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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:	12/31/16

Item 1. Report to Stockholders.

	Annual Report to Shareholders	December 31, 2016
	Invesco Alternative Strategies Fund             Nasdaq: A: LQLAX  ∎  C: LQLCX  ∎  R: LQLRX  ∎  Y: LQLYX  ∎  R5: LQLFX  ∎  R6: LQLSX

Letters to Shareholders

Philip Taylor Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. The reporting period began with significant stock market volatility in the US and abroad; this volatility was the result of investor uncertainty about global economic growth and monetary policy. After recovering, markets declined sharply following UK voters’ decision in June to leave the European Union. Relatively quickly, however, markets recovered, reaching record highs later in the summer. Demand was strong for income-producing investments, particularly those perceived to be lower risk; this benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally

positive during the reporting period, news overseas was less upbeat. The European Central Bank and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. After months of uncertainty, the surprise outcome of the US presidential election in November triggered a major stock market rally, with most market indexes reaching new record highs in December. As expected, the US Federal Reserve raised interest rates in December – its only rate increase during the reporting period and only its second increase since 2006. The Fed cited optimistic economic data for its decision, and Fed-watchers suggested that future rate increases might be announced more quickly than previously forecast.

Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for whatever returns the market has to offer. The investment professionals at Invesco, in contrast, invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco Alternative Strategies Fund

Bruce Crockett Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: ∎  Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. ∎  Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎ Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

 I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

 As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Alternative Strategies Fund

Management’s Discussion of Fund Performance

Performance summary For the fiscal year ended December 31, 2016, Class A shares of Invesco Alternative Strategies Fund (the Fund), at net asset value (NAV), outperformed the Citigroup 90-Day Treasury Bill Index, the Fund’s broad market/style-specific index. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/15 to 12/31/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	5.86	%
Class C Shares	5.10
Class R Shares	5.65
Class Y Shares	6.06
Class R5 Shares	6.18
Class R6 Shares	6.18
Citigroup 90-Day Treasury Bill Indexq (Broad Market/Style-Specific Index)	0.27
Lipper Alternative Multi-Strategy Funds Classification Average∎ (Peer Group)	2.02
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc.

Market conditions and your Fund

During the year ended December 31, 2016, the US economy continued to expand. US gross domestic product showed the US economy grew by 3.5% in the third quarter.¹ Employment data were mixed, with unemployment ending the year at 4.7%.² Oil prices traded in a range from the high $20s to the low $50s during the reporting period.³ Major US stock market indexes posted gains for the reporting period, with most major market indexes hitting record highs; however, the markets were fairly volatile during the first half of the year.

Stocks began calendar year 2016 on a negative note, driven by investor concerns about economic weakness in China, falling oil prices and uncertainty over the US Federal Reserve’s (the Fed) monetary policy. Markets recovered in February and posted gains until June, when UK voters opted to leave the European Union, sending markets sharply lower. Markets again recovered, and major US equity indexes hit record highs during the summer of 2016. Following the outcome of the US presidential election, a stock market rally sent major US equity market indexes to new record highs. The rally was led by financials, gaining on the

belief that they might benefit from reduced federal regulation. Also in November, OPEC agreed to cut production for the first time in eight years, which helped support higher oil prices. The Fed raised interest rates by a quarter point in December 2016 – the only increase during the reporting period.⁴

The Fund comprises “core” and “satellite” allocations. The core portfolio allocation is comprised of underlying alternative funds and strategies with an absolute return focus, which seek low correlation with traditional equity markets, and which seek to target lower volatility. The Fund’s satellite portfolio allocation includes underlying alternative funds that are directional, meaning they seek to perform well in specific economic environments, reflecting our near-term outlook for the markets. They tend to have higher volatility than underlying core allocation funds.

With positive US equity markets and a strong recovery in commodities including energy, base metals and precious metals, strategies offering directional market exposure within our satellite allocation all posted positive returns for the reporting period, contributing to the Fund’s returns. These satellite allocations included PowerShares DB Base Metals

Portfolio Composition* By security type, based on total investments
Equity Funds	58.5	%
Alternative Funds	34.5
Exchange-Traded Funds	4.4
Fixed Income Funds	2.0
Money Market Funds	0.6

Total Net Assets $ 1.5 million

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

Data presented here are as of December 31, 2016.

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

Fund and PowerShares DB Silver Fund. Precious metals benefited from a run-up in prices in the first half of the year, while copper prices were pushed higher by strong Chinese manufacturing data and expectations that the outcome of the US presidential race would lead to increased infrastructure spending.

    Within the Fund’s strategic, non-directional core allocation, Invesco Balanced-Risk Allocation Fund and Invesco Macro Allocation Strategy Fund were the largest contributors to Fund performance. The two underlying funds benefited from their strategic allocations to stocks, bonds and especially commodities, while their tactical allocations also added to performance, particularly due to the underlying funds’ overweight exposure to equities throughout the year. Invesco Macro Allocation Strategy Fund also benefited from its tactical allocation to bonds – overweight early in the year, and underweight to net short in the fourth quarter.

    Invesco Global Market Neutral Fund was the only detractor from Fund performance. The underlying fund’s stock selection on the short side did not deliver expected results. Stock selection in energy and health care also detracted from the underlying fund’s returns.

    Please note that some of the Fund’s underlying funds – which include, but are not limited to, Invesco All Cap Market Neutral Fund, Invesco Global Market Neutral Fund, Invesco Macro Allocation Strategy Fund, Invesco Balanced-Risk Allocation Fund, Invesco Macro Long/ Short Fund, Invesco Long/Short Equity Fund and Invesco Balanced-Risk Commodity Strategy Fund – may use derivatives, which may amplify traditional investment risks through the creation of leverage in the underlying funds.

    Please note that some of these underlying fund strategies may be principally implemented with derivative instruments that include futures and total return swaps. Therefore, performance of these underlying funds, both positive and negative, can be attributed to these instruments.

    During the reporting period, the Fund’s strategic core allocations did not change, although its tactical satellite allocations changed to reflect shifts in the macroeconomic environment. Specifically, at the beginning of the reporting period, our macroeconomic outlook gave a higher probability to a low-inflation, contractionary environment. As the year progressed,

4 Invesco Alternative Strategies Fund

the probability of economic expansion increased, and tactical asset class and underlying fund allocations were shifted to reflect this outlook.

Thank you for investing in Invesco Alternative Strategies Fund.

1  Source: Bureau of Economic Analysis

2  Source: Bureau of Labor Statistics

3  Source: Thompson-Reuters

4  Source: US Federal Reserve

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

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

	Duy Nguyen Chartered Financial Analyst, Portfolio Manager and Chief Investment Officer of Invesco’s Global
Solutions Development and Implementation Team, is manager of Invesco Alternative Strategies Fund. He joined Invesco in 2000. Mr. Nguyen earned a BBA from The University of Texas at Austin and an MS from the University of Houston.

	Jacob Borbidge Chartered Financial Analyst, Portfolio Manager and Head of Research for Invesco’s Global
Solutions Development and Implementation Team, is manager of Invesco Alternative Strategies Fund. He joined Invesco in 2004. Mr. Borbidge earned a BS in mechanical engineering from Lehigh University and an MS in finance from the University of Houston.

Assisted by Invesco’s Global Solutions Development and Implementation Team

5 Invesco Alternative Strategies Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/14/14

1  Source: Lipper Inc.

2  Source: FactSet Research Systems Inc.

Past performance cannot guarantee comparable 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6 Invesco Alternative Strategies Fund

Average Annual Total Returns As of 12/31/16, including maximum applicable sales charges
Class A Shares
Inception (10/14/14)	-0.33	%
1 Year	0.07
Class C Shares
Inception (10/14/14)	1.44	%
1 Year	4.10
Class R Shares
Inception (10/14/14)	1.96	%
1 Year	5.65
Class Y Shares
Inception (10/14/14)	2.52	%
1 Year	6.06
Class R5 Shares
Inception (10/14/14)	2.47	%
1 Year	6.18
Class R6 Shares
Inception (10/14/14)	2.47	%
1 Year	6.18

The performance data quoted represent past performance and cannot guarantee comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.44%, 2.19%, 1.69%, 1.19%, 1.19% and 1.19%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 48.29%, 49.04%, 48.54%, 48.04%, 47.75% and 47.75%, respectively.¹ The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the

applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on

Class C shares is 1% for the first year after purchase. Class R, Class 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.

1 The expense ratio includes acquired fund fees and expenses of the underlying funds in which the Fund invests of 0.98% for Invesco Alternative Strategies Fund.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least April 30, 2018. See current prospectus for more information.

7 Invesco Alternative Strategies Fund

Invesco Alternative Strategies Fund’s investment objective is long-term capital appreciation.

∎ Unless otherwise stated, information presented in this report is as of December 31, 2016, and is based on total net assets.

∎ Unless otherwise noted, all data provided by Invesco.

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

About share classes

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

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

∎ Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

The principal risks of investing in the Fund are:

∎ Fund of funds risk. The Fund’s performance depends on that of the underlying funds in which it invests. Accordingly, the risks associated with an investment in the Fund include the risks associated with investments in the underlying funds. The Fund will indirectly pay a proportional share of the fees and expenses of the underlying funds in which it invests. There are risks that the Fund will vary from its target weightings (if any) in the underlying funds, that the underlying funds will not achieve their investment objectives, that the underlying funds’ performance may be lower than their represented asset classes, and that the Fund may withdraw its investments in an underlying fund at a disadvantageous time.

∎ Allocation risk. The Fund’s investment performance depends, in part, on how its assets are allocated among the underlying funds or asset classes. The Adviser’s evaluations and assumptions regarding the asset classes or the underlying funds in which the Fund invests may be incorrect, causing the Fund to be invested (or not invested) in one or more asset classes or underlying funds at an inopportune time, which could negatively affect the Fund’s performance.

∎ Exchange-traded funds risk. In addition to the risks associated with the underlying assets held by the exchange-traded fund, investments in exchange-traded funds are subject to the following additional risks: (1) an exchange-traded fund’s shares may trade above or below its net asset value; (2) an active trading market for the exchange-traded fund’s shares may not develop or be maintained; (3) trading an exchange-traded fund’s shares may be halted by the listing exchange; (4) a passively-managed exchange-traded fund may not track the performance of the reference asset; and (5) a passively managed exchange-traded fund may hold troubled securities. Investment in exchange-traded funds may involve duplication of management fees and certain other expenses, as the Fund or an underlying fund indirectly bears its proportionate share of any expenses paid by the exchange-traded funds in which it invests. Further, certain exchange-traded funds in which the Fund or an underlying fund may invest are leveraged, which may result in economic leverage, permitting the Fund or an underlying fund to gain exposure that is greater than would be the case in an unlevered instrument, and potentially resulting in greater volatility.

The principal risks of investing in the Fund also include the risks of each underlying fund. These risks include the following:

∎ Active trading risk. Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

∎ Bank loan risk. There are a number of risks associated with an investment in bank loans including, credit risk, interest rate risk, liquidity risk and prepayment risk. Lack of an active trading market, restrictions on resale, irregular trading activity, wide bid/ask spreads and extended trade settlement periods may impair an underlying fund’s ability to sell bank loans within its desired time

frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to an underlying fund. As a result an underlying fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. The risk of holding bank loans is also directly tied to the risk of insolvency or bankruptcy of the issuing banks. These risks could cause an underlying fund to lose income or principal on a particular investment, which in turn could affect the underlying fund’s returns. The value of bank loans can be affected by and sensitive to changes in government regulation and to economic downturns in the United States and abroad. Bank loans generally are floating rate loans, which are subject to interest rate risk as the interest paid on the floating rate loans adjusts periodically based on changes in widely accepted reference rates.

∎ Borrowing risk. Borrowing money to buy securities exposes an underlying fund to leverage and will cause an underlying fund’s share price to be more volatile because leverage will exaggerate the effect of any increase or decrease in the value of an underlying fund’s portfolio securities. Borrowing money may also require an underlying fund to liquidate positions when it may not be advantageous to do so. In addition, an underlying fund will incur interest expenses and other fees on borrowed money. There can be no assurance that an underlying fund’s borrowing strategy will enhance and not reduce the underlying fund’s returns.

∎ Cash/cash equivalents risk. In rising markets, holding cash or cash equivalents will negatively affect an underlying fund’s performance relative to its benchmark.

∎ Changing fixed income market conditions risk. The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near, at or below zero. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income

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     

8 Invesco Alternative Strategies Fund

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 an underlying 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 an underlying fund’s transaction costs.

∎ Collateralized loan obligations risk. CLOs are subject to the risks of substantial losses due to actual defaults by underlying borrowers, which will be greater during periods of economic or financial stress. CLOs may also lose value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults, and investor aversion to CLO securities as a class. The risks of CLOs will be greater if an underlying fund invests in CLOs that hold loans of uncreditworthy borrowers or if an underlying fund holds subordinate tranches of the CLO that absorbs losses from the defaults before senior tranches. In addition, CLOs are subject to interest rate risk and credit risk.

∎ Commodities tax risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of an underlying fund from certain commodity-linked derivatives was treated as non-qualifying income, an underlying fund might fail to qualify as a regulated investment company and be subject to federal income tax at the fund level. Should the Internal Revenue Service issue guidance, or Congress enact legislation, that adversely affects the tax treatment of an underlying fund’s use of commodity-linked notes or a wholly-owned subsidiary (which guidance might be applied to the underlying fund retroactively), it could, among other consequences, limit the underlying fund’s ability to pursue its investment strategy.

∎ Commodity risk. An underlying fund will concentrate its investments in commodities markets and will therefore have investment exposure to the commodities markets and one or more sectors of the commodities markets, which may subject an underlying fund to greater volatility than investments in traditional securities, such as stocks and bonds.

Volatility in the commodities markets may be caused by changes in overall market movements, domestic and foreign political and economic events and policies, war, acts of terrorism, changes in domestic or foreign interest rates and/or investor expectations concerning interest rates, domestic and foreign inflation rates, investment and trading activities of mutual funds, hedge funds and commodities funds, and factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments, or supply and demand disruptions. Because an underlying fund’s performance is linked to the performance of volatile commodities, investors should be willing to assume the risks of potentially significant fluctuations in the value of an underlying fund’s shares.

∎ Commodity-linked notes risk. In addition to risks associated with the underlying commodities, investments in commodity-linked notes may be subject to additional risks, such as non-payment of interest and loss of principal, counterparty risk, lack of a secondary market and risk of greater volatility than traditional equity and debt securities. The value of the commodity-linked notes an underlying fund buys may fluctuate significantly because the values of the underlying investments to which they are linked are themselves volatile. Additionally, certain commodity-linked notes employ “economic” leverage by requiring payment by the issuer of an amount that is a multiple of the price increase or decrease of the underlying commodity, commodity index, or other economic variable. Such economic leverage will increase the volatility of the value of these commodity-linked notes and an underlying fund to the extent it invests in such notes.

∎ Convertible securities risk. 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.

∎ Correlation risk. Because an underlying fund’s investment strategy seeks to balance risk across the four sectors of the commodities market and, within each commodity sector, to balance risk across different commodities, to the extent either the sectors of the commodities markets or the selected commodities become correlated in a way not anticipated by an underlying fund’s adviser an underlying fund’s risk allocation process may result in magnified risks and loss instead of balancing (reducing) the risk of loss.

∎ Credit linked notes risk. Risks of credit linked notes include those risks associated with the underlying reference obligation including but not limited to market risk, interest rate risk, credit risk, default risk and, in some cases, foreign currency risk. An investor in a credit linked note bears counterparty risk or the risk that the issuer of the credit linked note will default or become bankrupt and not make timely payment of principal and interest of the structured security. Credit linked notes may be less liquid than other investments and therefore harder to dispose of at the desired time and price. In addition, credit linked notes may be leveraged and, as a result, small changes in the value of the underlying reference obligation may produce disproportionate losses to an underlying fund.

∎ Debt securities risk. The prices of debt securities held by an underlying fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause an underlying fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce an underlying fund’s distributable income because interest payments on floating rate debt instruments held by an underlying fund will decline. An underlying fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s

9 Invesco Alternative Strategies Fund

credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

∎ Defaulted securities risk. Defaulted securities pose a greater risk that principal will not be repaid than non-defaulted securities. Defaulted securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

∎ Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the underlying fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the underlying fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the underlying fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the underlying fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the underlying fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the underlying fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions. These risks are greater for certain underlying funds than most other mutual funds because certain underlying funds will implement their investment strategy primarily through derivative instruments rather than direct investments in stocks/bonds.

∎ Emerging markets securities risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

∎ Exchange-traded fund industry concentration risk. In following its methodology, an underlying exchange-traded fund’s underlying index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector. To the extent that an underlying fund’s underlying index concentrates in the securities of issuers in a particular industry or sector, an underlying fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, an underlying fund faces more risks than if it were diversified broadly over numerous industries or sectors. Such industry-based risks, any of which may adversely affect the companies in which an underlying fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or sector may be out of favor and underperform other industries or the market as a whole.

∎ Exchange-traded notes risk. Exchange-traded notes are subject to credit risk, counterparty risk, and the risk that the value of the exchange-traded note may drop due to a downgrade in the issuer’s credit rating. The value of an exchange-traded note may also be influenced by time to maturity, level of supply and

demand for the exchange-traded note, volatility and lack of liquidity in the underlying market, changes in the applicable interest rates, and economic, legal, political, or geographic events that affect the referenced underlying market or assets. An underlying fund will bear its proportionate share of any fees and expenses borne by an exchange-traded note in which it invests. For certain exchange-traded notes, there may be restrictions on an underlying fund’s right to redeem its investment in an exchange-traded note, which is meant to be held until maturity.

∎ Financial services sector risk. An underlying fund may be susceptible to adverse economic or regulatory occurrences affecting the financial services sector. Financial services companies are subject to extensive government regulation and are disproportionately affected by unstable interest rates, each of which could adversely affect the profitability of such companies. Financial services companies may also have concentrated portfolios, which makes them especially vulnerable to unstable economic conditions.

∎ Foreign government debt risk. Investments in foreign government debt securities (sometimes referred to as sovereign debt securities) involve certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and the Fund may have limited recourse in the event of a default against the defaulting government. Without the approval of debt holders, some governmental debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments.

∎ Foreign securities risk. An underlying fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which an underlying fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless an underlying fund has hedged its foreign securities    

10 Invesco Alternative Strategies Fund

risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which an underlying fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ Geographic focus risk. An underlying fund may from time to time invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on an underlying fund’s investment performance.

∎ High yield debt securities (junk bond) risk. Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject an underlying fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

∎ Indexing risk. An underlying fund is operated as a passively managed index fund and, therefore, the adverse performance of a particular security necessarily will not result in the elimination of the security from the underlying fund’s portfolio. Ordinarily, the underlying fund’s adviser will not sell the underlying fund’s portfolio securities except to reflect additions or deletions of the securities that comprise the underlying fund’s underlying index, or as may be necessary to raise cash to pay underlying fund shareholders who sell underlying fund shares. As such, the underlying fund will be negatively affected by declines in the securities represented by its underlying index. Also, there is no guarantee that the underlying fund’s adviser will be able to correlate the underlying fund’s performance with that of its underlying index.

∎ Infrastructure-related companies risk. An underlying fund will concentrate its investments in the infrastructure industry. Infrastructure-related companies are subject to a variety of risk factors, including costs associated with environmental, governmental and other

regulations, high interest costs for capital construction programs, high leverage, the effects of economic slowdowns, surplus capacity, increased competition, fluctuations of fuel prices, the effects of energy conservation policies, unfavorable tax laws or accounting policies, environmental damage, difficulty in raising capital, increased susceptibility to terrorist acts or political actions, and general changes in market sentiment towards infrastructure assets.

∎ Liquidity risk. An underlying fund may be unable to sell illiquid investments at the time or price it desires and, as a result, could lose its entire investment in such investments. Liquid securities can become illiquid during periods of market stress. If a significant amount of the an underlying fund’s securities become illiquid, an underlying fund may not be able to timely pay redemption proceeds and may need to sell securities at significantly reduced prices.

∎ Management risk. There is no guarantee that the underlying funds’ portfolio managers’ investment selection process will produce a portfolio effective at achieving the underlying fund’s respective investment objective. In addition, certain underlying funds’ investment strategies will likely cause the underlying fund to underperform the broader equity markets in which the underlying fund invests during market rallies. Further, the portfolio managers’ use of instruments that provide economic leverage increases the volatility of an underlying fund’s net asset value, which increases the potential of greater losses that may cause an underlying fund to liquidate positions when it may not be advantageous to do so.

∎ Market risk. The market values of an underlying fund’s investments, and therefore the value of an underlying fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by an underlying fund will rise in value.

∎ Market trading risk. An underlying exchange-traded fund faces numerous

market trading risks, including the potential lack of an active market for its shares, losses from trading in secondary markets, and disruption in the creation/redemption process of an underlying fund. Any of these factors may lead to an underlying fund’s shares trading at a premium or discount to an underlying fund’s net asset value (NAV).

∎ MLP risk. An underlying fund invests in securities of MLPs, which are subject to the following risks:

– Limited partner risk. An MLP is a public limited partnership or limited liability company taxed as a partnership under the Code. Although the characteristics of MLPs closely resemble a traditional limited partnership, a major difference is that MLPs may trade on a public exchange or in the over-the-counter market. The risks of investing in an MLP are similar to those of investing in a partnership, including more flexible governance structures, which could result in less protection for investors than investments in a corporation. Investors in an MLP normally would not be liable for the debts of the MLP beyond the amount that the investor has contributed but investors may not be shielded to the same extent that a shareholder of a corporation would be. In certain circumstances, creditors of an MLP would have the right to seek return of capital distributed to a limited partner, which right would continue after an investor sold its investment in the MLP.

– Liquidity risk. The ability to trade on a public exchange or in the over-the-counter market provides a certain amount of liquidity not found in many limited partnership investments. However, MLP interests may be less liquid than conventional publicly traded securities and, therefore, more difficult to trade at desirable times and/or prices.

– Interest rate risk. In addition, MLP distributions may be reduced by fees and other expenses incurred by the MLP. MLPs generally are considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns.

– General partner risk. The holder of the general partner or managing member interest can be liable in certain circumstances for amounts greater than the amount of the holder’s investment in the general partner or managing member.

11 Invesco Alternative Strategies Fund

Additionally, if an underlying fund were to invest more than 25% of its total assets in MLPs that are taxed as partnerships this could cause an underlying fund to lose its status as regulated investment company under Subchapter M of the Internal Revenue Code.

∎ MLP tax risk. MLPs taxed as partnerships do not pay US federal income tax at the partnership level. A change in current tax law, or a change in the underlying business mix of a given MLP, however, could result in an MLP being classified as a corporation for US federal income tax purposes, which would have the effect of reducing the amount of cash available for distribution by the MLP and could cause a reduction of the value of an underlying fund’s investment, and consequently the Fund’s investment in an underlying fund and lower income.

∎ Mortgage- and asset-backed securities risk. Mortgage- and asset-backed securities 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 an underlying fund reinvesting these early payments at lower interest rates, thereby reducing an underlying 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 an underlying fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool will adversely affect the value of mortgage-backed securities and will result in losses to an underlying fund. An underlying fund may invest in mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely payments on their mortgages. Privately issued mortgage-related securities are not subject to the same underwriting requirements as those with government or government-sponsored entity guarantees and, therefore, mortgage loans underlying privately issued mortgage-related securities may have less favorable collateral, credit risk or other underwriting characteristics, and wider variances in interest rate, term, size, purpose and borrower characteristics.

∎ Non-diversification risk. An underlying

fund is non-diversified and can invest a greater portion of its 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.

∎ Preferred securities risk. 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.

∎ REIT risk/real estate risk. An underlying fund concentrates its investments in the securities of real estate and real estate related companies. Investments in real estate related instruments may be affected by economic, legal, cultural, environmental or technological factors that affect property values, rents or occupancies of real estate related to an underlying fund’s holdings. Shares of real estate related companies, which tend to be small- and mid-cap companies, may be more volatile and less liquid than larger companies. The value of investments in real estate related companies may be affected by the quality of management, the ability to repay loans, the utilization of leverage and financial covenants related thereto, whether the company carries adequate insurance and environmental factors. If a real estate related company defaults on certain types of debt obligations, an underlying fund may own real estate directly, which involves additional risks such as environmental liabilities; difficulty in valuing and selling the real estate; and economic or regulatory changes.

∎ Sampling risk. An underlying fund’s use of a representative sampling approach will result in its holding a smaller number of securities than are in its underlying index and in the underlying fund holding securities not included in its underlying index. As a result, an adverse development respecting an issuer of securities held by the underlying fund could result in a greater decline in the underlying fund’s NAV than would be the case if all of the securities in its underlying index were held. An underlying fund’s use of a representative sampling approach may also include the risk that it may not track the return of

its underlying index as well as it would have if the underlying fund held all of the securities in its underlying index.

∎ Sector focus risk. An underlying fund may from time to time invest a significant amount of its assets (i.e. over 25%) in one market sector or group of related industries. In this event, an underlying fund’s performance will depend to a greater extent on the overall condition of the sector or group of industries and there is increased risk that an underlying fund will lose significant value if conditions adversely affect that sector or group of industries.

∎ Short position risk. Because an underlying fund’s potential loss on a short position arises from increases in the value of the asset sold short, the underlying fund will incur a loss on a short position, which is theoretically unlimited, if the price of the asset sold short increases from the short sale price. The counterparty to a short position or other market factors may prevent an underlying fund from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in a loss. In a rising market, an underlying fund’s short positions will cause the underlying fund to under-perform the overall market and its peers that do not engage in shorting. If an underlying fund holds both long and short positions, and both positions decline simultaneously, the short positions will not provide any buffer (hedge) from declines in value of the underlying fund’s long positions. Certain types of short positions involve leverage, which may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of an underlying fund’s returns.

∎ Small- and mid-capitalization companies risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

∎ Subsidiary risk. By investing in the Subsidiary, an underlying fund is indirectly exposed to risks associated with the Subsidiary’s investments. The Subsidiary

12 Invesco Alternative Strategies Fund

is not registered under the Investment Company Act of 1940, as amended (1940 Act), and, except as otherwise noted in this prospectus, is not subject to the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which an underlying fund and the Subsidiary, respectively, are organized, could result in the inability of an underlying fund and/or the Subsidiary to operate as described in this prospectus and the SAI, and could negatively affect an underlying fund and its shareholders.

∎ US government obligations risk. Obligations of US government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the US government, which could affect an underlying fund’s ability to recover should they default. No assurance can be given that the US government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

∎ Volatility risk. Although an underlying fund’s investment strategy targets a specific volatility level, certain of an underlying fund’s investments may appreciate or decrease significantly in value over short periods of time. This may cause an underlying fund’s net asset value per share to experience significant increases or declines in value over short periods of time.

About indexes used in this report

∎ The Citigroup 90-Day Treasury Bill Index is an unmanaged index representative of three-month Treasury bills.

∎ The Lipper Alternative Multi-Strategy Funds Classification Average represents an average of all funds in the Lipper Alternative Multi-Strategy Funds classification.

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

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

Other information

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

13 Invesco Alternative Strategies Fund

Schedule of Investments

December 31, 2016

Invesco Alternative Strategies Fund

Schedule of Investments in Affiliated Issuers–98.66%^(a)

	% of Net Assets 12/31/16			Value 12/31/15		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 12/31/16		Value 12/31/16
Alternative Funds–4.32%
Powershares DB Base Metals Fund–ETF(b)		2.38	%	$	19,970	$	23,727	$	(14,073	)	$	8,979		$	(1,736	)	$	—		2,471	$	36,867
Powershares DB Silver Fund–ETF(b)		1.94	%		16,534		21,998		(9,917	)		1,597			(181	)		—		1,208		30,031
Total Alternative Funds					36,504		45,725		(23,990	)		10,576			(1,917	)		—				66,898
Asset Allocation Funds–34.06%
Invesco Balanced-Risk Allocation Fund - Class R6		16.86	%		136,551		206,428		(81,929	)		6,881			3,838			10,420		24,550		261,214
Invesco Balanced-Risk Commodity Strategy Fund - Class R6		2.28	%		18,186		24,746		(9,441	)		2,752			(941	)		939		5,184		35,302
Invesco Macro Allocation Strategy Fund - Class R6(c)		14.92	%		132,724		181,051		(70,610	)		(11,151	)		(961	)		28,995		25,060		231,053
Total Asset Allocation Funds					287,461		412,225		(161,980	)		(1,518	)		1,936			40,354				527,569
Domestic Equity Funds–20.93%
Invesco All Cap Market Neutral Fund - Class R6(b)		17.08	%		152,531		208,893		(109,070	)		14,847			(2,484	)		—		25,101		264,570
Invesco Long/Short Equity Fund - Class R6(b)		3.85	%		30,984		45,436		(22,356	)		5,848			100			—		5,071		59,633
Total Domestic Equity Funds					183,515		254,329		(131,426	)		20,695			(2,384	)		—				324,203
Fixed-Income Funds–1.98%
Invesco Floating Rate Fund - Class R6		1.98	%		17,349		14,990		(3,099	)		1,799			(338	)		1,133		4,055		30,701
Foreign Equity Funds–32.89%
Invesco Global Infrastructure Fund - Class R6		3.87	%		36,420		46,602		(25,372	)		4,385			(2,177	)		971		6,402		59,858
Invesco Global Market Neutral Fund - Class R6(b)		18.18	%		162,257		224,386		(104,067	)		1,214			(2,187	)		—		28,048		281,603
Invesco Macro Long/Short Fund - Class R6		10.84	%		104,523		117,555		(59,187	)		8,405			(3,352	)		1,179		17,586		167,944
Total Foreign Equity Funds					303,200		388,543		(188,626	)		14,004			(7,716	)		2,150				509,405
Real Estate Funds–3.86%
Invesco Global Real Estate Fund - Class R6		3.86	%		35,061		43,428		(16,662	)		(846	)		(1,280	)		2,352		4,858		59,701
Money Market Funds–0.62%
Government & Agency Portfolio–Institutional Class, 0.43%(e)		0.35	%		—		120,197		(114,738	)		—			—			5		5,459		5,459
Liquid Assets Portfolio–Institutional Class, 0.37%(e)		0.00	%		20,576		407,032		(427,608	)		—			—			19		—		—
Premier Portfolio–Institutional Class, 0.65%(e)		0.00	%		20,576		407,032		(427,608	)		—			—			18		—		—
Treasury Portfolio–Institutional Class, 0.37%(e)		0.27	%		—		80,132		(76,049	)		—			—			3		4,083		4,083
Total Money Market Funds					41,152		1,014,393		(1,046,003	)		—			—			45				9,542
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $1,521,983)		98.66	%	$	904,242	$	2,173,633	$	(1,571,786	)	$	44,710		$	(11,699	)(d)	$	46,034			$	1,528,019
OTHER ASSETS LESS LIABILITIES		1.34	%																			20,809
NET ASSETS		100.00	%																		$	1,548,828

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. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from the report date.

^(c)  Effective July 27, 2016, Invesco Global Markets Strategy Fund was renamed as Invesco Macro Allocation Strategy Fund.

^(d)  Includes $10,555, $147 and $379 of capital gains distributions from affiliated underlying funds for Invesco Balanced-Risk Allocation Fund, Invesco All Cap Market Neutral Fund and Invesco Long/Short Equity Fund, respectively.

^(e)  The rate shown is the 7-day SEC standardized yield as of December 31, 2016.

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

14                         Invesco Alternative Strategies Fund

Statement of Assets and Liabilities

December 31, 2016

Assets:
Investments in affiliated underlying funds, at value (Cost $1,521,983)	$	1,528,019
Receivable for:
Fund shares sold		21,600
Dividends — affiliated underlying funds		136
Investment for trustee deferred compensation and retirement plans		4,076
Other assets		41,625
Total assets		1,595,456
Liabilities:
Payable for:
Investments purchased — affiliated underlying funds		128
Fund shares reacquired		500
Accrued fees to affiliates		9,361
Accrued trustees’ and officers’ fees and benefits		536
Accrued other operating expenses		32,027
Trustee deferred compensation and retirement plans		4,076
Total liabilities		46,628
Net assets applicable to shares outstanding	$	1,548,828
Net assets consist of:
Shares of beneficial interest	$	1,579,751
Undistributed net investment income		(796	)
Undistributed net realized gain (loss)		(36,163	)
Net unrealized appreciation		6,036
	$	1,548,828

Net Assets:
Class A	$	856,397
Class C	$	160,359
Class R	$	17,830
Class Y	$	495,116
Class R5	$	9,563
Class R6	$	9,563
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		89,777
Class C		16,910
Class R		1,872
Class Y		51,759
Class R5		1,001
Class R6		1,001
Class A:
Net asset value per share	$	9.54
Maximum offering price per share
(Net asset value of $9.54 ¸ 94.50%)	$	10.10
Class C:
Net asset value and offering price per share	$	9.48
Class R:
Net asset value and offering price per share	$	9.52
Class Y:
Net asset value and offering price per share	$	9.57
Class R5:
Net asset value and offering price per share	$	9.55
Class R6:
Net asset value and offering price per share	$	9.55

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

15                         Invesco Alternative Strategies Fund

Statement of Operations

For the year ended December 31, 2016

Investment income:
Dividends from affiliated underlying funds	$	46,034
Other Income		140
Total investment income		46,174
Expenses:
Advisory fees		1,777
Administrative services fees		50,000
Custodian fees		8,998
Distribution fees:
Class A		1,652
Class C		1,436
Class R		88
Transfer agent fees — A, C, R and Y		4,564
Transfer agent fees — R5		10
Transfer agent fees — R6		10
Trustees’ and officers’ fees and benefits		19,372
Registration and filing fees		71,639
Reports to shareholders		15,336
Professional services fees		35,362
Other		12,306
Total expenses		222,550
Less: Fees waived and expenses reimbursed		(216,224	)
Net expenses		6,326
Net investment income		39,848
Realized and unrealized gain (loss) from investments in affiliated underlying fund shares:
Net realized gain (loss) on sales of affiliated underlying fund shares		(22,780	)
Net realized gain from distributions of affiliated underlying fund shares		11,081
		(11,699	)
Change in net unrealized appreciation of affiliated underlying fund shares		44,710
Net gain from affiliated underlying funds		33,011
Net increase in net assets resulting from operations	$	72,859

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

16                         Invesco Alternative Strategies Fund

Statement of Changes in Net Assets

For the years ended December 31, 2016 and 2015

	2016			2015
Operations:
Net investment income	$	39,848		$	25,273
Net realized gain (loss)		(11,699	)		(6,746	)
Change in net unrealized appreciation (depreciation)		44,710			(31,377	)
Net increase (decrease) in net assets resulting from operations		72,859			(12,850	)
Distributions to shareholders from net investment income:
Class A		(28,320	)		(20,322	)
Class C		(4,558	)		(2,788	)
Class R		(575	)		(723	)
Class Y		(17,612	)		(10,795	)
Class R5		(353	)		(411	)
Class R6		(353	)		(411	)
Total distributions from net investment income		(51,771	)		(35,450	)
Distributions to shareholders from net realized gains:
Class A		(264	)		(1,156	)
Class C		(52	)		(174	)
Class R		(6	)		(43	)
Class Y		(155	)		(591	)
Class R5		(3	)		(22	)
Class R6		(3	)		(22	)
Total distributions from net realized gains		(483	)		(2,008	)
Share transactions–net:
Class A		354,562			366,449
Class C		56,719			83,830
Class R		(620	)		1,256
Class Y		234,568			(38,255	)
Net increase in net assets resulting from share transactions		645,229			413,280
Net increase in net assets		665,834			362,972
Net assets:
Beginning of year		882,994			520,022
End of year (includes undistributed net investment income of $(796) and $(1,721), respectively)	$	1,548,828		$	882,994

Notes to Financial Statements

December 31, 2016

NOTE 1—Significant Accounting Policies

Invesco Alternative Strategies Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). 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 consisting of seventeen separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is long-term 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 PowerShares Capital Management LLC (“PowerShares Capital”), an affiliate of Invesco. Invesco and PowerShares 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 or 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.

17                         Invesco Alternative Strategies Fund

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 and 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.

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.

A. Security Valuations — Securities of investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in shares of funds that are not traded on an exchange are valued at the end-of-day net asset value per share of such fund. 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 (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales 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 by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Senior secured floating rate loans and senior secured floating rate debt securities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated 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.

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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. 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.

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 NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund 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 using procedures approved by the Board of Trustees. 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 approved 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 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 is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. 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 economic conditions, interest rates, investor perceptions 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.

B. 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

18                         Invesco Alternative Strategies Fund

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 the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. 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 Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

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

C. Distributions — Distributions from net investment income 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.

D. 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.

E. 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 in Note 10.

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 to each share class based on relative net assets. 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.

F. 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.

G. 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.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays an advisory fee to the Adviser based on the annual rate of 0.15% of the Fund’s average daily net assets.

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 a separate sub-advisory agreement with Invesco PowerShares Capital Management LLC (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 had contractually agreed, through at least April 30, 2017, to reimburse expenses to the extent necessary to limit total annual fund operating expenses after expense reimbursement (including prior fiscal year-end Acquired Fund Fees and Expenses of 1.02% and excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.75%, 2.50%, 2.00%, 1.50%, 1.50% and 1.50%, respectively, of average daily net assets (the “expense limits”). Effective January 1, 2017, the Adviser has contractually agreed, through at least April 30, 2018, 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 (including restated prior fiscal year-end Acquired Fund Fees and Expenses of 1.14% and excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.44%, 2.19%, 1.69%, 1.19%, 1.19% and 1.19%, respectively, of 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. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees.

19                         Invesco Alternative Strategies Fund

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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, 2016, the Adviser waived advisory fees of $1,777, reimbursed fund level expenses of $209,863 and reimbursed class level expenses of $2,588, $562, $69, $1,345, $10 and $10 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, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2016, 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 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. 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, 2016, 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, 2016, IDI advised the Fund that IDI retained $619 in front-end sales commissions from the sale of Class A shares.

The underlying Invesco funds pay no distribution fees for Class Y and Class R6 shares, and the Fund pays 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 or are unreliable. 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 Fund’s own 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, 2016, 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.

NOTE 4—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. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

20                         Invesco Alternative Strategies Fund

NOTE 5—Cash Balances

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

NOTE 6—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2016 and 2015:

	2016		2015
Ordinary income	$	45,686	$	33,975
Long-term capital gain		6,568		3,483
Total distributions	$	52,254	$	37,458

Tax Components of Net Assets at Period-End:

	2016
Undistributed long-term gain	$	1,842
Net unrealized appreciation (depreciation) — investments		(28,876	)
Temporary book/tax differences		(3,889	)
Shares of beneficial interest		1,579,751
Total net assets	$	1,548,828

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.

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, 2016.

NOTE 7—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2016 was $1,159,240 and $525,783, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	28,646
Aggregate unrealized (depreciation) of investment securities		(57,522	)
Net unrealized appreciation (depreciation) of investment securities	$	(28,876	)

Cost of investments for tax purposes is $1,556,895.

NOTE 8—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of overdistributions and distributions from underlying funds, on December 31, 2016, undistributed net investment income was increased by $12,848, undistributed net realized gain (loss) was decreased by $10,898 and shares of beneficial interest was decreased by $1,950. This reclassification had no effect on the net assets of the Fund.

21                         Invesco Alternative Strategies Fund

NOTE 9—Share Information

	Summary of Share Activity
	Years ended December 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		48,683		$	463,511			43,322		$	426,003
Class C		9,826			92,030			8,520			81,281
Class R		—			—			92			896
Class Y		47,768			455,982			12,130			118,904
Issued as reinvestment of dividends:
Class A		2,632			25,054			1,826			17,090
Class C		459			4,337			276			2,579
Class R		28			266			39			360
Class Y		1,471			14,034			729			6,833
Reacquired:
Class A		(14,078	)		(134,003	)		(7,914	)		(76,644	)
Class C		(4,246	)		(39,648	)		(3	)		(30	)
Class R		(96	)		(886	)		—			—
Class Y		(24,896	)		(235,448	)		(16,471	)		(163,992	)
Net increase in share activity		67,551		$	645,229			42,546		$	413,280

^(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.

    In addition, 24% of the outstanding shares of the Fund are owned by the Adviser or an affiliate at the Adviser.

22                         Invesco Alternative Strategies Fund

NOTE 10—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 12/31/16	$	9.32	$	0.32	$	0.24		$	0.56		$	(0.34	)	$	(0.00	)	$	(0.34	)	$	9.54		5.97	%	$	856		0.51	%(e)		18.77	%(e)		3.39	%(e)		45	%
Year ended 12/31/15		9.95		0.41		(0.62	)		(0.21	)		(0.40	)		(0.02	)		(0.42	)		9.32		(2.15	)		489		0.52			47.31			4.19			52
Year ended 12/31/14(f)		10.00		0.15		(0.01	)		0.14			(0.19	)		—			(0.19	)		9.95		1.39			152		0.52	(g)		97.85	(g)		6.96	(g)		3
Class C
Year ended 12/31/16		9.28		0.25		0.22			0.47			(0.27	)		(0.00	)		(0.27	)		9.48		5.10			160		1.26	(e)		19.52	(e)		2.64	(e)		45
Year ended 12/31/15		9.95		0.33		(0.62	)		(0.29	)		(0.36	)		(0.02	)		(0.38	)		9.28		(2.90	)		101		1.27			48.06			3.44			52
Year ended 12/31/14(f)		10.00		0.14		(0.02	)		0.12			(0.17	)		—			(0.17	)		9.95		1.23			21		1.27	(g)		98.60	(g)		6.21	(g)		3
Class R
Year ended 12/31/16		9.31		0.30		0.22			0.52			(0.31	)		(0.00	)		(0.31	)		9.52		5.64			18		0.76	(e)		19.02	(e)		3.14	(e)		45
Year ended 12/31/15		9.95		0.39		(0.63	)		(0.24	)		(0.38	)		(0.02	)		(0.40	)		9.31		(2.38	)		18		0.77			47.56			3.94			52
Year ended 12/31/14(f)		10.00		0.15		(0.02	)		0.13			(0.18	)		—			(0.18	)		9.95		1.34			18		0.77	(g)		98.10	(g)		6.71	(g)		3
Class Y
Year ended 12/31/16		9.34		0.35		0.23			0.58			(0.35	)		(0.00	)		(0.35	)		9.57		6.28			495		0.26	(e)		18.52	(e)		3.64	(e)		45
Year ended 12/31/15		9.96		0.44		(0.63	)		(0.19	)		(0.41	)		(0.02	)		(0.43	)		9.34		(1.89	)		256		0.27			47.06			4.44			52
Year ended 12/31/14(f)		10.00		0.16		(0.01	)		0.15			(0.19	)		—			(0.19	)		9.96		1.54			309		0.27	(g)		97.60	(g)		7.21	(g)		3
Class R5
Year ended 12/31/16		9.33		0.35		0.22			0.57			(0.35	)		(0.00	)		(0.35	)		9.55		6.18			10		0.26	(e)		18.23	(e)		3.64	(e)		45
Year ended 12/31/15		9.95		0.44		(0.63	)		(0.19	)		(0.41	)		(0.02	)		(0.43	)		9.33		(1.89	)		9		0.27			46.77			4.44			52
Year ended 12/31/14(f)		10.00		0.16		(0.02	)		0.14			(0.19	)		—			(0.19	)		9.95		1.44			10		0.27	(g)		96.70	(g)		7.21	(g)		3
Class R6
Year ended 12/31/16		9.33		0.35		0.22			0.57			(0.35	)		(0.00	)		(0.35	)		9.55		6.18			10		0.26	(e)		18.23	(e)		3.64	(e)		45
Year ended 12/31/15		9.95		0.44		(0.63	)		(0.19	)		(0.41	)		(0.02	)		(0.43	)		9.33		(1.89	)		9		0.27			46.77			4.44			52
Year ended 12/31/14(f)		10.00		0.16		(0.02	)		0.14			(0.19	)		—			(0.19	)		9.95		1.44			10		0.27	(g)		96.70	(g)		7.21	(g)		3

^(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 were 1.14%, 1.02% and 1.73% for the years ended December 31, 2016 and December 31, 2015 and the period October 14, 2014 (commencement date) through December 31, 2014, respectively.

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

^(e)  Ratios are based on average daily net assets (000’s omitted) of $661, $144, $18, $343, $10 and $10 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Commencement date of October 14, 2014.

^(g)  Annualized.

23                         Invesco Alternative Strategies Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series)

and Shareholders of the Invesco Alternative Strategies Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Invesco Alternative Strategies Fund (one of the portfolios constituting the AIM Growth Series (Invesco Growth Series), hereafter referred to as the “Fund”) as of December 31, 2016, 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 then ended and the financial highlights for each of the two years in the period then ended and for the period October 14, 2014 (commencement of operations) through December 31, 2014, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

February 23, 2017

24                         Invesco Alternative Strategies Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2016, through December 31, 2016.

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (07/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio2
			Ending Account Value (12/31/16)1		Expenses Paid During Period2,3		Ending Account Value (12/31/16)		Expenses Paid During Period2,4
A	$	1,000.00	$	1,027.80	$	2.40	$	1,022.77	$	2.39		0.47	%
C		1,000.00		1,022.40		6.20		1,019.00		6.19		1.22
R		1,000.00		1,025.60		3.67		1,021.52		3.66		0.72
Y		1,000.00		1,027.60		1.12		1,024.03		1.12		0.22
R5		1,000.00		1,027.60		1.12		1,024.03		1.12		0.22
R6		1,000.00		1,027.60		1.12		1,024.03		1.12		0.22

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2016 through December 31, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year. Effective January 1, 2017, the Fund’s 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 0.30%, 1.05%, 0.55%, 0.05%, 0.05% and 0.05% of average daily net assets, respectively. The annualized ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 0.30%, 1.05%, 0.55%, 0.05%, 0.05% and 0.05% for 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 fiscal half year are $1.53, $5.34, $2.80, $0.25, $0.25 and $0.25 for 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 fiscal half year are $1.53, $5.33, $2.80, $0.25, $0.25 and $0.25 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

25                         Invesco Alternative Strategies 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 advisors.

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, 2016:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	6,568
Qualified Dividend Income*		4.90	%
Corporate Dividends Received Deduction*		1.15	%
U.S. Treasury Obligations*		1.85	%

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

Distribution Information

Correction Notice

Shareholders were sent a notice from the 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 2016. Subsequently, certain of these estimates have been corrected. Listed below is a written statement of the sources of this distribution, as corrected, on a generally accepted accounting principles (“GAAP”) basis.

		Net Income		Gain from Sale of Securities		Return of Principal		Total Distribution
12/19/2016	Class A	$	0.2773	$	0.000	$	0.0588	$	0.3361
12/19/2016	Class C	$	0.2140	$	0.000	$	0.0588	$	0.2728
12/19/2016	Class R	$	0.2560	$	0.000	$	0.0588	$	0.3148
12/19/2016	Class Y	$	0.2967	$	0.000	$	0.0588	$	0.3555
12/19/2016	Class R5	$	0.2967	$	0.000	$	0.0588	$	0.3555
12/19/2016	Class R6	$	0.2967	$	0.000	$	0.0588	$	0.3555

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.

26                         Invesco Alternative Strategies 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: 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)	144	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.	144	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

²  Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

T-1                         Invesco Alternative Strategies 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
Bruce L. Crockett — 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	144	Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company) Member of the Audit Committee, Ferroglobe PLC (metallurgical company) and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	144	Board member of the Illinois Manufacturers’ Association
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	144	Trustee, Evans Scholarship Foundation; Chairman of the Board, Denver Film Society
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	144	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	144	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	144	None
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	144	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	144	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	144	None
Other Officers
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A

T-2                         Invesco Alternative Strategies 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
Other Officers—(continued)
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, 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; Managing Director, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Karen Dunn Kelley — 1960 Senior Vice President	2004	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman and Director, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Invesco Mortgage Capital Inc.; Senior Vice President, The Invesco Funds Formerly: Director, Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as INVESCO Global Asset Management Limited) and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco AIM Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A

T-3                         Invesco Alternative Strategies 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
Other Officers—(continued)
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Distributor Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Auditors PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Alternative Strategies Fund

Explore High-Conviction Investing with Invesco

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines.The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-02699 and 022-57526                         ALST-AR-1                                                 Invesco Distributors, Inc.

	Annual Report to Shareholders	December 31, 2016
	Invesco Balanced-Risk Retirement Funds
	Invesco Balanced-Risk Retirement Now Fund
	Invesco Balanced-Risk Retirement 2020 Fund
	Invesco Balanced-Risk Retirement 2030 Fund
	Invesco Balanced-Risk Retirement 2040 Fund
	Invesco Balanced-Risk Retirement 2050 Fund

Letters to Shareholders

        Philip Taylor Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period.     The reporting period began with significant stock market volatility in the US and abroad; this volatility was the result of investor uncertainty about global economic growth and monetary policy. After recovering, markets declined sharply following UK voters’ decision in June to leave the European Union. Relatively quickly, however, markets recovered, reaching record highs later in the summer. Demand was strong for income-producing investments, particularly those perceived to be lower risk; this benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive during the

reporting period, news overseas was less upbeat. The European Central Bank and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. After months of uncertainty, the surprise outcome of the US presidential election in November triggered a major stock market rally, with most market indexes reaching new record highs in December. As expected, the US Federal Reserve raised interest rates in December – its only rate increase during the reporting period and only its second increase since 2006. The Fed cited optimistic economic data for its decision, and Fed-watchers suggested that future rate increases might be announced more quickly than previously forecast.

    Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for whatever returns the market has to offer. The investment professionals at Invesco, in contrast, invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

2                         Invesco Balanced-Risk Retirement Funds

        Bruce Crockett Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.     As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: ∎  Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can   use to strive to meet your financial needs as your investment goals change over time. ∎  Monitoring how the portfolio management teams of the Invesco funds are performing in light   of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎ Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3                          Invesco Balanced-Risk Retirement Funds

Management’s Discussion of Fund Performance

Performance summary – Invesco Balanced-Risk Retirement Now Fund For the year ended December 31, 2016, Class A shares of Invesco Balanced-Risk Retirement Now Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Balanced-Risk Retirement Now Index.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/15 to 12/31/16, 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	6.74%
Class AX Shares	6.75
Class B Shares	6.03
Class C Shares	6.16
Class CX Shares	6.03
Class R Shares	6.37
Class RX Shares	6.38
Class Y Shares	6.85
Class R5 Shares	6.85
Class R6 Shares	6.85
S&P 500 Index▼ (Broad Market Index)	11.96
Custom Invesco Balanced-Risk Allocation Broad Index⬛ (Style-Specific Index)	8.41
Custom Invesco Balanced-Risk Retirement Now Index⬛ (Style-Specific Index)	3.62
Lipper Mixed-Asset Target Today Index◆ (Peer Group Index)	5.47
Source(s): ▼FactSet Research Systems Inc.; ⬛Invesco, FactSet Research Systems Inc.; ◆Lipper Inc.

Market conditions and your Fund

Invesco Balanced-Risk Retirement Now Fund invests in a combination of Invesco Balanced-Risk Allocation Fund (IBRA) and affiliated money market funds to provide broad market diversification and execute the Fund’s glide path strategy with the goal of achieving real return and capital preservation for investors in retirement. As a result of the Fund’s strategy to invest in IBRA and affiliated money market funds, the Fund’s performance can be attributed to the performance of these underlying funds and the allocation of the Fund’s assets between the underlying funds.

    During the year ended December 31, 2016, each of the asset classes in which IBRA invests provided positive contributions

to Fund performance, and the Fund ended the reporting period in positive territory. IBRA invests in derivatives, such as swaps and futures, which are expected to correspond to the performance of US and international fixed income, equity and commodity markets. The strategic portion of IBRA’s investment process involves first selecting representative assets for each asset class from a universe of more than 50 assets. Next, IBRA seeks to construct the portfolio so that an approximately equal amount of risk comes from equity, fixed income and commodity allocations. IBRA then makes tactical adjustments to its portfolio on a monthly basis to try to take advantage of short-term market dynamics.

    IBRA’s exposure to commodities, obtained through the use of swaps, futures and commodity-linked notes, led results for the reporting period as all four commodity complexes in which the underlying fund invests – agriculture, precious metals, energy and industrial metals – posted positive results. At a complex level, agriculture was IBRA’s leading performer during the year due to gains in sugar, soybeans, soybean oil, soymeal, cotton and coffee. Generally speaking, a supply shortage due to inclement weather and reduced plantings was the primary catalyst for higher prices. Strategic positioning in precious metals was also favorable as gains in silver outpaced gold. Precious metals prices benefited from a combination of volatility in equity prices during the reporting period as well as the inability of central banks to implement interest rate increases. Tactical exposure to precious metals detracted from IBRA’s performance for the reporting period – although positive performance from strategic positioning was enough to outweigh losses from tactical positioning within the complex. The energy complex was the second-largest contributor to IBRA’s performance, after agriculture. Oil prices struggled with high levels of oversupply, but made strong gains after OPEC reached an agreement on production levels. Also, investor optimism soared following the surprising results of the US presidential election, producing strong equity and commodity market gains. Industrial metals prices contributed to IBRA’s results as both copper and aluminum prices rose. IBRA’s tactical exposure to industrial metals detracted from Fund results due to underweight exposure to aluminum.

    Performance across developed equity markets also contributed to IBRA’s

Portfolio Composition

Asset Class*	Risk Allocation			% of Total Net  Assets as of 12/31/16**
Equities		48.18	%		25.00	%
Fixed Income		17.71			33.99
Commodities		30.47			17.89
Cash		3.64			39.80
Total		100.00			116.68

  * Based on the expected market exposure through investments in the underlying funds.

** Due to the use of leverage, the percentages may not equal 100%.

Total Net Assets $ 27.0 million 

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

Data presented here are as of December 31, 2016.

Fund Nasdaq Symbols
Class A Shares	IANAX
Class AX Shares	VIRAX
Class B Shares	IANBX
Class C Shares	IANCX
Class CX Shares	VIRCX
Class R Shares	IANRX
Class RX Shares	VIRRX
Class Y Shares	IANYX
Class R5 Shares	IANIX
Class R6 Shares	IANFX

4                         Invesco Balanced-Risk Retirement Funds

results as all six markets in which IBRA invests posted positive returns. Perhaps surprisingly, given the angst leading up to and after the Brexit vote – the UK referendum on whether to remain a part of, or leave, the European Union – UK equities led results in the asset class. Exposure to US small-cap equities and US large-cap equities also contributed to strong returns. European equities were pressured for most of the reporting period due to weak economic data and concerns over whether the exceptionally accommodative monetary policy of the European Central Bank was boosting growth and inflation. However, European equities rebounded at the end of the year and posted positive returns for the reporting period as a whole. IBRA’s tactical exposure to equities obtained through the use of swaps and futures helped boost the Fund’s returns owing to a combination of underweight exposure during the volatility of the first quarter of 2016 and overweight exposure when equities recovered in subsequent quarters.

    IBRA’s exposure to global government bonds, obtained through the use of swaps and futures, also provided positive returns for the Fund for the year. A combination of equity market volatility early in the reporting period, concerns over the fallout of the Brexit vote in early summer and generally tepid economic data throughout the reporting period created demand for perceived safe haven assets.¹ Within the government bond asset class, UK gilts were the top performers on Brexit fears and the resulting accommodative policy response from central banks. German bunds also benefited from these events, although these events also drove their yields into negative territory. US Treasury prices rallied on market volatility early in the reporting period and “flight to safety” demand in the wake of the Brexit vote, but they surrendered some of those gains late in the reporting period when the US Federal Reserve raised interest rates in December and when forecasts of faster-than-expected future rate increases dampened demand. Despite negative interest rates, Japanese government bonds also posted modest gains for the reporting period. Exposure to Canadian government bonds was the sole detractor within the asset class as

gains early in the year, resulting from the Canadian central bank cutting interest rates twice, weren’t enough to outweigh losses accrued toward the end of the year. IBRA’s tactical positioning in government bonds bolstered Fund results due to general overweight exposure to the asset class for the year.

    Please note that IBRA’s strategy is principally implemented with derivative instruments that include futures, commodity-linked notes and total return swaps. Therefore, all or most 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 Invesco Balanced-Risk Retirement Now Fund.

1 So-called “safe haven” assets do not imply risk-free investing.

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

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

Mark Ahnrud Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement Now Fund.

He joined Invesco in 2000. Mr. Ahnrud earned a BS in finance and investments from Babson College and an MBA from Duke University Fuqua School of Business.

Chris Devine Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement Now Fund.

He joined Invesco in 1998. Mr. Devine earned a BA in economics from Wake Forest University and an MBA from the University of Georgia.

Scott Hixon Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement Now Fund.

He joined Invesco in 1994. Mr. Hixon earned a BBA in finance from Georgia Southern University and an MBA in finance from Georgia State University.

Christian Ulrich Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement Now Fund.

He joined Invesco in 2000. Mr. Ulrich earned the equivalent of a BBA from the KV Zurich Business School in Zurich, Switzerland.

Scott Wolle Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement Now Fund.

He joined Invesco in 1999. Mr. Wolle earned a BS in finance from Virginia Polytechnic Institute and State University and an MBA from Duke University Fuqua School of Business.

Assisted by Invesco’s Global Asset

Allocation Team

5                          Invesco Balanced-Risk Retirement Funds

Management’s Discussion of Fund Performance

Performance summary – Invesco Balanced-Risk Retirement 2020 Fund For the year ended December 31, 2016, Class A shares of Invesco Balanced-Risk Retirement 2020 Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Balanced-Risk Retirement 2020 Index.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/15 to 12/31/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	8.77%
Class AX Shares	8.77
Class B Shares	8.00
Class C Shares	8.01
Class CX Shares	7.89
Class R Shares	8.40
Class RX Shares	8.52
Class Y Shares	8.92
Class R5 Shares	9.00
Class R6 Shares	8.99
S&P 500 Index▼ (Broad Market Index)	11.96
Custom Invesco Balanced-Risk Allocation Broad Index⬛ (Style-Specific Index)	8.41
Custom Invesco Balanced-Risk Retirement 2020 Index⬛ (Style-Specific Index)	4.48
Lipper Mixed-Asset Target 2020 Funds Index◆ (Peer Group Index)	5.58
Source(s): ▼FactSet Research Systems Inc.; ⬛Invesco, FactSet Research Systems Inc.; ◆Lipper Inc.

Market conditions and your Fund

Invesco Balanced-Risk Retirement 2020 Fund invests in a combination of Invesco Balanced-Risk Allocation Fund (IBRA) and affiliated money market funds to provide broad market diversification and execute the Fund’s glide path strategy with the goal of achieving real return and capital preservation for investors in retirement. As a result of the Fund’s strategy to invest in IBRA and affiliated money market funds, the Fund’s performance can be attributed to the performance of these underlying funds and the allocation of the Fund’s assets between the underlying funds.

    During the year ended December 31, 2016, each of the asset classes in which IBRA invests provided positive contributions

to Fund performance, and the Fund ended the reporting period in positive territory. IBRA invests in derivatives, such as swaps and futures, which are expected to correspond to the performance of US and international fixed income, equity and commodity markets. The strategic portion of IBRA’s investment process involves first selecting representative assets for each asset class from a universe of more than 50 assets. Next, IBRA seeks to construct the portfolio so that an approximately equal amount of risk comes from equity, fixed income and commodity allocations. IBRA then makes tactical adjustments to its portfolio on a monthly basis to try to take advantage of short-term market dynamics.

    IBRA’s exposure to commodities, obtained through the use of swaps, futures and commodity-linked notes, led results for the reporting period as all four commodity complexes in which the underlying fund invests – agriculture, precious metals, energy and industrial metals – posted positive results. At a complex level, agriculture was IBRA’s leading performer during the year due to gains in sugar, soybeans, soybean oil, soymeal, cotton and coffee. Generally speaking, a supply shortage due to inclement weather and reduced plantings was the primary catalyst for higher prices. Strategic positioning in precious metals was also favorable as gains in silver outpaced gold. Precious metals prices benefited from a combination of volatility in equity prices during the reporting period as well as the inability of central banks to implement interest rate increases. Tactical exposure to precious metals detracted from IBRA’s performance for the reporting period – although positive performance from strategic positioning was enough to outweigh losses from tactical positioning within the complex. The energy complex was the second-largest contributor to IBRA’s performance, after agriculture. Oil prices struggled with high levels of oversupply, but made strong gains after OPEC reached an agreement on production levels. Also, investor optimism soared following the surprising results of the US presidential election, producing strong equity and commodity market gains. Industrial metals prices contributed to IBRA’s results as both copper and aluminum prices rose. IBRA’s tactical exposure to industrial metals detracted from Fund results due to underweight exposure to aluminum.

    Performance across developed equity markets also contributed to IBRA’s

Portfolio Composition

Asset Class*	Risk Allocation			% of Total Net  Assets as of 12/31/16**
Equities		49.04	%		30.83	%
Fixed Income		18.02			41.91
Commodities		31.01			22.05
Cash		1.93			25.63
Total		100.00			120.42

  * Based on the expected market exposure through investments in the underlying funds.

** Due to the use of leverage, the percentages may not equal 100%.

Total Net Assets $69.6 million 

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

Data presented here are as of December 31, 2016.

Fund Nasdaq Symbols
Class A Shares	AFTAX
Class AX Shares	VRCAX
Class B Shares	AFTBX
Class C Shares	AFTCX
Class CX Shares	VRCCX
Class R Shares	ATFRX
Class RX Shares	VRCRX
Class Y Shares	AFTYX
Class R5 Shares	AFTSX
Class R6 Shares	VRCFX

6                         Invesco Balanced-Risk Retirement Funds

results as all six markets in which IBRA invests posted positive returns. Perhaps surprisingly, given the angst leading up to and after the Brexit vote – the UK referendum on whether to remain a part of, or leave, the European Union – UK equities led results in the asset class. Exposure to US small-cap equities and US large-cap equities also contributed to strong returns. European equities were pressured for most of the reporting period due to weak economic data and concerns over whether the exceptionally accommodative monetary policy of the European Central Bank was boosting growth and inflation. However, European equities rebounded at the end of the year and posted positive returns for the reporting period as a whole. IBRA’s tactical exposure to equities obtained through the use of swaps and futures helped boost the Fund’s returns owing to a combination of underweight exposure during the volatility of the first quarter of 2016 and overweight exposure when equities recovered in subsequent quarters.

    IBRA’s exposure to global government bonds, obtained through the use of swaps and futures, also provided positive returns for the Fund for the year. A combination of equity market volatility early in the reporting period, concerns over the fallout of the Brexit vote in early summer and generally tepid economic data throughout the reporting period created demand for perceived safe haven assets.¹ Within the government bond asset class, UK gilts were the top performers on Brexit fears and the resulting accommodative policy response from central banks. German bunds also benefited from these events, although these events also drove their yields into negative territory. US Treasury prices rallied on market volatility early in the reporting period and “flight to safety” demand in the wake of the Brexit vote, but they surrendered some of those gains late in the reporting period when the US Federal Reserve raised interest rates in December and when forecasts of faster-than-expected future rate increases dampened demand. Despite negative interest rates, Japanese government bonds also posted modest gains for the reporting period. Exposure to Canadian government bonds was the sole detractor within the asset class as

gains early in the year, resulting from the Canadian central bank cutting interest rates twice, weren’t enough to outweigh losses accrued toward the end of the year. IBRA’s tactical positioning in government bonds bolstered Fund results due to general overweight exposure to the asset class for the year.

    Please note that IBRA’s strategy is principally implemented with derivative instruments that include futures, commodity-linked notes and total return swaps. Therefore, all or most 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 Invesco Balanced-Risk Retirement 2020 Fund.

1 So-called “safe haven” assets do not imply risk-free investing.

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

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

Mark Ahnrud Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement 2020 Fund.

He joined Invesco in 2000. Mr. Ahnrud earned a BS in finance and investments from Babson College and an MBA from Duke University Fuqua School of Business.

Chris Devine Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement 2020 Fund.

He joined Invesco in 1998. Mr. Devine earned a BA in economics from Wake Forest University and an MBA from the University of Georgia.

Scott Hixon Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement 2020 Fund.

He joined Invesco in 1994. Mr. Hixon earned a BBA in finance from Georgia Southern University and an MBA in finance from Georgia State University.

Christian Ulrich Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement 2020 Fund.

He joined Invesco in 2000. Mr. Ulrich earned the equivalent of a BBA from the KV Zurich Business School in Zurich, Switzerland.

Scott Wolle Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement 2020 Fund.

He joined Invesco in 1999. Mr. Wolle earned a BS in finance from Virginia Polytechnic Institute and State University and an MBA from Duke University Fuqua School of Business.

Assisted by Invesco’s Global Asset

Allocation Team

7                         Invesco Balanced-Risk Retirement Funds

Management’s Discussion of Fund Performance

Performance summary – Invesco Balanced-Risk Retirement 2030 Fund For the year ended December 31, 2016, Class A shares of Invesco Balanced-Risk Retirement 2030 Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Balanced-Risk Retirement 2030 Index.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/15 to 12/31/16, 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	12.09%
Class AX Shares	11.80
Class B Shares	11.32
Class C Shares	11.33
Class CX Shares	11.33
Class R Shares	11.85
Class RX Shares	11.72
Class Y Shares	12.35
Class R5 Shares	12.31
Class R6 Shares	12.31
S&P 500 Index▼ (Broad Market Index)	11.96
Custom Invesco Balanced-Risk Allocation Broad Index⬛ (Style-Specific Index)	8.41
Custom Invesco Balanced-Risk Retirement 2030 Index⬛ (Style-Specific Index)	5.88
Lipper Mixed-Asset Target 2030 Funds Index◆ (Peer Group Index)	7.04
Source(s): ▼FactSet Research Systems Inc.; ⬛Invesco, FactSet Research Systems Inc.; ◆Lipper Inc.

Market conditions and your Fund

Invesco Balanced-Risk Retirement 2030 Fund invests in a combination of Invesco Balanced-Risk Allocation Fund (IBRA), Invesco Balanced-Risk Aggressive Allocation Fund (IBRAA) and affiliated money market funds to provide broad market diversification and execute the Fund’s glide path strategy which transitions from an accumulation strategy to a real return strategy at the target retirement date. As a result of the Fund’s strategy to invest in IBRA, IBRAA and affiliated money market funds, the Fund’s performance can be attributed to the performance of these underlying funds and the allocation of the Fund’s assets among the underlying funds.

    During the year ended December 31, 2016, each of the asset classes in which

IBRA and IBRAA invests provided positive contributions to Fund performance, and the Fund ended the reporting period in positive territory. IBRA and IBRAA invest in derivatives, such as swaps and futures, which are expected to correspond to the performance of US and international fixed income, equity and commodity markets. The strategic portion of the investment process involves first selecting representative assets for each asset class from a universe of more than 50 assets. Next, IBRA and IBRAA seek to construct portfolios so that an approximately equal amount of risk comes from equity, fixed income and commodity allocations. IBRA and IBRAA then make tactical adjustments to their portfolios on a monthly basis to try to take advantage of short-term market dynamics.

    IBRA’s and IBRAA’s exposure to commodities, obtained through the use of swaps, futures and commodity-linked notes, led results for the reporting period as all four commodity complexes in which the underlying funds invest – agriculture, precious metals, energy and industrial metals – posted positive results. At a complex level, agriculture was IBRA’s and IBRAA’s leading performer during the year due to gains in sugar, soybeans, soybean oil, soymeal, cotton and coffee. Generally speaking, a supply shortage due to inclement weather and reduced plantings was the primary catalyst for higher prices. Strategic positioning in precious metals was also favorable as gains in silver outpaced gold. Precious metals prices benefited from a combination of volatility in equity prices during the reporting period as well as the inability of central banks to implement interest rate increases. Tactical exposure to precious metals detracted from IBRA’s and IBRAA’s performance for the reporting period – although positive performance from strategic positioning was enough to outweigh losses from tactical positioning within the complex. The energy complex was the second-largest contributor to IBRA’s and IBRAA’s performance, after agriculture. Oil prices struggled with high levels of oversupply, but made strong gains after OPEC reached an agreement on production levels. Also, investor optimism soared following the surprising results of the US presidential election, producing strong equity and commodity market gains. Industrial metals prices contributed to Fund results as both copper and aluminum prices rose. Tactical exposure to industrial metals detracted from Fund results due to underweight exposure to aluminum.

    Performance across developed equity markets also contributed to Fund results as all six markets in which IBRA and

Portfolio Composition

Asset Class*	Risk Allocation			% of Total Net  Assets as of 12/31/16**
Equities		49.99	%		43.54	%
Fixed Income		18.38			59.19
Commodities		31.61			31.15
Cash		0.02			0.38
Total		100.00			134.26

  * Based on the expected market exposure through investments in the underlying funds.

** Due to the use of leverage, the percentages may not equal 100%.

Total Net Assets $80.0 million 

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

Data presented here are as of December 31, 2016.

Fund Nasdaq Symbols
Class A Shares	TNAAX
Class AX Shares	VREAX
Class B Shares	TNABX
Class C Shares	TNACX
Class CX Shares	VRECX
Class R Shares	TNARX
Class RX Shares	VRERX
Class Y Shares	TNAYX
Class R5 Shares	TNAIX
Class R6 Shares	TNAFX

8                         Invesco Balanced-Risk Retirement Funds

IBRAA invest posted positive returns. Perhaps surprisingly, given the angst leading up to and after the Brexit vote – the UK referendum on whether to remain a part of, or leave, the European Union – UK equities led results in the asset class. Exposure to US small-cap equities and US large-cap equities also contributed to strong returns. European equities were pressured for most of the reporting period due to weak economic data and concerns over whether the exceptionally accommodative monetary policy of the European Central Bank was boosting growth and inflation. However, European equities rebounded at the end of the year and posted positive returns for the reporting period as a whole. Tactical exposure to equities within IBRA and IBRAA, obtained through the use of swaps and futures, helped boost the Fund’s returns owing to a combination of underweight exposure during the volatility of the first quarter of 2016 and overweight exposure when equities recovered in subsequent quarters.

IBRA’s and IBRAA’s exposure to global government bonds, obtained through the use of swaps and futures, also provided positive returns for the Fund for the year. A combination of equity market volatility early in the reporting period, concerns over the fallout of the Brexit vote in early summer and generally tepid economic data throughout the reporting period created demand for perceived safe haven assets.¹ Within the government bond asset class, UK gilts were the top performers on Brexit fears and the resulting accommodative policy response from central banks. German bunds also benefited from these events, although these events also drove their yields into negative territory. US Treasury prices rallied on market volatility early in the reporting period and “flight to safety” demand in the wake of the Brexit vote, but they surrendered some of those gains late in the reporting period when the US Federal Reserve raised interest rates in December and when forecasts of faster-than-expected future rate increases dampened demand. Despite negative interest rates, Japanese government bonds also posted modest gains for the reporting period. Exposure to Canadian government bonds was the sole detractor within the asset class as gains early in the year, resulting

from the Canadian central bank cutting interest rates twice, weren’t enough to outweigh losses accrued toward the end of the year. IBRA’s and IBRAA’s tactical positioning in government bonds bolstered Fund results due to general overweight exposure to the asset class for the year.

Please note that IBRA’s and IBRAA’s strategy is principally implemented with derivative instruments that include futures, commodity-linked notes and total return swaps. Therefore, all or most 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 Invesco Balanced-Risk Retirement 2030 Fund.

1 So-called “safe haven” assets do not imply risk-free investing.

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

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

Mark Ahnrud Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement 2030 Fund. He joined

Invesco in 2000. Mr. Ahnrud earned a BS in finance and investments from Babson College and an MBA from Duke University Fuqua School of Business.

Chris Devine Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement 2030 Fund. He joined

Invesco in 1998. Mr. Devine earned a BA in economics from Wake Forest University and an MBA from the University of Georgia.

Scott Hixon Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement 2030 Fund. He joined

Invesco in 1994. Mr. Hixon earned a BBA in finance from Georgia Southern University and an MBA in finance from Georgia State University.

Christian Ulrich Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement 2030 Fund. He joined

Invesco in 2000. Mr. Ulrich earned the equivalent of a BBA from the KV Zurich Business School in Zurich, Switzerland.

Scott Wolle Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement 2030 Fund. He joined

Invesco in 1999. Mr. Wolle earned a BS in finance from Virginia Polytechnic Institute and State University and an MBA from Duke University Fuqua School of Business.

Assisted by Invesco’s Global Asset

Allocation Team

9                         Invesco Balanced-Risk Retirement Funds

Management’s Discussion of Fund Performance

Performance summary – Invesco Balanced-Risk Retirement 2040 Fund For the year ended December 31, 2016, Class A shares of Invesco Balanced-Risk Retirement 2040 Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Balanced-Risk Retirement 2040 Index.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/15 to 12/31/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	14.07%
Class AX Shares	14.09
Class B Shares	13.52
Class C Shares	13.54
Class CX Shares	13.56
Class R Shares	14.00
Class RX Shares	13.68
Class Y Shares	14.47
Class R5 Shares	14.29
Class R6 Shares	14.45
S&P 500 Index▼ (Broad Market Index)	11.96
Custom Invesco Balanced-Risk Allocation Broad Index⬛ (Style-Specific Index)	8.41
Custom Invesco Balanced-Risk Retirement 2040 Index⬛ (Style-Specific Index)	6.11
Lipper Mixed-Asset Target 2040 Funds Index◆ (Peer Group Index)	7.49
Source(s): ▼FactSet Research Systems Inc.; ⬛Invesco, FactSet Research Systems Inc.; ◆Lipper Inc.

Market conditions and your Fund

Invesco Balanced-Risk Retirement 2040 Fund invests in a combination of Invesco Balanced-Risk Allocation Fund (IBRA), Invesco Balanced-Risk Aggressive Allocation Fund (IBRAA) and affiliated money market funds to provide broad market diversification and execute the Fund’s glide path strategy which transitions from an accumulation strategy to a real return strategy at the target retirement date. As a result of the Fund’s strategy to invest in IBRA, IBRAA and affiliated money market funds, the Fund’s performance can be attributed to the performance of these underlying funds and the allocation of the Fund’s assets among the underlying funds.

    During the year ended December 31, 2016, each of the asset classes in which

IBRA and IBRAA invests provided positive contributions to Fund performance, and the Fund ended the reporting period in positive territory. IBRA and IBRAA invest in derivatives, such as swaps and futures, which are expected to correspond to the performance of US and international fixed income, equity and commodity markets. The strategic portion of the investment process involves first selecting representative assets for each asset class from a universe of more than 50 assets. Next, IBRA and IBRAA seek to construct portfolios so that an approximately equal amount of risk comes from equity, fixed income and commodity allocations. IBRA and IBRAA then make tactical adjustments to their portfolios on a monthly basis to try to take advantage of short-term market dynamics.

    IBRA’s and IBRAA’s exposure to commodities, obtained through the use of swaps, futures and commodity-linked notes, led results for the reporting period as all four commodity complexes in which the underlying funds invest – agriculture, precious metals, energy and industrial metals – posted positive results. At a complex level, agriculture was IBRA’s and IBRAA’s leading performer during the year due to gains in sugar, soybeans, soybean oil, soymeal, cotton and coffee. Generally speaking, a supply shortage due to inclement weather and reduced plantings was the primary catalyst for higher prices. Strategic positioning in precious metals was also favorable as gains in silver outpaced gold. Precious metals prices benefited from a combination of volatility in equity prices during the reporting period as well as the inability of central banks to implement interest rate increases. Tactical exposure to precious metals detracted from IBRA’s and IBRAA’s performance for the reporting period – although positive performance from strategic positioning was enough to outweigh losses from tactical positioning within the complex. The energy complex was the second-largest contributor to IBRA’s and IBRAA’s performance, after agriculture. Oil prices struggled with high levels of oversupply, but made strong gains after OPEC reached an agreement on production levels. Also, investor optimism soared following the surprising results of the US presidential election, producing strong equity and commodity market gains. Industrial metals prices contributed to Fund results as both copper and aluminum prices rose. Tactical exposure to industrial metals detracted from Fund results due to underweight exposure to aluminum.

    Performance across developed equity markets also contributed to Fund results as all six markets in which IBRA and

Portfolio Composition
Asset Class*	Risk Allocation			% of Total Net   Assets as  of 12/31/16**
Equities		49.98	%		50.28	%
Fixed Income		18.37			68.36
Commodities		31.61			35.97
Cash		0.04			0.83
Total		100.00			155.44

* Based on the expected market exposure through investments in the underlying funds.

** Due to the use of leverage, the percentages may not equal 100%.

  Total Net Assets     $51.5 million  

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

Data presented here are as of December 31, 2016.

Fund Nasdaq Symbols
Class A Shares	TNDAX
Class AX Shares	VRGAX
Class B Shares	TNDBX
Class C Shares	TNDCX
Class CX Shares	VRGCX
Class R Shares	TNDRX
Class RX Shares	VRGRX
Class Y Shares	TNDYX
Class R5 Shares	TNDIX
Class R6 Shares	TNDFX

10                         Invesco Balanced-Risk Retirement Funds

IBRAA invest posted positive returns. Perhaps surprisingly, given the angst leading up to and after the Brexit vote – the UK referendum on whether to remain a part of, or leave, the European Union – UK equities led results in the asset class. Exposure to US small-cap equities and US large-cap equities also contributed to strong returns. European equities were pressured for most of the reporting period due to weak economic data and concerns over whether the exceptionally accommodative monetary policy of the European Central Bank was boosting growth and inflation. However, European equities rebounded at the end of the year and posted positive returns for the reporting period as a whole. Tactical exposure to equities within IBRA and IBRAA, obtained through the use of swaps and futures, helped boost the Fund’s returns owing to a combination of underweight exposure during the volatility of the first quarter of 2016 and overweight exposure when equities recovered in subsequent quarters.

    IBRA’s and IBRAA’s exposure to global government bonds, obtained through the use of swaps and futures, also provided positive returns for the Fund for the year. A combination of equity market volatility early in the reporting period, concerns over the fallout of the Brexit vote in early summer and generally tepid economic data throughout the reporting period created demand for perceived safe haven assets.¹ Within the government bond asset class, UK gilts were the top performers on Brexit fears and the resulting accommodative policy response from central banks. German bunds also benefited from these events, although these events also drove their yields into negative territory. US Treasury prices rallied on market volatility early in the reporting period and “flight to safety” demand in the wake of the Brexit vote, but they surrendered some of those gains late in the reporting period when the US Federal Reserve raised interest rates in December and when forecasts of faster-than-expected future rate increases dampened demand. Despite negative interest rates, Japanese government bonds also posted modest gains for the reporting period. Exposure to Canadian government bonds was the sole detractor within the asset class as gains early in the year, resulting

from the Canadian central bank cutting interest rates twice, weren’t enough to outweigh losses accrued toward the end of the year. IBRA’s and IBRAA’s tactical positioning in government bonds bolstered Fund results due to general overweight exposure to the asset class for the year.

    Please note that IBRA’s and IBRAA’s strategy is principally implemented with derivative instruments that include futures, commodity-linked notes and total return swaps. Therefore, all or most 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 Invesco Balanced-Risk Retirement 2040 Fund.

1 So-called “safe haven” assets do not imply risk-free investing.

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

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

	Mark Ahnrud Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement 2040 Fund. He joined
Invesco in 2000. Mr. Ahnrud earned a BS in finance and investments from Babson College and an MBA from Duke University Fuqua School of Business.
	Chris Devine Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement 2040 Fund. He joined
Invesco in 1998. Mr. Devine earned a BA in economics from Wake Forest University and an MBA from the University of Georgia.
	Scott Hixon Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement 2040 Fund. He joined
Invesco in 1994. Mr. Hixon earned a BBA in finance from Georgia Southern University and an MBA in finance from Georgia State University.
	Christian Ulrich Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement 2040 Fund. He joined
Invesco in 2000. Mr. Ulrich earned the equivalent of a BBA from the KV Zurich Business School in Zurich, Switzerland.
	Scott Wolle Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement 2040 Fund. He joined
Invesco in 1999. Mr. Wolle earned a BS in finance from Virginia Polytechnic Institute and State University and an MBA from Duke University Fuqua School of Business.

Assisted by Invesco’s Global Asset

Allocation Team

11                         Invesco Balanced-Risk Retirement Funds

Management’s Discussion of Fund Performance

Performance summary – Invesco Balanced-Risk Retirement 2050 Fund For the year ended December 31, 2016, Class A shares of Invesco Balanced-Risk Retirement 2050 Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Balanced-Risk Retirement 2050 Index.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/15 to 12/31/16, 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	16.00%
Class AX Shares	15.82
Class B Shares	15.26
Class C Shares	15.38
Class CX Shares	15.23
Class R Shares	15.80
Class RX Shares	15.63
Class Y Shares	16.06
Class R5 Shares	16.21
Class R6 Shares	16.18
S&P 500 Index▼ (Broad Market Index)	11.96
Custom Invesco Balanced-Risk Allocation Broad Index⬛ (Style-Specific Index)	8.41
Custom Invesco Balanced-Risk Retirement 2050 Index⬛ (Style-Specific Index)	6.34
Lipper Mixed-Asset Target 2050 Funds Index◆ (Peer Group Index)	7.87
Source(s): ▼FactSet Research Systems Inc.; ⬛Invesco, FactSet Research Systems Inc.; ◆Lipper Inc.

Market conditions and your Fund

Invesco Balanced-Risk Retirement 2050 Fund invests in a combination of Invesco Balanced-Risk Allocation Fund (IBRA), Invesco Balanced-Risk Aggressive Allocation Fund (IBRAA) and affiliated money market funds to provide broad market diversification and execute the Fund’s glide path strategy which transitions from an accumulation strategy to a real return strategy at the target retirement date. As a result of the Fund’s strategy to invest in IBRA, IBRAA and affiliated money market funds, the Fund’s performance can be attributed to the performance of these underlying funds and the allocation of the Fund’s assets among the underlying funds.

    During the year ended December 31, 2016, each of the asset classes in which

IBRA and IBRAA invests provided positive contributions to Fund performance, and the Fund ended the reporting period in positive territory. IBRA and IBRAA invest in derivatives, such as swaps and futures, which are expected to correspond to the performance of US and international fixed income, equity and commodity markets. The strategic portion of the investment process involves first selecting representative assets for each asset class from a universe of more than 50 assets. Next, IBRA and IBRAA seek to construct portfolios so that an approximately equal amount of risk comes from equity, fixed income and commodity allocations. IBRA and IBRAA then make tactical adjustments to their portfolios on a monthly basis to try to take advantage of short-term market dynamics.

    IBRA’s and IBRAA’s exposure to commodities, obtained through the use of swaps, futures and commodity-linked notes, led results for the reporting period as all four commodity complexes in which the underlying funds invest – agriculture, precious metals, energy and industrial metals – posted positive results. At a complex level, agriculture was IBRA’s and IBRAA’s leading performer during the year due to gains in sugar, soybeans, soybean oil, soymeal, cotton and coffee. Generally speaking, a supply shortage due to inclement weather and reduced plantings was the primary catalyst for higher prices. Strategic positioning in precious metals was also favorable as gains in silver outpaced gold. Precious metals prices benefited from a combination of volatility in equity prices during the reporting period as well as the inability of central banks to implement interest rate increases. Tactical exposure to precious metals detracted from IBRA’s and IBRAA’s performance for the reporting period – although positive performance from strategic positioning was enough to outweigh losses from tactical positioning within the complex. The energy complex was the second-largest contributor to IBRA’s and IBRAA’s performance, after agriculture. Oil prices struggled with high levels of oversupply, but made strong gains after OPEC reached an agreement on production levels. Also, investor optimism soared following the surprising results of the US presidential election, producing strong equity and commodity market gains. Industrial metals prices contributed to Fund results as both copper and aluminum prices rose. Tactical exposure to industrial metals detracted from Fund results due to underweight exposure to aluminum.

    Performance across developed equity markets also contributed to Fund results as all six markets in which IBRA and

Portfolio Composition

Asset Class*	Risk Allocation			% of Total Net   Assets as of 12/31/16**
Equities		49.96	%		56.60	%
Fixed Income		18.36			76.95
Commodities		31.59			40.50
Cash		0.09			2.13
Total		100.00			176.18

* Based on the expected market exposure through investments in the underlying funds.

** Due to the use of leverage, the percentages may not equal 100%.

Total Net Assets $ 33.7 million

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

Data presented here are as of December 31, 2016.

Fund Nasdaq Symbols
Class A Shares	TNEAX
Class AX Shares	VRIAX
Class B Shares	TNEBX
Class C Shares	TNECX
Class CX Shares	VRICX
Class R Shares	TNERX
Class RX Shares	VRIRX
Class Y Shares	TNEYX
Class R5 Shares	TNEIX
Class R6 Shares	TNEFX

12                         Invesco Balanced-Risk Retirement Funds

IBRAA invest posted positive returns. Perhaps surprisingly, given the angst leading up to and after the Brexit vote – the UK referendum on whether to remain a part of, or leave, the European Union – UK equities led results in the asset class. Exposure to US small-cap equities and US large-cap equities also contributed to strong returns. European equities were pressured for most of the reporting period due to weak economic data and concerns over whether the exceptionally accommodative monetary policy of the European Central Bank was boosting growth and inflation. However, European equities rebounded at the end of the year and posted positive returns for the reporting period as a whole. Tactical exposure to equities within IBRA and IBRAA, obtained through the use of swaps and futures, helped boost the Fund’s returns owing to a combination of underweight exposure during the volatility of the first quarter of 2016 and overweight exposure when equities recovered in subsequent quarters.

    IBRA’s and IBRAA’s exposure to global government bonds, obtained through the use of swaps and futures, also provided positive returns for the Fund for the year. A combination of equity market volatility early in the reporting period, concerns over the fallout of the Brexit vote in early summer and generally tepid economic data throughout the reporting period created demand for perceived safe haven assets.¹ Within the government bond asset class, UK gilts were the top performers on Brexit fears and the resulting accommodative policy response from central banks. German bunds also benefited from these events, although these events also drove their yields into negative territory. US Treasury prices rallied on market volatility early in the reporting period and “flight to safety” demand in the wake of the Brexit vote, but they surrendered some of those gains late in the reporting period when the US Federal Reserve raised interest rates in December and when forecasts of faster-than-expected future rate increases dampened demand. Despite negative interest rates, Japanese government bonds also posted modest gains for the reporting period. Exposure to Canadian government bonds was the sole detractor within the asset class as gains early in the year, resulting

from the Canadian central bank cutting interest rates twice, weren’t enough to outweigh losses accrued toward the end of the year. IBRA’s and IBRAA’s tactical positioning in government bonds bolstered Fund results due to general overweight exposure to the asset class for the year.

    Please note that IBRA’s and IBRAA’s strategy is principally implemented with derivative instruments that include futures, commodity-linked notes and total return swaps. Therefore, all or most 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 Invesco Balanced-Risk Retirement 2050 Fund.

