Audit Services, the Funds’ Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

IV.

Non-Audit Service Types

The Audit Committee may provide either general or specific pre-approval of audit-related, tax or other services, each as described in more detail below.

Audit-Related Services

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Each request to provide tax services under either the general or specific pre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or

fee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

Other Services

The Audit Committee may pre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor. Appendix I includes a list of services that the Auditor is prohibited from performing by the SEC rules. Appendix I also includes a list of services that would impair the Auditor’s independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements.

Pre-Approval of Service Affiliate’s Covered Engagements

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a “Service Affiliate’s Covered Engagement”.

The Audit Committee may provide either general or specific pre-approval of any Service Affiliate’s Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate’s Covered Engagements that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.

Each request for specific pre-approval by the Audit Committee of a Service Affiliate’s Covered Engagement must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds’ Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds. The Funds’ Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds.

VI.

Pre-Approved Fee Levels or Established Amounts

Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate’s Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approval by the Audit Committee before payment of any additional fees is made.

VII.

Delegation

The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approve audit and non-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate’s Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case by case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate’s Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

VIII.

Compliance with Procedures

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds’ Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds’ Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.

IX.

Amendments to Procedures

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

Appendix I

Non-Audit Services That May Impair the Auditor’s Independence

The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

•

Management functions;

•

Human resources;

•

Broker-dealer, investment adviser, or investment banking services ;

•

Legal services;

•

Expert services unrelated to the audit;

•

Any service or product provided for a contingent fee or a commission;

•

Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance;

•

Tax services for persons in financial reporting oversight roles at the Fund; and

•

Any other service that the Public Company Oversight Board determines by regulation is impermissible.

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements:

•

Bookkeeping or other services related to the accounting records or financial statements of the audit client;

•

Financial information systems design and implementation;

•

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

•

Actuarial services; and

•

Internal audit outsourcing services.

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $8,440,000 for the fiscal year ended December 31, 2022 and $5,931,000 for the fiscal year ended December 31, 2021. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $9,732,564 for the fiscal year ended December 31, 2022 and $7,248,414 for the fiscal year ended December 31, 2021.

PwC provided audit services to the Investment Company complex of approximately $32 million.

(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC’s independence.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

As of February 10, 2023, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of February 10, 2023, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material

information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.

EXHIBITS.


13(a) (1)		Code of Ethics.

13(a) (2)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3)		Not applicable.

13(a) (4)		Not applicable.

13(b)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIM Growth Series (Invesco Growth Series)


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		March 1, 2023

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		March 1, 2023

By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		March 1, 2023

THE INVESCO FUNDS CODE OF ETHICS FOR COVERED OFFICERS

Introduction

The Boards of Trustees (“Board”) of the Invesco Funds (the “Funds”) have adopted this code of ethics (this “Code”) applicable to their Principal Executive Officer and Principal Financial Officer (or persons performing similar functions) (collectively, 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 reports and documents filed with, or submitted to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Funds;

•

compliance with applicable governmental laws, rules and regulations;

•

the prompt internal reporting of violations to the Code to an appropriate person or persons identified in 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 Funds 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 Funds’ policies;

•

observe both the form and spirit of laws and governmental rules and regulations, accounting standards and policies of the Funds;

•

adhere to a high standard of business ethics; and

•

place the interests of the Funds and their shareholders 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 personal interest actually or potentially interferes with the interests of the Funds or their shareholders. 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 duties as a Fund officer objectively and effectively. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position as a Fund officer. In addition, investment companies should be sensitive to situations that create apparent, but not actual, conflicts of interest. Service to the Funds should never be subordinated to personal gain an advantage.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Funds 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 Funds because of their status as “affiliated persons” of the Funds. 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. In addition, the Funds and their investment adviser have adopted Codes of Ethics designed to prevent, identify and/or correct violations of these statutes and regulations. This Code does not, and is not intended to, repeat or replace such Codes of Ethics.

As to conflicts arising from, or as a result of the contractual relationship between, the Funds 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 Funds, the Covered Officers will in the normal course of their duties (whether formally for the Funds 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 Funds. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds 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 Funds. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of other investment companies advised or serviced 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 Funds;

•

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 Compliance Officer of the Funds (the “CCO”).

Some conflict of interest situations that should always be discussed with the CCO, 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 Funds;

•

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 Funds’ 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 Funds 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 Funds execute portfolios transactions or a company that receives commissions or other fees related to its sales and redemptions of shares of the Funds (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 Funds’ disclosure controls and procedures so that the Funds’ 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 Funds’ other public communications should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds 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 Funds as well as the business and financial operations of the Funds; and

•

not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including representations to the Funds’ internal auditors, independent Directors/Trustees, independent auditors, and to governmental regulators and self-regulatory organizations.

Compliance

It is the Funds’ 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 becoming a Covered Officer and receipt of this Code, sign and submit to the CCO of the Funds (or the CCO’s designee) an acknowledgement stating that he or she has received, read, and understands this Code.

•

annually thereafter submit a form to the CCO of the Funds (or the CCO’s designee) confirming that he or she has received, read and understands this Code and has complied with the requirements of this Code.

•

not retaliate against any employee or other Covered Officer for reports of potential violations that are made in good faith.

•

notify the CCO 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 CCO 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 CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported to him or her.

The CCO is authorized to consult, as appropriate, with the Chairman of the Audit Committees of the Board, counsel to the Funds and counsel to the Board members who are not “interested persons” of the Funds as defined in the 1940 Act (“Independent Trustees”), and is encouraged to do so.

The CCO 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 Audit Committees of the Board.

The Funds will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

•

the CCO will take all appropriate action to investigate any potential violations reported to him or her;

•

any matter that the CCO believes is a violation or potential violation will be reported to the Chairman of the Audit Committees of the Board after such investigation;

•

if the Chairman of the Audit Committees concurs 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 review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer; 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 CCO will be responsible for granting waivers of this Code, as appropriate; and

•

any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

VII. Other

Policies and Procedures

The Funds’ 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 Funds’ 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 Funds’ Board, counsel to the Funds, counsel to the Independent Trustees.

Exhibit A

Persons Covered by this Code of Ethics:

Sheri Morris – Principal Executive Officer

Adrien Deberghes – Principal Financial Officer

INVESCO FUNDS

CODE OF ETHICS FOR COVERED OFFICERS--ACKNOWLEDGEMENT

I hereby acknowledge that I am a Principal Officer of the Funds and I am aware of and subject to the Funds’ Code of Ethics for Covered Officers. Accordingly, I have read and understood the requirements of the Code of Ethics for Covered Officers and I am committed to fully comply with the Code of Ethics for Covered Officers

I also recognize my obligation to promote:

1. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

2. Full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds file with, or submit to, the Commission and in other public communications made by the Funds; and

3. Compliance with applicable governmental laws, rules, and regulations.

4. The prompt internal reporting of violations to the Code to an appropriate person or persons identified in the Code; and

5. Accountability for adherence to the Code.

Date

Name:

Title:

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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer 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 period covered by this report 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: March 1, 2023						/s/ Sheri Morris
						Sheri Morris, Principal Executive Officer

I, Adrien Deberghes, Principal Financial 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;

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 the performing the equivalent functions):

(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: March 1, 2023						/s/ Adrien Deberghes
						Adrien Deberghes, 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 December 31, 2022, 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: March 1, 2023						/s/ Sheri Morris
						Sheri Morris, Principal Executive 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 December 31, 2022, as filed with the Securities and Exchange Commission (the “Report”), I, Adrien Deberghes, 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: March 1, 2023						/s/ Adrien Deberghes
						Adrien Deberghes, Principal Financial Officer