1 So-called “safe haven” assets do not imply risk-free investing.

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

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

	Mark Ahnrud Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement 2050 Fund. He joined
Invesco in 2000. Mr. Ahnrud earned a BS in finance and investments from Babson College and an MBA from Duke University Fuqua School of Business.
	Chris Devine Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement 2050 Fund. He joined
Invesco in 1998. Mr. Devine earned a BA in economics from Wake Forest University and an MBA from the University of Georgia.
	Scott Hixon Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement 2050 Fund. He joined
Invesco in 1994. Mr. Hixon earned a BBA in finance from Georgia Southern University and an MBA in finance from Georgia State University.
	Christian Ulrich Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement 2050 Fund. He joined
Invesco in 2000. Mr. Ulrich earned the equivalent of a BBA from the KV Zurich Business School in Zurich, Switzerland.
	Scott Wolle Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Balanced-Risk Retirement 2050 Fund. He joined
Invesco in 1999. Mr. Wolle earned a BS in finance from Virginia Polytechnic Institute and State University and an MBA from Duke University Fuqua School of Business.

Assisted by Invesco’s Global Asset Allocation Team

13                         Invesco Balanced-Risk Retirement Funds

Invesco Balanced-Risk Retirement Now Fund’s Long-Term Performance

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

Fund and index data from 1/31/07

1 Source: FactSet Research Systems Inc.

2 Source(s): Invesco, FactSet Research Systems Inc.

3 Source: Lipper Inc.

Past performance cannot guarantee comparable future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Results for Class B shares are calculated as if a hypothetical shareholder had liquidated his entire investment in the Fund at the close of the reporting period and paid the contingent deferred sales charges, if applicable.

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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

14                         Invesco Balanced-Risk Retirement Funds

Average Annual Total Returns  As of 12/31/16, including maximum applicable  sales charges
Class A Shares
Inception (1/31/07)	2.03%
5 Years	1.75
1 Year	0.89
Class AX Shares
Inception	2.02%
5 Years	1.75
1 Year	0.89
Class B Shares
Inception (1/31/07)	1.98%
5 Years	1.82
1 Year	1.03
Class C Shares
Inception (1/31/07)	1.86%
5 Years	2.16
1 Year	5.16
Class CX Shares
Inception	1.84%
5 Years	2.16
1 Year	5.03
Class R Shares
Inception (1/31/07)	2.34%
5 Years	2.62
1 Year	6.37
Class RX Shares
Inception	2.33%
5 Years	2.63
1 Year	6.38
Class Y Shares
Inception	2.80%
5 Years	3.12
1 Year	6.85
Class R5 Shares
Inception (1/31/07)	2.85%
5 Years	3.12
1 Year	6.85
Class R6 Shares
Inception	2.70%
5 Years	3.09
1 Year	6.85

Class AX shares incepted on June 1, 2010. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

Class CX and Class RX shares incepted on June 1, 2010. Performance shown prior to that date is that of Class A shares, restated to reflect the higher 12b-1 fees applicable to Class CX and Class RX shares.

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

Class R6 shares incepted on September 24, 2012. 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 comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class AX, Class B, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares was 0.81%, 0.81%, 1.56%, 1.56%, 1.56%, 1.06%, 1.06%, 0.56%, 0.56% and 0.56%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class AX, Class B, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares was 1.67%, 1.67%, 2.42%, 2.42%, 2.42%, 1.92%, 1.92%, 1.42%, 1.33% and 1.25%, respectively.¹ The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A and Class AX share performance reflects the maximum 5.50% sales charge, and Class B, Class C and Class CX share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C and Class CX shares is 1% for the first

year after purchase. Class R, Class RX, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

1 The expense ratio includes acquired fund fees and expenses of the underlying funds in which the Fund invests of 0.56% for Invesco Balanced-Risk Retirement Now Fund.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least April 30, 2018. See current prospectus for more information.

15                         Invesco Balanced-Risk Retirement Funds

Invesco Balanced-Risk Retirement 2020 Fund’s Long-Term Performance

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

Fund and index data from 1/31/07

1 Source: FactSet Research Systems Inc.

2 Source(s): Invesco, FactSet Research Systems Inc.

3 Source: Lipper Inc.

Past performance cannot guarantee comparable future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Results for Class B shares are calculated as if a hypothetical shareholder had liquidated his entire investment in the Fund at the close of the reporting period and paid the contingent deferred sales charges, if applicable.

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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

16                         Invesco Balanced-Risk Retirement Funds

Average Annual Total Returns  As of 12/31/16, including maximum applicable  sales charges
Class A Shares
Inception (1/31/07)	2.78%
5 Years	3.04
1 Year	2.79
Class AX Shares
Inception	2.78%
5 Years	3.04
1 Year	2.79
Class B Shares
Inception (1/31/07)	2.73%
5 Years	3.08
1 Year	3.00
Class C Shares
Inception (1/31/07)	2.58%
5 Years	3.45
1 Year	7.01
Class CX Shares
Inception	2.59%
5 Years	3.43
1 Year	6.89
Class R Shares
Inception (1/31/07)	3.10%
5 Years	3.94
1 Year	8.40
Class RX Shares
Inception	3.11%
5 Years	3.96
1 Year	8.52
Class Y Shares
Inception	3.56%
5 Years	4.44
1 Year	8.92
Class R5 Shares
Inception (1/31/07)	3.62%
5 Years	4.46
1 Year	9.00
Class R6 Shares
Inception	3.48%
5 Years	4.45
1 Year	8.99

Class AX shares incepted on June 1, 2010. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

Class CX and Class RX shares incepted on June 1, 2010. Performance shown prior to that date is that of Class A shares, restated to reflect the higher 12b-1 fees applicable to Class CX and Class RX shares.

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

Class R6 shares incepted on September 24, 2012. 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 comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class AX, Class B, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares was 0.95%, 0.95%, 1.70%, 1.70%, 1.70%, 1.20%, 1.20%, 0.70%, 0.70% and 0.70%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class AX, Class B, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares was 1.39%, 1.39%, 2.14%, 2.14%, 2.14%, 1.64%, 1.64%, 1.14%, 1.04% and 0.94%, respectively.¹ The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A and Class AX share performance reflects the maximum 5.50% sales charge, and Class B, Class C and Class CX share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C and Class CX shares is 1% for the first

year after purchase. Class R, Class RX, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

1 The expense ratio includes acquired fund fees and expenses of the underlying funds in which the Fund invests of 0.70% for Invesco Balanced-Risk Retirement 2020 Fund.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least April 30, 2018. See current prospectus for more information.

17                         Invesco Balanced-Risk Retirement Funds

Invesco Balanced-Risk Retirement 2030 Fund’s Long-Term Performance

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

Fund and index data from 1/31/07

1 Source: FactSet Research Systems Inc.

2 Source(s): Invesco, FactSet Research Systems Inc.

3 Source: Lipper Inc.

Past performance cannot guarantee comparable future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Results for Class B shares are calculated as if a hypothetical shareholder had liquidated his entire investment in the Fund at the close of the reporting period and paid the contingent deferred sales charges, if applicable.

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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

18                         Invesco Balanced-Risk Retirement Funds

Average Annual Total Returns  As of 12/31/16, including maximum applicable  sales charges
Class A Shares
Inception (1/31/07)	2.62%
5 Years	3.86
1 Year	5.88
Class AX Shares
Inception	2.61%
5 Years	3.85
1 Year	5.62
Class B Shares
Inception (1/31/07)	2.58%
5 Years	3.95
1 Year	6.32
Class C Shares
Inception (1/31/07)	2.44%
5 Years	4.30
1 Year	10.33
Class CX Shares
Inception	2.45%
5 Years	4.30
1 Year	10.33
Class R Shares
Inception (1/31/07)	2.94%
5 Years	4.80
1 Year	11.85
Class RX Shares
Inception	2.95%
5 Years	4.78
1 Year	11.72
Class Y Shares
Inception	3.42%
5 Years	5.32
1 Year	12.35
Class R5 Shares
Inception (1/31/07)	3.46%
5 Years	5.31
1 Year	12.31
Class R6 Shares
Inception	3.31%
5 Years	5.27
1 Year	12.31

Class AX shares incepted on June 1, 2010. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

Class CX and Class RX shares incepted on June 1, 2010. Performance shown prior to that date is that of Class A shares, restated to reflect the higher 12b-1 fees applicable to Class CX and Class RX shares.

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

Class R6 shares incepted on September 24, 2012. 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 comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class AX, Class B, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares was 1.09%, 1.09%, 1.84%, 1.84%, 1.84%, 1.34%, 1.34%, 0.84%, 0.84% and 0.84%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class AX, Class B, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares was 1.53%, 1.53%, 2.28%, 2.28%, 2.28%, 1.78%, 1.78%, 1.28%, 1.16% and 1.07%, respectively.¹ The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A and Class AX share performance reflects the maximum 5.50% sales charge, and Class B, Class C and Class CX share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C and Class CX shares is 1% for the first

year after purchase. Class R, Class RX, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

1 The expense ratio includes acquired fund fees and expenses of the underlying funds in which the Fund invests of 0.84% for Invesco Balanced-Risk Retirement 2030 Fund.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least April 30, 2018. See current prospectus for more information.

19                         Invesco Balanced-Risk Retirement Funds

Invesco Balanced-Risk Retirement 2040 Fund’s Long-Term Performance

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

Fund and index data from 1/31/07

1 Source: FactSet Research Systems Inc.

2 Source(s): Invesco, FactSet Research Systems Inc.

3 Source: Lipper Inc.

Past performance cannot guarantee comparable future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Results for Class B shares are calculated as if a hypothetical shareholder had liquidated his entire investment in the Fund at the close of the reporting period and paid the contingent deferred sales charges, if applicable.

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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

20                         Invesco Balanced-Risk Retirement Funds

Average Annual Total Returns  As of 12/31/16, including maximum applicable  sales charges
Class A Shares
Inception (1/31/07)	2.50%
5 Years	4.26
1 Year	7.83
Class AX Shares
Inception	2.49%
5 Years	4.26
1 Year	7.84
Class B Shares
Inception (1/31/07)	2.47%
5 Years	4.44
1 Year	8.52
Class C Shares
Inception (1/31/07)	2.34%
5 Years	4.74
1 Year	12.54
Class CX Shares
Inception	2.34%
5 Years	4.72
1 Year	12.56
Class R Shares
Inception (1/31/07)	2.84%
5 Years	5.24
1 Year	14.00
Class RX Shares
Inception	2.83%
5 Years	5.18
1 Year	13.68
Class Y Shares
Inception	3.30%
5 Years	5.73
1 Year	14.47
Class R5 Shares
Inception (1/31/07)	3.33%
5 Years	5.72
1 Year	14.29
Class R6 Shares
Inception	3.21%
5 Years	5.70
1 Year	14.45

Class AX shares incepted on June 1, 2010. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

Class CX and Class RX shares incepted on June 1, 2010. Performance shown prior to that date is that of Class A shares, restated to reflect the higher 12b-1 fees applicable to Class CX and Class RX shares.

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

Class R6 shares incepted on September 24, 2012. 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 comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class AX, Class B, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares was 1.13%, 1.13%, 1.88%, 1.88%, 1.88%, 1.38%, 1.38%, 0.88%, 0.88% and 0.88%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class AX, Class B, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares was 1.73%, 1.73%, 2.48%, 2.48%, 2.48%, 1.98%, 1.98%, 1.48%, 1.30% and 1.21%, respectively.¹ The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A and Class AX share performance reflects the maximum 5.50% sales charge, and Class B, Class C and Class CX share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C and Class CX shares is 1% for the first

year after purchase. Class R, Class RX, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

1 The expense ratio includes acquired fund fees and expenses of the underlying funds in which the Fund invests of 0.88% for Invesco Balanced-Risk Retirement 2040 Fund.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least April 30, 2018. See current prospectus for more information.

21                         Invesco Balanced-Risk Retirement Funds

Invesco Balanced-Risk Retirement 2050 Fund’s Long-Term Performance

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

Fund and index data from 1/31/07

1 Source: FactSet Research Systems Inc.

2 Source(s): Invesco, FactSet Research Systems Inc.

Past performance cannot guarantee comparable future results.

The Lipper Mixed-Asset Target 2050 Funds Index is not shown on the chart as the index does not have sufficient performance history.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Results for Class B shares are calculated as if a hypothetical shareholder had liquidated his entire investment in the Fund at the close of the

reporting period and paid the contingent deferred sales charges, if applicable. 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

22                         Invesco Balanced-Risk Retirement Funds

Average Annual Total Returns  As of 12/31/16, including maximum applicable  sales charges
Class A Shares
Inception (1/31/07)	2.45%
5 Years	4.67
1 Year	9.62
Class AX Shares
Inception	2.43%
5 Years	4.66
1 Year	9.46
Class B Shares
Inception (1/31/07)	2.40%
5 Years	4.84
1 Year	10.26
Class C Shares
Inception (1/31/07)	2.29%
5 Years	5.11
1 Year	14.38
Class CX Shares
Inception	2.27%
5 Years	5.12
1 Year	14.23
Class R Shares
Inception (1/31/07)	2.78%
5 Years	5.61
1 Year	15.80
Class RX Shares
Inception	2.77%
5 Years	5.61
1 Year	15.63
Class Y Shares
Inception	3.23%
5 Years	6.11
1 Year	16.06
Class R5 Shares
Inception (1/31/07)	3.27%
5 Years	6.13
1 Year	16.21
Class R6 Shares
Inception	3.14%
5 Years	6.08
1 Year	16.18

Class AX shares incepted on June 1, 2010. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

Class CX and Class RX shares incepted on June 1, 2010. Performance shown prior to that date is that of Class A shares, restated to reflect the higher 12b-1 fees applicable to Class CX and Class RX shares.

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

Class R6 shares incepted on September 24, 2012. 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 comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class AX, Class B, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares was 1.17%, 1.17%, 1.92%, 1.92%, 1.92%, 1.42%, 1.42%, 0.92%, 0.92% and 0.92%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class AX, Class B, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares was 2.23%, 2.23%, 2.98%, 2.98%, 2.98%, 2.48%, 2.48%, 1.98%, 1.69% and 1.61%, respectively.¹ The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A and Class AX share performance reflects the maximum 5.50% sales charge, and Class B, Class C and Class CX share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C and Class CX shares is 1% for the first

year after purchase. Class R, Class RX, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

1 The expense ratio includes acquired fund fees and expenses of the underlying funds in which the Fund invests of 0.92% for Invesco Balanced-Risk Retirement 2050 Fund.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least April 30, 2018. See current prospectus for more information.

23                         Invesco Balanced-Risk Retirement Funds

Invesco Balanced-Risk Retirement Now Fund’s investment objective is to provide real return and, as a secondary objective, capital preservation.

Invesco Balanced-Risk Retirement 2020 Fund’s, Invesco Balanced-Risk Retirement 2030 Fund’s, Invesco Balanced-Risk Retirement 2040 Fund’s and Invesco Balanced-Risk Retirement 2050 Fund’s investment objective is to provide total return with a low to moderate correlation to traditional financial market indices, and as a secondary objective, capital preservation.

∎ Unless otherwise stated, information presented in this report is as of December 31, 2016, and is based on total net assets.

∎ Unless otherwise noted, all data provided by Invesco.

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

About share classes

∎ Class AX shares, Class CX shares, Class RX shares and Class Y shares are available only to certain investors. On September 24, 2012, Class A5 shares, Class C5 shares and Class R5 shares were renamed Class AX shares, Class CX shares and Class RX shares, respectively. Please see the prospectus for more information.

∎ Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

∎ Class R shares are generally available only to employee benefit plans. Please see the prospectus for more information.

∎ Class R5 shares and Class R6 shares are primarily intended for retirement plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in Invesco Balanced-Risk Retirement Now Fund, Invesco Balanced-Risk Retirement 2020 Fund and the underlying funds are:

∎ Allocation risk. The Fund’s investment performance depends, in part, on how its assets are allocated among the underlying funds or asset classes. The Adviser’s evaluations and assumptions regarding the asset classes or the underlying funds in which the Fund invests may be incorrect, causing the Fund to be invested (or not invested) in one or more asset classes or underlying funds at an inopportune time, which could negatively affect the Fund’s performance.

∎ Changing fixed income market conditions risk. The current low interest rate environment was created in part by the

Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near, at or below zero. 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 an underlying 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 an underlying fund’s transaction costs.

∎ Commodities tax risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of an underlying fund from certain commodity-linked derivatives was treated as non-qualifying income, an underlying fund might fail to qualify as a regulated investment company and be subject to federal income tax at the fund level. Should the Internal Revenue Service issue guidance, or Congress enact legislation, that adversely affects the tax treatment of an underlying fund’s use of commodity-linked notes or a wholly-owned subsidiary (which guidance might be applied to the underlying fund retroactively), it could, among other consequences, limit the underlying fund’s ability to pursue its investment strategy.

∎ Commodity-linked notes risk. In addition to risks associated with the underlying

commodities, investments in commodity-linked notes may be subject to additional risks, such as non-payment of interest and loss of principal, counterparty risk, lack of a secondary market and risk of greater volatility than traditional equity and debt securities. The value of the commodity-linked notes an underlying fund buys may fluctuate significantly because the values of the underlying investments to which they are linked are themselves volatile. Additionally, certain commodity-linked notes employ “economic” leverage by requiring payment by the issuer of an amount that is a multiple of the price increase or decrease of the underlying commodity, commodity index, or other economic variable. Such economic leverage will increase the volatility of the value of these commodity-linked notes and an underlying fund to the extent it invests in such notes.

∎ Commodity risk. An underlying fund may have investment exposure to the commodities markets and/or a particular sector of the commodities markets, which may subject an underlying fund to greater volatility than investments in traditional securities, such as stocks and bonds. Volatility in the commodities markets may be caused by changes in overall market movements, domestic and foreign political and economic events and policies, war, acts of terrorism, changes in domestic or foreign interest rates and/or investor expectations concerning interest rates, domestic and foreign inflation rates, investment and trading activities of mutual funds, hedge funds and commodities funds, and factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments, or supply and demand disruptions. Because an underlying fund’s performance may be linked to the performance of volatile commodities, investors should be willing to assume the risks of potentially significant fluctuations in the value of an underlying fund’s shares.

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

24                         Invesco Balanced-Risk Retirement Funds

∎ Correlation risk. Because an underlying fund’s investment strategy seeks to balance risk across three asset classes and, within each asset class, across different countries and investments, to the extent either the asset classes or the selected countries and investments become correlated in a way not anticipated an underlying fund’s adviser, an underlying fund’s risk allocation process may result in magnified risks and loss instead of balancing (reducing) the risk of loss.

∎ Debt securities risk. The prices of debt securities held by an underlying fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause an underlying fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce an underlying fund’s distributable income because interest payments on floating rate debt instruments held by an underlying fund will decline. An underlying fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

∎ Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the underlying fund the amount owed or otherwise perform under the derivative

contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the underlying fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the underlying fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the underlying fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the underlying fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the underlying fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions. These risks are greater for certain underlying funds than most other mutual funds because certain underlying funds will implement their investment strategy primarily through derivative instruments rather than direct investments in stocks/bonds.

∎ Emerging markets securities risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

∎ Exchange-traded funds risk. In addition to the risks associated with the underlying assets held by the exchange-traded fund, investments in exchange-traded funds are subject to the following additional risks: (1) an exchange-traded

fund’s shares may trade above or below its net asset value; (2) an active trading market for the exchange-traded fund’s shares may not develop or be maintained; (3) trading an exchange-traded fund’s shares may be halted by the listing exchange; (4) a passively-managed exchange-traded fund may not track the performance of the reference asset; and (5) a passively managed exchange-traded fund may hold troubled securities. Investment in exchange-traded funds may involve duplication of management fees and certain other expenses, as the Fund or an underlying fund indirectly bears its proportionate share of any expenses paid by the exchange-traded funds in which it invests. Further, certain exchange-traded funds in which the Fund or an underlying fund may invest are leveraged, which may result in economic leverage, permitting the Fund or an underlying fund to gain exposure that is greater than would be the case in an unlevered instrument, and potentially resulting in greater volatility.

∎ Exchange-traded notes risk. Exchange-traded notes are subject to credit risk, counterparty risk, and the risk that the value of the exchange-traded note may drop due to a downgrade in the issuer’s credit rating. The value of an exchange-traded note may also be influenced by time to maturity, level of supply and demand for the exchange-traded note, volatility and lack of liquidity in the underlying market, changes in the applicable interest rates, and economic, legal, political, or geographic events that affect the referenced underlying market or assets. An underlying fund will bear its proportionate share of any fees and expenses borne by an exchange-traded note in which it invests. For certain exchange-traded notes, there may be restrictions on an underlying fund’s right to redeem its investment in an exchange-traded note, which is meant to be held until maturity.

∎ Foreign government debt risk. Investments in foreign government debt securities (sometimes referred to as sovereign debt securities) involve certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and an underlying fund may have limited recourse in the event of a default against the defaulting government.

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25                         Invesco Balanced-Risk Retirement Funds

continued from page 25

Without the approval of debt holders, some governmental debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments.

∎ Foreign securities risk. An underlying fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which an underlying fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless an underlying fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which an underlying fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ Fund of funds risk. The Fund’s performance depends on that of the underlying funds in which it invests. Accordingly, the risks associated with an investment in the Fund include the risks associated with investments in the underlying funds. The Fund will indirectly pay a proportional share of the fees and expenses of the underlying funds in which it invests. There are risks that the Fund will vary from its target weightings (if any) in the underlying funds, that the underlying funds will not achieve their investment objectives, that the underlying funds’ performance may be lower than their represented asset classes, and that the Fund may withdraw its investments in an underlying fund at a disadvantageous time.

∎ Management risk. An underlying fund is actively managed and depends heavily on an underlying fund’s adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for an underlying fund’s portfolio. An underlying fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax

developments may adversely affect management of an underlying fund and, therefore, the ability of the underlying fund to achieve its investment objective.

∎ Market risk. The market values of an underlying fund’s investments, and therefore the value of an underlying fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by an underlying fund will rise in value.

∎ Money market fund risk. Although an underlying money market fund seeks to preserve the value of the Fund’s investment at $1.00 per share, the Fund may lose money by investing in an underlying money market fund. The share price of money market funds can fall below the $1.00 share price. An underlying money market fund’s sponsor has no legal obligation to provide financial support to an underlying money market fund, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to an underlying money market fund or maintain to an underlying money market fund’s $1.00 share price at any time. The credit quality of to an underlying money market fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on an underlying money market fund’s share price. An underlying money market fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. Furthermore, amendments to money market fund regulations could impact an underlying money market fund’s operations and possibly negatively impact its return. While an underlying money market fund’s Board may elect to impose a fee upon the sale of the Fund’s shares or temporarily suspend the Fund’s ability to sell shares in the future if an underlying money market fund’s

liquidity falls below required minimums because of market conditions or other factors, an underlying money market fund’s Board has not elected to do so at this time. Should an underlying money market fund’s Board elect to do so, such change would only become effective after shareholders were provided with specific advance notice of the change in an underlying money market fund’s policy and provided with the opportunity to redeem their shares in accordance with Rule 2a-7 before the policy change became effective.

∎ Non-diversification risk. The Fund is non-diversified and can invest a greater portion of its 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 the Fund more than if it was a diversified fund.

∎ Repurchase agreement risk. If the seller of a repurchase agreement defaults or otherwise does not fulfill its obligations, an underlying fund may incur delays and losses arising from selling the underlying securities, enforcing its rights, or declining collateral value.

∎ Short position risk. Because an underlying fund’s potential loss on a short position arises from increases in the value of the asset sold short, the underlying fund will incur a loss on a short position, which is theoretically unlimited, if the price of the asset sold short increases from the short sale price. The counterparty to a short position or other market factors may prevent an underlying fund from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in a loss. In a rising market, an underlying fund’s short positions will cause the underlying fund to underperform the overall market and its peers that do not engage in shorting. If an underlying fund holds both long and short positions, and both positions decline simultaneously, the short positions will not provide any buffer (hedge) from declines in value of the underlying fund’s long positions. Certain types of short positions involve leverage, which may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of an underlying fund’s returns.

∎ Subsidiary risk. By investing in the Subsidiary, an underlying fund is indirectly

26                         Invesco Balanced-Risk Retirement Funds

exposed to risks associated with the Subsidiary’s investments. The Subsidiary is not registered under the Investment Company Act of 1940, as amended (1940 Act), and, except as otherwise noted in this prospectus, is not subject to the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which an underlying fund and the Subsidiary, respectively, are organized, could result in the inability of an underlying fund and/or the Subsidiary to operate as described in this prospectus and the SAI, and could negatively affect an underlying fund and its shareholders.

∎ US government obligations risk. Obligations of US government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the US government, which could affect an underlying fund’s ability to recover should they default. No assurance can be given that the US government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

∎ Volatility risk. Although an underlying fund’s investment strategy targets a specific volatility level, certain of an underlying fund’s investments may appreciate or decrease significantly in value over short periods of time. This may cause an underlying fund’s net asset value per share to experience significant increases or declines in value over short periods of time.

∎ Yield risk. An underlying fund’s yield will vary as the short-term securities in its portfolio mature or are sold and the proceeds are reinvested in other securities. When interest rates are very low, an underlying fund’s expenses could absorb all or a portion of an underlying fund’s income and yield. Additionally, inflation may outpace and diminish investment returns over time.

Principal risks of investing in Invesco Balanced-Risk Retirement 2030 Fund, Invesco Balanced-Risk Retirement 2040 Fund, Invesco Balanced-Risk Retirement 2050 Fund and the underlying funds are:

∎ Allocation risk. The Fund’s investment performance depends, in part, on how its assets are allocated among the underlying funds or asset classes. The Adviser’s evaluations and assumptions regarding the asset classes or the underlying funds in which the Fund invests may be incorrect, causing the

Fund to be invested (or not invested) in one or more asset classes or underlying funds at an inopportune time, which could negatively affect the Fund’s performance.

∎ Changing fixed income market conditions risk. The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near, at or below zero. 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 an underlying 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 an underlying fund’s transaction costs.

∎ Commodities tax risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of an underlying fund from certain commodity-linked derivatives was treated as non-qualifying income, an underlying fund might fail to qualify as a regulated investment company and be subject to federal income tax at the fund level. Should the Internal Revenue Service issue guidance, or Congress enact legislation, that adversely affects the tax treatment of an underlying fund’s use of commodity-linked notes or a wholly-owned subsidiary (which guidance might be applied to the underlying fund retroactively), it could, among other consequences, limit the underlying fund’s ability to pursue its investment strategy.

∎ Commodity-linked notes risk. In addition to risks associated with the underlying commodities, investments in commodity-linked notes may be subject to additional risks, such as non-payment of interest and loss of principal, counterparty risk, lack of a secondary market and risk of greater volatility than traditional equity and debt securities. The value of the

commodity-linked notes an underlying fund buys may fluctuate significantly because the values of the underlying investments to which they are linked are themselves volatile. Additionally, certain commodity-linked notes employ “economic” leverage by requiring payment by the issuer of an amount that is a multiple of the price increase or decrease of the underlying commodity, commodity index, or other economic variable. Such economic leverage will increase the volatility of the value of these commodity-linked notes and an underlying fund to the extent it invests in such notes.

∎ Commodity risk. An underlying fund may have investment exposure to the commodities markets and/or a particular sector of the commodities markets, which may subject an underlying fund to greater volatility than investments in traditional securities, such as stocks and bonds. Volatility in the commodities markets may be caused by changes in overall market movements, domestic and foreign political and economic events and policies, war, acts of terrorism, changes in domestic or foreign interest rates and/or investor expectations concerning interest rates, domestic and foreign inflation rates, investment and trading activities of mutual funds, hedge funds and commodities funds, and factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments, or supply and demand disruptions. Because an underlying fund’s performance may be linked to the performance of volatile commodities, investors should be willing to assume the risks of potentially significant fluctuations in the value of an underlying fund’s shares.

∎ Correlation risk. Because an underlying fund’s investment strategy seeks to balance risk across three asset classes and, within each asset class, across different countries and investments, to the extent either the asset classes or the selected countries and investments become correlated in a way not anticipated an underlying fund’s adviser, an underlying fund’s risk allocation process may result in magnified risks and loss instead of balancing (reducing) the risk of loss.

∎ Debt securities risk. The prices of debt securities held by an underlying fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in

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27                         Invesco Balanced-Risk Retirement Funds

continued from page 27

prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause an underlying fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce an underlying fund’s distributable income because interest payments on floating rate debt instruments held by an underlying fund will decline. An underlying fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

∎ Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks.

Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the underlying fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the underlying fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the underlying fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the underlying fund may be unable to sell or close out its derivative positions at a desirable time

or price. This risk may be more acute under adverse market conditions, during which the underlying fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the underlying fund’s ability to use certain derivatives or their cost. The SEC has proposed new regulations related to the use of derivatives and related instruments by registered investment companies. If adopted as proposed, these regulations would limit an underlying fund’s ability to engage in derivatives transactions and may result in increased costs or require an underlying fund to modify its investment strategies or to liquidate. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions. These risks are greater for certain underlying funds than most other mutual funds because certain underlying funds will implement their investment strategy primarily through derivative instruments rather than direct investments in stocks/bonds.

∎ Emerging markets securities risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

∎ Exchange-traded funds risk. In addition to the risks associated with the underlying assets held by the exchange-traded fund, investments in exchange-traded funds are subject to the following additional risks: (1) an exchange-traded fund’s shares may trade above or below its net asset value; (2) an active trading market for the exchange-traded fund’s shares may not develop or be

maintained; (3) trading an exchange-traded fund’s shares may be halted by the listing exchange; (4) a passively-managed exchange-traded fund may not track the performance of the reference asset; and (5) a passively managed exchange-traded fund may hold troubled securities. Investment in exchange-traded funds may involve duplication of management fees and certain other expenses, as the Fund or an underlying fund indirectly bears its proportionate share of any expenses paid by the exchange-traded funds in which it invests. Further, certain exchange-traded funds in which the Fund or an underlying fund may invest are leveraged, which may result in economic leverage, permitting the Fund or an underlying fund to gain exposure that is greater than would be the case in an unlevered instrument, and potentially resulting in greater volatility.

∎ Exchange-traded notes risk. Exchange-traded notes are subject to credit risk, counterparty risk, and the risk that the value of the exchange-traded note may drop due to a downgrade in the issuer’s credit rating. The value of an exchange-traded note may also be influenced by time to maturity, level of supply and demand for the exchange-traded note, volatility and lack of liquidity in the underlying market, changes in the applicable interest rates, and economic, legal, political, or geographic events that affect the referenced underlying market or assets. An underlying fund will bear its proportionate share of any fees and expenses borne by an exchange-traded note in which it invests. For certain exchange-traded notes, there may be restrictions on an underlying fund’s right to redeem its investment in an exchange-traded note, which is meant to be held until maturity.

∎ Foreign government debt risk. Investments in foreign government debt securities (sometimes referred to as sovereign debt securities) involve certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and an underlying fund may have limited recourse in the event of a default against the defaulting government. Without the approval of debt holders, some governmental

28                         Invesco Balanced-Risk Retirement Funds

debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments.

∎ Foreign securities risk. An underlying fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which an underlying fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless an underlying fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which an underlying fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ Fund of funds risk. The Fund’s performance depends on that of the underlying funds in which it invests. Accordingly, the risks associated with an investment in the Fund include the risks associated with investments in the underlying funds. The Fund will indirectly pay a proportional share of the fees and expenses of the underlying funds in which it invests. There are risks that the Fund will vary from its target weightings (if any) in the underlying funds, that the underlying funds will not achieve their investment objectives, that the underlying funds’ performance may be lower than their represented asset classes, and that the Fund may withdraw its investments in an underlying fund at a disadvantageous time.

∎ Management risk. An underlying fund is actively managed and depends heavily on an underlying fund’s adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for an underlying fund’s portfolio. An underlying fund could experience losses if these judgments prove to be incorrect. Additionally,

legislative, regulatory, or tax developments may adversely affect management of an underlying fund and, therefore, the ability of the underlying fund to achieve its investment objective.

∎ Market risk. The market values of an underlying fund’s investments, and therefore the value of an underlying fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by an underlying fund will rise in value.

∎ Money market fund risk. Although an underlying money market fund seeks to preserve the value of the Fund’s investment at $1.00 per share, the Fund may lose money by investing in an underlying money market fund. The share price of money market funds can fall below the $1.00 share price. An underlying money market fund’s sponsor has no legal obligation to provide financial support to an underlying money market fund, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to an underlying money market fund or maintain to an underlying money market fund’s $1.00 share price at any time. The credit quality of to an underlying money market fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on an underlying money market fund’s share price. An underlying money market fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. Furthermore, amendments to money market fund regulations could impact an underlying money market fund’s operations and possibly negatively impact its return. While an underlying money market fund’s Board may elect to impose a fee upon the sale of the Fund’s shares or temporarily suspend the Fund’s ability to sell shares in the future

if an underlying money market fund’s liquidity falls below required minimums because of market conditions or other factors, an underlying money market fund’s Board has not elected to do so at this time. Should an underlying money market fund’s Board elect to do so, such change would only become effective after shareholders were provided with specific advance notice of the change in an underlying money market fund’s policy and provided with the opportunity to redeem their shares in accordance with Rule 2a-7 before the policy change became effective.

∎ Non-diversification risk. The Fund is non-diversified and can invest a greater portion of its 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 the Fund more than if it was a diversified fund.

∎ Repurchase agreement risk. If the seller of a repurchase agreement defaults or otherwise does not fulfill its obligations, an underlying fund may incur delays and losses arising from selling the underlying securities, enforcing its rights, or declining collateral value.

∎ Short position risk. Because an underlying fund’s potential loss on a short position arises from increases in the value of the asset sold short, the underlying fund will incur a loss on a short position, which is theoretically unlimited, if the price of the asset sold short increases from the short sale price. The counterparty to a short position or other market factors may prevent an underlying fund from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in a loss. In a rising market, an underlying fund’s short positions will cause the underlying fund to underperform the overall market and its peers that do not engage in shorting. If an underlying fund holds both long and short positions, and both positions decline simultaneously, the short positions will not provide any buffer (hedge) from declines in value of the underlying fund’s long positions. Certain types of short positions involve leverage, which may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of an underlying fund’s returns.

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29                         Invesco Balanced-Risk Retirement Funds

continued from page 27

∎ Subsidiary risk. By investing in the Subsidiary, an underlying fund is indirectly exposed to risks associated with the Subsidiary’s investments. The Subsidiary is not registered under the Investment Company Act of 1940, as amended (1940 Act), and, except as otherwise noted in this prospectus, is not subject to the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which an underlying fund and the Subsidiary, respectively, are organized, could result in the inability of an underlying fund and/or the Subsidiary to operate as described in this prospectus and the SAI, and could negatively affect an underlying fund and its shareholders.

∎ US government obligations risk. Obligations of US government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the US government, which could affect an underlying fund’s ability to recover should they default. No assurance can be given that the US government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

∎ Volatility risk. Although an underlying fund’s investment strategy targets a specific volatility level, certain of an underlying fund’s investments may appreciate or decrease significantly in value over short periods of time. This may cause an underlying fund’s net asset value per share to experience significant increases or declines in value over short periods of time.

∎ Yield risk. An underlying fund’s yield will vary as the short-term securities in its portfolio mature or are sold and the proceeds are reinvested in other securities. When interest rates are very low, an underlying fund’s expenses could absorb all or a portion of an underlying fund’s income and yield. Additionally, inflation may outpace and diminish investment returns over time.

About indexes used in this report

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

∎ The Bloomberg Barclays U.S. Universal Index represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index and the non-ERISA portion of the CMBS Index.

∎ The Custom Invesco Balanced-Risk Allocation Broad Index consists of 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Index.

∎ The Custom Invesco Balanced-Risk Retirement Now Index was created by Invesco to serve as a style-specific benchmark for the Fund. From the inception of the Fund to November 4, 2009, the index comprised the Custom Independence Now Index, which included the following indexes: Russell 3000, MSCI EAFE, FTSE NAREIT Equity REITs, Bloomberg Barclays U.S. Universal and the U.S. 3-Month Treasury Bill Index. From November 4, 2009, through November 30, 2009, the index comprised the MSCI World Index, the JP Morgan Global Government Bond Index and the U.S. 3-Month Treasury Bill Index. Since December 1, 2009, the index has comprised the MSCI World Index, the Bloomberg Barclays U.S. Aggregate Index and the U.S. 3-Month Treasury Bill Index. The composition of the index may change based on the Fund’s target asset allocation. 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 Custom Invesco Balanced-Risk Retirement 2020 Index was created by Invesco to serve as a style-specific benchmark for the Fund. From the inception of the Fund to November 4, 2009, the index comprised the Custom Independence 2020 Index, which included the following indexes: Russell 3000, MSCI EAFE, FTSE NAREIT Equity REITs and Bloomberg Barclays U.S. Universal. From November 4, 2009, through November 30, 2009, the index comprised the MSCI World Index and the JP Morgan Global Government Bond Index. Since December 1, 2009, the index has comprised the MSCI World Index, the Bloomberg Barclays U.S. Aggregate Index and the U.S. 3-Month Treasury Bill Index. The composition of the index may change based on the Fund’s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective.

∎ The Custom Invesco Balanced-Risk Retirement 2030 Index was created by Invesco to serve as a style-specific benchmark for the Fund. From the inception of the Fund to November 4, 2009, the index comprised the Custom

Independence 2030 Index, which included the following indexes: Russell 3000, MSCI EAFE, FTSE NAREIT Equity REITs and Bloomberg Barclays U.S. Universal. From November 4, 2009, through November 30, 2009, the index comprised the MSCI World Index and the JP Morgan Global Government Bond Index. Since December 1, 2009, the index has comprised the MSCI World Index and the Bloomberg Barclays U.S. Aggregate Index. The composition of the index may change based on the Fund’s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective.

∎ The Custom Invesco Balanced-Risk Retirement 2040 Index was created by Invesco to serve as a style-specific benchmark for the Fund. From the inception of the Fund to November 4, 2009, the index comprised the Custom Independence 2040 Index, which included the following indexes: Russell 3000, MSCI EASE, FTSE NAREIT Equity REITs and Bloomberg Barclays U.S. Universal. From November 4, 2009, through November 30, 2009, the index comprised the MSCI World Index and the JP Morgan Global Government Bond Index. Since December 1, 2009, the index has comprised the MSCI World Index and the Bloomberg Barclays U.S. Aggregate Index. The composition of the index may change based on the Fund’s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective.

∎ The Custom Invesco Balanced-Risk Retirement 2050 Index was created by Invesco to serve as a style-specific benchmark for the Fund. From the inception of the Fund to November 4, 2009, the index comprised the Custom Independence 2050 Index, which included the following indexes: Russell 3000, MSCI EAFE, FTSE NAREIT Equity REITs and Bloomberg Barclays U.S. Universal. From November 4, 2009, through November 30, 2009, the index comprised the MSCI World Index and the JP Morgan Global Government Bond Index. Since December 1, 2009, the index has comprised the MSCI World Index and the Bloomberg Barclays U.S. Aggregate Index. The composition of the index may change

30                         Invesco Balanced-Risk Retirement Funds

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 FTSE NAREIT Equity REITs Index is an unmanaged index considered representative of US real estate investment trusts (REITs).

∎ The JP Morgan Global Government Bond Index is a total return, market capitalization weighted index that is re-balanced monthly and includes the following countries: Australia, Belgium, Canada, Denmark, Germany, Italy, Japan, the Netherlands, Spain, Sweden, the United Kingdom and the United States.

∎ The Lipper Mixed-Asset Target Today Index is an unmanaged index considered representative of mixed-asset target today funds tracked by Lipper.

∎ The Lipper Mixed-Asset Target 2020 Funds Index is an unmanaged index considered representative of mixed-asset target 2020 funds tracked by Lipper.

∎ The Lipper Mixed-Asset Target 2030 Funds Index is an unmanaged index considered representative of mixed-asset target 2030 funds tracked by Lipper.

∎ The Lipper Mixed-Asset Target 2040 Funds Index is an unmanaged index considered representative of mixed-asset target 2040 funds tracked by Lipper.

∎ The Lipper Mixed-Asset Target 2050 Funds Index is an unmanaged index considered representative of mixed-asset target 2050 funds tracked by Lipper.

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

∎ The MSCI World^SM Index is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

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

∎ The U.S. 3-Month Treasury Bill Index is tracked by Lipper to provide performance of the three-month US Treasury bill.

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

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

Other information

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

31                         Invesco Balanced-Risk Retirement Funds

Schedule of Investments

December 31, 2016

Invesco Balanced-Risk Retirement Now Fund

Schedule of Investments in Affiliated Issuers–100.05%^(a)

	% of Net Assets 12/31/16			Value 12/31/15		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain			Dividend Income		Shares 12/31/16		Value 12/31/16
Asset Allocation Funds–60.25%
Invesco Balanced-Risk Allocation Fund–Class R6		60.25	%	$	19,453,656	$	1,695,019	$	(5,378,602	)	$	509,789	$	643,320		$	657,756		1,527,909	$	16,256,949
Money Market Funds–39.80%
Government & Agency Portfolio– Institutional Class, 0.43%(b)		23.88	%		—		7,403,007		(957,955	)		—		—			4,948		6,445,052		6,445,052
Liquid Assets Portfolio–Institutional Class, 0.37%(b)		—			6,580,707		3,149,278		(9,729,985	)		—		2,035			17,988		—		—
Premier Portfolio–Institutional Class, 0.65%(b)		—			6,580,708		3,149,276		(9,729,984	)		—		—			16,165		—		—
Treasury Portfolio–Institutional Class, 0.37%(b)		15.92	%		—		4,935,338		(638,637	)		—		—			2,686		4,296,701		4,296,701
Total Money Market Funds					13,161,415		18,636,899		(21,056,561	)		—		2,035			41,787				10,741,753
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $27,125,172)		100.05	%	$	32,615,071	$	20,331,918	$	(26,435,163	)	$	509,789	$	645,355	(c)	$	699,543			$	26,998,702
OTHER ASSETS LESS LIABILITIES		(0.05	)%																		(14,450	)
NET ASSETS		100.00	%																	$	26,984,252

Invesco Balanced-Risk Retirement 2020 Fund
Schedule of Investments in Affiliated Issuers–99.91%(a)
	% of Net Assets 12/31/16			Value 12/31/15		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Dividend Income		Shares 12/31/16		Value 12/31/16
Asset Allocation Funds–74.28%
Invesco Balanced-Risk Allocation Fund–Class R6		74.27	%	$	76,677,026	$	6,358,590	$	(32,617,868	)	$	5,161,749	$	(1,823,321	)	$	2,064,516		4,855,738	$	51,665,053
Money Market Funds–25.63%
Government & Agency Portfolio– Institutional Class, 0.43%(b)		15.38	%		—		14,012,458		(3,316,205	)		—		—			7,912		10,696,253		10,696,253
Liquid Assets Portfolio–Institutional Class, 0.37%(b)		—			10,802,273		15,249,324		(26,051,597	)		—		3,127			26,345		—		—
Premier Portfolio–Institutional Class, 0.65%(b)		—			10,802,273		15,249,323		(26,051,596	)		—		—			23,683		—		—
Treasury Portfolio–Institutional Class, 0.37%(b)		10.25	%		—		9,341,638		(2,210,803	)		—		—			4,300		7,130,835		7,130,835
Total Money Market Funds					21,604,546		53,852,743		(57,630,201	)		—		3,127			62,240				17,827,088
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $70,182,546)		99.91	%	$	98,281,572	$	60,211,333	$	(90,248,069	)	$	5,161,749	$	(1,820,194	)(d)	$	2,126,756			$	69,492,141
OTHER ASSETS LESS LIABILITIES		0.09	%																		61,875
NET ASSETS		100.00	%																	$	69,554,016

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)  The rate shown is the 7-day SEC standardized yield as of December 31, 2016.

^(c)  Includes $666,233 and $2,035 of capital gains distributions from affiliated underlying funds for Invesco Balanced-Risk Allocation Fund and Liquid Assets Portfolio, respectively.

^(d)  Includes $2,091,123 and $3,127 of capital gains distributions from affiliated underlying funds for Invesco Balanced-Risk Allocation Fund and Liquid Assets Portfolio, respectively.

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

32                         Invesco Balanced-Risk Retirement Funds

Schedule of Investments—(continued)

December 31, 2016

Invesco Balanced-Risk Retirement 2030 Fund

Schedule of Investments in Affiliated Issuers–99.94%^(a)

	% of Net Assets 12/31/16			Value 12/31/15		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Dividend Income		Shares 12/31/16		Value 12/31/16
Asset Allocation Funds–99.56%
Invesco Balanced-Risk Allocation Fund–Class R6		88.86	%	$	90,499,763	$	8,390,519	$	(29,405,517	)	$	5,874,132	$	(1,395,491	)	$	2,815,384		6,683,434	$	71,111,737
Invesco Balanced-Risk Aggressive Allocation Fund		10.70	%		14,701,487		976,016		(7,781,185	)		2,036,466		(1,087,288	)		636,769		1,050,498		8,561,561
Total Asset Allocation Funds					105,201,250		9,366,535		(37,186,702	)		7,910,598		(2,482,779	)		3,452,153				79,673,298
Money Market Funds–0.38%
Government & Agency Portfolio– Institutional Class, 0.43%(b)		0.23	%		—		1,716,656		(1,534,363	)		—		—			158		182,293		182,293
Liquid Assets Portfolio–Institutional Class, 0.37%(b)		—			370,213		5,682,354		(6,052,567	)		—		26			622		—		—
Premier Portfolio–Institutional Class, 0.65 %(b)		—			370,214		5,682,353		(6,052,567	)		—		—			559		—		—
Treasury Portfolio–Institutional Class, 0.37%(b)		0.15	%		—		1,153,762		(1,032,234	)		—		—			77		121,528		121,528
Total Money Market Funds					740,427		14,235,125		(14,671,731	)		—		26			1,416				303,821
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $84,414,867)		99.94	%	$	105,941,677	$	23,601,660	$	(51,858,433	)	$	7,910,598	$	(2,482,753	)(c)	$	3,453,569			$	79,977,119
OTHER ASSETS LESS LIABILITIES		0.06	%																		47,616
NET ASSETS		100.00	%																	$	80,024,735

Invesco Balanced-Risk Retirement 2040 Fund

Schedule of Investments in Affiliated Issuers–99.92%^(a)

	% of Net Assets 12/31/16			Value 12/31/15		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Dividend Income		Shares 12/31/16		Value 12/31/16
Asset Allocation Funds–99.09%
Invesco Balanced-Risk Allocation Fund–Class R6		54.94	%	$	37,246,511	$	4,289,935	$	(13,657,350	)	$	2,568,552	$	(995,940	)	$	1,121,067		2,661,296	$	28,316,194
Invesco Balanced-Risk Aggressive Allocation Fund		44.15	%		33,861,294		2,750,162		(14,918,534	)		3,974,121		(2,154,194	)		1,692,641		2,792,405		22,758,100
Total Asset Allocation Funds					71,107,805		7,040,097		(28,575,884	)		6,542,673		(3,150,134	)		2,813,708				51,074,294
Money Market Funds–0.83%
Government & Agency Portfolio– Institutional Class, 0.43%(b)		0.50	%		—		1,023,206		(766,947	)		—		—			106		256,259		256,259
Liquid Assets Portfolio–Institutional Class, 0.37%(b)		—			277,786		3,656,259		(3,934,045	)		—		14			407		—		—
Premier Portfolio–Institutional Class, 0.65%(b)		—			277,787		3,656,258		(3,934,045	)		—		—			366		—		—
Treasury Portfolio–Institutional Class, 0.37%(b)		0.33	%		—		682,138		(511,298	)		—		—			48		170,840		170,840
Total Money Market Funds					555,573		9,017,861		(9,146,335	)		—		14			927				427,099
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $58,527,230)		99.92	%	$	71,663,378	$	16,057,958	$	(37,722,219	)	$	6,542,673	$	(3,150,120	)(d)	$	2,814,635			$	51,501,393
OTHER ASSETS LESS LIABILITIES		0.08	%																		41,419
NET ASSETS		100.00	%																	$	51,542,812

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)  The rate shown is the 7-day SEC standardized yield as of December 31, 2016.

^(c)  Includes $2,851,669, $283,935 and $26 of capital gains distributions from affiliated underlying funds for Invesco Balanced-Risk Allocation Fund, Invesco Balanced-Risk Aggressive Allocation Fund and Liquid Assets Portfolio, respectively.

^(d)  Includes $1,135,514, $754,749 and $14 of capital gains distributions from affiliated underlying funds for Invesco Balanced-Risk Allocation Fund, Invesco Balanced-Risk Aggressive Allocation Fund and Liquid Assets Portfolio, respectively.

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

33                         Invesco Balanced-Risk Retirement Funds

Schedule of Investments—(continued)

December 31, 2016

Invesco Balanced-Risk Retirement 2050 Fund

Schedule of Investments in Affiliated Issuers–100.38%^(a)

	% of Net Assets 12/31/16			Value 12/31/15		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Dividend Income		Shares 12/31/16		Value 12/31/16
Asset Allocation Funds–98.25%
Invesco Balanced-Risk Allocation Fund–Class R6		21.96	%	$	6,377,055	$	2,940,962	$	(1,957,256	)	$	227,810	$	83,606		$	272,380		695,140	$	7,396,287
Invesco Balanced-Risk Aggressive Allocation Fund		76.29	%		26,965,902		7,162,904		(9,249,996	)		2,159,862		(554,621	)		1,781,782		3,152,092		25,689,554
Total Asset Allocation Funds					33,342,957		10,103,866		(11,207,252	)		2,387,672		(471,015	)		2,054,162				33,085,841
Money Market Funds–2.13%
Government & Agency Portfolio– Institutional Class, 0.43%(b)		1.28	%		—		1,941,195		(1,510,219	)		—		—			113		430,976		430,976
Liquid Assets Portfolio–Institutional Class, 0.37%(b)		—			169,261		2,960,050		(3,129,311	)		—		6			278		—		—
Premier Portfolio–Institutional Class, 0.65%(b)		—			169,262		2,960,049		(3,129,311	)		—		—			249		—		—
Treasury Portfolio–Institutional Class, 0.37%(b)		0.85	%		—		1,295,855		(1,008,538	)		—		—			60		287,317		287,317
Total Money Market Funds					338,523		9,157,149		(8,777,379	)		—		6			700				718,293
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $38,554,353)		100.38	%	$	33,681,480	$	19,261,015	$	(19,984,631	)	$	2,387,672	$	(471,009	)(c)	$	2,054,862			$	33,804,134
OTHER ASSETS LESS LIABILITIES		(0.38	)%																		(127,856	)
NET ASSETS		100.00	%																	$	33,676,278

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)  The rate shown is the 7-day SEC standardized yield as of December 31, 2016.

^(c)  Includes $275,890, $794,497 and $6 of capital gains distributions from affiliated underlying funds for Invesco Balanced-Risk Allocation Fund, Invesco Balanced-Risk Aggressive Allocation Fund and Liquid Assets Portfolio, respectively.

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

34                         Invesco Balanced-Risk Retirement Funds

Statement of Assets and Liabilities

December 31, 2016

	Invesco Balanced-Risk Retirement Now Fund			Invesco Balanced-Risk Retirement 2020 Fund			Invesco Balanced-Risk Retirement 2030 Fund			Invesco Balanced-Risk Retirement 2040 Fund			Invesco Balanced-Risk Retirement 2050 Fund
Assets:
Investments in affiliated underlying funds, at value	$	26,998,702		$	69,492,141		$	79,977,119		$	51,501,393		$	33,804,134
Receivable for:
Fund shares sold		3,901			78,527			77,287			58,923			399,758
Dividends from affiliated underlying funds		3,142			5,126			128			65			110
Fund expenses absorbed		—			—			—			17,960			—
Investment for trustee deferred compensation and retirement plans		40,953			35,211			34,949			31,995			28,696
Other assets		68,047			69,409			72,537			74,301			68,931
Total assets		27,114,745			69,680,414			80,162,020			51,684,637			34,301,629
Liabilities:
Payable for:
Fund shares reacquired		29,380			1,011			5,849			31,822			40,182
Amount due custodian		—			—			—			—			499,882
Accrued fees to affiliates		18,332			47,322			53,910			37,313			22,923
Accrued trustees’ and officer’s fees and benefits		145			532			554			447			546
Accrued operating expenses		40,752			40,351			40,034			39,177			32,303
Trustee deferred compensation and retirement plans		41,884			37,182			36,938			33,066			29,515
Total liabilities		130,493			126,398			137,285			141,825			625,351
Net assets applicable to shares outstanding	$	26,984,252		$	69,554,016		$	80,024,735		$	51,542,812		$	33,676,278
Net assets consist of:
Shares of beneficial interest	$	26,818,359		$	72,327,363		$	87,290,023		$	61,585,155		$	39,200,427
Undistributed net investment income		(14,880	)		1,280,679			1,347,209			1,281,044			460,164
Undistributed net realized gain (loss)		307,243			(3,363,621	)		(4,174,749	)		(4,297,550	)		(1,234,094	)
Net unrealized appreciation (depreciation)		(126,470	)		(690,405	)		(4,437,748	)		(7,025,837	)		(4,750,219	)
	$	26,984,252		$	69,554,016		$	80,024,735		$	51,542,812		$	33,676,278

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

35                         Invesco Balanced-Risk Retirement Funds

Statement of Assets and Liabilities—(continued)

December 31, 2016

	Invesco Balanced-Risk Retirement Now Fund		Invesco Balanced-Risk Retirement 2020 Fund		Invesco Balanced-Risk Retirement 2030 Fund		Invesco Balanced-Risk Retirement 2040 Fund		Invesco Balanced-Risk Retirement 2050 Fund
Net Assets:
Class A	$	10,130,171	$	38,579,917	$	43,528,415	$	30,678,153	$	17,739,625
Class AX	$	8,640,872	$	7,219,758	$	5,544,700	$	2,814,556	$	1,231,494
Class B	$	80,970	$	666,563	$	1,040,358	$	401,378	$	245,239
Class C	$	3,521,729	$	7,797,817	$	11,501,590	$	5,820,275	$	5,272,799
Class CX	$	1,638,114	$	1,465,717	$	801,020	$	291,068	$	141,930
Class R	$	1,732,070	$	7,082,728	$	8,692,924	$	6,980,954	$	3,578,099
Class RX	$	67,110	$	419,441	$	479,828	$	137,985	$	80,734
Class Y	$	459,988	$	3,582,703	$	3,373,590	$	1,527,995	$	3,680,959
Class R5	$	139,232	$	1,193,939	$	2,953,269	$	738,521	$	693,309
Class R6	$	573,996	$	1,545,433	$	2,109,041	$	2,151,927	$	1,012,090
Shares outstanding, no par value, unlimited number of shares authorized:
Class A		1,226,771		4,441,529		5,349,305		4,150,577		2,468,287
Class AX		1,047,824		831,191		680,775		381,335		171,177
Class B		10,107		77,479		129,096		54,847		34,628
Class C		439,090		908,188		1,427,364		796,688		742,858
Class CX		204,425		170,816		99,378		39,873		20,010
Class R		211,796		818,348		1,073,559		949,115		500,526
Class RX		8,211		48,457		59,285		18,761		11,283
Class Y		55,199		412,545		413,524		206,251		511,041
Class R5		16,706		136,827		361,069		99,531		96,132
Class R6		68,879		176,903		257,924		290,085		140,174
Class A:
Net asset value per share	$	8.26	$	8.69	$	8.14	$	7.39	$	7.19
Maximum offering price per share (Net asset value ¸ 94.50%)	$	8.74	$	9.20	$	8.61	$	7.82	$	7.61
Class AX:
Net asset value per share	$	8.25	$	8.69	$	8.14	$	7.38	$	7.19
Maximum offering price per share (Net asset value ¸ 94.50%)	$	8.73	$	9.20	$	8.61	$	7.81	$	7.61
Class B:
Net asset value and offering price per share	$	8.01	$	8.60	$	8.06	$	7.32	$	7.08
Class C:
Net asset value and offering price per share	$	8.02	$	8.59	$	8.06	$	7.31	$	7.10
Class CX:
Net asset value and offering price per share	$	8.01	$	8.58	$	8.06	$	7.30	$	7.09
Class R:
Net asset value and offering price per share	$	8.18	$	8.65	$	8.10	$	7.36	$	7.15
Class RX:
Net asset value and offering price per share	$	8.17	$	8.66	$	8.09	$	7.35	$	7.16
Class Y:
Net asset value and offering price per share	$	8.33	$	8.68	$	8.16	$	7.41	$	7.20
Class R5:
Net asset value and offering price per share	$	8.33	$	8.73	$	8.18	$	7.42	$	7.21
Class R6:
Net asset value and offering price per share	$	8.33	$	8.74	$	8.18	$	7.42	$	7.22
Cost of Investments in affiliated underlying funds	$	27,125,172	$	70,182,546	$	84,414,867	$	58,527,230	$	38,554,353

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

36                         Invesco Balanced-Risk Retirement Funds

Statement of Operations

For the year ended December 31, 2016

	Invesco Balanced-Risk Retirement Now Fund			Invesco Balanced-Risk Retirement 2020 Fund			Invesco Balanced-Risk Retirement 2030 Fund			Invesco Balanced-Risk Retirement 2040 Fund			Invesco Balanced-Risk Retirement 2050 Fund
Investment income:
Dividends from affiliated underlying funds	$	699,543		$	2,126,756		$	3,453,569		$	2,814,635		$	2,054,862
Other Income		2,302			1,750			1,749			1,667			1,540
Total investment income		701,845			2,128,506			3,455,318			2,816,302			2,056,402
Expenses:
Administrative services fees		50,000			50,000			50,000			50,000			50,000
Custodian fees		6,156			6,122			7,065			6,250			6,082
Distribution fees:
Class A		25,596			95,521			106,250			71,587			37,237
Class AX		22,753			19,255			14,563			7,247			2,808
Class B		1,123			8,112			12,896			5,111			2,842
Class C		36,311			77,482			116,627			55,809			46,610
Class CX		21,050			20,076			9,098			3,072			1,462
Class R		8,287			32,912			48,680			35,841			18,421
Class RX		668			2,254			4,046			1,992			591
Transfer agent fees — A, AX, B, C, CX, R, RX and Y		49,704			134,461			170,033			135,075			110,647
Transfer agent fees — R5		440			4,561			5,788			3,164			1,559
Transfer agent fees — R6		163			115			118			168			194
Trustees’ and officers’ fees and benefits		19,457			20,480			20,736			20,098			19,769
Registration and filing fees		110,719			114,485			115,067			112,017			111,365
Reports to shareholders		16,452			23,719			40,536			37,498			32,145
Professional services fees		33,321			33,578			33,288			33,177			33,280
Other		19,989			19,835			19,988			19,727			19,140
Total expenses		422,189			662,968			774,779			597,833			494,152
Less: Expenses reimbursed and expense offset arrangement(s)		(306,415	)		(407,402	)		(462,700	)		(417,227	)		(384,213	)
Net expenses		115,774			255,566			312,079			180,606			109,939
Net investment income		586,071			1,872,940			3,143,239			2,635,696			1,946,463
Realized and unrealized gain (loss) from:
Net realized gain (loss) from affiliated underlying shares		(22,913	)		(3,914,444	)		(5,618,383	)		(5,040,397	)		(1,541,402	)
Net realized gain from distributions of affiliated underlying fund shares		668,268			2,094,250			3,135,630			1,890,277			1,070,393
Net realized gain (loss) from affiliated underlying fund shares		645,355			(1,820,194	)		(2,482,753	)		(3,150,120	)		(471,009	)
Change in net unrealized appreciation of affiliated underlying fund shares		509,789			5,161,749			7,910,598			6,542,673			2,387,672
Net increase in net assets resulting from operations	$	1,741,215		$	5,214,495		$	8,571,084		$	6,028,249		$	3,863,126

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

37                         Invesco Balanced-Risk Retirement Funds

Statement of Changes in Net Assets

For the years ended December 31, 2016 and 2015

	Invesco Balanced-Risk Retirement Now Fund						Invesco Balanced-Risk Retirement 2020 Fund
	2016			2015			2016			2015
Operations:
Net investment income	$	586,071		$	487,315		$	1,872,940		$	2,113,950
Net realized gain (loss)		645,355			773,028			(1,820,194	)		1,699,923
Change in net unrealized appreciation (depreciation)		509,789			(2,180,809	)		5,161,749			(7,473,281	)
Net increase (decrease) in net assets resulting from operations		1,741,215			(920,466	)		5,214,495			(3,659,408	)
Distributions to shareholders from net investment income:
Class A		(344,249	)		(299,568	)		(1,012,843	)		(1,359,846	)
Class AX		(292,065	)		(264,007	)		(192,430	)		(277,881	)
Class B		(2,587	)		(4,848	)		(12,956	)		(27,761	)
Class C		(103,700	)		(89,859	)		(147,366	)		(216,384	)
Class CX		(52,281	)		(55,369	)		(27,780	)		(58,191	)
Class R		(56,811	)		(38,701	)		(168,948	)		(194,725	)
Class RX		(2,411	)		(5,038	)		(9,999	)		(17,772	)
Class Y		(18,400	)		(42,597	)		(101,129	)		(209,322	)
Class R5		(4,897	)		(93,359	)		(33,991	)		(1,050,620	)
Class R6		(19,650	)		(12,034	)		(44,209	)		(49,595	)
Total distributions from net investment income		(897,051	)		(905,380	)		(1,751,651	)		(3,462,097	)
Distributions to shareholders from net realized gains:
Class A		(125,224	)		(215,268	)		(193,903	)		(881,058	)
Class AX		(105,893	)		(192,106	)		(36,840	)		(180,042	)
Class B		(1,075	)		(4,227	)		(3,515	)		(23,896	)
Class C		(43,199	)		(78,478	)		(39,982	)		(186,251	)
Class CX		(21,962	)		(48,331	)		(7,537	)		(50,087	)
Class R		(22,324	)		(29,813	)		(35,734	)		(137,481	)
Class RX		(825	)		(3,915	)		(2,115	)		(12,548	)
Class Y		(6,502	)		(29,245	)		(17,676	)		(125,307	)
Class R5		(1,673	)		(64,485	)		(5,941	)		(628,936	)
Class R6		(6,957	)		(8,534	)		(7,727	)		(29,689	)
Total distributions from net realized gains		(335,634	)		(674,402	)		(350,970	)		(2,255,295	)
Share transactions–net:
Class A		(429,100	)		(3,070,860	)		(1,553,986	)		(5,384,625	)
Class AX		(842,999	)		(1,249,263	)		(1,008,681	)		(1,040,165	)
Class B		(90,219	)		(155,203	)		(380,539	)		(608,820	)
Class C		(339,846	)		(429,944	)		(634,438	)		(781,485	)
Class CX		(695,634	)		(606,402	)		(776,102	)		(338,075	)
Class R		265,073			(119,782	)		713,367			(943,047	)
Class RX		(128,735	)		23,893			(148,363	)		(253,329	)
Class Y		(969,190	)		(141,407	)		(1,996,507	)		(1,414,875	)
Class R5		(2,970,711	)		(6,285,034	)		(26,283,371	)		(5,934,325	)
Class R6		150,625			120,057			182,246			291,563
Net increase (decrease) in net assets resulting from share transactions		(6,050,736	)		(11,913,945	)		(31,886,374	)		(16,407,183	)
Net increase (decrease) in net assets		(5,542,206	)		(14,414,193	)		(28,774,500	)		(25,783,983	)
Net assets:
Beginning of year		32,526,458			46,940,651			98,328,516			124,112,499
End of year*	$	26,984,252		$	32,526,458		$	69,554,016		$	98,328,516
* Includes accumulated undistributed net investment income	$	(14,880	)	$	22,083		$	1,280,679		$	308,367

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

38                         Invesco Balanced-Risk Retirement Funds

Statement of Changes in Net Assets—(continued)

For the years ended December 31, 2016 and 2015

	Invesco Balanced-Risk Retirement 2030 Fund						Invesco Balanced-Risk Retirement 2040 Fund
	2016			2015			2016			2015
Operations:
Net investment income	$	3,143,239		$	3,217,410		$	2,635,696		$	2,689,522
Net realized gain (loss)		(2,482,753	)		2,818,177			(3,150,120	)		2,356,560
Change in net unrealized appreciation (depreciation)		7,910,598			(11,372,462	)		6,542,673			(9,386,121	)
Net increase (decrease) in net assets resulting from operations		8,571,084			(5,336,875	)		6,028,249			(4,340,039	)
Distributions to shareholders from net investment income:
Class A		(2,022,276	)		(1,951,010	)		(1,441,292	)		(1,604,411	)
Class AX		(256,421	)		(277,777	)		(132,204	)		(168,765	)
Class B		(42,383	)		(61,751	)		(16,894	)		(29,170	)
Class C		(446,577	)		(495,569	)		(233,283	)		(280,790	)
Class CX		(31,226	)		(45,112	)		(11,853	)		(16,284	)
Class R		(374,006	)		(423,964	)		(307,139	)		(377,024	)
Class RX		(20,919	)		(53,437	)		(6,924	)		(33,862	)
Class Y		(159,889	)		(244,475	)		(72,931	)		(170,324	)
Class R5		(142,093	)		(1,405,557	)		(35,989	)		(1,450,788	)
Class R6		(102,211	)		(79,855	)		(107,400	)		(92,784	)
Total distributions from net investment income		(3,598,001	)		(5,038,507	)		(2,365,909	)		(4,224,202	)
Distributions to shareholders from net realized gains:
Class A		(289,479	)		(1,318,289	)		(446,744	)		(865,327	)
Class AX		(36,705	)		(187,693	)		(40,978	)		(91,029	)
Class B		(7,308	)		(50,435	)		(6,215	)		(18,371	)
Class C		(77,006	)		(404,762	)		(85,817	)		(176,834	)
Class CX		(5,385	)		(36,846	)		(4,360	)		(10,255	)
Class R		(56,877	)		(303,997	)		(100,693	)		(213,630	)
Class RX		(3,181	)		(38,317	)		(2,270	)		(19,187	)
Class Y		(21,701	)		(155,930	)		(21,503	)		(87,509	)
Class R5		(19,285	)		(896,484	)		(10,611	)		(745,381	)
Class R6		(13,872	)		(50,932	)		(31,666	)		(47,670	)
Total distributions from net realized gains		(530,799	)		(3,443,685	)		(750,857	)		(2,275,193	)
Share transactions–net:
Class A		389,628			(3,884,649	)		1,731,030			(4,199,292	)
Class AX		(592,483	)		(167,151	)		(249,871	)		3,434
Class B		(550,680	)		(452,542	)		(199,594	)		(281,356	)
Class C		(1,325,115	)		435,106			53,318			(35,617	)
Class CX		(373,995	)		(458,435	)		(40,294	)		(214,156	)
Class R		(1,438,734	)		(866,397	)		(429,128	)		(774,584	)
Class RX		(761,492	)		170,908			(514,480	)		4,199
Class Y		(1,852,382	)		(50,354	)		(1,629,956	)		991,676
Class R5		(24,740,635	)		(10,136,809	)		(22,385,227	)		1,316,892
Class R6		439,813			528,290			572,318			437,623
Net increase (decrease) in net assets resulting from share transactions		(30,806,075	)		(14,882,033	)		(23,091,884	)		(2,751,181	)
Net increase (decrease) in net assets		(26,363,791	)		(28,701,100	)		(20,180,401	)		(13,590,615	)
Net assets:
Beginning of year		106,388,526			135,089,626			71,723,213			85,313,828
End of year*	$	80,024,735		$	106,388,526		$	51,542,812		$	71,723,213
* Includes accumulated undistributed net investment income	$	1,347,209		$	560,280		$	1,281,044		$	341,163

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

39                         Invesco Balanced-Risk Retirement Funds

Statement of Changes in Net Assets—(continued)

For the years ended December 31, 2016 and 2015

	Invesco Balanced-Risk Retirement 2050 Fund
	2016			2015
Operations:
Net investment income	$	1,946,463		$	1,506,424
Net realized gain (loss)		(471,009	)		866,125
Change in net unrealized appreciation (depreciation)		2,387,672			(4,306,591	)
Net increase (decrease) in net assets resulting from operations		3,863,126			(1,934,042	)
Distributions to shareholders from net investment income:
Class A		(1,211,728	)		(872,957	)
Class AX		(89,361	)		(66,905	)
Class B		(17,914	)		(16,975	)
Class C		(330,597	)		(237,177	)
Class CX		(9,249	)		(7,989	)
Class R		(244,337	)		(228,364	)
Class RX		(5,602	)		(10,117	)
Class Y		(217,224	)		(143,573	)
Class R5		(50,643	)		(533,933	)
Class R6		(73,865	)		(34,912	)
Total distributions from net investment income		(2,250,520	)		(2,152,902	)
Distributions to shareholders from net realized gains:
Class A		(50,199	)		(508,680	)
Class AX		(3,702	)		(38,986	)
Class B		(822	)		(11,405	)
Class C		(15,178	)		(159,352	)
Class CX		(425	)		(5,368	)
Class R		(10,476	)		(139,279	)
Class RX		(240	)		(6,170	)
Class Y		(8,722	)		(79,779	)
Class R5		(2,034	)		(298,145	)
Class R6		(2,966	)		(19,495	)
Total distributions from net realized gains		(94,764	)		(1,266,659	)
Share transactions–net:
Class A		3,442,274			1,175,617
Class AX		125,233			20,033
Class B		(70,669	)		(1,002	)
Class C		691,638			133,665
Class CX		(10,123	)		13,358
Class R		(510,406	)		(1,157,344	)
Class RX		(97,271	)		(24,559	)
Class Y		1,162,282			(667,388	)
Class R5		(7,214,733	)		(9,101,601	)
Class R6		460,380			183,878
Net increase (decrease) in net assets resulting from share transactions		(2,021,395	)		(9,425,343	)
Net increase (decrease) in net assets		(503,553	)		(14,778,946	)
Net assets:
Beginning of year		34,179,831			48,958,777
End of year*	$	33,676,278		$	34,179,831
* Includes accumulated undistributed net investment income	$	460,164		$	418,145

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

40                         Invesco Balanced-Risk Retirement Funds

Notes to Financial Statements

December 31, 2016

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 consisting of seventeen separate series portfolios (each constituting a “Fund”), each 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 Balanced-Risk Retirement Now Fund, Invesco Balanced-Risk Retirement 2020 Fund, Invesco Balanced-Risk Retirement 2030 Fund, Invesco Balanced-Risk Retirement 2040 Fund and Invesco Balanced-Risk Retirement 2050 Fund (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.

The investment objectives of the Funds are: to provide real return and, as a secondary objective, capital preservation for Invesco Balanced-Risk Retirement Now Fund; and to provide total return with a low to moderate correlation to traditional financial market indices and, as a secondary objective, capital preservation for Invesco Balanced-Risk Retirement 2020 Fund, Invesco Balanced-Risk Retirement 2030 Fund, Invesco Balanced-Risk Retirement 2040 Fund and Invesco Balanced-Risk Retirement 2050 Fund.

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”). The Adviser may change each Fund’s asset class allocations, the underlying funds or the target weightings in an underlying fund 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 ten different classes of shares: Class A, Class AX, Class B, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6. Class AX, Class CX and Class RX shares are closed to new investors. Class Y shares are available only to certain investors. Class A shares and Class AX shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C and Class CX shares are sold with a CDSC. Class R, Class RX, Class Y, Class R5 and Class R6 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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.

A. Security Valuations — Securities of investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in shares of funds that are not traded on an exchange are valued at the end-of-day net asset value per share of such fund. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Funds as a result of having the same investment adviser are set forth below.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales 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 by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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. 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.

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 NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund 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 using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to

41                         Invesco Balanced-Risk Retirement Funds

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 approved 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 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 is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

B. 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 the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. 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.

C. Distributions — Invesco Balanced-Risk Retirement Now Fund generally declares and pays dividends from net investment income, if any, quarterly. Invesco Balanced-Risk Retirement 2020 Fund, Invesco Balanced-Risk Retirement 2030 Fund, Invesco Balanced-Risk Retirement 2040 Fund and Invesco Balanced-Risk Retirement 2050 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.

D. 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.

E. 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 Note 11.

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 to each share class based on relative net assets. 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.

F. 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.

G. 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.

42                         Invesco Balanced-Risk Retirement Funds

H. Other Risks — The Funds and certain of the underlying funds are non-diversified and may invest in securities of fewer issuers than if they were diversified. Thus, the value of each Fund’s shares may vary more widely and the Funds may be subject to greater market and credit risk than if the Fund invested more broadly.

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.

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

Invesco has contractually agreed, through at least April 30, 2018, 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 AX, Class B, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares for each Fund as shown in the following table (the “expense limits”):

	Class A/AX			Class B			Class C/CX			Class R/RX			Class Y			Class R5			Class R6
Invesco Balanced-Risk Retirement Now Fund		0.25	%		1.00	%		1.00	%		0.50	%		0.00	%		0.00	%		0.00	%
Invesco Balanced-Risk Retirement 2020 Fund		0.25	%		1.00	%		1.00	%		0.50	%		0.00	%		0.00	%		0.00	%
Invesco Balanced-Risk Retirement 2030 Fund		0.25	%		1.00	%		1.00	%		0.50	%		0.00	%		0.00	%		0.00	%
Invesco Balanced-Risk Retirement 2040 Fund		0.25	%		1.00	%		1.00	%		0.50	%		0.00	%		0.00	%		0.00	%
Invesco Balanced-Risk Retirement 2050 Fund		0.25	%		1.00	%		1.00	%		0.50	%		0.00	%		0.00	%		0.00	%

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 fee waiver agreement, it will terminate on April 30, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees.

For the year ended December 31, 2016, Invesco reimbursed the following expenses:

	Fund Level		Class A		Class AX		Class B		Class C		Class CX		Class R		Class RX		Class Y		Class R5		Class R6
Invesco Balanced-Risk Retirement Now Fund	$	256,108	$	18,319	$	16,284	$	201	$	6,497	$	3,766	$	2,965	$	239	$	1,098	$	440	$	163
Invesco Balanced-Risk Retirement 2020 Fund		268,265		76,347		15,390		1,621		15,482		4,011		13,153		901		6,659		4,561		115
Invesco Balanced-Risk Retirement 2030 Fund		286,761		93,887		12,868		2,849		25,764		2,010		21,508		1,787		8,044		5,788		118
Invesco Balanced-Risk Retirement 2040 Fund		278,820		80,357		8,135		1,434		15,661		862		20,116		1,118		6,260		3,165		169
Invesco Balanced-Risk Retirement 2050 Fund		271,813		59,997		4,525		1,145		18,775		589		14,840		476		9,135		1,559		194

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, 2016, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees.

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, 2016, expenses incurred under the agreement are shown in the Statements 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 AX, Class B, Class C, Class CX, Class R, Class RX, 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 AX, Class B, Class C, Class CX, Class R and Class RX shares (collectively, the “Plans”). Each Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the average daily net assets of Class A shares, 1.00% of the average daily net assets of Class B and Class C shares and 0.50% of the average daily net assets of Class R shares. Also, each Fund, pursuant to the Plans, reimburses IDI up to a maximum annual rate of 0.25% of each Fund’s average daily net assets of Class AX shares, 1.00% of the average daily net assets of each Fund’s Class CX shares and 0.50% of each Fund’s average daily net assets of Class RX shares. 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, 2016, expenses incurred under the Plans are shown in the Statements of Operations as Distribution fees.

Front-end sales commissions and CDSC 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 and Class AX shares of the Funds. CDSC are deducted from redemption proceeds prior to

43                         Invesco Balanced-Risk Retirement Funds

remittance to the shareholder. During the year ended December 31, 2016, IDI advised the Funds that IDI retained the following in front-end sales commissions from the sale of Class A and Class AX shares and received the following in CDSC imposed on redemptions by shareholders:

	Front End Sales Charges				Contingent Deferred Sales Charges
	Class A		Class AX		Class A		Class AX		Class B		Class C		Class CX
Invesco Balanced-Risk Retirement Now Fund	$	4,603	$	109	$	7	$	0	$	0	$	22	$	92
Invesco Balanced-Risk Retirement 2020 Fund		10,112		490		29		0		568		829		0
Invesco Balanced-Risk Retirement 2030 Fund		14,756		522		89		0		169		1,301		4
Invesco Balanced-Risk Retirement 2040 Fund		15,089		332		67		0		21		1,472		0
Invesco Balanced-Risk Retirement 2050 Fund		12,314		183		27		0		25		732		0

The underlying Invesco Funds pay no distribution fees for Class R6 shares or shares of Invesco Balanced-Risk Aggressive Allocation Fund, 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 or are unreliable. 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 each Fund’s own 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, 2016, all of the securities in each 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)

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, 2016, the Funds received credits from these arrangements, which resulted in the reduction of the Funds’ total expenses of:

	Transfer Agent Credits
Invesco Balanced-Risk Retirement Now Fund	$	335
Invesco Balanced-Risk Retirement 2020 Fund		897
Invesco Balanced-Risk Retirement 2030 Fund		1,316
Invesco Balanced-Risk Retirement 2040 Fund		1,130
Invesco Balanced-Risk Retirement 2050 Fund		1,165

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. 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 Funds 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 each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.

44                         Invesco Balanced-Risk Retirement Funds

NOTE 6—Cash Balances

The Funds are permitted to temporarily carry a negative or overdrawn balance in their account with State Street Bank and Trust Company, 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.

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, 2016 and 2015:

	2016						2015
	Ordinary Income		Long-term Capital Gain		Total Distributions		Ordinary Income		Long-term Capital Gain		Total Distributions
Invesco Balanced-Risk Retirement Now Fund	$	897,051	$	335,634	$	1,232,685	$	905,380	$	674,402	$	1,579,782
Invesco Balanced-Risk Retirement 2020 Fund		1,757,431		345,190		2,102,621		3,462,097		2,255,295		5,717,392
Invesco Balanced-Risk Retirement 2030 Fund		3,604,392		524,408		4,128,800		5,038,507		3,443,685		8,482,192
Invesco Balanced-Risk Retirement 2040 Fund		2,382,400		734,366		3,116,766		4,224,202		2,275,193		6,499,395
Invesco Balanced-Risk Retirement 2050 Fund		2,251,835		93,449		2,345,284		2,152,902		1,266,659		3,419,561

Tax Components of Net Assets at Period-End:

	Undistributed Ordinary Income		Undistributed Long-term Gain		Net Unrealized Appreciation (Depreciation) — Investments			Temporary Book/Tax Differences			Capital Loss Carryforward			Shares of Beneficial Interest		Total Net Assets
Invesco Balanced-Risk Retirement Now Fund	$	25,309	$	313,893	$	(133,120	)	$	(40,189	)	$	—		$	26,818,359	$	26,984,252
Invesco Balanced-Risk Retirement 2020 Fund		1,316,613		—		(837,541	)		(35,934	)		(3,216,485	)		72,327,363		69,554,016
Invesco Balanced-Risk Retirement 2030 Fund		1,382,886		—		(4,962,048	)		(35,677	)		(3,650,449	)		87,290,023		80,024,735
Invesco Balanced-Risk Retirement 2040 Fund		1,312,831		—		(7,401,943	)		(31,787	)		(3,921,444	)		61,585,155		51,542,812
Invesco Balanced-Risk Retirement 2050 Fund		488,431		—		(5,171,337	)		(28,267	)		(812,976	)		39,200,427		33,676,278

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.

The Funds have a capital loss carryforward as of December 31, 2016, as follows:

	Short-Term		Long-Term
Fund	Not Subject to Expiration		Not Subject to Expiration		Total*
Invesco Balanced-Risk Retirement 2020 Fund	$	59,845	$	3,156,640	$	3,216,485
Invesco Balanced-Risk Retirement 2030 Fund		89,240		3,561,209		3,650,449
Invesco Balanced-Risk Retirement 2040 Fund		143,390		3,778,054		3,921,444
Invesco Balanced-Risk Retirement 2050 Fund		70,771		742,205		812,976

* 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 Securities

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:

	For the year ended December 31, 2016*				At December 31, 2016
					Federal Tax Cost**		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
	Purchases		Sales
Invesco Balanced-Risk Retirement Now Fund	$	1,695,019	$	5,378,602	$	27,131,822	$	—	$	(133,120	)	$	(133,120	)
Invesco Balanced-Risk Retirement 2020 Fund		6,358,590		32,617,868		70,329,682		—		(837,541	)		(837,541	)
Invesco Balanced-Risk Retirement 2030 Fund		9,366,535		37,186,702		84,939,167		—		(4,962,048	)		(4,962,048	)
Invesco Balanced-Risk Retirement 2040 Fund		7,040,097		28,575,884		58,903,336		—		(7,401,943	)		(7,401,943	)
Invesco Balanced-Risk Retirement 2050 Fund		10,103,866		11,207,252		38,975,471		—		(5,171,337	)		(5,171,337	)

* Excludes U.S. Treasury obligations and money market funds, if any.

** Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

45                         Invesco Balanced-Risk Retirement Funds

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions from the underlying funds, on December 31, 2016. These reclassifications had no effect on the net assets of each Fund.

	Undistributed Net Investment Income		Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
Invesco Balanced-Risk Retirement Now Fund	$	274,017	$	(274,017	)	$	—
Invesco Balanced-Risk Retirement 2020 Fund		851,023		(851,023	)		—
Invesco Balanced-Risk Retirement 2030 Fund		1,241,691		(1,241,691	)		—
Invesco Balanced-Risk Retirement 2040 Fund		670,094		(670,094	)		—
Invesco Balanced-Risk Retirement 2050 Fund		346,076		(346,076	)		—

NOTE 10—Share Information

Invesco Balanced-Risk Retirement Now Fund

	Summary of Share Activity
	Years ended December 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		238,242		$	1,998,264			221,287		$	1,940,981
Class AX		4,211			35,582			5,696			49,505
Class B		885			7,338			—			—
Class C		52,369			425,878			106,383			895,181
Class CX		6,167			49,786			7,728			65,953
Class R		56,236			462,373			95,420			817,379
Class RX		3,139			25,878			3,172			27,446
Class Y		78,375			675,625			34,668			304,097
Class R5		3,366			27,559			567,119			5,049,836
Class R6		21,810			184,755			15,205			133,456
Issued as reinvestment of dividends:
Class A		52,940			434,975			61,236			497,240
Class AX		46,272			379,281			56,052			454,314
Class B		420			3,348			1,154			9,072
Class C		15,850			126,497			19,859			156,339
Class CX		8,846			70,502			12,652			99,609
Class R		9,666			78,642			8,284			66,630
Class RX		348			2,828			1,046			8,398
Class Y		2,864			23,728			8,702			71,330
Class R5		739			6,125			19,203			157,377
Class R6		3,159			26,174			2,458			20,114
Automatic conversion of Class B shares to Class A shares:
Class A		9,500			78,287			10,880			94,119
Class B		(9,779	)		(78,287	)		(11,166	)		(94,119	)
Reacquired:
Class A		(351,918	)		(2,940,626	)		(642,135	)		(5,603,200	)
Class AX		(148,623	)		(1,257,862	)		(202,161	)		(1,753,082	)
Class B		(2,763	)		(22,618	)		(8,415	)		(70,156	)
Class C		(110,344	)		(892,221	)		(173,770	)		(1,481,464	)
Class CX		(99,619	)		(815,922	)		(91,511	)		(771,964	)
Class R		(33,180	)		(275,942	)		(114,424	)		(1,003,791	)
Class RX		(18,824	)		(157,441	)		(1,402	)		(11,951	)
Class Y		(202,299	)		(1,668,543	)		(58,875	)		(516,834	)
Class R5		(371,487	)		(3,004,395	)		(1,285,492	)		(11,492,247	)
Class R6		(7,005	)		(60,304	)		(3,846	)		(33,513	)
Net increase (decrease) in share activity		(740,437	)	$	(6,050,736	)		(1,334,993	)	$	(11,913,945	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 27% 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 Trust has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

46                         Invesco Balanced-Risk Retirement Funds

NOTE 10—Share Information—(continued)

Invesco Balanced-Risk Retirement 2020 Fund

	Summary of Share Activity
	Years ended December 31,
	2016						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		1,013,937		$	8,869,411			857,764		$	7,809,084
Class AX		24,281			209,639			21,856			199,988
Class B		6,460			55,839			11,953			108,173
Class C		244,536			2,083,309			257,787			2,271,155
Class CX		8,869			81,888			17,825			157,017
Class R		217,602			1,875,501			233,703			2,101,278
Class RX		12,544			108,324			11,973			106,741
Class Y		504,091			4,397,260			189,813			1,740,484
Class R5		49,161			400,152			1,546,804			14,230,294
Class R6		35,669			312,178			26,982			246,017
Issued as reinvestment of dividends:
Class A		136,979			1,182,132			257,286			2,114,892
Class AX		26,055			224,855			55,708			457,923
Class B		1,874			16,024			6,354			51,657
Class C		21,450			182,966			46,622			378,105
Class CX		4,140			35,317			11,096			90,102
Class R		23,800			204,682			35,239			288,604
Class RX		1,377			11,842			2,118			17,350
Class Y		10,634			91,767			40,483			332,365
Class R5		4,558			39,524			203,248			1,678,831
Class R6		5,949			51,631			9,521			78,744
Automatic conversion of Class B shares to Class A shares:
Class A		34,068			294,321			34,005			309,938
Class B		(34,545	)		(294,321	)		(34,508	)		(309,938	)
Reacquired:
Class A		(1,367,030	)		(11,899,850	)		(1,720,318	)		(15,618,539	)
Class AX		(164,489	)		(1,443,175	)		(187,628	)		(1,698,076	)
Class B		(18,922	)		(158,081	)		(51,749	)		(458,712	)
Class C		(343,428	)		(2,900,713	)		(388,850	)		(3,430,745	)
Class CX		(102,754	)		(893,307	)		(66,258	)		(585,194	)
Class R		(158,505	)		(1,366,816	)		(367,689	)		(3,332,929	)
Class RX		(31,706	)		(268,529	)		(41,381	)		(377,420	)
Class Y		(769,190	)		(6,485,534	)		(377,921	)		(3,487,724	)
Class R5		(3,269,761	)		(26,723,047	)		(2,357,267	)		(21,843,450	)
Class R6		(21,578	)		(181,563	)		(3,665	)		(33,198	)
Net increase (decrease) in share activity		(3,893,874	)	$	(31,886,374	)		(1,719,094	)	$	(16,407,183	)

47                         Invesco Balanced-Risk Retirement Funds

NOTE 10—Share Information—(continued)

Invesco Balanced-Risk Retirement 2030 Fund

	Summary of Share Activity
	Years ended December 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		1,005,534		$	8,217,984			1,144,483		$	9,920,812
Class AX		18,799			153,883			22,327			196,111
Class B		6,811			55,480			6,493			57,109
Class C		349,365			2,792,124			387,063			3,288,413
Class CX		1,642			13,338			15,531			131,186
Class R		409,410			3,308,624			381,144			3,278,952
Class RX		14,575			115,665			28,018			238,218
Class Y		245,309			2,032,919			203,996			1,753,312
Class R5		113,812			892,304			1,786,756			15,886,068
Class R6		60,398			497,281			56,381			491,638
Issued as reinvestment of dividends:
Class A		281,914			2,275,051			388,699			2,965,777
Class AX		35,857			289,366			60,620			463,137
Class B		6,202			49,615			14,859			112,186
Class C		64,287			513,655			105,548			796,887
Class CX		4,560			36,431			7,002			52,861
Class R		53,643			430,757			86,642			657,612
Class RX		2,902			23,276			11,506			87,214
Class Y		20,990			169,813			52,211			399,417
Class R5		19,818			160,725			300,010			2,301,081
Class R6		14,253			115,591			16,957			130,064
Automatic conversion of Class B shares to Class A shares:
Class A		53,684			439,581			34,871			305,759
Class B		(54,415	)		(439,581	)		(35,346	)		(305,759	)
Reacquired:
Class A		(1,282,537	)		(10,542,988	)		(1,959,465	)		(17,076,997	)
Class AX		(124,277	)		(1,035,732	)		(93,638	)		(826,399	)
Class B		(27,312	)		(216,194	)		(36,246	)		(316,078	)
Class C		(583,164	)		(4,630,894	)		(429,820	)		(3,650,194	)
Class CX		(53,241	)		(423,764	)		(75,461	)		(642,482	)
Class R		(625,970	)		(5,178,115	)		(550,822	)		(4,802,961	)
Class RX		(110,554	)		(900,433	)		(17,573	)		(154,524	)
Class Y		(505,083	)		(4,055,114	)		(254,303	)		(2,203,083	)
Class R5		(3,414,730	)		(25,793,664	)		(3,154,325	)		(28,323,958	)
Class R6		(21,005	)		(173,059	)		(10,563	)		(93,412	)
Net increase (decrease) in share activity		(4,018,523	)	$	(30,806,075	)		(1,506,445	)	$	(14,882,033	)

^(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 Trust has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

48                         Invesco Balanced-Risk Retirement Funds

NOTE 10—Share Information—(continued)

Invesco Balanced-Risk Retirement 2040 Fund

	Summary of Share Activity
	Years ended December 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		1,029,750		$	7,772,225			893,763		$	7,121,503
Class AX		18,951			142,668			16,952			136,291
Class B		1,758			13,554			3,354			27,295
Class C		225,170			1,654,944			247,045			1,926,548
Class CX		3,426			24,216			5,851			45,758
Class R		277,953			2,062,605			329,263			2,595,298
Class RX		8,816			63,863			12,210			95,878
Class Y		98,270			733,329			187,268			1,469,694
Class R5		48,230			330,835			2,173,806			17,899,688
Class R6		91,473			687,316			51,406			413,653
Issued as reinvestment of dividends:
Class A		256,624			1,878,495			316,696			2,172,750
Class AX		23,469			171,561			37,871			259,795
Class B		3,187			23,109			7,002			47,541
Class C		43,497			314,916			59,379			402,588
Class CX		2,048			14,811			3,156			21,363
Class R		55,944			407,832			70,963			484,682
Class RX		1,187			8,655			7,281			49,727
Class Y		12,766			93,702			37,325			256,800
Class R5		6,235			45,830			318,590			2,195,083
Class R6		18,845			138,508			20,271			139,669
Automatic conversion of Class B shares to Class A shares:
Class A		19,880			148,984			27,014			217,763
Class B		(20,180	)		(148,984	)		(27,428	)		(217,763	)
Reacquired:
Class A		(1,082,661	)		(8,068,674	)		(1,710,306	)		(13,711,308	)
Class AX		(74,122	)		(564,100	)		(49,182	)		(392,652	)
Class B		(11,746	)		(87,273	)		(17,091	)		(138,429	)
Class C		(261,246	)		(1,916,542	)		(301,990	)		(2,364,753	)
Class CX		(10,769	)		(79,321	)		(35,742	)		(281,277	)
Class R		(384,646	)		(2,899,565	)		(478,533	)		(3,854,564	)
Class RX		(78,322	)		(586,998	)		(17,466	)		(141,406	)
Class Y		(326,690	)		(2,456,987	)		(91,843	)		(734,818	)
Class R5		(3,360,180	)		(22,761,892	)		(2,278,825	)		(18,777,879	)
Class R6		(34,174	)		(253,506	)		(14,580	)		(115,699	)
Net increase (decrease) in share activity		(3,397,257	)	$	(23,091,884	)		(196,520	)	$	(2,751,181	)

^(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 Trust has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

49                         Invesco Balanced-Risk Retirement Funds

NOTE 10—Share Information—(continued)

Invesco Balanced-Risk Retirement 2050 Fund

	Summary of Share Activity
	Years ended December 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		965,806		$	7,134,840			648,190		$	5,156,220
Class AX		20,742			158,181			12,641			100,874
Class B		—			—			1,039			8,632
Class C		272,919			1,974,275			320,199			2,506,686
Class CX		2,086			15,034			2,882			22,070
Class R		208,692			1,524,511			233,960			1,829,736
Class RX		5,598			39,389			6,479			50,645
Class Y		421,999			3,115,200			240,126			1,830,571
Class R5		69,435			473,168			547,385			4,376,341
Class R6		57,210			424,699			26,908			213,453
Issued as reinvestment of dividends:
Class A		176,857			1,257,448			193,337			1,285,693
Class AX		13,033			92,796			15,891			105,837
Class B		2,422			17,016			4,333			28,381
Class C		48,119			338,277			56,822			373,322
Class CX		1,378			9,673			1,713			11,236
Class R		35,991			254,813			51,697			341,716
Class RX		664			4,701			2,232			14,775
Class Y		31,182			222,328			33,227			222,196
Class R5		7,265			51,872			124,590			831,020
Class R6		10,654			76,176			8,016			53,545
Automatic conversion of Class B shares to Class A shares:
Class A		4,606			34,219			1,154			9,122
Class B		(4,697	)		(34,219	)		(1,176	)		(9,122	)
Reacquired:
Class A		(687,129	)		(4,984,233	)		(670,135	)		(5,275,418	)
Class AX		(17,196	)		(125,744	)		(23,276	)		(186,678	)
Class B		(7,731	)		(53,466	)		(3,904	)		(28,893	)
Class C		(225,931	)		(1,620,914	)		(348,630	)		(2,746,343	)
Class CX		(4,801	)		(34,830	)		(2,545	)		(19,948	)
Class R		(316,302	)		(2,289,730	)		(412,862	)		(3,328,796	)
Class RX		(19,492	)		(141,361	)		(11,193	)		(89,979	)
Class Y		(301,268	)		(2,175,246	)		(336,505	)		(2,720,155	)
Class R5		(1,179,238	)		(7,739,773	)		(1,743,688	)		(14,308,962	)
Class R6		(5,404	)		(40,495	)		(10,910	)		(83,120	)
Net increase (decrease) in share activity		(412,531	)	$	(2,021,395	)		(1,032,003	)	$	(9,425,343	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 18% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Trust has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

50                         Invesco Balanced-Risk Retirement Funds

NOTE 11—Financial Highlights

The following schedules present financial highlights for a share of each Fund outstanding throughout the periods indicated.

Invesco Balanced-Risk Retirement Now Fund

	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 expense reimbursements(c)			Ratio of expenses to average net assets without fee waivers and/or expense reimbursements			Ratio of net investment income (loss) to average net assets			Portfolio turnover(d)
Class A
Year ended 12/31/16	$	8.11	$	0.19		$	0.36		$	0.55		$	(0.29	)	$	(0.11	)	$	(0.40	)	$	8.26		6.74	%	$	10,130		0.25	%(e)		1.32	%(e)		2.20	%(e)		10	%
Year ended 12/31/15		8.77		0.12			(0.37	)		(0.25	)		(0.24	)		(0.17	)		(0.41	)		8.11		(2.81	)		10,366		0.25			1.11			1.39			19
Year ended 12/31/14		8.91		0.10			0.19			0.29			(0.23	)		(0.20	)		(0.43	)		8.77		3.32			14,273		0.25			0.96			1.13			9
Year ended 12/31/13		9.07		(0.02	)		0.14			0.12			(0.20	)		(0.08	)		(0.28	)		8.91		1.33			15,858		0.25			0.85			(0.22	)		16
Year ended 12/31/12		8.84		0.12			0.42			0.54			(0.20	)		(0.11	)		(0.31	)		9.07		6.22			13,959		0.25			0.96			1.30			7
Class AX
Year ended 12/31/16		8.10		0.18			0.37			0.55			(0.29	)		(0.11	)		(0.40	)		8.25		6.75			8,641		0.25	(e)		1.32	(e)		2.20	(e)		10
Year ended 12/31/15		8.76		0.12			(0.37	)		(0.25	)		(0.24	)		(0.17	)		(0.41	)		8.10		(2.82	)		9,283		0.25			1.11			1.39			19
Year ended 12/31/14		8.90		0.10			0.20			0.30			(0.24	)		(0.20	)		(0.44	)		8.76		3.32			11,273		0.25			0.96			1.13			9
Year ended 12/31/13		9.06		(0.02	)		0.14			0.12			(0.20	)		(0.08	)		(0.28	)		8.90		1.33			14,817		0.25			0.85			(0.22	)		16
Year ended 12/31/12		8.83		0.12			0.42			0.54			(0.20	)		(0.11	)		(0.31	)		9.06		6.22			18,345		0.25			0.96			1.30			7
Class B
Year ended 12/31/16		7.89		0.12			0.36			0.48			(0.25	)		(0.11	)		(0.36	)		8.01		6.03			81		1.00	(e)		2.07	(e)		1.45	(e)		10
Year ended 12/31/15		8.57		0.05			(0.36	)		(0.31	)		(0.20	)		(0.17	)		(0.37	)		7.89		(3.55	)		168		1.00			1.86			0.64			19
Year ended 12/31/14		8.76		0.03			0.19			0.22			(0.21	)		(0.20	)		(0.41	)		8.57		2.55			341		1.00			1.71			0.38			9
Year ended 12/31/13		8.97		(0.09	)		0.14			0.05			(0.18	)		(0.08	)		(0.26	)		8.76		0.56			480		1.00			1.60			(0.97	)		16
Year ended 12/31/12		8.77		0.05			0.43			0.48			(0.17	)		(0.11	)		(0.28	)		8.97		5.50			684		1.00			1.71			0.55			7
Class C
Year ended 12/31/16		7.89		0.12			0.37			0.49			(0.25	)		(0.11	)		(0.36	)		8.02		6.16			3,522		1.00	(e)		2.07	(e)		1.45	(e)		10
Year ended 12/31/15		8.58		0.05			(0.37	)		(0.32	)		(0.20	)		(0.17	)		(0.37	)		7.89		(3.67	)		3,799		1.00			1.86			0.64			19
Year ended 12/31/14		8.76		0.03			0.20			0.23			(0.21	)		(0.20	)		(0.41	)		8.58		2.66			4,535		1.00			1.71			0.38			9
Year ended 12/31/13		8.98		(0.09	)		0.13			0.04			(0.18	)		(0.08	)		(0.26	)		8.76		0.45			5,084		1.00			1.60			(0.97	)		16
Year ended 12/31/12		8.78		0.05			0.43			0.48			(0.17	)		(0.11	)		(0.28	)		8.98		5.49			4,773		1.00			1.71			0.55			7
Class CX
Year ended 12/31/16		7.89		0.12			0.36			0.48			(0.25	)		(0.11	)		(0.36	)		8.01		6.03			1,638		1.00	(e)		2.07	(e)		1.45	(e)		10
Year ended 12/31/15		8.57		0.05			(0.36	)		(0.31	)		(0.20	)		(0.17	)		(0.37	)		7.89		(3.55	)		2,281		1.00			1.86			0.64			19
Year ended 12/31/14		8.76		0.03			0.20			0.23			(0.22	)		(0.20	)		(0.42	)		8.57		2.55			3,088		1.00			1.71			0.38			9
Year ended 12/31/13		8.97		(0.09	)		0.14			0.05			(0.18	)		(0.08	)		(0.26	)		8.76		0.56			3,861		1.00			1.60			(0.97	)		16
Year ended 12/31/12		8.78		0.05			0.42			0.47			(0.17	)		(0.11	)		(0.28	)		8.97		5.38			4,667		1.00			1.71			0.55			7
Class R
Year ended 12/31/16		8.05		0.16			0.35			0.51			(0.27	)		(0.11	)		(0.38	)		8.18		6.37			1,732		0.50	(e)		1.57	(e)		1.95	(e)		10
Year ended 12/31/15		8.72		0.10			(0.37	)		(0.27	)		(0.23	)		(0.17	)		(0.40	)		8.05		(3.08	)		1,442		0.50			1.36			1.14			19
Year ended 12/31/14		8.88		0.08			0.19			0.27			(0.23	)		(0.20	)		(0.43	)		8.72		3.02			1,656		0.50			1.21			0.88			9
Year ended 12/31/13		9.04		(0.04	)		0.14			0.10			(0.18	)		(0.08	)		(0.26	)		8.88		1.13			1,959		0.50			1.10			(0.47	)		16
Year ended 12/31/12		8.82		0.10			0.42			0.52			(0.19	)		(0.11	)		(0.30	)		9.04		5.98			2,006		0.50			1.21			1.05			7
Class RX
Year ended 12/31/16		8.04		0.15			0.36			0.51			(0.27	)		(0.11	)		(0.38	)		8.17		6.38			67		0.50	(e)		1.57	(e)		1.95	(e)		10
Year ended 12/31/15		8.71		0.10			(0.37	)		(0.27	)		(0.23	)		(0.17	)		(0.40	)		8.04		(3.09	)		189		0.50			1.36			1.14			19
Year ended 12/31/14		8.86		0.08			0.20			0.28			(0.23	)		(0.20	)		(0.43	)		8.71		3.14			181		0.50			1.21			0.88			9
Year ended 12/31/13		9.04		(0.04	)		0.13			0.09			(0.19	)		(0.08	)		(0.27	)		8.86		1.03			295		0.50			1.10			(0.47	)		16
Year ended 12/31/12		8.82		0.10			0.42			0.52			(0.19	)		(0.11	)		(0.30	)		9.04		5.98			497		0.50			1.21			1.05			7
Class Y
Year ended 12/31/16		8.18		0.20			0.36			0.56			(0.30	)		(0.11	)		(0.41	)		8.33		6.85			460		0.00	(e)		1.07	(e)		2.45	(e)		10
Year ended 12/31/15		8.84		0.14			(0.38	)		(0.24	)		(0.25	)		(0.17	)		(0.42	)		8.18		(2.64	)		1,442		0.00			0.86			1.64			19
Year ended 12/31/14		8.96		0.13			0.19			0.32			(0.24	)		(0.20	)		(0.44	)		8.84		3.61			1,695		0.00			0.71			1.38			9
Year ended 12/31/13		9.11		0.00			0.13			0.13			(0.20	)		(0.08	)		(0.28	)		8.96		1.51			2,118		0.00			0.60			0.03			16
Year ended 12/31/12		8.86		0.14			0.44			0.58			(0.22	)		(0.11	)		(0.33	)		9.11		6.58			673		0.00			0.71			1.55			7
Class R5
Year ended 12/31/16		8.18		0.20			0.36			0.56			(0.30	)		(0.11	)		(0.41	)		8.33		6.85			139		0.00	(e)		0.98	(e)		2.45	(e)		10
Year ended 12/31/15		8.84		0.14			(0.38	)		(0.24	)		(0.25	)		(0.17	)		(0.42	)		8.18		(2.64	)		3,141		0.00			0.77			1.64			19
Year ended 12/31/14		8.96		0.13			0.19			0.32			(0.24	)		(0.20	)		(0.44	)		8.84		3.61			9,573		0.00			0.63			1.38			9
Year ended 12/31/13		9.10		0.00			0.14			0.14			(0.20	)		(0.08	)		(0.28	)		8.96		1.63			7,802		0.00			0.54			0.03			16
Year ended 12/31/12		8.86		0.14			0.43			0.57			(0.22	)		(0.11	)		(0.33	)		9.10		6.46			2,935		0.00			0.66			1.55			7
Class R6
Year ended 12/31/16		8.18		0.20			0.36			0.56			(0.30	)		(0.11	)		(0.41	)		8.33		6.85			574		0.00	(e)		0.93	(e)		2.45	(e)		10
Year ended 12/31/15		8.84		0.14			(0.38	)		(0.24	)		(0.25	)		(0.17	)		(0.42	)		8.18		(2.64	)		416		0.00			0.69			1.64			19
Year ended 12/31/14		8.96		0.13			0.20			0.33			(0.25	)		(0.20	)		(0.45	)		8.84		3.61			328		0.00			0.54			1.38			9
Year ended 12/31/13		9.10		0.00			0.14			0.14			(0.20	)		(0.08	)		(0.28	)		8.96		1.63			281		0.00			0.45			0.03			16
Year ended 12/31/12(f)		9.38		0.04			(0.02	)		0.02			(0.19	)		(0.11	)		(0.30	)		9.10		0.30			10		0.00	(g)		0.62	(g)		1.55	(g)		7

^(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 were 0.56%, 0.56%, 0.56%, 0.54% and 0.52% for the years ended December 31, 2016, 2015, 2014, 2013 and 2012, respectively.

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

^(e)  Ratios are based on average daily net assets (000’s omitted) of $10,238, $9,101, $112, $3,631, $2,105, $1,657, $134, $614, $517 and $512 for Class A, Class AX, Class B, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Commencement date of September 24, 2012.

^(g)  Annualized.

51                         Invesco Balanced-Risk Retirement Funds

NOTE 11—Financial Highlights—(continued)

Invesco Balanced-Risk Retirement 2020 Fund

	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 expense reimbursements(c)			Ratio of expenses to average net assets without fee waivers and/or expense reimbursements			Ratio of net investment income (loss) to average net assets			Portfolio turnover(d)
Class A
Year ended 12/31/16	$	8.25	$	0.23		$	0.50		$	0.73		$	(0.24	)	$	(0.05	)	$	(0.29	)	$	8.69		8.77	%	$	38,580		0.25	%(e)		0.82	%(e)		2.67	%(e)		11	%
Year ended 12/31/15		9.11		0.17			(0.52	)		(0.35	)		(0.31	)		(0.20	)		(0.51	)		8.25		(3.79	)		38,164		0.25			0.69			1.92			12
Year ended 12/31/14		9.32		0.16			0.28			0.44			(0.37	)		(0.28	)		(0.65	)		9.11		4.81			47,303		0.25			0.67			1.65			7
Year ended 12/31/13		9.51		(0.02	)		0.21			0.19			(0.31	)		(0.07	)		(0.38	)		9.32		2.01			51,352		0.25			0.66			(0.24	)		16
Year ended 12/31/12		9.05		0.22			0.67			0.89			(0.33	)		(0.10	)		(0.43	)		9.51		9.89			41,873		0.25			0.75			2.24			6
Class AX
Year ended 12/31/16		8.25		0.23			0.50			0.73			(0.24	)		(0.05	)		(0.29	)		8.69		8.77			7,220		0.25	(e)		0.82	(e)		2.67	(e)		11
Year ended 12/31/15		9.10		0.17			(0.51	)		(0.34	)		(0.31	)		(0.20	)		(0.51	)		8.25		(3.69	)		7,802		0.25			0.69			1.92			12
Year ended 12/31/14		9.31		0.16			0.28			0.44			(0.37	)		(0.28	)		(0.65	)		9.10		4.81			9,609		0.25			0.67			1.65			7
Year ended 12/31/13		9.51		(0.02	)		0.20			0.18			(0.31	)		(0.07	)		(0.38	)		9.31		1.90			11,986		0.25			0.66			(0.24	)		16
Year ended 12/31/12		9.05		0.21			0.68			0.89			(0.33	)		(0.10	)		(0.43	)		9.51		9.89			14,125		0.25			0.75			2.24			6
Class B
Year ended 12/31/16		8.16		0.16			0.50			0.66			(0.17	)		(0.05	)		(0.22	)		8.60		8.00			667		1.00	(e)		1.57	(e)		1.92	(e)		11
Year ended 12/31/15		9.00		0.10			(0.51	)		(0.41	)		(0.23	)		(0.20	)		(0.43	)		8.16		(4.48	)		1,001		1.00			1.44			1.17			12
Year ended 12/31/14		9.21		0.09			0.28			0.37			(0.30	)		(0.28	)		(0.58	)		9.00		4.03			1,715		1.00			1.42			0.90			7
Year ended 12/31/13		9.40		(0.09	)		0.20			0.11			(0.23	)		(0.07	)		(0.30	)		9.21		1.19			2,425		1.00			1.41			(0.99	)		16
Year ended 12/31/12		8.97		0.14			0.66			0.80			(0.27	)		(0.10	)		(0.37	)		9.40		8.95			3,501		1.00			1.50			1.49			6
Class C
Year ended 12/31/16		8.15		0.16			0.50			0.66			(0.17	)		(0.05	)		(0.22	)		8.59		8.01			7,798		1.00	(e)		1.57	(e)		1.92	(e)		11
Year ended 12/31/15		8.98		0.10			(0.50	)		(0.40	)		(0.23	)		(0.20	)		(0.43	)		8.15		(4.37	)		8,032		1.00			1.44			1.17			12
Year ended 12/31/14		9.20		0.09			0.27			0.36			(0.30	)		(0.28	)		(0.58	)		8.98		3.93			9,613		1.00			1.42			0.90			7
Year ended 12/31/13		9.38		(0.09	)		0.21			0.12			(0.23	)		(0.07	)		(0.30	)		9.20		1.29			10,108		1.00			1.41			(0.99	)		16
Year ended 12/31/12		8.95		0.14			0.66			0.80			(0.27	)		(0.10	)		(0.37	)		9.38		8.97			10,550		1.00			1.50			1.49			6
Class CX
Year ended 12/31/16		8.15		0.16			0.49			0.65			(0.17	)		(0.05	)		(0.22	)		8.58		7.89			1,466		1.00	(e)		1.57	(e)		1.92	(e)		11
Year ended 12/31/15		8.99		0.10			(0.51	)		(0.41	)		(0.23	)		(0.20	)		(0.43	)		8.15		(4.48	)		2,124		1.00			1.44			1.17			12
Year ended 12/31/14		9.20		0.09			0.28			0.37			(0.30	)		(0.28	)		(0.58	)		8.99		4.04			2,677		1.00			1.42			0.90			7
Year ended 12/31/13		9.38		(0.09	)		0.21			0.12			(0.23	)		(0.07	)		(0.30	)		9.20		1.29			2,951		1.00			1.41			(0.99	)		16
Year ended 12/31/12		8.95		0.14			0.66			0.80			(0.27	)		(0.10	)		(0.37	)		9.38		8.97			3,759		1.00			1.50			1.49			6
Class R
Year ended 12/31/16		8.22		0.20			0.49			0.69			(0.21	)		(0.05	)		(0.26	)		8.65		8.40			7,083		0.50	(e)		1.07	(e)		2.42	(e)		11
Year ended 12/31/15		9.07		0.15			(0.51	)		(0.36	)		(0.29	)		(0.20	)		(0.49	)		8.22		(3.98	)		6,047		0.50			0.94			1.67			12
Year ended 12/31/14		9.28		0.13			0.29			0.42			(0.35	)		(0.28	)		(0.63	)		9.07		4.55			7,564		0.50			0.92			1.40			7
Year ended 12/31/13		9.47		(0.05	)		0.22			0.17			(0.29	)		(0.07	)		(0.36	)		9.28		1.73			10,375		0.50			0.91			(0.49	)		16
Year ended 12/31/12		9.02		0.19			0.67			0.86			(0.31	)		(0.10	)		(0.41	)		9.47		9.58			10,942		0.50			1.00			1.99			6
Class RX
Year ended 12/31/16		8.22		0.21			0.49			0.70			(0.21	)		(0.05	)		(0.26	)		8.66		8.52			419		0.50	(e)		1.07	(e)		2.42	(e)		11
Year ended 12/31/15		9.07		0.15			(0.51	)		(0.36	)		(0.29	)		(0.20	)		(0.49	)		8.22		(3.98	)		545		0.50			0.94			1.67			12
Year ended 12/31/14		9.28		0.13			0.29			0.42			(0.35	)		(0.28	)		(0.63	)		9.07		4.55			848		0.50			0.92			1.40			7
Year ended 12/31/13		9.47		(0.05	)		0.22			0.17			(0.29	)		(0.07	)		(0.36	)		9.28		1.73			1,282		0.50			0.91			(0.49	)		16
Year ended 12/31/12		9.02		0.19			0.67			0.86			(0.31	)		(0.10	)		(0.41	)		9.47		9.58			1,957		0.50			1.00			1.99			6
Class Y
Year ended 12/31/16		8.25		0.25			0.49			0.74			(0.26	)		(0.05	)		(0.31	)		8.68		8.92			3,583		0.00	(e)		0.57	(e)		2.92	(e)		11
Year ended 12/31/15		9.10		0.20			(0.51	)		(0.31	)		(0.34	)		(0.20	)		(0.54	)		8.25		(3.40	)		5,502		0.00			0.44			2.17			12
Year ended 12/31/14		9.31		0.18			0.29			0.47			(0.40	)		(0.28	)		(0.68	)		9.10		5.09			7,416		0.00			0.42			1.90			7
Year ended 12/31/13		9.51		0.00			0.21			0.21			(0.34	)		(0.07	)		(0.41	)		9.31		2.16			8,497		0.00			0.41			0.01			16
Year ended 12/31/12		9.06		0.24			0.66			0.90			(0.35	)		(0.10	)		(0.45	)		9.51		10.00			6,486		0.00			0.50			2.49			6
Class R5
Year ended 12/31/16		8.29		0.24			0.51			0.75			(0.26	)		(0.05	)		(0.31	)		8.73		9.00			1,194		0.00	(e)		0.47	(e)		2.92	(e)		11
Year ended 12/31/15		9.15		0.20			(0.52	)		(0.32	)		(0.34	)		(0.20	)		(0.54	)		8.29		(3.50	)		27,809		0.00			0.34			2.17			12
Year ended 12/31/14		9.36		0.18			0.29			0.47			(0.40	)		(0.28	)		(0.68	)		9.15		5.07			36,230		0.00			0.31			1.90			7
Year ended 12/31/13		9.55		0.00			0.22			0.22			(0.34	)		(0.07	)		(0.41	)		9.36		2.26			32,091		0.00			0.32			0.01			16
Year ended 12/31/12		9.09		0.24			0.67			0.91			(0.35	)		(0.10	)		(0.45	)		9.55		10.08			5,839		0.00			0.42			2.49			6
Class R6
Year ended 12/31/16		8.30		0.26			0.49			0.75			(0.26	)		(0.05	)		(0.31	)		8.74		8.99			1,545		0.00	(e)		0.38	(e)		2.92	(e)		11
Year ended 12/31/15		9.16		0.20			(0.52	)		(0.32	)		(0.34	)		(0.20	)		(0.54	)		8.30		(3.49	)		1,303		0.00			0.24			2.17			12
Year ended 12/31/14		9.37		0.18			0.29			0.47			(0.40	)		(0.28	)		(0.68	)		9.16		5.06			1,136		0.00			0.22			1.90			7
Year ended 12/31/13		9.56		0.00			0.22			0.22			(0.34	)		(0.07	)		(0.41	)		9.37		2.25			901		0.00			0.23			0.01			16
Year ended 12/31/12(f)		9.96		0.07			(0.02	)		0.05			(0.35	)		(0.10	)		(0.45	)		9.56		0.57			10		0.00	(g)		0.30	(g)		2.49	(g)		6

^(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 were 0.66%, 0.70%, 0.73%, 0.71% and 0.71% for the years ended December 31, 2016, 2015, 2014, 2013 and 2012, respectively.

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

^(e)  Ratios are based on average daily net assets (000’s omitted) of $38,208, $7,702, $811, 7,748, $2,008, $6,582, $451, $3,333, $4,560 and $1,382 for Class A, Class AX, Class B, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Commencement date of September 24, 2012.

^(g)  Annualized.

52                         Invesco Balanced-Risk Retirement Funds

NOTE 11—Financial Highlights—(continued)

Invesco Balanced-Risk Retirement 2030 Fund

	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 expense reimbursements(c)			Ratio of expenses to average net assets without fee waivers and/or expense reimbursements			Ratio of net investment income (loss) to average net assets			Portfolio turnover(d)
Class A
Year ended 12/31/16	$	7.67	$	0.32		$	0.61		$	0.93		$	(0.40	)	$	(0.06	)	$	(0.46	)	$	8.14		12.09	%	$	43,528		0.25	%(e)		0.81	%(e)		3.86	%(e)		11	%
Year ended 12/31/15		8.79		0.24			(0.69	)		(0.45	)		(0.40	)		(0.27	)		(0.67	)		7.67		(5.03	)		40,600		0.25			0.69			2.74			17
Year ended 12/31/14		9.04		0.24			0.31			0.55			(0.50	)		(0.30	)		(0.80	)		8.79		6.25			49,929		0.25			0.68			2.57			9
Year ended 12/31/13		9.23		(0.02	)		0.23			0.21			(0.32	)		(0.08	)		(0.40	)		9.04		2.28			51,749		0.25			0.68			(0.25	)		34
Year ended 12/31/12		8.72		0.25			0.67			0.92			(0.36	)		(0.05	)		(0.41	)		9.23		10.55			38,142		0.25			0.76			2.66			3
Class AX
Year ended 12/31/16		7.69		0.31			0.60			0.91			(0.40	)		(0.06	)		(0.46	)		8.14		11.80			5,545		0.25	(e)		0.81	(e)		3.86	(e)		11
Year ended 12/31/15		8.80		0.24			(0.68	)		(0.44	)		(0.40	)		(0.27	)		(0.67	)		7.69		(4.90	)		5,767		0.25			0.69			2.74			17
Year ended 12/31/14		9.04		0.24			0.32			0.56			(0.50	)		(0.30	)		(0.80	)		8.80		6.36			6,697		0.25			0.68			2.57			9
Year ended 12/31/13		9.23		(0.02	)		0.23			0.21			(0.32	)		(0.08	)		(0.40	)		9.04		2.27			8,353		0.25			0.68			(0.25	)		34
Year ended 12/31/12		8.72		0.25			0.67			0.92			(0.36	)		(0.05	)		(0.41	)		9.23		10.55			10,273		0.25			0.76			2.66			3
Class B
Year ended 12/31/16		7.59		0.25			0.61			0.86			(0.33	)		(0.06	)		(0.39	)		8.06		11.32			1,040		1.00	(e)		1.56	(e)		3.11	(e)		11
Year ended 12/31/15		8.70		0.17			(0.68	)		(0.51	)		(0.33	)		(0.27	)		(0.60	)		7.59		(5.77	)		1,502		1.00			1.44			1.99			17
Year ended 12/31/14		8.95		0.17			0.31			0.48			(0.43	)		(0.30	)		(0.73	)		8.70		5.51			2,157		1.00			1.43			1.82			9
Year ended 12/31/13		9.14		(0.09	)		0.23			0.14			(0.25	)		(0.08	)		(0.33	)		8.95		1.52			2,759		1.00			1.43			(1.00	)		34
Year ended 12/31/12		8.65		0.18			0.66			0.84			(0.30	)		(0.05	)		(0.35	)		9.14		9.70			3,507		1.00			1.51			1.91			3
Class C
Year ended 12/31/16		7.59		0.25			0.61			0.86			(0.33	)		(0.06	)		(0.39	)		8.06		11.33			11,502		1.00	(e)		1.56	(e)		3.11	(e)		11
Year ended 12/31/15		8.69		0.17			(0.67	)		(0.50	)		(0.33	)		(0.27	)		(0.60	)		7.59		(5.66	)		12,119		1.00			1.44			1.99			17
Year ended 12/31/14		8.95		0.17			0.30			0.47			(0.43	)		(0.30	)		(0.73	)		8.69		5.39			13,330		1.00			1.43			1.82			9
Year ended 12/31/13		9.13		(0.09	)		0.24			0.15			(0.25	)		(0.08	)		(0.33	)		8.95		1.64			12,050		1.00			1.43			(1.00	)		34
Year ended 12/31/12		8.64		0.18			0.66			0.84			(0.30	)		(0.05	)		(0.35	)		9.13		9.71			10,976		1.00			1.51			1.91			3
Class CX
Year ended 12/31/16		7.59		0.25			0.61			0.86			(0.33	)		(0.06	)		(0.39	)		8.06		11.33			801		1.00	(e)		1.56	(e)		3.11	(e)		11
Year ended 12/31/15		8.69		0.17			(0.67	)		(0.50	)		(0.33	)		(0.27	)		(0.60	)		7.59		(5.66	)		1,111		1.00			1.44			1.99			17
Year ended 12/31/14		8.95		0.17			0.30			0.47			(0.43	)		(0.30	)		(0.73	)		8.69		5.39			1,732		1.00			1.43			1.82			9
Year ended 12/31/13		9.13		(0.09	)		0.24			0.15			(0.25	)		(0.08	)		(0.33	)		8.95		1.64			1,821		1.00			1.43			(1.00	)		34
Year ended 12/31/12		8.64		0.17			0.67			0.84			(0.30	)		(0.05	)		(0.35	)		9.13		9.71			2,017		1.00			1.51			1.91			3
Class R
Year ended 12/31/16		7.63		0.29			0.61			0.90			(0.37	)		(0.06	)		(0.43	)		8.10		11.85			8,693		0.50	(e)		1.06	(e)		3.61	(e)		11
Year ended 12/31/15		8.74		0.22			(0.68	)		(0.46	)		(0.38	)		(0.27	)		(0.65	)		7.63		(5.21	)		9,435		0.50			0.94			2.49			17
Year ended 12/31/14		8.99		0.22			0.31			0.53			(0.48	)		(0.30	)		(0.78	)		8.74		6.02			11,531		0.50			0.93			2.32			9
Year ended 12/31/13		9.18		(0.05	)		0.24			0.19			(0.30	)		(0.08	)		(0.38	)		8.99		2.03			13,007		0.50			0.93			(0.50	)		34
Year ended 12/31/12		8.68		0.22			0.67			0.89			(0.34	)		(0.05	)		(0.39	)		9.18		10.25			12,296		0.50			1.01			2.41			3
Class RX
Year ended 12/31/16		7.63		0.29			0.60			0.89			(0.37	)		(0.06	)		(0.43	)		8.09		11.72			480		0.50	(e)		1.06	(e)		3.61	(e)		11
Year ended 12/31/15		8.73		0.22			(0.67	)		(0.45	)		(0.38	)		(0.27	)		(0.65	)		7.63		(5.09	)		1,162		0.50			0.94			2.49			17
Year ended 12/31/14		8.99		0.22			0.30			0.52			(0.48	)		(0.30	)		(0.78	)		8.73		5.89			1,139		0.50			0.93			2.32			9
Year ended 12/31/13		9.18		(0.05	)		0.24			0.19			(0.30	)		(0.08	)		(0.38	)		8.99		2.04			1,119		0.50			0.93			(0.50	)		34
Year ended 12/31/12		8.68		0.22			0.67			0.89			(0.34	)		(0.05	)		(0.39	)		9.18		10.26			1,177		0.50			1.01			2.41			3
Class Y
Year ended 12/31/16		7.69		0.34			0.61			0.95			(0.42	)		(0.06	)		(0.48	)		8.16		12.35			3,374		0.00	(e)		0.56	(e)		4.11	(e)		11
Year ended 12/31/15		8.81		0.26			(0.68	)		(0.42	)		(0.43	)		(0.27	)		(0.70	)		7.69		(4.75	)		5,018		0.00			0.44			2.99			17
Year ended 12/31/14		9.06		0.27			0.31			0.58			(0.53	)		(0.30	)		(0.83	)		8.81		6.51			5,730		0.00			0.43			2.82			9
Year ended 12/31/13		9.25		0.00			0.23			0.23			(0.34	)		(0.08	)		(0.42	)		9.06		2.52			5,406		0.00			0.43			0.00			34
Year ended 12/31/12		8.73		0.27			0.68			0.95			(0.38	)		(0.05	)		(0.43	)		9.25		10.88			4,077		0.00			0.51			2.91			3
Class R5
Year ended 12/31/16		7.71		0.32			0.63			0.95			(0.42	)		(0.06	)		(0.48	)		8.18		12.31			2,953		0.00	(e)		0.44	(e)		4.11	(e)		11
Year ended 12/31/15		8.83		0.26			(0.68	)		(0.42	)		(0.43	)		(0.27	)		(0.70	)		7.71		(4.74	)		28,098		0.00			0.32			2.99			17
Year ended 12/31/14		9.08		0.27			0.31			0.58			(0.53	)		(0.30	)		(0.83	)		8.83		6.50			41,595		0.00			0.30			2.82			9
Year ended 12/31/13		9.27		0.00			0.23			0.23			(0.34	)		(0.08	)		(0.42	)		9.08		2.52			35,104		0.00			0.33			0.00			34
Year ended 12/31/12		8.75		0.27			0.68			0.95			(0.38	)		(0.05	)		(0.43	)		9.27		10.86			18,476		0.00			0.40			2.91			3
Class R6
Year ended 12/31/16		7.71		0.34			0.61			0.95			(0.42	)		(0.06	)		(0.48	)		8.18		12.31			2,109		0.00	(e)		0.35	(e)		4.11	(e)		11
Year ended 12/31/15		8.83		0.26			(0.68	)		(0.42	)		(0.43	)		(0.27	)		(0.70	)		7.71		(4.74	)		1,576		0.00			0.23			2.99			17
Year ended 12/31/14		9.08		0.27			0.31			0.58			(0.53	)		(0.30	)		(0.83	)		8.83		6.50			1,250		0.00			0.21			2.82			9
Year ended 12/31/13		9.27		0.00			0.23			0.23			(0.34	)		(0.08	)		(0.42	)		9.08		2.52			905		0.00			0.24			0.00			34
Year ended 12/31/12(f)		9.65		0.07			(0.02	)		0.05			(0.38	)		(0.05	)		(0.43	)		9.27		0.52			10		0.00	(g)		0.32	(g)		2.91	(g)		3

^(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 were 0.83%, 0.88%, 0.89%, 0.87% and 0.85% for the years ended December 31, 2016, 2015, 2014, 2013 and 2012, respectively.

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

^(e)  Ratios are based on average daily net assets (000’s omitted) of $42,500, $5,825, $1,290, $11,663, $910, $9,736, $809, $3,641, $5,790 and $1,863 for Class A, Class AX, Class B, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Commencement date of September 24, 2012.

^(g)  Annualized.

53                         Invesco Balanced-Risk Retirement Funds

NOTE 11—Financial Highlights—(continued)

Invesco Balanced-Risk Retirement 2040 Fund

	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 expense reimbursements(c)			Ratio of expenses to average net assets without fee waivers and/or expense reimbursements			Ratio of net investment income (loss) to average net assets			Portfolio turnover(d)
Class A
Year ended 12/31/16	$	6.91	$	0.38		$	0.59		$	0.97		$	(0.37	)	$	(0.12	)	$	(0.49	)	$	7.39		14.07	%	$	30,678		0.25	%(e)		1.06	%(e)		5.06	%(e)		13	%
Year ended 12/31/15		8.07		0.27			(0.74	)		(0.47	)		(0.45	)		(0.24	)		(0.69	)		6.91		(5.74	)		27,131		0.25			0.85			3.32			28
Year ended 12/31/14		8.34		0.31			0.29			0.60			(0.59	)		(0.28	)		(0.87	)		8.07		7.35			35,495		0.26			0.86			3.53			8
Year ended 12/31/13		8.76		(0.02	)		0.21			0.19			(0.22	)		(0.39	)		(0.61	)		8.34		2.23			33,816		0.25			0.87			(0.25	)		68
Year ended 12/31/12		8.23		0.24			0.62			0.86			(0.33	)		—			(0.33	)		8.76		10.38			28,426		0.25			1.07			2.69			4
Class AX
Year ended 12/31/16		6.90		0.38			0.59			0.97			(0.37	)		(0.12	)		(0.49	)		7.38		14.09			2,815		0.25	(e)		1.06	(e)		5.06	(e)		13
Year ended 12/31/15		8.06		0.27			(0.74	)		(0.47	)		(0.45	)		(0.24	)		(0.69	)		6.90		(5.76	)		2,851		0.25			0.85			3.32			28
Year ended 12/31/14		8.34		0.31			0.28			0.59			(0.59	)		(0.28	)		(0.87	)		8.06		7.23			3,284		0.26			0.86			3.53			8
Year ended 12/31/13		8.75		(0.02	)		0.22			0.20			(0.22	)		(0.39	)		(0.61	)		8.34		2.34			3,493		0.25			0.87			(0.25	)		68
Year ended 12/31/12		8.22		0.23			0.63			0.86			(0.33	)		—			(0.33	)		8.75		10.51			3,999		0.25			1.07			2.69			4
Class B
Year ended 12/31/16		6.83		0.32			0.60			0.92			(0.31	)		(0.12	)		(0.43	)		7.32		13.52			401		1.00	(e)		1.81	(e)		4.31	(e)		13
Year ended 12/31/15		7.97		0.20			(0.72	)		(0.52	)		(0.38	)		(0.24	)		(0.62	)		6.83		(6.39	)		559		1.00			1.60			2.57			28
Year ended 12/31/14		8.26		0.24			0.28			0.52			(0.53	)		(0.28	)		(0.81	)		7.97		6.38			925		1.01			1.61			2.78			8
Year ended 12/31/13		8.67		(0.09	)		0.22			0.13			(0.15	)		(0.39	)		(0.54	)		8.26		1.54			1,109		1.00			1.62			(1.00	)		68
Year ended 12/31/12		8.15		0.17			0.63			0.80			(0.28	)		—			(0.28	)		8.67		9.79			1,263		1.00			1.82			1.94			4
Class C
Year ended 12/31/16		6.82		0.32			0.60			0.92			(0.31	)		(0.12	)		(0.43	)		7.31		13.54			5,820		1.00	(e)		1.81	(e)		4.31	(e)		13
Year ended 12/31/15		7.96		0.20			(0.72	)		(0.52	)		(0.38	)		(0.24	)		(0.62	)		6.82		(6.39	)		5,382		1.00			1.60			2.57			28
Year ended 12/31/14		8.25		0.24			0.28			0.52			(0.53	)		(0.28	)		(0.81	)		7.96		6.39			6,249		1.01			1.61			2.78			8
Year ended 12/31/13		8.66		(0.09	)		0.22			0.13			(0.15	)		(0.39	)		(0.54	)		8.25		1.54			5,999		1.00			1.62			(1.00	)		68
Year ended 12/31/12		8.14		0.17			0.63			0.80			(0.28	)		—			(0.28	)		8.66		9.81			6,377		1.00			1.82			1.94			4
Class CX
Year ended 12/31/16		6.81		0.32			0.60			0.92			(0.31	)		(0.12	)		(0.43	)		7.30		13.56			291		1.00	(e)		1.81	(e)		4.31	(e)		13
Year ended 12/31/15		7.95		0.20			(0.72	)		(0.52	)		(0.38	)		(0.24	)		(0.62	)		6.81		(6.40	)		308		1.00			1.60			2.57			28
Year ended 12/31/14		8.24		0.24			0.28			0.52			(0.53	)		(0.28	)		(0.81	)		7.95		6.39			572		1.01			1.61			2.78			8
Year ended 12/31/13		8.65		(0.09	)		0.22			0.13			(0.15	)		(0.39	)		(0.54	)		8.24		1.54			563		1.00			1.62			(1.00	)		68
Year ended 12/31/12		8.14		0.17			0.62			0.79			(0.28	)		—			(0.28	)		8.65		9.68			590		1.00			1.82			1.94			4
Class R
Year ended 12/31/16		6.87		0.36			0.60			0.96			(0.35	)		(0.12	)		(0.47	)		7.36		14.00			6,981		0.50	(e)		1.31	(e)		4.81	(e)		13
Year ended 12/31/15		8.02		0.24			(0.72	)		(0.48	)		(0.43	)		(0.24	)		(0.67	)		6.87		(5.93	)		6,869		0.50			1.10			3.07			28
Year ended 12/31/14		8.30		0.28			0.29			0.57			(0.57	)		(0.28	)		(0.85	)		8.02		7.00			8,650		0.51			1.11			3.28			8
Year ended 12/31/13		8.72		(0.04	)		0.21			0.17			(0.20	)		(0.39	)		(0.59	)		8.30		1.97			8,644		0.50			1.12			(0.50	)		68
Year ended 12/31/12		8.19		0.21			0.63			0.84			(0.31	)		—			(0.31	)		8.72		10.33			8,197		0.50			1.32			2.44			4
Class RX
Year ended 12/31/16		6.88		0.34			0.60			0.94			(0.35	)		(0.12	)		(0.47	)		7.35		13.68			138		0.50	(e)		1.31	(e)		4.81	(e)		13
Year ended 12/31/15		8.03		0.24			(0.72	)		(0.48	)		(0.43	)		(0.24	)		(0.67	)		6.88		(5.91	)		599		0.50			1.10			3.07			28
Year ended 12/31/14		8.31		0.28			0.29			0.57			(0.57	)		(0.28	)		(0.85	)		8.03		6.99			683		0.51			1.11			3.28			8
Year ended 12/31/13		8.72		(0.04	)		0.22			0.18			(0.20	)		(0.39	)		(0.59	)		8.31		2.08			614		0.50			1.12			(0.50	)		68
Year ended 12/31/12		8.20		0.21			0.62			0.83			(0.31	)		—			(0.31	)		8.72		10.19			781		0.50			1.32			2.44			4
Class Y
Year ended 12/31/16		6.92		0.39			0.61			1.00			(0.39	)		(0.12	)		(0.51	)		7.41		14.47			1,528		0.00	(e)		0.81	(e)		5.31	(e)		13
Year ended 12/31/15		8.09		0.29			(0.75	)		(0.46	)		(0.47	)		(0.24	)		(0.71	)		6.92		(5.58	)		2,921		0.00			0.60			3.57			28
Year ended 12/31/14		8.36		0.33			0.29			0.62			(0.61	)		(0.28	)		(0.89	)		8.09		7.61			2,338		0.01			0.61			3.78			8
Year ended 12/31/13		8.78		0.00			0.21			0.21			(0.24	)		(0.39	)		(0.63	)		8.36		2.49			2,716		0.00			0.62			0.00			68
Year ended 12/31/12		8.24		0.26			0.63			0.89			(0.35	)		—			(0.35	)		8.78		10.83			1,967		0.00			0.82			2.94			4
Class R5
Year ended 12/31/16		6.94		0.37			0.62			0.99			(0.39	)		(0.12	)		(0.51	)		7.42		14.29			739		0.00	(e)		0.62	(e)		5.31	(e)		13
Year ended 12/31/15		8.10		0.29			(0.74	)		(0.45	)		(0.47	)		(0.24	)		(0.71	)		6.94		(5.44	)		23,619		0.00			0.42			3.57			28
Year ended 12/31/14		8.37		0.33			0.29			0.62			(0.61	)		(0.28	)		(0.89	)		8.10		7.59			25,848		0.01			0.44			3.78			8
Year ended 12/31/13		8.78		0.00			0.22			0.22			(0.24	)		(0.39	)		(0.63	)		8.37		2.60			21,149		0.00			0.47			0.00			68
Year ended 12/31/12		8.25		0.26			0.62			0.88			(0.35	)		—			(0.35	)		8.78		10.69			6,079		0.00			0.65			2.94			4
Class R6
Year ended 12/31/16		6.93		0.40			0.60			1.00			(0.39	)		(0.12	)		(0.51	)		7.42		14.45			2,152		0.00	(e)		0.53	(e)		5.31	(e)		13
Year ended 12/31/15		8.10		0.29			(0.75	)		(0.46	)		(0.47	)		(0.24	)		(0.71	)		6.93		(5.58	)		1,484		0.00			0.33			3.57			28
Year ended 12/31/14		8.37		0.33			0.29			0.62			(0.61	)		(0.28	)		(0.89	)		8.10		7.59			1,270		0.01			0.35			3.78			8
Year ended 12/31/13		8.78		0.00			0.22			0.22			(0.24	)		(0.39	)		(0.63	)		8.37		2.60			970		0.00			0.37			0.00			68
Year ended 12/31/12(f)		9.09		0.07			(0.03	)		0.04			(0.35	)		—			(0.35	)		8.78		0.46			10		0.00	(g)		0.53	(g)		2.94	(g)		4

^(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 were 0.87%, 0.98%, 0.99%, 0.99% and 0.98% for the years ended December 31, 2016, 2015, 2014, 2013 and 2012, respectively.

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

^(e)  Ratios are based on average daily net assets (000’s omitted) of $28,635, $2,899, $511, $5,581, $307, $7,168, $398, $2,230, $3,470 and $1,838 for Class A, Class AX, Class B, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Commencement date of September 24, 2012.

^(g)  Annualized.

54                         Invesco Balanced-Risk Retirement Funds

NOTE 11—Financial Highlights—(continued)

Invesco Balanced-Risk Retirement 2050 Fund

	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 expense reimbursements(c)			Ratio of expenses to average net assets without fee waivers and/or expense reimbursements			Ratio of net investment income (loss) to average net assets			Portfolio turnover(d)
Class A
Year ended 12/31/16	$	6.70	$	0.49		$	0.57		$	1.06		$	(0.55	)	$	(0.02	)	$	(0.57	)	$	7.19		16.00	%	$	17,740		0.25	%(e)		1.57	%(e)		6.72	%(e)		34	%
Year ended 12/31/15		7.98		0.31			(0.83	)		(0.52	)		(0.48	)		(0.28	)		(0.76	)		6.70		(6.45	)		13,456		0.25			1.31			3.97			22
Year ended 12/31/14		8.21		0.40			0.27			0.67			(0.63	)		(0.27	)		(0.90	)		7.98		8.30			14,645		0.25			1.24			4.61			8
Year ended 12/31/13		8.68		(0.02	)		0.22			0.20			(0.20	)		(0.47	)		(0.67	)		8.21		2.42			13,570		0.25			1.31			(0.25	)		93
Year ended 12/31/12		8.20		0.23			0.63			0.86			(0.35	)		(0.03	)		(0.38	)		8.68		10.47			12,933		0.25			1.57			2.62			4
Class AX
Year ended 12/31/16		6.71		0.48			0.57			1.05			(0.55	)		(0.02	)		(0.57	)		7.19		15.82			1,231		0.25	(e)		1.57	(e)		6.72	(e)		34
Year ended 12/31/15		7.99		0.31			(0.83	)		(0.52	)		(0.48	)		(0.28	)		(0.76	)		6.71		(6.44	)		1,037		0.25			1.31			3.97			22
Year ended 12/31/14		8.21		0.40			0.28			0.68			(0.63	)		(0.27	)		(0.90	)		7.99		8.43			1,192		0.25			1.24			4.61			8
Year ended 12/31/13		8.69		(0.02	)		0.21			0.19			(0.20	)		(0.47	)		(0.67	)		8.21		2.30			1,230		0.25			1.31			(0.25	)		93
Year ended 12/31/12		8.20		0.23			0.64			0.87			(0.35	)		(0.03	)		(0.38	)		8.69		10.59			1,258		0.25			1.57			2.62			4
Class B
Year ended 12/31/16		6.60		0.43			0.57			1.00			(0.50	)		(0.02	)		(0.52	)		7.08		15.26			245		1.00	(e)		2.32	(e)		5.97	(e)		34
Year ended 12/31/15		7.86		0.25			(0.81	)		(0.56	)		(0.42	)		(0.28	)		(0.70	)		6.60		(7.11	)		294		1.00			2.06			3.22			22
Year ended 12/31/14		8.10		0.33			0.27			0.60			(0.57	)		(0.27	)		(0.84	)		7.86		7.55			348		1.00			1.99			3.86			8
Year ended 12/31/13		8.57		(0.09	)		0.22			0.13			(0.13	)		(0.47	)		(0.60	)		8.10		1.65			393		1.00			2.06			(1.00	)		93
Year ended 12/31/12		8.11		0.16			0.63			0.79			(0.30	)		(0.03	)		(0.33	)		8.57		9.68			473		1.00			2.32			1.86			4
Class C
Year ended 12/31/16		6.61		0.43			0.58			1.01			(0.50	)		(0.02	)		(0.52	)		7.10		15.38			5,273		1.00	(e)		2.32	(e)		5.97	(e)		34
Year ended 12/31/15		7.87		0.25			(0.81	)		(0.56	)		(0.42	)		(0.28	)		(0.70	)		6.61		(7.11	)		4,283		1.00			2.06			3.22			22
Year ended 12/31/14		8.12		0.33			0.26			0.59			(0.57	)		(0.27	)		(0.84	)		7.87		7.41			4,876		1.00			1.99			3.86			8
Year ended 12/31/13		8.59		(0.09	)		0.22			0.13			(0.13	)		(0.47	)		(0.60	)		8.12		1.65			3,924		1.00			2.06			(1.00	)		93
Year ended 12/31/12		8.13		0.16			0.63			0.79			(0.30	)		(0.03	)		(0.33	)		8.59		9.66			3,975		1.00			2.32			1.87			4
Class CX
Year ended 12/31/16		6.61		0.43			0.57			1.00			(0.50	)		(0.02	)		(0.52	)		7.09		15.23			142		1.00	(e)		2.32	(e)		5.97	(e)		34
Year ended 12/31/15		7.87		0.25			(0.81	)		(0.56	)		(0.42	)		(0.28	)		(0.70	)		6.61		(7.10	)		141		1.00			2.06			3.22			22
Year ended 12/31/14		8.11		0.33			0.27			0.60			(0.57	)		(0.27	)		(0.84	)		7.87		7.54			152		1.00			1.99			3.86			8
Year ended 12/31/13		8.58		(0.09	)		0.22			0.13			(0.13	)		(0.47	)		(0.60	)		8.11		1.65			134		1.00			2.06			(1.00	)		93
Year ended 12/31/12		8.12		0.16			0.63			0.79			(0.30	)		(0.03	)		(0.33	)		8.58		9.67			128		1.00			2.32			1.87			4
Class R
Year ended 12/31/16		6.66		0.47			0.57			1.04			(0.53	)		(0.02	)		(0.55	)		7.15		15.80			3,578		0.50	(e)		1.82	(e)		6.47	(e)		34
Year ended 12/31/15		7.93		0.29			(0.82	)		(0.53	)		(0.46	)		(0.28	)		(0.74	)		6.66		(6.63	)		3,812		0.50			1.56			3.72			22
Year ended 12/31/14		8.17		0.37			0.27			0.64			(0.61	)		(0.27	)		(0.88	)		7.93		7.96			5,548		0.50			1.49			4.36			8
Year ended 12/31/13		8.64		(0.04	)		0.22			0.18			(0.18	)		(0.47	)		(0.65	)		8.17		2.18			4,887		0.50			1.56			(0.50	)		93
Year ended 12/31/12		8.17		0.21			0.62			0.83			(0.33	)		(0.03	)		(0.36	)		8.64		10.17			3,846		0.50			1.82			2.37			4
Class RX
Year ended 12/31/16		6.67		0.46			0.58			1.04			(0.53	)		(0.02	)		(0.55	)		7.16		15.79			81		0.50	(e)		1.82	(e)		6.47	(e)		34
Year ended 12/31/15		7.94		0.29			(0.82	)		(0.53	)		(0.46	)		(0.28	)		(0.74	)		6.67		(6.63	)		163		0.50			1.56			3.72			22
Year ended 12/31/14		8.17		0.37			0.28			0.65			(0.61	)		(0.27	)		(0.88	)		7.94		8.09			214		0.50			1.49			4.36			8
Year ended 12/31/13		8.65		(0.04	)		0.21			0.17			(0.18	)		(0.47	)		(0.65	)		8.17		2.06			255		0.50			1.56			(0.50	)		93
Year ended 12/31/12		8.17		0.21			0.63			0.84			(0.33	)		(0.03	)		(0.36	)		8.65		10.30			205		0.50			1.82			2.37			4
Class Y
Year ended 12/31/16		6.72		0.51			0.56			1.07			(0.57	)		(0.02	)		(0.59	)		7.20		16.06			3,681		0.00	(e)		1.32	(e)		6.97	(e)		34
Year ended 12/31/15		8.01		0.34			(0.85	)		(0.51	)		(0.50	)		(0.28	)		(0.78	)		6.72		(6.29	)		2,412		0.00			1.06			4.22			22
Year ended 12/31/14		8.22		0.42			0.29			0.71			(0.65	)		(0.27	)		(0.92	)		8.01		8.81			3,381		0.00			0.99			4.86			8
Year ended 12/31/13		8.69		0.00			0.22			0.22			(0.22	)		(0.47	)		(0.69	)		8.22		2.68			1,941		0.00			1.06			0.00			93
Year ended 12/31/12		8.21		0.25			0.63			0.88			(0.37	)		(0.03	)		(0.40	)		8.69		10.68			1,336		0.00			1.32			2.87			4
Class R5
Year ended 12/31/16		6.72		0.48			0.60			1.08			(0.57	)		(0.02	)		(0.59	)		7.21		16.21			693		0.00	(e)		1.02	(e)		6.97	(e)		34
Year ended 12/31/15		8.00		0.34			(0.84	)		(0.50	)		(0.50	)		(0.28	)		(0.78	)		6.72		(6.17	)		8,058		0.00			0.77			4.22			22
Year ended 12/31/14		8.23		0.42			0.27			0.69			(0.65	)		(0.27	)		(0.92	)		8.00		8.53			18,171		0.00			0.70			4.86			8
Year ended 12/31/13		8.70		0.00			0.22			0.22			(0.22	)		(0.47	)		(0.69	)		8.23		2.68			14,065		0.00			0.81			0.00			93
Year ended 12/31/12		8.21		0.25			0.64			0.89			(0.37	)		(0.03	)		(0.40	)		8.70		10.80			5,747		0.00			1.08			2.87			4
Class R6
Year ended 12/31/16		6.73		0.52			0.56			1.08			(0.57	)		(0.02	)		(0.59	)		7.22		16.18			1,012		0.00	(e)		0.95	(e)		6.97	(e)		34
Year ended 12/31/15		8.01		0.33			(0.83	)		(0.50	)		(0.50	)		(0.28	)		(0.78	)		6.73		(6.16	)		523		0.00			0.69			4.22			22
Year ended 12/31/14		8.24		0.42			0.27			0.69			(0.65	)		(0.27	)		(0.92	)		8.01		8.52			430		0.00			0.61			4.86			8
Year ended 12/31/13		8.71		0.00			0.22			0.22			(0.22	)		(0.47	)		(0.69	)		8.24		2.67			290		0.00			0.72			0.00			93
Year ended 12/31/12(f)		9.06		0.07			(0.02	)		0.05			(0.37	)		(0.03	)		(0.40	)		8.71		0.52			10		0.00	(g)		0.99	(g)		2.87	(g)		4

^(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 were 0.91%, 1.09%, 1.10%, 1.11% and 1.11% for the years ended December 31, 2016, 2015, 2014, 2013 and 2012, respectively.

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

^(e)  Ratios are based on average daily net assets (000’s omitted) of $14,895, $1,123, $284, $4,661, $146, $3,684, $118, $2,268, $1,558 and $771 for Class A, Class AX, Class B, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Commencement date of September 24, 2012.

^(g)  Annualized.

55                         Invesco Balanced-Risk Retirement Funds

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of the Invesco Balanced-Risk Retirement Now Fund, Invesco Balanced-Risk Retirement 2020 Fund, Invesco Balanced-Risk Retirement 2030 Fund, Invesco Balanced-Risk Retirement 2040 Fund and Invesco Balanced-Risk Retirement 2050 Fund:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Invesco Balanced-Risk Retirement Now Fund, Invesco Balanced-Risk Retirement 2020 Fund, Invesco Balanced-Risk Retirement 2030 Fund, Invesco Balanced-Risk Retirement 2040 Fund and Invesco Balanced-Risk Retirement 2050 Fund (five of the portfolios constituting the AIM Growth Series (Invesco Growth Series), each hereafter referred to as the “Fund”) as of December 31, 2016, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

February 23, 2017

56                         Invesco Balanced-Risk Retirement Funds

Calculating your ongoing Fund expenses

Example

As a shareholder of the Funds, 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 Funds 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, 2016, through December 31, 2016.

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

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 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 Balanced-Risk Retirement Now Fund

Class	Beginning Account Value (07/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/16)1		Expenses Paid During Period2		Ending Account Value (12/31/16)		Expenses Paid During Period2
A	$	1,000.00	$	1,007.40	$	1.26	$	1,023.88	$	1.27		0.25	%
AX		1,000.00		1,007.50		1.26		1,023.88		1.27		0.25
B		1,000.00		1,004.80		5.04		1,020.11		5.08		1.00
C		1,000.00		1,004.80		5.04		1,020.11		5.08		1.00
CX		1,000.00		1,004.80		5.04		1,020.11		5.08		1.00
R		1,000.00		1,006.60		2.52		1,022.62		2.54		0.50
RX		1,000.00		1,005.40		2.52		1,022.62		2.54		0.50
Y		1,000.00		1,007.10		0.00		1,025.14		0.00		0.00
R5		1,000.00		1,007.20		0.00		1,025.14		0.00		0.00
R6		1,000.00		1,007.10		0.00		1,025.14		0.00		0.00

57                         Invesco Balanced-Risk Retirement Funds

Invesco Balanced-Risk Retirement 2020 Fund

Class	Beginning Account Value (07/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/16)1		Expenses Paid During Period2		Ending Account Value (12/31/16)		Expenses Paid During Period2
A	$	1,000.00	$	1,009.40	$	1.26	$	1,023.88	$	1.27		0.25	%
AX		1,000.00		1,009.40		1.26		1,023.88		1.27		0.25
B		1,000.00		1,006.00		5.04		1,020.11		5.08		1.00
C		1,000.00		1,006.10		5.04		1,020.11		5.08		1.00
CX		1,000.00		1,004.90		5.04		1,020.11		5.08		1.00
R		1,000.00		1,006.80		2.52		1,022.62		2.54		0.50
RX		1,000.00		1,008.00		2.52		1,022.62		2.54		0.50
Y		1,000.00		1,009.60		0.00		1,025.14		0.00		0.00
R5		1,000.00		1,009.60		0.00		1,025.14		0.00		0.00
R6		1,000.00		1,009.60		0.00		1,025.14		0.00		0.00

Invesco Balanced-Risk Retirement 2030 Fund

Class	Beginning Account Value (07/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/16)1		Expenses Paid During Period2		Ending Account Value (12/31/16)		Expenses Paid During Period2
A	$	1,000.00	$	1,011.50	$	1.26	$	1,023.88	$	1.27		0.25	%
AX		1,000.00		1,010.30		1.26		1,023.88		1.27		0.25
B		1,000.00		1,008.20		5.05		1,020.11		5.08		1.00
C		1,000.00		1,009.50		5.05		1,020.11		5.08		1.00
CX		1,000.00		1,009.50		5.05		1,020.11		5.08		1.00
R		1,000.00		1,011.10		2.53		1,022.62		2.54		0.50
RX		1,000.00		1,010.00		2.53		1,022.62		2.54		0.50
Y		1,000.00		1,012.80		0.00		1,025.14		0.00		0.00
R5		1,000.00		1,011.60		0.00		1,025.14		0.00		0.00
R6		1,000.00		1,012.80		0.00		1,025.14		0.00		0.00

Invesco Balanced-Risk Retirement 2040 Fund

Class	Beginning Account Value (07/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/16)1		Expenses Paid During Period2		Ending Account Value (12/31/16)		Expenses Paid During Period2
A	$	1,000.00	$	1,011.90	$	1.26	$	1,023.88	$	1.27		0.25	%
AX		1,000.00		1,010.60		1.26		1,023.88		1.27		0.25
B		1,000.00		1,009.50		5.05		1,020.11		5.08		1.00
C		1,000.00		1,010.90		5.05		1,020.11		5.08		1.00
CX		1,000.00		1,009.60		5.05		1,020.11		5.08		1.00
R		1,000.00		1,011.90		2.53		1,022.62		2.54		0.50
RX		1,000.00		1,010.50		2.53		1,022.62		2.54		0.50
Y		1,000.00		1,013.00		0.00		1,025.14		0.00		0.00
R5		1,000.00		1,013.00		0.00		1,025.14		0.00		0.00
R6		1,000.00		1,013.00		0.00		1,025.14		0.00		0.00

58                         Invesco Balanced-Risk Retirement Funds

Invesco Balanced-Risk Retirement 2050 Fund

Class	Beginning Account Value (07/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/16)1		Expenses Paid During Period2		Ending Account Value (12/31/16)		Expenses Paid During Period2
A	$	1,000.00	$	1,013.30	$	1.27	$	1,023.88	$	1.27		0.25	%
AX		1,000.00		1,011.90		1.26		1,023.88		1.27		0.25
B		1,000.00		1,010.20		5.05		1,020.11		5.08		1.00
C		1,000.00		1,011.50		5.06		1,020.11		5.08		1.00
CX		1,000.00		1,010.20		5.05		1,020.11		5.08		1.00
R		1,000.00		1,012.10		2.53		1,022.62		2.54		0.50
RX		1,000.00		1,010.80		2.53		1,022.62		2.54		0.50
Y		1,000.00		1,012.90		0.00		1,025.14		0.00		0.00
R5		1,000.00		1,012.80		0.00		1,025.14		0.00		0.00
R6		1,000.00		1,012.80		0.00		1,025.14		0.00		0.00

¹  The actual ending account value is based on the actual total return of the Funds for the period July 1, 2016, through December 31, 2016, 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 184/366 to reflect the most recent fiscal half year.

59                         Invesco Balanced-Risk 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 advisors.

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, 2016:

Federal and State Income Tax
	Long Term Capital Gain Distributions		Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*
Invesco Balanced-Risk Retirement Now Fund	$	335,634		0.00	%		0.00	%		2.61	%
Invesco Balanced-Risk Retirement 2020 Fund		345,190		0.00	%		0.00	%		2.58	%
Invesco Balanced-Risk Retirement 2030 Fund		524,408		0.00	%		0.00	%		2.46	%
Invesco Balanced-Risk Retirement 2040 Fund		734,366		0.00	%		0.00	%		2.23	%
Invesco Balanced-Risk Retirement 2050 Fund		93,449		0.00	%		0.00	%		2.05	%

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

60                         Invesco Balanced-Risk Retirement Funds

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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: 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)	144	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.	144	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

²  Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

T-1                         Invesco Balanced-Risk 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
Bruce L. Crockett — 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	144	Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company) Member of the Audit Committee, Ferroglobe PLC (metallurgical company) and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	144	Board member of the Illinois Manufacturers’ Association
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	144	Trustee, Evans Scholarship Foundation; Chairman of the Board, Denver Film Society
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	144	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	144	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	144	None
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	144	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	144	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	144	None
Other Officers
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A

T-2                         Invesco Balanced-Risk 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
Other Officers—(continued)
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, 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; Managing Director, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Karen Dunn Kelley — 1960 Senior Vice President	2004	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman and Director, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Invesco Mortgage Capital Inc.; Senior Vice President, The Invesco Funds Formerly: Director, Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as INVESCO Global Asset Management Limited) and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco AIM Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A

T-3                         Invesco Balanced-Risk 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
Other Officers—(continued)
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Distributor Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Auditors PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Balanced-Risk Retirement Funds

Explore High-Conviction Investing with Invesco

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.
SEC file numbers: 811-02699 and 002-57526                             IBRR-AR-1                                              Invesco Distributors, Inc.

	Annual Report to Shareholders	December 31, 2016
	Invesco Allocation Funds Invesco Conservative Allocation Fund Invesco Growth Allocation Fund Invesco Moderate Allocation Fund

Invesco Conservative Allocation Fund’s Long-Term Performance

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

Fund and index data from 12/31/06

1  Source: FactSet Research Systems Inc.

2  Source(s): Invesco, FactSet Research Systems Inc.

3  Lipper Inc.

Past performance cannot guarantee comparable future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Results for Class B shares are calculated as if a hypothetical shareholder had liquidated his entire investment in the Fund at the close of the reporting period and paid the contingent deferred sales charges, if applicable.

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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

2 Invesco Allocation Funds

Average Annual Total Returns
As of 12/31/16, including maximum applicable sales charges
Class A Shares
Inception (4/29/05)	3.84	%
10 Years	2.98
5 Years	3.80
1 Year	0.79
Class B Shares
Inception (4/29/05)	3.82	%
10 Years	2.97
5 Years	3.86
1 Year	0.88
Class C Shares
Inception (4/29/05)	3.59	%
10 Years	2.83
5 Years	4.20
1 Year	4.88
Class R Shares
Inception (4/29/05)	4.09	%
10 Years	3.32
5 Years	4.71
1 Year	6.38
Class S Shares
10 Years	3.63	%
5 Years	5.07
1 Year	6.73
Class Y Shares
10 Years	3.76	%
5 Years	5.24
1 Year	6.90
Class R5 Shares
Inception (4/29/05)	4.64	%
10 Years	3.86
5 Years	5.29
1 Year	7.03

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

Class Y shares incepted on October 3, 2008. 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 comparable 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.

Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class S, Class Y and Class R5 shares was 1.06%, 1.81%, 1.81%, 1.31%, 0.96%, 0.81% and 0.75%, respectively.¹ The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class S, Class Y and Class R5 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

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

3 Invesco Allocation Funds

Invesco Growth Allocation Fund’s Long-Term Performance

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

Fund and index data from 12/31/06

1  Source: FactSet Research Systems Inc.

2  Lipper Inc.

3  Source(s): Invesco, FactSet Research Systems Inc.

Past performance cannot guarantee comparable future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Results for Class B shares are calculated as if a hypothetical shareholder had liquidated his entire investment in the Fund at the close of the reporting period and paid the contingent deferred sales charges, if applicable.

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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco Allocation Funds

Average Annual Total Returns
As of 12/31/16, including maximum applicable sales charges
Class A Shares
Inception (4/30/04)	4.97	%
10 Years	2.43
5 Years	6.30
1 Year	3.10
Class B Shares
Inception (4/30/04)	4.96	%
10 Years	2.38
5 Years	6.34
1 Year	3.23
Class C Shares
Inception (4/30/04)	4.66	%
10 Years	2.24
5 Years	6.66
1 Year	7.23
Class R Shares
Inception (4/30/04)	5.19	%
10 Years	2.76
5 Years	7.22
1 Year	8.82
Class S Shares
10 Years	3.08	%
5 Years	7.58
1 Year	9.12
Class Y Shares
10 Years	3.22	%
5 Years	7.74
1 Year	9.38
Class R5 Shares
Inception (4/30/04)	5.79	%
10 Years	3.36
5 Years	7.86
1 Year	9.45

Class S shares incepted on September 25, 2009. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

Class Y shares incepted on October 3, 2008. 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 comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class S, Class Y and Class R5 shares was 1.13%, 1.88%, 1.88%, 1.38%, 1.03%, 0.88% and 0.76%, respectively.¹ The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class S, Class Y and Class R5 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

1 The expense ratio includes acquired fund fees and expenses of the underlying funds in which the Fund invests of 0.60% for Invesco Growth Allocation Fund.

5 Invesco Allocation Funds

Invesco Moderate Allocation Fund’s Long-Term Performance

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

Fund and index data from 12/31/06

1  Source: FactSet Research Systems Inc.

2  Source(s): Invesco, FactSet Research Systems Inc.

3  Source: Lipper Inc.

Past performance cannot guarantee comparable future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Results for Class B shares are calculated as if a hypothetical shareholder had liquidated his entire investment in the Fund at the close of the reporting period and paid the contingent deferred sales charges, if applicable.

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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6 Invesco Allocation Funds

Average Annual Total Returns
As of 12/31/16, including maximum applicable sales charges
Class A Shares
Inception (4/30/04)	4.73	%
10 Years	3.13
5 Years	5.08
1 Year	2.26
Class B Shares
Inception (4/30/04)	4.71	%
10 Years	3.10
5 Years	5.16
1 Year	2.37
Class C Shares
Inception (4/30/04)	4.41	%
10 Years	2.94
5 Years	5.48
1 Year	6.38
Class R Shares
Inception (4/30/04)	4.94	%
10 Years	3.45
5 Years	6.00
1 Year	7.88
Class S Shares
10 Years	3.78	%
5 Years	6.39
1 Year	8.33
Class Y Shares
10 Years	3.93	%
5 Years	6.54
1 Year	8.48
Class R5 Shares
Inception (4/30/04)	5.47	%
10 Years	3.98
5 Years	6.53
1 Year	8.53

Class S shares incepted on September 25, 2009. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

Class Y shares incepted on October 3, 2008. 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 comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class S, Class Y and Class R5 shares was 1.05%, 1.80%, 1.80%, 1.30%, 0.95%, 0.80% and 0.74%, respectively.¹ The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class S, Class Y and Class R5 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

1 The expense ratio includes acquired fund fees and expenses of the underlying funds in which the Fund invests of 0.58% for Invesco Moderate Allocation Fund.

7 Invesco Allocation Funds

Letters to Shareholders

    Philip Taylor Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. The reporting period began with significant stock market volatility in the US and abroad; this volatility was the result of investor uncertainty about global economic growth and monetary policy. After recovering, markets declined sharply following UK voters’ decision in June to leave the European Union. Relatively quickly, however, markets recovered, reaching record highs later in the summer. Demand was strong for income-producing investments, particularly those perceived to be lower risk; this benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive during the reporting period, news overseas

was less upbeat. The European Central Bank and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. After months of uncertainty, the surprise outcome of the US presidential election in November triggered a major stock market rally, with most market indexes reaching new record highs in December. As expected, the US Federal Reserve raised interest rates in December – its only rate increase during the reporting period and only its second increase since 2006. The Fed cited optimistic economic data for its decision, and Fed-watchers suggested that future rate increases might be announced more quickly than previously forecast.

Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for whatever returns the market has to offer. The investment professionals at Invesco, in contrast, invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

8 Invesco Allocation Funds

Bruce Crockett Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: ∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. ∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎ Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

9 Invesco Allocation Funds

Management’s Discussion of Fund Performance

Performance summary – Invesco Conservative Allocation Fund

For the year ended December 31, 2016, Class A shares of Invesco Conservative Allocation Fund (the Fund), at net asset value (NAV), had a positive return and outperformed the Fund’s style-specific index, the Custom Invesco Conservative Allocation Index.

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

Fund vs. Indexes

Total returns, 12/31/15 to 12/31/16, 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	6.63	%
Class B Shares	5.88
Class C Shares	5.88
Class R Shares	6.38
Class S Shares	6.73
Class Y Shares	6.90
Class R5 Shares	7.03
S&P 500 Indexq (Broad Market Index)	11.96
Custom Invesco Conservative Allocation Index⬛ (Style-Specific Index)	4.53
Lipper Mixed-Asset Target Allocation Conservative Funds Index◆ (Peer Group Index)	6.28
Source(s): qFactSet Research Systems Inc.; ⬛Invesco, FactSet Research Systems Inc.; ◆Lipper Inc.

Market conditions and your Fund

During the year ended December 31, 2016, the US economy continued to expand. US gross domestic product showed the US economy grew by 3.5% in the third quarter.¹ Employment data were mixed, with unemployment ending the year at 4.7%.² Oil prices traded in a range from the high $20s to the low $50s during the reporting period.³ Major US stock market indexes posted gains for the reporting period, with most major market indexes hitting record highs; however, the markets were fairly volatile during the first half of the year.

Stocks began calendar year 2016 on a negative note, driven by investor concerns about economic weakness in China, falling oil prices and uncertainty over the US Federal Reserve’s (the Fed) monetary policy. Markets recovered in February and posted gains until June, when UK voters opted to leave the European Union, sending markets sharply lower.

Markets again recovered, and major US equity indexes hit record highs during the summer. Following the outcome of the US presidential election, a stock market rally sent major US equity market indexes to new record highs. The rally was led by financials, gaining on the belief that they might benefit from reduced federal regulation. Also in November, OPEC agreed to cut production for the first time in eight years, which helped support higher oil prices. The Fed raised interest rates by a quarter point in December 2016 – the only increase during the reporting period.⁴

Strategic asset class exposures in the Fund are obtained through underlying representative mutual funds and exchange-traded funds targeting a pre-defined level of risk. From an asset class perspective, our exposure to diversified fixed income and US equities through underlying funds were the largest contributors to Fund performance. Invesco

Equally-Weighted S&P 500 Fund provided greater access to mid-cap equities and was the largest contributor to Fund performance during the reporting period. Invesco Diversified Dividend Fund also contributed to Fund performance, benefiting from the rally in value stocks during the reporting period. Within our fixed income allocation, Invesco Core Plus Bond Fund was the largest contributor to Fund performance.

  The largest detractors from Fund performance were in part due to strategic changes that were made to underlying fund allocations early in the reporting period in connection with portfolio management changes and to allow for increased use of factor-based investments and access to the growing breadth and depth of Invesco’s investment capabilities. Specifically, Invesco Comstock Fund, Invesco Small Cap Equity Fund and Invesco Charter Fund were the largest detractors from Fund performance, as these funds posted negative returns and were removed as underlying holdings before equity markets recovered in February.

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

  Effective February 17, 2016, management of the Fund was transferred to Portfolio Managers Duy Nguyen and Jacob Borbidge, who are the Chief Investment Officer and the Head of Research, respectively, for the Invesco Global Solutions Development and Implementation Team. These changes consolidate all of Invesco’s traditional asset allocation funds of funds under one portfolio management team, which is specifically focused on building and managing global goal-oriented, multi-asset, multi-vehicle strategies. As part of

Portfolio Composition†
Asset Allocation	% of Total Investments as of 12/31/16*
Fixed Income		60.3%
U.S. Equities		23.7
Alternatives		10.0
International Equities		6.0

*Excluding money market funds.

  Total Net Assets $ 333.7 million

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

Data presented here are as of December 31, 2016.

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

Fund Nasdaq Symbols
Class A Shares	CAAMX
Class B Shares	CMBAX
Class C Shares	CACMX
Class R Shares	CMARX
Class S Shares	CMASX
Class Y Shares	CAAYX
Class R5 Shares	CMAIX

10 Invesco Allocation Funds

this transition, changes were made in the strategic allocations to underlying funds.

The Fund sold out of its holdings in the following underlying funds during the reporting period: Invesco Balanced-Risk Commodity Strategy Fund, Invesco Charter Fund, Invesco Comstock Fund, Invesco Developing Markets Fund, Invesco Macro Allocation Strategy Fund, Invesco Global Real Estate Fund, Invesco Multi-Asset Income Fund and Invesco Small Cap Equity Fund. The proceeds were used to establish positions in the following underlying funds: Invesco All Cap Market Neutral Fund, Invesco Equally-Weighted S&P 500 Fund, Invesco Global Real Estate Income Fund, Invesco Short Duration Inflation Protected Fund, Invesco Short Term Bond Fund, Invesco Quality Income Fund and PowerShares LadderRite 0-5 Year Corporate Bond Portfolio.

Thank you for investing in Invesco Conservative Allocation Fund.

1  Source: Bureau of Economic Analysis

2  Source: Bureau of Labor Statistics

3  Source: Thompson-Reuters

4  Source: US Federal Reserve

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

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

	Duy Nguyen Chartered Financial Analyst, Portfolio Manager and Chief Investment Officer, Invesco Global
Solutions Development and Implementation Team, is manager of Invesco Conservative Allocation Fund. He joined Invesco in 2000. Mr. Nguyen earned a BBA from The University of Texas at Austin and an MS from the University of Houston.

	Jacob Borbidge Chartered Financial Analyst, Portfolio Manager and Head of Research, Invesco Global Solutions
Development and Implementation Team, is manager of Invesco Conservative Allocation Fund. He joined Invesco in 2004. Mr. Borbidge earned a BS in mechanical engineering from Lehigh University and an MS in finance from the University of Houston.

Assisted by Invesco’s Global Solutions Development and Implementation Team

11 Invesco Allocation Funds

Management’s Discussion of Fund Performance

Performance summary – Invesco Growth Allocation Fund

For the year ended December 31, 2016, Class A shares of Invesco Growth Allocation Fund (the Fund), at net asset value (NAV), had a positive return and outperformed the Fund’s style-specific index, the Custom Invesco Growth Allocation Index.

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

Fund vs. Indexes

Total returns, 12/31/15 to 12/31/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	9.08	%
Class B Shares	8.23
Class C Shares	8.23
Class R Shares	8.82
Class S Shares	9.12
Class Y Shares	9.38
Class R5 Shares	9.45
S&P 500 Index q (Broad Market Index)	11.96
Custom Invesco Growth Allocation Index ⬛ (Style-Specific Index)	6.55
Lipper Mixed-Asset Target Allocation Growth Funds Index ◆ (Peer Group Index)	7.54
Source(s): qFactSet Research Systems Inc.; ⬛Invesco, FactSet Research Systems Inc.; ◆Lipper Inc.

Market conditions and your Fund

During the year ended December 31, 2016, the US economy continued to expand. US gross domestic product showed the US economy grew by 3.5% in the third quarter.¹ Employment data were mixed, with unemployment ending the year at 4.7%.² Oil prices traded in a range from the high $20s to the low $50s during the reporting period.³ Major US stock market indexes posted gains for the reporting period, with most major market indexes hitting record highs; however, the markets were fairly volatile during the first half of the year.

Stocks began calendar year 2016 on a negative note, driven by investor concerns about economic weakness in China, falling oil prices and uncertainty over the US Federal Reserve’s (the Fed) monetary policy. Markets recovered in February and posted gains until June, when UK voters opted to leave the European Union, sending markets sharply lower.

Markets again recovered, and major US equity indexes hit record highs during the summer. Following the outcome of the US presidential election, a stock market rally sent major US equity market indexes to new record highs. The rally was led by financials, gaining on the belief that they might benefit from reduced federal regulation. Also in November, OPEC agreed to cut production for the first time in eight years, which helped support higher oil prices. The Fed raised interest rates by a quarter point in December 2016 – the only increase during the reporting period.⁴

Strategic asset class exposures in the Fund are obtained through underlying representative mutual funds and exchange-traded funds targeting a predefined level of risk. From an asset class perspective, our exposure to US equities through underlying funds was the largest contributor to Fund performance. These were represented by Invesco Diversified Dividend Fund and Invesco Comstock Fund, which

benefited from the rally in value stocks during the reporting period, particularly in the energy and financials sectors. Invesco Equally-Weighted S&P 500 Fund, which seeks to provide greater access to mid-cap equities, was the largest contributor to Fund performance.

  The largest detractors from Fund performance were in part due to strategic changes that were made to underlying fund allocations early in the reporting period in connection with portfolio management changes and to allow for increased use of factor-based investments and access to the growing breadth and depth of Invesco’s investment capabilities. Specifically, Invesco Growth and Income Fund, Invesco Charter Fund and Invesco Global Real Estate Fund were the largest detractors from Fund performance, as these funds posted negative returns and were removed as underlying holdings before equity markets recovered in February.

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

  Effective February 17, 2016, management of the Fund was transferred to Portfolio Managers Duy Nguyen and Jacob Borbidge, who are the Chief Investment Officer and the Head of Research, respectively, for the Invesco Global Solutions Development and Implementation Team. These changes consolidate all of Invesco’s traditional asset allocation funds of funds under one portfolio management team, which is specifically focused on building and managing global goal-oriented, multi-asset, multi-vehicle strategies. As part of this transition, changes were made in the strategic allocations to underlying funds.

Portfolio Composition†
Asset Allocation	% of Total Investments as of 12/31/16*
U.S. Equities		53.7%
International Equities		22.2
Fixed Income		13.0
Alternatives		11.1

*Excluding money market funds.

Total Net Assets $ 1.02 billion

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

Data presented here are as of December 31, 2016.

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

Fund Nasdaq Symbols
Class A Shares	AADAX
Class B Shares	AAEBX
Class C Shares	AADCX
Class R Shares	AADRX
Class S Shares	AADSX
Class Y Shares	AADYX
Class R5 Shares	AADIX

12 Invesco Allocation Funds

The Fund sold out of its holdings in the following underlying funds during the reporting period: Invesco Balanced-Risk Commodity Strategy Fund, Invesco Charter Fund, Invesco Macro Allocation Strategy Fund, Invesco Global Real Estate Fund, and Invesco Growth and Income Fund. The proceeds were used to establish positions in the following underlying funds: Invesco All Cap Market Neutral Fund, Invesco Emerging Markets Flexible Bond Fund, Invesco Equally-Weighted S&P 500 Fund, Invesco Global Real Estate Income Fund, Invesco International Companies Fund, Invesco Long/Short Equity Fund, Invesco Low Volatility Emerging Markets Fund, Invesco Short Term Bond Fund, Invesco Quality Income Fund, PowerShares S&P MidCap Low Volatility Portfolio and PowerShares S&P SmallCap Low Volatility Portfolio.

Thank you for investing in Invesco Growth Allocation Fund.

1  Source: Bureau of Economic Analysis

2  Source: Bureau of Labor Statistics

3  Source: Thompson-Reuters

4  Source: US Federal Reserve

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

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

	Duy Nguyen Chartered Financial Analyst, Portfolio Manager and Chief Investment Officer, Invesco Global
Solutions Development and Implementation Team, is manager of Invesco Growth Allocation Fund. He joined Invesco in 2000. Mr. Nguyen earned a BBA from The University of Texas at Austin and an MS from the University of Houston.
	Jacob Borbidge Chartered Financial Analyst, Portfolio Manager and Head of Research, Invesco Global Solutions
Development and Implementation Team, is manager of Invesco Growth Allocation Fund. He joined Invesco in 2004. Mr. Borbidge earned a BS in mechanical engineering from Lehigh University and an MS in finance from the University of Houston.

Assisted by Invesco’s Global Solutions Development and Implementation Team

13 Invesco Allocation Funds

Management’s Discussion of Fund Performance

Performance summary – Invesco Moderate Allocation Fund
For the year ended December 31, 2016, Class A shares of Invesco Moderate Allocation Fund (the Fund), at net asset value (NAV), had a positive return and outperformed the Fund’s style-specific index, the Custom Invesco Moderate Allocation Index.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/15 to 12/31/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	8.22	%
Class B Shares	7.37
Class C Shares	7.38
Class R Shares	7.88
Class S Shares	8.33
Class Y Shares	8.48
Class R5 Shares	8.53
S&P 500 Indexq (Broad Market Index)	11.96
Custom Invesco Moderate Allocation Index ∎ (Style-Specific Index)	5.82
Lipper Mixed-Asset Target Allocation Moderate Funds Index◆ (Peer Group Index)	7.48
Source(s): qFactSet Research Systems Inc.; ∎Invesco, FactSet Research Systems Inc.; ◆Lipper Inc.

Market conditions and your Fund

During the year ended December 31, 2016, the US economy continued to expand. US gross domestic product showed the US economy grew by 3.5% in the third quarter.¹ Employment data were mixed, with unemployment ending the year at 4.7%.² Oil prices traded in a range from the high $20s to the low $50s during the reporting period.³ Major US stock market indexes posted gains for the reporting period, with most major market indexes hitting record highs; however, the markets were fairly volatile during the first half of the year.

Stocks began calendar year 2016 on a negative note, driven by investor concerns about economic weakness in China, falling oil prices and uncertainty over the US Federal Reserve’s (the Fed) monetary policy. Markets recovered in February and posted gains until June, when UK voters opted to leave the European Union, sending markets sharply lower. Markets again

recovered, and major US equity indexes hit record highs during the summer. Following the outcome of the US presidential election, a stock market rally sent major US equity market indexes to new record highs. The rally was led by financials, gaining on the belief that they might benefit from reduced federal regulation. Also in November, OPEC agreed to cut production for the first time in eight years, which helped support higher oil prices. The Fed raised interest rates by a quarter point in December 2016 – the only increase during the reporting period.⁴

Strategic asset class exposures in the Fund are obtained through underlying representative mutual funds and exchange-traded funds targeting a predefined level of risk. From an asset class perspective, our exposure to US equities through underlying funds was the largest contributor to Fund performance. These were represented by Invesco Diversified Dividend Fund and Invesco Comstock

Fund, which benefited from the rally in value stocks during the reporting period, particularly in the energy and financials sectors. Invesco Equally-Weighted S&P 500 Fund provided greater access to mid-cap equities and was the largest contributor to Fund performance.

    The largest detractors from Fund performance were in part due to strategic changes that were made to underlying fund allocations early in the reporting period in connection with portfolio management changes and to allow for increased use of factor-based investments and access to the growing breadth and depth of Invesco’s investment capabilities. Specifically, Invesco Growth and Income Fund, Invesco Charter Fund and Invesco Global Real Estate Fund were the largest detractors from Fund performance, as these funds posted negative returns and were removed as underlying holdings before equity markets recovered in February.

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

    Effective February 17, 2016, management of the Fund was transferred to Portfolio Managers Duy Nguyen and Jacob Borbidge, who are the Chief Investment Officer and the Head of Research, respectively, for the Invesco Global Solutions Development and Implementation Team. These changes consolidate all of Invesco’s traditional asset allocation funds of funds under one portfolio management team, which is specifically focused on building and managing global goal-oriented, multi-asset, multi-vehicle strategies. As part of this transition, changes were made in the strategic allocations to underlying funds.

Portfolio Composition†
Asset Allocation	% of Total      Investments    as of 12/31/16*
U.S. Equities		40.9%
Fixed Income		33.9
International Equities		15.1
Alternatives		10.1
*Excluding money market funds.

  Total Net Assets     $779.0 million  

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

Data presented here are as of December 31, 2016.

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

Fund Nasdaq Symbols
Class A Shares	AMKAX
Class B Shares	AMKBX
Class C Shares	AMKCX
Class R Shares	AMKRX
Class S Shares	AMKSX
Class Y Shares	ABKYX
Class R5 Shares	AMLIX

14 Invesco Allocation Funds

The Fund sold out of its holdings in the following underlying funds during the reporting period: Invesco Balanced-Risk Commodity Strategy Fund, Invesco Charter Fund, Invesco Macro Allocation Strategy Fund, Invesco Global Real Estate Fund and Invesco Growth and Income Fund. The proceeds were used to establish positions in the following underlying funds: Invesco All Cap Market Neutral Fund, Invesco Equally-Weighted S&P 500 Fund, Invesco Global Real Estate Income Fund, Invesco International Companies Fund, Invesco Long/Short Equity Fund, Invesco Low Volatility Emerging Markets Fund, Invesco Short Duration Inflation Protected Fund, Invesco Short Term Bond Fund, Invesco Quality Income Fund, PowerShares S&P MidCap Low Volatility Portfolio and PowerShares S&P SmallCap Low Volatility Portfolio.

Thank you for investing in Invesco Moderate Allocation Fund.

1  Source: Bureau of Economic Analysis

2  Source: Bureau of Labor Statistics

3  Source: Thompson-Reuters

4  Source: US Federal Reserve

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

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

	Duy Nguyen Chartered Financial Analyst, Portfolio Manager and Chief Investment Officer, Invesco Global
Solutions Development and Implementation Team, is manager of Invesco Moderate Allocation Fund. He joined Invesco in 2000. Mr. Nguyen earned a BBA from The University of Texas at Austin and an MS from the University of Houston.
	Jacob Borbidge Chartered Financial Analyst, Portfolio Manager and Head of Research, Invesco Global Solutions
Development and Implementation Team, is manager of Invesco Moderate Allocation Fund. He joined Invesco in 2004. Mr. Borbidge earned a BS in mechanical engineering from Lehigh University and an MS in finance from the University of Houston. Assisted by Invesco’s Global Solutions Development and Implementation Team

15 Invesco Allocation Funds

Invesco Conservative Allocation Fund’s investment objective is total return consistent with a lower level of risk relative to the broad stock market.

Invesco Growth Allocation Fund’s investment objective is long-term growth of capital consistent with a higher level of risk relative to the broad stock market.

Invesco Moderate Allocation Fund’s investment objective is total return consistent with a moderate level of risk relative to the broad stock market.

∎ Unless otherwise stated, information presented in this report is as of December 31, 2016, and is based on total net assets.

∎ Unless otherwise noted, all data provided by Invesco.

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

About share classes

∎ Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

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

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

∎ Class R5 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

	Invesco Conservative Allocation Fund	Invesco Growth Allocation Fund	Invesco         Moderate         Allocation Fund
Active trading risk	x	x	x
Allocation risk	x	x	x
Bank loan risk	x		x
Borrowing risk	x		x
Cash/cash equivalents risk	x	x	x
Changing fixed income market conditions risk	x	x	x
Collateralized loan obligations risk	x	x	x
Commodities tax risk	x	x	x
Commodity-linked notes risk	x	x	x
Commodity risk	x	x	x
Convertible securities risk	x	x	x
Correlation risk	x	x	x
Credit linked notes risk	x	x	x
Debt securities risk	x	x	x
Defaulted securities risk	x		x
Depositary receipts risk	x	x	x
Derivatives risk	x	x	x
Dollar roll transactions risk	x		x
Emerging markets securities risk	x	x	x
Exchange-traded fund industry concentration risk	x	x	x
Exchange-traded funds risk	x	x	x
Exchange-traded notes risk	x	x	x
Financial services sector risk	x	x	x
Foreign currency tax risk	x	x	x
Foreign government debt risk	x	x	x
Foreign securities risk	x	x	x
Fund of funds risk	x	x	x
Geographic focus risk	x	x	x
Growth investing risk	x	x	x
High yield debt securities (junk bond) risk	x	x	x
Indexing risk	x	x	x

16 Invesco Allocation Funds

	Invesco Conservative Allocation Fund	Invesco Growth Allocation Fund	Invesco         Moderate         Allocation Fund
Inflation-indexed securities risk	x		x
Inflation-indexed securities tax risk	x		x
Investing in the European Union risk	x	x	x
Liquidity risk	x	x	x
Management risk	x	x	x
Market risk	x	x	x
Market trading risk	x	x	x
Mortgage- and asset-backed securities risk	x	x	x
Municipal securities risk	x	x	x
Non-diversification risk	x	x	x
Preferred securities risk	x	x	x
REIT risk/real estate risk	x	x	x
Sampling risk	x	x	x
Sector focus risk	x	x	x
Short position risk	x	x	x
Small- and mid-capitalization companies risks	x	x	x
Subsidiary risk	x	x	x
TBA transactions risk	x	x	x
US government obligations risk	x	x	x
Valuation risk	x	x	x
Valuation time risk	x	x	x
Value investing style risk	x	x	x
Volatility risk	x	x	x
When-issued, delayed delivery and forward commitment risks	x	x	x
Zero coupon or pay-in-kind securities risk	x	x	x

Principal risks defined

∎ Active trading risk. Certain underlying funds engage in frequent trading of portfolio securities. Active trading results in added expenses and may result in a lower return and increased tax liability.

∎ Allocation risk. The Fund’s investment performance depends, in part, on how its assets are allocated among the underlying funds or asset classes. The Adviser’s evaluations and assumptions regarding the asset classes or the underlying funds in which the Fund invests may be incorrect, causing the Fund to be invested (or not invested) in one or more asset classes or underlying funds at an inopportune time, which could negatively affect the Fund’s performance.

∎ Bank loan risk. There are a number of risks associated with an investment in bank loans including, credit risk, interest rate risk, liquidity risk and prepayment risk. Lack of an active trading market, restrictions on resale, irregular trading activity, wide bid/ask spreads and extended trade settlement periods may impair an underlying fund’s ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to an underlying fund. As a result an underlying fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. The risk of holding bank loans is also directly tied to the risk of insolvency or bankruptcy of the issuing banks. These risks could cause an

underlying fund to lose income or principal on a particular investment, which in turn could affect the underlying fund’s returns. The value of bank loans can be affected by and sensitive to changes in government regulation and to economic downturns in the United States and abroad. Bank loans generally are floating rate loans, which are subject to interest rate risk as the interest paid on the floating rate loans adjusts periodically based on changes in widely accepted reference rates.

∎ Borrowing risk. Borrowing money to buy securities exposes an underlying fund to leverage and will cause an underlying fund’s share price to be more volatile because leverage will exaggerate the effect of any increase or decrease in the value of an underlying fund’s portfolio securities. Borrowing money may also require an underlying fund to liquidate positions when it may not be advantageous to do so. In addition, an underlying fund will incur interest expenses and other fees on borrowed money. There can be no assurance that an underlying fund’s

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    continued on page 18

17 Invesco Allocation Funds

continued from page 17

borrowing strategy will enhance and not reduce the underlying fund’s returns.

∎ Cash/cash equivalents risk. In rising markets, holding cash or cash equivalents will negatively affect an underlying fund’s performance relative to its benchmark.

∎ Changing fixed income market conditions risk. The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near, at or below zero. 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 an underlying 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 an underlying fund’s transaction costs.

∎ Collateralized loan obligations risk. CLOs are subject to the risks of substantial losses due to actual defaults by underlying borrowers, which will be greater during periods of economic or financial stress. CLOs may also lose value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults, and investor aversion to CLO securities as a class. The risks of CLOs will be greater if an underlying fund invests in CLOs that hold loans of uncreditworthy borrowers or if an underlying fund holds subordinate tranches of the CLO that absorbs losses from the defaults before senior tranches. In addition, CLOs are subject to interest rate risk and credit risk.

∎ Commodities tax risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of an underlying fund from certain commodity-linked derivatives was treated as non-qualifying income, an underlying fund might fail to qualify as a regulated investment company and be subject to federal income tax at the

fund level. Should the Internal Revenue Service issue guidance, or Congress enact legislation, that adversely affects the tax treatment of an underlying fund’s use of commodity-linked notes or a wholly-owned subsidiary (which guidance might be applied to the underlying fund retroactively), it could, among other consequences, limit the underlying fund’s ability to pursue its investment strategy.

∎ Commodity-linked notes risk. In addition to risks associated with the underlying commodities, investments in commodity-linked notes may be subject to additional risks, such as non-payment of interest and loss of principal, counterparty risk, lack of a secondary market and risk of greater volatility than traditional equity and debt securities. The value of the commodity-linked notes an underlying fund buys may fluctuate significantly because the values of the underlying investments to which they are linked are themselves volatile. Additionally, certain commodity-linked notes employ “economic” leverage by requiring payment by the issuer of an amount that is a multiple of the price increase or decrease of the underlying commodity, commodity index, or other economic variable. Such economic leverage will increase the volatility of the value of these commodity-linked notes and an underlying fund to the extent it invests in such notes.

∎ Commodity risk. An underlying fund may have investment exposure tithe commodities markets and/or a particular sector of the commodities markets, which may subject an underlying fund to greater volatility than investments in traditional securities, such as stocks and bonds. Volatility in the commodities markets may be caused by changes in overall market movements, domestic and foreign political and economic events and policies, war, acts of terrorism, changes in domestic or foreign interest rates and/or investor expectations concerning interest rates, domestic and foreign inflation rates, investment and trading activities of mutual funds, hedge funds and commodities funds, and factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments, or supply and demand disruptions. Because an underlying fund’s performance may be linked to the performance of volatile commodities, investors should be willing to assume

the risks of potentially significant fluctuations in the value of an underlying fund’s shares.

∎ Convertible securities risk. 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, 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.

∎ Correlation risk. Because an underlying fund’s investment strategy seeks to balance risk across three asset classes and, within each asset class, across different countries and investments, to the extent either the asset classes or the selected countries and investments become correlated in a way not anticipated an underlying fund’s adviser, an underlying fund’s risk allocation process may result in magnified risks and loss instead of balancing (reducing) the risk of loss.

∎ Credit linked notes risk. Risks of credit linked notes include those risks associated with the underlying reference obligation including but not limited to market risk, interest rate risk, credit risk, default risk and, in some cases, foreign currency risk. An investor in a credit linked note bears counterparty risk or the risk that the issuer of the credit linked note will default or become bankrupt and not make timely payment of principal and interest of the structured security. Credit linked notes may be less liquid than other investments and therefore harder to dispose of at the desired time and price. In addition, credit linked notes may be leveraged and, as a result, small changes in the value of the underlying reference obligation may produce disproportionate losses to an underlying fund.

∎ Debt securities risk. The prices of debt securities held by an underlying fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and

18 Invesco Allocation Funds

higher quality debt securities. Falling interest rates will cause an underlying fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce an underlying fund’s distributable income because interest payments on floating rate debt instruments held by an underlying fund will decline. An underlying fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

∎ Defaulted securities risk. Defaulted securities pose a greater risk that principal will not be repaid than non-defaulted securities. Defaulted securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

∎ Depositary receipts risk. Investing in depositary receipts involve the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. An underlying fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.

∎ Derivatives risk. The value of a derivative instrument depends largely on(and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the underlying fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do

not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the underlying fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the underlying fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the underlying fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the underlying fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the underlying fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions. These risks are greater for certain underlying funds than most other mutual funds because certain underlying funds will implement their investment strategy primarily through derivative instruments rather than direct investments in stocks/bonds.

∎ Dollar roll transactions risk. Dollar roll transactions occur in connection with TBA transactions and involve the risk that the market value of the securities an underlying fund is required to purchase may decline below the agreed upon purchase price of those securities. Dollar roll transactions add a form of leverage to an underlying fund’s portfolio, which may make the Fund’s returns more volatile and increase the risk of loss. In addition, dollar roll transactions may increase an underlying fund’s portfolio turnover, which may result in increased brokerage costs and may lower an underlying fund’s actual return.

∎ Emerging markets securities risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to

lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

∎ Exchange-traded fund industry concentration risk. In following its methodology, an underlying exchange-traded fund’s underlying index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector. To the extent that an underlying fund’s underlying index concentrates in the securities of issuers in a particular industry or sector, an underlying fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, an underlying fund faces more risks than if it were diversified broadly over numerous industries or sectors. Such industry-based risks, any of which may adversely affect the companies in which an underlying fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or sector may be out of favor and underperform other industries or the market as a whole.

∎ Exchange-traded funds risk. In addition to the risks associated with the underlying assets held by the exchange-traded fund, investments in exchange-traded funds are subject to the following additional risks: (1) an exchange-traded fund’s shares may trade above or below its net asset value; (2) an active trading market for the exchange-traded fund’s shares may not develop or be maintained; (3) trading an exchange-traded fund’s shares may be halted by the listing exchange; (4) a passively-managed exchange-traded fund may not track the performance of the reference asset; and (5) a passively managed exchange-traded fund may hold

   continued on page 20

19 Invesco Allocation Funds

continued from page 19

troubled securities. Investment in exchange-traded funds may involve duplication of management fees and certain other expenses, as the Fund or an underlying fund indirectly bears its proportionate share of any expenses paid by the exchange-traded funds in which it invests. Further, certain exchange-traded funds in which the Fund or an underlying fund may invest are leveraged, which may result in economic leverage, permitting the Fund or an underlying fund to gain exposure that is greater than would be the case in an unlevered instrument, and potentially resulting in greater volatility.

∎ Exchange-traded notes risk. Exchange-traded notes are subject to credit risk, counterparty risk, and the risk that the value of the exchange-traded note may drop due to a downgrade in the issuer’s credit rating. The value of an exchange-traded note may also be influenced by time to maturity, level of supply and demand for the exchange-traded note, volatility and lack of liquidity in the underlying market, changes in the applicable interest rates, and economic, legal, political, or geographic events that affect the referenced underlying market or assets. An underlying fund will bear its proportionate share of any fees and expenses borne by an exchange-traded note in which it invests. For certain exchange-traded notes, there may be restrictions on an underlying fund’s right to redeem its investment in an exchange-traded note, which is meant to be held until maturity.

∎ Financial services sector risk. An underlying fund may be susceptible to adverse economic or regulatory occurrences affecting the financial services sector. Financial services companies are subject to extensive government regulation and are disproportionately affected by unstable interest rates, each of which could adversely affect the profitability of such companies. Financial services companies may also have concentrated portfolios, which makes them especially vulnerable to unstable economic conditions.

∎ Foreign currency tax risk. If the US Treasury Department were to exercise its authority to issue regulations that exclude from the definition of “qualifying income” foreign currency gains not directly related to an underlying fund’s business of investing in securities, the underlying fund may be unable to qualify as a regulated investment company for one or more years. In this event, the

underlying fund’s Board of Trustees may authorize a significant change in investment strategy or other action.

∎ Foreign government debt risk. Investments in foreign government debt securities (sometimes referred to as sovereign debt securities) involve certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and an underlying fund may have limited recourse in the event of a default against the defaulting government. Without the approval of debt holders, some governmental debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments.

∎ Foreign securities risk. An underlying fund’s foreign investments maybe adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which an underlying fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless an underlying fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which an underlying fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ Fund of funds risk. The Fund’s performance depends on that of the underlying funds in which it invests. Accordingly, the risks associated with an investment in the Fund include the risks associated with investments in the underlying funds. The Fund will indirectly pay a proportional share of the fees and expenses of the underlying funds in which it invests. There are risks that the Fund will vary from its target weightings (if any) in the underlying funds, that the underlying funds will not achieve their investment

objectives, that the underlying funds’ performance may be lower than their represented asset classes, and that the Fund may withdraw its investments in an underlying fund at a disadvantageous time.

∎ Geographic focus risk. An underlying fund may from time to time invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on an underlying fund’s investment performance.

∎ Growth investing risk. Growth stocks tend to be more expensive relative to the issuing company’s earnings or assets compared with other types of stock. As a result, they tend to be more sensitive to changes in, or investors’ expectations of, the issuing company’s earnings and can be more volatile.

∎ High yield debt securities (junk bond) risk. Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject an underlying fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

∎ Indexing risk. An underlying fund is operated as a passively managed index fund and, therefore, the adverse performance of a particular security necessarily will not result in the elimination of the security from the underlying fund’s portfolio. Ordinarily, the underlying fund’s adviser will not sell the underlying fund’s portfolio securities except to reflect additions or deletions of the securities that comprise the underlying fund’s underlying index, or as may be necessary to raise cash to pay underlying fund shareholders who sell underlying fund shares. As such, the underlying fund will be negatively affected by declines in the securities represented by its underlying index. Also, there is no guarantee that the underlying fund’s adviser will be able to correlate the underlying fund’s performance with that of its underlying index.

∎ Inflation-indexed securities risk. The values of inflation-indexed securities generally fluctuate in response to changes in real interest rates, and an

20 Invesco Allocation Funds

underlying fund’s income from its investments in these securities is likely to fluctuate considerably more than the income distributions of its investments in more traditional fixed income securities.

∎ Inflation-indexed securities tax risk. Any increase in the principal amount of an inflation-indexed security may be included for tax purposes in an underlying fund’s gross income, even though no cash attributable touch gross income has been received by the underlying fund. In such event, the underlying fund may be required to make annual distributions to shareholders that exceed the cash it has otherwise received. In order to pay such distributions, the underlying fund may be required to raise cash by selling portfolio investments. The sale of such investments could result in capital gains to the underlying fund and additional capital gain distributions to the Fund. In addition, adjustments during the taxable year for deflation to an inflation-indexed bond held by an underlying fund may cause amounts previously distributed to the Fund in the taxable year as income to be characterized as a return of capital, which could increase or decrease the Fund’s ordinary income distributions to you, and may cause some of the Fund’s distributed income to be classified as a return of capita

∎ Investing in the European Union risk. Investments in certain countries in the European Union are susceptible to high economic risks associated with high levels of debt, such as investments in sovereign debt of Greece, Italy and Spain. Efforts of the member states to further unify their economic and monetary policies may increase the potential for the downward movement of one member state’s market to cause a similar effect on other member states’ markets. Separately, the European Union faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the European Union, such as the United Kingdom (UK) which has announced its intention to exit, would place its currency and banking system in jeopardy. The exit by the UK or other member states will likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund’s investments.

∎ Liquidity risk. An underlying fund may be unable to sell illiquid investments at     

the time or price it desires and, as a result, could lose its entire investment in such investments. Liquid securities can become illiquid during periods of market stress. If a significant amount of the an underlying fund’s securities become illiquid, an underlying fund may not be able to timely pay redemption proceeds and may need to sell securities at significantly reduced prices.

∎ Management risk. An underlying fund is actively managed and depends heavily on an underlying fund’s adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for an underlying fund’s portfolio. An underlying fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of an underlying fund and, therefore, the ability of the underlying fund to achieve its investment objective.

∎ Market risk. The market values of an underlying fund’s investments, and therefore the value of an underlying fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by an underlying fund will rise in value.

∎ Market trading risk. An underlying exchange-traded fund faces numerous market trading risks, including the potential lack of an active market for its shares, losses from trading in secondary markets, and disruption in the creation/ redemption process of an underlying fund. Any of these factors may lead to an underlying fund’s shares trading at a premium or discount to an underlying fund’s net asset value (NAV).

∎ Mortgage- and asset-backed securities risk. Mortgage- and asset-backed securities 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 an underlying fund reinvesting these early payments at lower interest rates, thereby reducing    

an underlying 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 an underlying fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool will adversely affect the value of mortgage-backed securities and will result in losses to an underlying fund. An underlying fund may invest in mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely payments on their mortgages. Privately issued mortgage-related securities are not subject to the same underwriting requirements as those with government or government-sponsored entity guarantees and, therefore, mortgage loans underlying privately issued mortgage-related securities may have less favorable collateral, credit risk or other underwriting characteristics, and wider variances in interest rate, term, size, purpose and borrower characteristics.

∎ Municipal securities risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and an underlying fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

∎ Non-diversification risk. An underlying fund is non-diversified and can invest a greater portion of its assets in the obligations or securities of 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.

   continued on page 22

21 Invesco Allocation Funds

continued from page 21

∎ Preferred securities risk. 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.

∎ REIT risk/real estate risk. An underlying fund concentrates its investments in the securities of real estate and real estate related companies. Investments in real estate related instruments may be affected by economic, legal, cultural, environmental or technological factors that affect property values, rents or occupancies of real estate related to an underlying fund’s holdings. Shares of real estate related companies, which tend to be small- and mid-cap companies, may be more volatile and less liquid than larger companies. The value of investments in real estate related companies may be affected by the quality of management, the ability to repay loans, the utilization of leverage and financial covenants related thereto, whether the company carries adequate insurance and environmental factors. If a real estate related company defaults on certain types of debt obligations, an underlying fund may own real estate directly, which involves additional risks such as environmental liabilities; difficulty in valuing and selling the real estate; and economic or regulatory changes.

∎ Sampling risk. An underlying fund’s use of a representative sampling approach will result in its holding a smaller number of securities than are in its underlying index and in the underlying fund holding securities not included in its underlying index. As a result, an adverse development respecting an issuer of securities held by the underlying fund could result in a greater decline in the underlying fund’s NAV than would be the case if all of the securities in its underlying index were held. An underlying fund’s use of a representative sampling approach may also include the risk that it may not track the return of its underlying index as well as it would have if the underlying fund held all of the securities in its underlying index.

∎ Sector focus risk. An underlying fund may from time to time invest a significant amount of its assets (i.e. over 25%) in one market sector or group of

related industries. In this event, an underlying fund’s performance will depend to a greater extent on the overall condition of the sector or group of industries and there is increased risk that an underlying fund will lose significant value if conditions adversely affect that sector or group of industries.

∎ Short position risk. Because an underlying fund’s potential loss on a short position arises from increases in the value of the asset sold short, the underlying fund will incur a loss on a short position, which is theoretically unlimited, if the price of the asset sold short increases from the short sale price. The counterparty to a short position or other market factors may prevent an underlying fund from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in a loss. In a rising market, an underlying fund’s short positions will cause the underlying fund to underperform the overall market and its peers that do not engage in shorting. If an underlying fund holds both long and short positions, and both positions decline simultaneously, the short positions will not provide any buffer (hedge) from declines in value of the underlying fund’s long positions. Certain types of short positions involve leverage, which may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of an underlying fund’s returns.

∎ Small- and mid-capitalization companies risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

∎ Subsidiary risk. By investing in the Subsidiary, an underlying fund is indirectly exposed to risks associated with the Subsidiary’s investments. The Subsidiary is not registered under the Investment Company Act of 1940, as amended (1940 Act), and, except as otherwise noted in this prospectus, is not subject to the investor protections of the 1940 Act. Changes in the laws of

the United States and/or the Cayman Islands, under which an underlying fund and the Subsidiary, respectively, are organized, could result in the inability of an underlying fund and/or the Subsidiary to operate as described in this prospectus and the SAI, and could negatively affect an underlying fund and its shareholders.

∎ TBA transactions risk. TBA transactions involve the risk of loss if the securities received are less favorable than what was anticipated by an underlying fund when entering into the TBA transaction, or if the counterparty fails to deliver the securities. When an underlying fund enters into a short sale of a TBA mortgage it does not own, an underlying fund may have to purchase deliverable mortgages to settle the short sale at a higher price than anticipated, thereby causing a loss. As there is no limit on how much the price of mortgage securities can increase, an underlying fund’s exposure is unlimited. An underlying fund may not always be able to purchase mortgage securities to close out the short position at a particular time or at an acceptable price. In addition, taking short positions results in a form of leverage, which could increase the volatility of an underlying fund’s share price.

∎ US government obligations risk. Obligations of US government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the US government, which could affect an underlying fund’s ability to recover should they default. No assurance can be given that the US government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

∎ Valuation risk. Financial information related to securities of non-US issuers may be less reliable than information related to securities of US issuers, which may make it difficult to obtain a current price for a non-US security held by an underlying fund. In certain circumstances, market quotations may not be readily available for some underlying fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Underlying fund securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject

22 Invesco Allocation Funds

to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that an underlying fund could sell a portfolio security for the value established for it at any time, and it is possible that an underlying fund would incur a loss because a security is sold at a discount to its established value.

∎ Valuation time risk. An underlying exchange-traded fund may invest in securities of foreign issuers and, because foreign exchanges may be open on days when an underlying fund does not price its shares, the value of the non-US securities in an underlying fund’s portfolio may change on days when investors are not able to purchase or sell an underlying fund’s shares. As a result, trading spreads and the resulting premium or discount on an underlying fund’s shares may widen, and, therefore, increase the difference between the market price of an underlying fund’s shares and the net asset value (“NAV”) of such shares.

∎ Value investing style risk. A value investing style subjects an underlying fund to the risk that the valuations never improve or that the returns on value equity securities are less than returns on other styles of investing or the overall stock market.

∎ Volatility risk. Although an underlying fund’s investment strategy targets a specific volatility level, certain of an underlying fund’s investments may appreciate or decrease significantly in value over short periods of time. This may cause an underlying fund’s net asset value per share to experience significant increases or declines in value over short periods of time.

∎ When-issued, delayed delivery and forward commitment risks. When-issued and delayed delivery transactions subject an underlying fund to market risk because the value or yield of a security at delivery may be more or less than the purchase price or yield generally available when delivery occurs, and counterparty risk because an underlying fund relies on the buyer or seller, as the case may be, to consummate the transaction. These transactions also have a leveraging effect on an underlying fund because an underlying fund commits to purchase securities that it does not have to pay for until a later date, which increases an underlying fund’s overall investment exposure and, as a result, its volatility.

∎ Zero coupon or pay-in-kind securities risk. The value, interest rates, and liquidity of non-cash paying instruments, such as zero coupon and pay-in-kind securities, are subject to greater fluctuation than other types of securities. The higher yields and interest rates on pay-in-kind securities reflect the payment deferral and increased credit risk associated with such instruments and that such investments may represent a higher credit risk than loans that periodically pay interest.

About indexes used in this report

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

∎ The Custom Invesco Conservative Allocation Index, created by Invesco to serve as a benchmark for Invesco Conservative Allocation Fund, is composed of the following indexes: S&P 500 Index, MSCI EAFE Index and Bloomberg Barclays U.S. Aggregate Index. The composition may change based on the Fund’s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective.

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

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

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

∎ The Custom Invesco Growth Allocation Index, created by Invesco to serve as a benchmark for Invesco Growth Allocation Fund, is composed of the following indexes: S&P 500 Index, MSCI EAFE Index and Bloomberg Barclays U.S. Aggregate Index. The composition of the index may change based on the Fund’s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective.

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

∎ The Custom Invesco Moderate Allocation Index, created by Invesco to serve as a benchmark for Invesco Moderate Allocation Fund, is composed of the following indexes: S&P 500 Index, MSCI EAFE Index and Bloomberg Barclays U.S. Aggregate Index. The composition of the index may change based on the Fund’s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective.

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

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

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

Other information

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

23 Invesco Allocation Funds

Schedule of Investments

December 31, 2016

Invesco Conservative Allocation Fund

Schedule of Investments in Affiliated Issuers–100.12%^(a)

	% of Net Assets 12/31/16			Value 12/31/15		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 12/31/16		Value 12/31/16
Asset Allocation Funds–4.50%
Invesco Balanced-Risk Allocation Fund–Class R6		4.50	%	$	20,937,181	$	1,216,681	$	(7,615,472	)	$	993,696		$	81,955		$	604,446		1,409,944	$	15,001,805
Invesco Balanced-Risk Commodity Strategy Fund–Class R6		0.00	%		13,849,776		24,941		(13,652,591	)		6,004,697			(6,226,823	)		—		—		—
Invesco Macro Allocation Strategy Fund–Class R6(b)		0.00	%		11,198,248		—		(11,353,818	)		752,784			(597,214	)		—		—		—
Total Asset Allocation Funds					45,985,205		1,241,622		(32,621,881	)		7,751,177			(6,742,082	)		604,446				15,001,805
Domestic Equity Funds–26.12%
Invesco All Cap Market Neutral Fund–Class R6(c)		2.46	%		—		9,506,280		(1,309,080	)		82,840			(50,555	)		—		780,348		8,224,865
Invesco American Franchise Fund–Class R6(c)		2.48	%		6,922,665		2,701,115		(1,524,238	)		159,976			345,031			—		495,976		8,282,796
Invesco Charter Fund–Class R6		0.00	%		10,368,368		337,898		(10,242,765	)		(1,062,831	)		599,330			—		—		—
Invesco Comstock Fund–Class R6		0.00	%		6,809,923		519,085		(6,665,246	)		(1,965,347	)		1,301,585			—		—		—
Invesco Diversified Dividend Fund–Class R6		6.91	%		13,607,081		11,231,828		(4,222,384	)		1,548,070			1,460,296			495,247		1,194,465		23,053,184
Invesco Endeavor Fund–Class R6(c)		2.00	%		7,079,537		621,955		(2,208,336	)		1,293,686			74,608			—		334,350		6,663,596
Invesco Equally-Weighted S&P 500 Fund–Class R6		5.88	%		—		20,562,295		(4,750,950	)		3,255,842			609,255			269,009		372,949		19,617,100
Invesco Growth and Income Fund–Class R6		3.92	%		9,071,483		6,246,558		(4,303,020	)		1,619,453			1,148,195			293,413		495,866		13,080,947
Invesco Small Cap Equity Fund–Class R6(c)		0.00	%		5,913,314		471,992		(5,801,317	)		(1,000,650	)		416,661			—		—		—
PowerShares Russell Top 200 Pure Growth Portfolio–ETF		2.47	%		6,650,790		2,645,661		(1,169,662	)		1,497			120,914			76,134		245,585		8,249,200
Total Domestic Equity Funds					66,423,161		54,844,667		(42,196,998	)		3,932,536			6,025,320			1,133,803				87,171,688
Fixed-Income Funds–60.16%
Invesco Core Plus Bond Fund–Class R6		18.11	%		86,251,088		2,935,398		(29,910,832	)		1,783,000			(556,311	)		2,255,370		5,651,767		60,417,386
Invesco Emerging Market Flexible Bond Fund–Class R6(d)		4.95	%		11,207,553		6,407,504		(1,293,844	)		1,310,171			(493,686	)		52,566		2,556,931		16,517,772
Invesco Floating Rate Fund–Class R6		5.04	%		19,008,982		869,621		(4,028,469	)		1,259,950			(283,350	)		869,087		2,222,818		16,826,734
Invesco High Yield Fund–Class R6		5.99	%		16,976,252		5,011,274		(3,252,206	)		1,450,794			(143,921	)		1,153,164		4,828,817		19,991,301
Invesco Multi-Asset Income Fund–Class R6(e)		0.00	%		13,938,135		59,980		(13,657,474	)		370,286			(710,927	)		119,607		—		—
Invesco Quality Income Fund–Class R5(f)		8.02	%		—		29,038,223		(1,750,178	)		(537,085	)		2,477			870,240		2,201,929		26,753,437
Invesco Short Duration Inflation Protected Fund–Class R6		5.03	%		—		17,563,788		(947,713	)		172,029			7,022			259,730		1,594,979		16,795,126
Invesco Short Term Bond Fund–Class R6		4.02	%		—		14,046,530		(778,837	)		157,247			4,328			238,628		1,563,361		13,429,268
PowerShares 1-30 Laddered Treasury Portfolio–ETF		6.01	%		43,622,658		1,046,706		(25,563,287	)		(2,224,822	)		3,167,258			465,096		628,825		20,048,513
PowerShares LadderRite 0-5 Year Corporate Bond Portfolio–ETF		2.99	%		—		10,477,996		(515,436	)		11,976			(2,023	)		151,007		402,442		9,972,513
Total Fixed-Income Funds					191,004,668		87,457,020		(81,698,276	)		3,753,546			990,867			6,434,495				200,752,050
Foreign Equity Funds–6.03%
Invesco Developing Markets Fund–Class R6		0.00	%		10,973,904		249,989		(10,853,508	)		2,243,713			(2,614,098	)		—		—		—
Invesco International Growth Fund–Class R6		3.03	%		12,834,472		950,148		(3,371,920	)		(369,908	)		63,409			170,021		328,443		10,106,201
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio–ETF		3.00	%		13,547,552		935,538		(4,581,100	)		501,469			(414,220	)		341,342		266,025		9,989,239
Total Foreign Equity Funds					37,355,928		2,135,675		(18,806,528	)		2,375,274			(2,964,909	)		511,363				20,095,440
Real Estate Funds–3.04%
Invesco Global Real Estate Fund–Class R6		0.00	%		6,806,080		180,715		(6,567,211	)		(1,364,035	)		944,451			—		—		—
Invesco Global Real Estate Income Fund–Class R6		3.04	%		—		10,834,440		(914,697	)		191,154			46,924			494,641		1,172,958		10,157,821
Total Real Estate Funds					6,806,080		11,015,155		(7,481,908	)		(1,172,881	)		991,375			494,641				10,157,821
Money Market Funds–0.27%
Government & Agency Portfolio–Institutional Class, 0.43%(i)		0.16	%		—		7,566,440		(7,018,142	)		—			—			468		548,298		548,298
Liquid Assets Portfolio–Institutional Class		0.00	%		536,385		12,862,961		(13,399,346	)		—			158			1,841		—		—
Premier Portfolio–Institutional Class		0.00	%		536,385		12,862,961		(13,399,346	)		—			—			1,656		—		—
Treasury Portfolio–Institutional Class, 0.37%(i)		0.11	%		—		5,044,294		(4,678,762	)		—			—			254		365,532		365,532
Total Money Market Funds					1,072,770		38,336,656		(38,495,596	)		—			158			4,219				913,830
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $309,108,783)		100.12	%	$	348,647,812	$	195,030,795	$	(221,301,187	)	$	16,639,652	(g)	$	(1,699,271	)(h)	$	9,182,967			$	334,092,634
OTHER ASSETS LESS LIABILITIES		(0.12	)%																			(391,615	)
NET ASSETS		100.00	%																		$	333,701,019

Investment Abbreviations:

ETF – Exchange Traded Fund

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

24                         Invesco Allocation Funds

Schedule of Investments—(continued)

December 31, 2016

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)  Effective July 27, 2016, Invesco Global Markets Strategy Fund was renamed as Invesco Macro Allocation Strategy Fund.

^(c)  Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from the report date.

^(d)  Effective February 26, 2016, Invesco Emerging Market Local Currency Debt Fund was renamed as Invesco Emerging Markets Flexible Bond Fund.

^(e)  Effective July 27, 2016, Invesco Premium Income Fund was renamed as Invesco Multi-Asset Income Fund.

^(f)  Effective June 20, 2016, Invesco U.S. Mortgage Fund was renamed as Invesco Quality Income Fund.

^(g)  Includes $619,926 and $50,892 of return of capital received from Invesco Emerging Markets Flexible Bond Fund and Invesco High Yield Fund, respectively.

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

Fund Name	Capital Gain
Invesco Balanced-Risk Allocation Fund	$	612,236
Invesco All Cap Market Neutral Fund		4,620
Invesco American Franchise Fund		321,753
Invesco Diversified Dividend Fund		571,707
Invesco Endeavor Fund		197,854
Invesco Equally-Weighted S&P 500 Fund		59,342
Invesco Growth and Income Fund		701,722
Invesco Core Plus Bond Fund		84,957
Liquid Assets Portfolio		158

⁽ⁱ⁾  The rate shown is the 7-day SEC standardized yield as of December 31, 2016.

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

25                         Invesco Allocation Funds

Schedule of Investments—(continued)

December 31, 2016

Invesco Growth Allocation Fund

Schedule of Investments in Affiliated Issuers–100.15%^(a)

	% of Net Assets 12/31/16			Value 12/31/15		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 12/31/16		Value 12/31/16
Asset Allocation Funds–4.53%
Invesco Balanced-Risk Allocation Fund–Class R6		4.53	%	$	84,358,134	$	4,634,816	$	(43,718,339	)	$	1,193,218		$	1,673,287		$	1,832,470		4,350,097	$	46,285,029
Invesco Balanced-Risk Commodity Strategy Fund–Class R6		0.00	%		62,563,308		—		(61,551,168	)		27,103,897			(28,116,037	)		—		—		—
Invesco Macro Allocation Strategy Fund–Class R6(b)		0.00	%		56,894,489		—		(57,660,679	)		3,779,147			(3,012,957	)		—		—		—
Total Asset Allocation Funds					203,815,931		4,634,816		(162,930,186	)		32,076,262			(29,455,707	)		1,832,470				46,285,029
Domestic Equity Funds–57.46%
Invesco All Cap Market Neutral Fund–Class R6(c)		3.98	%		—		46,974,962		(6,409,306	)		147,462			(21,389	)		—		3,858,573		40,669,361
Invesco American Franchise Fund–Class R6(c)		5.92	%		46,606,573		21,834,510		(9,664,656	)		172,881			3,813,083			—		3,619,000		60,437,305
Invesco Charter Fund–Class R6		0.00	%		69,225,515		273,357		(66,376,856	)		(3,636,962	)		514,946			—		—		—
Invesco Comstock Fund–Class R6		5.91	%		45,854,032		22,411,422		(15,108,953	)		1,703,686			8,893,484			1,612,185		2,556,098		60,426,150
Invesco Diversified Dividend Fund–Class R6		11.44	%		91,258,419		30,381,533		(15,998,194	)		7,456,398			6,640,432			2,410,712		6,056,395		116,888,431
Invesco Endeavor Fund–Class R6(c)		2.50	%		47,803,441		1,984,557		(26,715,939	)		4,912,444			(1,727,179	)		—		1,279,924		25,508,878
Invesco Equally-Weighted S&P 500 Fund–Class R6		9.89	%		—		98,983,421		(16,573,266	)		16,473,694			2,495,011			1,361,829		1,921,643		101,078,445
Invesco Growth and Income Fund–Class R6		0.00	%		60,925,247		2,048,159		(57,409,512	)		(9,693,176	)		4,129,282			—		—		—
Invesco Long/Short Equity Fund–Class R6(c)		2.96	%		—		31,455,972		(4,570,866	)		3,120,748			478,907			—		2,575,775		30,291,114
Invesco Small Cap Equity Fund–Class R6(c)		2.97	%		39,611,427		3,897,217		(14,542,419	)		1,570,282			1,194,904			—		1,941,371		30,304,804
PowerShares Russell Top 200 Pure Growth Portfolio–ETF		5.90	%		44,648,440		20,164,482		(5,595,411	)		(59,719	)		1,127,054			546,664		1,794,726		60,284,846
PowerShares S&P Midcap Low Volatility Portfolio–ETF		3.00	%		—		29,629,168		(4,770,671	)		5,236,818			547,042			551,705		754,552		30,642,357
PowerShares S&P Smallcap Low Volatility Portfolio–ETF		2.99	%		—		29,599,381		(7,881,367	)		7,601,296			1,273,293			658,556		704,574		30,592,603
Total Domestic Equity Funds					445,933,094		339,638,141		(251,617,416	)		35,005,852			29,358,870			7,141,651				587,124,294
Fixed-Income Funds–12.99%
Invesco Core Plus Bond Fund–Class R6		4.03	%		31,977,872		12,483,646		(3,982,896	)		677,169			65,964			1,341,875		3,850,778		41,164,816
Invesco Emerging Markets Flexible Bond Fund–Class R6(d)		1.96	%		—		20,069,385		(387,773	)		816,817			11,178			196,723		3,104,300		20,053,776
Invesco Quality Income Fund–Class R5(e)		2.53	%		—		28,473,438		(2,163,772	)		(493,349	)		6,511			800,791		2,125,336		25,822,828
Invesco Short Term Bond Fund–Class R6		1.96	%		—		20,743,377		(970,867	)		216,222			11,356			350,772		2,328,299		20,000,088
PowerShares 1-30 Laddered Treasury Portfolio–ETF		2.51	%		63,557,172		3,275,296		(42,672,755	)		(2,877,373	)		4,434,212			599,782		806,604		25,716,552
Total Fixed-Income Funds					95,535,044		85,045,142		(50,178,063	)		(1,660,514	)		4,529,221			3,289,943				132,758,060
Foreign Equity Funds–22.06%
Invesco Developing Markets Fund–Class R6		2.52	%		73,776,038		2,805,673		(53,844,167	)		16,656,732			(13,628,837	)		324,557		888,770		25,765,439
Invesco International Companies Fund–Class R6		2.99	%		—		32,859,493		(5,065,882	)		2,033,322			1,732,796			336,944		3,008,214		30,533,372
Invesco International Growth Fund–Class R6		8.05	%		86,244,090		6,472,310		(8,784,382	)		(2,052,164	)		320,656			1,368,661		2,671,450		82,200,510
Invesco Low Volatility Emerging Markets Fund–Class R6		2.51	%		—		27,761,147		(4,985,275	)		2,098,084			1,712,409			384,973		3,274,060		25,635,894
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio–ETF		5.99	%		90,966,288		6,735,389		(36,104,848	)		3,561,454			(3,953,811	)		2,041,839		1,629,946		61,204,472
Total Foreign Equity Funds					250,986,416		76,634,012		(108,784,554	)		22,297,428			(13,816,787	)		4,456,974				225,339,687
Real Estate Funds–2.53%
Invesco Global Real Estate Fund–Class R6		0.00	%		45,833,383		180,019		(43,209,854	)		(9,797,973	)		6,994,425			—		—		—
Invesco Global Real Estate Income Fund–Class R6		2.53	%		—		26,384,513		(1,088,115	)		475,532			57,679			1,221,456		2,982,634		25,829,609
Total Real Estate Funds					45,833,383		26,564,532		(44,297,969	)		(9,322,441	)		7,052,104			1,221,456				25,829,609
Money Market Funds–0.58%
Government & Agency Portfolio–Institutional Class, 0.43%(h)		0.35	%		—		19,941,031		(16,366,088	)		—			—			1,258		3,574,943		3,574,943
Liquid Assets Portfolio–Institutional Class		0.00	%		1,343,234		45,223,197		(46,566,431	)		—			587			5,923		—		—
Premier Portfolio–Institutional Class		0.00	%		1,343,235		45,223,196		(46,566,431	)		—			—			5,300		—		—
Treasury Portfolio–Institutional Class, 0.37%(h)		0.23	%		—		12,985,157		(10,601,862	)		—			—			913		2,383,295		2,383,295
Total Money Market Funds					2,686,469		123,372,581		(120,100,812	)		—			587			13,394				5,958,238
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $865,186,944)		100.15	%	$	1,044,790,337	$	655,889,224	$	(737,909,000	)	$	78,396,587	(f)	$	(2,331,712	)(g)	$	17,955,888			$	1,023,294,917
OTHER ASSETS LESS LIABILITIES		(0.15	)%																			(1,582,656	)
NET ASSETS		100.00	%																		$	1,021,712,261

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

26                         Invesco Allocation Funds

Schedule of Investments—(continued)

December 31, 2016

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)  Effective July 27, 2016, Invesco Global Markets Strategy Fund was renamed as Invesco Macro Allocation Strategy Fund.

^(c)  Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from the report date.

^(d)  Effective February 26, 2016, Invesco Emerging Market Local Currency Debt Fund was renamed as Invesco Emerging Markets Flexible Bond Fund.

^(e)  Effective June 20, 2016, Invesco U.S. Mortgage Fund was renamed as Invesco Quality Income Fund.

^(f)  Includes $455,831 of return of capital received from Invesco Emerging Markets Flexible Bond Fund.

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

Fund Name	Capital Gain
Invesco Balanced-Risk Allocation Fund	$	1,856,087
Invesco All Cap Market Neutral Fund		22,368
Invesco American Franchise Fund		2,325,086
Invesco Comstock Fund		3,327,521
Invesco Diversified Dividend Fund		2,850,157
Invesco Endeavor Fund		748,446
Invesco Equally-Weighted S&P 500 Fund		300,415
Invesco Long/Short Equity Fund		193,647
Invesco Small Cap Equity Fund		1,426,607
Invesco Core Plus Bond Fund		56,939
Invesco International Companies Fund		1,026,357
Invesco Low Volatility Emerging Markets Fund		950,471
Liquid Assets Portfolio		587

^(h)  The rate shown is the 7-day SEC standardized yield as of December 31, 2016.

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

27                         Invesco Allocation Funds

Schedule of Investments—(continued)

December 31, 2016

Invesco Moderate Allocation Fund

Schedule of Investments in Affiliated Issuers–100.10%^(a)

	% of Net Assets 12/31/16			Value 12/31/15		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 12/31/16		Value 12/31/16
Asset Allocation Funds–4.52%
Invesco Balanced-Risk Allocation Fund–Class R6		4.52	%	$	58,328,063	$	2,806,541	$	(26,912,334	)	$	2,145,053		$	262,181		$	1,394,286		3,309,892	$	35,217,249
Invesco Balanced-Risk Commodity Strategy Fund–Class R6		0.00	%		41,270,230		—		(40,601,999	)		18,452,482			(19,120,713	)		—		—		—
Invesco Macro Allocation Strategy Fund–Class R6(b)		0.00	%		35,107,819		—		(35,586,426	)		2,315,483			(1,836,876	)		—		—		—
Total Asset Allocation Funds					134,706,112		2,806,541		(103,100,759	)		22,913,018			(20,695,408	)		1,394,286				35,217,249
Domestic Equity Funds–43.70%
Invesco All Cap Market Neutral Fund–Class R6(c)		2.99	%		—		27,345,113		(4,147,769	)		296,420			(198,647	)		—		2,208,948		23,282,312
Invesco American Franchise Fund–Class R6(c)		4.45	%		27,380,193		12,488,048		(6,219,685	)		630,447			1,710,154			—		2,074,828		34,649,626
Invesco Charter Fund–Class R6		0.00	%		41,041,950		704,501		(39,895,095	)		(3,190,271	)		1,338,915			—		—		—
Invesco Comstock Fund–Class R6		4.45	%		27,140,839		13,547,771		(10,328,218	)		1,826,076			4,365,578			938,899		1,465,450		34,643,233
Invesco Diversified Dividend Fund–Class R6		9.48	%		54,098,409		24,829,656		(12,561,437	)		4,052,634			5,190,340			1,550,023		3,824,478		73,812,420
Invesco Endeavor Fund–Class R6(c)		2.00	%		28,127,897		1,656,569		(15,863,376	)		2,517,560			(375,077	)		—		782,554		15,596,298
Invesco Equally-Weighted S&P 500 Fund–Class R6		7.93	%		—		62,853,070		(12,843,355	)		10,148,763			1,838,865			835,039		1,175,155		61,813,136
Invesco Growth and Income Fund–Class R6		0.00	%		35,947,748		1,839,188		(34,481,956	)		(6,659,897	)		3,354,917			—		—		—
Invesco Long/Short Equity Fund–Class R6(c)		1.99	%		—		16,380,983		(2,648,954	)		1,631,014			229,290			—		1,317,461		15,493,345
Invesco Small Cap Equity Fund–Class R6(c)		1.98	%		23,506,332		2,462,669		(10,987,599	)		340,974			857,192			—		989,349		15,443,734
PowerShares Russell Top 200 Pure Growth Portfolio–ETF		4.43	%		26,431,657		12,399,375		(5,024,642	)		(314,341	)		995,241			317,632		1,026,713		34,487,290
PowerShares S&P Midcap Low Volatility Portfolio–ETF		2.00	%		—		15,769,743		(3,221,620	)		2,665,998			385,520			284,500		384,133		15,599,641
PowerShares S&P Smallcap Low Volatility Portfolio–ETF		2.00	%		—		15,753,901		(4,802,314	)		3,873,718			765,080			340,472		359,060		15,590,385
Total Domestic Equity Funds					263,675,025		208,030,587		(163,026,020	)		17,819,095			20,457,368			4,266,565				340,411,420
Fixed-Income Funds–33.77%
Invesco Core Plus Bond Fund–Class R6		9.95	%		92,602,620		4,155,033		(20,696,606	)		3,011,252			(1,435,879	)		2,797,816		7,252,330		77,527,403
Invesco Emerging Market Flexible Bond Fund–Class R6(d)		2.98	%		24,694,269		1,209,073		(2,875,685	)		2,154,531			(917,959	)		—		3,594,773		23,222,233
Invesco Floating Rate Fund–Class R6		2.01	%		25,349,045		857,433		(11,173,899	)		2,723,093			(2,078,152	)		837,223		2,071,007		15,677,520
Invesco High Yield Fund–Class R6		3.53	%		33,187,525		1,924,619		(8,991,010	)		2,342,738			(916,278	)		1,619,492		6,631,662		27,455,082
Invesco Quality Income Fund–Class R5(e)		4.98	%		—		43,106,276		(3,519,369	)		(777,700	)		4,291			1,259,277		3,194,526		38,813,498
Invesco Short Duration Inflation Protected Fund–Class R6		2.47	%		—		20,302,154		(1,239,596	)		199,584			7,026			298,107		1,829,930		19,269,168
Invesco Short Term Bond Fund–Class R6		2.97	%		—		24,364,247		(1,515,974	)		269,136			7,233			412,428		2,692,042		23,124,642
PowerShares 1-30 Laddered Treasury Portfolio–ETF		4.88	%		75,291,696		3,528,946		(42,227,820	)		(2,922,608	)		4,296,136			863,622		1,190,821		37,966,350
Total Fixed-Income Funds					251,125,155		99,447,781		(92,239,959	)		7,000,026			(1,033,582	)		8,087,965				263,055,896
Foreign Equity Funds–15.01%
Invesco Developing Markets Fund–Class R6		1.53	%		43,694,135		1,484,598		(34,439,848	)		9,876,409			(8,742,547	)		149,842		409,546		11,872,747
Invesco International Companies Fund–Class R6		1.98	%		—		17,242,895		(3,284,436	)		1,073,847			933,852			170,461		1,521,864		15,446,921
Invesco International Growth Fund–Class R6		5.04	%		51,014,331		4,477,535		(15,050,283	)		(2,252,015	)		1,082,751			656,795		1,276,318		39,272,319
Invesco Low Volatility Emerging Markets Fund–Class R6		1.51	%		—		13,125,891		(2,740,744	)		994,293			810,476			176,511		1,501,165		11,754,123
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio–ETF		4.95	%		53,823,174		5,550,355		(21,176,861	)		2,265,801			(1,897,605	)		1,316,120		1,027,027		38,564,864
Total Foreign Equity Funds					148,531,640		41,881,274		(76,692,172	)		11,958,335			(7,813,073	)		2,469,729				116,910,974
Real Estate Funds–2.53%
Invesco Global Real Estate Fund–Class R6		0.00	%		27,029,949		357,817		(25,722,550	)		(5,360,473	)		3,695,257			—		—		—
Invesco Global Real Estate Income Fund–Class R6		2.53	%		—		20,752,283		(1,452,805	)		376,542			66,858			952,872		2,279,778		19,742,878
Total Real Estate Funds					27,029,949		21,110,100		(27,175,355	)		(4,983,931	)		3,762,115			952,872				19,742,878
Money Market Funds–0.57%
Government & Agency Portfolio–Institutional Class, 0.43%(h)		0.34	%		—		15,772,292		(13,098,684	)		—			—			1,077		2,673,608		2,673,608
Liquid Assets Portfolio–Institutional Class		0.00	%		2,191,692		32,808,013		(34,999,705	)		—			392			3,936		—		—
Premier Portfolio–Institutional Class		0.00	%		2,191,692		32,808,013		(34,999,705	)		—			—			3,527		—		—
Treasury Portfolio–Institutional Class, 0.37%(h)		0.23	%		—		10,514,862		(8,732,456	)		—			—			582		1,782,406		1,782,406
Total Money Market Funds					4,383,384		91,903,180		(91,830,550	)		—			392			9,122				4,456,014
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $682,937,379)		100.10	%	$	829,451,265	$	465,179,463	$	(554,064,815	)	$	54,706,543	(f)	$	(5,322,188	)(g)	$	17,180,539			$	779,794,431
OTHER ASSETS LESS LIABILITIES		(0.10	)%																			(777,084	)
NET ASSETS		100.00	%																		$	779,017,347

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

28                         Invesco Allocation Funds

Schedule of Investments—(continued)

December 31, 2016

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)  Effective July 27, 2016, Invesco Global Markets Strategy Fund was renamed as Invesco Macro Allocation Strategy Fund.

^(c)  Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from the report date.

^(d)  Effective February 26, 2016, Invesco Emerging Market Local Currency Debt Fund was renamed as Invesco Emerging Markets Flexible Bond Fund.

^(e)  Effective June 20, 2016, Invesco U.S. Mortgage Fund was renamed as Invesco Quality Income Fund.

^(f)  Includes $1,041,996 and $92,512 of return of capital received from Invesco Emerging Markets Flexible Bond Fund and Invesco High Yield Fund, respectively.

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

Fund Name	Capital Gain
Invesco Balanced-Risk Allocation Fund	$	1,412,255
Invesco All Cap Market Neutral Fund		12,805
Invesco American Franchise Fund		1,339,531
Invesco Comstock Fund		1,908,813
Invesco Diversified Dividend Fund		1,797,182
Invesco Endeavor Fund		467,275
Invesco Equally-Weighted S&P 500 Fund		184,207
Invesco Long/Short Equity Fund		98,988
Invesco Small Cap Equity Fund		735,834
Invesco Core Plus Bond Fund		109,017
Invesco International Companies Fund		519,237
Invesco Low Volatility Emerging Markets Fund		435,793
Liquid Assets Portfolio		392

^(h)  The rate shown is the 7-day SEC standardized yield as of December 31, 2016.

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

29                         Invesco Allocation Funds

Statement of Assets and Liabilities

December 31, 2016

	Invesco Conservative Allocation Fund			Invesco Growth Allocation Fund			Invesco Moderate Allocation Fund
Assets:
Investments in affiliated underlying funds, at value	$	334,092,634		$	1,023,294,917		$	779,794,431
Receivable for:
Fund shares sold		377,143			583,260			902,015
Dividends from affiliated underlying funds		—			997			208
Investment for trustee deferred compensation and retirement plans		86,305			195,708			138,832
Other assets		30,930			51,613			40,600
Total assets		334,587,012			1,024,126,495			780,876,086
Liabilities:
Payable for:
Fund shares reacquired		536,583			1,413,266			1,203,293
Accrued fees to affiliates		217,655			709,906			449,278
Accrued trustees’ and officer’s fees and benefits		173			233			583
Accrued operating expenses		35,343			72,155			48,818
Trustee deferred compensation and retirement plans		96,239			218,674			156,767
Total liabilities		885,993			2,414,234			1,858,739
Net assets applicable to shares outstanding	$	333,701,019		$	1,021,712,261		$	779,017,347
Net assets consist of:
Shares of beneficial interest	$	317,571,375		$	983,285,547		$	700,423,684
Undistributed net investment income		2,147,510			4,215,970			4,755,977
Undistributed net realized gain (loss)		(11,001,717	)		(123,897,229	)		(23,019,366	)
Net unrealized appreciation		24,983,851			158,107,973			96,857,052
	$	333,701,019		$	1,021,712,261		$	779,017,347

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

30                         Invesco Allocation Funds

Statement of Assets and Liabilities—(continued)

December 31, 2016

	Invesco Conservative Allocation Fund		Invesco Growth Allocation Fund		Invesco Moderate Allocation Fund
Net Assets:
Class A	$	239,625,973	$	793,402,665	$	580,921,614
Class B	$	6,691,968	$	31,674,617	$	17,530,831
Class C	$	70,906,028	$	144,076,596	$	130,220,492
Class R	$	9,533,935	$	22,386,287	$	17,278,544
Class S	$	2,162,143	$	23,343,795	$	27,440,803
Class Y	$	4,766,575	$	6,815,948	$	5,611,279
Class R5	$	14,397	$	12,353	$	13,784
Shares outstanding, no par value, unlimited number of shares authorized:
Class A		21,527,412		56,195,692		46,206,020
Class B		608,570		2,264,797		1,404,358
Class C		6,435,673		10,294,742		10,438,042
Class R		859,703		1,589,265		1,377,310
Class S		194,008		1,655,169		2,183,565
Class Y		428,653		483,838		445,722
Class R5		1,288		872		1,091
Class A:
Net asset value per share	$	11.13	$	14.12	$	12.57
Maximum offering price per share (Net asset value of ¸ 94.50%)	$	11.78	$	14.94	$	13.30
Class B:
Net asset value and offering price per share	$	11.00	$	13.99	$	12.48
Class C:
Net asset value and offering price per share	$	11.02	$	14.00	$	12.48
Class R:
Net asset value and offering price per share	$	11.09	$	14.09	$	12.55
Class S:
Net asset value and offering price per share	$	11.14	$	14.10	$	12.57
Class Y:
Net asset value and offering price per share	$	11.12	$	14.09	$	12.59
Class R5:
Net asset value and offering price per share	$	11.18	$	14.17	$	12.63
Cost of Investments in affiliated issuers	$	309,108,783	$	865,186,944	$	682,937,379

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

31                         Invesco Allocation Funds

Statement of Operations

For the year ended December 31, 2016

	Invesco Conservative Allocation Fund			Invesco Growth Allocation Fund			Invesco Moderate Allocation Fund
Investment income:
Dividends from affiliated underlying funds	$	9,182,967		$	17,955,888		$	17,180,539
Other income		4,618			14,677			5,217
Total investment income		9,187,585			17,970,565			17,185,756
Expenses:
Administrative services fees		109,531			265,707			214,455
Custodian fees		—			—			2,234
Distribution fees:
Class A		616,083			1,961,394			1,479,471
Class B		87,931			425,642			238,938
Class C		732,466			1,461,813			1,372,997
Class R		52,453			114,873			85,523
Class S		3,259			34,399			40,549
Transfer agent fees — A, B, C, R, S and Y		539,703			2,359,988			1,317,664
Transfer agent fees — R5		14			12			13
Trustees’ and officers’ fees and benefits		24,622			36,044			32,742
Registration and filing fees		97,892			119,137			116,935
Reports to shareholders		49,060			136,103			89,464
Professional services fees		36,532			42,958			42,714
Other		20,940			29,587			29,694
Total expenses		2,370,486			6,987,657			5,063,393
Less: Expense offset arrangement(s)		(3,817	)		(18,542	)		(11,722	)
Net expenses		2,366,669			6,969,115			5,051,671
Net investment income		6,820,916			11,001,450			12,134,085
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Net realized gain (loss) on sales of affiliated underlying fund shares		(4,253,620	)		(17,416,400	)		(14,343,517	)
Net realized gain from distributions of affiliated underlying fund shares		2,554,349			15,084,688			9,021,329
		(1,699,271	)		(2,331,712	)		(5,322,188	)
Change in net unrealized appreciation of affiliated underlying fund shares		16,639,652			78,396,587			54,706,543
Net gain from affiliated underlying funds		14,940,381			76,064,875			49,384,355
Net increase in net assets resulting from operations	$	21,761,297		$	87,066,325		$	61,518,440

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

32                         Invesco Allocation Funds

Statement of Changes in Net Assets

For the years ended December 31, 2016 and 2015

	Invesco Conservative Allocation Fund						Invesco Growth Allocation Fund						Invesco Moderate Allocation Fund
	2016			2015			2016			2015			2016			2015
Operations:
Net investment income	$	6,820,916		$	7,511,999		$	11,001,450		$	11,185,043		$	12,134,085		$	13,532,876
Net realized gain (loss)		(1,699,271	)		5,871,705			(2,331,712	)		38,065,817			(5,322,188	)		23,755,363
Change in net unrealized appreciation (depreciation)		16,639,652			(25,428,302	)		78,396,587			(101,965,284	)		54,706,543			(74,816,865	)
Net increase (decrease) in net assets resulting from operations		21,761,297			(12,044,598	)		87,066,325			(52,714,424	)		61,518,440			(37,528,626	)
Distributions to shareholders from net investment income:
Class A		(4,985,465	)		(6,742,578	)		(8,850,706	)		(12,346,545	)		(10,829,903	)		(11,722,416	)
Class B		(107,981	)		(242,674	)		(111,549	)		(408,633	)		(231,080	)		(390,814	)
Class C		(927,697	)		(1,457,594	)		(483,592	)		(1,085,963	)		(1,464,238	)		(1,632,778	)
Class R		(185,141	)		(261,117	)		(191,262	)		(312,236	)		(268,686	)		(309,254	)
Class S		(46,163	)		(66,316	)		(284,212	)		(391,210	)		(528,350	)		(566,627	)
Class Y		(106,582	)		(127,478	)		(89,859	)		(103,789	)		(105,862	)		(123,120	)
Class R5		(329	)		(639	)		(185	)		(228	)		(292	)		(1,635	)
Total distributions from net investment income		(6,359,358	)		(8,898,396	)		(10,011,365	)		(14,648,604	)		(13,428,411	)		(14,746,644	)
Distributions to shareholders from net realized gains:
Class A		(1,084,344	)		—			—			—			—			—
Class B		(31,471	)		—			—			—			—			—
Class C		(322,347	)		—			—			—			—			—
Class R		(42,835	)		—			—			—			—			—
Class S		(9,687	)		—			—			—			—			—
Class Y		(21,489	)		—			—			—			—			—
Class R5		(64	)		—			—			—			—			—
Total distributions from net realized gains		(1,512,237	)		—			—			—			—			—
Share transactions–net:
Class A		(16,779,366	)		4,677,085			(53,511,520	)		(12,517,751	)		(62,092,336	)		(13,541,254	)
Class B		(4,601,745	)		(5,609,263	)		(25,865,182	)		(33,523,507	)		(14,325,982	)		(16,343,994	)
Class C		(5,662,676	)		939,532			(16,060,403	)		(10,031,047	)		(19,947,206	)		(3,863,828	)
Class R		(1,353,553	)		859,487			(3,663,622	)		599,359			(1,561,838	)		(2,127,538	)
Class S		(151,042	)		(161,423	)		(1,616,593	)		(3,626,463	)		(1,311,199	)		(3,019,352	)
Class Y		93,102			893,453			763,803			(64,969	)		540,723			(1,716,293	)
Class R5		595			(12,438	)		—			(361,345	)		—			(146,457	)
Net increase (decrease) in net assets resulting from share transactions		(28,454,685	)		1,586,433			(99,953,517	)		(59,525,723	)		(98,697,838	)		(40,758,716	)
Net increase (decrease) in net assets		(14,564,983	)		(19,356,561	)		(22,898,557	)		(126,888,751	)		(50,607,809	)		(93,033,986	)
Net assets:
Beginning of year		348,266,002			367,622,563			1,044,610,818			1,171,499,569			829,625,156			922,659,142
End of year*	$	333,701,019		$	348,266,002		$	1,021,712,261		$	1,044,610,818		$	779,017,347		$	829,625,156
* Includes accumulated undistributed net investment income	$	2,147,510		$	1,373,105		$	4,215,970		$	(20,371	)	$	4,755,977		$	4,183,066

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

33                         Invesco Allocation Funds

Notes to Financial Statements

December 31, 2016

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 consisting of seventeen separate series portfolios (each constituting a “Fund”), each 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 Conservative Allocation Fund, Invesco Growth Allocation Fund and Invesco Moderate Allocation Fund (collectively, the “Funds”). The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The investment objectives of the Funds are: total return consistent with a lower level of risk relative to the broad stock market for Invesco Conservative Allocation Fund, long-term growth of capital consistent with a higher level of risk relative to the broad stock market for Invesco Growth Allocation Fund, and total return consistent with a moderate level of risk relative to the broad stock market for Invesco Moderate Allocation Fund.

Each Fund is a “fund of funds,” in that it invests in other mutual funds (“underlying funds”) advised by Invesco Advisers, Inc. (“Invesco”) and exchange-traded funds advised by Invesco PowerShares Capital Management LLC (“PowerShares Capital”), an affiliate of Invesco. Invesco and PowerShares Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change each Fund’s asset class allocations, the underlying funds or 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 seven different classes of shares: Class A, Class B, Class C, Class R, Class S, Class Y and Class R5. 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 and 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 and Class R5 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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.

A. Security Valuations — Securities of investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in shares of funds that are not traded on an exchange are valued at the end-of-day net asset value per share of such fund. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Funds as a result of having the same investment adviser are set forth below.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales 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 by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Senior secured floating rate loans and senior secured floating rate debt securities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated 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.

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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. 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.

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 NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events

34                         Invesco Allocation Funds

occur that the Adviser determines are significant and make the closing price unreliable, the Fund 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 using procedures approved by the Board of Trustees. 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 approved 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 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 is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

B. 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 the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. 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.

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

C. Distributions — Invesco Conservative Allocation Fund and Invesco Moderate Allocation Fund generally declare and pay dividends from net investment income, if any, quarterly. Invesco Growth Allocation Fund generally declares and pays dividends from net investment income, if any, annually. Distributions from net realized capital gains, if any, are generally declared and 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 tax purposes.

D. 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.

E. 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 Note 11.

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 are charged to such 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.

F. 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.

G. 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

35                         Invesco Allocation Funds

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.

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.

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

Invesco has contractually agreed, through June 30, 2017, 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 B, Class C, Class R, Class S, Class Y and Class R5 shares for each Fund as shown in the following table (the “expense limits”):

	Class A	Class B	Class C	Class R	Class S	Class Y	Class R5
Invesco Conservative Allocation Fund	1.50%	2.25%	2.25%	1.75%	1.40%	1.25%	1.25%
Invesco Growth Allocation Fund	2.00%	2.75%	2.75%	2.25%	1.90%	1.75%	1.75%
Invesco Moderate Allocation Fund	1.50%	2.25%	2.25%	1.75%	1.40%	1.25%	1.25%

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 Fund has 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 the fee waiver agreement, it will terminate on June 30, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Trust has entered into 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, 2016, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees.

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 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 are charged back to each Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2016, 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 B, Class C, Class R, Class S, Class Y and Class R5 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 B, Class C, Class R and Class S shares (collectively, the “Plans”). Each Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the average daily net assets of Class A shares, 1.00% of the average daily net assets of Class B and Class C shares and 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. Of the Plan payments, up to 0.25% of the average daily net assets of Class A, Class B, 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 each Fund. For the year ended December 31, 2016, 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 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, 2016, IDI advised the Funds that IDI retained the following in 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 Charges		Contingent Deferred Sales Charges
	Class A		Class A		Class B		Class C
Invesco Conservative Allocation Fund	$	74,563	$	3,526	$	1,376	$	2,784
Invesco Growth Allocation Fund		229,134		1,717		4,713		6,806
Invesco Moderate Allocation Fund		144,214		4,770		1,675		7,524

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.

36                         Invesco Allocation Funds

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 or are unreliable. 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 each Fund’s own 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, 2016, all of the securities in each 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)

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, 2016, the Funds received credits from these arrangements, which resulted in the reduction of the Funds’ total expenses of:

	Transfer Agent Credits
Invesco Conservative Allocation Fund	$	3,817
Invesco Growth Allocation Fund		18,542
Invesco Moderate Allocation Fund		11,722

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. 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 Funds 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 each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement 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 State Street Bank and Trust Company, 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.

37                         Invesco Allocation Funds

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, 2016 and 2015:

	2016						2015
	Ordinary Income		Long-term Capital Gain		Total Distributions		Ordinary Income
Invesco Conservative Allocation Fund	$	6,379,122	$	1,492,473	$	7,871,595	$	8,898,396
Invesco Growth Allocation Fund		10,011,365		—		10,011,365		14,648,604
Invesco Moderate Allocation Fund		13,428,411		—		13,428,411		14,746,644

Tax Components of Net Assets at Period-End:

	Undistributed Ordinary Income		Net Unrealized Appreciation- Investments		Temporary Book/Tax Differences			Capital Loss Carryforward			Shares of Beneficial Interest		Total Net Assets
Invesco Conservative Allocation Fund	$	2,241,769	$	17,865,901	$	(94,259	)	$	(3,883,767	)	$	317,571,375	$	333,701,019
Invesco Growth Allocation Fund		4,432,406		153,428,086		(216,436	)		(119,217,342	)		983,285,547		1,021,712,261
Invesco Moderate Allocation Fund		4,911,524		86,825,684		(155,547	)		(12,987,998	)		700,423,684		779,017,347

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 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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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 Funds have a capital loss carryforward as of December 31, 2016 which expires as follows:

	Invesco Conservative Allocation Fund						Invesco Growth Allocation Fund						Invesco Moderate Allocation Fund
Expiration*	Short-Term		Long-Term		Total		Short-Term		Long-Term		Total		Short-Term		Long-Term		Total
December 31, 2017	$	—	$	—	$	—	$	68,133,243	$	—	$	68,133,243	$	—	$	—	$	—
December 31, 2018		605,392		—		605,392		36,295,095		—		36,295,095		2,363,085		—		2,363,085
Not Subject to Expiration		272,110		3,006,265		3,278,375		—		14,789,004		14,789,004		—		10,624,913		10,624,913

* 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 Securities

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:

	For the year ended December 31, 2016*				At December 31, 2016
					Federal Tax Cost**		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation
	Purchases		Sales
Invesco Conservative Allocation Fund	$	156,694,139	$	182,805,591	$	316,226,733	$	21,594,822	$	(3,728,921	)	$	17,865,901
Invesco Growth Allocation Fund		532,516,643		617,808,188		869,866,831		155,399,018		(1,970,932	)		153,428,086
Invesco Moderate Allocation Fund		373,276,283		462,234,265		692,968,747		94,294,695		(7,469,011	)		86,825,684

* Excludes U.S. Treasury obligations and money market funds, if any.

** Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions from underlying funds, on December 31, 2016. These reclassifications had no effect on the net assets of each Fund.

	Undistributed Net Investment Income		Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
Invesco Conservative Allocation Fund	$	312,847	$	(312,847	)	$	—
Invesco Growth Allocation Fund		3,246,256		775,132			(4,021,388	)
Invesco Moderate Allocation Fund		1,867,237		(1,867,237	)		—

38                         Invesco Allocation Funds

NOTE 10—Share Information

Invesco Conservative Allocation Fund

	Summary of Share Activity
	Years ended December 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		2,982,770		$	32,646,884			3,935,776		$	44,164,937
Class B		34,767			372,008			48,099			534,514
Class C		1,345,953			14,547,988			1,942,557			21,628,487
Class R		229,698			2,488,146			342,677			3,844,273
Class S		4,040			44,186			14,353			163,404
Class Y		169,667			1,870,979			232,574			2,614,537
Class R5		48			515			44			506
Issued as reinvestment of dividends:
Class A		519,024			5,724,631			573,368			6,289,432
Class B		12,213			132,968			21,453			232,485
Class C		109,035			1,191,282			126,289			1,367,300
Class R		19,544			214,926			23,920			261,117
Class S		5,058			55,850			6,029			66,316
Class Y		9,707			106,969			10,099			110,597
Class R5		9			100			8			89
Automatic conversion of Class B shares to Class A shares:
Class A		288,887			3,150,066			287,110			3,238,748
Class B		(292,563	)		(3,150,066	)		(290,800	)		(3,238,748	)
Reacquired:
Class A		(5,308,660	)		(58,300,947	)		(4,368,035	)		(49,016,032	)
Class B		(181,524	)		(1,956,655	)		(281,646	)		(3,137,514	)
Class C		(1,971,949	)		(21,401,946	)		(1,987,833	)		(22,056,255	)
Class R		(369,845	)		(4,056,625	)		(289,608	)		(3,245,903	)
Class S		(22,953	)		(251,078	)		(34,801	)		(391,143	)
Class Y		(171,683	)		(1,884,846	)		(163,352	)		(1,831,681	)
Class R5		(2	)		(20	)		(1,204	)		(13,033	)
Net increase (decrease) in share activity		(2,588,759	)	$	(28,454,685	)		147,077		$	1,586,433

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% 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.

39                         Invesco Allocation Funds

NOTE 10—Share Information—(continued)

Invesco Growth Allocation Fund

	Summary of Share Activity
	Years ended December 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		4,899,029		$	65,695,541			6,562,828		$	90,717,917
Class B		45,474			604,129			96,019			1,315,996
Class C		1,431,219			18,972,651			1,790,689			24,482,728
Class R		318,704			4,249,338			370,505			5,104,417
Class S		62,833			838,636			85,140			1,180,564
Class Y		216,691			2,956,796			123,906			1,714,171
Class R5		—			—			593			8,430
Issued as reinvestment of dividends:
Class A		610,183			8,627,989			912,010			11,992,939
Class B		7,871			110,273			30,891			402,510
Class C		33,693			472,383			81,154			1,058,252
Class R		13,564			191,258			23,793			312,169
Class S		20,128			284,212			29,772			391,210
Class Y		5,842			82,370			6,865			90,070
Automatic conversion of Class B shares to Class A shares:
Class A		1,430,461			19,238,490			1,586,721			22,145,153
Class B		(1,449,150	)		(19,238,490	)		(1,608,681	)		(22,145,153	)
Reacquired:
Class A		(10,905,547	)		(147,073,540	)		(9,906,443	)		(137,373,760	)
Class B		(554,420	)		(7,341,094	)		(956,709	)		(13,096,860	)
Class C		(2,662,828	)		(35,505,437	)		(2,600,579	)		(35,572,027	)
Class R		(609,913	)		(8,104,218	)		(346,992	)		(4,817,227	)
Class S		(204,477	)		(2,739,441	)		(375,176	)		(5,198,237	)
Class Y		(171,785	)		(2,275,363	)		(135,244	)		(1,869,210	)
Class R5		—			—			(26,393	)		(369,775	)
Net increase (decrease) in share activity		(7,462,428	)	$	(99,953,517	)		(4,255,331	)	$	(59,525,723	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 27% 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.

40                         Invesco Allocation Funds

NOTE 10—Share Information—(continued)

Invesco Moderate Allocation Fund

	Summary of Share Activity
	Years ended December 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		4,344,787		$	52,750,014			6,236,048		$	77,470,511
Class B		67,072			814,413			43,283			539,081
Class C		1,627,026			19,515,581			2,411,935			29,809,828
Class R		359,119			4,360,614			274,520			3,388,891
Class S		74,183			896,533			88,703			1,106,872
Class Y		232,739			2,867,295			146,140			1,817,575
Class R5		—			—			3,733			47,854
Issued as reinvestment of dividends:
Class A		838,550			10,372,697			919,671			11,178,739
Class B		18,323			225,042			31,583			380,112
Class C		113,415			1,396,047			129,721			1,555,516
Class R		21,501			265,618			25,231			305,884
Class S		42,697			527,910			46,557			566,089
Class Y		6,473			80,219			7,727			94,393
Class R5		—			—			108			1,387
Automatic conversion of Class B shares to Class A shares:
Class A		803,388			9,754,811			761,465			9,558,310
Class B		(809,589	)		(9,754,811	)		(767,331	)		(9,558,310	)
Reacquired:
Class A		(11,111,688	)		(134,969,858	)		(8,979,165	)		(111,748,814	)
Class B		(464,491	)		(5,610,626	)		(620,980	)		(7,704,877	)
Class C		(3,384,773	)		(40,858,834	)		(2,853,701	)		(35,229,172	)
Class R		(516,631	)		(6,188,070	)		(468,629	)		(5,822,313	)
Class S		(226,215	)		(2,735,642	)		(375,257	)		(4,692,313	)
Class Y		(197,545	)		(2,406,791	)		(295,120	)		(3,628,261	)
Class R5		—			—			(15,375	)		(195,698	)
Net increase (decrease) in share activity		(8,161,659	)	$	(98,697,838	)		(3,249,133	)	$	(40,758,716	)

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 24% 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.

41                         Invesco Allocation Funds

NOTE 11—Financial Highlights

The following schedules present financial highlights for a share of each Fund outstanding throughout the periods indicated.

Invesco Conservative Allocation Fund

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or  expense reimbursements(c)			Ratio of expenses to average net assets without fee waivers and/or  expense reimbursements			Ratio of net investment income to average net assets			Portfolio turnover(d)
Class A
Year ended 12/31/16	$	10.70	$	0.23	$	0.47		$	0.70		$	(0.22	)	$	(0.05	)	$	(0.27	)	$	11.13		6.63	%	$	239,626		0.50	%(e)		0.50	%(e)		2.16	%(e)		45	%
Year ended 12/31/15		11.34		0.26		(0.60	)		(0.34	)		(0.30	)		—			(0.30	)		10.70		(3.07	)		246,518		0.51			0.51			2.24			12
Year ended 12/31/14		11.08		0.27		0.28			0.55			(0.29	)		—			(0.29	)		11.34		5.01			256,587		0.50			0.50			2.40			7
Year ended 12/31/13		10.70		0.23		0.37			0.60			(0.22	)		—			(0.22	)		11.08		5.58			243,852		0.50			0.50			2.06			20
Year ended 12/31/12		9.95		0.27		0.85			1.12			(0.37	)		—			(0.37	)		10.70		11.28			228,512		0.46			0.49			2.55			9
Class B
Year ended 12/31/16		10.57		0.15		0.47			0.62			(0.14	)		(0.05	)		(0.19	)		11.00		5.88			6,692		1.25	(e)		1.25	(e)		1.41	(e)		45
Year ended 12/31/15		11.21		0.17		(0.60	)		(0.43	)		(0.21	)		—			(0.21	)		10.57		(3.87	)		10,945		1.26			1.26			1.49			12
Year ended 12/31/14		10.94		0.19		0.28			0.47			(0.20	)		—			(0.20	)		11.21		4.34			17,243		1.25			1.25			1.65			7
Year ended 12/31/13		10.60		0.14		0.37			0.51			(0.17	)		—			(0.17	)		10.94		4.83			22,965		1.25			1.25			1.31			20
Year ended 12/31/12		9.87		0.19		0.83			1.02			(0.29	)		—			(0.29	)		10.60		10.33			31,090		1.21			1.24			1.80			9
Class C
Year ended 12/31/16		10.59		0.15		0.47			0.62			(0.14	)		(0.05	)		(0.19	)		11.02		5.88			70,906		1.25	(e)		1.25	(e)		1.41	(e)		45
Year ended 12/31/15		11.23		0.17		(0.60	)		(0.43	)		(0.21	)		—			(0.21	)		10.59		(3.86	)		73,617		1.26			1.26			1.49			12
Year ended 12/31/14		10.96		0.19		0.28			0.47			(0.20	)		—			(0.20	)		11.23		4.34			77,159		1.25			1.25			1.65			7
Year ended 12/31/13		10.63		0.14		0.36			0.50			(0.17	)		—			(0.17	)		10.96		4.73			68,657		1.25			1.25			1.31			20
Year ended 12/31/12		9.89		0.19		0.84			1.03			(0.29	)		—			(0.29	)		10.63		10.41			62,919		1.21			1.24			1.80			9
Class R
Year ended 12/31/16		10.66		0.21		0.47			0.68			(0.20	)		(0.05	)		(0.25	)		11.09		6.38			9,534		0.75	(e)		0.75	(e)		1.91	(e)		45
Year ended 12/31/15		11.30		0.23		(0.60	)		(0.37	)		(0.27	)		—			(0.27	)		10.66		(3.34	)		10,448		0.76			0.76			1.99			12
Year ended 12/31/14		11.04		0.24		0.28			0.52			(0.26	)		—			(0.26	)		11.30		4.75			10,211		0.75			0.75			2.15			7
Year ended 12/31/13		10.67		0.20		0.37			0.57			(0.20	)		—			(0.20	)		11.04		5.36			9,453		0.75			0.75			1.81			20
Year ended 12/31/12		9.93		0.24		0.84			1.08			(0.34	)		—			(0.34	)		10.67		10.92			8,845		0.71			0.74			2.30			9
Class S
Year ended 12/31/16		10.71		0.25		0.46			0.71			(0.23	)		(0.05	)		(0.28	)		11.14		6.73			2,162		0.40	(e)		0.40	(e)		2.26	(e)		45
Year ended 12/31/15		11.36		0.26		(0.60	)		(0.34	)		(0.31	)		—			(0.31	)		10.71		(3.05	)		2,226		0.41			0.41			2.34			12
Year ended 12/31/14		11.09		0.29		0.28			0.57			(0.30	)		—			(0.30	)		11.36		5.20			2,525		0.40			0.40			2.50			7
Year ended 12/31/13		10.70		0.24		0.37			0.61			(0.22	)		—			(0.22	)		11.09		5.73			2,863		0.40			0.40			2.16			20
Year ended 12/31/12		9.96		0.28		0.84			1.12			(0.38	)		—			(0.38	)		10.70		11.27			2,864		0.36			0.39			2.65			9
Class Y
Year ended 12/31/16		10.69		0.26		0.47			0.73			(0.25	)		(0.05	)		(0.30	)		11.12		6.90			4,767		0.25	(e)		0.25	(e)		2.41	(e)		45
Year ended 12/31/15		11.33		0.28		(0.60	)		(0.32	)		(0.32	)		—			(0.32	)		10.69		(2.83	)		4,498		0.26			0.26			2.49			12
Year ended 12/31/14		11.07		0.30		0.28			0.58			(0.32	)		—			(0.32	)		11.33		5.28			3,871		0.25			0.25			2.65			7
Year ended 12/31/13		10.67		0.25		0.38			0.63			(0.23	)		—			(0.23	)		11.07		5.91			3,751		0.25			0.25			2.31			20
Year ended 12/31/12		9.93		0.30		0.84			1.14			(0.40	)		—			(0.40	)		10.67		11.46			2,987		0.21			0.24			2.80			9
Class R5
Year ended 12/31/16		10.74		0.27		0.48			0.75			(0.26	)		(0.05	)		(0.31	)		11.18		7.03			14		0.20	(e)		0.20	(e)		2.46	(e)		45
Year ended 12/31/15		11.40		0.29		(0.62	)		(0.33	)		(0.33	)		—			(0.33	)		10.74		(2.92	)		13		0.20			0.20			2.55			12
Year ended 12/31/14		11.13		0.31		0.29			0.60			(0.33	)		—			(0.33	)		11.40		5.41			27		0.21			0.21			2.69			7
Year ended 12/31/13		10.73		0.26		0.37			0.63			(0.23	)		—			(0.23	)		11.13		5.92			47		0.20			0.20			2.36			20
Year ended 12/31/12		9.98		0.30		0.85			1.15			(0.40	)		—			(0.40	)		10.73		11.56			23		0.17			0.21			2.83			9

^(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 were 0.55%, 0.63%, 0.63%, 0.60% and 0.64% for the years ended December 31, 2016, December 31, 2015, December 31, 2014, December 31, 2013 and December 31, 2012, respectively.

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

^(e)  Ratios are based on average daily net assets (000’s omitted) of $246,433, $8,793, $73,247, $10,491, $2,173, $4,636 and $14 for Class A, Class B, Class C, Class R, Class S, Class Y and Class R5 shares, respectively.

42                         Invesco Allocation Funds

NOTE 11—Financial Highlights—(continued)

Invesco Growth Allocation Fund

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			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  expense reimbursements(c)			Ratio of expenses to average net assets without fee waivers and/or  expense reimbursements			Ratio of net investment income to average net assets			Portfolio turnover(d)
Class A
Year ended 12/31/16	$	13.09	$	0.16	$	1.03		$	1.19		$	(0.16	)	$	14.12		9.08	%	$	793,403		0.54	%(e)		0.54	%(e)		1.21	%(e)		52	%
Year ended 12/31/15		13.95		0.16		(0.81	)		(0.65	)		(0.21	)		13.09		(4.68	)		787,598		0.53			0.53			1.15			15
Year ended 12/31/14		13.61		0.18		0.41			0.59			(0.25	)		13.95		4.35			850,812		0.54			0.54			1.27			18
Year ended 12/31/13		11.98		0.14		1.70			1.84			(0.21	)		13.61		15.37			827,241		0.51			0.51			1.03			39
Year ended 12/31/12		10.73		0.18		1.39			1.57			(0.32	)		11.98		14.68			597,879		0.46			0.55			1.55			10
Class B
Year ended 12/31/16		12.96		0.06		1.02			1.08			(0.05	)		13.99		8.31			31,675		1.29	(e)		1.29	(e)		0.46	(e)		52
Year ended 12/31/15		13.80		0.06		(0.80	)		(0.74	)		(0.10	)		12.96		(5.40	)		54,641		1.28			1.28			0.40			15
Year ended 12/31/14		13.46		0.07		0.41			0.48			(0.14	)		13.80		3.56			91,798		1.29			1.29			0.52			18
Year ended 12/31/13		11.87		0.04		1.67			1.71			(0.12	)		13.46		14.41			122,521		1.26			1.26			0.28			39
Year ended 12/31/12		10.64		0.09		1.37			1.46			(0.23	)		11.87		13.73			96,852		1.21			1.30			0.80			10
Class C
Year ended 12/31/16		12.97		0.06		1.02			1.08			(0.05	)		14.00		8.30			144,077		1.29	(e)		1.29	(e)		0.46	(e)		52
Year ended 12/31/15		13.81		0.06		(0.80	)		(0.74	)		(0.10	)		12.97		(5.40	)		149,087		1.28			1.28			0.40			15
Year ended 12/31/14		13.47		0.07		0.41			0.48			(0.14	)		13.81		3.56			168,737		1.29			1.29			0.52			18
Year ended 12/31/13		11.87		0.04		1.68			1.72			(0.12	)		13.47		14.50			165,853		1.26			1.26			0.28			39
Year ended 12/31/12		10.64		0.09		1.37			1.46			(0.23	)		11.87		13.73			131,069		1.21			1.30			0.80			10
Class R
Year ended 12/31/16		13.06		0.13		1.02			1.15			(0.12	)		14.09		8.82			22,386		0.79	(e)		0.79	(e)		0.96	(e)		52
Year ended 12/31/15		13.91		0.12		(0.80	)		(0.68	)		(0.17	)		13.06		(4.89	)		24,382		0.78			0.78			0.90			15
Year ended 12/31/14		13.57		0.14		0.41			0.55			(0.21	)		13.91		4.09			25,309		0.79			0.79			1.02			18
Year ended 12/31/13		11.95		0.10		1.70			1.80			(0.18	)		13.57		15.08			25,394		0.76			0.76			0.78			39
Year ended 12/31/12		10.71		0.15		1.38			1.53			(0.29	)		11.95		14.32			22,751		0.71			0.80			1.30			10
Class S
Year ended 12/31/16		13.08		0.18		1.01			1.19			(0.17	)		14.10		9.12			23,344		0.44	(e)		0.44	(e)		1.31	(e)		52
Year ended 12/31/15		13.93		0.17		(0.80	)		(0.63	)		(0.22	)		13.08		(4.51	)		23,234		0.43			0.43			1.25			15
Year ended 12/31/14		13.60		0.19		0.40			0.59			(0.26	)		13.93		4.38			28,380		0.44			0.44			1.37			18
Year ended 12/31/13		11.97		0.15		1.70			1.85			(0.22	)		13.60		15.49			31,974		0.41			0.41			1.13			39
Year ended 12/31/12		10.73		0.19		1.38			1.57			(0.33	)		11.97		14.70			31,803		0.36			0.45			1.65			10
Class Y
Year ended 12/31/16		13.06		0.20		1.02			1.22			(0.19	)		14.09		9.38			6,816		0.29	(e)		0.29	(e)		1.46	(e)		52
Year ended 12/31/15		13.92		0.19		(0.81	)		(0.62	)		(0.24	)		13.06		(4.43	)		5,657		0.28			0.28			1.40			15
Year ended 12/31/14		13.58		0.21		0.41			0.62			(0.28	)		13.92		4.63			6,090		0.29			0.29			1.52			18
Year ended 12/31/13		11.96		0.17		1.69			1.86			(0.24	)		13.58		15.56			4,584		0.26			0.26			1.28			39
Year ended 12/31/12		10.72		0.21		1.38			1.59			(0.35	)		11.96		14.88			2,553		0.21			0.30			1.80			10
Class R5
Year ended 12/31/16		13.14		0.21		1.03			1.24			(0.21	)		14.17		9.45			12		0.16	(e)		0.16	(e)		1.59	(e)		52
Year ended 12/31/15		14.00		0.22		(0.82	)		(0.60	)		(0.26	)		13.14		(4.28	)		11		0.16			0.16			1.52			15
Year ended 12/31/14		13.66		0.23		0.41			0.64			(0.30	)		14.00		4.71			374		0.17			0.17			1.64			18
Year ended 12/31/13		12.02		0.18		1.71			1.89			(0.25	)		13.66		15.75			346		0.16			0.16			1.38			39
Year ended 12/31/12		10.78		0.23		1.38			1.61			(0.37	)		12.02		14.95			211		0.15			0.16			1.86			10

^(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 were 0.61%, 0.69%, 0.69%, 0.74% and 0.78% for the years ended December 31, 2016, December 31, 2015, December 31, 2014, December 31, 2013 and December 31, 2012, 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 ending December 31, 2013, the portfolio turnover calculation excludes the value of securities purchased of $131,262,377 and sold of $75,210,289 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Leaders Fund into the Fund.

^(e)  Ratios are based on average daily net assets (000’s omitted) of $784,558, $42,564, $146,181, $22,975, $22,932, $5,591 and $12 for Class A, Class B, Class C, Class R, Class S, Class Y and Class R5 shares, respectively.

43                         Invesco Allocation Funds

NOTE 11—Financial Highlights—(continued)

Invesco Moderate Allocation Fund

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			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  expense reimbursements(c)			Ratio of expenses to average net assets without fee waivers and/or  expense reimbursements			Ratio of net investment income to average net assets			Portfolio turnover(d)
Class A
Year ended 12/31/16	$	11.83	$	0.20	$	0.77		$	0.97		$	(0.23	)	$	12.57		8.22	%	$	580,922		0.48	%(e)		0.48	%(e)		1.66	%(e)		47	%
Year ended 12/31/15		12.58		0.21		(0.73	)		(0.52	)		(0.23	)		11.83		(4.18	)		607,469		0.47			0.47			1.68			14
Year ended 12/31/14		12.30		0.23		0.31			0.54			(0.26	)		12.58		4.39			659,139		0.47			0.47			1.83			15
Year ended 12/31/13		11.32		0.19		1.01			1.20			(0.22	)		12.30		10.61			628,036		0.46			0.46			1.61			23
Year ended 12/31/12		10.39		0.24		1.13			1.37			(0.44	)		11.32		13.18			537,812		0.43			0.48			2.10			11
Class B
Year ended 12/31/16		11.75		0.11		0.75			0.86			(0.13	)		12.48		7.37			17,531		1.23	(e)		1.23	(e)		0.91	(e)		47
Year ended 12/31/15		12.49		0.12		(0.72	)		(0.60	)		(0.14	)		11.75		(4.86	)		30,471		1.22			1.22			0.93			14
Year ended 12/31/14		12.21		0.13		0.31			0.44			(0.16	)		12.49		3.62			48,796		1.22			1.22			1.08			15
Year ended 12/31/13		11.28		0.10		1.00			1.10			(0.17	)		12.21		9.78			64,268		1.21			1.21			0.86			23
Year ended 12/31/12		10.35		0.15		1.13			1.28			(0.35	)		11.28		12.37			80,029		1.18			1.23			1.35			11
Class C
Year ended 12/31/16		11.74		0.11		0.76			0.87			(0.13	)		12.48		7.47			130,220		1.23	(e)		1.23	(e)		0.91	(e)		47
Year ended 12/31/15		12.48		0.12		(0.72	)		(0.60	)		(0.14	)		11.74		(4.87	)		141,890		1.22			1.22			0.93			14
Year ended 12/31/14		12.20		0.13		0.31			0.44			(0.16	)		12.48		3.62			154,724		1.22			1.22			1.08			15
Year ended 12/31/13		11.27		0.10		1.00			1.10			(0.17	)		12.20		9.79			147,372		1.21			1.21			0.86			23
Year ended 12/31/12		10.34		0.15		1.13			1.28			(0.35	)		11.27		12.38			123,505		1.18			1.23			1.35			11
Class R
Year ended 12/31/16		11.81		0.17		0.77			0.94			(0.20	)		12.55		7.97			17,279		0.73	(e)		0.73	(e)		1.41	(e)		47
Year ended 12/31/15		12.55		0.18		(0.72	)		(0.54	)		(0.20	)		11.81		(4.35	)		17,870		0.72			0.72			1.43			14
Year ended 12/31/14		12.27		0.20		0.30			0.50			(0.22	)		12.55		4.13			21,117		0.72			0.72			1.58			15
Year ended 12/31/13		11.31		0.16		1.00			1.16			(0.20	)		12.27		10.30			23,099		0.71			0.71			1.36			23
Year ended 12/31/12		10.38		0.21		1.13			1.34			(0.41	)		11.31		12.91			20,557		0.68			0.73			1.85			11
Class S
Year ended 12/31/16		11.83		0.21		0.77			0.98			(0.24	)		12.57		8.33			27,441		0.38	(e)		0.38	(e)		1.76	(e)		47
Year ended 12/31/15		12.58		0.22		(0.73	)		(0.51	)		(0.24	)		11.83		(4.08	)		27,124		0.37			0.37			1.78			14
Year ended 12/31/14		12.29		0.24		0.32			0.56			(0.27	)		12.58		4.58			31,854		0.37			0.37			1.93			15
Year ended 12/31/13		11.31		0.20		1.00			1.20			(0.22	)		12.29		10.68			35,661		0.36			0.36			1.71			23
Year ended 12/31/12		10.38		0.25		1.13			1.38			(0.45	)		11.31		13.31			36,651		0.33			0.38			2.20			11
Class Y
Year ended 12/31/16		11.85		0.23		0.77			1.00			(0.26	)		12.59		8.48			5,611		0.23	(e)		0.23	(e)		1.91	(e)		47
Year ended 12/31/15		12.60		0.24		(0.73	)		(0.49	)		(0.26	)		11.85		(3.92	)		4,788		0.22			0.22			1.93			14
Year ended 12/31/14		12.31		0.26		0.32			0.58			(0.29	)		12.60		4.74			6,870		0.22			0.22			2.08			15
Year ended 12/31/13		11.32		0.22		1.00			1.22			(0.23	)		12.31		10.84			4,912		0.21			0.21			1.86			23
Year ended 12/31/12		10.39		0.27		1.13			1.40			(0.47	)		11.32		13.46			3,319		0.18			0.23			2.35			11
Class R5
Year ended 12/31/16		11.89		0.24		0.77			1.01			(0.27	)		12.63		8.53			14		0.17	(e)		0.17	(e)		1.97	(e)		47
Year ended 12/31/15		12.62		0.26		(0.76	)		(0.50	)		(0.23	)		11.89		(4.03	)		13		0.16			0.16			1.99			14
Year ended 12/31/14		12.34		0.27		0.31			0.58			(0.30	)		12.62		4.71			159		0.16			0.16			2.14			15
Year ended 12/31/13		11.35		0.23		1.00			1.23			(0.24	)		12.34		10.84			232		0.17			0.17			1.90			23
Year ended 12/31/12		10.42		0.27		1.13			1.40			(0.47	)		11.35		13.49			444		0.13			0.13			2.40			11

^(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 were 0.58%, 0.62%, 0.67%, 0.69% and 0.72% for the years ended December 31, 2016, December 31, 2015, December 31, 2014, December 31, 2013 and December 31, 2012, respectively.

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

^(e)  Ratios are based on average daily net assets (000’s omitted) of $591,788, $23,894, $137,300, $17,105, $27,032, $4,847 and $13 for Class A, Class B, Class C, Class R, Class S, Class Y and Class R5 shares, respectively.

44                         Invesco Allocation Funds

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series)

and Shareholders of the Invesco Conservative Allocation Fund, Invesco Growth Allocation Fund and Invesco Moderate Allocation Fund:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Invesco Conservative Allocation Fund, Invesco Growth Allocation Fund and Invesco Moderate Allocation Fund (three of the portfolios constituting the AIM Growth Series (Invesco Growth Series), hereafter each referred to as the “Fund”) as of December 31, 2016, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

February 23, 2017

45                         Invesco Allocation Funds

Calculating your ongoing Fund expenses

Example

As a shareholder of the Funds, 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 Funds 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, 2016, through December 31, 2016.

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

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 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 Conservative Allocation Fund

Class	Beginning Account Value (07/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/16)1		Expenses Paid During Period2		Ending Account Value (12/31/16)		Expenses Paid During Period2
Class A	$	1,000.00	$	1,024.70	$	2.54	$	1,022.62	$	2.54		0.50	%
Class B		1,000.00		1,021.10		6.35		1,018.85		6.34		1.25
Class C		1,000.00		1,021.10		6.40		1,018.80		6.39		1.26
Class R		1,000.00		1,023.50		3.81		1,021.37		3.81		0.75
Class S		1,000.00		1,024.30		2.04		1,023.13		2.03		0.40
Class Y		1,000.00		1,026.00		1.27		1,023.88		1.27		0.25
Class R5		1,000.00		1,026.20		1.02		1,024.13		1.02		0.20

46                         Invesco Allocation Funds

Invesco Growth Allocation Fund

Class	Beginning Account Value (07/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/16)1		Expenses Paid During Period2		Ending Account Value (12/31/16)		Expenses Paid During Period2
Class A	$	1,000.00	$	1,053.80	$	2.79	$	1,022.42	$	2.75		0.54	%
Class B		1,000.00		1,049.10		6.64		1,018.65		6.55		1.29
Class C		1,000.00		1,049.10		6.64		1,018.65		6.55		1.29
Class R		1,000.00		1,052.70		4.08		1,021.17		4.01		0.79
Class S		1,000.00		1,054.10		2.27		1,022.92		2.24		0.44
Class Y		1,000.00		1,055.00		1.50		1,023.68		1.48		0.29
Class R5		1,000.00		1,055.20		0.83		1,024.33		0.81		0.16

Invesco Moderate Allocation Fund

Class	Beginning Account Value (07/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/16)1		Expenses Paid During Period2		Ending Account Value (12/31/16)		Expenses Paid During Period2
Class A	$	1,000.00	$	1,040.30	$	2.41	$	1,022.77	$	2.39		0.47	%
Class B		1,000.00		1,035.80		6.24		1,019.00		6.19		1.22
Class C		1,000.00		1,035.80		6.24		1,019.00		6.19		1.22
Class R		1,000.00		1,038.20		3.69		1,021.52		3.66		0.72
Class S		1,000.00		1,040.90		1.90		1,023.28		1.88		0.37
Class Y		1,000.00		1,041.60		1.13		1,024.03		1.12		0.22
Class R5		1,000.00		1,041.80		0.82		1,024.33		0.81		0.16

¹  The actual ending account value is based on the actual total return of the Funds for the period July 1, 2016, through December 31, 2016, 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 184/366 to reflect the most recent fiscal half year.

47                         Invesco Allocation 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 advisors.

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, 2016:

Federal and State Income Tax
	Long Term Capital Gain Distributions		Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*
Invesco Conservative Allocation Fund	$	1,492,473		22.01	%		14.41	%		7.60	%
Invesco Growth Allocation Fund		—		82.20	%		47.82	%		2.43	%
Invesco Moderate Allocation Fund		—		57.57	%		40.99	%		5.37	%

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

48                         Invesco Allocation Funds

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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: 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)	144	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.	144	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

²  Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

T-1                         Invesco Allocation 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
Bruce L. Crockett — 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	144	Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company) Member of the Audit Committee, Ferroglobe PLC (metallurgical company) and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	144	Board member of the Illinois Manufacturers’ Association
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	144	Trustee, Evans Scholarship Foundation; Chairman of the Board, Denver Film Society
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	144	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	144	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	144	None
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	144	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	144	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	144	None
Other Officers
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A

T-2                         Invesco Allocation 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
Other Officers—(continued)
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, 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; Managing Director, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Karen Dunn Kelley — 1960 Senior Vice President	2004	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman and Director, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Invesco Mortgage Capital Inc.; Senior Vice President, The Invesco Funds Formerly: Director, Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as INVESCO Global Asset Management Limited) and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco AIM Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A

T-3                         Invesco Allocation 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
Other Officers—(continued)
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Distributor Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Auditors PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Allocation Funds

Explore High-Conviction Investing with Invesco

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-02699 and 002-57526                         AAS-AR-1                                                  Invesco Distributors, Inc.

	Annual Report to Shareholders	December 31, 2016
	Invesco Convertible Securities Fund         Nasdaq: A: CNSAX  ∎   B: CNSBX   ∎  C: CNSCX  ∎  Y: CNSDX  ∎   R5: CNSIX  ∎  R6: CNSFX

Letters to Shareholders

    Philip Taylor Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. The reporting period began with significant stock market volatility in the US and abroad; this volatility was the result of investor uncertainty about global economic growth and monetary policy. After recovering, markets declined sharply following UK voters’ decision in June to leave the European Union. Relatively quickly, however, markets recovered, reaching record highs later in the summer. Demand was strong for income-producing investments, particularly those perceived to be lower risk; this benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive during the reporting period, news overseas was less upbeat. The European Central

Bank and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. After months of uncertainty, the surprise outcome of the US presidential election in November triggered a major stock market rally, with most market indexes reaching new record highs in December. As expected, the US Federal Reserve raised interest rates in December – its only rate increase during the reporting period and only its second increase since 2006. The Fed cited optimistic economic data for its decision, and Fed-watchers suggested that future rate increases might be announced more quickly than previously forecast.

Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for whatever returns the market has to offer. The investment professionals at Invesco, in contrast, invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco Convertible Securities Fund

Bruce Crockett Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: ∎  Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. ∎  Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎ Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

 We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

 I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

 As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Convertible Securities Fund

Management’s Discussion of Fund Performance

Performance summary
For the year ended December 31, 2016, Invesco Convertible Securities Fund (the Fund), at net asset value (NAV), underperformed The BofA Merrill Lynch US Convertible Index, the Fund’s broad market/style-specific index. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/15 to 12/31/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	5.82	%
Class B Shares	5.00
Class C Shares	5.07
Class Y Shares	6.07
Class R5 Shares	6.10
Class R6 Shares	6.21
The BofA Merrill Lynch US Convertible Indexq (Broad Market/Style-Specific Index)	10.43
Lipper Convertible Securities Funds Index∎ (Peer Group Index)	8.35
Source(s): qFactSet Research Systems Inc.;∎Lipper Inc.

Market conditions and your Fund

During the year ended December 31, 2016, the US economy continued to expand. US gross domestic product (GDP) showed the US economy grew by 3.5% in the third quarter.¹ However, annualized GDP is expected to be much lower. Employment data were mixed, with unemployment ending the year at

4.7%.² Oil prices traded in a range from the high $20s to the low $50s during the reporting period.³ Major US stock market indexes posted gains for the reporting period, with most major market indexes hitting record highs; however, the markets were fairly volatile during the first half of the year.

Stocks began 2016 on a negative note, driven by investor concerns about economic weakness in China, falling oil prices and uncertainty over the US Federal Reserve’s (the Fed) monetary policy. Markets

recovered in February and posted gains until June, when UK voters opted to leave the European Union, sending markets sharply lower. Markets again recovered, and major US equity indexes hit record highs during the summer. Following the surprise outcome of the US presidential election, a stock market rally sent major US equity market indexes to new record highs. The rally was led by financials, gaining on the belief that they might benefit from reduced federal regulation. Also in November, OPEC agreed to cut production for the first time in eight years, which helped support higher oil prices. The Fed raised interest rates by a quarter point in December 2016 – its only increase during the reporting period.⁴

Convertible securities, as measured by The BofA Merrill Lynch US Convertible Index, posted strong gains, returning 10.43% after a sharp sell-off at the start of the year. The performance of convertible

securities was driven by strong returns from the underlying equities, as well as by lower-grade issues. Within the broad market/style-specific index, the energy and materials sectors had the highest returns, while the health care sector posted losses for the reporting period.

    Security selection in the information technology (IT) sector was the largest detractor from the Fund’s performance relative to the broad market/style-specific index during the year. The Fund’s underperformance in the sector was the result of underweight exposure to a number of issues held by the Fund, as well as not holding issues that performed well. In some cases, the Fund’s underweight position in these issues was due to our risk management process. We locked in profits from a number of IT securities, selling when these issues reached their price targets. We chose to sell since these higher-priced issues carry more equity sensitivity, which, in our opinion, results in a heightened risk profile. A number of these securities, such as Nvidia, continued to rally after we trimmed our position, thus causing the Fund’s underperformance relative to the broad market/style-specific index.

    The Fund has held an underweight position in the energy sector since the downturn in oil prices began in late 2014, and this helped as energy equities and convertible securities traded significantly lower at the beginning of 2016. However, as the energy sector recovered, the Fund’s underweight position detracted from relative performance as the sector ended the reporting period as the best-performing sector within the broad market/style-specific index. We increased the Fund’s exposure to the energy sector, resulting in a slight overweight position at year end.

Portfolio Composition
By sector	% of total net assets
Information Technology		33.6%
Health Care		19.2
Financials		12.4
Energy		7.0
Consumer Discretionary		6.6
Industrials		6.3
Utilities		3.6
Telecommunication Services		3.1
Materials		2.9
Consumer Staples		2.1
Real Estate		1.0
Money Market Funds Plus Other Assets Less Liabilities		2.2

Top Five Debt Issuers*
	% of total net assets
1.	Salesforce.com. Inc.	1.8%
2.	Micron Technology, Inc.	1.7
3.	Dish Network Corp.	1.6
4.	Priceline Group Inc. (The)	1.5
5.	Wright Medical Group, Inc.	1.5

Total Net Assets	$	1.5 billion
Total Number of Holdings*		139

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.

Data presented here are as of December 31, 2016.

4 Invesco Convertible Securities Fund

Though minimal, the Fund’s cash position detracted from relative returns amid a strong rally in convertible securities during the year.

The health care sector was The BofA Merrill Lynch US Convertible Index’s worst-performing sector during the reporting period, primarily due to the bio-technology and pharmaceuticals industries, which sold off during the year as a result of election-year controversy around drug pricing. Within the health care sector, the Fund’s overweight exposure to stronger-performing issues, such as Exelixis, contributed to Fund performance. The Fund’s underweight exposure to weaker-performing issues, such as Allergan, was also beneficial, as the company sustained double-digit losses for the year. Security selection and an underweight position in the consumer discretionary sector delivered positive performance. For example, an underweight position in Fiat Chrysler contributed to the Fund’s performance. We sold our position in Fiat Chrysler before the close of the reporting period.

During the year, we increased our exposure to the energy and industrials sectors and decreased our exposure to the health care and consumer discretionary sectors. At year end, the Fund’s largest overweight positions relative to the broad market/style-specific index were in the industrials, health care and telecommunication services sectors, while the largest underweight positions were in the financials, consumer discretionary and utilities sectors.

Despite providing strong absolute returns, the US financial markets experienced volatility during the reporting period as concerns about global economic growth, geopolitical events and uncertainty regarding future interest rates weighed on investors. Given this market uncertainty, we sought to avoid issue-specific underperformers, and we continued to focus on companies with healthy balance sheets and reasonable valuations.

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

1  Source: Bureau of Economic Analysis

2  Source: Bureau of Labor Statistics

3  Source: Thompson-Reuters

4  Source: US Federal Reserve

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

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

	Ellen Gold
	Portfolio Manager, is lead manager of Invesco Convertible Securities Fund. She joined Invesco in 2010. Ms. Gold

earned a BBA from George Washington University and an MBA from New York University.

	Ramez Nashed
	Portfolio Manager, is manager of Invesco Convertible Securities Fund. He joined Invesco in 2010. Mr. Nashed earned

a BA in finance from New Jersey City University and an MBA from Seton Hall University.

5 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 12/31/06

1 Source: FactSet Research Systems Inc.

2 Source: Lipper Inc.

Past performance cannot guarantee comparable future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Results for Class B shares are calculated as if a hypothetical shareholder had liquidated his entire investment in the Fund at the close of the reporting period and paid the contingent deferred sales charges, if applicable.

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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6 Invesco Convertible Securities Fund

Average Annual Total Returns
As of 12/31/16, including maximum applicable sales charges
Class A Shares
Inception (7/28/97)	6.07	%
10 Years	5.56
5 Years	6.81
1 Year	-0.02
Class B Shares
Inception (10/31/85)	7.45	%
10 Years	5.51
5 Years	6.91
1 Year	0.00
Class C Shares
Inception (7/28/97)	5.61	%
10 Years	5.39
5 Years	7.30
1 Year	4.07
Class Y Shares
Inception (7/28/97)	6.64	%
10 Years	6.42
5 Years	8.29
1 Year	6.07
Class R5 Shares
10 Years	6.34	%
5 Years	8.36
1 Year	6.10
Class R6 Shares
10 Years	6.32	%
5 Years	8.36
1 Year	6.21

Effective June 1, 2010, Class A, Class B, 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 B, Class C and Class Y shares, respectively, of Invesco Convertible Securities Fund. Returns shown above, prior to June 1, 2010, for Class A, Class B, Class C and Class Y shares are blended returns of the predecessor fund and Invesco Convertible Securities Fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R5 shares incepted on May 23, 2011. Performance shown prior to that date is that of the Fund’s and the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of the Fund’s and the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares was 0.87%, 1.63%, 1.55%, 0.63%, 0.58% and 0.50%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares was 0.88%, 1.64%, 1.56%, 0.64%, 0.59% and 0.51%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2018. See current prospectus for more information.

7 Invesco Convertible Securities Fund

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, 2016, and is based on total net assets.

∎ Unless otherwise noted, all data provided by Invesco.

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

About share classes

∎ Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

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

∎ Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal the Fund risks of investing

∎ Changing fixed income market conditions risk. The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near, at or below zero. 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.

∎ Convertible securities risk. 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, 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.

∎ Debt securities risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

∎ Depositary receipts risk. Investing in depositary receipts involves the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. The Fund may therefore receive less timely information

or have less control than if it invested directly in the foreign issuer.

∎ Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

∎ Emerging markets securities risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more

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

8 Invesco Convertible Securities Fund

developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

∎ Foreign securities risk. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ High yield debt securities (junk bond) risk. Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

∎ Liquidity risk. The Fund may be unable to sell illiquid investments at the time or price it desires and, as a result, could lose its entire investment in such investments. Liquid securities can become illiquid during periods of market stress. If a significant amount of the Fund’s securities become illiquid, the

Fund may not be able to timely pay redemption proceeds and may need to sell securities at significantly reduced prices.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

∎ Preferred securities risk. 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.

∎ Sector focus risk. The Fund may from time to time invest a significant amount of its assets (i.e. over 25%) in one market sector or group of related industries. In this event, the Fund’s performance will depend to a greater extent on the overall condition of the sector or group of industries and there is increased risk that the Fund will lose significant value if conditions adversely affect that sector or group of industries

About indexes used in this report

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

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

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

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

Other information

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

∎ Industry 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.

9 Invesco Convertible Securities Fund

Schedule of Investments^(a)

December 31, 2016

	Principal Amount		Value
Bonds and Notes–79.11%
Aerospace & Defense–1.36%
Aerojet Rocketdyne Holdings, Inc., Sr. Unsec. Conv. Notes, 2.25%, 12/15/2023(b)	$	8,000,000	$	7,830,000
RTI International Metals Inc., Sr. Unsec. Gtd. Conv. Notes, 1.63%, 10/15/2019		12,245,000		12,727,147
				20,557,147
Air Freight & Logistics–1.10%
Atlas Air Worldwide Holdings, Inc., Sr. Unsec. Conv. Bonds, 2.25%, 06/01/2022		9,500,000		9,666,250
Echo Global Logistics, Inc., Sr. Unsec. Conv. Notes, 2.50%, 05/01/2020		7,000,000		6,895,000
				16,561,250
Application Software–5.59%
BroadSoft, Inc., Sr. Unsec. Conv. Bonds, 1.00%, 09/01/2022		8,000,000		9,705,000
Citrix Systems, Inc., Sr. Unsec. Conv. Bonds, 0.50%, 04/15/2019		14,365,000		16,699,312
Nuance Communications, Inc., Sr. Unsec. Conv. Bonds, 1.00%, 12/15/2022(c)		8,129,000		7,382,148
salesforce.com, inc., Sr. Unsec. Conv. Notes, 0.25%, 04/01/2018		23,330,000		27,223,194
Synchronoss Technologies, Inc., Sr. Unsec. Conv. Notes, 0.75%, 08/15/2019		13,140,000		13,862,700
Verint Systems Inc., Sr. Unsec. Conv. Notes, 1.50%, 06/01/2021		10,000,000		9,418,750
				84,291,104
Biotechnology–3.09%
BioMarin Pharmaceutical Inc., Sr. Unsec. Sub. Conv. Notes, 0.75%, 10/15/2018		8,517,000		9,565,656
1.50%, 10/15/2020		4,497,000		5,292,407
Clovis Oncology, Inc., Sr. Unsec. Conv. Notes, 2.50%, 09/15/2021		2,000,000		2,065,000
Emergent BioSolutions Inc., Sr. Unsec. Conv. Bonds, 2.88%, 01/15/2021		5,087,000		6,505,001
Ionis Pharmaceuticals, Inc., Sr. Unsec. Conv. Bonds, 1.00%, 11/15/2021		11,500,000		11,622,187
Ironwood Pharmaceuticals, Inc., Sr. Unsec. Conv. Bonds, 2.25%, 06/15/2022		10,000,000		11,493,750
				46,544,001
Broadcasting–0.31%
Liberty Media Corp., Sr. Unsec. Conv. Deb., 2.25%, 10/05/2021(b)(c)		4,400,000		4,658,500

	Principal Amount		Value
Cable & Satellite–1.62%
Dish Network Corp., Sr. Unsec. Conv. Notes, 3.38%, 08/15/2026(b)	$	21,300,000	$	24,348,562
Communications Equipment–1.20%
Ciena Corp., Sr. Unsec. Conv. Notes, 3.75%, 10/15/2018(b)		5,000,000		6,778,125
Finisar Corp., Sr. Unsec. Conv. Notes, 0.50%, 12/15/2021(b)(c)		11,111,000		11,229,054
				18,007,179
Construction & Engineering–1.71%
Dycom Industries, Inc., Sr. Unsec. Conv. Bonds, 0.75%, 09/15/2021		12,000,000		13,155,000
Tutor Perini Corp., Sr. Unsec. Conv. Notes, 2.88%, 06/15/2021(b)		11,000,000		12,588,125
				25,743,125
Construction Machinery & Heavy Trucks–1.38%
Meritor Inc., Sr. Unsec. Gtd. Conv. Bonds, 7.88%, 12/01/2020(c)		6,414,000		9,304,309
Trinity Industries, Inc., Unsec. Sub. Conv. Notes, 3.88%, 06/01/2018(c)		9,000,000		11,559,375
				20,863,684
Construction Materials–0.78%
CEMEX, S.A.B. de C.V. (Mexico), Unsec. Sub. Conv. Bonds, 3.72%, 03/15/2020		11,000,000		11,811,250
Consumer Finance–0.85%
Cardtronics, Inc., Sr. Unsec. Conv. Bonds, 1.00%, 12/01/2020		10,897,000		12,858,460
Data Processing & Outsourced Services–2.18%
Blackhawk Network Holdings, Inc., Sr. Unsec. Conv. Notes, 1.50%, 01/15/2022(b)		15,000,000		15,450,000
Euronet Worldwide, Inc., Sr. Unsec. Conv. Bonds, 1.50%, 10/01/2020(c)		14,900,000		17,321,250
				32,771,250
Diversified REIT’s–0.84%
Empire State Realty OP, L.P., Sr. Unsec. Conv. Notes, 2.63%, 08/15/2019(b)		3,000,000		3,403,125
Spirit Realty Capital, Inc., Sr. Unsec. Conv. Notes, 2.88%, 05/15/2019		4,000,000		4,170,020
3.75%, 05/15/2021		4,865,000		5,120,437
				12,693,582
Electric Utilities–1.44%
Exelon Corp., Jr. Unsec. Sub. Conv. Investment Units, 6.50%, 06/01/2017		163,801		7,929,606

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

10                         Invesco  Convertible Securities Fund

	Principal Amount		Value
Electric Utilities–(continued)
NextEra Energy, Inc., Conv. Investment Units, 6.12%, 09/01/2019	$	279,000	$	13,704,480
				21,634,086
Electronic Components–0.13%
InvenSense, Inc., Sr. Unsec. Conv. Bonds, 1.75%, 11/01/2018		2,000,000		1,997,500
Electronic Manufacturing Services–0.61%
TTM Technologies, Inc., Sr.Unsec. Conv. Notes, 1.75%, 12/15/2020		6,000,000		9,168,750
Gas Utilities–0.31%
Spire Inc., Jr. Unsec. Sub. Conv. Investment Units, 6.75%, 04/01/2017		82,500		4,741,275
Gold–0.10%
Newmont Mining Corp., Series B, Sr. Unsec. Gtd. Conv. Notes, 1.63%, 07/15/2017		1,500,000		1,532,813
Health Care Equipment–4.89%
Insulet Corp., Sr. Unsec. Conv. Notes, 1.25%, 09/15/2021(b)		12,500,000		11,640,625
Sr. Unsec. Conv. Notes, 2.00%, 06/15/2019		2,633,000		2,827,184
Nevro Corp., Sr. Unsec. Conv. Notes, 1.75%, 06/01/2021		5,500,000		5,871,250
NuVasive, Inc., Sr. Unsec. Conv. Notes, 2.25%, 03/15/2021(b)		13,000,000		16,566,875
Wright Medical Group N.V., Sr. Unsec. Conv. Notes, 2.25%, 11/15/2021(b)		11,500,000		14,396,563
Wright Medical Group, Inc., Sr. Unsec. Conv. Bonds, 2.00%, 02/15/2020		21,300,000		22,298,437
				73,600,934
Health Care Facilities–2.07%
Brookdale Senior Living Inc., Sr. Unsec. Conv. Notes, 2.75%, 06/15/2018		16,250,000		15,874,219
HealthSouth Corp., Sr. Unsec. Sub. Conv. Notes, 2.00%, 12/01/2020(c)		12,868,000		15,296,835
				31,171,054
Health Care Supplies–0.67%
Spectranetics Corp. (The), Sr. Unsec. Conv. Notes, 2.63%, 06/05/2021(c)		9,773,000		10,115,055
Health Care Technology–1.22%
Allscripts Healthcare Solutions, Inc., Sr. Unsec. Conv. Bonds, 1.25%, 07/01/2020		11,580,000		10,885,200
Medidata Solutions, Inc., Sr. Unsec. Conv. Notes, 1.00%, 08/01/2018		6,837,000		7,443,784
				18,328,984

	Principal Amount		Value
Infrastructure–1.09%
Macquarie Infrastructure Corp., Sr. Unsec. Conv. Notes, 2.88%, 07/15/2019	$	14,055,000	$	16,391,644
Internet & Direct Marketing Retail–3.03%
Ctrip.com International, Ltd. (China), Sr. Unsec. Conv. Global Bonds, 1.00%, 07/01/2018(c)		5,000,000		5,156,250
Sr. Unsec. Conv. Notes, 1.25%, 09/15/2019(b)(c)		1,800,000		1,741,500
Liberty Interactive LLC, Sr. Unsec. Conv. Deb., 1.75%, 10/05/2023(b)(c)		15,000,000		16,200,000
Priceline Group Inc. (The), Sr. Unsec. Conv. Bonds, 0.35%, 06/15/2020		13,500,000		17,254,687
0.90%, 09/15/2021		5,000,000		5,293,750
				45,646,187
Internet Software & Services–5.11%
Akamai Technologies, Inc., Sr. Unsec. Conv. Bonds, 0.00%, 02/15/2019(d)		8,130,000		8,455,241
Cornerstone OnDemand, Inc., Sr. Unsec. Conv. Bonds, 1.50%, 07/01/2018		16,206,000		16,915,012
j2 Global, Inc., Sr. Unsec. Conv. Notes, 3.25%, 06/15/2021(c)		5,000,000		6,631,250
Twitter, Inc., Sr. Unsec. Conv. Bonds, 1.00%, 09/15/2021		12,805,000		11,844,625
Web.com Group Inc., Sr. Unsec. Conv. Notes, 1.00%, 08/15/2018		13,595,000		13,144,666
WebMD Health Corp., Unsec. Conv. Notes, 2.63%, 06/15/2023(b)		13,000,000		12,252,500
Zillow Group, Inc., Sr. Unsec. Conv. Notes, 2.00%, 12/01/2021(b)		7,500,000		7,739,062
				76,982,356
Investment Banking & Brokerage–0.36%
FXCM, Inc., Sr. Unsec. Conv. Bonds, 2.25%, 06/15/2018		10,081,000		5,494,145
Life Sciences Tools & Services–0.38%
Fluidigm Corp., Sr. Unsec. Conv. Notes, 2.75%, 02/06/2021(c)		8,064,000		5,649,840
Managed Health Care–0.93%
Molina Healthcare, Inc., Sr. Unsec. Conv. Notes, 1.63%, 08/19/2018(c)		12,300,000		14,045,063
Mortgage REIT’s–2.04%
Blackstone Mortgage Trust, Inc., Sr. Unsec. Conv. Notes, 5.25%, 12/01/2018		5,711,000		6,382,043
Colony Capital, Inc., Sr. Unsec. Conv. Notes, 3.88%, 01/15/2021		12,567,000		12,598,417
Starwood Property Trust, Inc., Sr. Unsec. Conv. Notes, 4.55%, 03/01/2018		10,800,000		11,819,250
				30,799,710

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

11                         Invesco  Convertible Securities Fund

	Principal Amount		Value
Movies & Entertainment–1.62%
Live Nation Entertainment, Inc., Sr. Unsec. Conv. Bonds, 2.50%, 05/15/2019	$	19,081,000	$	20,428,596
World Wrestling Entertainment, Inc., Sr. Unsec. Conv. Notes, 3.38%, 12/15/2023(b)		4,000,000		3,925,000
				24,353,596
Multi-Utilities–0.57%
Dominion Resources, Inc., Series A, Conv. Investment Units, 6.75%, 08/15/2019		140,000		7,119,000
Jr. Unsec. Sub. Conv. Investment Units, 6.38%, 07/01/2017(e)		30,632		1,533,438
				8,652,438
Oil & Gas Drilling–0.74%
Ensco Jersey Finance Ltd., Sr. Unsec. Gtd. Sub. Conv. Notes, 3.00%, 01/31/2024(b)		10,750,000		11,112,813
Oil & Gas Equipment & Services–0.44%
Helix Energy Solutions Group, Inc., Sr. Unsec. Conv. Notes, 4.25%, 05/01/2022		3,000,000		3,114,375
Weatherford International Ltd., Sr. Unsec. Gtd. Conv. Notes, 5.88%, 07/01/2021		3,200,000		3,480,000
				6,594,375
Oil & Gas Exploration & Production–3.73%
Chesapeake Energy Corp., Sr. Unsec. Gtd. Conv. Notes, 6.00%, 09/15/2026(b)		11,700,000		12,723,750
Cobalt International Energy Inc., Sr. Unsec. Conv. Notes, 3.13%, 05/15/2024		13,000,000		3,770,000
Oasis Petroleum Inc., Sr. Unsec. Gtd. Conv. Notes, 2.63%, 09/15/2023		7,000,000		9,765,000
PDC Energy, Inc., Sr. Unsec. Conv. Notes, 1.13%, 09/15/2021		2,000,000		2,242,500
SM Energy Co., Sr. Unsec. Conv. Notes, 1.50%, 07/01/2021		9,000,000		10,456,875
Whiting Petroleum Corp., Sr. Unsec. Gtd. Conv. Notes, 1.25%, 04/01/2020		19,500,000		17,208,750
				56,166,875
Oil & Gas Storage & Transportation–0.16%
Cheniere Energy, Inc., Sr. Unsec. Conv. Notes, 4.25%, 03/15/2045		4,000,000		2,442,500
Packaged Foods & Meats–1.23%
Post Holdings, Inc., Conv. Amortizing Notes, 5.25%, 06/01/2017		90,000		12,618,450
Tyson Foods, Inc., Conv. Amortizing Notes, 4.75%, 07/15/2017		87,557		5,923,231
				18,541,681

	Principal Amount		Value
Pharmaceuticals–3.01%
Depomed, Inc., Sr. Unsec. Conv. Notes, 2.50%, 09/01/2021	$	4,000,000	$	4,570,000
Horizon Pharma Investment Ltd., Sr. Unsec. Gtd. Conv. Bonds, 2.50%, 03/15/2022(b)		8,500,000		8,128,125
Impax Laboratories, Inc., Sr. Unsec. Conv. Bonds, 2.00%, 06/15/2022		6,000,000		4,766,250
Jazz Investments I Ltd., Sr. Unsec. Gtd. Conv. Bonds, 1.88%, 08/15/2021		12,500,000		12,039,062
Medicines Co. (The), Sr. Unsec. Conv. Notes, 2.75%, 07/15/2023(b)		12,000,000		11,602,500
Sucampo Pharmaceuticals, Inc., Sr. Unsec. Conv. Bonds, 3.25%, 12/15/2021(b)		4,000,000		4,280,000
				45,385,937
Property & Casualty Insurance–0.57%
AmTrust Financial Services, Inc., Sr. Unsec. Conv. Notes, 2.75%, 12/15/2024(c)		10,000,000		8,581,250
Semiconductor Equipment–0.28%
Teradyne, Inc., Sr. Unsec. Conv. Notes, 1.25%, 12/15/2023(b)		4,000,000		4,245,000
Semiconductors–10.69%
Advanced Micro Devices, Inc., Sr. Unsec. Conv. Notes, 2.13%, 09/01/2026		10,000,000		15,793,750
Cypress Semiconductor Corp., Sr. Unsec. Conv. Notes, 4.50%, 01/15/2022(b)		11,500,000		12,987,813
Inphi Corp., Sr. Unsec. Conv. Bonds, 1.13%, 12/01/2020		3,000,000		3,890,625
Sr. Unsec. Conv. Notes, 0.75%, 09/01/2021(b)		7,500,000		8,025,000
Integrated Device Technology, Inc., Sr. Unsec. Conv. Bonds, 0.88%, 11/15/2022		18,500,000		19,135,937
Intel Corp., Jr. Unsec. Sub. Conv. Deb., 3.25%, 08/01/2039		11,440,000		20,191,657
Microchip Technology Inc., Sr. Unsec. Sub. Conv. Bonds, 1.63%, 02/15/2025		16,482,000		21,426,600
Micron Technology, Inc., Series F, Sr. Unsec. Conv. Notes, 2.13%, 02/15/2020(c)		5,000,000		10,525,000
Series G, Sr. Unsec. Conv. Global Bonds, 3.00%, 11/15/2028(c)		14,700,000		14,672,437
NXP Semiconductors N.V. (Netherlands), Sr. Unsec. Conv. Bonds, 1.00%, 12/01/2019		13,200,000		15,081,000
ON Semiconductor Corp., Sr. Unsec. Gtd. Conv. Bonds, 1.00%, 12/01/2020		13,900,000		14,308,313
SunPower Corp., Sr. Unsec. Conv. Bonds, 4.00%, 01/15/2023		3,000,000		2,154,375
Sr. Unsec. Conv. Notes, 0.88%, 06/01/2021		4,300,000		2,843,375
				161,035,882

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

12                         Invesco  Convertible Securities Fund

	Principal Amount		Value
Specialized REIT’s–0.85%
Extra Space Storage LP, Sr. Unsec. Gtd. Conv. Notes, 3.13%, 10/01/2020(b)(c)	$	12,000,000	$	12,825,000
Specialty Chemicals–0.60%
RPM International Inc., Sr. Unsec. Conv. Notes, 2.25%, 12/15/2020		7,526,000		9,045,311
Steel–0.58%
Allegheny Technologies Inc., Sr. Unsec. Conv. Notes, 4.75%, 07/01/2022		6,500,000		8,718,125
Systems Software–4.44%
FireEye, Inc., Series A, Sr. Unsec. Conv. Bonds, 1.00%, 06/01/2020(c)		13,100,000		12,166,625
Series B, Sr. Unsec. Conv. Bonds, 1.63%, 06/01/2022(c)		5,900,000		5,343,187
Proofpoint, Inc., Sr. Unsec. Conv. Bonds, 0.75%, 06/15/2020		14,375,000		16,306,641
Red Hat, Inc., Sr. Unsec. Conv. Bonds, 0.25%, 10/01/2019		7,075,000		8,291,016
Rovi Corp., Sr. Unsec. Gtd. Conv. Bonds, 0.50%, 03/01/2020		10,000,000		10,237,500
ServiceNow, Inc., Sr. Unsec. Conv. Bonds, 0.00%, 11/01/2018(d)		12,362,000		14,587,160
				66,932,129
Technology Hardware, Storage & Peripherals–1.09%
Electronics for Imaging, Inc., Sr. Unsec. Conv. Bonds, 0.75%, 09/01/2019		15,400,000		16,372,125
Thrifts & Mortgage Finance–1.23%
MGIC Investment Corp., Sr. Unsec. Conv. Notes, 2.00%, 04/01/2020		6,000,000		8,925,000
5.00%, 05/01/2017		3,864,000		3,953,355
Walter Investment Management Corp., Sr. Unsec. Sub. Conv. Notes, 4.50%, 11/01/2019		8,000,000		5,680,000
				18,558,355
Tobacco–0.89%
Vector Group Ltd., Sr. Unsec. Conv. Notes, 1.75%, 04/15/2020		11,685,000		13,459,659
Total Bonds and Notes (Cost $1,140,348,547)				1,192,031,541
	Shares
Preferred Stocks–18.17%
Asset Management & Custody Banks–0.86%
AMG Capital Trust II, $2.58 Jr. Unsec. Gtd. Sub. Conv. Pfd.		235,200		12,899,262
Diversified Banks–4.04%
Bank of America Corp., Series L, $72.50 Conv. Pfd.		25,800		30,103,440
Wells Fargo & Co., Class A, Series L, $75.00 Conv. Pfd.		25,800		30,702,000
				60,805,440

	Shares		Value
Electric Utilities–0.34%
Great Plains Energy Inc., Series B, $3.50 Conv. Pfd.		100,000	$	5,081,250
Electronic Components–0.56%
Belden Inc., Series B, $6.75 Conv. Pfd.		80,000		8,424,800
Industrial Machinery–0.49%
Rexnord Corp., Series A, $2.88 Conv. Pfd.		150,100		7,354,900
Integrated Telecommunication Services–1.11%
Frontier Communications Corp., Series A, $11.13 Conv. Pfd.		236,100		16,781,988
Internet Software & Services–0.87%
Mandatory Exchangeable Trust (China), $5.75 Sr. Sec. Conv. Pfd.(b)		120,400		13,168,750
Managed Health Care–0.53%
Anthem Inc., $2.63 Conv. Pfd.		170,000		7,981,500
Multi-Utilities–0.96%
DTE Energy Co., Series C, $3.25 Conv. Pfd.		275,000		14,533,750
Oil & Gas Exploration & Production–1.93%
Hess Corp., Series A, $4.00 Conv. Pfd.		36,400		2,681,224
Southwestern Energy Co., Series B, $3.13 Conv. Pfd.		458,400		11,675,448
WPX Energy Inc., Series A, $3.13 Conv. Pfd.		225,400		14,802,018
				29,158,690
Pharmaceuticals–1.91%
Allergan PLC, Series A, $55.00 Conv. Pfd.		26,600		20,281,436
Teva Pharmaceutical Industries Ltd. (Israel), $70.00 Conv. Pfd.		13,100		8,496,005
				28,777,441
Regional Banks–0.84%
KeyCorp., Series A, $7.75 Conv. Pfd.		18,000		2,430,000
Wintrust Financial Corp., Series C, $50.00 Conv. Pfd.		5,673		10,253,947
				12,683,947
Specialized REIT’s–1.73%
American Tower Corp., Series A, $5.25 Conv. Pfd.		105,744		11,075,627
American Tower Corp., Series B, $5.50 Conv. Pfd.		143,300		14,974,850
				26,050,477
Wireless Telecommunication Services–2.00%
T-Mobile US, Inc., Series A, $2.75 Conv. Pfd.		318,400		30,069,696
Total Preferred Stocks (Cost $262,287,249)				273,771,891

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

13                         Invesco  Convertible Securities Fund

	Shares		Value
Common Stocks–0.47%
Biotechnology–0.47%
Exelixis, Inc. (Cost $5,007,045)(f)		469,704	$	7,003,287
Money Market Funds–2.05%
Government & Agency Portfolio–Institutional Class, 0.43%(g)		18,517,712		18,517,712
Treasury Portfolio–Institutional Class, 0.37%(g)		12,345,142		12,345,142
Total Money Market Funds (Cost $30,862,854)				30,862,854
TOTAL INVESTMENTS–99.80% (Cost $1,438,505,695)				1,503,669,573
OTHER ASSETS LESS LIABILITIES–0.20%				3,064,884
NET ASSETS–100.00%			$	1,506,734,457

Investment Abbreviations:

Conv.	– Convertible
Deb.	– Debentures
Gtd.	– Guaranteed
Jr.	– Junior
Pfd.	– Preferred
REIT	– Real Estate Investment Trust
Sec.	– Secured
Sr.	– Senior
Sub.	– Subordinated
Unsec.	– Unsecured

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, 2016 was $269,846,367, which represented 17.91% of the Fund’s Net Assets.

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

^(d)  Zero coupon bond issued at a discount. The interest rate shown represents the yield to maturity at issue.

^(e)  Each corporate unit consists of purchase contract for the issuer’s common stock & 1/20^th undivided beneficial ownership interest in the issuer’s Series A, 1.50% subordinated notes due 2020.

^(f)  Non-income producing security.

^(g)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2016.

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

14                         Invesco  Convertible Securities Fund

Statement of Assets and Liabilities

December 31, 2016

Assets:
Investments, at value (Cost $1,407,642,841)	$	1,472,806,719
Investments in affiliated money market funds, at value and cost		30,862,854
Total investments, at value (Cost $1,438,505,695)		1,503,669,573
Receivable for:
Investments sold		1,936,425
Fund shares sold		1,572,960
Dividends and interest		6,708,680
Investment for trustee deferred compensation and retirement plans		107,764
Other assets		50,483
Total assets		1,514,045,885
Liabilities:
Payable for:
Investments purchased		2,059,096
Fund shares reacquired		4,298,897
Accrued fees to affiliates		650,860
Accrued trustees’ and officers’ fees and benefits		771
Accrued other operating expenses		123,242
Trustee deferred compensation and retirement plans		178,562
Total liabilities		7,311,428
Net assets applicable to shares outstanding	$	1,506,734,457
Net assets consist of:
Shares of beneficial interest	$	1,429,342,950
Undistributed net investment income		21,737,781
Undistributed net realized gain (loss)		(9,510,152	)
Net unrealized appreciation		65,163,878
	$	1,506,734,457

Net Assets:
Class A	$	785,526,068
Class B	$	1,824,913
Class C	$	130,933,757
Class Y	$	569,345,311
Class R5	$	5,224,539
Class R6	$	13,879,869
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		34,001,314
Class B		78,764
Class C		5,693,914
Class Y		24,616,407
Class R5		226,038
Class R6		600,408
Class A:
Net asset value per share	$	23.10
Maximum offering price per share
(Net asset value of $23.10 ¸ 94.50%)	$	24.44
Class B:
Net asset value and offering price per share	$	23.17
Class C:
Net asset value and offering price per share	$	23.00
Class Y:
Net asset value and offering price per share	$	23.13
Class R5:
Net asset value and offering price per share	$	23.11
Class R6:
Net asset value and offering price per share	$	23.12

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

15                         Invesco  Convertible Securities Fund

Statement of Operations

For the year ended December 31, 2016

Investment income:
Interest	$	26,082,258
Dividends (net of foreign withholding taxes of $180,233)		16,777,164
Dividends from affiliated money market funds		195,240
Total investment income		43,054,662
Expenses:
Advisory fees		7,721,688
Administrative services fees		387,992
Distribution fees:
Class A		1,656,409
Class B		24,666
Class C		1,528,978
Transfer agent fees — A, B, C and Y		2,025,567
Transfer agent fees — R5		3,391
Transfer agent fees — R6		476
Trustees’ and officers’ fees and benefits		44,722
Registration and filing fees		218,652
Reports to shareholders		152,419
Professional services fees		94,039
Other		59,578
Total expenses		13,918,577
Less: Fees waived and expense offset arrangement(s)		(88,496	)
Net expenses		13,830,081
Net investment income		29,224,581
Realized and unrealized gain from:
Net realized gain from investment securities		19,994,818
Change in net unrealized appreciation of investment securities		23,932,534
Net realized and unrealized gain		43,927,352
Net increase in net assets resulting from operations	$	73,151,933

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

16                         Invesco  Convertible Securities Fund

Statement of Changes in Net Assets

For the years ended December 31, 2016 and 2015

	2016			2015
Operations:
Net investment income	$	29,224,581		$	30,022,930
Net realized gain		19,994,818			34,820,382
Change in net unrealized appreciation (depreciation)		23,932,534			(132,230,071	)
Net increase (decrease) in net assets resulting from operations		73,151,933			(67,386,759	)
Distributions to shareholders from net investment income:
Class A		(24,488,116	)		(20,544,118	)
Class B		(63,957	)		(66,595	)
Class C		(4,238,112	)		(3,604,571	)
Class Y		(27,776,127	)		(30,148,724	)
Class R5		(144,468	)		(117,019	)
Class R6		(586,719	)		(466,253	)
Total distributions from net investment income		(57,297,499	)		(54,947,280	)
Share transactions–net:
Class A		20,724,648			(181,321,645	)
Class B		(1,376,778	)		(2,313,136	)
Class C		(59,195,684	)		(33,418,349	)
Class Y		(541,887,377	)		130,423,223
Class R5		1,265,367			(2,488,774	)
Class R6		(3,238,940	)		1,054,709
Net increase (decrease) in net assets resulting from share transactions		(583,708,764	)		(88,063,972	)
Net increase (decrease) in net assets		(567,854,330	)		(210,398,011	)
Net assets:
Beginning of year		2,074,588,787			2,284,986,798
End of year (includes undistributed net investment income of $21,737,781 and $31,164,407, respectively)	$	1,506,734,457		$	2,074,588,787

Notes to Financial Statements

December 31, 2016

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 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 consisting of seventeen separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

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

The Fund currently consists of six different classes of shares: Class A, Class B, 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 and 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. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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.

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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

17                         Invesco  Convertible Securities Fund

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. 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.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales 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 by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

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 NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund 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 using procedures approved by the Board of Trustees. 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 approved 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 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 is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. 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 economic conditions, interest rates, investor perceptions 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.

B. 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 the accrual basis from settlement date. 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. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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.

C. 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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among

18                         Invesco  Convertible Securities Fund

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, 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.

E. 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.

F. 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 to each share class based on relative net assets. 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.

G. 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.

H. 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.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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 $750 million		0	.52%
Next $250 million		0	.47%
Next $500 million		0	.42%
Next $500 million		0	.395%
Next $1 billion		0	.37%
Over $3 billion		0	.345%

For the year ended December 31, 2016, the effective advisory fees incurred by the Fund was 0.47%.

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. (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, 2017, 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 B, Class C, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 2.25%, 1.25%, 1.25% and 1.25%, respectively, of 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, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits 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, 2018, 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.

19                         Invesco  Convertible Securities Fund

For the year ended December 31, 2016, the Adviser waived advisory fees of $84,563.

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, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

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; (2) Class B — up to 1.00% of the average daily net assets of Class B shares; and (3) Class C — up to 1.00% of the average daily net assets of Class C shares.

In the case of Class B shares, provided that the Plan continues in effect, any cumulative expenses incurred by IDI, but not yet reimbursed to IDI, may be recovered through the payment of future distribution fees from the Fund pursuant to the Plan and contingent deferred sales charges paid by investors upon redemption of Class B shares.

For the year ended December 31, 2016, 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, 2016, IDI advised the Fund that IDI retained $50,329 in front-end sales commissions from the sale of Class A shares and $9,857, $1,157 and $9,039 from Class A, Class B and Class C shares, respectively, for CDSC imposed on 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

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 or are unreliable. 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 Fund’s own 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, 2016. 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
Bonds & Notes	$	15,386,275	$	1,176,645,266	$	—	$	1,192,031,541
Preferred Stocks		200,914,127		72,857,764		—		273,771,891
Common Stocks		7,003,287		—		—		7,003,287
Money Market Funds		30,862,854		—		—		30,862,854
Total Investments	$	254,166,543	$	1,249,503,030	$	—	$	1,503,669,573

NOTE 4—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, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,933.

20                         Invesco  Convertible Securities Fund

NOTE 5—Trustees’ and Officers’ Fees and Benefits

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

NOTE 6—Cash Balances

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2016 and 2015:

	2016		2015
Ordinary income	$	57,297,499	$	54,947,280

Tax Components of Net Assets at Period-End:

	2016
Undistributed ordinary income	$	44,670,213
Net unrealized appreciation — investments		37,758,983
Temporary book/tax differences		(177,537	)
Capital loss carryforward		(4,860,152	)
Shares of beneficial interest		1,429,342,950
Total net assets	$	1,506,734,457

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 difference is attributable primarily to wash sales, bond premium amortization, deemed dividends and convertible preferred debt instruments.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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.

The Fund has a capital loss carryforward as of December 31, 2016, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	4,860,152	$	—	$	4,860,152

* 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.

21                         Invesco  Convertible Securities Fund

NOTE 8—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2016 was $671,752,285 and $1,234,978,500, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	98,192,112
Aggregate unrealized (depreciation) of investment securities		(60,433,129	)
Net unrealized appreciation of investment securities	$	37,758,983

Cost of investments for tax purposes is $1,465,910,590.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of convertible preferred debt instruments, deemed dividends and bond premium amortization, on December 31, 2016, undistributed net investment income was increased by $18,646,292 and undistributed net realized gain (loss) was decreased by $18,646,292. This reclassification had no effect on the net assets of the Fund.

NOTE 10—Share Information

	Summary of Share Activity
	Years ended December 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		11,606,844		$	266,227,183			7,390,470		$	178,038,131
Class B		407			9,474			1,511			36,758
Class C		344,133			7,647,315			1,068,704			25,494,440
Class Y		17,263,111			377,851,687			35,584,207			841,936,313
Class R5		112,023			2,556,000			33,187			796,173
Class R6		100,037			2,248,726			36,821			866,974
Issued as reinvestment of dividends:
Class A		934,311			21,185,871			732,141			17,477,850
Class B		2,458			55,694			2,433			58,380
Class C		151,791			3,415,971			122,934			2,938,478
Class Y		834,059			18,901,064			756,490			18,088,679
Class R5		1,969			45,007			1,652			39,897
Class R6		25,978			586,290			19,562			465,940
Automatic conversion of Class B shares to Class A shares:
Class A		28,386			640,885			33,314			801,380
Class B		(28,324	)		(640,885	)		(33,236	)		(801,380	)
Reacquired:
Class A		(11,963,827	)		(267,329,291	)		(15,814,157	)		(377,639,006	)
Class B		(35,594	)		(801,061	)		(66,454	)		(1,606,894	)
Class C		(3,138,681	)		(70,258,970	)		(2,616,251	)		(61,851,267	)
Class Y		(42,379,180	)		(938,640,128	)		(31,087,402	)		(729,601,769	)
Class R5		(60,796	)		(1,335,640	)		(138,855	)		(3,324,844	)
Class R6		(264,646	)		(6,073,956	)		(11,820	)		(278,205	)
Net increase (decrease) in share activity		(26,465,541	)	$	(583,708,764	)		(3,984,749	)	$	(88,063,972	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 58% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

22                         Invesco  Convertible Securities Fund

NOTE 11—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			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 12/31/16	$	22.62	$	0.39		$	0.90		$	1.29		$	(0.81	)	$	—		$	(0.81	)	$	23.10		5.82	%(d)	$	785,526		0.88	%(d)(e)		0.89	%(d)(e)		1.74	%(d)(e)		42	%
Year ended 12/31/15		23.88		0.30			(1.00	)		(0.70	)		(0.56	)		—			(0.56	)		22.62		(3.02	)(f)		755,534		0.86	(f)		0.87	(f)		1.26	(f)		45
Year ended 12/31/14		24.17		0.32			0.63			0.95			(0.52	)		(0.72	)		(1.24	)		23.88		3.95	(g)		980,513		0.84	(g)		0.85	(g)		1.29	(g)		56
Year ended 12/31/13		20.88		0.55	(i)		3.84			4.39			(0.53	)		(0.57	)		(1.10	)		24.17		21.31	(h)		936,425		0.88	(h)		0.89	(h)		2.40	(h)(i)		45
Year ended 12/31/12		18.78		0.48			2.08			2.56			(0.46	)		—			(0.46	)		20.88		13.74	(j)		538,962		0.93	(j)		0.94	(j)		2.41	(j)		58
Class B
Year ended 12/31/16		22.69		0.22			0.90			1.12			(0.64	)		—			(0.64	)		23.17		5.00	(d)		1,825		1.64	(d)(e)		1.65	(d)(e)		0.98	(d)(e)		42
Year ended 12/31/15		23.95		0.12			(1.00	)		(0.88	)		(0.38	)		—			(0.38	)		22.69		(3.74	)(f)		3,172		1.62	(f)		1.63	(f)		0.50	(f)		45
Year ended 12/31/14		24.24		0.13			0.63			0.76			(0.33	)		(0.72	)		(1.05	)		23.95		3.16	(g)		5,642		1.60	(g)		1.61	(g)		0.53	(g)		56
Year ended 12/31/13		20.93		0.38	(i)		3.86			4.24			(0.36	)		(0.57	)		(0.93	)		24.24		20.45	(h)		7,167		1.64	(h)		1.65	(h)		1.64	(h)(i)		45
Year ended 12/31/12		18.83		0.33			2.08			2.41			(0.31	)		—			(0.31	)		20.93		12.85	(j)		7,325		1.70	(j)		1.71	(j)		1.64	(j)		58
Class C
Year ended 12/31/16		22.52		0.22			0.90			1.12			(0.64	)		—			(0.64	)		23.00		5.07	(d)		130,934		1.61	(d)(e)		1.62	(d)(e)		1.01	(d)(e)		42
Year ended 12/31/15		23.77		0.14			(0.99	)		(0.85	)		(0.40	)		—			(0.40	)		22.52		(3.67	)(f)		187,743		1.54	(f)		1.55	(f)		0.58	(f)		45
Year ended 12/31/14		24.04		0.16			0.62			0.78			(0.33	)		(0.72	)		(1.05	)		23.77		3.30	(g)		232,065		1.48	(g)		1.49	(g)		0.65	(g)		56
Year ended 12/31/13		20.78		0.38	(i)		3.81			4.19			(0.36	)		(0.57	)		(0.93	)		24.04		20.37	(h)		172,232		1.64	(h)		1.65	(h)		1.64	(h)(i)		45
Year ended 12/31/12		18.69		0.36			2.06			2.42			(0.33	)		—			(0.33	)		20.78		13.02	(j)		82,876		1.53	(j)		1.54	(j)		1.81	(j)		58
Class Y
Year ended 12/31/16		22.65		0.44			0.90			1.34			(0.86	)		—			(0.86	)		23.13		6.07			569,345		0.64	(e)		0.65	(e)		1.98	(e)		42
Year ended 12/31/15		23.91		0.36			(1.00	)		(0.64	)		(0.62	)		—			(0.62	)		22.65		(2.78	)		1,107,497		0.62			0.63			1.50			45
Year ended 12/31/14		24.20		0.38			0.63			1.01			(0.58	)		(0.72	)		(1.30	)		23.91		4.20			1,043,554		0.60			0.61			1.53			56
Year ended 12/31/13		20.90		0.61	(i)		3.84			4.45			(0.58	)		(0.57	)		(1.15	)		24.20		21.62			719,722		0.64			0.65			2.64	(i)		45
Year ended 12/31/12		18.81		0.53			2.07			2.60			(0.51	)		—			(0.51	)		20.90		13.94			269,400		0.70			0.71			2.64			58
Class R5
Year ended 12/31/16		22.63		0.45			0.90			1.35			(0.87	)		—			(0.87	)		23.11		6.10			5,225		0.62	(e)		0.63	(e)		2.00	(e)		42
Year ended 12/31/15		23.89		0.37			(1.00	)		(0.63	)		(0.63	)		—			(0.63	)		22.63		(2.75	)		3,912		0.57			0.58			1.55			45
Year ended 12/31/14		24.18		0.40			0.63			1.03			(0.60	)		(0.72	)		(1.32	)		23.89		4.28			6,615		0.53			0.54			1.60			56
Year ended 12/31/13		20.88		0.63	(i)		3.84			4.47			(0.60	)		(0.57	)		(1.17	)		24.18		21.72			4,781		0.57			0.58			2.71	(i)		45
Year ended 12/31/12		18.78		0.55			2.08			2.63			(0.53	)		—			(0.53	)		20.88		14.13			2,726		0.60			0.61			2.74			58
Class R6
Year ended 12/31/16		22.64		0.47			0.90			1.37			(0.89	)		—			(0.89	)		23.12		6.21			13,880		0.52	(e)		0.53	(e)		2.10	(e)		42
Year ended 12/31/15		23.90		0.39			(1.00	)		(0.61	)		(0.65	)		—			(0.65	)		22.64		(2.66	)		16,731		0.49			0.50			1.63			45
Year ended 12/31/14		24.18		0.41			0.64			1.05			(0.61	)		(0.72	)		(1.33	)		23.90		4.35			16,598		0.49			0.50			1.64			56
Year ended 12/31/13		20.89		0.64	(i)		3.83			4.47			(0.61	)		(0.57	)		(1.18	)		24.18		21.69			64		0.55			0.56			2.73	(i)		45
Year ended 12/31/12(k)		20.78		0.15			0.10			0.25			(0.14	)		—			(0.14	)		20.89		1.23			10		0.58	(l)		0.59	(l)		2.76	(l)		58

^(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)  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 0.24%, 1.00% and 0.97% for Class A, Class B and Class C shares, respectively.

^(e)  Ratios are based on average daily net assets (000’s omitted) of $683,028, $2,467, $157,449, $776,445, $3,421 and $15,591 for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24%, 1.00% and 0.92% for Class A, Class B and Class C shares, respectively.

^(g)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24%, 1.00% and 0.88% for Class A, Class B and Class C shares, respectively.

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

⁽ⁱ⁾  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, 2013. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.42 and 2.39%, $0.25 and 1.63%, $0.25 and 1.63%, $0.48 and 2.63%, $0.50 and 2.70%, $0.51 and 2.72%, for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(j)  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%, 1.00% and 0.83% for Class A, Class B and Class C shares, respectively.

^(k)  Commencement date of September 24, 2012.

^(l)  Annualized.

23                         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 the Invesco Convertible Securities Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Invesco Convertible Securities Fund (one of the portfolios constituting the AIM Growth Series (Invesco Growth Series), hereafter referred to as the “Fund”) as of December 31, 2016, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

February 23, 2017

24                         Invesco  Convertible Securities 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, 2016 through December 31, 2016.

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.

Class	Beginning Account Value (07/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/16)1		Expenses Paid During Period2		Ending Account Value (12/31/16)		Expenses Paid During Period2
A	$	1,000.00	$	1,055.40	$	4.70	$	1,020.56	$	4.62		0.91	%
B		1,000.00		1,051.70		8.61		1,016.74		8.47		1.67
C		1,000.00		1,052.30		8.31		1,017.04		8.16		1.61
Y		1,000.00		1,057.10		3.46		1,021.77		3.40		0.67
R5		1,000.00		1,056.90		3.26		1,021.97		3.20		0.63
R6		1,000.00		1,057.80		2.74		1,022.47		2.69		0.53

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2016 through December 31, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

25                         Invesco  Convertible Securities 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 advisors.

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, 2016:

Federal and State Income Tax
Qualified Dividend Income*	12.89	%
Corporate Dividends Received Deduction*	11.03	%
U.S. Treasury Obligations*	0.00	%

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

26                         Invesco  Convertible Securities 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: 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)	144	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.	144	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

²  Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

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
Bruce L. Crockett — 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	144	Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company) Member of the Audit Committee, Ferroglobe PLC (metallurgical company) and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	144	Board member of the Illinois Manufacturers’ Association
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	144	Trustee, Evans Scholarship Foundation; Chairman of the Board, Denver Film Society
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	144	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	144	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	144	None
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	144	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	144	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	144	None
Other Officers
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A

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
Other Officers—(continued)
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, 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; Managing Director, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Karen Dunn Kelley — 1960 Senior Vice President	2004	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman and Director, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Invesco Mortgage Capital Inc.; Senior Vice President, The Invesco Funds Formerly: Director, Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as INVESCO Global Asset Management Limited) and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco AIM Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A

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
Other Officers—(continued)
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Distributor Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Auditors PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco  Convertible Securities Fund

Explore High-Conviction Investing with Invesco

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-02699 and 002-57526                             MS-CSEC-AR-1                                      Invesco Distributors, Inc.

	Annual Report to Shareholders	December 31, 2016
	Invesco Global Low Volatility Equity Yield Fund
	Nasdaq: A: GTNDX  ∎  B: GNBDX  ∎  C: GNDCX  ∎  R: GTNRX  ∎  Y: GTNYX  ∎  R5: GNDIX

Letters to Shareholders

Philip Taylor Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. The reporting period began with significant stock market volatility in the US and abroad; this volatility was the result of investor uncertainty about global economic growth and monetary policy. After recovering, markets declined sharply following UK voters’ decision in June to leave the European Union. Relatively quickly, however, markets recovered, reaching record highs later in the summer. Demand was strong for income-producing investments, particularly those perceived to be lower risk; this benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally

positive during the reporting period, news overseas was less upbeat. The European Central Bank and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. After months of uncertainty, the surprise outcome of the US presidential election in November triggered a major stock market rally, with most market indexes reaching new record highs in December. As expected, the US Federal Reserve raised interest rates in December – its only rate increase during the reporting period and only its second increase since 2006. The Fed cited optimistic economic data for its decision, and Fed-watchers suggested that future rate increases might be announced more quickly than previously forecast.

Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for whatever returns the market has to offer. The investment professionals at Invesco, in contrast, invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco Global Low Volatility Equity Yield Fund

Bruce Crockett Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: ∎  Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. ∎  Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎ Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

 I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

 As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Global Low Volatility Equity Yield Fund

Management’s Discussion of Fund Performance

Performance summary
For the year ended December 31, 2016, Class A shares of Invesco Global Low Volatility Equity Yield Fund (the Fund), at net asset value (NAV), underperformed the MSCI World 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, 12/31/15 to 12/31/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	3.34	%
Class B Shares	2.56
Class C Shares	2.56
Class R Shares	3.00
Class Y Shares	3.52
Class R5 Shares	3.67
MSCI World Indexq (Broad Market/Style-Specific Index)	7.51
Lipper Global Equity Income Funds Index∎ (Peer Group Index)	7.20
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc.

Market conditions and your Fund

Global equities began calendar year 2016 on a negative note, driven by investor concerns about economic weakness in China, falling oil prices and uncertainty over the US Federal Reserve’s (the Fed) monetary policy. Equity markets rebounded strongly in February. Central banks, including the Fed, the European Central Bank and the Bank of Japan, soothed investors’ nerves throughout the reporting period with accommodative policies and dovish rhetoric. Other factors contributing to investor sentiment included rebounding oil prices and, in the US, an improving housing market and employment picture. But the year was volatile and full of surprises – several of them involving elections.

In June, the Brexit – the decision by UK voters to leave the European Union – caused global markets to decline sharply, but only briefly. Stocks in economically sensitive sectors, including energy and

financials, were hardest hit, and investors flocked to the perceived safety of US Treasuries and more defensive, dividend-paying equities. Following the surprise outcome of the US election in November, US stocks surged, led by the health care and financials sectors, which might ben-efit from reduced regulation. Non-US equities, particularly emerging market equities, traded lower on the news due to currency weakness and the prospect of a less favorable trade environment.

Also in November, OPEC agreed to cut production for the first time in eight years; the agreement helped support higher oil prices and energy stocks. As expected, the Fed raised interest rates in December 2016, its only rate hike during the reporting period. For the reporting period as a whole, US equities outperformed non-US equities. Emerging markets, supported by the Fed’s delayed interest rate increases and a rally in commodities, outperformed their developed-market counterparts

(excluding the US) – a reversal from previous years.

    The Fund seeks to provide a higher level of income than the MSCI World Index, while still achieving the highest return available with less volatility. The Fund attempts to do this through its stock selection process, in which we systematically evaluate fundamental and behavioral factors to forecast individual security returns and rank those securities based on their attractiveness relative to industry peers.

    During the year, performance was mixed across sectors of the Fund and its broad market/style-specific benchmark. Stock selection in the industrials, energy and information technology sectors detracted from Fund performance. In addition, an underweight position in the materials sector hurt the Fund’s performance relative to the broad market/style-specific benchmark even though stock selection in that sector was strong. Stock selection in the health care, financials, consumer discretionary, consumer staples and utilities sectors contributed positively to Fund performance.

    From a geographic perspective, stock selection in France, Hong Kong and Japan was beneficial to the Fund’s relative performance, while stock selection lagged in the UK and Australia. Although stock selection in the US was beneficial, a significant underweight position relative to the broad market/style-specific benchmark was a drag on performance.

    The largest detractor from Fund performance during the year was British property developer The Berkeley Group Holdings. The company was affected by a drop in new home purchases before the UK’s Brexit vote. The stock still looked attractive according to the Fund’s stock selection model. However, we sold our

Portfolio Composition
By sector	% of total net assets

Financials	15.7%
Health Care	12.6
Industrials	11.4
Utilities	11.4
Consumer Discretionary	11.4
Information Technology	9.9
Telecommunication Services	9.4
Consumer Staples	6.7
Real Estate	3.7
Materials	3.7
Energy	1.3
Money Market Funds Plus Other Assets Less Liabilities	2.8

Top 10 Equity Holdings*
	% of total net assets
1.	Orion Oyj-Class B	2.2%
2.	Lexington Realty Trust	2.1
3.	Intrum Justitia AB	2.1
4.	mixi, Inc.	2.1
5.	Recordati S.p.A.	2.0
6.	Aoyama Trading Co., Ltd.	2.0
7.	Annaly Capital Management, Inc.	2.0
8.	MFA Financial, Inc.	2.0
9.	Chimera Investment Corp.	2.0
10.	Harvey Norman Holdings Ltd.	2.0

Total Net Assets	$	109.3 million
Total Number of Holdings*		66

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.

Data presented here are as of December 31, 2016.

4 Invesco Global Low Volatility Equity Yield Fund

position in The Berkeley Group Holdings before the close of the reporting period. Berendsen struggled during the year as the company warned of slowing revenue growth and cited higher-than-expected costs incurred in the hospitality and parts division of its laundry business due to operational instability during peak summer months. We sold our position in Berendsen before the close of the reporting period.

    The top individual performer was Sands China, the leading developer, owner and operator of multi-use integrated resorts and casinos in Macao, China. An overweight position in this investment holding company relative to the MSCI World Index contributed positively to Fund performance. We sold our position in Sands China before the close of the reporting period to lock in gains. In addition, shares of JB Hi-Fi, an Austra-lian consumer electronics retailer, ben-efited from positive news of an acquisition that was announced during the reporting period. We sold our position in JB Hi-Fi before the close of the reporting period.

    The Fund uses a quantitative method of investing and focuses on four investment concepts that make up its stock selection model – Earnings Expectations, Market Sentiment, Management and Quality, and Value. During the reporting period, our stock selection model for our global investment universe showed an overall positive prognostic ability. Positive results were mainly driven by the strong predictive ability of our Management & Quality and Value concepts. Our Earnings Expectations and Market Sentiment concepts experienced a weak year as momentum-related factors lagged. The relative return distribution of all stocks in the global universe showed that, on average, the highest rated stocks identified by our stock selection model outperformed the market while the least attractive stocks underperformed the market. However, during the first half of the year, our most-liked stocks (top 5%) identified by our stock selection model underper-formed the market.

    Please note that the Fund’s strategy is principally implemented through equity investments, but may also use MSCI World Index futures contracts, a derivative instrument, to gain exposure to the equity market. During the year, the Fund invested in MSCI World Index futures contracts, which were a slight detractor from Fund performance. 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.

    As always, we thank you for your continued investment in Invesco Global Low Volatility Equity Yield Fund.

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

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

	Michael Abata Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Global Low Volatility Equity
Yield Fund. He joined Invesco in 2011. Mr. Abata earned a BA in economics from Binghamton University.
	Uwe Draeger Portfolio Manager, is manager of Invesco Global Low Volatility Equity Yield Fund. He joined Invesco in
2005. Mr. Draeger earned a Diplom-Ökonom degree from Hochschule für Ökonomie Berlin, an MA from City of London Polytechnic and an MBA from Anglia Business School (Cambridge).
	Nils Huter Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Global Low Volatility Equity
Yield Fund. He joined Invesco in 2007. Mr. Huter earned a business administration degree, Diplom Kaufmann (FH), the University of Applied Sciences and Arts in Hildesheim.
	Charles Ko Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Global Low Volatility
Equity Yield Fund. He joined Invesco in 2012. Mr. Ko earned a BS from MIT and an MBA from Yale University.

	Jens Langewand Portfolio Manager, is manager of Invesco Global Low Volatility Equity Yield Fund. He joined Invesco
in 2007. Mr. Langewand earned a Diplom Kaufmann degree from the University of Münster and a PhD from the University of Augsburg.
	Donna Chapman Wilson Portfolio Manager and Director of Portfolio Management, is
manager of Invesco Global Low Volatility Equity Yield Fund. She joined Invesco in 1997. Ms. Chapman Wilson earned a BA in economics from Hampton University and an MBA in finance from the Wharton School of the University of Pennsylvania.

5 Invesco Global Low Volatility Equity Yield Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/06

1  Source: FactSet Research Systems Inc.

Past performance cannot guarantee comparable future results.

The Lipper Global Equity Income Funds Index is not shown on the chart as the index does not have 10 years of performance history.

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

management fees. Results for Class B shares are calculated as if a hypothetical shareholder had liquidated his entire investment in the Fund at the close of the reporting period and paid the contingent deferred sales charges, if applicable. 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6 Invesco Global Low Volatility Equity Yield Fund

Average Annual Total Returns
As of 12/31/16, including maximum applicable sales charges
Class A Shares
Inception (9/15/97)	5.20	%
10 Years	0.90
5 Years	5.81
1 Year	-2.32
Class B Shares
Inception (9/15/97)	5.29	%
10 Years	0.86
5 Years	5.92
1 Year	-2.43
Class C Shares
Inception (1/2/98)	5.07	%
10 Years	0.71
5 Years	6.22
1 Year	1.56
Class R Shares
Inception (10/31/05)	3.23	%
10 Years	1.22
5 Years	6.73
1 Year	3.00
Class Y Shares
10 Years	1.67	%
5 Years	7.27
1 Year	3.52
Class R5 Shares
Inception (4/30/04)	5.17	%
10 Years	2.00
5 Years	7.51
1 Year	3.67

Class Y shares incepted on October 3, 2008. 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 comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y and Class R5 shares was 1.60%, 2.35%, 2.35%, 1.85%, 1.35% and 1.13%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y and Class R5 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.

7 Invesco Global Low Volatility Equity Yield Fund

Invesco Global Low Volatility Equity Yield 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, 2016, and is based on total net assets.

∎ Unless otherwise noted, all data provided by Invesco.

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

About share classes

∎ Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

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

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

∎ Class R5 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

∎ Depositary receipts risk. Investing in depositary receipts involves the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. The Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.

∎ Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counter-party risk is the risk that the counter-party to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they

do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

∎ Emerging markets securities risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

∎ Foreign securities risk. The Fund’s foreign investments may be adversely affected

by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ Geographic focus risk. The Fund may from time to time invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on the Fund’s investment performance.

∎ Investing in the European Union risk. Investments in certain countries in the European Union are susceptible to high economic risks associated with high levels of debt, such as investments in sovereign debt of Greece, Italy and Spain. Efforts of the member states to further unify their economic and monetary policies may increase the potential for the downward movement of one member state’s market to cause a similar effect on other member states’ markets. Separately, the European Union faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the European Union, such as the United Kingdom (UK) which has announced its intention to exit, would place its currency and banking system in jeopardy. The exit by the UK or other member states will likely result in increased volatility, illiquidity and potentially lower economic growth in the affected

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

8 Invesco Global Low Volatility Equity Yield Fund

markets, which will adversely affect the Fund’s investments.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. There is no guarantee that the portfolio manager’s stock selection process will produce lower volatility than the broader markets in which the Fund invests. In addition, the Fund’s investment strategy to seek lower volatility may cause the Fund to underperform the broader markets in which the Fund invests during market rallies. Such underperformance could be significant during sudden or significant market rallies. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

∎ Preferred securities risk. 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.

∎ Real estate investment trust (REIT)/real estate risk. Investments in real estate related instruments may be affected by

economic, legal, cultural, environmental or technological factors that affect property values, rents or occupancies of real estate related to the Fund’s holdings. Shares of real estate related companies, which tend to be small- and mid-cap companies, may be more volatile and less liquid.

About indexes used in this report

∎ The MSCI World Index^SM is an unmanaged index considered representative of stocks of developed countries. 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.

Other information

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

∎ Industry 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.

9 Invesco Global Low Volatility Equity Yield Fund

Schedule of Investments

December 31, 2016

	Shares		Value
Common Stocks & Other Equity Interests–97.20%
Australia–7.26%
Cochlear Ltd.		20,827	$	1,838,709
CSR Ltd.		586,131		1,954,310
Harvey Norman Holdings Ltd.		583,986		2,166,318
JB Hi-Fi Ltd.		97,979		1,978,216
				7,937,553
Belgium–0.75%
S.A. D’Ieteren N.V.		18,562		820,474
Canada–6.48%
Capital Power Corp.(a)		110,709		1,915,158
IGM Financial, Inc.(a)		66,940		1,904,239
Metro Inc.		33,918		1,014,370
Superior Plus Corp.(a)		74,900		711,155
Westshore Terminals Investment Corp.		79,640		1,535,450
				7,080,372
China–0.70%
Yangzijiang Shipbuilding Holdings Ltd.		1,372,400		767,977
Finland–4.16%
Kesko Oyj–Class B		43,166		2,157,224
Orion Oyj–Class B		53,792		2,394,408
				4,551,632
Hong Kong–4.78%
CLP Holdings Ltd.		228,500		2,087,881
HK Electric Investments and HK Electric Investments Ltd.–REGS(b)		2,317,500		1,910,771
NWS Holdings Ltd.		539,000		876,370
Television Broadcasts Ltd.		105,500		346,930
				5,221,952
Israel–0.73%
Bezeq The Israeli Telecommunication Corp. Ltd.		237,732		451,648
Paz Oil Co. Ltd.		2,329		341,522
				793,170
Italy–2.02%
Recordati S.p.A.		77,890		2,206,986
Japan–4.81%
Aoyama Trading Co., Ltd.		63,300		2,201,717
K’s Holdings Corp.(a)		46,600		816,208
mixi, Inc.		61,500		2,240,281
				5,258,206
Netherlands–1.66%
BE Semiconductor Industries N.V.		54,349		1,809,967

	Shares		Value
New Zealand–7.00%
Contact Energy Ltd.		524,221	$	1,693,121
Fletcher Building Ltd.		282,794		2,077,381
Meridian Energy Ltd.		387,756		698,905
Spark New Zealand Ltd.		893,260		2,112,159
Z Energy Ltd.		210,900		1,063,755
				7,645,321
Norway–1.81%
SalMar ASA		66,073		1,974,521
Singapore–2.09%
SATS Ltd.		234,900		784,825
Venture Corp. Ltd.		220,600		1,503,301
				2,288,126
Spain–1.70%
Prosegur Cia de Seguridad S.A.		297,505		1,856,887
Sweden–2.09%
Intrum Justitia AB		67,578		2,280,795
Switzerland–4.63%
Banque Cantonale Vaudoise		641		405,995
Georg Fischer AG		1,539		1,260,398
Lonza Group AG		11,483		1,987,974
Swiss Re AG		14,874		1,409,477
				5,063,844
United Kingdom–5.99%
Go-Ahead Group PLC		25,404		697,536
QinetiQ Group PLC		608,921		1,972,621
SSE PLC		105,820		2,023,377
Vodafone Group PLC		753,322		1,853,229
				6,546,763
United States–38.54%
AGNC Investment Corp.		110,632		2,005,758
Annaly Capital Management, Inc.		219,258		2,186,002
AT&T Inc.		47,507		2,020,473
CenturyLink Inc.		76,550		1,820,359
Chimera Investment Corp.		127,810		2,175,326
Cisco Systems, Inc.		65,984		1,994,036
CYS Investments, Inc.		278,465		2,152,534
Darden Restaurants, Inc.		29,510		2,145,967
EastGroup Properties, Inc.		19,463		1,437,148
Entergy Corp.		19,700		1,447,359
Gilead Sciences, Inc.		27,577		1,974,789
HP Inc.		130,799		1,941,057
Intel Corp.		35,382		1,283,305
Lamar Advertising Co.–Class A		4,974		334,452
Lexington Realty Trust		214,928		2,321,222
Merck & Co., Inc.		31,651		1,863,294

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

10                         Invesco Global Low Volatility Equity Yield Fund

	Shares		Value
United States–(continued)
MFA Financial, Inc.		285,176	$	2,175,893
New Residential Investment Corp.		38,481		604,921
R.R. Donnelley & Sons Co.		28,158		459,539
Staples, Inc.		216,912		1,963,054
Two Harbors Investment Corp.		245,755		2,142,984
Verizon Communications Inc.		37,741		2,014,615
Wal-Mart Stores, Inc.		30,716		2,123,090
WellCare Health Plans Inc.(c)		11,123		1,524,741
				42,111,918
Total Common Stocks & Other Equity Interests (Cost $105,726,353)				106,216,464
Money Market Funds–1.99%
Government & Agency Portfolio–Institutional Class, 0.43%(d)		1,302,367		1,302,367
Treasury Portfolio–Institutional Class, 0.37%(d)		868,245		868,245
Total Money Market Funds (Cost $2,170,612)				2,170,612
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–99.19% (Cost $107,896,965)				108,387,076

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.46%
Government & Agency Portfolio–Institutional Class, 0.43% (Cost $3,785,897)(d)(e)		3,785,897	$	3,785,897
TOTAL INVESTMENTS–102.65% (Cost $111,682,862)				112,172,973
OTHER ASSETS LESS LIABILITIES–(2.65)%				(2,895,063	)
NET ASSETS–100.00%			$	109,277,910

Investment Abbreviations:

REGS – Regulation S

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at December 31, 2016.

^(b)  Security purchased or received in 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 value of this security at December 31, 2016 represented 1.75% of the Fund’s Net Assets.

^(c)  Non-income producing security.

^(d)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2016.

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

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

11                         Invesco Global Low Volatility Equity Yield Fund

Statement of Assets and Liabilities

December 31, 2016

Assets:
Investments, at value (Cost $105,726,353)*	$	106,216,464
Investments in affiliated money market funds, at value and cost		5,956,509
Total investments, at value (Cost $111,682,862)		112,172,973
Deposits with broker for open futures contracts		57,000
Foreign currencies, at value (Cost $537,144)		529,941
Receivable for:
Fund shares sold		39,074
Dividends		556,448
Investment for trustee deferred compensation and retirement plans		80,864
Other assets		38,618
Total assets		113,474,918
Liabilities:
Payable for:
Fund shares reacquired		185,577
Collateral upon return of securities loaned		3,785,897
Variation margin — futures		10,498
Accrued fees to affiliates		75,708
Accrued trustees’ and officers’ fees and benefits		153
Accrued other operating expenses		48,655
Trustee deferred compensation and retirement plans		90,520
Total liabilities		4,197,008
Net assets applicable to shares outstanding	$	109,277,910
Net assets consist of:
Shares of beneficial interest	$	188,961,244
Undistributed net investment income		380,316
Undistributed net realized gain (loss)		(80,539,191	)
Net unrealized appreciation		475,541
	$	109,277,910

Net Assets:
Class A	$	92,153,534
Class B	$	1,100,971
Class C	$	10,282,973
Class R	$	1,397,797
Class Y	$	3,338,840
Class R5	$	1,003,795
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		7,452,751
Class B		94,056
Class C		879,778
Class R		112,880
Class Y		269,438
Class R5		80,195
Class A:
Net asset value per share	$	12.37
Maximum offering price per share
(Net asset value of $12.37 ¸ 94.50%)	$	13.09
Class B:
Net asset value and offering price per share	$	11.71
Class C:
Net asset value and offering price per share	$	11.69
Class R:
Net asset value and offering price per share	$	12.38
Class Y:
Net asset value and offering price per share	$	12.39
Class R5:
Net asset value and offering price per share	$	12.52

* At December 31, 2016, securities with an aggregate value of $3,592,378 were on loan to brokers.

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

12                         Invesco Global Low Volatility Equity Yield Fund

Statement of Operations

For the year ended December 31, 2016

Investment income:
Dividends (net of foreign withholding taxes of $293,916)	$	5,609,275
Dividends from affiliated money market funds (includes securities lending income of $49,876)		60,358
Other income		15,209
Total investment income		5,684,842
Expenses:
Advisory fees		981,417
Administrative services fees		50,000
Distribution fees:
Class A		256,413
Class B		15,463
Class C		117,785
Class R		7,054
Transfer agent fees — A, B, C, R and Y		324,628
Transfer agent fees — R5		1,411
Trustees’ and officers’ fees and benefits		21,812
Registration and filing fees		74,518
Reports to shareholders		30,781
Professional services fees		54,580
Other		16,422
Total expenses		1,952,284
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(35,014	)
Net expenses		1,917,270
Net investment income		3,767,572
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(2,047,711	)
Foreign currencies		(120,764	)
Futures contracts		134,700
		(2,033,775	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		2,519,376
Foreign currencies		(1,863	)
Futures contracts		(49,008	)
		2,468,505
Net realized and unrealized gain		434,730
Net increase in net assets resulting from operations	$	4,202,302

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

13                         Invesco Global Low Volatility Equity Yield Fund

Statement of Changes in Net Assets

For the years ended December 31, 2016 and 2015

	2016			2015
Operations:
Net investment income	$	3,767,572		$	5,678,580
Net realized gain (loss)		(2,033,775	)		(11,999,929	)
Change in net unrealized appreciation (depreciation)		2,468,505			(4,997,092	)
Net increase (decrease) in net assets resulting from operations		4,202,302			(11,318,441	)
Distributions to shareholders from net investment income:
Class A		(3,600,966	)		(4,878,207	)
Class B		(41,779	)		(81,227	)
Class C		(325,800	)		(486,020	)
Class R		(46,674	)		(56,214	)
Class Y		(150,047	)		(262,016	)
Class R5		(53,603	)		(350,193	)
Total distributions from net investment income		(4,218,869	)		(6,113,877	)
Share transactions–net:
Class A		(16,316,528	)		(18,211,264	)
Class B		(864,046	)		(1,346,294	)
Class C		(2,608,033	)		(4,353,931	)
Class R		12,401			(68,477	)
Class Y		(878,112	)		(5,028,439	)
Class R5		(988,657	)		(10,666,053	)
Net increase (decrease) in net assets resulting from share transactions		(21,642,975	)		(39,674,458	)
Net increase (decrease) in net assets		(21,659,542	)		(57,106,776	)
Net assets:
Beginning of year		130,937,452			188,044,228
End of year (includes undistributed net investment income of $380,316 and $952,341, respectively)	$	109,277,910		$	130,937,452

Notes to Financial Statements

December 31, 2016

NOTE 1—Significant Accounting Policies

Invesco Global Low Volatility Equity Yield Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). 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 consisting of seventeen separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is income and long-term growth of capital.

The Fund currently consists of six different classes of shares: Class A, Class B, Class C, Class R, Class Y and Class R5. 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 and 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 and Class R5 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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.

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

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales 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

14                         Invesco Global Low Volatility Equity Yield Fund

on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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. 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.

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 NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund 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 using procedures approved by the Board of Trustees. 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 approved 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 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 is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. 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 economic conditions, interest rates, investor perceptions 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.

B. 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 the accrual basis from settlement date. 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 return. 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.

C. 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 and the country that has the primary market for the issuer’s securities, 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.

15                         Invesco Global Low Volatility Equity Yield Fund

D. 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.

E. 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.

F. 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.

G. 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 are charged to such 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.

H. 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.

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

J. 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 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.

16                         Invesco Global Low Volatility Equity Yield Fund

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 settlement of the two currencies, 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). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

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 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.

L. 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.

M. Collateral — To the extent the Fund has pledged or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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 $250 million		0	.80%
Next $250 million		0	.78%
Next $500 million		0	.76%
Next $1.5 billion		0	.74%
Next $2.5 billion		0	.72%
Next $2.5 billion		0	.70%
Next $2.5 billion		0	.68%
Over $10 billion		0	.66%

For the year ended December 31, 2016, the effective advisory fees incurred by the Fund was 0.80%.

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. (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).

Effective May 1, 2016, the Adviser has contractually agreed, through at least June 30, 2017, 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 B, Class C, Class R, Class Y and Class R5 shares to 2.00%, 2.75%, 2.75%, 2.25%, 1.75% and 1.75%, respectively, of average daily net assets (the “expense limits”). Prior to May 1, 2016, 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 B, Class C, Class R, Class Y and Class R5 shares to 1.46%, 2.21%, 2.21%, 1.71%, 1.21% and 1.21%, respectively, of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary

17                         Invesco Global Low Volatility Equity Yield Fund

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, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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 (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2016, the Adviser waived advisory fees of $4,173 reimbursed class level expenses of $23,565, $355, $2,706, $324 and $910 for Class A, Class B, Class C, Class R and Class Y 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, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2016, 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 B, Class C, Class R, Class Y and Class R5 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 B, 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 B and Class C shares and 0.50% of the average daily net assets of Class R shares. 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, 2016, 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, 2016, IDI advised the Fund that IDI retained $12,049 in front-end sales commissions from the sale of Class A shares and $2,627, $130 and $286 from Class A, Class B and Class C shares, respectively, for CDSC imposed on 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

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 or are unreliable. 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 Fund’s own 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, 2016. 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.

18                         Invesco Global Low Volatility Equity Yield Fund

During the year ended December 31, 2016, there were transfers from Level 1 to Level 2 of $2,288,126 and from Level 2 to Level 1 of $6,726,648, due to foreign fair value adjustments.

	Level 1			Level 2		Level 3		Total
Australia	$	4,120,628		$	3,816,925	$	—	$	7,937,553
Belgium		820,474			—		—		820,474
Canada		7,080,372			—		—		7,080,372
China		—			767,977		—		767,977
Finland		4,551,632			—		—		4,551,632
Hong Kong		346,930			4,875,022		—		5,221,952
Israel		793,170			—		—		793,170
Italy		2,206,986			—		—		2,206,986
Japan		816,208			4,441,998		—		5,258,206
Netherlands		1,809,967			—		—		1,809,967
New Zealand		1,063,755			6,581,566		—		7,645,321
Norway		1,974,521			—		—		1,974,521
Singapore		—			2,288,126		—		2,288,126
Spain		—			1,856,887		—		1,856,887
Sweden		2,280,795			—		—		2,280,795
Switzerland		5,063,844			—		—		5,063,844
United Kingdom		1,972,621			4,574,142		—		6,546,763
United States		42,111,918			—		—		42,111,918
Money Market Funds		5,956,509			—		—		5,956,509
		82,970,330			29,202,643		—		112,172,973
Futures Contracts*		(2,739	)		—		—		(2,739	)
Total Investments	$	82,967,591		$	29,202,643	$	—	$	112,170,234

* Net 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

Open Futures Contracts(a)
Futures Contracts	Type of Contract		Number of Contracts		Expiration Month		Notional Value		Unrealized Appreciation (Depreciation)
CME E-Mini S&P 500 Index		Long		12		March-2017	$	1,341,720	$	(12,029	)
Dow Jones EURO STOXX 50 Index		Long		12		March-2017		413,905		5,045
FTSE 100 Index		Long		2		March-2017		173,811		3,335
SGX NIKKEI 225 Index		Long		3		March-2017		244,759		910
Total futures contracts — equity risk									$	(2,739	)

^(a)  Futures contracts collateralized by $57,000 cash held with Merrill Lynch & Co., Inc., the futures commission merchant.

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2016:

	Value
Derivative Assets	Equity Risk
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	9,290
Derivatives not subject to master netting agreements		(9,290	)
Total derivative assets subject to master netting agreements	$	—

19                         Invesco Global Low Volatility Equity Yield Fund

	Value
Derivative Liabilities	Equity Risk
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	(12,029	)
Derivatives not subject to master netting agreements		12,029
Total derivative liabilities subject to master netting agreements	$	—

^(a)  Includes cumulative appreciation (depreciation) on futures contracts. Only current day’s variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

Effect of Derivative Investments for the year ended December 31, 2016

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:
Futures contracts	$	134,700
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(49,008	)
Total	$	85,692

The table below summarizes the average notional value of futures contracts outstanding during the period.

	Futures Contracts
Average notional value	$	2,466,176

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, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,981.

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2016 and 2015:

	2016		2015
Ordinary income	$	4,218,869	$	6,113,877

Tax Components of Net Assets at Period-End:

	2016
Undistributed ordinary income	$	469,433
Net unrealized appreciation — investments		490,111
Net unrealized appreciation (depreciation) — other investments		(10,831	)
Temporary book/tax differences		(89,117	)
Capital loss carryforward		(80,542,930	)
Shares of beneficial interest		188,961,244
Total net assets	$	109,277,910

20                         Invesco Global Low Volatility Equity Yield Fund

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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.

The Fund has a capital loss carryforward as of December 31, 2016, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
December 31, 2017	$	65,336,393	$	—	$	65,336,393
Not subject to expiration		14,709,089		497,448		15,206,537
	$	80,045,482	$	497,448	$	80,542,930

* 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 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2016 was $99,464,080 and $119,840,602, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	6,991,118
Aggregate unrealized (depreciation) of investment securities		(6,501,007	)
Net unrealized appreciation of investment securities	$	490,111

Cost of investments is the same for financial reporting and for tax purposes.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of expired capital loss carryforward and foreign currency transactions, on December 31, 2016, undistributed net investment income was decreased by $120,728, undistributed net realized gain (loss) was increased by $9,304,326 and shares of beneficial interest was decreased by $9,183,598. This reclassification had no effect on the net assets of the Fund.

21                         Invesco Global Low Volatility Equity Yield Fund

NOTE 11—Share Information

	Summary of Share Activity
	Years ended December 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		353,426		$	4,436,908			922,170		$	12,318,153
Class B		1,728			20,734			4,321			52,985
Class C		57,591			682,337			177,958			2,210,659
Class R		12,784			160,376			13,975			185,157
Class Y		247,419			3,138,248			198,850			2,670,632
Class R5		28,803			354,117			123,050			1,706,082
Issued as reinvestment of dividends:
Class A		270,902			3,433,001			350,620			4,523,583
Class B		3,422			41,094			6,497			79,584
Class C		24,872			298,020			35,043			427,248
Class R		3,670			46,574			4,360			56,214
Class Y		7,347			93,275			12,727			166,137
Class R5		4,177			53,603			16,709			223,666
Automatic conversion of Class B shares to Class A shares:
Class A		52,890			662,318			74,974			1,012,702
Class B		(55,914	)		(662,318	)		(79,262	)		(1,012,702	)
Reacquired:
Class A		(1,968,836	)		(24,848,755	)		(2,717,157	)		(36,065,702	)
Class B		(22,127	)		(263,556	)		(36,983	)		(466,161	)
Class C		(303,245	)		(3,588,390	)		(555,133	)		(6,991,838	)
Class R		(15,339	)		(194,549	)		(23,548	)		(309,848	)
Class Y		(328,003	)		(4,109,635	)		(592,230	)		(7,865,208	)
Class R5		(112,298	)		(1,396,377	)		(930,174	)		(12,595,801	)
Net increase (decrease) in share activity		(1,736,731	)	$	(21,642,975	)		(2,993,233	)	$	(39,674,458	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 22% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

22                         Invesco Global Low Volatility Equity Yield Fund

NOTE 12—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			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 12/31/16	$	12.40	$	0.40	$	0.02		$	0.42		$	(0.45	)	$	12.37		3.34	%	$	92,154		1.49	%(d)		1.52	%(d)		3.14	%(d)		83	%
Year ended 12/31/15		13.89		0.48		(1.44	)		(0.96	)		(0.53	)		12.40		(7.02	)		108,429		1.48			1.52			3.60			94
Year ended 12/31/14		14.44		0.53		(0.55	)		(0.02	)		(0.53	)		13.89		(0.33	)		140,461		1.45			1.46			3.55			64
Year ended 12/31/13		11.38		0.27		3.05			3.32			(0.26	)		14.44		29.32			117,234		1.54			1.54			2.10			103
Year ended 12/31/12		10.28		0.13		1.24			1.37			(0.27	)		11.38		13.32			94,785		1.63			1.63			1.21			72
Class B
Year ended 12/31/16		11.74		0.29		0.02			0.31			(0.34	)		11.71		2.56			1,101		2.24	(d)		2.27	(d)		2.39	(d)		83
Year ended 12/31/15		13.14		0.36		(1.36	)		(1.00	)		(0.40	)		11.74		(7.65	)		1,959		2.23			2.27			2.85			94
Year ended 12/31/14		13.66		0.39		(0.52	)		(0.13	)		(0.39	)		13.14		(1.08	)		3,580		2.20			2.21			2.80			64
Year ended 12/31/13		10.81		0.16		2.89			3.05			(0.20	)		13.66		28.34			5,434		2.29			2.29			1.35			103
Year ended 12/31/12		9.74		0.05		1.17			1.22			(0.15	)		10.81		12.53			6,626		2.38			2.38			0.46			72
Class C
Year ended 12/31/16		11.72		0.28		0.02			0.30			(0.33	)		11.69		2.56			10,283		2.24	(d)		2.27	(d)		2.39	(d)		83
Year ended 12/31/15		13.13		0.36		(1.37	)		(1.01	)		(0.40	)		11.72		(7.74	)		12,900		2.23			2.27			2.85			94
Year ended 12/31/14		13.66		0.40		(0.52	)		(0.12	)		(0.41	)		13.13		(1.06	)		18,936		2.20			2.21			2.80			64
Year ended 12/31/13		10.79		0.17		2.89			3.06			(0.19	)		13.66		28.42			14,099		2.29			2.29			1.35			103
Year ended 12/31/12		9.73		0.05		1.16			1.21			(0.15	)		10.79		12.44			8,864		2.38			2.38			0.46			72
Class R
Year ended 12/31/16		12.42		0.37		0.01			0.38			(0.42	)		12.38		3.00			1,398		1.74	(d)		1.77	(d)		2.89	(d)		83
Year ended 12/31/15		13.91		0.44		(1.44	)		(1.00	)		(0.49	)		12.42		(7.24	)		1,388		1.73			1.77			3.35			94
Year ended 12/31/14		14.46		0.49		(0.55	)		(0.06	)		(0.49	)		13.91		(0.58	)		1,627		1.70			1.71			3.30			64
Year ended 12/31/13		11.41		0.25		3.05			3.30			(0.25	)		14.46		29.00			1,351		1.79			1.79			1.85			103
Year ended 12/31/12		10.30		0.11		1.23			1.34			(0.23	)		11.41		13.01			931		1.88			1.88			0.96			72
Class Y
Year ended 12/31/16		12.42		0.43		0.02			0.45			(0.48	)		12.39		3.60			3,339		1.24	(d)		1.27	(d)		3.39	(d)		83
Year ended 12/31/15		13.92		0.52		(1.46	)		(0.94	)		(0.56	)		12.42		(6.90	)		4,257		1.23			1.27			3.85			94
Year ended 12/31/14		14.49		0.57		(0.55	)		0.02			(0.59	)		13.92		(0.04	)		10,067		1.20			1.21			3.80			64
Year ended 12/31/13		11.38		0.32		3.04			3.36			(0.25	)		14.49		29.63			3,176		1.29			1.29			2.35			103
Year ended 12/31/12		10.29		0.16		1.23			1.39			(0.30	)		11.38		13.55			756		1.38			1.38			1.46			72
Class R5
Year ended 12/31/16		12.56		0.45		0.02			0.47			(0.51	)		12.52		3.67			1,004		1.10	(d)		1.10	(d)		3.53	(d)		83
Year ended 12/31/15		14.08		0.56		(1.49	)		(0.93	)		(0.59	)		12.56		(6.66	)		2,004		1.05			1.05			4.03			94
Year ended 12/31/14		14.63		0.61		(0.55	)		0.06			(0.61	)		14.08		0.21			13,373		0.97			0.98			4.03			64
Year ended 12/31/13		11.49		0.35		3.08			3.43			(0.29	)		14.63		29.99			25,230		1.02			1.02			2.62			103
Year ended 12/31/12		10.39		0.20		1.25			1.45			(0.35	)		11.49		13.96			18,609		1.06			1.06			1.78			72

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

^(d)  Ratios are based on average daily net assets (000’s omitted) of $102,565, $1,546, $11,778, $1,411, $3,961 and $1,415 for Class A, Class B, Class C, Class R, Class Y and Class R5 shares, respectively.

23                         Invesco Global Low Volatility Equity Yield Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series)

and Shareholders of the Invesco Global Low Volatility Equity Yield Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Invesco Global Low Volatility Equity Yield Fund (one of the portfolios constituting the AIM Growth Series (Invesco Growth Series), hereafter referred to as the “Fund”) as of December 31, 2016, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

February 23, 2017

24                         Invesco Global Low Volatility Equity Yield 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, 2016 through December 31, 2016.

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.

Class	Beginning Account Value (07/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/16)1		Expenses Paid During Period2		Ending Account Value (12/31/16)		Expenses Paid During Period2
A	$	1,000.00	$	985.90	$	7.49	$	1,017.60	$	7.61		1.50	%
B		1,000.00		982.10		11.21		1,013.83		11.39		2.25
C		1,000.00		982.00		11.21		1,013.83		11.39		2.25
R		1,000.00		983.90		8.73		1,016.34		8.87		1.75
Y		1,000.00		986.40		6.24		1,018.85		6.34		1.25
R5		1,000.00		987.60		5.45		1,019.66		5.53		1.09

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2016 through December 31, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

25                         Invesco Global Low Volatility Equity Yield 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 advisors.

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, 2016:

Federal and State Income Tax
Qualified Dividend Income*		66.37	%
Corporate Dividends Received Deduction*		10.91	%
U.S. Treasury Obligations*		0.00	%
Foreign Taxes	$	0.0298
Foreign Source Income	$	0.3548

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

26                         Invesco Global Low Volatility Equity Yield Fund

Trustees and Officers—(continued)

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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: 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)	144	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.	144	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

²  Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

T-1                         Invesco Global Low Volatility Equity Yield 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
Bruce L. Crockett — 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	144	Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company) Member of the Audit Committee, Ferroglobe PLC (metallurgical company) and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	144	Board member of the Illinois Manufacturers’ Association
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	144	Trustee, Evans Scholarship Foundation; Chairman of the Board, Denver Film Society
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	144	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	144	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	144	None
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	144	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	144	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	144	None
Other Officers
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A

T-2                         Invesco Global Low Volatility Equity Yield 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
Other Officers—(continued)
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, 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; Managing Director, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Karen Dunn Kelley — 1960 Senior Vice President	2004	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman and Director, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Invesco Mortgage Capital Inc.; Senior Vice President, The Invesco Funds Formerly: Director, Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as INVESCO Global Asset Management Limited) and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco AIM Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A

T-3                         Invesco Global Low Volatility Equity Yield 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
Other Officers—(continued)
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Distributor Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Auditors PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Global Low Volatility Equity Yield Fund

Explore High-Conviction Investing with Invesco

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-02699 and 002-57526                             GLVEY-AR-1                                                 Invesco Distributors, Inc.

	Annual Report to Shareholders	December 31, 2016
	Invesco Income Allocation Fund
	Nasdaq:
	A: ALAAX  ◾  B: BLIAX  ◾  C: CLIAX  ◾  R: RLIAX  ◾  Y: ALAYX  ◾  R5: ILAAX

Letters to Shareholders

Philip Taylor	Dear Shareholders:
	This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period.
	The reporting period began with significant stock market volatility in the US and abroad; this volatility was the result of investor uncertainty about global economic growth and monetary policy. After recovering, markets declined sharply following UK voters’ decision in June to leave the European Union. Relatively quickly, however, markets recovered, reaching record highs later in the summer. Demand was strong for income-producing investments, particularly those perceived to be lower risk; this benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive during the reporting period, news overseas was less upbeat. The European Central Bank and
central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. After months of uncertainty, the surprise outcome of the US presidential election in November triggered a major stock market rally, with most market indexes reaching new record highs in December. As expected, the US Federal Reserve raised interest rates in December – its only rate increase during the reporting period and only its second increase since 2006. The Fed cited optimistic economic data for its decision, and Fed-watchers suggested that future rate increases might be announced more quickly than previously forecast.
Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for whatever returns the market has to offer. The investment professionals at Invesco, in contrast, invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.
You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco Income Allocation Fund

Bruce Crockett	Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:
	∎	Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.
	∎	Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.
∎ Assessing each portfolio management team’s investment performance within the context of the investment strategy     described in the fund’s prospectus.
∎ Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Income Allocation Fund

Management’s Discussion of Fund Performance

Performance summary For the year ended December 31, 2016, Class A shares of Invesco Income Allocation Fund (the Fund), at net asset value (NAV), had a positive return and outperformed the Fund’s style-specific index, the Custom Invesco Income Allocation Index. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/15 to 12/31/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	9.15	%
Class B Shares	8.32
Class C Shares	8.33
Class R Shares	8.87
Class Y Shares	9.42
Class R5 Shares	9.42
S&P 500 Indexq (Broad Market Index)	11.96
Custom Invesco Income Allocation Index∎ (Style-Specific Index)	6.38
Lipper Mixed-Asset Target Allocation Conservative Funds Index◆ (Peer Group Index)	6.28
Source(s): qFactSet Research Systems Inc.; ∎Invesco, FactSet Research Systems Inc.; ◆Lipper Inc.

Market conditions and your Fund

During the year ended December 31, 2016, the US economy continued to expand. US gross domestic product showed the US economy grew by 3.5% in the third quarter.¹ Employment data were mixed, with unemployment ending the year at 4.7%.² Oil prices traded in a range from the high $20s to the low $50s during the reporting period.³ Major US stock market indexes posted gains for the reporting period, with most major market indexes hitting record highs; however, the markets were fairly volatile during the first half of the year.

Stocks began calendar year 2016 on a negative note, driven by investor concerns about economic weakness in China, falling oil prices and uncertainty over the US Federal Reserve’s (the Fed) monetary policy. Markets recovered in February and posted gains until June, when UK voters opted to leave the European Union, sending markets sharply lower. Markets again recovered, and major US equity indexes hit record highs during the summer. Following the outcome of the

US presidential election, a stock market rally sent major US equity market indexes to new record highs. The rally was led by financials, gaining on the belief that they might benefit from reduced federal regulation. Also in November, OPEC agreed to cut production for the first time in eight years, which helped support higher oil prices. The Fed raised interest rates by a quarter point in December 2016 – the only increase during the reporting period.⁴ The rate hike was largely priced in, but short-term fixed income securities were still under pressure, with further rate hikes expected in 2017.

In terms of global asset class and investment style performance during the reporting period, small-cap and value stocks posted positive performance. Energy and financials broadly outperformed all other sectors. Reflecting these trends, the largest contributors to Fund performance during the reporting period were PowerShares Russell Top 200 Pure Value Portfolio, which provided access to small-cap value stocks, and Invesco Dividend Income Fund. Invesco Multi-Asset Income Fund also

Portfolio Composition†
% of Total Investments
Asset Allocation*	As of 12/31/2016
Fixed Income		65.1%
U.S. Equities		21.9
Alternatives		7.0
International Equities		6.0

*Excluding money market funds

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

Total Net Assets	$540.3 million
The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.
Data presented here are as of December 31, 2016.

added to Fund results, led by gains in high yield securities, emerging market bonds, mortgage real estate investment trusts (REITs) and preferred stocks.

    The largest detractors from Fund performance reflect strategic changes that were made to underlying funds early in the reporting period. Specifically, PowerShares Active U.S. Real Estate Fund and Invesco Diversified Dividend Fund were among the largest detractors from Fund performance, as these funds posted negative returns and were trimmed as underlying holdings before equity markets recovered in February. PowerShares 1-30 Laddered Treasury Portfolio also detracted from Fund performance amid a more difficult environment for fixed income securities with longer maturities.

    During the reporting period, strategic changes were made to underlying funds to allow for increased use of factor-based investments and access to the growing breadth and depth of Invesco’s investment capabilities. We exited our positions in Invesco Diversified Dividend Fund, Invesco International Total Return Fund, Invesco Short Term Bond Fund and PowerShares Active U.S. Real Estate Portfolio. The proceeds were used to establish positions in the following underlying funds during the reporting period: Invesco Global Real Estate Income Fund, Invesco Quality Income Fund, PowerShares 1-30 Laddered Treasury Portfolio, PowerShares Emerging Markets Sovereign Debt Portfolio, PowerShares Russell Top 200 Pure Value Portfolio, PowerShares S&P International Developed Low Volatility Portfolio and PowerShares Variable Rate Preferred Portfolio.

    Please note that some of the Fund’s underlying funds – which include, but are not limited to, Invesco Multi-Asset Income Fund – may use derivatives, including futures and total return swaps, which may create economic leverage in the underlying funds. Therefore, performance of these underlying funds, both positive and negative, can be attributed to these instruments.

    We welcome new investors who joined the Fund during the year, and we thank you for investing in Invesco Income Allocation Fund.

1  Source: Bureau of Economic Analysis

2  Source: Bureau of Labor Statistics

3  Source: Thompson-Reuters

4  Source: US Federal Reserve

4 Invesco Income Allocation Fund

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

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

	Duy Nguyen Chartered Financial Analyst, Portfolio Manager and Chief Investment Officer of Invesco Global
Solutions Development and Implementation Team, is manager of Invesco Income Allocation Fund. He joined Invesco in 2000. Mr. Nguyen earned a BBA from The University of Texas at Austin and an MS from the University of Houston.

	Jacob Borbidge Chartered Financial Analyst, Portfolio Manager and Head of Research, Invesco Global Solutions
Development and Implementation Team, is manager of Invesco Income Allocation Fund. He joined Invesco in 2004. Mr. Borbidge earned a BS in mechanical engineering from Lehigh University and an MS in finance from the University of Houston.

Assisted by Invesco’s Global Solutions Development and Implementation Team

5 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 12/31/06

1  Source: FactSet Research Systems Inc.

2  Source(s): Invesco, FactSet Research Systems Inc.

3  Source: Lipper Inc.

Past performance cannot guarantee comparable future results.

    The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Results for Class B shares are calculated as if a hypothetical

shareholder had liquidated his entire investment in the Fund at the close of the reporting period and paid the contingent deferred sales charges, if applicable. 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6 Invesco Income Allocation Fund

Average Annual Total Returns
As of 12/31/16, including maximum applicable sales charges
Class A Shares
Inception (10/31/05)	5.07	%
10 Years	4.29
5 Years	5.68
1 Year	3.15
Class B Shares
Inception (10/31/05)	5.03	%
10 Years	4.25
5 Years	5.80
1 Year	3.32
Class C Shares
Inception (10/31/05)	4.81	%
10 Years	4.09
5 Years	6.08
1 Year	7.33
Class R Shares
Inception (10/31/05)	5.34	%
10 Years	4.61
5 Years	6.63
1 Year	8.87
Class Y Shares
10 Years	5.10	%
5 Years	7.15
1 Year	9.42
Class R5 Shares
Inception (10/31/05)	5.86	%
10 Years	5.14
5 Years	7.15
1 Year	9.42

Class Y shares incepted on October 3, 2008. 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 comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y and Class R5 shares

was 0.83%, 1.58%, 1.58%, 1.08%, 0.58% and 0.58%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y and Class R5 shares was 1.06%, 1.81%, 1.81%, 1.31%, 0.81% and 0.78%, respectively.¹ The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y and Class R5 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

1 The expense ratio includes acquired fund fees and expenses of the underlying funds in which the Fund invests of 0.58% for Invesco Income Allocation Fund.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least April 30, 2018. See current prospectus for more information.

7 Invesco Income Allocation Fund

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, 2016, and is based on total net assets.

∎ Unless otherwise noted, all data provided by Invesco.

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

About share classes

∎ Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

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

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

∎ Class R5 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

∎ Allocation risk. The Fund’s investment performance depends, in part, on how its assets are allocated among the underlying funds or asset classes. The Adviser’s evaluations and assumptions regarding the asset classes or the underlying funds in which the Fund invests may be incorrect, causing the Fund to be invested (or not invested) in one or more asset classes or underlying funds at an inopportune time, which could negatively affect the Fund’s performance.

∎ Bank loan risk. There are a number of risks associated with an investment in bank loans including, credit risk, interest rate risk, liquidity risk and prepayment risk. Lack of an active trading market, restrictions on resale, irregular trading activity, wide bid/ask spreads and extended trade settlement periods may impair an underlying fund’s ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to an underlying fund. As a result an underlying fund may have to sell other investments or engage in borrowing

transactions to raise cash to meet its obligations. The risk of holding bank loans is also directly tied to the risk of insolvency or bankruptcy of the issuing banks. These risks could cause an underlying fund to lose income or principal on a particular investment, which in turn could affect the underlying fund’s returns. The value of bank loans can be affected by and sensitive to changes in government regulation and to economic downturns in the United States and abroad. Bank loans generally are floating rate loans, which are subject to interest rate risk as the interest paid on the floating rate loans adjusts periodically based on changes in widely accepted reference rates.

∎ Borrowing risk. Borrowing money to buy securities exposes an underlying fund to leverage and will cause an underlying fund’s share price to be more volatile because leverage will exaggerate the effect of any increase or decrease in the value of an underlying fund’s portfolio securities. Borrowing money may also require an underlying fund to liquidate positions when it may not be advantageous to do so. In addition, an underlying fund will incur interest expenses and other fees on borrowed money. There can be no assurance that an underlying fund’s borrowing strategy will enhance and not reduce the underlying fund’s returns.

∎ Cash/cash equivalents risk. In rising markets, holding cash or cash equivalents will negatively affect an underlying fund’s performance relative to its benchmark.

∎ Changing fixed income market conditions risk. The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near, at or below zero. 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 an underlying 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 an underlying fund’s transaction costs.

∎ Collateralized loan obligations risk. CLOs are subject to the risks of substantial losses due to actual defaults by underlying borrowers, which will be greater during periods of economic or financial stress. CLOs may also lose value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults, and investor aversion to CLO securities as a class. The risks of CLOs will be greater if an underlying fund invests in CLOs that hold loans of uncreditworthy borrowers or if an underlying fund holds subordinate tranches of the CLO that absorbs losses from the defaults before senior tranches. In addition, CLOs are subject to interest rate risk and credit risk.

∎ Commodities tax risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of an underlying fund from certain commodity-linked derivatives was treated as non-qualifying income, an underlying fund might fail to qualify as a regulated investment company and be subject to federal income tax at the fund level. Should the Internal Revenue Service issue guidance, or Congress enact legislation, that adversely affects the tax treatment of an underlying fund’s use of commodity-linked notes or a wholly-owned subsidiary (which guidance might be applied to the underlying fund retroactively), it could, among other consequences, limit the underlying fund’s ability to pursue its investment strategy.

∎ Commodity risk. An underlying fund may have investment exposure to the commodities markets and/or a particular sector of the commodities markets, which may subject an underlying fund

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     

8 Invesco Income Allocation Fund

to greater volatility than investments in traditional securities, such as stocks and bonds. Volatility in the commodities markets may be caused by changes in overall market movements, domestic and foreign political and economic events and policies, war, acts of terrorism, changes in domestic or foreign interest rates and/or investor expectations concerning interest rates, domestic and foreign inflation rates, investment and trading activities of mutual funds, hedge funds and commodities funds, and factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments, or supply and demand disruptions. Because an underlying fund’s performance may be linked to the performance of volatile commodities, investors should be willing to assume the risks of potentially significant fluctuations in the value of an underlying fund’s shares.

∎ Convertible securities risk. 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.

∎ Credit linked notes risk. Risks of credit linked notes include those risks associated with the underlying reference obligation including but not limited to market risk, interest rate risk, credit risk, default risk and, in some cases, foreign currency risk. An investor in a credit linked note bears counterparty risk or the risk that the issuer of the credit linked note will default or become bankrupt and not make timely payment of principal and interest of the structured security. Credit linked notes may be less liquid than other investments and therefore harder to dispose of at the desired time and price. In addition, credit linked notes may be leveraged and, as a result, small changes in the value of the underlying reference obligation may produce disproportionate losses to an underlying fund.

∎ Debt securities risk. The prices of debt securities held by an underlying fund

will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause an underlying fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce an underlying fund’s distributable income because interest payments on floating rate debt instruments held by an underlying fund will decline. An underlying fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

∎ Defaulted securities risk. Defaulted securities pose a greater risk that principal will not be repaid than non-defaulted securities. Defaulted securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

∎ Depositary receipts risk. Investing in depositary receipts involve the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. An underlying fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.

∎ Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks.

Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay an underlying fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in an underlying fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make an underlying fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and an underlying fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which an underlying fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact an underlying fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

∎ Dividend paying security risk. Securities that pay high dividends as a group can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in an underlying fund’s underlying index and the capital resources available for such companies’ dividend payments may affect an underlying fund.

∎ Dollar roll transactions risk. Dollar roll transactions occur in connection with TBA transactions and involve the risk that the market value of the securities an underlying fund is required to purchase may decline below the agreed upon purchase price of those securities. Dollar roll transactions add a form of leverage to an underlying fund’s portfolio, which may make the Fund’s returns more volatile and increase the risk of loss. In addition, dollar roll transactions may increase an underlying fund’s portfolio turnover, which may result in increased brokerage costs and may lower an underlying fund’s actual return.

∎ Emerging markets securities risk. Emerging markets (also referred to as

9 Invesco Income Allocation Fund

developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

∎ Exchange-traded fund industry concentration risk. In following its methodology, an underlying exchange-traded fund’s underlying index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector. To the extent that an underlying fund’s underlying index concentrates in the securities of issuers in a particular industry or sector, an underlying fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, an underlying fund faces more risks than if it were diversified broadly over numerous industries or sectors. Such industry-based risks, any of which may adversely affect the companies in which an underlying fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or sector may be out of favor and underperform other industries or the market as a whole.

∎ Exchange-traded funds risk. In addition to the risks associated with the underlying assets held by the exchange-traded fund, investments in exchange-traded funds are subject to the following additional risks: (1) an exchange-traded fund’s shares may trade above or below its net asset value; (2) an active trading market for the exchange-traded fund’s shares may not develop or be

maintained; (3) trading an exchange-traded fund’s shares may be halted by the listing exchange; (4) a passively-managed exchange-traded fund may not track the performance of the reference asset; and (5) a passively managed exchange-traded fund may hold troubled securities. Investment in exchange-traded funds may involve duplication of management fees and certain other expenses, as the Fund or an underlying fund indirectly bears its proportionate share of any expenses paid by the exchange-traded funds in which it invests. Further, certain exchange-traded funds in which the Fund or an underlying fund may invest are leveraged, which may result in economic leverage, permitting the Fund or an underlying fund to gain exposure that is greater than would be the case in an unlevered instrument, and potentially resulting in greater volatility.

∎ Financial services sector risk. An underlying fund may be susceptible to adverse economic or regulatory occurrences affecting the financial services sector. Financial services companies are subject to extensive government regulation and are disproportionately affected by unstable interest rates, each of which could adversely affect the profitability of such companies. Financial services companies may also have concentrated portfolios, which make them especially vulnerable to unstable economic conditions.

∎ Foreign currency tax risk. If the US Treasury Department were to exercise its authority to issue regulations that exclude from the definition of “qualifying income” foreign currency gains not directly related to an underlying fund’s business of investing in securities, the underlying fund may be unable to qualify as a regulated investment company for one or more years. In this event, the underlying fund’s Board of Trustees may authorize a significant change in investment strategy or other action.

∎ Foreign government debt risk. Investments in foreign government debt securities (sometimes referred to as sovereign debt securities) involve certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and an underlying fund may have limited recourse in the event of a default against the defaulting

government. Without the approval of debt holders, some governmental debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments.

∎ Foreign securities risk. An underlying fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which an underlying fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless an underlying fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which an underlying fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ Fund of funds risk. The Fund’s performance depends on that of the underlying funds in which it invests. Accordingly, the risks associated with an investment in the Fund include the risks associated with investments in the underlying funds. The Fund will indirectly pay a proportional share of the fees and expenses of the underlying funds in which it invests. There are risks that the Fund will vary from its target weightings (if any) in the underlying funds, that the underlying funds will not achieve their investment objectives, that the underlying funds’ performance may be lower than their represented asset classes, and that the Fund may withdraw its investments in an underlying fund at a disadvantageous time.

∎ High yield debt securities (junk bond) risk. Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject an underlying fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt

10 Invesco Income Allocation Fund

securities. Prices of high yield debt securities tend to be very volatile.

∎ Hybrid securities risk. Although generally considered an equity security within an issuer’s capital structure, a hybrid security may exhibit characteristics akin to a debt security, convertible security, or other evidence of indebtedness on which the value of the interest, or principal of which, is determined by reference to changes in the value of a reference instrument or financial strength of a reference entity (e.g., a security or other financial instrument, asset, currency or interest rate). The price of a hybrid security and any applicable reference instrument may not move in the same direction or at the same time. An investment in a hybrid security may entail significant risks not associated with a similar investment in a traditional equity security. The risks of a particular hybrid security will depend upon the terms of the instrument, but may include the possibility of significant changes in the value of any applicable reference instrument. Hybrid securities potentially are more volatile than traditional equity securities. Hybrid instruments may carry credit risk of their issuer, as well as liquidity risk, since they often are “customized” to meet the needs of an issuer or a particular investor, and therefore the number of investors that buy such instruments in the secondary market may be small.

∎ Indexing risk. An underlying fund is operated as a passively managed index fund and, therefore, the adverse performance of a particular security necessarily will not result in the elimination of the security from the underlying fund’s portfolio. Ordinarily, the underlying fund’s adviser will not sell the underlying fund’s portfolio securities except to reflect additions or deletions of the securities that comprise the underlying fund’s underlying index, or as may be necessary to raise cash to pay underlying fund shareholders who sell underlying fund shares. As such, the underlying fund will be negatively affected by declines in the securities represented by its underlying index. Also, there is no guarantee that the underlying fund’s adviser will be able to correlate the underlying fund’s performance with that of its underlying index.

∎ Liquidity risk. An underlying fund may be unable to sell illiquid investments at the time or price it desires and, as a result, could lose its entire investment in such investments. Liquid securities can become illiquid during periods of market

stress. If a significant amount of the an underlying fund’s securities become illiquid, an underlying fund may not be able to timely pay redemption proceeds and may need to sell securities at significantly reduced prices.

∎ Management risk. An underlying fund is actively managed and depends heavily on an underlying fund’s adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for an underlying fund’s portfolio. An underlying fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of an underlying fund and, therefore, the ability of the underlying fund to achieve its investment objective.

∎ Market risk. The market values of an underlying fund’s investments, and therefore the value of an underlying fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by an underlying fund will rise in value.

∎ Market trading risk. An underlying exchange-traded fund faces numerous market trading risks, including the potential lack of an active market for its shares, losses from trading in secondary markets, and disruption in the creation/redemption process of an underlying fund. Any of these factors may lead to an underlying fund’s shares trading at a premium or discount to an underlying fund’s net asset value (NAV).

∎ MLP risk. An underlying fund invests in securities of MLPs, which are subject to the following risks:

– Limited partner risk. An MLP is a public limited partnership or limited liability company taxed as a partnership under the Code. Although the characteristics of MLPs closely resemble a traditional limited partnership, a major difference is that MLPs may trade on a public exchange or in the over-the-counter market. The risks of investing in an MLP are similar to

those of investing in a partnership, including more flexible governance structures, which could result in less protection for investors than investments in a corporation. Investors in an MLP normally would not be liable for the debts of the MLP beyond the amount that the investor has contributed but investors may not be shielded to the same extent that a shareholder of a corporation would be. In certain circumstances, creditors of an MLP would have the right to seek return of capital distributed to a limited partner, which right would continue after an investor sold its investment in the MLP.

– Liquidity risk. The ability to trade on a public exchange or in the over-the-counter market provides a certain amount of liquidity not found in many limited partnership investments. However, MLP interests may be less liquid than conventional publicly traded securities and, therefore, more difficult to trade at desirable times and/or prices.

– Interest rate risk. In addition, MLP distributions may be reduced by fees and other expenses incurred by the MLP. MLPs generally are considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns.

– General partner risk. The holder of the general partner or managing member interest can be liable in certain circumstances for amounts greater than the amount of the holder’s investment in the general partner or managing member.

Additionally, if an underlying fund were to invest more than 25% of its total assets in MLPs that are taxed as partnerships this could cause an underlying fund to lose its status as regulated investment company under Subchapter M of the Internal Revenue Code.

∎ MLP tax risk. MLPs taxed as partnerships do not pay US federal income tax at the partnership level. A change in current tax law, or a change in the underlying business mix of a given MLP, however, could result in an MLP being classified as a corporation for US federal income tax purposes, which would have the effect of reducing the amount of cash available for distribution by the MLP and could cause a reduction of the value of an underlying fund’s investment, and consequently the Fund’s investment in an underlying fund and lower income.

11 Invesco Income Allocation Fund

∎ Mortgage- and asset-backed securities risk. Mortgage- and asset-backed securities 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 an underlying fund reinvesting these early payments at lower interest rates, thereby reducing an underlying 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 an underlying fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool will adversely affect the value of mortgage-backed securities and will result in losses to an underlying fund. An underlying fund may invest in mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely payments on their mortgages. Privately issued mortgage-related securities are not subject to the same underwriting requirements as those with government or government-sponsored entity guarantees and, therefore, mortgage loans underlying privately issued mortgage-related securities may have less favorable collateral, credit risk or other underwriting characteristics, and wider variances in interest rate, term, size, purpose and borrower characteristics.

∎ Municipal securities risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and an underlying fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

∎ Non-correlation risk. The return of an underlying fund’s preferred equity segment may not match the return of the underlying index for a number of reasons. For example, an underlying fund incurs operating expenses not applicable to the underlying index, and incurs costs in buying and selling securities, especially when rebalancing securities holdings to reflect changes in the index. In addition, the performance of the preferred equity segment and the underlying index may vary due to asset valuation differences and differences between the preferred equity segment and the index resulting from legal restrictions, costs or liquidity constraints.

∎ Non-diversification risk. An underlying fund is non-diversified and can invest a greater portion of its 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.

∎ Preferred securities risk. 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.

∎ REIT risk/real estate risk. An underlying fund concentrates its investments in the securities of real estate and real estate related companies. Investments in real estate related instruments may be affected by economic, legal, cultural, environmental or technological factors that affect property values, rents or occupancies of real estate related to an underlying fund’s holdings. Shares of real estate related companies, which tend to be small- and mid-cap companies, may be more volatile and less liquid than larger companies. The value of investments in real estate related companies may be affected by the quality of management, the ability to repay loans, the utilization of leverage and financial covenants related thereto, whether the company carries adequate insurance and environmental factors. If a real estate related company defaults on certain types of debt obligations, an underlying fund may own real estate directly, which involves additional risks such as environmental liabilities; difficulty

in valuing and selling the real estate; and economic or regulatory changes.

∎ Risk of subordinated debt. Perpetual subordinated debt is a type of hybrid instrument that has no maturity date for the return of principal and does not need to be redeemed by the issuer. These investments typically have lower credit ratings and lower priority than other obligations of an issuer during bankruptcy, presenting a greater risk for nonpayment. This risk increases as the priority of the obligation becomes lower. Payments on these securities may be subordinated to all existing and future liabilities and obligations of subsidiaries and associated companies of an issuer. Additionally, some perpetual subordinated debt does not restrict the ability of an issuer’s subsidiaries to incur further unsecured indebtedness.

∎ Sampling risk. An underlying fund’s use of a representative sampling approach will result in its holding a smaller number of securities than are in its underlying index and in the underlying fund holding securities not included in its underlying index. As a result, an adverse development respecting an issuer of securities held by the underlying fund could result in a greater decline in the underlying fund’s NAV than would be the case if all of the securities in its underlying index were held. An underlying fund’s use of a representative sampling approach may also include the risk that it may not track the return of its underlying index as well as it would have if the underlying fund held all of the securities in its underlying index.

∎ Short position risk. Because an underlying fund’s potential loss on a short position arises from increases in the value of the asset sold short, the underlying fund will incur a loss on a short position, which is theoretically unlimited, if the price of the asset sold short increases from the short sale price. The counterparty to a short position or other market factors may prevent an underlying fund from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in a loss. In a rising market, an underlying fund’s short positions will cause the underlying fund to underperform the overall market and its peers that do not engage in shorting. If an underlying fund holds both long and short positions, and both positions decline simultaneously, the short positions will not provide any buffer (hedge) from declines in value of the    

12 Invesco Income Allocation Fund

underlying fund’s long positions. Certain types of short positions involve leverage, which may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of an underlying fund’s returns.

∎ Small- and mid-capitalization companies risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

∎ Subsidiary risk. By investing in the Subsidiary, an underlying fund is indirectly exposed to risks associated with the Subsidiary’s investments. The Subsidiary is not registered under the Investment Company Act of 1940, as amended (1940 Act), and, except as otherwise noted in this prospectus, is not subject to the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which an underlying fund and the Subsidiary, respectively, are organized, could result in the inability of an underlying fund and/or the Subsidiary to operate as described in this prospectus and the SAI, and could negatively affect an underlying fund and its shareholders.

∎ TBA transactions risk. TBA transactions involve the risk of loss if the securities received are less favorable than what was anticipated by an underlying fund when entering into the TBA transaction, or if the counterparty fails to deliver the securities. When an underlying fund enters into a short sale of a TBA mortgage it does not own, an underlying fund may have to purchase deliverable mortgages to settle the short sale at a higher price than anticipated, thereby causing a loss. As there is no limit on how much the price of mortgage securities can increase, an underlying fund’s exposure is unlimited. An underlying fund may not always be able to purchase mortgage securities to close out the short position at a particular time or at an acceptable price. In addition, taking short positions results in a form of leverage, which could increase the volatility of an underlying fund’s share price.

∎ US government obligations risk. Obligations of US government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the US government, which could affect an underlying fund’s ability to recover should they default. No assurance can be given that the US government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

∎ Valuation risk. Financial information related to securities of non-US issuers may be less reliable than information related to securities of US issuers, which may make it difficult to obtain a current price for a non-US security held by an underlying fund. In certain circumstances, market quotations may not be readily available for some underlying fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Underlying fund securities that are valued using techniques other than market quotations, including “fair valued” securities, 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. In addition, there is no assurance that an underlying fund could sell a portfolio security for the value established for it at any time, and it is possible that an underlying fund would incur a loss because a security is sold at a discount to its established value.

∎ Value investing style risk. A value investing style subjects an underlying fund to the risk that the valuations never improve or that the returns on value equity securities are less than returns on other styles of investing or the overall stock market.

∎ When-issued, delayed delivery and forward commitment risks. When-issued and delayed delivery transactions subject an underlying fund to market risk because the value or yield of a security at delivery may be more or less than the purchase price or yield generally available when delivery occurs, and counterparty risk because an underlying fund relies on the buyer or seller, as the case may be, to consummate the transaction. These transactions also have a leveraging effect on an underlying fund because an underlying fund commits to purchase securities that it does not have to pay for until a later date, which increases an underlying

fund’s overall investment exposure and, as a result, its volatility.

∎ Zero coupon or pay-in-kind securities risk. The value, interest rates, and liquidity of non-cash paying instruments, such as zero coupon and pay-in-kind securities, are subject to greater fluctuation than other types of securities. The higher yields and interest rates on pay-in-kind securities reflect the payment deferral and increased credit risk associated with such instruments and that such investments may represent a higher credit risk than loans that periodically pay interest.

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, created by Invesco to serve as a benchmark for Invesco Income Allocation Fund, is composed of the following indexes: Russell 3000 Index, MSCI EAFE Index, FTSE NAREIT Equity REITs Index and Bloomberg Barclays U.S. Universal Index. The composition of the index may change based on the Fund’s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective.

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

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

∎ The FTSE NAREIT Equity REITs Index is an unmanaged index considered representative of US REITs. The index is computed using the net return which withholds applicable taxes for non-resident investors.

∎ The Bloomberg Barclays U.S. Universal Index represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging

13 Invesco Income Allocation Fund

Markets Index and the non-ERISA portion of the CMBS 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.

Other information

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

14 Invesco Income Allocation Fund

Schedule of Investments

December 31, 2016

Invesco Income Allocation Fund

Schedule of Investments in Affiliated Issuers–100.04%^(a)

	% of Net Assets 12/31/16			Value 12/31/15		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 12/31/16		Value 12/31/16
Domestic Equity Funds–21.64%
Invesco Diversified Dividend Fund– Class R6		0.00	%	$	32,421,960	$	1,008,441	$	(32,964,620	)	$	(3,212,907	)	$	2,747,126		$	—		—	$	—
Invesco Dividend Income Fund–Class R6		13.78	%		60,863,967		13,805,106		(7,952,523	)		7,709,586			563,211			1,498,124		3,175,882		74,474,425
PowerShares Russell Top 200 Pure Value Portfolio–ETF		7.86	%		—		38,084,332		(5,183,307	)		9,016,070			536,540			1,226,030		1,235,554		42,453,635
Total Domestic Equity Funds					93,285,927		52,897,879		(46,100,450	)		13,512,749			3,846,877			2,724,154				116,928,060
Fixed-Income Funds–64.48%
Invesco Core Plus Bond Fund–Class R6		13.90	%		60,595,391		19,572,949		(5,856,521	)		1,055,204			(173,569	)		2,299,486		7,024,382		75,090,646
Invesco Corporate Bond Fund–Class R6		3.96	%		34,319,072		5,621,555		(19,080,444	)		1,866,997			(1,336,902	)		876,949		2,970,872		21,390,278
Invesco Floating Rate Fund–Class R6		6.95	%		28,260,269		9,954,971		(2,695,909	)		2,425,523			(395,543	)		1,637,864		4,960,279		37,549,311
Invesco High Yield Fund–Class R6		6.95	%		41,458,749		7,928,847		(13,090,104	)		2,777,958			(1,403,209	)		1,968,423		9,046,134		37,558,161
Invesco Multi-Asset Income Fund– Class R6(b)		9.41	%		55,534,477		9,702,204		(16,911,185	)		3,796,451			(1,273,344	)		2,428,563		4,870,556		50,848,603
Invesco Quality Income Fund–Class R5(c)		9.46	%		—		52,511,370		(431,639	)		(993,097	)		(904	)		1,473,383		4,231,166		51,085,730
Invesco Short Term Bond Fund–Class R6		0.00	%		20,195,697		136,682		(20,308,459	)		518,846			(542,766	)		55,662		—		—
Invesco World Bond Fund–Class R6(d)		0.00	%		20,054,861		165,763		(20,600,421	)		1,871,642			(1,491,845	)		—		—		—
PowerShares 1-30 Laddered Treasury Portfolio–ETF		3.96	%		—		22,666,851		—			(1,262,949	)		—			301,723		671,337		21,403,902
PowerShares Emerging Markets Sovereign Debt Portfolio–ETF		4.93	%		—		25,925,755		—			704,491			—			1,022,963		942,330		26,630,246
PowerShares Variable Rate Preferred Portfolio–ETF		4.96	%		—		25,536,116		—			1,262,156			—			1,039,388		1,088,918		26,798,272
Total Fixed-Income Funds					260,418,516		179,723,063		(98,974,682	)		14,023,222			(6,618,082	)		13,104,404				348,355,149
Foreign Equity Funds–5.96%
PowerShares International Dividend Achievers Portfolio–ETF		2.98	%		20,029,210		4,456,773		(8,830,776	)		2,909,702			(2,482,009	)		609,184		1,116,093		16,082,900
Power Shares S&P International Developed Low Voltaility Portfolio–ETF		2.98	%		—		15,922,373		—			187,695			—			575,064		566,060		16,110,068
Total Foreign Equity Funds					20,029,210		20,379,146		(8,830,776	)		3,097,397			(2,482,009	)		1,184,248				32,192,968
Real Estate Funds–6.96%
Invesco Global Real Estate Income Fund–Class R6		6.96	%		—		37,324,672		—			288,109			—			1,665,284		4,343,277		37,612,781
PowerShares Active U.S. Real Estate Fund–ETF		0.00	%		28,517,781		2,291,477		(28,604,128	)		(2,381,160	)		176,030			—		—		—
Total Real Estate Funds					28,517,781		39,616,149		(28,604,128	)		(2,093,051	)		176,030			1,665,284				37,612,781
Money Market Funds–1.00%
Government & Agency Portfolio–Institutional Class, 0.43%(g)		0.60	%		—		5,763,396		(2,507,316	)		—			—			2,708		3,256,080		3,256,080
Treasury Portfolio–Institutional Class, 0.37%(g)		0.40	%		—		3,842,264		(1,671,544	)		—			—			1,464		2,170,720		2,170,720
Total Money Market Funds					—		9,605,660		(4,178,860	)		—			—			4,172				5,426,800
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $519,236,163)		100.04	%	$	402,251,434	$	302,221,897	$	(186,688,896	)	$	28,540,317	(e)	$	(5,077,184	)(f)	$	18,682,262			$	540,515,758
OTHER ASSETS LESS LIABILITIES		(0.04	)%																			(213,435	)
NET ASSETS		100.00	%																		$	540,302,323

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)  Effective July 27, 2016, Invesco Premium Income Fund was renamed as Invesco Multi-Asset Income Fund.

^(c)  Effective June 20, 2016, Invesco U.S. Mortgage Fund was renamed as Invesco Quality Income Fund.

^(d)  Effective December 01, 2016, Invesco International Total Return Fund was renamed as Invesco World Bond Fund.

^(e)  Includes $114,080 of return of capital from Invesco High Yield Fund.

^(f)  Includes $514,922 and $102,808 of capital gains distributions from affiliated underlying funds for Invesco Dividend Income Fund and Invesco Core Plus Bond Fund, respectively.

^(g)  The rate shown is the 7-day SEC standardized yield as of December 31, 2016.

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

15                         Invesco Income Allocation Fund

Statement of Assets and Liabilities

December 31, 2016

Assets:
Investments in affiliated underlying funds, at value (Cost $519,236,163)	$	540,515,758
Receivable for:
Fund shares sold		4,774,883
Fund expenses absorbed		19,307
Investment for trustee deferred compensation and retirement plans		43,446
Other assets		61,883
Total assets		545,415,277
Liabilities:
Payable for:
Investments purchased — affiliated underlying funds		2,658,940
Fund shares reacquired		2,073,165
Accrued fees to affiliates		290,578
Accrued trustees’ and officers’ fees and benefits		190
Accrued other operating expenses		41,852
Trustee deferred compensation and retirement plans		48,229
Total liabilities		5,112,954
Net assets applicable to shares outstanding	$	540,302,323
Net assets consist of:
Shares of beneficial interest	$	528,833,329
Undistributed net investment income		2,017,094
Undistributed net realized gain (loss)		(11,827,695	)
Net unrealized appreciation		21,279,595
	$	540,302,323

Net Assets:
Class A	$	372,141,304
Class B	$	2,037,102
Class C	$	125,280,939
Class R	$	5,015,945
Class Y	$	35,002,398
Class R5	$	824,635
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		33,196,012
Class B		181,358
Class C		11,163,659
Class R		447,210
Class Y		3,122,626
Class R5		73,546
Class A:
Net asset value per share	$	11.21
Maximum offering price per share
(Net asset value of $11.21 ¸ 94.50%)	$	11.86
Class B:
Net asset value and offering price per share	$	11.23
Class C:
Net asset value and offering price per share	$	11.22
Class R:
Net asset value and offering price per share	$	11.22
Class Y:
Net asset value and offering price per share	$	11.21
Class R5:
Net asset value and offering price per share	$	11.21

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

16                         Invesco Income Allocation Fund

Statement of Operations

For the year ended December 31, 2016

Investment income:
Dividends from affiliated underlying funds	$	18,682,262
Other income		2,072
Total investment income		18,684,334
Expenses:
Administrative services fees		135,583
Custodian fees		9,488
Distribution fees:
Class A		837,295
Class B		24,312
Class C		1,143,324
Class R		19,718
Transfer agent fees — A, B, C, R and Y		599,770
Transfer agent fees — R5		870
Trustees’ and officers’ fees and benefits		25,725
Registration and filing fees		114,749
Reports to shareholders		56,923
Professional services fees		34,107
Other		19,721
Total expenses		3,021,585
Less: Expenses reimbursed and expense offset arrangement(s)		(997,363	)
Net expenses		2,024,222
Net investment income		16,660,112
Realized and unrealized gain (loss) from investments in affiliated underlying fund shares:
Net realized gain (loss) on sales of affiliated underlying fund shares		(5,694,914	)
Net realized gain from distributions of affiliated underlying fund shares		617,730
Net realized gain (loss) from affiliated underlying fund shares		(5,077,184	)
Change in net unrealized appreciation of affiliated underlying fund shares		28,540,317
Net gain from affiliated underlying funds		23,463,133
Net increase in net assets resulting from operations	$	40,123,245

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

17                         Invesco Income Allocation Fund

Statement of Changes in Net Assets

For the years ended December 31, 2016 and 2015

	2016			2015
Operations:
Net investment income	$	16,660,112		$	11,279,357
Net realized gain (loss)		(5,077,184	)		2,923,703
Change in net unrealized appreciation (depreciation)		28,540,317			(20,265,101	)
Net increase (decrease) in net assets resulting from operations		40,123,245			(6,062,041	)
Distributions to shareholders from net investment income:
Class A		(10,786,287	)		(8,897,636	)
Class B		(60,603	)		(98,438	)
Class C		(2,823,247	)		(2,545,325	)
Class R		(117,720	)		(99,747	)
Class Y		(840,367	)		(566,538	)
Class R5		(30,206	)		(41,948	)
Total distributions from net investment income		(14,658,430	)		(12,249,632	)
Distributions to shareholders from net realized gains:
Class A		(1,786,804	)		(275,692	)
Class B		(10,472	)		(2,927	)
Class C		(604,333	)		(99,230	)
Class R		(24,654	)		(2,987	)
Class Y		(163,653	)		(16,081	)
Class R5		(4,070	)		(850	)
Total distributions from net realized gains		(2,593,986	)		(397,767	)
Share transactions–net:
Class A		73,336,171			95,725,099
Class B		(986,779	)		(1,304,562	)
Class C		18,522,029			37,333,874
Class R		1,783,350			127,270
Class Y		19,395,146			1,297,512
Class R5		(64,705	)		30,033
Net increase in net assets resulting from share transactions		111,985,212			133,209,226
Net increase in net assets		134,856,041			114,499,786
Net assets:
Beginning of year		405,446,282			290,946,496
End of year (includes undistributed net investment income of $2,017,094 and $(45,041), respectively)	$	540,302,323		$	405,446,282

Notes to Financial Statements

December 31, 2016

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 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 consisting of seventeen separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or 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 PowerShares Capital Management LLC (“PowerShares Capital”), an affiliate of Invesco. Invesco and PowerShares 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.

18                         Invesco Income Allocation Fund

The Fund currently consists of six different classes of shares: Class A, Class B, Class C, Class R, Class Y and Class R5. 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 and 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 and Class R5 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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.

A. Security Valuations — Securities of investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in shares of funds that are not traded on an exchange are valued at the end-of-day net asset value per share of such fund. 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 (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales 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 by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Senior secured floating rate loans and senior secured floating rate debt securities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated 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.

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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. 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.

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 NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund 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 using procedures approved by the Board of Trustees. 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 approved 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 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 is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. 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

19                         Invesco Income Allocation Fund

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 economic conditions, interest rates, investor perceptions 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.

B. 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 the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. 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 Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

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

C. Distributions — Distributions from net investment income, if any, are declared 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.

D. 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.

E. 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 in Note 11.

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 are charged to such 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.

F. 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.

G. 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.

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 Fund does not pay an advisory fee. However, the Fund pays advisory fees to Invesco indirectly as a shareholder of the underlying 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. (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 April 30, 2018, 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 B, Class C, Class R, Class Y and Class R5 shares to 0.25%, 1.00%, 1.00%, 0.50%, 0.00% and 0.00%, respectively, of average daily net assets (the “expense limits”). In determining 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 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 the fee waiver agreement, it will terminate on April 30, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees.

20                         Invesco Income Allocation Fund

For the year ended December 31, 2016, the Adviser reimbursed fund level expenses of $396,722 and reimbursed class level expenses of $417,179, $3,029, $142,414, $4,912, $30,271 and $870 of Class A, Class B, Class C, Class R, Class Y and Class R5 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, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2016, 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 B, Class C, Class R, Class Y and Class R5 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 B, 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 B and Class C shares and 0.50% of the average daily net assets of Class R shares. 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, 2016, 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, 2016, IDI advised the Fund that IDI retained $295,180 in front-end sales commissions from the sale of Class A shares and $8,145, $1,117 and $6,756 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

The underlying Invesco funds pay no distribution fees for Class R6 and the Fund pays 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 or are unreliable. 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 Fund’s own 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, 2016, 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.

NOTE 4—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, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,966.

NOTE 5—Trustees’ and Officers’ Fees and Benefits

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

21                         Invesco Income Allocation Fund

NOTE 6—Cash Balances

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2016 and 2015:

	2016		2015
Ordinary income	$	14,670,798	$	12,181,962
Long-term capital gain		2,581,618		465,437
Total distributions	$	17,252,416	$	12,647,399

Tax Components of Net Assets at Period-End:

	2016
Undistributed ordinary income	$	2,063,986
Net unrealized appreciation — investments		13,631,850
Temporary book/tax differences		(46,894	)
Capital loss carryforward		(4,179,948	)
Shares of beneficial interest		528,833,329
Total net assets	$	540,302,323

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 difference is 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 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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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.

The Fund has a capital loss carryforward as of December 31, 2016, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	4,179,948	$	—	$	4,179,948

* 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 Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2016 was $292,616,237 and $182,510,035, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	18,715,091
Aggregate unrealized (depreciation) of investment securities		(5,083,241	)
Net unrealized appreciation of investment securities	$	13,631,850

Cost of investments for tax purposes is $526,883,908.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of real estate investment trust and distributions from underlying funds, on December 31, 2016, undistributed net investment income was increased by $60,453 and undistributed net realized gain (loss) was decreased by $60,453. This reclassification had no effect on the net assets of the Fund.

22                         Invesco Income Allocation Fund

NOTE 10—Share Information

	Summary of Share Activity
	Years ended December 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		13,487,878		$	149,016,802			12,066,509		$	133,475,957
Class B		34,495			382,647			49,607			552,721
Class C		5,003,251			55,440,617			5,812,260			64,474,057
Class R		223,894			2,487,511			78,488			870,330
Class Y		2,542,320			28,076,340			1,046,479			11,629,871
Class R5		31,419			344,822			69,392			777,546
Issued as reinvestment of dividends:
Class A		989,399			10,913,727			733,182			8,065,092
Class B		5,729			63,046			8,488			93,897
Class C		265,346			2,930,437			211,358			2,325,362
Class R		12,882			142,374			9,318			102,727
Class Y		69,307			766,956			37,633			414,299
Class R5		3,062			33,746			3,828			42,301
Automatic conversion of Class B shares to Class A shares:
Class A		89,076			973,564			100,671			1,115,749
Class B		(88,886	)		(973,564	)		(100,537	)		(1,115,749	)
Reacquired:
Class A		(7,887,261	)		(87,567,922	)		(4,257,866	)		(46,931,699	)
Class B		(41,765	)		(458,908	)		(75,081	)		(835,431	)
Class C		(3,603,448	)		(39,849,025	)		(2,669,671	)		(29,465,545	)
Class R		(76,211	)		(846,535	)		(75,840	)		(845,787	)
Class Y		(856,588	)		(9,448,150	)		(971,598	)		(10,746,658	)
Class R5		(40,638	)		(443,273	)		(72,370	)		(789,814	)
Net increase in share activity		10,163,261		$	111,985,212			12,004,250		$	133,209,226

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 59% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

23                         Invesco Income Allocation Fund

NOTE 11—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 12/31/16	$	10.66	$	0.40	$	0.56		$	0.96		$	(0.36	)	$	(0.05	)	$	(0.41	)	$	11.21		9.15	%	$	372,141		0.25	%(e)		0.46	%(e)		3.64	%(e)		38	%
Year ended 12/31/15		11.18		0.37		(0.48	)		(0.11	)		(0.40	)		(0.01	)		(0.41	)		10.66		(1.08	)		282,690		0.25			0.48			3.37			1
Year ended 12/31/14		10.69		0.38		0.51			0.89			(0.40	)		—			(0.40	)		11.18		8.44			199,834		0.25			0.52			3.42			4
Year ended 12/31/13		10.38		0.36		0.31			0.67			(0.36	)		—			(0.36	)		10.69		6.53			131,485		0.25			0.56			3.39			24
Year ended 12/31/12		9.62		0.40		0.72			1.12			(0.36	)		—			(0.36	)		10.38		11.83			85,518		0.26			0.63			3.96			20
Class B
Year ended 12/31/16		10.68		0.32		0.56			0.88			(0.28	)		(0.05	)		(0.33	)		11.23		8.32			2,037		1.00	(e)		1.21	(e)		2.89	(e)		38
Year ended 12/31/15		11.19		0.29		(0.48	)		(0.19	)		(0.31	)		(0.01	)		(0.32	)		10.68		(1.72	)		2,903		1.00			1.23			2.62			1
Year ended 12/31/14		10.70		0.30		0.51			0.81			(0.32	)		—			(0.32	)		11.19		7.63			4,357		1.00			1.27			2.67			4
Year ended 12/31/13		10.39		0.28		0.31			0.59			(0.28	)		—			(0.28	)		10.70		5.73			5,157		1.00			1.31			2.64			24
Year ended 12/31/12		9.63		0.32		0.72			1.04			(0.28	)		—			(0.28	)		10.39		10.98			5,980		1.01			1.38			3.21			20
Class C
Year ended 12/31/16		10.67		0.32		0.56			0.88			(0.28	)		(0.05	)		(0.33	)		11.22		8.33			125,281		1.00	(e)		1.21	(e)		2.89	(e)		38
Year ended 12/31/15		11.19		0.29		(0.49	)		(0.20	)		(0.31	)		(0.01	)		(0.32	)		10.67		(1.81	)		101,367		1.00			1.23			2.62			1
Year ended 12/31/14		10.70		0.30		0.51			0.81			(0.32	)		—			(0.32	)		11.19		7.63			68,771		1.00			1.27			2.67			4
Year ended 12/31/13		10.39		0.28		0.31			0.59			(0.28	)		—			(0.28	)		10.70		5.73			38,400		1.00			1.31			2.64			24
Year ended 12/31/12		9.63		0.32		0.72			1.04			(0.28	)		—			(0.28	)		10.39		10.98			23,814		1.01			1.38			3.21			20
Class R
Year ended 12/31/16		10.67		0.37		0.56			0.93			(0.33	)		(0.05	)		(0.38	)		11.22		8.87			5,016		0.50	(e)		0.71	(e)		3.39	(e)		38
Year ended 12/31/15		11.19		0.35		(0.49	)		(0.14	)		(0.37	)		(0.01	)		(0.38	)		10.67		(1.32	)		3,058		0.50			0.73			3.12			1
Year ended 12/31/14		10.69		0.35		0.52			0.87			(0.37	)		—			(0.37	)		11.19		8.26			3,073		0.50			0.77			3.17			4
Year ended 12/31/13		10.38		0.33		0.31			0.64			(0.33	)		—			(0.33	)		10.69		6.27			2,046		0.50			0.81			3.14			24
Year ended 12/31/12		9.62		0.38		0.72			1.10			(0.34	)		—			(0.34	)		10.38		11.55			1,899		0.51			0.88			3.71			20
Class Y
Year ended 12/31/16		10.66		0.43		0.56			0.99			(0.39	)		(0.05	)		(0.44	)		11.21		9.42			35,002		0.00	(e)		0.21	(e)		3.89	(e)		38
Year ended 12/31/15		11.18		0.40		(0.49	)		(0.09	)		(0.42	)		(0.01	)		(0.43	)		10.66		(0.83	)		14,578		0.00			0.23			3.62			1
Year ended 12/31/14		10.69		0.41		0.51			0.92			(0.43	)		—			(0.43	)		11.18		8.71			14,031		0.00			0.27			3.67			4
Year ended 12/31/13		10.38		0.38		0.31			0.69			(0.38	)		—			(0.38	)		10.69		6.80			2,697		0.00			0.31			3.64			24
Year ended 12/31/12		9.62		0.43		0.72			1.15			(0.39	)		—			(0.39	)		10.38		12.12			2,302		0.01			0.38			4.21			20
Class R5
Year ended 12/31/16		10.66		0.43		0.56			0.99			(0.39	)		(0.05	)		(0.44	)		11.21		9.42			825		0.00	(e)		0.18	(e)		3.89	(e)		38
Year ended 12/31/15		11.18		0.40		(0.49	)		(0.09	)		(0.42	)		(0.01	)		(0.43	)		10.66		(0.83	)		850		0.00			0.20			3.62			1
Year ended 12/31/14		10.69		0.41		0.51			0.92			(0.43	)		—			(0.43	)		11.18		8.71			882		0.00			0.23			3.67			4
Year ended 12/31/13		10.38		0.38		0.31			0.69			(0.38	)		—			(0.38	)		10.69		6.80			283		0.00			0.27			3.64			24
Year ended 12/31/12		9.62		0.43		0.72			1.15			(0.39	)		—			(0.39	)		10.38		12.12			227		0.01			0.30			4.21			20

^(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 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 0.58%, 0.62%, 0.62%, 0.60% and 0.65% for the years ended December 31, 2016, 2015, 2014, 2013 and 2012, respectively.

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

^(e)  Ratios are based on average daily net assets (000’s omitted) of $334,917, $2,431, $114,332, $3,943, $24,302 and $870 for Class A, Class B, Class C, Class R, Class Y, and Class R5 shares, respectively.

24                         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 the Invesco Income Allocation Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Invesco Income Allocation Fund (one of the portfolios constituting the AIM Growth Series (Invesco Growth Series), hereafter referred to as the “Fund”) as of December 31, 2016, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian, brokers and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

February 23, 2017

25                         Invesco Income 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 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, 2016, through December 31, 2016.

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (07/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/16)1		Expenses Paid During Period2		Ending Account Value (12/31/16)		Expenses Paid During Period2
A	$	1,000.00	$	1,023.60	$	1.27	$	1,023.88	$	1.27		0.25	%
B		1,000.00		1,019.80		5.08		1,020.11		5.08		1.00
C		1,000.00		1,018.80		5.07		1,020.11		5.08		1.00
R		1,000.00		1,022.30		2.54		1,022.62		2.54		0.50
Y		1,000.00		1,024.90		0.00		1,025.14		0.00		0.00
R5		1,000.00		1,024.90		0.00		1,025.14		0.00		0.00

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2016 through December 31, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

26                         Invesco Income Allocation Fund

Tax Information

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

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, 2016:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	2,581,618
Qualified Dividend Income*		15.49	%
Corporate Dividends Received Deduction*		10.24	%
U.S. Treasury Obligations*		3.11	%

27                         Invesco Income 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: 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)	144	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.	144	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

²  Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

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
Bruce L. Crockett — 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	144	Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company) Member of the Audit Committee, Ferroglobe PLC (metallurgical company) and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	144	Board member of the Illinois Manufacturers’ Association
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	144	Trustee, Evans Scholarship Foundation; Chairman of the Board, Denver Film Society
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	144	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	144	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	144	None
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	144	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	144	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	144	None
Other Officers
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A

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
Other Officers—(continued)
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, 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; Managing Director, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Karen Dunn Kelley — 1960 Senior Vice President	2004	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman and Director, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Invesco Mortgage Capital Inc.; Senior Vice President, The Invesco Funds Formerly: Director, Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as INVESCO Global Asset Management Limited) and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco AIM Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A

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
Other Officers—(continued)
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Distributor Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Auditors PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Income Allocation Fund

Explore High-Conviction Investing with Invesco

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-02699 and 002-57526                         INCAL-AR-1                                                 Invesco Distributors, Inc.

	Annual Report to Shareholders	December 31, 2016
	Invesco International Allocation Fund             Nasdaq: A: AINAX  ∎  B: INABX  ∎  C: INACX  ∎  R: RINAX  ∎  Y: AINYX  ∎  R5: INAIX

Letters to Shareholders

Philip Taylor Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. The reporting period began with significant stock market volatility in the US and abroad; this volatility was the result of investor uncertainty about global economic growth and monetary policy. After recovering, markets declined sharply following UK voters’ decision in June to leave the European Union. Relatively quickly, however, markets recovered, reaching record highs later in the summer. Demand was strong for income-producing investments, particularly those perceived to be lower risk; this benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally

positive during the reporting period, news overseas was less upbeat. The European Central Bank and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. After months of uncertainty, the surprise outcome of the US presidential election in November triggered a major stock market rally, with most market indexes reaching new record highs in December. As expected, the US Federal Reserve raised interest rates in December – its only rate increase during the reporting period and only its second increase since 2006. The Fed cited optimistic economic data for its decision, and Fed-watchers suggested that future rate increases might be announced more quickly than previously forecast.

Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for whatever returns the market has to offer. The investment professionals at Invesco, in contrast, invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco International Allocation Fund

Bruce Crockett Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: ∎  Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. ∎  Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎ Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

 I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

 As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco International Allocation Fund

Management’s Discussion of Fund Performance

Performance summary For the year ended December 31, 2016, Class A shares of Invesco International Allocation Fund (the Fund), at net asset value (NAV), had a positive return and outperformed the Fund’s broad market/style-specific index, the MSCI All Country World ex-U.S. Index.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/15 to 12/31/16, 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	6.03	%
Class B Shares	5.29
Class C Shares	5.29
Class R Shares	5.75
Class Y Shares	6.34
Class R5 Shares	6.52
MSCI All Country World ex-U.S. Indexq (Broad Market/Style-Specific Index)	4.50
Lipper International Multi-Cap Core Funds Index∎ (Peer Group Index)	3.13
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc.

Market conditions and your Fund

During the year ended December 31, 2016, the US economy continued to expand. US gross domestic product showed the US economy grew by 3.5% in the third quarter.¹ Employment data were mixed, with unemployment ending the year at 4.7%.² Oil prices traded in a range from the high $20s to the low $50s during the reporting period.³ Major US stock market indexes posted gains for the reporting period, with most major market indexes hitting record highs; however, the markets were fairly volatile during the first half of the year.

    Stocks began calendar year 2016 on a negative note, driven by investor concerns about economic weakness in China, falling oil prices and uncertainty over the US Federal Reserve’s (the Fed) monetary policy. Markets recovered in February and posted gains until June, when UK voters opted to leave the European Union, sending markets sharply lower. Markets again recovered, and major US equity indexes hit record highs during the summer. Following the outcome of the US presidential election, a stock market rally sent major US equity market indexes to new record highs. The rally was led by

financials, gaining on the belief that they might benefit from reduced federal regulation. The Fed raised interest rates by a quarter point in December 2016 – the only increase during the reporting period, leading non-US equities to trade lower.⁴ In particular, emerging markets declined due to currency weakness and the prospect of a less favorable trade environment following the US presidential election. Also in November, OPEC agreed to cut production for the first time in eight years, which helped support higher oil prices.

    In terms of global asset class and investment style performance during the reporting period, small-cap and value stocks posted positive performance. Energy and financials broadly outperformed all other sectors. Emerging markets, supported by the Fed’s delayed interest rate increases and a rally in commodities, outperformed their developed-market counterparts (excluding the US) – a reversal from previous years. Reflecting these trends, fundamentally-weighted factor-based strategies, which tend to perform well when value and small-cap stocks are in favor, contributed to Fund performance. Specifically, PowerShares

Portfolio Composition†
Asset Allocation*	% of Total Investments As of 12/31/2016
Emerging Markets		83.5 %
Developed Markets		16.5

* Excluding money market funds

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

Total Net Assets $ 141.2 million

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

Data presented here are as of December 31, 2016.

FTSE RAFI Developed Markets ex-U.S. Portfolio, PowerShares FTSE RAFI Emerging Markets Portfolio and PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio posted positive returns which added to Fund performance.

    The largest detractors from Fund performance reflect strategic changes that were made to underlying funds early in the reporting period to allow for increased use of factor-based investments and access to the growing breadth and depth of Invesco’s investment capabilities. Specifically, PowerShares International Dividend Achievers Portfolio and Invesco International Core Equity Fund were the largest detractors from Fund performance, as these funds posted negative returns and were trimmed as underlying holdings before equity markets recovered in February.

    The Fund trimmed positions in its existing holdings to establish positions in the following underlying funds during the reporting period: Invesco International Companies Fund, PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio, PowerShares FTSE RAFI Developed Markets ex-US Small-Mid Portfolio, PowerShares FTSE RAFI Emerging Markets Portfolio and PowerShares S&P International Developed Low Volatility Portfolio.

    We welcome new investors who joined the Fund during the year, and we thank you for your continued commitment to Invesco International Allocation Fund.

1  Source: Bureau of Economic Analysis

2  Source: Bureau of Labor Statistics

3  Source: Thompson-Reuters

4  Source: US Federal Reserve

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

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

4 Invesco International Allocation Fund

	Duy Nguyen Chartered Financial Analyst, Portfolio Manager and Chief Investment Officer of Invesco Global
Solutions Development and Implementation Team, is manager of Invesco International Allocation Fund. He joined Invesco in 2000. Mr. Nguyen earned a BBA from The University of Texas at Austin and an MS from the University of Houston.
	Jacob Borbidge Chartered Financial Analyst, Portfolio Manager and Head of Research, Invesco Global Solutions
Development and Implementation Team, is manager of Invesco International Allocation Fund. He joined Invesco in 2004. Mr. Borbidge earned a BS in mechanical engineering from Lehigh University and an MS in finance from the University of Houston.

Assisted by Invesco’s Global Solutions Development and Implementation Team    

5 Invesco International Allocation Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/06

1  Source: Lipper Inc.

2  Source: FactSet Research Systems Inc.

Past performance cannot guarantee comparable future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Results for Class B shares are calculated as if a hypothetical

shareholder had liquidated his entire investment in the Fund at the close of the reporting period and paid the contingent deferred sales charges, if applicable. 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6 Invesco International Allocation Fund

Average Annual Total Returns
As of 12/31/16, including maximum applicable sales charges
Class A Shares
Inception (10/31/05)	2.80%
10 Years	0.00
5 Years	2.72
1 Year	0.15
Class B Shares
Inception (10/31/05)	2.77%
10 Years	-0.04
5 Years	2.75
1 Year	0.29
Class C Shares
Inception (10/31/05)	2.55%
10 Years	-0.19
5 Years	3.11
1 Year	4.29
Class R Shares
Inception (10/31/05)	3.08%
10 Years	0.32
5 Years	3.64
1 Year	5.75
Class Y Shares
10 Years	0.77%
5 Years	4.15
1 Year	6.34
Class R5 Shares
Inception (10/31/05)	3.68%
10 Years	0.92
5 Years	4.36
1 Year	6.52

Class Y shares incepted on October 3, 2008. 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 comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y and Class R5 shares was 1.39%, 2.14%, 2.14%, 1.64%,

1.14% and 0.97%, respectively.¹ The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y and Class R5 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

1 The expense ratio includes acquired fund fees and expenses of the underlying funds in which the Fund invests of 0.73% for Invesco International Allocation Fund.

7 Invesco International Allocation Fund

Invesco International Allocation Fund’s investment objective is long-term growth of capital.

∎ Unless otherwise stated, information presented in this report is as of December 31, 2016, and is based on total net assets.

∎ Unless otherwise noted, all data provided by Invesco.

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

About share classes

∎ Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

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

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

∎ Class R5 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

∎ Allocation risk. The Fund’s investment performance depends, in part, on how its assets are allocated among the underlying funds or asset classes. The Adviser’s evaluations and assumptions regarding the asset classes or the underlying funds in which the Fund invests may be incorrect, causing the Fund to be invested (or not invested) in one or more asset classes or underlying funds at an inopportune time, which could negatively affect the Fund’s performance.

∎ Depositary receipts risk. Investing in depositary receipts involve the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. An underlying fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.

∎ Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset

(each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counter-party risk is the risk that the counter-party to the derivative contract will default on its obligation to pay an underlying fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in an underlying fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make an underlying fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and an underlying fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which an underlying fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact an underlying fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

∎ Dividend paying security risk. Securities that pay high dividends as a group can fall out of favor with the market, causing such companies to under-perform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in an underlying fund’s underlying index and the capital resources available for such companies’ dividend payments may affect an underlying fund.

∎ Emerging markets securities risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

∎ Exchange-traded fund industry concentration risk. In following its methodology, an underlying exchange-traded fund’s underlying index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector. To the extent that an underlying fund’s underlying index concentrates in the securities of issuers in a particular industry or sector, an underlying fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, an underlying fund faces more risks than if it were diversified broadly over numerous industries or sectors. Such industry-based risks, any of which may adversely affect the companies in which an underlying fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or sector may be out of favor and underperform other industries or the market as a whole.

∎ Exchange-traded funds risk. In addition to the risks associated with the underlying assets held by the exchange-traded

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    

8 Invesco International Allocation Fund

fund, investments in exchange-traded funds are subject to the following additional risks: (1) an exchange-traded fund’s shares may trade above or below its net asset value; (2) an active trading market for the exchange-traded fund’s shares may not develop or be maintained; (3) trading an exchange-traded fund’s shares may be halted by the listing exchange; (4) a passively-managed exchange-traded fund may not track the performance of the reference asset; and (5) a passively managed exchange-traded fund may hold troubled securities. Investment in exchange-traded funds may involve duplication of management fees and certain other expenses, as the Fund or an underlying fund indirectly bears its proportionate share of any expenses paid by the exchange-traded funds in which it invests. Further, certain exchange-traded funds in which the Fund or an underlying fund may invest are leveraged, which may result in economic leverage, permitting the Fund or an underlying fund to gain exposure that is greater than would be the case in an unlevered instrument, and potentially resulting in greater volatility.

∎ Financial services sector risk. An underlying fund may be susceptible to adverse economic or regulatory occurrences affecting the financial services sector. Financial services companies are subject to extensive government regulation and are disproportionately affected by unstable interest rates, each of which could adversely affect the profitability of such companies. Financial services companies may also have concentrated portfolios, which make them especially vulnerable to unstable economic conditions.

∎ Foreign securities risk. An underlying fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which an underlying fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless an underlying fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such

foreign currency (or other instruments through which an underlying fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ Fund of funds risk. The Fund’s performance depends on that of the underlying funds in which it invests. Accordingly, the risks associated with an investment in the Fund include the risks associated with investments in the underlying funds. The Fund will indirectly pay a proportional share of the fees and expenses of the underlying funds in which it invests. There are risks that the Fund will vary from its target weightings (if any) in the underlying funds, that the underlying funds will not achieve their investment objectives, that the underlying funds’ performance may be lower than their represented asset classes, and that the Fund may withdraw its investments in an underlying fund at a disadvantageous time.

∎ Geographic focus risk. An underlying fund may from time to time invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on an underlying fund’s investment performance.

∎ Growth investing risk. Growth stocks tend to be more expensive relative to the issuing company’s earnings or assets compared with other types of stock. As a result, they tend to be more sensitive to changes in, or investors’ expectations of, the issuing company’s earnings and can be more volatile.

∎ Indexing risk. An underlying fund is operated as a passively managed index fund and, therefore, the adverse performance of a particular security necessarily will not result in the elimination of the security from the underlying fund’s portfolio. Ordinarily, the underlying fund’s adviser will not sell the underlying fund’s portfolio securities except to reflect additions or deletions of the securities that comprise the underlying fund’s underlying index, or as may be necessary to raise cash to pay underlying fund shareholders who sell underlying fund shares. As such, the underlying fund will be negatively affected by declines in the securities represented by its underlying index. Also, there is no guarantee that the underlying

fund’s adviser will be able to correlate the underlying fund’s performance with that of its underlying index.

∎ Investing in the European Union risk. Investments in certain countries in the European Union are susceptible to high economic risks associated with high levels of debt, such as investments in sovereign debt of Greece, Italy and Spain. Efforts of the member states to further unify their economic and monetary policies may increase the potential for the downward movement of one member state’s market to cause a similar effect on other member states’ markets. Separately, the European Union faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the European Union, such as the United Kingdom (UK) which has announced its intention to exit, would place its currency and banking system in jeopardy. The exit by the UK or other member states will likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund’s investments.

∎ Management risk. An underlying fund is actively managed and depends heavily on an underlying fund’s adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for an underlying fund’s portfolio. An underlying fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of an underlying fund and, therefore, the ability of the underlying fund to achieve its investment objective.

∎ Market risk. The market values of an underlying fund’s investments, and therefore the value of an underlying fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by an underlying fund will rise in value.

9 Invesco International Allocation Fund

∎ Market trading risk. An underlying exchange-traded fund faces numerous market trading risks, including the potential lack of an active market for its shares, losses from trading in secondary markets, and disruption in the creation/redemption process of an underlying fund. Any of these factors may lead to an underlying fund’s shares trading at a premium or discount to an underlying fund’s net asset value (NAV).

∎ Non-diversification risk. An underlying fund is non-diversified and can invest a greater portion of its 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.

∎ Preferred securities risk. 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.

∎ Sampling risk. An underlying fund’s use of a representative sampling approach will result in its holding a smaller number of securities than are in its underlying index and in the underlying fund holding securities not included in its underlying index. As a result, an adverse development respecting an issuer of securities held by the underlying fund could result in a greater decline in the underlying fund’s NAV than would be the case if all of the securities in its underlying index were held. An underlying fund’s use of a representative sampling approach may also include the risk that it may not track the return of its underlying index as well as it would have if the underlying fund held all of the securities in its underlying index.

∎ Sector focus risk. An underlying fund may from time to time invest a significant amount of its assets (i.e. over 25%) in one market sector or group of related industries. In this event, an underlying fund’s performance will depend to a greater extent on the overall condition of the sector or group of industries and there is increased risk that an underlying fund will lose significant value if conditions adversely affect that sector or group of industries.

∎ Small- and mid-capitalization companies risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

∎ Unique economic and political risks of investing in Greater China. Investments in companies located or operating in Greater China involve risks not associated with investments in Western nations, such as nationalization, expropriation, or confiscation of property; difficulty in obtaining and/or enforcing judgments; alteration or discontinuation of economic reforms; military conflicts, either internal or with other countries; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole. Additionally, developing countries, such as those in Greater China, may subject an underlying fund’s investments to a number of tax rules, and the application of many of those rules may be uncertain. Moreover, China has implemented a number of tax reforms in recent years, and may amend or revise its existing tax laws and/or procedures in the future, possibly with retroactive effect. Changes in applicable Chinese tax law could reduce the after-tax profits of an underlying fund, directly or indirectly, including by reducing the after-tax profits of companies in China in which an underlying fund invests. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for an underlying fund.

∎ Value investing style risk. A value investing style subjects an underlying fund to the risk that the valuations never improve or that the returns on value equity securities are less than returns on other styles of investing or the overall stock market.

About indexes used in this report

∎ The MSCI All Country World ex-U.S. Index is an index considered representative of developed and emerging stock markets, excluding the US.

∎ The Lipper International Multi-Cap Core Funds Index is an unmanaged index considered representative of international multicap core 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.

Other information

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

10 Invesco International Allocation Fund

Schedule of Investments

December 31, 2016

Invesco International Allocation Fund

Schedule of Investments in Affiliated Issuers–99.99%^(a)

	% of Net Assets 12/31/16			Value 12/31/15		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 12/31/16		Value 12/31/16
Foreign Equity Funds–99.83%
Invesco Developing Markets Fund–Class R6		5.98	%	$	6,809,337	$	2,113,398	$	(2,067,747	)	$	1,648,706		$	(64,554	)	$	108,817		291,105	$	8,439,140
Invesco Emerging Market Equity Fund–Class R6		4.55	%		6,832,555		838,401		(1,656,920	)		857,247			(443,240	)		22,501		960,844		6,428,043
Invesco International Companies Fund–Class R6		5.01	%		—		7,325,674		(848,655	)		501,384			335,987			78,091		697,194		7,076,519
Invesco International Core Equity Fund–Class R6		17.92	%		47,746,358		891,060		(22,159,897	)		5,366,202			(6,541,460	)		528,244		2,468,513		25,302,263
Invesco International Growth Fund–Class R6		18.01	%		34,438,155		1,032,678		(9,049,960	)		(570,813	)		(422,008	)		427,639		826,391		25,428,052
Invesco International Small Company Fund–Class R6		6.04	%		15,264,062		1,070,285		(7,504,297	)		1,331,201			(1,132,056	)		223,434		557,198		8,530,702
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio–ETF		14.87	%		—		22,659,331		(4,466,606	)		2,384,750			416,204			725,458		559,086		20,993,679
PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio–ETF		7.01	%		—		10,223,971		(1,529,299	)		1,078,360			130,271			222,546		366,789		9,903,303
PowerShares FTSE RAFI Emerging Markets Portfolio–ETF		5.93	%		—		9,671,807		(4,142,348	)		2,016,422			835,136			184,530		461,764		8,381,017
PowerShares International Dividend Achievers Portfolio–ETF		6.99	%		41,378,301		2,015,371		(31,833,548	)		9,098,079			(10,784,802	)		403,027		685,177		9,873,401
PowerShares S&P International Developed Low Volatility Portfolio–ETF		7.52	%		—		10,899,707		(540,700	)		232,124			29,799			414,012		373,188		10,620,930
Total Foreign Equity Funds					152,468,768		68,741,683		(85,799,977	)		23,943,662			(17,640,723	)		3,338,299				140,977,049
Money Market Funds–0.16%
Government & Agency Portfolio–Institutional Class, 0.43%(c)		0.10	%		—		3,304,025		(3,166,582	)		—			—			237		137,443		137,443
Liquid Assets Portfolio–Institutional Class, 0.37%(c)		0.00	%		525,450		17,652,276		(18,177,726	)		—			81			1,291		—		—
Premier Portfolio–Institutional Class, 0.65%(c)		0.00	%		525,450		17,652,276		(18,177,726	)		—			—			1,157		—		—
Treasury Portfolio–Institutional Class, 0.37%(c)		0.06	%		—		2,207,373		(2,115,744	)		—			—			133		91,629		91,629
Total Money Market Funds					1,050,900		40,815,950		(41,637,778	)		—			81			2,818				229,072
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $126,855,197)		99.99	%	$	153,519,668	$	109,557,633	$	(127,437,755	)	$	23,943,662		$	(17,640,642	)(b)	$	3,341,117			$	141,206,121
OTHER ASSETS LESS LIABILITIES		0.01	%																			7,658
NET ASSETS		100.00	%																		$	141,213,779

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)  Includes $237,871, $498,493 and $81 of capital gains distributions from affiliated underlying funds for Invesco International Companies Fund, Invesco International Small Company Fund and Liquid Assets Portfolio, respectively.

^(c)  The rate shown is the 7-day SEC standardized yield as of December 31, 2016.

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

11                         Invesco International Allocation Fund

Statement of Assets and Liabilities

December 31, 2016

Assets:
Investments in affiliated underlying funds, at value (Cost $126,855,197)	$	141,206,121
Cash		94,483
Receivable for:
Investments sold		478,313
Fund shares sold		112,037
Dividends from affiliated underlying funds		155
Investment for trustee deferred compensation and retirement plans		58,019
Other assets		46,847
Total assets		141,995,975
Liabilities:
Payable for:
Investments purchased		94,483
Fund shares reacquired		480,771
Accrued fees to affiliates		109,821
Accrued trustees’ and officers’ fees and benefits		585
Accrued other operating expenses		31,150
Trustee deferred compensation and retirement plans		65,386
Total liabilities		782,196
Net assets applicable to shares outstanding	$	141,213,779
Net assets consist of:
Shares of beneficial interest	$	213,044,590
Undistributed net investment income		629,411
Undistributed net realized gain (loss)		(86,811,146	)
Net unrealized appreciation		14,350,924
	$	141,213,779

Net Assets:
Class A	$	100,698,291
Class B	$	1,163,120
Class C	$	21,890,177
Class R	$	4,360,952
Class Y	$	6,889,378
Class R5	$	6,211,861
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		10,098,620
Class B		116,402
Class C		2,190,793
Class R		436,948
Class Y		693,796
Class R5		623,852
Class A:
Net asset value per share	$	9.97
Maximum offering price per share
(Net asset value of $9.97 ¸ 94.50%)	$	10.55
Class B:
Net asset value and offering price per share	$	9.99
Class C:
Net asset value and offering price per share	$	9.99
Class R:
Net asset value and offering price per share	$	9.98
Class Y:
Net asset value and offering price per share	$	9.93
Class R5:
Net asset value and offering price per share	$	9.96

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

12                         Invesco International Allocation Fund

Statement of Operations

For the year ended December 31, 2016

Investment income:
Dividends from affiliated underlying funds	$	3,341,117
Other income		2,511
Total investment income		3,343,628
Expenses:
Administrative services fees		50,000
Custodian fees		7,229
Distribution fees:
Class A		262,592
Class B		16,336
Class C		226,708
Class R		24,535
Transfer agent fees — A, B, C, R and Y		414,033
Transfer agent fees — R5		5,980
Trustees’ and officers’ fees and benefits		22,105
Registration and filing fees		77,477
Reports to shareholders		35,862
Professional services fees		32,007
Other		14,883
Total expenses		1,189,747
Less: Expense offset arrangement(s)		(3,209	)
Net expenses		1,186,538
Net investment income		2,157,090
Realized and unrealized gain (loss) from investments in affiliated underlying fund shares
Net realized gain (loss) on sales of affiliated underlying fund shares		(18,377,087	)
Net realized gain from distributions of affiliated underlying fund shares		736,445
		(17,640,642	)
Change in net unrealized appreciation of affiliated underlying fund shares		23,943,662
Net gain from affiliated underlying funds		6,303,020
Net increase in net assets resulting from operations	$	8,460,110

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

13                         Invesco International Allocation Fund

Statement of Changes in Net Assets

For the years ended December 31, 2016 and 2015

	2016			2015
Operations:
Net investment income	$	2,157,090		$	2,185,735
Net realized gain (loss)		(17,640,642	)		(1,723,010	)
Change in net unrealized appreciation (depreciation)		23,943,662			(17,190,653	)
Net increase (decrease) in net assets resulting from operations		8,460,110			(16,727,928	)
Distributions to shareholders from net investment income:
Class A		(1,451,855	)		(1,557,579	)
Class B		(7,916	)		(13,100	)
Class C		(143,016	)		(129,408	)
Class R		(52,478	)		(57,615	)
Class Y		(117,859	)		(130,522	)
Class R5		(116,009	)		(114,279	)
Total distributions from net investment income		(1,889,133	)		(2,002,503	)
Share transactions–net:
Class A		(12,820,980	)		(6,561,228	)
Class B		(1,238,145	)		(2,672,336	)
Class C		(2,762,874	)		(1,347,346	)
Class R		(962,366	)		(544,357	)
Class Y		(803,290	)		913,228
Class R5		38,039			6,886,888
Net increase (decrease) in net assets resulting from share transactions		(18,549,616	)		(3,325,151	)
Net increase (decrease) in net assets		(11,978,639	)		(22,055,582	)
Net assets:
Beginning of year		153,192,418			175,248,000
End of year (includes undistributed net investment income of $629,411 and $123,503, respectively)	$	141,213,779		$	153,192,418

Notes to Financial Statements

December 31, 2016

NOTE 1—Significant Accounting Policies

Invesco International Allocation Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). 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 consisting of seventeen separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is long-term 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 PowerShares Capital Management LLC (“PowerShares Capital”), an affiliate of Invesco. Invesco and PowerShares 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 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 B, Class C, Class R, Class Y and Class R5. 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 and 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 and Class R5 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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.

14                         Invesco International Allocation Fund

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 of investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in shares of funds that are not traded on an exchange are valued at the end-of-day net asset value per share of such fund. 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 (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales 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 by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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. 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.

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 NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund 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 using procedures approved by the Board of Trustees. 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 approved 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 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 is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions 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.

B. 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 the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. 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.

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.

D. 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

15                         Invesco International Allocation Fund

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.

E. 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 in Note 11.

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 are charged to such 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.

F. 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.

G. 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.

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 Fund does not pay an advisory fee. However, the Fund pays advisory fees to Invesco indirectly as a shareholder of the underlying 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. (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 Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2017, 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 B, Class C, Class R, Class Y and Class R5 shares to 2.25%, 3.00%, 3.00%, 2.50%, 2.00% and 2.00%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of 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 the fee waiver agreement, it will terminate on June 30, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Trust has entered into 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, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2016, 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 B, Class C, Class R, Class Y and Class R5 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 B, 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 B and Class C shares and 0.50% of the average daily net assets of Class R shares. 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, 2016, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

16                         Invesco International Allocation Fund

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, 2016, IDI advised the Fund that IDI retained $33,342 in front-end sales commissions from the sale of Class A shares and $1,996, $591 and $625 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

The underlying Invesco mutual funds pay no distribution fees for Class R6 and the Fund pays 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 or are unreliable. 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 Fund’s own 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, 2016, 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.

NOTE 4—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, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,209.

NOTE 5—Trustees’ and Officers’ Fees and Benefits

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

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, 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.

17                         Invesco International Allocation Fund

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, 2016 and 2015:

	2016		2015
Ordinary income	$	1,889,133	$	2,002,503

Tax Components of Net Assets at Period-End:

	2016
Undistributed ordinary income	$	693,594
Net unrealized appreciation (depreciation) — investments		(5,660,886	)
Temporary book/tax differences		(64,183	)
Capital loss carryforward		(66,799,336	)
Shares of beneficial interest		213,044,590
Total net assets	$	141,213,779

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.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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.

The Fund has a capital loss carryforward as of December 31, 2016, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
December 31, 2017	$	23,283,288	$	—	$	23,283,288
December 31, 2018		9,317,140		—		9,317,140
Not subject to expiration		—		34,198,908		34,198,908
	$	32,600,428	$	34,198,908	$	66,799,336

* 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 Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2016 was $68,741,684 and $85,799,977, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	15,520,680
Aggregate unrealized (depreciation) of investment securities		(21,181,566	)
Net unrealized appreciation (depreciation) of investment securities	$	(5,660,886	)

Cost of investments for tax purposes is $146,867,007.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of expired capital loss carryforward, on December 31, 2016, undistributed net investment income was increased by $237,951, undistributed net realized gain (loss) was increased by $26,884,590 and shares of beneficial interest was decreased by $27,122,541. This reclassification had no effect on the net assets of the Fund.

18                         Invesco International Allocation Fund

NOTE 10—Share Information

	Summary of Share Activity
	Years ended December 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		1,381,909		$	13,328,295			1,857,510		$	19,514,176
Class B		8,550			81,414			8,517			90,550
Class C		285,095			2,770,800			409,280			4,341,493
Class R		92,667			907,099			115,102			1,220,526
Class Y		491,952			4,883,477			337,200			3,523,977
Class R5		102,752			998,236			816,886			9,039,612
Issued as reinvestment of dividends:
Class A		138,116			1,367,350			150,487			1,444,677
Class B		758			7,531			1,285			12,364
Class C		12,320			122,342			11,950			114,962
Class R		5,295			52,478			5,978			57,451
Class Y		9,386			92,541			10,895			104,154
Class R5		11,664			115,355			11,850			113,637
Automatic conversion of Class B shares to Class A shares:
Class A		99,610			964,895			176,588			1,910,650
Class B		(99,742	)		(964,895	)		(176,962	)		(1,910,650	)
Reacquired:
Class A		(2,924,424	)		(28,481,520	)		(2,798,673	)		(29,430,731	)
Class B		(38,417	)		(362,195	)		(80,910	)		(864,600	)
Class C		(582,816	)		(5,656,016	)		(552,222	)		(5,803,801	)
Class R		(195,263	)		(1,921,943	)		(172,278	)		(1,822,334	)
Class Y		(585,036	)		(5,779,308	)		(260,196	)		(2,714,903	)
Class R5		(111,389	)		(1,075,552	)		(211,820	)		(2,266,361	)
Net increase (decrease) in share activity		(1,897,013	)	$	(18,549,616	)		(339,533	)	$	(3,325,151	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 38% 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.

19                         Invesco International Allocation Fund

NOTE 11—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			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 12/31/16	$	9.54	$	0.15	$	0.42		$	0.57		$	(0.14	)	$	9.97		6.03	%	$	100,698		0.70	%(e)		0.70	%(e)		1.56	%(e)		47	%
Year ended 12/31/15		10.69		0.15		(1.16	)		(1.01	)		(0.14	)		9.54		(9.48	)		108,787		0.66			0.66			1.37			9
Year ended 12/31/14		11.07		0.16		(0.36	)		(0.20	)		(0.18	)		10.69		(1.78	)		128,452		0.63			0.63			1.46			12
Year ended 12/31/13		9.94		0.14		1.15			1.29			(0.16	)		11.07		13.02			136,055		0.64			0.64			1.36			8
Year ended 12/31/12		9.07		0.14		1.09			1.23			(0.36	)		9.94		13.62			125,566		0.60			0.68			1.42			6
Class B
Year ended 12/31/16		9.56		0.08		0.42			0.50			(0.07	)		9.99		5.18			1,163		1.45	(e)		1.45	(e)		0.81	(e)		47
Year ended 12/31/15		10.69		0.07		(1.15	)		(1.08	)		(0.05	)		9.56		(10.08	)		2,343		1.41			1.41			0.62			9
Year ended 12/31/14		11.06		0.08		(0.36	)		(0.28	)		(0.09	)		10.69		(2.52	)		5,276		1.38			1.38			0.71			12
Year ended 12/31/13		9.94		0.06		1.14			1.20			(0.08	)		11.06		12.09			8,974		1.39			1.39			0.61			8
Year ended 12/31/12		8.98		0.06		1.08			1.14			(0.18	)		9.94		12.78			10,606		1.35			1.43			0.67			6
Class C
Year ended 12/31/16		9.55		0.08		0.43			0.51			(0.07	)		9.99		5.29			21,890		1.45	(e)		1.45	(e)		0.81	(e)		47
Year ended 12/31/15		10.69		0.07		(1.16	)		(1.09	)		(0.05	)		9.55		(10.18	)		23,659		1.41			1.41			0.62			9
Year ended 12/31/14		11.06		0.08		(0.36	)		(0.28	)		(0.09	)		10.69		(2.52	)		27,874		1.38			1.38			0.71			12
Year ended 12/31/13		9.94		0.06		1.14			1.20			(0.08	)		11.06		12.09			30,241		1.39			1.39			0.61			8
Year ended 12/31/12		8.98		0.06		1.08			1.14			(0.18	)		9.94		12.78			27,929		1.35			1.43			0.67			6
Class R
Year ended 12/31/16		9.55		0.13		0.42			0.55			(0.12	)		9.98		5.75			4,361		0.95	(e)		0.95	(e)		1.31	(e)		47
Year ended 12/31/15		10.69		0.12		(1.15	)		(1.03	)		(0.11	)		9.55		(9.65	)		5,100		0.91			0.91			1.12			9
Year ended 12/31/14		11.07		0.14		(0.37	)		(0.23	)		(0.15	)		10.69		(2.05	)		6,260		0.88			0.88			1.21			12
Year ended 12/31/13		9.94		0.12		1.14			1.26			(0.13	)		11.07		12.74			6,412		0.89			0.89			1.11			8
Year ended 12/31/12		9.04		0.11		1.09			1.20			(0.30	)		9.94		13.35			5,554		0.85			0.93			1.17			6
Class Y
Year ended 12/31/16		9.50		0.18		0.42			0.60			(0.17	)		9.93		6.34			6,889		0.45	(e)		0.45	(e)		1.81	(e)		47
Year ended 12/31/15		10.65		0.17		(1.15	)		(0.98	)		(0.17	)		9.50		(9.25	)		7,388		0.41			0.41			1.62			9
Year ended 12/31/14		11.03		0.19		(0.36	)		(0.17	)		(0.21	)		10.65		(1.52	)		7,345		0.38			0.38			1.71			12
Year ended 12/31/13		9.91		0.17		1.13			1.30			(0.18	)		11.03		13.23			7,959		0.39			0.39			1.61			8
Year ended 12/31/12		9.07		0.16		1.09			1.25			(0.41	)		9.91		13.90			6,732		0.35			0.43			1.67			6
Class R5
Year ended 12/31/16		9.53		0.20		0.42			0.62			(0.19	)		9.96		6.52			6,212		0.26	(e)		0.26	(e)		2.00	(e)		47
Year ended 12/31/15		10.68		0.19		(1.15	)		(0.96	)		(0.19	)		9.53		(9.04	)		5,915		0.24			0.24			1.79			9
Year ended 12/31/14		11.07		0.23		(0.38	)		(0.15	)		(0.24	)		10.68		(1.35	)		42		0.17			0.17			1.92			12
Year ended 12/31/13		9.94		0.19		1.15			1.34			(0.21	)		11.07		13.52			1,188		0.18			0.18			1.82			8
Year ended 12/31/12		9.10		0.17		1.11			1.28			(0.44	)		9.94		14.09			274		0.21			0.22			1.81			6

^(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 were 0.77%, 0.81%, 0.88%, 0.88% and 0.88% for the years ended December 31, 2016, December 31, 2015, December 31, 2014, December 31, 2013 and December 31, 2012, respectively.

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

^(e)  Ratios are based on average daily net assets (000’s omitted) of $105,037, $1,633, $22,671, $4,907, $7,583 and $5,978 for Class A, Class B, Class C, Class R, Class Y and Class R5 shares, respectively.

20                         Invesco International Allocation Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series)

and Shareholders of the Invesco International Allocation Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Invesco International Allocation Fund (one of the portfolios constituting the AIM Growth Series (Invesco Growth Series), hereafter referred to as the “Fund”) as of December 31, 2016, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

February 23, 2017

21                         Invesco International 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 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, 2016, through December 31, 2016.

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (07/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/16)1		Expenses Paid During Period2		Ending Account Value (12/31/16)		Expenses Paid During Period2
A	$	1,000.00	$	1,040.70	$	3.54	$	1,021.67	$	3.51		0.69	%
B		1,000.00		1,036.70		7.37		1,017.90		7.30		1.44
C		1,000.00		1,036.70		7.37		1,017.90		7.30		1.44
R		1,000.00		1,040.00		4.82		1,020.41		4.77		0.94
Y		1,000.00		1,042.50		2.26		1,022.92		2.24		0.44
R5		1,000.00		1,043.30		1.34		1,023.83		1.32		0.26

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2016 through December 31, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

22                         Invesco International 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 advisors.

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, 2016:

Federal and State Income Tax
Qualified Dividend Income*	100	%
Corporate Dividends Received Deduction*	0	%
U.S. Treasury Obligations*	0	%

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

23                         Invesco International Allocation Fund

Trustees and Officers—(continued)

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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: 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)	144	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.	144	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

²  Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

T-1                         Invesco International 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
Bruce L. Crockett — 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	144	Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company) Member of the Audit Committee, Ferroglobe PLC (metallurgical company) and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	144	Board member of the Illinois Manufacturers’ Association
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	144	Trustee, Evans Scholarship Foundation; Chairman of the Board, Denver Film Society
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	144	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	144	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	144	None
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	144	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	144	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	144	None
Other Officers
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A

T-2                         Invesco International 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
Other Officers—(continued)
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, 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; Managing Director, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Karen Dunn Kelley — 1960 Senior Vice President	2004	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman and Director, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Invesco Mortgage Capital Inc.; Senior Vice President, The Invesco Funds Formerly: Director, Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as INVESCO Global Asset Management Limited) and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco AIM Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A

T-3                         Invesco International 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
Other Officers—(continued)
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Distributor Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Auditors PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco International Allocation Fund

Explore High-Conviction Investing with Invesco

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-02699 and 002-57526                             INTAL-AR-1                                      Invesco Distributors, Inc.

	Annual Report to Shareholders	December 31, 2016
	Invesco Mid Cap Core Equity Fund Nasdaq: A: GTAGX ◾ B: GTABX ◾ C: GTACX  ◾ R: GTARX ◾ Y: GTAYX  ◾ R5: GTAVX ◾ R6: GTAFX

Letters to Shareholders

Philip Taylor Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. The reporting period began with significant stock market volatility in the US and abroad; this volatility was the result of investor uncertainty about global economic growth and monetary policy. After recovering, markets declined sharply following UK voters’ decision in June to leave the European Union. Relatively quickly, however, markets recovered, reaching record highs later in the summer. Demand was strong for income-producing investments, particularly those perceived to be lower risk; this benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive during the reporting period, news overseas was less upbeat. The European Central

Bank and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. After months of uncertainty, the surprise outcome of the US presidential election in November triggered a major stock market rally, with most market indexes reaching new record highs in December. As expected, the US Federal Reserve raised interest rates in December – its only rate increase during the reporting period and only its second increase since 2006. The Fed cited optimistic economic data for its decision, and Fed-watchers suggested that future rate increases might be announced more quickly than previously forecast.

Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for whatever returns the market has to offer. The investment professionals at Invesco, in contrast, invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco Mid Cap Core Equity Fund

Bruce Crockett Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: ∎  Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. ∎  Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎ Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

 I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

 As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Mid Cap Core Equity Fund

Management’s Discussion of Fund Performance

Performance summary For the year ended December 31, 2016, Class A shares of Invesco Mid Cap Core Equity Fund (the Fund), at net asset value (NAV), underperformed the Russell Midcap Index, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/15 to 12/31/16, 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	12.00	%
Class B Shares	11.18
Class C Shares	11.23
Class R Shares	11.75
Class Y Shares	12.31
Class R5 Shares	12.42
Class R6 Shares	12.51
S&P 500 Indexq (Broad Market Index)	11.96
Russell Midcap Indexq (Style-Specific Index)	13.80
Lipper Mid-Cap Core Funds Index∎ (Peer Group Index)	15.94
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc.

Market conditions and your Fund

During the year ended December 31, 2016, the US economy continued to expand. US gross domestic product (GDP) showed the US economy grew by 3.5% in the third quarter.¹ However, annualized GDP is expected to be much lower. Employment data were mixed, with unemployment ending the year at 4.7%.² Oil prices traded in a range from the high $20s to the low $50s during the reporting period.³

Major US stock market indexes posted gains for the reporting period, with most major market indexes hitting record highs; however, the markets were fairly volatile during the first half of the year. Stocks began calendar year 2016 on a negative note, driven by investor concerns about economic weakness in China, falling oil prices and uncertainty over the US Federal Reserve’s (the Fed) monetary policy. Markets recovered in February and posted

gains until June, when UK voters opted to leave the European Union, sending markets sharply lower. Markets again recovered, and major US equity indexes hit record highs during the summer. Following the surprise outcome of the US presidential election, a stock market rally sent major equity indexes to new record highs. The rally was led by financials, gaining on the belief that they might benefit from reduced federal regulation. In November, OPEC agreed to cut production for the first time in eight years, which helped support higher oil prices. The Fed raised interest rates by a quarter point in December 2016 – its only increase during the reporting period.⁴

During the year, stock selection in the energy, industrials and information technology (IT) sectors benefited Fund performance relative to the Fund’s style-specific benchmark. The largest detractors from Fund performance included stock

selection in the consumer discretionary, financials, health care, materials and real estate sectors.

    One of the most significant contributors to Fund performance was First Republic Bank. The company experienced solid gains for the year, reporting strong operational execution, growth, as well as increases in its loans and deposit balances. Within the IT sector, Linear Technology also contributed to Fund performance. The company’s stock price rose upon the news of an acquisition offer from ADI (not a fund holding). In addition, Nordson, an industrial machinery company, gained on better-than-expected earnings boosted by increases in sales of its advanced technology systems segment.

    The largest detractor from Fund performance relative to the Russell Midcap Index was Endo International. The company struggled as the result of an investigation into its suspected price collusion with other generic pharmaceutical companies. We sold our position in Endo International before the close of the reporting period. St. James’s Place hampered Fund performance based on increased competition and news of possible pension changes affecting clients. Cardinal Health also detracted from Fund performance due to an investigation into suspected price collusion with other generic pharmaceutical companies, as well as rising competition.

    During the reporting period, our largest overweight position relative to the Russell Midcap Index was in the financials sector. The Fund also had a slight overweight position in the IT sector. The largest underweight positions were in the consumer discretionary, consumer staples, health care, real estate and utilities sectors.

Portfolio Composition
By sector	% of total net assets
Financials		19.4%
Information Technology		18.4
Consumer Discretionary		11.4
Energy		8.6
Health Care		7.8
Industrials		7.7
Materials		6.1
Real Estate		3.7
Utilities		2.0
Consumer Staples		1.1
Money Market Funds Plus Other Assets Less Liabilities		13.8

Top 10 Equity Holdings*
	% of total net assets
1.	First Republic Bank	4.2%
2.	Linear Technology Corp.	3.3
3.	Amphenol Corp.-Class A	3.2
4.	Teradyne, Inc.	3.2
5.	Progressive Corp. (The)	2.9
6.	St. James’s Place PLC	2.5
7.	Brown & Brown, Inc.	2.5
8.	Jack Henry & Associates, Inc.	2.4
9.	Xilinx, Inc.	2.3
10.	International Flavors & Fragrances Inc.	2.3

Total Net Assets	$1.2 billion
Total Number of Holdings*	51

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.

Data presented here are as of December 31, 2016.

4 Invesco Mid Cap Core Equity Fund

As always, the Fund focuses on companies that provide an attractive return on invested capital, trade at attractive valuations and have management teams with a long-term perspective. In short, we seek to take advantage of the market’s volatile behavior and short-term focus. We believe our conservative approach should position the Fund to navigate the evolving economic backdrop.

We thank you for your continued investment in Invesco Mid Cap Core Equity Fund.

1  Source: Bureau of Economic Analysis

2  Source: Bureau of Labor Statistics

3  Source: Thompson-Reuters

4  Source: US Federal Reserve

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

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

	Ronald Sloan Chartered Financial Analyst, Portfolio Manager and Chief Investment Officer of Invesco’s global core equity team, is
lead manager of Invesco Mid Cap Core Equity Fund. He joined Invesco in 1998. Mr. Sloan earned a BS in business administration and an MBA from the University of Missouri.

	Brian Nelson Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Mid Cap Core Equity Fund. He joined Invesco in
2004. Mr. Nelson earned a BA from the University of California, Santa Barbara.

Assisted by Invesco’s Global Core Equity Team

5 Invesco Mid Cap Core Equity Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/06

1  Source: FactSet Research Systems Inc.

2  Source: Lipper Inc.

Past performance cannot guarantee comparable 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

continued from page 8

About indexes used in this report

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

∎ 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 Lipper Mid-Cap Core Funds Index is an unmanaged index considered representative of mid-cap core 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.

Other information

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

∎ Industry 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.

6 Invesco Mid Cap Core Equity Fund

Average Annual Total Returns
As of 12/31/16, including maximum applicable  sales charges
Class A Shares
Inception (6/9/87)	10.12	%
10 Years	5.15
5 Years	8.58
1 Year	5.84
Class B Shares
Inception (4/1/93)	9.54	%
10 Years	5.11
5 Years	8.76
1 Year	6.36
Class C Shares
Inception (5/3/99)	7.66	%
10 Years	4.96
5 Years	9.01
1 Year	10.27
Class R Shares
Inception (6/3/02)	6.55	%
10 Years	5.48
5 Years	9.55
1 Year	11.75
Class Y Shares
10 Years	5.96	%
5 Years	10.09
1 Year	12.31
Class R5 Shares
Inception (3/15/02)	7.02	%
10 Years	6.16
5 Years	10.22
1 Year	12.42
Class R6 Shares
10 Years	5.96	%
5 Years	10.25
1 Year	12.51

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

Class R6 shares incepted on September 24, 2012. 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 comparable 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. Investment return and principal

value will fluctuate so that you may have a gain or loss when you sell shares.

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.21%, 1.96%, 1.96%, 1.46%, 0.96%, 0.83% and 0.74%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.23%, 1.98%, 1.98%, 1.48%, 0.98%, 0.85% and 0.76%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. 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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2018. See current prospectus for more information.

7 Invesco Mid Cap Core Equity Fund

Invesco Mid Cap Core Equity Fund’s investment objective is long-term growth of capital.

∎ Unless otherwise stated, information presented in this report is as of December 31, 2016, and is based on total net assets.

∎ Unless otherwise noted, all data provided by Invesco.

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

About share classes

∎ Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

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

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

∎ Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

∎ Cash/cash equivalents risk. In rising markets, holding cash or cash equivalents will negatively affect the Fund’s performance relative to its benchmark.

∎ Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative

instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

∎ Emerging markets securities risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

∎ Foreign securities risk. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental

restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

∎ Mid-capitalization companies risk. Mid-capitalization companies tend to be more vulnerable to changing market conditions and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities maybe more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

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      continued on page 6

8 Invesco Mid Cap Core Equity Fund

Schedule of Investments^(a)

December 31, 2016

	Shares		Value
Common Stocks & Other Equity Interests–86.24%
Advertising–1.26%
Publicis Groupe S.A. (France)		228,188	$	15,743,752
Apparel, Accessories & Luxury Goods–2.69%
Hanesbrands, Inc.		596,018		12,856,108
PVH Corp.		228,807		20,647,544
				33,503,652
Application Software–0.97%
Synopsys, Inc.(b)		204,348		12,027,923
Asset Management & Custody Banks–1.35%
Northern Trust Corp.		188,365		16,773,903
Automotive Retail–1.30%
Advance Auto Parts, Inc.		95,572		16,163,137
Biotechnology–1.45%
United Therapeutics Corp.(b)		126,407		18,130,556
Construction Machinery & Heavy Trucks–1.28%
Allison Transmission Holdings, Inc.		472,196		15,908,283
Data Processing & Outsourced Services–2.44%
Jack Henry & Associates, Inc.		343,015		30,452,872
Electronic Components–3.19%
Amphenol Corp.–Class A		592,156		39,792,883
Electronic Equipment & Instruments–1.99%
FLIR Systems, Inc.		684,656		24,777,701
Environmental & Facilities Services–1.85%
Republic Services, Inc.		404,290		23,064,744
Financial Exchanges & Data–1.81%
Moody’s Corp.		239,062		22,536,375
Health Care Distributors–1.15%
Cardinal Health, Inc.		198,555		14,290,003
Health Care Equipment–2.05%
ResMed Inc.		208,947		12,965,161
Wright Medical Group N.V.(b)		547,213		12,574,955
				25,540,116
Health Care Facilities–0.35%
Tenet Healthcare Corp.(b)		292,206		4,336,337
Home Furnishings–1.18%
Mohawk Industries, Inc.(b)		73,464		14,669,291
Homebuilding–1.61%
D.R. Horton, Inc.		732,228		20,011,791
Household Appliances–1.88%
Whirlpool Corp.		128,932		23,435,970

	Shares		Value
Housewares & Specialties–1.53%
Newell Brands, Inc.		426,140	$	19,027,151
Industrial Machinery–4.55%
Dover Corp.		273,428		20,487,960
Nordson Corp.		131,579		14,743,427
Stanley Black & Decker Inc.		187,422		21,495,429
				56,726,816
Insurance Brokers–2.50%
Brown & Brown, Inc.		694,966		31,176,175
IT Consulting & Other Services–1.02%
EPAM Systems, Inc.(b)		198,247		12,749,265
Life & Health Insurance–4.61%
St. James’s Place PLC (United Kingdom)		2,522,030		31,377,502
Torchmark Corp.		354,014		26,112,073
				57,489,575
Life Sciences Tools & Services–1.89%
Agilent Technologies, Inc.		516,183		23,517,297
Multi-Utilities–2.03%
CMS Energy Corp.		307,430		12,795,237
WEC Energy Group, Inc.		214,110		12,557,551
				25,352,788
Office REIT’s–1.84%
Boston Properties, Inc.		182,452		22,948,812
Oil & Gas Equipment & Services–2.46%
Core Laboratories N.V.		145,678		17,487,187
Tenaris S.A.–ADR (Luxembourg)		369,953		13,211,022
				30,698,209
Oil & Gas Exploration & Production–6.10%
Concho Resources Inc.(b)		140,951		18,690,103
Range Resources Corp.		571,247		19,628,047
Seven Generations Energy Ltd.–Class A (Canada)(b)		592,368		13,811,700
Vermilion Energy, Inc. (Canada)		566,580		23,834,460
				75,964,310
Packaged Foods & Meats–1.15%
JM Smucker Co. (The)		111,668		14,300,204
Paper Packaging–1.22%
Packaging Corp. of America		178,672		15,154,959
Pharmaceuticals–0.92%
Perrigo Co. PLC		138,325		11,512,790
Property & Casualty Insurance–5.02%
Arch Capital Group Ltd.(b)		306,819		26,475,412
Progressive Corp. (The)		1,016,939		36,101,334
				62,576,746

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

9                         Invesco Mid Cap Core Equity Fund

	Shares		Value
Regional Banks–4.15%
First Republic Bank		561,720	$	51,756,881
Retail REIT’s–1.81%
General Growth Properties, Inc.		902,749		22,550,670
Semiconductor Equipment–3.18%
Teradyne, Inc.		1,557,706		39,565,732
Semiconductors–5.62%
Linear Technology Corp.		654,001		40,776,962
Xilinx, Inc.		484,150		29,228,136
				70,005,098
Specialty Chemicals–4.84%
Albemarle Corp.		154,192		13,272,847
International Flavors & Fragrances Inc.		240,394		28,325,625
Koninklijke DSM N.V. (Netherlands)		312,704		18,718,656
				60,317,128
Total Common Stocks & Other Equity Interests (Cost $759,868,189)				1,074,549,895

	Shares		Value
Money Market Funds–15.33%
Government & Agency Portfolio–Institutional Class, 0.43%(c)		114,560,921	$	114,560,921
Treasury Portfolio–Institutional Class, 0.37%(c)		76,373,948		76,373,948
Total Money Market Funds (Cost $190,934,869)				190,934,869
TOTAL INVESTMENTS–101.57% (Cost $950,803,058)				1,265,484,764
OTHER ASSETS LESS LIABILITIES–(1.57)%				(19,550,881	)
NET ASSETS–100.00%			$	1,245,933,883

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)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2016.

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

10                         Invesco Mid Cap Core Equity Fund

Statement of Assets and Liabilities

December 31, 2016

Assets:
Investments, at value (Cost $759,868,189)	$	1,074,549,895
Investments in affiliated money market funds, at value and cost		190,934,869
Total investments, at value (Cost $950,803,058)		1,265,484,764
Foreign currencies, at value (Cost $78,033)		105,537
Receivable for:
Fund shares sold		1,868,170
Dividends		1,544,360
Investment for trustee deferred compensation and retirement plans		447,489
Other assets		56,134
Total assets		1,269,506,454
Liabilities:
Payable for:
Investments purchased		17,685,175
Fund shares reacquired		4,392,744
Accrued fees to affiliates		828,976
Accrued trustees’ and officers’ fees and benefits		254
Accrued other operating expenses		153,969
Trustee deferred compensation and retirement plans		511,453
Total liabilities		23,572,571
Net assets applicable to shares outstanding	$	1,245,933,883
Net assets consist of:
Shares of beneficial interest	$	926,126,148
Undistributed net investment income		966,282
Undistributed net realized gain		4,174,367
Net unrealized appreciation		314,667,086
	$	1,245,933,883

Net Assets:
Class A	$	917,863,157
Class B	$	10,216,238
Class C	$	108,507,774
Class R	$	64,577,048
Class Y	$	95,292,112
Class R5	$	45,309,811
Class R6	$	4,167,743
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		42,726,249
Class B		730,219
Class C		7,787,100
Class R		3,112,217
Class Y		4,371,172
Class R5		1,947,915
Class R6		179,204
Class A:
Net asset value per share	$	21.48
Maximum offering price per share
(Net asset value of $21.48 ¸ 94.50%)	$	22.73
Class B:
Net asset value and offering price per share	$	13.99
Class C:
Net asset value and offering price per share	$	13.93
Class R:
Net asset value and offering price per share	$	20.75
Class Y:
Net asset value and offering price per share	$	21.80
Class R5:
Net asset value and offering price per share	$	23.26
Class R6:
Net asset value and offering price per share	$	23.26

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

11                         Invesco Mid Cap Core Equity Fund

Statement of Operations

For the year ended December 31, 2016

Investment income:
Dividends (net of foreign withholding taxes of $418,008)	$	22,154,704
Dividends from affiliated money market funds		757,675
Total investment income		22,912,379
Expenses:
Advisory fees		10,195,412
Administrative services fees		364,621
Custodian fees		34,009
Distribution fees:
Class A		2,311,768
Class B		130,108
Class C		1,159,564
Class R		352,426
Transfer agent fees — A, B, C, R and Y		3,219,262
Transfer agent fees — R5		41,802
Transfer agent fees — R6		672
Trustees’ and officers’ fees and benefits		49,314
Registration and filing fees		142,421
Reports to shareholders		211,841
Professional services fees		71,349
Other		54,940
Total expenses		18,339,509
Less: Fees waived and expense offset arrangement(s)		(304,386	)
Net expenses		18,035,123
Net investment income		4,877,256
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		79,354,676
Foreign currencies		72,681
		79,427,357
Change in net unrealized appreciation (depreciation) of:
Investment securities		61,528,541
Foreign currencies		(14,808	)
		61,513,733
Net realized and unrealized gain		140,941,090
Net increase in net assets resulting from operations	$	145,818,346

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

12                         Invesco Mid Cap Core Equity Fund

Statement of Changes in Net Assets

For the years ended December 31, 2016 and 2015

	2016			2015
Operations:
Net investment income	$	4,877,256		$	349,654
Net realized gain		79,427,357			162,199,837
Change in net unrealized appreciation (depreciation)		61,513,733			(243,175,758	)
Net increase (decrease) in net assets resulting from operations		145,818,346			(80,626,267	)
Distributions to shareholders from net investment income:
Class A		(2,595,461	)		(344,313	)
Class R		(12,025	)		—
Class Y		(502,044	)		(268,259	)
Class R5		(348,580	)		(16,355	)
Class R6		(44,451	)		(1,115	)
Total distributions from net investment income		(3,502,561	)		(630,042	)
Distributions to shareholders from net realized gains:
Class A		(84,531,272	)		(56,605,547	)
Class B		(1,445,547	)		(1,414,798	)
Class C		(14,988,712	)		(10,927,259	)
Class R		(6,163,627	)		(4,758,131	)
Class Y		(8,632,585	)		(44,102,513	)
Class R5		(3,846,347	)		(2,688,837	)
Class R6		(349,120	)		(183,250	)
Total distributions from net realized gains		(119,957,210	)		(120,680,335	)
Share transactions–net:
Class A		(36,092,471	)		(122,027,477	)
Class B		(5,685,669	)		(6,813,713	)
Class C		(13,271,939	)		(38,723,166	)
Class R		(13,048,614	)		(15,204,300	)
Class Y		(654,126,853	)		11,203,505
Class R5		(1,888,601	)		(99,081,311	)
Class R6		838,845			(85,909	)
Net increase (decrease) in net assets resulting from share transactions		(723,275,302	)		(270,732,371	)
Net increase (decrease) in net assets		(700,916,727	)		(472,669,015	)
Net assets:
Beginning of year		1,946,850,610			2,419,519,625
End of year (includes undistributed net investment income of $966,282 and $(481,095), respectively)	$	1,245,933,883		$	1,946,850,610

Notes to Financial Statements

December 31, 2016

NOTE 1—Significant Accounting Policies

Invesco Mid Cap Core Equity Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). 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 consisting of seventeen separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or 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 B, 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 and 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,

13                         Invesco Mid Cap Core Equity Fund

Class R5 and Class R6 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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.

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

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales 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 by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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. 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.

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 NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund 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 using procedures approved by the Board of Trustees. 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 approved 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 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 is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. 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 economic conditions, interest rates, investor perceptions 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.

B. 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 the accrual basis from settlement date. 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

14                         Invesco Mid Cap Core Equity Fund

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.

C. 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 and the country that has the primary market for the issuer’s securities, 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.

E. 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.

F. 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 to each share class based on relative net assets. 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.

G. 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.

H. 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.

I. 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 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.

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.

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 settlement of the two currencies, 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). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

15                         Invesco Mid Cap Core Equity Fund

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 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.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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 $500 million		0	.725%
Next $500 million		0	.70%
Next $500 million		0	.675%
Over $1.5 billion		0	.65%

For the year ended December 31, 2016, the effective advisory fees incurred by the Fund was 0.70%.

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. (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, 2017, 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 B, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of 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, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits 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, 2018, 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, 2016, the Adviser waived advisory fees of $291,987.

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, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2016, 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 B, 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 B, 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 B and Class C shares and 0.50% of the average daily net assets of Class R shares. 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, 2016, 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, 2016, IDI advised the Fund that IDI retained $214,064 in front-end sales commissions from the sale of Class A shares and $7,762, $1,367 and $2,140 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

16                         Invesco Mid Cap Core Equity Fund

For the year ended December 31, 2016, the Fund incurred $436 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

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 or are unreliable. 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 Fund’s own 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, 2016. 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
Common Stocks & Other Equity Interests	$	1,024,453,738	$	50,096,157	$	—	$	1,074,549,895
Money Market Funds		190,934,869		—		—		190,934,869
Total Investments	$	1,215,388,607	$	50,096,157	$	—	$	1,265,484,764

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco 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 or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended December 31, 2016, the Fund engaged in securities purchases of $1,620,067.

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, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $12,399.

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 State Street Bank and Trust Company, 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.

17                         Invesco Mid Cap Core Equity 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, 2016 and 2015:

	2016		2015
Ordinary income	$	3,502,561	$	21,237,105
Long-term capital gain		119,957,210		100,073,272
Total distributions	$	123,459,771	$	121,310,377

Tax Components of Net Assets at Period-End:

	2016
Undistributed ordinary income	$	1,477,502
Undistributed long-term gain		8,610,326
Net unrealized appreciation — investments		310,245,749
Net unrealized appreciation (depreciation) — other investments		(14,620	)
Temporary book/tax differences		(511,222	)
Shares of beneficial interest		926,126,148
Total net assets	$	1,245,933,883

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 difference is 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 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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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.

The Fund does not have a capital loss carryforward as of December 31, 2016.

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2016 was $261,638,021 and $1,039,178,716, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	342,519,064
Aggregate unrealized (depreciation) of investment securities		(32,273,315	)
Net unrealized appreciation of investment securities	$	310,245,749

Cost of investments for tax purposes is $ 955,239,015.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on December 31, 2016, undistributed net investment income was increased by $72,682 and undistributed net realized gain was decreased by $72,682. This reclassification had no effect on the net assets of the Fund.

18                         Invesco Mid Cap Core Equity Fund

NOTE 11—Share Information

	Summary of Share Activity
	Years ended December 31, 2016
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		5,016,706		$	109,629,555			4,716,775		$	111,062,198
Class B		15,642			234,231			22,516			361,880
Class C		673,918			9,987,483			726,403			12,026,625
Class R		576,556			12,165,402			710,938			16,325,141
Class Y		4,134,893			90,888,838			6,544,999			156,803,493
Class R5		460,419			11,059,695			619,275			15,636,914
Class R6		59,658			1,425,795			17,368			434,817
Issued as reinvestment of dividends:
Class A		3,857,642			83,672,240			2,584,533			54,456,084
Class B		99,396			1,404,461			94,869			1,371,811
Class C		1,023,944			14,406,890			728,039			10,491,034
Class R		294,427			6,168,256			232,807			4,753,928
Class Y		370,680			8,158,662			2,048,839			43,742,712
Class R5		177,398			4,165,303			118,144			2,679,520
Class R6		16,719			392,559			8,089			183,799
Automatic conversion of Class B shares to Class A shares:
Class A		200,849			4,389,313			190,041			4,496,641
Class B		(295,256	)		(4,389,313	)		(269,195	)		(4,496,641	)
Reacquired:
Class A		(10,618,265	)		(233,783,579	)		(12,351,903	)		(292,042,400	)
Class B		(197,914	)		(2,935,048	)		(243,980	)		(4,050,763	)
Class C		(2,542,461	)		(37,666,312	)		(3,664,872	)		(61,240,825	)
Class R		(1,480,962	)		(31,382,272	)		(1,572,108	)		(36,283,369	)
Class Y		(34,859,778	)		(753,174,353	)		(7,915,270	)		(189,342,700	)
Class R5		(736,720	)		(17,113,599	)		(4,512,313	)		(117,397,745	)
Class R6		(40,100	)		(979,509	)		(27,703	)		(704,525	)
Net increase (decrease) in share activity		(33,792,609	)	$	(723,275,302	)		(11,193,709	)	$	(270,732,371	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 25% 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.

19                         Invesco Mid Cap Core Equity Fund

NOTE 12—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 12/31/16	$	21.14	$	0.08		$	2.48		$	2.56		$	(0.07	)	$	(2.15	)	$	(2.22	)	$	21.48		12.00	%	$	917,863		1.22	%(d)		1.24	%(d)		0.35	%(d)		20	%
Year ended 12/31/15		23.52		(0.01	)		(1.01	)		(1.02	)		(0.01	)		(1.35	)		(1.36	)		21.14		(4.33	)		935,951		1.19			1.21			(0.02	)		54
Year ended 12/31/14		25.20		0.04			1.01			1.05			(0.00	)		(2.73	)		(2.73	)		23.52		4.51			1,155,635		1.17			1.19			0.17			35
Year ended 12/31/13		21.37		(0.01	)		6.15			6.14			—			(2.31	)		(2.31	)		25.20		29.19			1,378,888		1.16			1.19			(0.04	)		33
Year ended 12/31/12		21.02		0.12	(e)		2.03			2.15			(0.12	)		(1.68	)		(1.80	)		21.37		10.38			1,352,886		1.17			1.20			0.55	(e)		61
Class B
Year ended 12/31/16		14.50		(0.06	)		1.70			1.64			—			(2.15	)		(2.15	)		13.99		11.18			10,216		1.97	(d)		1.99	(d)		(0.40	)(d)		20
Year ended 12/31/15		16.70		(0.13	)		(0.72	)		(0.85	)		—			(1.35	)		(1.35	)		14.50		(5.08	)		16,074		1.94			1.96			(0.77	)		54
Year ended 12/31/14		18.81		(0.11	)		0.73			0.62			—			(2.73	)		(2.73	)		16.70		3.74			25,115		1.92			1.94			(0.58	)		35
Year ended 12/31/13		16.55		(0.15	)		4.72			4.57			—			(2.31	)		(2.31	)		18.81		28.20			33,795		1.91			1.94			(0.79	)		33
Year ended 12/31/12		16.66		(0.03	)(e)		1.60			1.57			—			(1.68	)		(1.68	)		16.55		9.60			36,795		1.92			1.95			(0.20	)(e)		61
Class C
Year ended 12/31/16		14.45		(0.06	)		1.69			1.63			—			(2.15	)		(2.15	)		13.93		11.15			108,508		1.97	(d)		1.99	(d)		(0.40	)(d)		20
Year ended 12/31/15		16.64		(0.13	)		(0.71	)		(0.84	)		—			(1.35	)		(1.35	)		14.45		(5.04	)		124,748		1.94			1.96			(0.77	)		54
Year ended 12/31/14		18.76		(0.11	)		0.72			0.61			—			(2.73	)		(2.73	)		16.64		3.69			180,461		1.92			1.94			(0.58	)		35
Year ended 12/31/13		16.51		(0.15	)		4.71			4.56			—			(2.31	)		(2.31	)		18.76		28.21			202,919		1.91			1.94			(0.79	)		33
Year ended 12/31/12		16.62		(0.03	)(e)		1.60			1.57			—			(1.68	)		(1.68	)		16.51		9.62			190,302		1.92			1.95			(0.20	)(e)		61
Class R
Year ended 12/31/16		20.48		0.02			2.41			2.43			(0.01	)		(2.15	)		(2.16	)		20.75		11.75			64,577		1.47	(d)		1.49	(d)		0.10	(d)		20
Year ended 12/31/15		22.88		(0.06	)		(0.99	)		(1.05	)		—			(1.35	)		(1.35	)		20.48		(4.58	)		76,246		1.44			1.46			(0.27	)		54
Year ended 12/31/14		24.65		(0.02	)		0.98			0.96			—			(2.73	)		(2.73	)		22.88		4.24			99,552		1.42			1.44			(0.08	)		35
Year ended 12/31/13		21.00		(0.07	)		6.03			5.96			—			(2.31	)		(2.31	)		24.65		28.85			124,622		1.41			1.44			(0.29	)		33
Year ended 12/31/12		20.66		0.07	(e)		2.00			2.07			(0.05	)		(1.68	)		(1.73	)		21.00		10.17			125,474		1.42			1.45			0.30	(e)		61
Class Y
Year ended 12/31/16		21.42		0.13			2.53			2.66			(0.13	)		(2.15	)		(2.28	)		21.80		12.31			95,292		0.97	(d)		0.99	(d)		0.60	(d)		20
Year ended 12/31/15		23.76		0.05			(1.03	)		(0.98	)		(0.01	)		(1.35	)		(1.36	)		21.42		(4.12	)		743,988		0.94			0.96			0.23			54
Year ended 12/31/14		25.44		0.11			1.01			1.12			(0.07	)		(2.73	)		(2.80	)		23.76		4.76			808,895		0.92			0.94			0.42			35
Year ended 12/31/13		21.50		0.05			6.20			6.25			—			(2.31	)		(2.31	)		25.44		29.53			653,577		0.91			0.94			0.21			33
Year ended 12/31/12		21.14		0.18	(e)		2.04			2.22			(0.18	)		(1.68	)		(1.86	)		21.50		10.68			469,510		0.92			0.95			0.80	(e)		61
Class R5
Year ended 12/31/16		22.76		0.17			2.68			2.85			(0.20	)		(2.15	)		(2.35	)		23.26		12.42			45,310		0.84	(d)		0.86	(d)		0.73	(d)		20
Year ended 12/31/15		25.11		0.09			(1.08	)		(0.99	)		(0.01	)		(1.35	)		(1.36	)		22.76		(3.94	)		46,584		0.81			0.83			0.36			54
Year ended 12/31/14		26.73		0.15			1.07			1.22			(0.11	)		(2.73	)		(2.84	)		25.11		4.88			146,211		0.81			0.83			0.53			35
Year ended 12/31/13		22.47		0.08			6.49			6.57			—			(2.31	)		(2.31	)		26.73		29.68			220,321		0.81			0.83			0.31			33
Year ended 12/31/12		22.03		0.22	(e)		2.12			2.34			(0.22	)		(1.68	)		(1.90	)		22.47		10.78			253,815		0.80			0.83			0.92	(e)		61
Class R6
Year ended 12/31/16		22.81		0.19			2.69			2.88			(0.28	)		(2.15	)		(2.43	)		23.26		12.51			4,168		0.76	(d)		0.78	(d)		0.81	(d)		20
Year ended 12/31/15		25.14		0.11			(1.08	)		(0.97	)		(0.01	)		(1.35	)		(1.36	)		22.81		(3.85	)		3,260		0.72			0.74			0.45			54
Year ended 12/31/14		26.76		0.17			1.07			1.24			(0.13	)		(2.73	)		(2.86	)		25.14		4.97			3,650		0.72			0.74			0.62			35
Year ended 12/31/13		22.48		0.11			6.48			6.59			—			(2.31	)		(2.31	)		26.76		29.75			4,243		0.72			0.74			0.40			33
Year ended 12/31/12(f)		24.00		0.07	(e)		0.31			0.38			(0.22	)		(1.68	)		(1.90	)		22.48		1.75			9		0.67	(g)		0.70	(g)		1.05	(e)(g)		61

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

^(d) Ratios are based on average daily net assets (000’s omitted) of $924,707, $13,011, $115,956, $70,485, $285,301, $41,821 and $3,595 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e) Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes a special cash dividend received of $1.00 per share owned of Tellabs Inc. on December 24, 2012. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the special dividend are $0.08 and 0.38%, $(0.07) and (0.37)%, $(0.07) and (0.37)%, $0.03 and 0.13%, $0.14 and 0.63%, $0.18 and 0.75%, $0.03 and 0.88%, for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f) Commencement date of September 24, 2012 for class R6 shares.

^(g) Annualized.

20                         Invesco Mid Cap Core Equity Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series)

and Shareholders of the Invesco Mid Cap Core Equity Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Invesco Mid Cap Core Equity Fund (one of the portfolios constituting the AIM Growth Series (Invesco Growth Series), hereafter referred to as the “Fund”) as of December 31, 2016, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

February 23, 2017

21                         Invesco Mid Cap Core Equity 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, 2016 through December 31, 2016.

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.

Class	Beginning Account Value (07/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/16)1		Expenses Paid During Period2		Ending Account Value (12/31/16)		Expenses Paid During Period2
A	$	1,000.00	$	1,084.20	$	6.29	$	1,019.10	$	6.09		1.20	%
B		1,000.00		1,080.50		10.20		1,015.33		9.88		1.95
C		1,000.00		1,080.90		10.20		1,015.33		9.88		1.95
R		1,000.00		1,083.10		7.59		1,017.85		7.35		1.45
Y		1,000.00		1,086.10		4.98		1,020.36		4.82		0.95
R5		1,000.00		1,086.50		4.51		1,020.81		4.37		0.86
R6		1,000.00		1,087.00		4.09		1,021.22		3.96		0.78

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2016 through December 31, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

22                         Invesco Mid Cap Core Equity 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 advisors.

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, 2016:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	119,957,210
Qualified Dividend Income*		100.00	%
Corporate Dividends Received Deduction*		100.00	%
U.S. Treasury Obligations*		0.00	%

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

23                         Invesco Mid Cap Core Equity 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: 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)	144	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.	144	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

²  Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

T-1                         Invesco Mid Cap Core Equity 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
Bruce L. Crockett — 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	144	Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company) Member of the Audit Committee, Ferroglobe PLC (metallurgical company) and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	144	Board member of the Illinois Manufacturers’ Association
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	144	Trustee, Evans Scholarship Foundation; Chairman of the Board, Denver Film Society
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	144	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	144	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	144	None
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	144	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	144	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	144	None
Other Officers
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A

T-2                         Invesco Mid Cap Core Equity 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
Other Officers—(continued)
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, 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; Managing Director, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Karen Dunn Kelley — 1960 Senior Vice President	2004	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman and Director, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Invesco Mortgage Capital Inc.; Senior Vice President, The Invesco Funds Formerly: Director, Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as INVESCO Global Asset Management Limited) and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco AIM Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A

T-3                         Invesco Mid Cap Core Equity 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
Other Officers—(continued)
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Distributor Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Auditors PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Mid Cap Core Equity Fund

Explore High-Conviction Investing with Invesco

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-02699 and 002-57526                         MCCE-AR-1                                                 Invesco Distributors, Inc.

	Annual Report to Shareholders	December 31, 2016
	Invesco Multi-Asset Inflation Fund             Nasdaq: A: MIZAX  ∎  C: MIZCX  ∎  R: MIZRX  ∎  Y: MIZYX  ∎  R5: MIZFX  ∎  R6: MIZSX

Letters to Shareholders

Philip Taylor     Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. The reporting period began with significant stock market volatility in the US and abroad; this volatility was the result of investor uncertainty about global economic growth and monetary policy. After recovering, markets declined sharply following UK voters’ decision in June to leave the European Union. Relatively quickly, however, markets recovered, reaching record highs later in the summer. Demand was strong for income-producing investments, particularly those perceived to be lower risk; this benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive during the reporting period, news overseas was less upbeat. The European Central Bank and

central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. After months of uncertainty, the surprise outcome of the US presidential election in November triggered a major stock market rally, with most market indexes reaching new record highs in December. As expected, the US Federal Reserve raised interest rates in December – its only rate increase during the reporting period and only its second increase since 2006. The Fed cited optimistic economic data for its decision, and Fed-watchers suggested that future rate increases might be announced more quickly than previously forecast.

Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for whatever returns the market has to offer. The investment professionals at Invesco, in contrast, invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

  

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco Multi-Asset Inflation Fund

Bruce Crockett   Dear Fellow Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: ∎  Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. ∎  Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎ Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

 We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

 I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

 As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Multi-Asset Inflation Fund

Management’s Discussion of Fund Performance

Performance summary For the year ended December 31, 2016, Class A shares of Invesco Multi-Asset Inflation Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg Barclays 1-3 Month Treasury Bill Index. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/15 to 12/31/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	9.91	%
Class C Shares	9.12
Class R Shares	9.68
Class Y Shares	10.16
Class R5 Shares	10.16
Class R6 Shares	10.16
Bloomberg Barclays 1-3 Month Treasury Bill Indexq (Broad Market Index)	0.26
US Consumer Price Index∎ (Style-Specific Index)	2.07
Lipper Flexible Portfolio Funds Index◆ (Peer Group Index)	7.16
Source(s): qFactSet Research Systems Inc.; ∎Bloomberg L.P.; ◆Lipper Inc.

Market conditions and your Fund

During the year ended December 31, 2016, the US economy continued to expand. US gross domestic product showed the US economy grew by 3.5% in the third quarter.¹ Employment data were mixed, with unemployment ending the year at 4.7%.² Oil prices traded in a range from the high $20s to the low $50s during the reporting period.³ Major US stock market indexes posted gains for the reporting period, with most major market indexes hitting record highs; however, the markets were fairly volatile during the first half of the year.

Stocks began calendar year 2016 on a negative note, driven by investor concerns about economic weakness in China, falling oil prices and uncertainty over the US Federal Reserve’s (the Fed) monetary policy. Markets recovered in February and posted gains until June, when UK voters opted to leave the European Union, sending markets sharply lower.

Markets again recovered, and major US equity indexes hit record highs during the summer. Following the outcome of the US presidential election, a stock market rally sent major US equity market indexes to new record highs. The rally was led by financials, gaining on the belief that they might benefit from reduced federal regulation. Also in November, OPEC agreed to cut production for the first time in eight years, which helped support higher oil prices. The Fed raised interest rates by a quarter point in December 2016 – the only increase during the reporting period.⁴

The Fund seeks to protect the purchasing power of investors from inflation through exposure to a broad spectrum of asset classes by investing in underlying mutual funds and exchange-traded funds. During the reporting period, US inflation remained low, but continued to increase steadily, reflecting growing inflationary pressures amid rising housing and gasoline prices. In the 12 months

Portfolio Composition* By fund type, based on total investments
Equity Funds	37.7	%
Fixed Income Funds	34.5
Exchange-Traded Funds	16.6
Alternative Funds	8.3
Money Market Funds	2.9

Total Net Assets $ 898.8 thousand

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, 2016.

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

through December 2016, the US Consumer Price Index increased 2.07%.5 The Fed acknowledged the uptick in inflation in the statement following its December meeting, noting that while, at the time, inflation remained below its 2% long-term target, it expected inflation to rise to its target over the medium term.

    From an asset class perspective, the largest contributors to Fund performance during the reporting period were US equities, commodities and fixed income securities. Specifically, the Fund’s exposure to commodities through underlying funds was among the largest contributors to performance. The Fund’s commodity exposure was achieved through investments in Invesco Gold & Precious Metals Fund, which benefited from the run-up in gold prices in the first half of the year, and Invesco Balanced-Risk Commodity Strategy Fund, which benefited from exposure to agriculture, energy and industrial metals – particularly copper – amid strong Chinese manufacturing data and expectations that the outcome of the US presidential race would lead to increased infrastructure spending. Invesco Energy Fund also contributed to Fund returns during the reporting period.

    The largest detractor from Fund performance was Invesco Global Health Care Fund, as the broader health care sector struggled – plagued by continued uncertainty regarding drug pricing and potential new regulatory reforms under the new, incoming administration. The underlying fund posted negative returns for the reporting period. Invesco International Growth Fund also detracted from Fund performance, reflecting a challenging period for international equities. The underlying fund’s holdings in the consumer discretionary and health care sectors underperformed those of its style-specific index, and the strong US dollar also detracted from the underlying fund’s performance.

4 Invesco Multi-Asset Inflation Fund

Please note that some of the Fund’s underlying funds – which include, but are not limited to, Invesco Balanced-Risk Commodity Strategy Fund, Invesco Emerging Markets Flexible Bond Fund and Invesco Global Health Care Fund – may use derivatives, including futures and total return swaps, which may amplify traditional investment risks through the creation of leverage in the underlying funds. Therefore, performance of these underlying funds, both positive and negative, can be attributed to these instruments.

The tactical positioning of the Fund changed during the reporting period to reflect shifts in the macroeconomic environment. Specifically, at the beginning of the reporting period, our macroeconomic outlook gave a higher probability to a low inflation, contractionary environment. As the year progressed, the probability of economic expansion increased, and we shifted the Fund’s tactical asset classes and underlying fund allocations to reflect this revised outlook.

Thank you for investing in Invesco Multi-Asset Inflation Fund.

1  Source: Bureau of Economic Analysis

2  Source: Bureau of Labor Statistics

3  Source: Thompson-Reuters

4  Source: US Federal Reserve

5  Source: Bloomberg L.P.

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

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

Duy Nguyen Chartered Financial Analyst, Portfolio Manager and Chief Investment Officer of Invesco’s Global

Solutions Development and Implementation Team, is manager of Invesco Multi-Asset Inflation Fund. He joined Invesco in 2000. Mr. Nguyen earned a BBA from The University of Texas at Austin and an MS from the University of Houston.

Jacob Borbidge Chartered Financial Analyst, Portfolio Manager and Head of Research for Invesco’s Global

Solutions Development and Implementation Team, is manager of Invesco Multi-Asset Inflation Fund. He joined Invesco in 2004. Mr. Borbidge earned a BS in mechanical engineering from Lehigh University and an MS in finance from the University of Houston.

Assisted by Invesco’s Global Solutions Development and Implementation Team

5 Invesco Multi-Asset Inflation Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/14/14*

1  Source: Lipper Inc.

2  Source: Bloomberg L.P.

3  Source: FactSet Research Systems Inc.

*US Consumer Price Index data are monthly. Performance is from September 30, 2014, the month-end closest to Fund inception.

Past performance cannot guarantee comparable 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6 Invesco Multi-Asset Inflation Fund

Average Annual Total Returns As of 12/31/16, including maximum applicable sales charges
Class A Shares
Inception (10/14/14)	-5.23	%
1 Year	3.81
Class C Shares
Inception (10/14/14)	-3.51	%
1 Year	8.12
Class R Shares
Inception (10/14/14)	-3.01	%
1 Year	9.68
Class Y Shares
Inception (10/14/14)	-2.52	%
1 Year	10.16
Class R5 Shares
Inception (10/14/14)	-2.52	%
1 Year	10.16
Class R6 Shares
Inception (10/14/14)	-2.52	%
1 Year	10.16

The performance data quoted represent past performance and cannot guarantee comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.02%, 1.77%, 1.27%, 0.77%, 0.77% and 0.77%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 70.30%, 71.05%, 70.55%, 70.05%, 70.02% and 70.02%, respectively.¹ The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class 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.

1 The expense ratio includes acquired fund fees and expenses of the underlying funds in which the Fund invests of 0.65% for Invesco Multi-Asset Inflation Fund.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least April 30, 2018. See current prospectus for more information.

7 Invesco Multi-Asset Inflation Fund

Invesco Multi-Asset Inflation Fund’s investment objective is total return, comprised of current income and capital appreciation.

∎ Unless otherwise stated, information presented in this report is as of December 31, 2016, and is based on total net assets.

∎ Unless otherwise noted, all data provided by Invesco.

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

About share classes

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

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

∎ Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal in the Fund risks of investing

The principal risks of investing in the Fund are:

∎ Fund of funds risk. The Fund’s performance depends on that of the underlying funds in which it invests. Accordingly, the risks associated with an investment in the Fund include the risks associated with investments in the underlying funds. The Fund will indirectly pay a proportional share of the fees and expenses of the underlying funds in which it invests. There are risks that the Fund will vary from its target weightings (if any) in the underlying funds, that the underlying funds will not achieve their investment objectives, that the underlying funds’ performance may be lower than their represented asset classes, and that the Fund may withdraw its investments in an underlying fund at a disadvantageous time.

∎ Allocation risk. The Fund’s investment performance depends, in part, on how its assets are allocated among the underlying funds or asset classes. The Adviser’s evaluations and assumptions regarding the asset classes or the underlying funds in which the Fund invests may be incorrect, causing the Fund to be invested (or not invested) in one or more asset classes or underlying funds at an inopportune time,

which could negatively affect the Fund’s performance.

∎ Exchange-traded funds risk. In addition to the risks associated with the underlying assets held by the exchange-traded fund, investments in exchange-traded funds are subject to the following additional risks: (1) an exchange-traded fund’s shares may trade above or below its net asset value; (2) an active trading market for the exchange-traded fund’s shares may not develop or be maintained; (3) trading an exchange-traded fund’s shares may be halted by the listing exchange; (4) a passively-managed exchange-traded fund may not track the performance of the reference asset; and (5) a passively managed exchange-traded fund may hold troubled securities. Investment in exchange-traded funds may involve duplication of management fees and certain other expenses, as the Fund or an underlying fund indirectly bears its proportionate share of any expenses paid by the exchange-traded funds in which it invests. Further, certain exchange-traded funds in which the Fund or an underlying fund may invest are leveraged, which may result in economic leverage, permitting the Fund or an underlying fund to gain exposure that is greater than would be the case in an unlevered instrument, and potentially resulting in greater volatility.

The principal risks of investing in the Fund also include the risks of each underlying fund. These risks include:

∎ Active trading risk. Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

∎ Bank loan risk. There are a number of risks associated with an investment in bank loans including, credit risk, interest rate risk, liquidity risk and prepayment risk. Lack of an active trading market, restrictions on resale, irregular trading activity, wide bid/ask spreads and extended trade settlement periods may impair an underlying fund’s ability

to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to an underlying fund. As a result an underlying fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. The risk of holding bank loans is also directly tied to the risk of insolvency or bankruptcy of the issuing banks. These risks could cause an underlying fund to lose income or principal on a particular investment, which in turn could affect the underlying fund’s returns. The value of bank loans can be affected by and sensitive to changes in government regulation and to economic downturns in the United States and abroad. Bank loans generally are floating rate loans, which are subject to interest rate risk as the interest paid on the floating rate loans adjusts periodically based on changes in widely accepted reference rates.

∎ Borrowing risk. Borrowing money to buy securities exposes an underlying fund to leverage and will cause an underlying fund’s share price to be more volatile because leverage will exaggerate the effect of any increase or decrease in the value of an underlying fund’s portfolio securities. Borrowing money may also require an underlying fund to liquidate positions when it may not be advantageous to do so. In addition, an underlying fund will incur interest expenses and other fees on borrowed money. There can be no assurance that an underlying fund’s borrowing strategy will enhance and not reduce the underlying fund’s returns.

∎ Changing fixed income market conditions risk. The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near, at or below zero. 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

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    

8 Invesco Multi-Asset Inflation Fund

to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of an underlying 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 an underlying fund’s transaction costs.

∎ Collateralized loan obligations risk. CLOs are subject to the risks of substantial losses due to actual defaults by underlying borrowers, which will be greater during periods of economic or financial stress. CLOs may also lose value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults, and investor aversion to CLO securities as a class. The risks of CLOs will be greater if an underlying fund invests in CLOs that hold loans of uncreditworthy borrowers or if an underlying fund holds subordinate tranches of the CLO that absorbs losses from the defaults before senior tranches. In addition, CLOs are subject to interest rate risk and credit risk.

∎ Commodities tax risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of an underlying fund from certain commodity-linked derivatives was treated as non-qualifying income, an underlying fund might fail to qualify as a regulated investment company and be subject to federal income tax at the fund level. Should the Internal Revenue Service issue guidance, or Congress enact legislation, that adversely affects the tax treatment of an underlying fund’s use of commodity-linked notes or a wholly-owned subsidiary (which guidance might be applied to the underlying fund retroactively), it could, among other consequences, limit the underlying fund’s ability to pursue its investment strategy.

∎ Commodity-linked notes risk. In addition to risks associated with the underlying commodities, investments in commodity-linked notes may be subject to additional risks, such as non-payment of interest and loss of principal, counterparty risk, lack of a secondary market and risk of greater volatility than traditional equity and debt securities. The value of the commodity-linked notes an underlying fund buys may fluctuate significantly because

the values of the underlying investments to which they are linked are themselves volatile. Additionally, certain commodity-linked notes employ “economic” leverage by requiring payment by the issuer of an amount that is a multiple of the price increase or decrease of the underlying commodity, commodity index, or other economic variable. Such economic leverage will increase the volatility of the value of these commodity-linked notes and an underlying fund to the extent it invests in such notes.

∎ Commodity risk. An underlying fund may have investment exposure to the commodities markets and/or a particular sector of the commodities markets, which may subject an underlying fund to greater volatility than investments in traditional securities, such as stocks and bonds. Volatility in the commodities markets may be caused by changes in overall market movements, domestic and foreign political and economic events and policies, war, acts of terrorism, changes in domestic or foreign interest rates and/or investor expectations concerning interest rates, domestic and foreign inflation rates, investment and trading activities of mutual funds, hedge funds and commodities funds, and factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments, or supply and demand disruptions. Because an underlying fund’s performance may be linked to the performance of volatile commodities, investors should be willing to assume the risks of potentially significant fluctuations in the value of an underlying fund’s shares.

∎ Consumer discretionary sector risk. An underlying fund may concentrate its investments in securities of issuers in the consumer discretionary sector. Companies engaged in the consumer discretionary sector are affected by fluctuations in supply and demand, changes in consumer preferences and spending, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations.

∎ Convertible securities risk. 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.

∎ Correlation risk. Because an underlying fund’s investment strategy seeks to balance risk across three asset classes and, within each asset class, across different countries and investments, to the extent either the asset classes or the selected countries and investments become correlated in a way not anticipated an underlying fund’s adviser, an underlying fund’s risk allocation process may result in magnified risks and loss instead of balancing (reducing) the risk of loss.

∎ Credit linked notes risk. Risks of credit linked notes include those risks associated with the underlying reference obligation including but not limited to market risk, interest rate risk, credit risk, default risk and, in some cases, foreign currency risk. An investor in a credit linked note bears counterparty risk or the risk that the issuer of the credit linked note will default or become bankrupt and not make timely payment of principal and interest of the structured security. Credit linked notes may be less liquid than other investments and therefore harder to dispose of at the desired time and price. In addition, credit linked notes may be leveraged and, as a result, small changes in the value of the underlying reference obligation may produce disproportionate losses to an underlying fund.

∎ Debt securities risk. The prices of debt securities held by an underlying fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause an underlying fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce an underlying fund’s distributable income because interest payments on floating rate debt instruments held by an underlying fund will decline. An underlying fund could lose money on investments

continued on page 10

9 Invesco Multi-Asset Inflation Fund

continued from page 9

in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

∎ Defaulted securities risk. Defaulted securities pose a greater risk that principal will not be repaid than non-defaulted securities. Defaulted securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

∎ Depositary receipts risk. Investing in depositary receipts involve the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. An underlying fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.

∎ Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the underlying fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the underlying fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the underlying fund’s returns more volatile and increase the risk of loss. Derivative instruments may

also be less liquid than more traditional investments and the underlying fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the underlying fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the underlying fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions. These risks are greater for certain underlying funds than most other mutual funds because certain underlying funds will implement their investment strategy primarily through derivative instruments rather than direct investments in stocks/bonds.

∎ Dollar roll transactions risk. Dollar roll transactions occur in connection with TBA transactions and involve the risk that the market value of the securities an underlying fund is required to purchase may decline below the agreed upon purchase price of those securities. Dollar roll transactions add a form of leverage to an underlying fund’s portfolio, which may make the Fund’s returns more volatile and increase the risk of loss. In addition, dollar roll transactions may increase an underlying fund’s portfolio turnover, which may result in increased brokerage costs and may lower an underlying fund’s actual return.

∎ Emerging markets securities risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

∎ Energy sector risk. An underlying fund will concentrate its investments in the securities of issuers engaged primarily in energy-related industries. Changes in worldwide energy prices, exploration and production spending, government regulation, world events, economic conditions, exchange rate, transportation and storage costs and labor relations can affect companies in the energy sector. In addition, these companies are at an increased risk of civil liability and environmental damage claims, and are also subject to the risk of loss from terrorism and natural disasters.

∎ Exchange-traded fund industry concentration risk. In following its methodology, an underlying exchange-traded fund’s underlying index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector. To the extent that an underlying fund’s underlying index concentrates in the securities of issuers in a particular industry or sector, an underlying fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, an underlying fund faces more risks than if it were diversified broadly over numerous industries or sectors. Such industry-based risks, any of which may adversely affect the companies in which an underlying fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or sector may be out of favor and underperform other industries or the market as a whole.

∎ Exchange-traded notes risk. Exchange-traded notes are subject to credit risk, counterparty risk, and the risk that the value of the exchange-traded note may drop due to a downgrade in the issuer’s credit rating. The value of an exchange-traded note may also be influenced by time to maturity, level of supply and demand for the exchange-traded note, volatility and lack of liquidity in the underlying market, changes in the applicable interest rates, and economic, legal, political, or geographic events that

  10   Invesco Multi-Asset Inflation Fund

affect the referenced underlying market or assets. An underlying fund will bear its proportionate share of any fees and expenses borne by an exchange-traded note in which it invests. For certain exchange-traded notes, there may be restrictions on an underlying fund’s right to redeem its investment in an exchange-traded note, which is meant to be held until maturity.

∎ Financial services sector risk. An underlying fund may be susceptible to adverse economic or regulatory occurrences affecting the financial services sector. Financial services companies are subject to extensive government regulation and are disproportionately affected by unstable interest rates, each of which could adversely affect the profitability of such companies. Financial services companies may also have concentrated portfolios, which makes them especially vulnerable to unstable economic conditions.

∎ Foreign currency tax risk. If the US Treasury Department were to exercise its authority to issue regulations that exclude from the definition of “qualifying income” foreign currency gains not directly related to an underlying fund’s business of investing in securities, the underlying fund may be unable to qualify as a regulated investment company for one or more years. In this event, the underlying fund’s Board of Trustees may authorize a significant change in investment strategy or other action.

∎ Foreign government debt risk. Investments in foreign government debt securities (sometimes referred to as sovereign debt securities) involve certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and an underlying fund may have limited recourse in the event of a default against the defaulting government. Without the approval of debt holders, some governmental debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments.

∎ Foreign securities risk. An underlying fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased

volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which an underlying fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless an underlying fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which an underlying fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ Geographic focus risk. An underlying fund may from time to time invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on an underlying fund’s investment performance.

∎ Gold and precious metals industry risk. An underlying fund will concentrate its investments in the securities of issuers primarily engaged in gold and precious metals-related industries. Fluctuations in the price of gold and precious metals resulting from supply and demand imbalances, increased mining, transportation or storage costs or other market forces will have a significant impact on the profitability of companies in the gold and precious metals sector. The price of gold and precious metals may also be affected by changes in political or economic conditions of countries where gold and precious metals companies are located.

∎ Gold bullion risk. To the extent an underlying fund invests in gold bullion, it will earn no income from such investment. Appreciation in the market price of gold is the sole manner in which an underlying fund can realize gains on gold bullion, and such investments may incur higher storage and custody costs as compared to purchasing, holding and selling more traditional investments.

∎ Growth investing risk. Growth stocks tend to be more expensive relative to the issuing company’s earnings or assets

compared with other types of stock. As a result, they tend to be more sensitive to changes in, or investors’ expectations of, the issuing company’s earnings and can be more volatile.

∎ Health care sector risk. An underlying fund will concentrate its investments in the securities of domestic and foreign issuers in the health care sector. The health care sector is subject to significant government regulations, increases or decreases in the cost of medical products and services, and competitive forces that could negatively impact a health care company’s profitability. The health care sector may also be affected by government health care programs.

∎ High yield debt securities (junk bond) risk. Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject an underlying fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

∎ Indexing risk. An underlying fund is operated as a passively managed index fund and, therefore, the adverse performance of a particular security necessarily will not result in the elimination of the security from the underlying fund’s portfolio. Ordinarily, the underlying fund’s adviser will not sell the underlying fund’s portfolio securities except to reflect additions or deletions of the securities that comprise the underlying fund’s underlying index, or as may be necessary to raise cash to pay underlying fund shareholders who sell underlying fund shares. As such, the underlying fund will be negatively affected by declines in the securities represented by its underlying index. Also, there is no guarantee that the underlying fund’s adviser will be able to correlate the underlying fund’s performance with that of its underlying index.

∎ Inflation-indexed securities risk. The values of inflation-indexed securities generally fluctuate in response to changes in real interest rates, and an underlying fund’s income from its investments in these securities is likely to fluctuate considerably more than the income distributions of its investments in more traditional fixed income securities.

continued on page 12

11 Invesco Multi-Asset Inflation Fund

continued from page 11

∎ Inflation-indexed securities tax risk. Any increase in the principal amount of an inflation-indexed security may be included for tax purposes in an underlying fund’s gross income, even though no cash attributable to such gross income has been received by the underlying fund. In such event, the underlying fund may be required to make annual distributions to shareholders that exceed the cash it has otherwise received. In order to pay such distributions, the underlying fund may be required to raise cash by selling portfolio investments. The sale of such investments could result in capital gains to the underlying fund and additional capital gain distributions to the Fund. In addition, adjustments during the taxable year for deflation to an inflation-indexed bond held by an underlying fund may cause amounts previously distributed to the Fund in the taxable year as income to be characterized as a return of capital, which could increase or decrease the Fund’s ordinary income distributions to you, and may cause some of the Fund’s distributed income to be classified as a return of capital.

∎ Infrastructure-related companies risk. An underlying fund will concentrate its investments in the infrastructure industry. Infrastructure-related companies are subject to a variety of risk factors, including costs associated with environmental, governmental and other regulations, high interest costs for capital construction programs, high leverage, the effects of economic slowdowns, surplus capacity, increased competition, fluctuations of fuel prices, the effects of energy conservation policies, unfavorable tax laws or accounting policies, environmental damage, difficulty in raising capital, increased susceptibility to terrorist acts or political actions, and general changes in market sentiment towards infrastructure assets.

∎ Investing in the European Union risk. Investments in certain countries in the European Union are susceptible to high economic risks associated with high levels of debt, such as investments in sovereign debt of Greece, Italy and Spain. Efforts of the member states to further unify their economic and monetary policies may increase the potential for the downward movement of one member state’s market to cause a similar effect on other member states’ markets. Separately, the European Union

faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the European Union, such as the United Kingdom (UK) which has announced its intention to exit, would place its currency and banking system in jeopardy. The exit by the UK or other member states will likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund’s investments.

∎ Liquidity risk. An underlying fund may be unable to sell illiquid investments at the time or price it desires and, as a result, could lose its entire investment in such investments. Liquid securities can become illiquid during periods of market stress. If a significant amount of the an underlying fund’s securities become illiquid, an underlying fund may not be able to timely pay redemption proceeds and may need to sell securities at significantly reduced prices.

∎ Management risk. An underlying fund is actively managed and depends heavily on an underlying fund’s adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for an underlying fund’s portfolio. An underlying fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of an underlying fund and, therefore, the ability of the underlying fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

∎ Market trading risk. An underlying exchange-traded fund faces numerous market trading risks, including the potential lack of an active market for its shares, losses from trading in secondary

markets, and disruption in the creation/redemption process of an underlying fund. Any of these factors may lead to an underlying fund’s shares trading at a premium or discount to an underlying fund’s net asset value (NAV).

∎ MLP risk. An underlying fund invests in securities of MLPs, which are subject to the following risks:

- Limited partner risk. An MLP is a public limited partnership or limited liability company taxed as a partnership under the Code. Although the characteristics of MLPs closely resemble a traditional limited partnership, a major difference is that MLPs may trade on a public exchange or in the over-the-counter market. The risks of investing in an MLP are similar to those of investing in a partnership, including more flexible governance structures, which could result in less protection for investors than investments in a corporation. Investors in an MLP normally would not be liable for the debts of the MLP beyond the amount that the investor has contributed but investors may not be shielded to the same extent that a shareholder of a corporation would be. In certain circumstances, creditors of an MLP would have the right to seek return of capital distributed to a limited partner, which right would continue after an investor sold its investment in the MLP.

- Liquidity risk. The ability to trade on a public exchange or in the over-the-counter market provides a certain amount of liquidity not found in many limited partnership investments. However, MLP interests may be less liquid than conventional publicly traded securities and, therefore, more difficult to trade at desirable times and/or prices.

- Interest rate risk. In addition, MLP distributions may be reduced by fees and other expenses incurred by the MLP. MLPs generally are considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns.

- General partner risk. The holder of the general partner or managing member interest can be liable in certain circumstances for amounts greater than the amount of the holder’s investment in the general partner or managing member.

12 Invesco Multi-Asset Inflation Fund

Additionally, if an underlying fund were to invest more than 25% of its total assets in MLPs that are taxed as partnerships this could cause an underlying fund to lose its status as regulated investment company under Subchapter M of the Internal Revenue Code.

∎ MLP tax risk. MLPs taxed as partnerships do not pay US federal income tax at the partnership level. A change in current tax law, or a change in the underlying business mix of a given MLP, however, could result in an MLP being classified as a corporation for US federal income tax purposes, which would have the effect of reducing the amount of cash available for distribution by the MLP and could cause a reduction of the value of an underlying fund’s investment, and consequently the Fund’s investment in an underlying fund and lower income.

∎ Mortgage- and asset-backed securities risk. Mortgage- and asset-backed securities 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 an underlying fund reinvesting these early payments at lower interest rates, thereby reducing an underlying 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 an underlying fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool will adversely affect the value of mortgage-backed securities and will result in losses to an underlying fund. An underlying fund may invest in mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely payments on their mortgages. Privately issued mortgage-related securities are not subject to the same underwriting requirements as those with government or government-sponsored entity guarantees and, therefore, mortgage loans underlying privately issued mortgage-related securities may have less favorable collateral, credit risk or other underwriting characteristics, and wider variances in interest rate, term, size, purpose and borrower characteristics.

∎ Municipal securities risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and an underlying fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

∎ Non-diversification risk. An underlying fund is non-diversified and can invest a greater portion of its 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.

∎ Preferred securities risk. 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.

∎ REIT risk/real estate risk. An underlying fund concentrates its investments in the securities of real estate and real estate related companies. Investments in real estate related instruments may be affected by economic, legal, cultural, environmental or technological factors that affect property values, rents or occupancies of real estate related to an underlying fund’s holdings. Shares of real estate related companies, which tend to be small- and mid-cap companies, may be more volatile and less liquid than larger companies. The value of investments in real estate related companies may be affected by the quality of management, the ability to repay loans, the utilization of leverage and financial covenants

related thereto, whether the company carries adequate insurance and environmental factors. If a real estate related company defaults on certain types of debt obligations, an underlying fund may own real estate directly, which involves additional risks such as environmental liabilities; difficulty in valuing and selling the real estate; and economic or regulatory changes.

∎ Sampling risk. An underlying fund’s use of a representative sampling approach will result in its holding a smaller number of securities than are in its underlying index and in the underlying fund holding securities not included in its underlying index. As a result, an adverse development respecting an issuer of securities held by the underlying fund could result in a greater decline in the underlying fund’s NAV than would be the case if all of the securities in its underlying index were held. An underlying fund’s use of a representative sampling approach may also include the risk that it may not track the return of its underlying index as well as it would have if the underlying fund held all of the securities in its underlying index.

∎ Securities lending risk. Securities lending involves a risk of loss because the borrower may fail to return the securities in a timely manner or at all, which may force an underlying fund to sell the collateral and purchase a replacement security in the market at a disadvantageous time. Any cash received as collateral will be invested in an affiliated money market fund and an underlying fund will bear any loss on the investment of cash collateral.

∎ Short position risk. Because an underlying fund’s potential loss on a short position arises from increases in the value of the asset sold short, the underlying fund will incur a loss on a short position, which is theoretically unlimited, if the price of the asset sold short increases from the short sale price. The counterparty to a short position or other market factors may prevent an underlying fund from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in a loss. In a rising market, an underlying fund’s short positions will cause the underlying fund to underperform the overall market and its peers that do not engage in shorting. If an underlying fund holds both long and short positions, and both positions decline simultaneously, the short

continued on page 14

13 Invesco Multi-Asset Inflation Fund

continued from page 13

positions will not provide any buffer (hedge) from declines in value of the underlying fund’s long positions. Certain types of short positions involve leverage, which may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of an underlying fund’s returns.

∎ Small- and mid-capitalization companies risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

∎ Subsidiary risk. By investing in the Subsidiary, an underlying fund is indirectly exposed to risks associated with the Subsidiary’s investments. The Subsidiary is not registered under the Investment Company Act of 1940, as amended (1940 Act), and, except as otherwise noted in this prospectus, is not subject to the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which an underlying fund and the Subsidiary, respectively, are organized, could result in the inability of an underlying fund and/or the Subsidiary to operate as described in this prospectus and the SAI, and could negatively affect an underlying fund and its shareholders.

∎ TBA transactions risk. TBA transactions involve the risk of loss if the securities received are less favorable than what was anticipated by an underlying fund when entering into the TBA transaction, or if the counterparty fails to deliver the securities. When an underlying fund enters into a short sale of a TBA mortgage it does not own, an underlying fund may have to purchase deliverable mortgages to settle the short sale at a higher price than anticipated, thereby causing a loss. As there is no limit on how much the price of mortgage securities can increase, an underlying fund’s exposure is unlimited. An underlying fund may not always be able to purchase mortgage securities to close out the short position at a

particular time or at an acceptable price. In addition, taking short positions results in a form of leverage, which could increase the volatility of an underlying fund’s share price.

∎ US government obligations risk. Obligations of US government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the US government, which could affect an underlying fund’s ability to recover should they default. No assurance can be given that the US government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

∎ When-issued, delayed delivery and forward commitment risks. When-issued and delayed delivery transactions subject an underlying fund to market risk because the value or yield of a security at delivery may be more or less than the purchase price or yield generally available when delivery occurs, and counterparty risk because an underlying fund relies on the buyer or seller, as the case may be, to consummate the transaction. These transactions also have a leveraging effect on an underlying fund because an underlying fund commits to purchase securities that it does not have to pay for until a later date, which increases an underlying fund’s overall investment exposure and, as a result, its volatility.

∎ Zero coupon or pay-in-kind securities risk. The value, interest rates, and liquidity of non-cash paying instruments, such as zero coupon and pay-in-kind securities, are subject to greater fluctuation than other types of securities. The higher yields and interest rates on pay-in-kind securities reflect the payment deferral and increased credit risk associated with such instruments and that such investments may represent a higher credit risk than loans that periodically pay interest.

About indexes used in this report

∎ The Bloomberg Barclays 1-3 Month Treasury Bill Index is an unmanaged index considered representative of short-term US government debt instruments.

∎ The US Consumer Price Index is a measure of change in consumer prices as determined by the US Bureau of Labor Statistics.

∎ The Lipper Flexible Portfolio Funds Index is an unmanaged index considered representative of flexible portfolio

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.

Other information

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

14 Invesco Multi-Asset Inflation Fund

Schedule of Investments

December 31, 2016

Invesco Multi-Asset Inflation Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.11%^(a)

	% of Net Assets 12/31/16			Value 12/31/15		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 12/31/16		Value 12/31/16
Alternative Funds–8.37%
PowerShares DB Oil Fund–ETF(b)		8.37	%	$	40,942	$	74,493	$	(49,189	)	$	32,284		$	(23,278	)	$	—		7,774	$	75,252
Asset Allocation Funds–8.26%
Invesco Balanced-Risk Commodity Strategy Fund–Class R6(b)		8.26	%		32,109		62,689		(23,547	)		4,813			(1,789	)		2,043		10,907		74,275
Domestic Equity Funds–16.47%
Invesco Energy Fund–Class R5		10.10	%		35,890		79,113		(38,707	)		19,991			(5,484	)		1,300		3,151		90,803
iShares U.S. Consumer Goods ETF(c)		6.37	%		23,501		51,626		(18,652	)		(1,061	)		1,828			1,105		517		57,242
Total Domestic Equity Funds					59,391		130,739		(57,359	)		18,930			(3,656	)		2,405				148,045
Fixed-Income Funds–36.44%
Invesco Emerging Markets Flexible Bond Fund–Class R6(d)		1.92	%		16,997		23,954		(23,490	)		848			(395	)		40		2,669		17,245
Invesco Floating Rate Fund–Class R6		4.75	%		21,491		25,412		(6,026	)		2,120			(333	)		1,421		5,636		42,664
Invesco High Yield Fund–Class R6		4.14	%		18,778		19,787		(2,589	)		1,398			(88	)		1,452		8,993		37,232
Invesco Short Duration Inflation Protected Fund–Class R6		14.74	%		—		152,986		(20,863	)		376			(14	)		1,640		12,582		132,485
Invesco U.S. Government Fund–Class R5		6.49	%		33,517		46,236		(20,713	)		(636	)		(60	)		870		6,600		58,344
Invesco Quality Income Fund–Class R5(f)		2.50	%		17,595		28,442		(23,360	)		(139	)		(68	)		559		1,849		22,470
iShares TIPS Bond ETF(c)		0.00	%		64,382		—		(64,813	)		1,824			(1,393	)		—		—		—
PowerShares Fundamental Investment Grade Corporate Bond Portfolio–ETF		1.90	%		8,932		17,525		(9,156	)		(406	)		129			180		675		17,024
Total Fixed-Income Funds					181,692		314,342		(171,010	)		5,385			(2,222	)		6,162				327,464
Foreign Equity Funds–21.86%
Invesco Global Health Care Fund–Class Y(b)		7.52	%		35,340		62,358		(23,819	)		(5,262	)		442			339		2,024		67,604
Invesco Global Infrastructure Fund–Class R6		5.74	%		20,292		46,861		(18,055	)		2,783			(291	)		717		5,518		51,590
Invesco Gold & Precious Metals Fund–Class Y(b)		6.10	%		26,914		54,097		(33,715	)		7,297			189			4,863		13,297		54,782
Invesco International Growth Fund–Class R6		2.50	%		18,681		30,996		(26,210	)		114			(1,078	)		371		731		22,503
Total Foreign Equity Funds					101,227		194,312		(101,799	)		4,932			(738	)		6,290				196,479
Real Estate Funds–5.76%
Invesco Global Real Estate Fund-Class R6		5.76	%		17,368		61,882		(27,559	)		(1,056	)		1,145			1,887		4,213		51,780
Money Market Funds–2.95%
Government & Agency Portfolio–Institutional Class, 0.43%(h)		1.77	%		—		177,999		(162,088	)		—			—			12		15,911		15,911
Liquid Assets Portfolio–Institutional Class, 0.37%(h)		0.00	%		3,189		180,054		(183,243	)		—			—			19		—		—
Premier Portfolio–Institutional Class, 0.65%(h)		0.00	%		3,189		180,054		(183,243	)		—			—			17		—		—
Treasury Portfolio–Institutional Class, 0.37%(h)		1.18	%		—		118,666		(108,059	)		—			—			6		10,607		10,607
Total Money Market Funds					6,378		656,773		(636,633	)		—			—			54				26,518
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $895,626)		100.11	%	$	439,107	$	1,495,230	$	(1,067,096	)	$	65,288	(e)	$	(30,538	)(g)	$	18,841			$	899,813
OTHER ASSETS LESS LIABILITIES		(0.11	)%																			(980	)
NET ASSETS		100.00	%																		$	898,833

Investment Abbreviations:

ETF	– Exchange Traded Fund
TIPS	– Treasury Inflation Protected Securities

Notes to Schedule of Investments:

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

^(b)  Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from the report date.

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

^(d)  Effective February 26, 2016, Invesco Emerging Market Local Currency Debt Fund was renamed as Invesco Emerging Markets Flexible Bond Fund.

^(e)  Includes $669 and $54 of return of capital received from Invesco Emerging Markets Flexible Bond Fund and Invesco High Yield Fund, respectively.

^(f)  Effective June 20, 2016, Invesco U.S. Mortgage Fund was renamed as Invesco Quality Income Fund.

^(g)  Includes $1,455 of capital gain distributions from affiliated underlying funds for Invesco Global Health Care Fund.

^(h)  The rate shown is the 7-day SEC standardized yield as of December 31, 2016.

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

15                         Invesco Multi-Asset Inflation Fund

Statement of Assets and Liabilities

December 31, 2016

Assets:
Investments in affiliated and unaffiliated underlying funds, at value (Cost $895,626)	$	899,813
Receivable for:
Fund shares sold		90
Dividends — affiliated underlying funds		538
Investment for trustee deferred compensation and retirement plans		4,075
Other assets		41,647
Total assets		946,163
Liabilities:
Payable for:
Investments purchased — affiliated underlying funds		534
Accrued fees to affiliates		12,557
Accrued trustees’ and officers’ fees and benefits		143
Accrued other operating expenses		30,021
Trustee deferred compensation and retirement plans		4,075
Total liabilities		47,330
Net assets applicable to shares outstanding	$	898,833
Net assets consist of:
Shares of beneficial interest	$	939,177
Undistributed net investment income		(3,218	)
Undistributed net realized gain (loss)		(41,313	)
Net unrealized appreciation		4,187
	$	898,833

Net Assets:
Class A	$	474,735
Class C	$	177,188
Class R	$	8,949
Class Y	$	220,001
Class R5	$	8,980
Class R6	$	8,980
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		53,036
Class C		19,907
Class R		1,001
Class Y		24,521
Class R5		1,001
Class R6		1,001
Class A:
Net asset value per share	$	8.95
Maximum offering price per share
(Net asset value of $8.95 ¸ 94.50%)	$	9.47
Class C:
Net asset value and offering price per share	$	8.90
Class R:
Net asset value and offering price per share	$	8.94
Class Y:
Net asset value and offering price per share	$	8.97
Class R5:
Net asset value and offering price per share	$	8.97
Class R6:
Net asset value and offering price per share	$	8.97

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

16                         Invesco Multi-Asset Inflation Fund

Statement of Operations

For the year ended December 31, 2016

Investment income:
Dividends from affiliated and unaffiliated underlying funds	$	18,841
Other Income		131
Total investment income		18,972
Expenses:
Advisory fees		906
Administrative services fees		50,000
Custodian fees		8,150
Distribution fees:
Class A		724
Class C		691
Class R		44
Transfer agent fees — A, C, R and Y		1,574
Transfer agent fees — R5		9
Transfer agent fees — R6		9
Trustees’ and officers’ fees and benefits		18,972
Registration and filing fees		72,831
Reports to shareholders		14,156
Professional services fees		34,346
Other		12,517
Total expenses		214,929
Less: Fees waived and expenses reimbursed		(210,742	)
Net expenses		4,187
Net investment income		14,785
Realized and unrealized gain (loss) from:
Net realized gain (loss) on sales of affiliated and unaffiliated underlying fund shares		(31,993	)
Net realized gain from distributions of affiliated underlying fund shares		1,455
		(30,538	)
Change in net unrealized appreciation of affiliated and unaffiliated underlying fund shares		65,288
Net gain from affiliated and unaffiliated underlying funds		34,750
Net increase in net assets resulting from operations	$	49,535

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

17                         Invesco Multi-Asset Inflation Fund

Statement of Changes in Net Assets

For the years ended December 31, 2016 and 2015

	2016			2015
Operations:
Net investment income	$	14,785		$	3,284
Net realized gain (loss)		(30,538	)		(12,086	)
Change in net unrealized appreciation (depreciation)		65,288			(43,596	)
Net increase (decrease) in net assets resulting from operations		49,535			(52,398	)
Distributions to shareholders from net investment income:
Class A		(9,483	)		(2,117	)
Class C		(2,759	)		(94	)
Class R		(173	)		(84	)
Class Y		(4,679	)		(3,225	)
Class R5		(194	)		(121	)
Class R6		(194	)		(121	)
Total distributions from net investment income		(17,482	)		(5,762	)
Distributions to shareholders from net realized gains:
Class A		(2,281	)		—
Class C		(775	)		—
Class R		(44	)		—
Class Y		(1,055	)		—
Class R5		(44	)		—
Class R6		(44	)		—
Total distributions from net realized gains		(4,243	)		—
Share transactions–net:
Class A		290,036			86,977
Class C		162,999			8,429
Class Y		(20,537	)		115,597
Net increase in net assets resulting from share transactions		432,498			211,003
Net increase in net assets		460,308			152,843
Net assets:
Beginning of year		438,525			285,682
End of year (includes undistributed net investment income of $(3,218) and $7,382, respectively)	$	898,833		$	438,525

Notes to Financial Statements

December 31, 2016

NOTE 1—Significant Accounting Policies

Invesco Multi-Asset Inflation Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). 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 consisting of seventeen separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is total return, comprised of current income and 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”), exchange-traded funds advised by Invesco PowerShares Capital Management LLC (“PowerShares Capital”), an affiliate of Invesco, or other unaffiliated advisers. Invesco and PowerShares 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 or 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 and under certain circumstances

18                         Invesco Multi-Asset Inflation Fund

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.

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.

A. Security Valuations — Securities of investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in shares of funds that are not traded on an exchange are valued at the end-of-day net asset value per share of such fund. 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 (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales 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 by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Senior secured floating rate loans and senior secured floating rate debt securities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated 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.

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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. 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.

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 NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund 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 using procedures approved by the Board of Trustees. 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 approved 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 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 is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. 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 economic conditions, interest rates, investor perceptions 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.

B. 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 the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

19                         Invesco Multi-Asset Inflation Fund

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

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

C. Distributions — Distributions from net investment income 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.

D. 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.

E. 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 in Note 10.

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 to each share class based on relative net assets. 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.

F. 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.

G. 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.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays an advisory fee to the Adviser based on the annual rate of 0.15% of the Fund’s average daily net assets.

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 a separate sub-advisory agreement with Invesco PowerShares Capital Management LLC (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 had contractually agreed, through at least April 30, 2017, 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 (including prior fiscal year-end Acquired Fund Fees and Expenses of 0.66% and excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.36%, 2.11%, 1.61%, 1.11%, 1.11% and 1.11%, respectively, of average daily net assets (the “expense limits”). Effective January 1, 2017, the Adviser has contractually agreed, through at least April 30, 2018, 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 (including restated prior fiscal year-end Acquired Fund Fees and Expenses of 0.74% and excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.02%, 1.77%, 1.27%, 0.77%, 0.77% and 0.77%, respectively, of average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. 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. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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.

20                         Invesco Multi-Asset Inflation Fund

For the year ended December 31, 2016, the Adviser waived advisory fees and reimbursed fund level expenses of $209,150 and reimbursed class level expenses of $778, $185, $24, $587, $9 and $9 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, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2016, 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 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. 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, 2016, 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, 2016, IDI advised the Fund that IDI retained $1,241 in front-end sales commissions from the sale of Class A shares.

The underlying Invesco funds pay no distribution fees for Class Y and Class R6, and the Fund pays 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 or are unreliable. 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 Fund’s own 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, 2016, 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.

NOTE 4—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. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

NOTE 5—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, 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.

21                         Invesco Multi-Asset Inflation Fund

NOTE 6—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2016 and 2015:

	2016		2015
Ordinary income	$	17,482	$	5,762
Long-Term Capital Gain		4,243		—
Total distributions	$	21,725	$	5,762

Tax Components of Net Assets at Period-End:

	2016
Undistributed ordinary income	$	671
Undistributed long-term gain		1,298
Net unrealized appreciation (depreciation) — investments		(38,424	)
Temporary book/tax differences		(3,889	)
Shares of beneficial interest		939,177
Total net assets	$	898,833

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.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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.

The Fund does not have capital loss carryforward as of December 31, 2016.

NOTE 7—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2016 was $838,457 and $430,463, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	18,332
Aggregate unrealized (depreciation) of investment securities		(56,756	)
Net unrealized appreciation (depreciation) of investment securities	$	(38,424	)

Cost of investments for tax purposes is $938,237.

NOTE 8—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnership and distributions, on December 31, 2016, undistributed net investment income was decreased by $7,903 and undistributed net realized gain (loss) was increased by $9,607 and shares of beneficial interest was decreased by $1,704. This reclassification had no effect on the net assets of the Fund.

22                         Invesco Multi-Asset Inflation Fund

NOTE 9—Share Information

	Summary of Share Activity
	Years ended December 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		39,591		$	353,698			10,350		$	96,098
Class C		19,088			172,682			997			9,377
Class Y		—			—			12,025			113,639
Issued as reinvestment of dividends:
Class A		828			7,367			124			1,033
Class C		334			2,945			5			44
Class Y		365			3,242			234			1,958
Reacquired:
Class A		(8,028	)		(71,029	)		(1,061	)		(10,154	)
Class C		(1,409	)		(12,628	)		(109	)		(992	)
Class Y		(2,797	)		(23,779	)		—			—
Net increase in share activity		47,972		$	432,498			22,565		$	211,003

^(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.

    Also, 55% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

23                         Invesco Multi-Asset Inflation Fund

NOTE 10—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			Ratio of net investment income (loss) to average net assets			Portfolio turnover(d)
Class A
Year ended 12/31/16		$8.35		$0.22		$	0.60		$	0.82		$	(0.18	)	$	(0.04	)	$	(0.22	)	$	8.95		9.91	%	$	475		0.70	%(e)		35.59	%(e)		2.44	%(e)		72	%
Year ended 12/31/15		9.54		0.06			(1.15	)		(1.09	)		(0.10	)		—			(0.10	)		8.35		(11.39	)		172		0.73			69.65			0.68			34
Year ended 12/31/14(f)		10.00		0.04			(0.40	)		(0.36	)		(0.10	)		—			(0.10	)		9.54		(3.55	)		107		0.73	(g)		124.07	(g)		1.81	(g)		3
Class C
Year ended 12/31/16		8.34		0.15			0.61			0.76			(0.16	)		(0.04	)		(0.20	)		8.90		9.12			177		1.45	(e)		36.34	(e)		1.69	(e)		72
Year ended 12/31/15		9.55		(0.01	)		(1.15	)		(1.16	)		(0.05	)		—			(0.05	)		8.34		(12.15	)		16		1.48			70.40			(0.07	)		34
Year ended 12/31/14(f)		10.00		0.02			(0.38	)		(0.36	)		(0.09	)		—			(0.09	)		9.55		(3.61	)		10		1.48	(g)		124.82	(g)		1.06	(g)		3
Class R
Year ended 12/31/16		8.35		0.19			0.62			0.81			(0.18	)		(0.04	)		(0.22	)		8.94		9.68			9		0.95	(e)		35.84	(e)		2.19	(e)		72
Year ended 12/31/15		9.54		0.04			(1.15	)		(1.11	)		(0.08	)		—			(0.08	)		8.35		(11.60	)		8		0.98			69.90			0.43			34
Year ended 12/31/14(f)		10.00		0.03			(0.39	)		(0.36	)		(0.10	)		—			(0.10	)		9.54		(3.60	)		10		0.98	(g)		124.32	(g)		1.56	(g)		3
Class Y
Year ended 12/31/16		8.36		0.24			0.60			0.84			(0.19	)		(0.04	)		(0.23	)		8.97		10.16			220		0.45	(e)		35.34	(e)		2.69	(e)		72
Year ended 12/31/15		9.55		0.09			(1.16	)		(1.07	)		(0.12	)		—			(0.12	)		8.36		(11.20	)		225		0.48			69.40			0.93			34
Year ended 12/31/14(f)		10.00		0.04			(0.38	)		(0.34	)		(0.11	)		—			(0.11	)		9.55		(3.39	)		140		0.48	(g)		123.82	(g)		2.06	(g)		3
Class R5
Year ended 12/31/16		8.36		0.24			0.60			0.84			(0.19	)		(0.04	)		(0.23	)		8.97		10.16			9		0.45	(e)		35.17	(e)		2.69	(e)		72
Year ended 12/31/15		9.54		0.09			(1.15	)		(1.06	)		(0.12	)		—			(0.12	)		8.36		(11.11	)		8		0.48			69.37			0.93			34
Year ended 12/31/14(f)		10.00		0.04			(0.39	)		(0.35	)		(0.11	)		—			(0.11	)		9.54		(3.49	)		10		0.48	(g)		122.66	(g)		2.06	(g)		3
Class R6
Year ended 12/31/16		8.36		0.24			0.60			0.84			(0.19	)		(0.04	)		(0.23	)		8.97		10.16			9		0.45	(e)		35.17	(e)		2.69	(e)		72
Year ended 12/31/15		9.54		0.09			(1.15	)		(1.06	)		(0.12	)		—			(0.12	)		8.36		(11.11	)		8		0.48			69.37			0.93			34
Year ended 12/31/14(f)		10.00		0.04			(0.39	)		(0.35	)		(0.11	)		—			(0.11	)		9.54		(3.49	)		10		0.48	(g)		122.66	(g)		2.06	(g)		3

^(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 were 0.74%, 0.66% and 0.62% for the years ended December 31, 2016, December 31, 2015 and the period October 14, 2014 (commencement date) through December 31, 2014, respectively.

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

^(e) Ratios are based on average daily net assets (000’s omitted) of $290, $69, $9, $219, $9 and $9 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Commencement date of October 14, 2014.

^(g)  Annualized.

24                         Invesco Multi-Asset Inflation Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Growth Series (Invesco Growth Series)

and Shareholders of the Invesco Multi-Asset Inflation Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Invesco Multi-Asset Inflation Fund (one of the portfolios constituting the AIM Growth Series (Invesco Growth Series), hereafter referred to as the “Fund”) as of December 31, 2016, 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 then ended and the financial highlights for each of the two years in the period then ended and for the period October 14, 2014 (commencement of operations) through December 31, 2014, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

February 23, 2017

25                         Invesco Multi-Asset Inflation Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2016, through December 31, 2016.

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

Class	Beginning Account Value (07/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio2
			Ending Account Value (12/31/16)1		Expenses Paid During Period2,3		Ending Account Value (12/31/16)		Expenses Paid During Period2,4
A	$	1,000.00	$	998.60	$	3.52	$	1,021.62	$	3.56		0.70	%
C		1,000.00		994.60		7.27		1,017.85		7.35		1.45
R		1,000.00		997.60		4.77		1,020.36		4.82		0.95
Y		1,000.00		999.90		2.26		1,022.87		2.29		0.45
R5		1,000.00		999.90		2.26		1,022.87		2.29		0.45
R6		1,000.00		999.90		2.26		1,022.87		2.29		0.45

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2016 through December 31, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year. Effective January 1, 2017, the Fund’s 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 0.37%, 1.12%, 0.62%, 0.12%, 0.12% and 0.12% of average daily net assets, respectively. The annualized ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 0.37%, 1.12%, 0.62%, 0.12%, 0.12% and 0.12%, for 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 fiscal half year are $1.86, $5.62, $3.11, $0.60, $0.60 and $0.60 for 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 fiscal half year are $1.88, $5.69, $3.15, $0.61, $0.61 and $0.61 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

26                         Invesco Multi-Asset Inflation 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 advisors.

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, 2016:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	4,243
Qualified Dividend Income*		16.39	%
Corporate Dividends Received Deduction*		11.33	%
U.S. Treasury Obligations*		9.22	%

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

27                         Invesco Multi-Asset Inflation 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: 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)	144	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.	144	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

²  Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

T-1                         Invesco Multi-Asset Inflation 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
Bruce L. Crockett — 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	144	Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company) Member of the Audit Committee, Ferroglobe PLC (metallurgical company) and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	144	Board member of the Illinois Manufacturers’ Association
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	144	Trustee, Evans Scholarship Foundation; Chairman of the Board, Denver Film Society
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	144	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	144	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	144	None
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	144	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	144	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	144	None
Other Officers
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A

T-2                         Invesco Multi-Asset Inflation 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
Other Officers—(continued)
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, 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; Managing Director, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Karen Dunn Kelley — 1960 Senior Vice President	2004	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman and Director, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Invesco Mortgage Capital Inc.; Senior Vice President, The Invesco Funds Formerly: Director, Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as INVESCO Global Asset Management Limited) and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco AIM Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A

T-3                         Invesco Multi-Asset Inflation 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
Other Officers—(continued)
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Distributor Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Auditors PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Multi-Asset Inflation Fund

Explore High-Conviction Investing with Invesco

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-02699 and 002-57526                         MAI-AR-1                                                 Invesco Distributors, Inc.

	Annual Report to Shareholders	December 31, 2016
	Invesco Small Cap Growth Fund
	Nasdaq:
	A: GTSAX  ◾  B: GTSBX  ◾  C: GTSDX  ◾  R: GTSRX  ◾  Y: GTSYX  ◾  Investor: GTSIX R5: GTSVX  ◾  R6: GTSFX

Letters to Shareholders

Philip Taylor	Dear Shareholders:
	This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period.
	The reporting period began with significant stock market volatility in the US and abroad; this volatility was the result of investor uncertainty about global economic growth and monetary policy. After recovering, markets declined sharply following UK voters’ decision in June to leave the European Union. Relatively quickly, however, markets recovered, reaching record highs later in the summer. Demand was strong for income-producing investments, particularly those perceived to be lower risk; this benefited bonds as well as dividend-paying

stocks for much of the reporting period.While economic news in the US was generally positive during the reporting period, news overseas was less upbeat. The European Central Bank and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. After months of uncertainty, the surprise outcome of the US presidential election in November triggered a major stock market rally, with most market indexes reaching new record highs in December. As expected, the US Federal Reserve raised interest rates in December – its only rate increase during the reporting period and only its second increase since 2006. The Fed cited optimistic economic data for its decision, and Fed-watchers suggested that future rate increases might be announced more quickly than previously forecast.

Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for whatever returns the market has to offer. The investment professionals at Invesco, in contrast, invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco Small Cap Growth Fund

Bruce Crockett	Dear Fellow Shareholders:
	Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.
	As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:
	∎	Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.
	∎	Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎ Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Small Cap Growth Fund

Management’s Discussion of Fund Performance

Performance summary For the year ended December 31, 2016, Class A Shares of Invesco Small Cap Growth Fund (the Fund), at net asset value, performed in-line with the Fund’s style-specific index, the Russell 2000 Growth Index. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/15 to 12/31/16, 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	11.30	%
Class B Shares	10.46
Class C Shares	10.49
Class R Shares	11.02
Class Y Shares	11.56
Investor Class Shares	11.29
Class R5 Shares	11.70
Class R6 Shares	11.85
S&P 500 Indexq (Broad Market Index)	11.96
Russell 2000 Growth Indexq (Style-Specific Index)	11.32
Lipper Small-Cap Growth Funds Index∎ (Peer Group Index)	8.19
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc.

Market conditions and your Fund

During the year ended December 31, 2016, the US economy continued to expand. US gross domestic product (GDP) showed the US economy grew by 3.5% in the third quarter.¹ However, annualized GDP is expected to be much lower. Employment data were mixed, with unemployment ending the year at 4.7%.² Oil prices traded in a range from the high $20s to the low $50s during the reporting period.³ Major US stock market indexes posted gains for the reporting period, with most major market indexes hitting record highs; however, the markets were fairly volatile during the first half of the year.

Stocks began 2016 on a negative note, driven by investor concerns about economic weakness in China, falling oil prices and uncertainty over the US Federal Reserve’s (the Fed) monetary policy.

Portfolio Composition
By sector	% of total net assets
Information Technology		27.5	%
Health Care		21.0
Industrials		16.3
Consumer Discretionary		11.5
Financials		7.1
Energy		4.9
Materials		3.2
Consumer Staples		2.7
Real Estate		2.0
Telecommunication Services		1.4
Money Market Funds
Plus Other Assets Less Liabilities		2.4

Markets recovered in February and posted gains until June, when UK voters opted to leave the European Union, sending markets sharply lower. Markets again recovered, and major US equity indexes hit record highs during the summer. Following the surprise outcome of the US presidential election, a stock market rally sent major US equity market indexes to new record highs. The rally was led by financials, gaining on the belief that they might benefit from reduced federal regulation. Also in November, OPEC agreed to cut production for the first time in eight years, which helped support higher oil prices. The Fed raised interest rates by a quarter point in December 2016 – its only increase during the reporting period.⁴

Within this environment, small-cap stocks outperformed large-cap stocks, and the Fund, at net asset value, posted a positive return and performed in-line with

Top 10 Equity Holdings*
	% of total net assets
1.	SBA Communications Corp.- Class A	1.4	%
2.	Martin Marietta Materials, Inc.	1.4
3.	Monolithic Power Systems Inc.	1.3
4.	Lancaster Colony Corp.	1.3
5.	Exelixis, Inc.	1.3
6.	MKS Instruments, Inc.	1.3
7.	Cognex Corp.	1.2
8.	Acuity Brands, Inc.	1.2
9.	Booz Allen Hamilton Holding Corp.	1.2
10.	Knight Transportation, Inc.	1.1

its style-specific index for the year. The Fund outperformed in the health care sector primarily due to stock selection. Overweight allocation and stock selection in the energy sector also benefited relative Fund performance. Some of the Fund’s outperformance in these sectors was offset, however, by underperformance in the industrials, information technology (IT), consumer discretionary and real estate sectors due to stock selection.

  The Fund outperformed by the widest margin in the health care sector due primarily to stock selection. Exelixis is a cancer-focused biotechnology company that contributed to Fund results as it reported successful early-stage trials in a treatment for renal cell carcinoma during the first quarter. The company also benefited from continued outperformance of its kidney cancer drug Cabmetyx and positive clinical data for two new drug trials during the year. Another notable contributor to Fund performance was Affymetrix, a life science tools company, which announced in the first quarter that it was being acquired for a premium. The Fund also benefited from underweight allocation in biotechnology stocks relative to its style-specific index. We sold our position in Affymetrix during the reporting period.

  Stock selection in exploration and production companies and overweight allocation in the energy sector were contributors to Fund performance versus the style-specific index. Notable contributors within the sector included Laredo Petroleum, Parsley Energy and Energen – exploration and production companies focusing on the Permian Basin in West Texas, one of the most profitable oil and gas regions in the US. Land-based oilfield driller Patterson-UTI Energy contributed the most to Fund performance. Patterson’s price rose after

Total Net Assets	$	2.4 billion
Total Number of Holdings*		120

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.

Data presented here are as of December 31, 2016.

4 Invesco Small Cap Growth Fund

the OPEC announcement to cut oil production in November, which increased oil prices. Centennial Resource Development also helped Fund performance as the stock benefited from higher oil prices and the acquisition of acreage in the Permian Basin during the fourth quarter of the year.

In contrast, the Fund trailed its style-specific index by the widest margin in the industrials sector during the year. Pitney Bowes, a postage services and developing digital commerce business, detracted from Fund performance due to profit margin pressures from a restructuring of its business. Not owning several positive-performing companies held within the style-specific index also detracted from the Fund’s relative performance.

Stock selection in the IT sector detracted from relative Fund performance. Supply-chain management software provider Manhattan Associates primarily sells its software to retailers. The company’s stock declined due to investor concerns about disappointing retail sales data. At the close of the reporting period, we continued to own the stock, but trimmed our position. Property and casualty insurance software provider Guidewire Software and cable and satellite set-top box maker Arris International also detracted from Fund performance during the reporting period. We sold our position in Arris International during the reporting period.

The Fund also underperformed its style-specific index in the real estate sector. CoreCivic, a prison real estate investment trust, was a notable detractor from relative performance. The company was hurt in August after the Department of Justice announced that the Bureau of Prisons would end its use of private prisons. We sold our position in CoreCivic during the reporting period. Our underweight exposure to the real estate sector also detracted from relative Fund results.

Throughout 2016, we moderated our pro-cyclical bias into a more balanced approach between secular growth businesses and “all-weather” businesses. As the business cycle continues to evolve, we plan to move thoughtfully and carefully along with it. Regardless of our macroeconomic views, we will continue to place our valued clients’ investments only in select businesses where we have a thorough understanding, and in which our independent assessment leads us to believe they are growing faster and with higher quality of earnings than their peers.

Thank you for your commitment to Invesco Small Cap Growth Fund and for sharing our long-term investment horizon.

1  Source: Bureau of Economic Analysis

2  Source: Bureau of Labor Statistics

3  Source: Thompson-Reuters

4  Source: US Federal Reserve

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

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

	Juliet Ellis
	Chartered Financial Analyst, Portfolio Manager and Chief Investment Officer of Invesco’s domestic
growth investments team, is lead manager of Invesco Small Cap Growth Fund. She joined Invesco in 2004. Ms. Ellis earned a BA in economics and political science from Indiana University.
	Juan Hartsfield
	Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Small Cap Growth Fund. He
joined Invesco in 2004. Mr. Hartsfield earned a BS in petroleum engineering from The University of Texas at Austin and an MBA from the University of Michigan.
	Clay Manley
	Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Small Cap Growth Fund. He
joined Invesco in 2001. Mr. Manley earned a BA with cum laude honors in history and geology from Vanderbilt University and an MBA with concentrations in finance and accounting from the Goizueta Business School at Emory University.

5 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 12/31/06

1  Source: FactSet Research Systems Inc.

2  Source: Lipper Inc.

Past performance cannot guarantee comparable future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Results for Class B shares are calculated as if a hypothetical

shareholder had liquidated his entire investment in the Fund at the close of the reporting period and paid the contingent deferred sales charges, if applicable. 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6 Invesco Small Cap Growth Fund

Average Annual Total Returns
As of 12/31/16, including maximum applicable sales charges
Class A Shares
Inception (10/18/95)	10.07	%
10 Years	7.73
5 Years	12.98
1 Year	5.19
Class B Shares
Inception (10/18/95)	10.07	%
10 Years	7.69
5 Years	13.17
1 Year	5.56
Class C Shares
Inception (5/3/99)	7.65	%
10 Years	7.52
5 Years	13.40
1 Year	9.51
Class R Shares
Inception (6/3/02)	8.36	%
10 Years	8.06
5 Years	13.98
1 Year	11.02
Class Y Shares
10 Years	8.56	%
5 Years	14.55
1 Year	11.56
Investor Class Shares
Inception (4/7/06)	8.04	%
10 Years	8.34
5 Years	14.26
1 Year	11.29
Class R5 Shares
Inception (3/15/02)	8.36	%
10 Years	8.78
5 Years	14.70
1 Year	11.70
Class R6 Shares
10 Years	8.56	%
5 Years	14.73
1 Year	11.85

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

Class R6 shares incepted on Septem-ber 24, 2012. 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 comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares was 1.20%, 1.95%, 1.95%, 1.45%, 0.95%, 1.20%, 0.82% and 0.73%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. 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.

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.

7 Invesco Small Cap Growth Fund

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, 2016, and is based on total net assets.

∎ Unless otherwise noted, all data provided by Invesco.

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

About share classes

∎ Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

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

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

∎ Class R5 shares and Class R6 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal in the Fund risks of investing

∎ Foreign securities risk. The Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

∎ Growth investing risk. Growth stocks tend to be more expensive relative to the issuing company’s earnings or assets compared with other types of

stock. As a result, they tend to be more sensitive to changes in, or investors’ expectations of, the issuing company’s earnings and can be more volatile.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

∎ Sector focus risk. The Fund may from time to time invest a significant amount of its assets (i.e. over 25%) in one market sector or group of related industries. In this event, the Fund’s performance will depend to a greater extent on the overall condition of the sector or group of industries and there is increased risk that the Fund will lose significant value if conditions adversely affect that sector or group of industries.

∎ Small- and mid-capitalization companies risks. Small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management

and fewer financial resources than larger companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

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.

Other information

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

∎ Industry 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.

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    

8 Invesco Small Cap Growth Fund

Schedule of Investments^(a)

December 31, 2016

	Shares		Value
Common Stocks & Other Equity Interests–97.61%
Aerospace & Defense–2.27%
BWX Technologies, Inc.		449,191	$	17,832,883
Orbital ATK, Inc.		179,284		15,728,585
TransDigm Group, Inc.		79,568		19,809,249
				53,370,717
Air Freight & Logistics–0.80%
Forward Air Corp.		399,309		18,919,260
Apparel Retail–1.06%
DSW Inc.–Class A		487,334		11,038,115
Urban Outfitters, Inc.(b)		487,092		13,872,380
				24,910,495
Apparel, Accessories & Luxury Goods–1.29%
Carter’s, Inc.		185,167		15,996,577
G-III Apparel Group, Ltd.(b)		483,239		14,284,545
				30,281,122
Application Software–7.13%
Aspen Technology, Inc.(b)		481,414		26,323,718
Fair Isaac Corp.		205,388		24,486,357
Guidewire Software Inc.(b)		388,650		19,172,104
Manhattan Associates, Inc.(b)		400,617		21,244,720
MicroStrategy Inc.–Class A(b)		124,847		24,644,798
RealPage, Inc.(b)		587,339		17,620,170
Ultimate Software Group, Inc. (The)(b)		129,090		23,539,561
Verint Systems Inc.(b)		300,546		10,594,247
				167,625,675
Asset Management & Custody Banks–0.48%
WisdomTree Investments, Inc.(c)		1,013,439		11,289,710
Auto Parts & Equipment–0.60%
Visteon Corp.		175,953		14,136,064
Biotechnology–3.83%
ACADIA Pharmaceuticals Inc.(b)(c)		298,084		8,596,743
Exelixis, Inc.(b)		2,021,169		30,135,630
Halozyme Therapeutics, Inc.(b)(c)		675,266		6,671,628
Momenta Pharmaceuticals, Inc.(b)		1,121,831		16,883,556
Neurocrine Biosciences, Inc.(b)		347,788		13,459,396
Repligen Corp.(b)		468,539		14,440,372
				90,187,325
Brewers–0.57%
Boston Beer Co., Inc. (The)–Class A(b)		78,821		13,387,747
Building Products–1.67%
A.O. Smith Corp.		445,521		21,095,419
Masonite International Corp.(b)		274,990		18,094,342
				39,189,761

	Shares		Value
Casinos & Gaming–0.64%
Penn National Gaming, Inc.(b)		1,091,110	$	15,046,407
Construction Machinery & Heavy Trucks–1.57%
WABCO Holdings Inc.(b)		153,801		16,325,976
Wabtec Corp.		249,240		20,691,905
				37,017,881
Construction Materials–1.35%
Martin Marietta Materials, Inc.		143,009		31,680,784
Data Processing & Outsourced Services–1.66%
Euronet Worldwide, Inc.(b)		295,591		21,409,656
ExlService Holdings, Inc.(b)		349,580		17,632,815
				39,042,471
Distributors–1.08%
Pool Corp.		243,957		25,454,473
Electrical Components & Equipment–1.16%
Acuity Brands, Inc.		118,126		27,270,568
Electronic Components–0.90%
Littelfuse, Inc.		140,061		21,257,058
Electronic Equipment & Instruments–2.12%
Cognex Corp.		432,533		27,517,750
Zebra Technologies Corp.–Class A(b)		260,332		22,326,072
				49,843,822
Electronic Manufacturing Services–0.61%
Trimble Inc.(b)		478,007		14,411,911
Financial Exchanges & Data–0.77%
MarketAxess Holdings, Inc.		123,128		18,089,966
Footwear–0.81%
Steven Madden, Ltd.(b)		529,923		18,944,747
Health Care Equipment–5.61%
Cantel Medical Corp.		246,020		19,374,075
DexCom Inc.(b)		253,824		15,153,293
Hill-Rom Holdings, Inc.		386,211		21,681,885
Integra LifeSciences Holdings Corp.(b)		208,038		17,847,580
Nevro Corp.(b)		210,959		15,328,281
NuVasive, Inc.(b)		273,233		18,404,975
NxStage Medical, Inc.(b)		923,133		24,195,316
				131,985,405
Health Care Facilities–2.25%
HealthSouth Corp.		425,557		17,549,970
Select Medical Holdings Corp.(b)		1,240,855		16,441,329
VCA Inc. (b)		276,615		18,989,620
				52,980,919
Health Care REIT’s–0.67%
Physicians Realty Trust		834,030		15,813,209

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

9                         Invesco Small Cap Growth Fund

	Shares		Value
Health Care Services–0.80%
Chemed Corp.		117,080	$	18,780,803
Health Care Supplies–2.42%
Align Technology, Inc.(b)		226,443		21,767,966
Halyard Health Inc.(b)		518,144		19,160,965
ICU Medical, Inc.(b)		108,269		15,953,437
				56,882,368
Home Entertainment Software–1.09%
Take-Two Interactive Software, Inc.(b)		519,361		25,599,304
Homebuilding–0.60%
CalAtlantic Group, Inc.		412,079		14,014,807
Industrial Machinery–2.45%
ITT Inc.		488,703		18,849,274
John Bean Technologies Corp.		250,125		21,498,244
Lincoln Electric Holdings, Inc.		225,364		17,278,658
				57,626,176
Integrated Oil & Gas–1.00%
Centennial Resource Development, Inc.– Class A(b)(c)		1,187,751		23,422,450
Integrated Telecommunication Services–1.35%
SBA Communications Corp.–Class A(b)		307,010		31,701,853
Internet Software & Services–2.13%
CoStar Group Inc.(b)		114,367		21,557,036
Pandora Media Inc.(b)(c)		844,294		11,009,594
Q2 Holdings Inc.(b)		607,752		17,533,645
				50,100,275
IT Consulting & Other Services–1.84%
Booz Allen Hamilton Holding Corp.		751,968		27,123,486
EPAM Systems, Inc.(b)		249,433		16,041,036
				43,164,522
Leisure Products–0.86%
Brunswick Corp.		370,209		20,191,199
Life & Health Insurance–0.72%
American Equity Investment Life Holding Co.		751,039		16,928,419
Life Sciences Tools & Services–2.77%
Bio-Techne Corp.		192,594		19,804,441
Pacific Biosciences of California Inc.(b)(c)		1,994,769		7,580,122
PerkinElmer, Inc.		379,875		19,810,481
VWR Corp.(b)		719,945		18,020,224
				65,215,268
Managed Health Care–1.12%
HealthEquity, Inc.(b)		651,369		26,393,472
Marine–0.76%
Kirby Corp.(b)		270,236		17,970,694

	Shares		Value
Metal & Glass Containers–1.07%
Berry Plastics Group Inc.(b)		517,859	$	25,235,269
Movies & Entertainment–0.66%
IMAX Corp.(b)		492,287		15,457,812
Multi-Line Insurance–0.82%
American Financial Group, Inc.		219,837		19,372,036
Office REIT’s–0.66%
Highwoods Properties, Inc.		303,131		15,462,712
Office Services & Supplies–1.38%
Pitney Bowes Inc.		901,825		13,698,722
Steelcase Inc.–Class A		1,045,067		18,706,699
				32,405,421
Oil & Gas Drilling–1.03%
Patterson-UTI Energy, Inc.		897,624		24,164,038
Oil & Gas Exploration & Production–2.86%
Energen Corp.(b)		417,915		24,101,158
Laredo Petroleum, Inc.(b)(c)		1,264,438		17,879,153
Parsley Energy, Inc.–Class A(b)		719,708		25,362,510
				67,342,821
Packaged Foods & Meats–2.17%
B&G Foods Inc.		473,915		20,757,477
Lancaster Colony Corp.		214,641		30,348,091
				51,105,568
Pharmaceuticals–2.15%
Catalent, Inc.(b)		635,802		17,141,222
Nektar Therapeutics(b)		1,342,802		16,476,180
Prestige Brands Holdings, Inc.(b)		326,939		17,033,522
				50,650,924
Property & Casualty Insurance–0.67%
RLI Corp.		247,867		15,647,844
Regional Banks–3.64%
BankUnited, Inc.		475,864		17,935,314
Cathay General Bancorp		587,775		22,353,083
Cullen/Frost Bankers, Inc.		249,979		22,055,647
MB Financial, Inc.		495,120		23,384,518
				85,728,562
Research & Consulting Services–0.61%
CEB Inc.		237,812		14,411,407
Restaurants–3.30%
Dunkin’ Brands Group, Inc.		365,440		19,163,673
Jack in the Box Inc.		188,038		20,992,562
Panera Bread Co.–Class A(b)		77,407		15,875,402
Texas Roadhouse, Inc.		446,982		21,562,412
				77,594,049
Semiconductor Equipment–1.26%
MKS Instruments, Inc.		498,829		29,630,443

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

10                         Invesco Small Cap Growth Fund

	Shares		Value
Semiconductors–5.40%
Cavium Inc.(b)		302,798	$	18,906,707
Cirrus Logic, Inc.(b)		216,057		12,215,863
Integrated Device Technology, Inc.(b)		751,014		17,693,890
Monolithic Power Systems Inc.		377,588		30,935,785
Power Integrations, Inc.		355,027		24,088,582
Silicon Laboratories Inc.(b)		355,301		23,094,565
				126,935,392
Specialized REIT’s–0.65%
CubeSmart		575,101		15,395,454
Specialty Chemicals–0.79%
PolyOne Corp.		576,335		18,465,773
Specialty Stores–0.66%
Five Below, Inc.(b)		387,797		15,496,368
Systems Software–2.22%
CommVault Systems, Inc.(b)		402,912		20,709,677
Proofpoint, Inc.(b)		236,244		16,690,638
Qualys, Inc.(b)		469,629		14,863,758
				52,264,073
Technology Distributors–0.82%
SYNNEX Corp.		159,305		19,279,091
Technology Hardware, Storage & Peripherals–0.35%
Cray, Inc.(b)		400,986		8,300,410
Trading Companies & Distributors–0.75%
Watsco, Inc.		119,379		17,682,418

	Shares		Value
Trucking–2.88%
Knight Transportation, Inc.		806,028	$	26,639,226
Old Dominion Freight Line, Inc.(b)		238,424		20,454,395
Swift Transportation Co.(b)		848,145		20,660,812
				67,754,433
Total Common Stocks & Other Equity Interests (Cost $1,697,159,769)				2,295,911,425
Money Market Funds–3.87%
Government & Agency Portfolio–Institutional Class, 0.43%(d)		54,643,016		54,643,016
Treasury Portfolio–Institutional Class, 0.37%(d)		36,428,678		36,428,678
Total Money Market Funds (Cost $91,071,694)				91,071,694
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–101.48% (Cost $1,788,231,463)				2,386,983,119
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.34%
Government & Agency Portfolio–Institutional Class, 0.43% (Cost $31,456,428)(d)(e)		31,456,428		31,456,428
TOTAL INVESTMENTS–102.82% (Cost $1,819,687,891)				2,418,439,547
OTHER ASSETS LESS LIABILITIES–(2.82)%				(66,315,293	)
NET ASSETS–100.00%			$	2,352,124,254

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, 2016.

^(d)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2016.

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

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

11                         Invesco Small Cap Growth Fund

Statement of Assets and Liabilities

December 31, 2016

Assets:
Investments, at value (Cost $1,697,159,769)*	$	2,295,911,425
Investments in affiliated money market funds, at value and cost		122,528,122
Total investments, at value (Cost $1,819,687,891)		2,418,439,547
Receivable for:
Investments sold		481,045
Fund shares sold		3,549,525
Dividends		1,091,393
Investment for trustee deferred compensation and retirement plans		330,991
Other assets		55,998
Total assets		2,423,948,499
Liabilities:
Payable for:
Investments purchased		8,266,883
Fund shares reacquired		30,567,434
Collateral upon return of securities loaned		31,456,428
Accrued fees to affiliates		1,090,011
Accrued trustees’ and officers’ fees and benefits		351
Accrued other operating expenses		59,215
Trustee deferred compensation and retirement plans		383,923
Total liabilities		71,824,245
Net assets applicable to shares outstanding	$	2,352,124,254
Net assets consist of:
Shares of beneficial interest	$	1,712,051,692
Undistributed net investment income		(204,013	)
Undistributed net realized gain		41,524,919
Net unrealized appreciation		598,751,656
	$	2,352,124,254

Net Assets:
Class A	$	596,972,398
Class B	$	1,447,416
Class C	$	14,878,375
Class R	$	112,318,457
Class Y	$	163,661,795
Investor Class	$	226,995,466
Class R5	$	1,037,098,339
Class R6	$	198,752,008
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		18,281,175
Class B		62,143
Class C		640,324
Class R		3,676,960
Class Y		4,888,988
Investor Class		6,642,026
Class R5		28,577,925
Class R6		5,459,441
Class A:
Net asset value per share	$	32.66
Maximum offering price per share
(Net asset value of $32.66 ¸ 94.50%)	$	34.56
Class B:
Net asset value and offering price per share	$	23.29
Class C:
Net asset value and offering price per share	$	23.24
Class R:
Net asset value and offering price per share	$	30.55
Class Y:
Net asset value and offering price per share	$	33.48
Investor Class:
Net asset value and offering price per share	$	34.18
Class R5:
Net asset value and offering price per share	$	36.29
Class R6:
Net asset value and offering price per share	$	36.41

* At December 31, 2016, securities with an aggregate value of $30,626,730 were on loan to brokers.

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

12                         Invesco Small Cap Growth Fund

Statement of Operations

For the year ended December 31, 2016

Investment income:
Dividends	$	26,625,154
Dividends from affiliated money market funds (includes securities lending income of $416,725)		707,408
Total investment income		27,332,562
Expenses:
Advisory fees		15,399,025
Administrative services fees		477,981
Custodian fees		43,222
Distribution fees:
Class A		1,489,657
Class B		18,629
Class C		150,834
Class R		507,728
Investor Class		550,087
Transfer agent fees — A, B, C, R, Y and Investor		2,609,781
Transfer agent fees — R5		985,531
Transfer agent fees — R6		7,342
Trustees’ and officers’ fees and benefits		58,549
Registration and filing fees		141,747
Reports to shareholders		120,050
Professional services fees		66,848
Other		74,395
Total expenses		22,701,406
Less: Fees waived and expense offset arrangement(s)		(113,725	)
Net expenses		22,587,681
Net investment income		4,744,881
Realized and unrealized gain from:
Net realized gain from investment securities (includes net gains (losses) from securities sold to affiliates of ($562,863))		199,083,030
Change in net unrealized appreciation of investment securities		44,257,947
Net realized and unrealized gain		243,340,977
Net increase in net assets resulting from operations	$	248,085,858

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

13                         Invesco Small Cap Growth Fund

Statement of Changes in Net Assets

For the years ended December 31, 2016 and 2015

	2016			2015
Operations:
Net investment income (loss)	$	4,744,881		$	(5,862,524	)
Net realized gain		199,083,030			212,647,381
Change in net unrealized appreciation (depreciation)		44,257,947			(247,463,074	)
Net increase (decrease) in net assets resulting from operations		248,085,858			(40,678,217	)
Distributions to shareholders from net investment income:
Class Y		(360,191	)		—
Class R5		(3,477,362	)		—
Class R6		(815,646	)		—
Total distributions from net investment income		(4,653,199	)		—
Distributions to shareholders from net realized gains:
Class A		(51,968,425	)		(59,810,172	)
Class B		(177,899	)		(294,160	)
Class C		(1,754,430	)		(2,062,430	)
Class R		(10,252,112	)		(9,934,611	)
Class Y		(13,822,557	)		(13,305,773	)
Investor Class		(18,881,493	)		(20,635,295	)
Class R5		(82,025,446	)		(82,847,376	)
Class R6		(15,201,678	)		(14,466,459	)
Total distributions from net realized gains		(194,084,040	)		(203,356,276	)
Share transactions–net:
Class A		(59,407,480	)		5,315,321
Class B		(917,234	)		(1,174,954	)
Class C		(1,624,835	)		(1,709,412	)
Class R		8,509,336			6,566,890
Class Y		10,560,971			62,521,897
Investor Class		(9,556,593	)		(25,725,843	)
Class R5		22,451,211			117,454,900
Class R6		22,425,588			52,745,113
Net increase (decrease) in net assets resulting from share transactions		(7,559,036	)		215,993,912
Net increase (decrease) in net assets		41,789,583			(28,040,581	)
Net assets:
Beginning of year		2,310,334,671			2,338,375,252
End of year (includes undistributed net investment income (loss) of $(204,013) and $(387,130), respectively)	$	2,352,124,254		$	2,310,334,671

Notes to Financial Statements

December 31, 2016

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 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 consisting of seventeen separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently consists of eight different classes of shares: Class A, Class B, 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 and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are

14                         Invesco Small Cap Growth Fund

sold with a CDSC. Class R, Class Y, Investor Class, Class R5 and Class R6 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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.

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.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales 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 by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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. 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.

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 NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund 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 using procedures approved by the Board of Trustees. 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 approved 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 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 is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. 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 economic conditions, interest rates, investor perceptions 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.

B. 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 the accrual basis from settlement date. 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.

15                         Invesco Small Cap Growth Fund

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.

C. 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 and the country that has the primary market for the issuer’s securities, 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.

E. 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.

F. 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 to each share class based on relative net assets. 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.

G. 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.

H. 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.

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

16                         Invesco Small Cap Growth Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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 $500 million		0	.725%
Next $500 million		0	.70%
Next $500 million		0	.675%
Over $1.5 billion		0	.65%

For the year ended December 31, 2016, the effective advisory fees incurred by the Fund was 0.68%.

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. (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, 2017, 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 B, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.75%, 2.25%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of 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, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits 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, 2018, 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 (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2016, the Adviser waived advisory fees of $107,750.

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, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2016, 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 B, Class C, Class R, Class Y, Investor Class, 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 B, Class C, Class R and Investor Class 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 B and Class C shares and 0.50% of the average daily net assets of Class R shares. The Fund, pursuant to the Investor Class Plan, reimburses IDI for its allocated share of expenses incurred pursuant to the Investor Class Plan for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. 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, 2016, 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, 2016, IDI advised the Fund that IDI retained $8,043 in front-end sales commissions from the sale of Class A shares and $267, $318 and $366 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the year ended December 31, 2016, the Fund incurred $8,919 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

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 or are unreliable. 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 Fund’s own 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, 2016, 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—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco 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 or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended December 31, 2016, the Fund engaged in securities sales of $11,242,519, which resulted in net realized gains (losses) of $(562,863).

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, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $5,975.

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 State Street Bank and Trust Company, 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.

18                         Invesco Small Cap Growth 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, 2016 and 2015:

	2016		2015
Ordinary income	$	4,976,706	$	—
Long-term capital gain		193,760,533		203,356,276
Total distributions	$	198,737,239	$	203,356,276

Tax Components of Net Assets at Period-End:

	2016
Undistributed ordinary income	$	177,643
Undistributed long-term gain		41,699,436
Net unrealized appreciation — investments		598,577,139
Temporary book/tax differences		(381,656	)
Shares of beneficial interest		1,712,051,692
Total net assets	$	2,352,124,254

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 difference is 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 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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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.

The Fund does not have a capital loss carryforward as of December 31, 2016.

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2016 was $580,243,699 and $758,880,206, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	686,821,953
Aggregate unrealized (depreciation) of investment securities		(88,244,814	)
Net unrealized appreciation of investment securities	$	598,577,139

Cost of investments for tax purposes is $1,819,862,408.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of excise tax payments, on December 31, 2016, undistributed net investment income was increased by $91,435, undistributed net realized gain was increased by $4,515 and shares of beneficial interest was decreased by $95,950. This reclassification had no effect on the net assets of the Fund.

19                         Invesco Small Cap Growth Fund

NOTE 11—Share Information

	Summary of Share Activity
	Years ended December 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		3,307,313		$	106,585,690			4,472,736		$	165,679,753
Class B		1,849			43,617			2,565			72,470
Class C		45,301			1,075,935			59,239			1,663,336
Class R		994,584			30,485,882			1,201,377			42,253,936
Class Y		1,703,726			55,758,585			2,755,221			104,033,952
Investor Class		523,397			17,783,519			744,806			28,741,578
Class R5		4,750,428			168,983,504			6,370,995			257,935,983
Class R6		1,237,919			45,197,275			2,121,179			86,373,977
Issued as reinvestment of dividends:
Class A		1,532,456			51,138,010			1,870,794			59,509,885
Class B		7,471			177,899			12,442			294,129
Class C		71,934			1,708,424			87,093			2,054,512
Class R		328,372			10,251,768			330,935			9,931,366
Class Y		392,787			13,433,340			407,823			13,266,495
Investor Class		526,167			18,373,732			615,755			20,424,599
Class R5		2,238,949			82,997,848			2,293,957			80,357,332
Class R6		430,664			16,016,380			411,888			14,465,509
Automatic conversion of Class B shares to Class A shares:
Class A		27,888			903,335			26,694			993,584
Class B		(37,809	)		(903,335	)		(34,747	)		(993,584	)
Reacquired:
Class A		(6,752,912	)		(218,034,515	)		(5,967,145	)		(220,867,901	)
Class B		(10,021	)		(235,415	)		(19,250	)		(547,969	)
Class C		(186,919	)		(4,409,194	)		(192,603	)		(5,427,260	)
Class R		(1,063,480	)		(32,228,314	)		(1,299,639	)		(45,618,412	)
Class Y		(1,778,770	)		(58,630,954	)		(1,466,197	)		(54,778,550	)
Investor Class		(1,349,581	)		(45,713,844	)		(1,913,070	)		(74,892,020	)
Class R5		(6,412,270	)		(229,530,141	)		(5,479,962	)		(220,838,415	)
Class R6		(1,084,913	)		(38,788,067	)		(1,204,721	)		(48,094,373	)
Net increase (decrease) in share activity		(555,470	)	$	(7,559,036	)		6,208,165		$	215,993,912

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 34% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

20                         Invesco Small Cap Growth Fund

NOTE 12—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 12/31/16	$	32.03	$	0.00		$	3.68		$	3.68		$	—		$	(3.05	)	$	(3.05	)	$	32.66		11.30	%	$	596,972		1.22	%(d)		1.22	%(d)		(0.01	)%(d)		26	%
Year ended 12/31/15		35.95		(0.16	)		(0.52	)		(0.68	)		—			(3.24	)		(3.24	)		32.03		(1.84	)		645,968		1.20			1.20			(0.43	)		30
Year ended 12/31/14		39.68		(0.10	)		2.93			2.83			—			(6.56	)		(6.56	)		35.95		7.67			710,426		1.22			1.22			(0.25	)		28
Year ended 12/31/13		30.00		(0.15	)		12.02			11.87			(0.02	)		(2.17	)		(2.19	)		39.68		39.90			957,432		1.21			1.21			(0.41	)		19
Year ended 12/31/12		27.71		0.01	(e)		5.01			5.02			—			(2.73	)		(2.73	)		30.00		18.35			766,787		1.23			1.23			0.04	(e)		24
Class B
Year ended 12/31/16		23.79		(0.18	)		2.73			2.55			—			(3.05	)		(3.05	)		23.29		10.46			1,447		1.97	(d)		1.97	(d)		(0.76	)(d)		26
Year ended 12/31/15		27.76		(0.34	)		(0.39	)		(0.73	)		—			(3.24	)		(3.24	)		23.79		(2.57	)		2,395		1.95			1.95			(1.18	)		30
Year ended 12/31/14		32.31		(0.32	)		2.33			2.01			—			(6.56	)		(6.56	)		27.76		6.87			3,876		1.97			1.97			(1.00	)		28
Year ended 12/31/13		24.90		(0.34	)		9.92			9.58			—			(2.17	)		(2.17	)		32.31		38.87			5,360		1.96			1.96			(1.16	)		19
Year ended 12/31/12		23.58		(0.18	)(e)		4.23			4.05			—			(2.73	)		(2.73	)		24.90		17.44			5,717		1.98			1.98			(0.71	)(e)		24
Class C
Year ended 12/31/16		23.74		(0.18	)		2.73			2.55			—			(3.05	)		(3.05	)		23.24		10.49			14,878		1.97	(d)		1.97	(d)		(0.76	)(d)		26
Year ended 12/31/15		27.71		(0.34	)		(0.39	)		(0.73	)		—			(3.24	)		(3.24	)		23.74		(2.57	)		16,858		1.95			1.95			(1.18	)		30
Year ended 12/31/14		32.27		(0.32	)		2.32			2.00			—			(6.56	)		(6.56	)		27.71		6.85			20,957		1.97			1.97			(1.00	)		28
Year ended 12/31/13		24.87		(0.34	)		9.91			9.57			—			(2.17	)		(2.17	)		32.27		38.88			21,794		1.96			1.96			(1.16	)		19
Year ended 12/31/12		23.55		(0.18	)(e)		4.23			4.05			—			(2.73	)		(2.73	)		24.87		17.46			17,657		1.98			1.98			(0.71	)(e)		24
Class R
Year ended 12/31/16		30.21		(0.08	)		3.47			3.39			—			(3.05	)		(3.05	)		30.55		11.02			112,318		1.47	(d)		1.47	(d)		(0.26	)(d)		26
Year ended 12/31/15		34.18		(0.24	)		(0.49	)		(0.73	)		—			(3.24	)		(3.24	)		30.21		(2.08	)		103,249		1.45			1.45			(0.68	)		30
Year ended 12/31/14		38.13		(0.19	)		2.80			2.61			—			(6.56	)		(6.56	)		34.18		7.40			108,855		1.47			1.47			(0.50	)		28
Year ended 12/31/13		28.95		(0.23	)		11.58			11.35			—			(2.17	)		(2.17	)		38.13		39.55			106,983		1.46			1.46			(0.66	)		19
Year ended 12/31/12		26.89		(0.06	)(e)		4.85			4.79			—			(2.73	)		(2.73	)		28.95		18.05			87,606		1.48			1.48			(0.21	)(e)		24
Class Y
Year ended 12/31/16		32.76		0.08			3.77			3.85			(0.08	)		(3.05	)		(3.13	)		33.48		11.56			163,662		0.97	(d)		0.97	(d)		0.24	(d)		26
Year ended 12/31/15		36.60		(0.07	)		(0.53	)		(0.60	)		—			(3.24	)		(3.24	)		32.76		(1.59	)		149,745		0.95			0.95			(0.18	)		30
Year ended 12/31/14		40.18		0.00			2.98			2.98			—			(6.56	)		(6.56	)		36.60		7.95			105,194		0.97			0.97			0.00			28
Year ended 12/31/13		30.33		(0.06	)		12.16			12.10			(0.08	)		(2.17	)		(2.25	)		40.18		40.24			73,035		0.96			0.96			(0.16	)		19
Year ended 12/31/12		27.93		0.09	(e)		5.05			5.14			(0.01	)		(2.73	)		(2.74	)		30.33		18.64			34,616		0.98			0.98			0.29	(e)		24
Investor Class
Year ended 12/31/16		33.40		0.00			3.83			3.83			—			(3.05	)		(3.05	)		34.18		11.29			226,995		1.22	(d)		1.22	(d)		(0.01	)(d)		26
Year ended 12/31/15		37.34		(0.16	)		(0.54	)		(0.70	)		—			(3.24	)		(3.24	)		33.40		(1.82	)		231,853		1.20			1.20			(0.43	)		30
Year ended 12/31/14		40.97		(0.10	)		3.03			2.93			—			(6.56	)		(6.56	)		37.34		7.67			279,828		1.22			1.22			(0.25	)		28
Year ended 12/31/13		30.92		(0.15	)		12.39			12.24			(0.02	)		(2.17	)		(2.19	)		40.97		39.92			281,811		1.21			1.21			(0.41	)		19
Year ended 12/31/12		28.49		0.01	(e)		5.15			5.16			—			(2.73	)		(2.73	)		30.92		18.34			209,842		1.23			1.23			0.04	(e)		24
Class R5
Year ended 12/31/16		35.28		0.14			4.05			4.19			(0.13	)		(3.05	)		(3.18	)		36.29		11.70			1,037,098		0.83	(d)		0.83	(d)		0.38	(d)		26
Year ended 12/31/15		39.10		(0.02	)		(0.56	)		(0.58	)		—			(3.24	)		(3.24	)		35.28		(1.43	)		987,791		0.82			0.82			(0.05	)		30
Year ended 12/31/14		42.44		0.07			3.15			3.22			—			(6.56	)		(6.56	)		39.10		8.09			970,303		0.82			0.82			0.15			28
Year ended 12/31/13		31.92		(0.01	)		12.82			12.81			(0.12	)		(2.17	)		(2.29	)		42.44		40.46			780,094		0.83			0.83			(0.03	)		19
Year ended 12/31/12		29.27		0.14	(e)		5.29			5.43			(0.05	)		(2.73	)		(2.78	)		31.92		18.77			621,522		0.83			0.83			0.44	(e)		24
Class R6
Year ended 12/31/16		35.37		0.17			4.08			4.25			(0.16	)		(3.05	)		(3.21	)		36.41		11.85			198,752		0.73	(d)		0.73	(d)		0.48	(d)		26
Year ended 12/31/15		39.17		0.02			(0.58	)		(0.56	)		—			(3.24	)		(3.24	)		35.37		(1.38	)		172,477		0.73			0.73			0.04			30
Year ended 12/31/14		42.46		0.10			3.17			3.27			—			(6.56	)		(6.56	)		39.17		8.21			138,937		0.73			0.73			0.24			28
Year ended 12/31/13		31.92		0.02			12.81			12.83			(0.12	)		(2.17	)		(2.29	)		42.46		40.53			116,657		0.74			0.74			0.06			19
Year ended 12/31/12(f)		34.10		0.05	(e)		0.56			0.61			(0.06	)		(2.73	)		(2.79	)		31.92		1.97			9		0.75	(g)		0.75	(g)		0.52	(e)(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)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are based on average daily net assets (000’s omitted) of $595,863, $1,863, $15,083, $101,546, $154,746, $220,035, $989,870 and $174,691 for Class A, Class B, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

^(e)  Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets include material significant dividends received during the period. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.12) and (0.39)%, $(0.29) and (1.14)%, $(0.29) and (1.14)%, $(0.19) and (0.64)%, $(0.04) and (0.14)%, $(0.12) and (0.39)%, $0.01 and 0.01% and $0.01 and 0.09%, for Class A, Class B, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

^(f)  Commencement date of September 24, 2012.

^(g)  Annualized.

21                         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 the Invesco Small Cap Growth Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Invesco Small Cap Growth Fund (one of the portfolios constituting the AIM Growth Series (Invesco Growth Series), hereafter referred to as the “Fund”) as of December 31, 2016, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

February 23, 2017

22                         Invesco Small Cap Growth 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, 2016 through December 31, 2016.

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.

Class	Beginning Account Value (07/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/16)1		Expenses Paid During Period2		Ending Account Value (12/31/16)		Expenses Paid During Period2
A	$	1,000.00	$	1,095.90	$	6.32	$	1,019.10	$	6.09		1.20	%
B		1,000.00		1,091.30		10.25		1,015.33		9.88		1.95
C		1,000.00		1,092.00		10.25		1,015.33		9.88		1.95
R		1,000.00		1,094.60		7.63		1,017.85		7.35		1.45
Y		1,000.00		1,097.20		5.01		1,020.36		4.82		0.95
Investor		1,000.00		1,095.80		6.32		1,019.10		6.09		1.20
R5		1,000.00		1,097.70		4.32		1,021.01		4.17		0.82
R6		1,000.00		1,098.60		3.85		1,021.47		3.71		0.73

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2016 through December 31, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

23                         Invesco Small Cap Growth 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 advisors.

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, 2016:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	193,760,533
Qualified Dividend Income*		100.00	%
Corporate Dividends Received Deduction*		100.00	%
U.S. Treasury Obligations*		0.00	%

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

24                         Invesco Small Cap Growth 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: 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)	144	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.	144	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

²  Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

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
Bruce L. Crockett — 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	144	Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company) Member of the Audit Committee, Ferroglobe PLC (metallurgical company) and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	144	Board member of the Illinois Manufacturers’ Association
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	144	Trustee, Evans Scholarship Foundation; Chairman of the Board, Denver Film Society
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	144	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	144	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	144	None
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	144	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	144	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	144	None
Other Officers
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A

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
Other Officers—(continued)
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, 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; Managing Director, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Karen Dunn Kelley — 1960 Senior Vice President	2004	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman and Director, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Invesco Mortgage Capital Inc.; Senior Vice President, The Invesco Funds Formerly: Director, Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as INVESCO Global Asset Management Limited) and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco AIM Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A

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
Other Officers—(continued)
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Distributor Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Auditors PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Small Cap Growth Fund

Explore High-Conviction Investing with Invesco

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-02699 and 002-57526                         SCG-AR-1                                                 Invesco Distributors, Inc.

	Annual Report to Shareholders	December 31, 2016
	Invesco Quality Income Fund
	Nasdaq:
	A: VKMGX  ∎  B: VUSBX  ∎  C: VUSCX  ∎  Y: VUSIX  ∎  R5: VUSJX

Letters to Shareholders

                   Philip Taylor Dear Shareholders: This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period. The reporting period began with significant stock market volatility in the US and abroad; this volatility was the result of investor uncertainty about global economic growth and monetary policy. After recovering, markets declined sharply following UK voters’ decision in June to leave the European Union. Relatively quickly, however, markets recovered, reaching record highs later in the summer. Demand was strong for income-producing investments, particularly those perceived to be lower risk; this benefited bonds as well as dividend-paying stocks for much of the reporting period. While economic news in the US was generally positive during the reporting period, news overseas was less upbeat. The European

Central Bank and central banks in China and Japan – as well as other countries – maintained extraordinarily accommodative monetary policies in response to economic weakness. After months of uncertainty, the surprise outcome of the US presidential election in November triggered a major stock market rally, with most market indexes reaching new record highs in December. As expected, the US Federal Reserve raised interest rates in December – its only rate increase during the reporting period and only its second increase since 2006. The Fed cited optimistic economic data for its decision, and Fed-watchers suggested that future rate increases might be announced more quickly than previously forecast.

Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for whatever returns the market has to offer. The investment professionals at Invesco, in contrast, invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. Click on the “Need to register” link in the “Account Access” box on our homepage to get started.

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

  

Philip Taylor

Senior Managing Director, Invesco Ltd.

2 Invesco Quality Income Fund

Bruce Crockett	Dear Fellow Shareholders:
	Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.
	As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:
	∎	Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.
	∎	Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎ Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Quality Income Fund

Management’s Discussion of Fund Performance

Performance summary
For the year ended December 31, 2016, Class A shares of Invesco Quality Income (the Fund), at net asset value (NAV), outperformed the Fund’s style-specific index, the Bloomberg Barclays U.S. Mortgage-Backed Securities Index.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/15 to 12/31/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	2.50	%
Class B Shares	1.64
Class C Shares	1.63
Class Y Shares	2.67
Class R5 Shares	2.86
The BofA Merrill Lynch 1-10 Year Treasury Indexq (Broad Market Index)	1.14
Bloomberg Barclays U.S. Mortgage-Backed Securities Indexq (Style-Specific Index)	1.67
Source(s): qFactSet Research Systems Inc.

Market conditions and your Fund

Effective June 20, 2016, the Fund changed its name from Invesco U.S. Mortgage Fund to Invesco Quality Income Fund. The investment objective, investment strategy and philosophy for the Fund did not change.

During the year ended December 31, 2016, US economic data were generally positive, despite notable weakness in manufacturing, mining and drilling in the first quarter due to the precipitous decline in the price of oil. The unemployment rate consistently was at or slightly below 5% in 2016, and with steady growth in payrolls finished the year at 4.7%.¹ The housing market remained relatively robust in the midst of a positive economic backdrop and low mortgage rate environment; new home sales and housing starts were up 12.4% and 9.2% year-over-year, respectively.² However, gross domestic product (GDP) annual growth remained modest in the 1.3% to 1.7% range throughout most of the year and inflation remained well-contained near 2.0%.²

The year will most be remembered for surprising votes. In June, UK voters opted to leave the European Union, sending markets sharply lower. Following the UK vote was the surprise outcome of the US presidential election in November. Both votes were unexpected, and in the midst of these market moving events there was pending action by the US Federal Reserve (the Fed) to raise interest rates. Market expectations for a Fed rate hike fluctuated throughout the year. Given modest GDP growth and non-threatening inflation results, the Fed rate hike was delayed until December when the federal funds target rate was increased by 0.25% to a range of 0.50% to 0.75%.³ US Treasury rates overall moved modestly higher, but had rallied notably earlier in the year with the concerns surrounding oil and persistent economic weakness in the Far East and Europe.

The 10-year US Treasury yield increased from 2.27% at the beginning of the year to 2.44% by year end.² However, at the end of the second quarter, the yield had fallen to 1.47% post the Brexit vote.²

Portfolio Composition
By security type, based on total investments
U.S. Government Sponsored
Agency Mortgage-Backed
Securities	75.0	%
Asset-Backed Securities	20.4
Certificates of Deposit	3.3
U.S. Treasury Securities	0.1
Money Market Funds	1.2

Top Five Debt Issuers*
	% of total net assets
1.	Federal National Mortgage Association	55.4	%
2.	Federal Home Loan Mortgage Corp.	25.0
3.	Government National Mortgage Association	11.8
4.	Ginnie Mae REMICs	4.8
5.	Freddie Mac REMICs	4.7

Market volatility was high throughout the year as rates increased by nearly 1% from mid-year. After the US election, the policy actions from the president-elect and a Republican-controlled Congress dominated market discussions. The Fed’s rate hike in December was priced in, but shorter market rates and securities were still under pressure, with further rate hikes expected in 2017.

   Fixed income returns were muted for the year, in the midst of market volatility, yet remained slightly positive despite the significant rise in rates toward the end of the year. As rates increased, the agency mortgage-backed securities sector significantly underperformed comparable Treasury maturities with extension concerns and finished the year slightly underperforming.

   In this market environment, Class A shares of Invesco Quality Income Fund, at NAV, generated a positive total return, and outperformed the Fund’s style-specific index, the Bloomberg Barclays U.S. Mortgage-Backed Securities Index. The Fund’s allocation to non-agency mortgage-backed securities (MBS), commercial MBS, and asset-backed securities were the primary contributors to Fund performance, as credit spreads tightened during the year. Investments in agency collateralized mortgage obligations and agency hybrid adjustable-rate mortgages provided an additional boost to Fund performance, while exposure to fixed-rate agency mortgages detracted modestly.

   The Fund also benefited from incremental income earned by engaging in dollar (mortgage) roll activity, a type of repurchase transaction in the highly liquid to-be-announced (TBA) market for agency MBS. A dollar roll involves the Fund selling an MBS to a financial institution, with an agreement to repurchase a substantially similar security at an agreed upon price and date. Excess portfolio cash resulting from the use of this strategy

Total Net Assets	$	616.6 million
Total Number of Holdings*		823

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.

Data presented here are as of December 31, 2016.

4 Invesco Quality Income Fund

is subsequently invested to generate additional return for the Fund.

The Fund used active duration and yield curve positioning for risk management and for generating “alpha” (the extra return above a specific benchmark) versus its style-specific benchmark. Duration measures a portfolio’s price sensitivity to interest rate changes, with a shorter-duration portfolio tending to be less sensitive to these changes. During the reporting period, we maintained the portfolio’s overall duration slightly longer than that of the style-specific benchmark, on average, which produced favorable results as rates fell. However, yield curve positioning within the portfolio emphasized short-term (six months to two years) interest rates, missing much of the performance benefit of falling longer-term rates, and more than offset the positive relative return generated by duration positioning alone. Buying and selling US Treasury futures contracts was an important tool we used for the management of interest rate risk and to maintain our targeted portfolio duration.

Please note that our strategy is implemented using derivative instruments, including futures, swaps and options. Therefore, a portion 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 or hedge exposure to certain risks. 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. This risk may be greater in the current market environment because interest rates are near, at or below historic lows. 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 rise, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s 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: Bureau of Labor Statistics

2 Source: Bloomberg L.P.

3 Source: US Federal Reserve

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

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

	Clint Dudley
	Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Quality Income Fund.
He joined Invesco in 1998. Mr. Dudley earned a BBA and an MBA from Baylor University.
	Jason Marshall
	Portfolio Manager, is manager of Invesco Quality Income Fund. He joined Invesco in 2007.
Mr. Marshall earned a BS in finance from Indiana University of Pennsylvania and an MBA from Duquesne University.
	Brian Norris
	Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Quality Income Fund.
He joined Invesco in 2001. Mr. Norris earned a BS in business administration with a concentration in finance from the University of Louisville.

5 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 12/31/06

1 Source: FactSet Research Systems Inc.

Past performance cannot guarantee comparable 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 and table(s) does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

6 Invesco Quality Income Fund

Average Annual Total Returns
As of 12/31/16, including maximum applicable sales charges
Class A Shares
Inception (5/31/84)	6.32	%
10 Years	3.01
5 Years	1.71
1 Year	-1.84
Class B Shares
Inception (8/24/92)	4.29	%
10 Years	2.83
5 Years	1.48
1 Year	-3.31
Class C Shares
Inception (8/13/93)	3.56	%
10 Years	2.67
5 Years	1.82
1 Year	0.64
Class Y Shares
Inception (9/25/06)	3.74	%
10 Years	3.74
5 Years	2.86
1 Year	2.67
Class R5 Shares
10 Years	3.65	%
5 Years	2.91
1 Year	2.86

Effective June 1, 2010, Class A, Class B, 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 B, Class C and Class Y shares, respectively, of Invesco Van Kampen U.S. Mortgage Fund (renamed Invesco U.S. Mortgage Fund). Returns shown above, prior to June 1, 2010, for Class A, Class B, Class C and Class Y shares are blended returns of the predecessor fund and Invesco U.S. Mortgage Fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R5 shares incepted on June 1, 2010. Performance shown prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee comparable 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. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class Y and Class R5 shares was

0.96%, 1.72%, 1.72%, 0.72% and

0.68%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 4.25% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. For shares purchased prior to June 1, 2010, the CDSC on Class B shares declines from 4% at the time of purchase to 0% at the beginning of the seventh year. For shares purchased on or after June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class R5 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.

7 Invesco Quality Income Fund

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, 2016, and is based on total net assets.

∎ Unless otherwise noted, all data provided by Invesco.

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

About share classes

∎ Class B shares may not be purchased for new or additional investments. Please see the prospectus for more information.

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

∎ Class R5 shares are primarily intended for employer sponsored retirement and benefit plans that meet certain standards and for institutional investors. Please see the prospectus for more information.

Principal risks of investing in the Fund

∎ Active trading risk. Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

∎ Borrowing risk. Borrowing money to buy securities exposes the Fund to leverage and will cause the Fund’s share price to be more volatile because leverage will exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio securities. Borrowing money may also require the Fund to liquidate positions when it may not be advantageous to do so. In addition, the Fund will incur interest expenses and other fees on borrowed money. There can be no assurance that the Fund’s borrowing strategy will enhance and not reduce the Fund’s returns.

∎ Changing fixed income market conditions risk. The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near, at or below zero. 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.

∎ Debt securities risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

∎ Derivatives risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly

greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.

∎ Dollar roll transactions risk. Dollar roll transactions occur in connection with TBA transactions and involve the risk that the market value of the securities the Fund is required to purchase may decline below the agreed upon purchase price of those securities. Dollar roll transactions add a form of leverage to the Fund’s portfolio, which may make the Fund’s returns more volatile and increase the risk of loss. In addition, dollar roll transactions may increase the Fund’s portfolio turnover, which may result in increased brokerage costs and may lower the Fund’s actual return.

∎ Liquidity risk. The Fund may be unable to sell illiquid investments at the time or price it desires and, as a result, could lose its entire investment in such investments. Liquid securities can become illiquid during periods of market stress. If a significant amount of the Fund’s securities become illiquid, the Fund may 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

8 Invesco Quality Income Fund

be able to timely pay redemption proceeds and may need to sell securities at significantly reduced prices.

∎ Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

∎ Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

∎ Mortgage- and asset-backed securities risk. 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. The Fund may invest in mortgage pools that include subprime mortgages, which are loans made to borrowers

with weakened credit histories or with lower capacity to make timely payments on their mortgages. Privately issued mortgage-related securities are not subject to the same underwriting requirements as those with government or government-sponsored entity guarantees and, therefore, mortgage loans underlying privately issued mortgage-related securities may have less favorable collateral, credit risk or other underwriting characteristics, and wider variances in interest rate, term, size, purpose and borrower characteristics.

∎ TBA transactions risk. TBA transactions involve the risk of loss if the securities received are less favorable than what was anticipated by the Fund when entering into the TBA transaction, or if the counterparty fails to deliver the securities. When the Fund enters into a short sale of a TBA mortgage it does not own, the Fund may have to purchase deliverable mortgages to settle the short sale at a higher price than anticipated, thereby causing a loss. As there is no limit on how much the price of mortgage securities can increase, the Fund’s exposure is unlimited. The Fund may not always be able to purchase mortgage securities to close out the short position at a particular time or at an acceptable price. In addition, taking short positions results in a form of leverage, which could increase the volatility of the Fund’s share price.

∎ US government obligations risk. Obligations of US government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the US government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the US government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

∎ When-issued, delayed delivery and forward commitment risks. When-issued and delayed delivery transactions subject the Fund to market risk because the value or yield of a security at delivery may be more or less than the purchase price or yield generally available when delivery occurs, and counterparty risk because the Fund relies on the buyer or seller, as the case may be, to consummate the transaction. These transactions also have a leveraging effect

on the Fund because the Fund commits to purchase securities that it does not have to pay for until a later date, which increases the Fund’s overall investment exposure and, as a result, its volatility.

∎ Zero coupon or pay-in-kind securities risk. The value, interest rates, and liquidity of non-cash paying instruments, such as zero coupon and pay-in-kind securities, are subject to greater fluctuation than other types of securities. The higher yields and interest rates on pay-in-kind securities reflect the payment deferral and increased credit risk associated with such instruments and that such investments may represent a higher credit risk than loans that periodically pay interest.

About indexes used in this report

∎ The BofA Merrill Lynch 1-10 Year Treasury Index tracks the performance of US Treasury securities with maturities between one and 10 years.

∎ The Bloomberg Barclays 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.

Other information

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

9 Invesco Quality Income Fund

Schedule of Investments

December 31, 2016

	Principal Amount		Value
U.S. Government Sponsored Agency Mortgage-Backed Securities–111.57%
Collateralized Mortgage Obligations–19.39%
Fannie Mae ACES, 1.12%, 09/25/2023(a)	$	4,985,693	$	4,972,501
Fannie Mae Grantor Trust, 7.50%, 01/19/2039		366,750		412,664
Fannie Mae Interest STRIPS, IO,
6.50%, 10/25/2024		189,171		27,189
8.00%, 05/25/2030		835,129		236,256
7.50%, 01/25/2032		288,849		49,733
Fannie Mae REMICs,
1.26%, 05/25/2046(a)		5,468,679		5,466,069
2.00%, 06/25/2019		186,817		187,238
7.00%, 09/25/2032		301,722		341,615
6.58%, 06/25/2039(a)		1,088,995		1,267,629
1.06%, 04/25/2043(a)		8,549,926		8,482,341
3.50%, 09/25/2044		5,922,324		5,794,159
3.00%, 05/25/2045		2,196,174		2,108,761
1.26%, 06/25/2046(a)		920,713		919,678
Fannie Mae REMICs, IO,
4.50%, 11/25/2023		2,764,319		57,350
3.00%, 10/25/2026 to 02/25/2028		23,579,227		2,234,840
8.00%, 08/18/2027 to 09/18/2027		986,554		221,721
6.00%, 05/25/2033		42,253		11,068
7.00%, 05/25/2033		866,994		207,803
3.50%, 08/25/2042		1,746,187		243,059
2.07%, 03/25/2043(a)		16,090,367		1,067,387
2.02%, 04/25/2045(a)		19,241,990		1,298,748
1.81%, 02/25/2056(a)		27,134,731		1,401,514
Freddie Mac REMICs,
4.50%, 06/15/2018		55,221		56,238
3.00%, 10/15/2018 to 03/15/2035		3,065,003		3,039,994
1.15%, 10/15/2036(a)		1,984,468		1,988,425
1.25%, 10/15/2036(a)		1,433,294		1,438,538
0.90%, 08/15/2038(a)		2,546,521		2,524,614
0.98%, 09/15/2040(a)		4,801,163		4,790,780
1.03%, 11/15/2041(a)		4,385,359		4,379,873
1.00%, 10/15/2043 to 09/15/2044(a)		10,899,725		10,887,965
Freddie Mac REMICs, IO,
3.00%, 09/15/2025		4,508,535		264,398
2.50%, 09/15/2027		3,310,091		238,535
1.88%, 04/15/2038(a)		11,220,412		639,855
1.95%, 08/15/2038(a)		21,684,947		1,324,757
1.81%, 11/15/2038(a)		18,047,219		1,119,274
1.98%, 11/15/2038(a)		20,116,261		1,405,411
1.96%, 02/15/2039(a)		10,244,642		755,295
2.04%, 12/15/2039(a)		20,717,325		1,354,455
2.06%, 12/15/2039(a)		32,970,818		2,470,569
2.12%, 10/15/2040(a)		31,738,870		2,448,327
4.00%, 12/15/2041		2,326,419		270,794

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
Freddie Mac STRIPS, 0.88%, 10/15/2037(a)	$	4,430,865	$	4,407,089
Freddie Mac STRIPS, IO 8.00%, 06/15/2031		1,303,770		368,081
Freddie Mac Structured Pass Through Securities, 6.50%, 02/25/2043		2,109,669		2,442,745
Freddie Mac Whole Loan Securities Trust, 3.00%, 09/25/2045		2,079,674		2,020,197
Ginnie Mae REMICs,
5.88%, 01/20/2039(a)		2,225,244		2,495,764
1.16%, 12/16/2039(a)		3,184,205		3,193,722
4.49%, 07/20/2041(a)		3,180,062		3,376,048
2.08%, 09/20/2041(a)		2,675,266		2,801,817
2.50%, 10/20/2043		1,082,296		908,159
0.99%, 09/20/2045(a)		8,996,928		8,950,093
3.00%, 10/20/2045 to 01/20/2046		8,677,027		8,124,019
Ginnie Mae REMICs, IO,
1.58%, 09/20/2064(a)		6,695,691		683,687
1.62%, 11/20/2064(a)		4,301,174		338,717
1.68%, 12/20/2064(a)		11,504,542		1,031,647
				119,549,205
Federal Home Loan Mortgage Corp. (FHLMC)–24.99%
Pass Through Ctfs.,
8.50%, 01/01/2017 to 08/01/2031		332,007		400,763
5.00%, 10/01/2018 to 06/01/2040		7,922,480		8,681,636
3.50%, 08/01/2026 to 09/01/2045		10,064,838		10,357,407
6.50%, 05/01/2028 to 08/01/2033		592,980		670,282
6.00%, 03/01/2029		4,658		5,345
2.50%, 02/01/2031		4,612,920		4,626,800
8.00%, 08/01/2032		257,484		306,077
7.50%, 05/01/2035		420,858		504,277
5.50%, 12/01/2036		313,116		349,696
4.50%, 05/01/2038 to 02/01/2042		21,841,677		23,555,459
5.35%, 07/01/2038 to 10/17/2038		2,819,459		3,127,143
5.80%, 10/01/2038 to 01/20/2039		1,184,101		1,304,371
5.45%, 11/25/2038		2,638,769		2,929,905
4.00%, 06/01/2042		5,732,835		6,071,119
Pass Through Ctfs., ARM,
3.05%, 07/01/2036(a)		2,216,928		2,345,209
3.01%, 02/01/2037(a)		215,508		230,154
3.22%, 03/01/2037(a)		989,120		1,055,320
3.07%, 05/01/2037(a)		1,130,244		1,201,311
3.38%, 11/01/2037(a)		2,568,410		2,668,810
2.93%, 01/01/2038(a)		425,956		454,730
2.98%, 03/01/2041(a)		154,850		163,560
2.58%, 08/01/2046(a)		9,939,759		10,083,280
Pass Through Ctfs., TBA,
3.00%, 01/01/2032 to 01/01/2047(b)		42,200,000		42,262,908
3.50%, 01/01/2047(b)		30,000,000		30,720,630
				154,076,192

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

10                         Invesco Quality Income Fund

	Principal Amount		Value
Federal National Mortgage Association (FNMA)–55.41%
Pass Through Ctfs.,
7.00%, 02/01/2018 to 12/01/2033	$	350,436	$	375,644
4.50%, 05/01/2019 to 07/01/2044		18,557,618		19,861,749
8.00%, 07/01/2020 to 04/01/2033		619,587		748,835
6.50%, 06/01/2022 to 11/01/2038		3,475,049		3,939,116
5.50%, 11/01/2022 to 04/01/2038		10,331,301		11,611,267
4.00%, 06/01/2024 to 05/01/2045		34,690,318		36,623,935
5.00%, 06/01/2027 to 01/01/2041		7,320,756		8,013,803
3.00%, 02/01/2029 to 11/01/2045		20,334,232		20,566,165
9.50%, 04/01/2030		68,421		80,155
3.50%, 11/01/2030 to 03/01/2046		44,436,415		45,838,178
5.63%, 08/01/2032		480,811		526,369
8.50%, 10/01/2032		514,139		630,280
6.00%, 12/01/2035 to 05/01/2040		3,368,475		3,818,079
7.50%, 08/01/2037		672,790		808,411
5.45%, 01/01/2038		500,861		550,110
Pass Through Ctfs., ARM,
2.85%, 03/01/2038(a)		398,585		422,998
2.54%, 02/01/2039(a)		3,181,511		3,296,972
3.02%, 08/01/2042(a)		1,265,341		1,299,305
2.27%, 07/01/2043(a)		3,502,897		3,531,892
2.79%, 02/01/2046(a)		833,825		850,407
2.80%, 03/01/2046(a)		5,001,392		5,102,645
Pass Through Ctfs., TBA,
2.50%, 01/01/2032(b)		24,500,000		24,540,672
3.00%, 01/01/2032 to 01/01/2047(b)		72,500,000		72,535,913
3.50%, 01/01/2047(b)		53,200,000		54,530,000
4.00%, 01/01/2047(b)		20,500,000		21,553,427
				341,656,327
Government National Mortgage Association (GNMA)–11.78%
Pass Through Ctfs.,
8.00%, 02/15/2017 to 12/15/2021		96,935		98,155
8.50%, 02/20/2017		10		10
9.50%, 07/15/2017 to 08/15/2022		128,640		130,325
9.00%, 09/15/2017 to 08/15/2024		266,248		270,179
7.00%, 08/15/2022 to 01/15/2029		319,027		340,956
6.50%, 04/15/2026 to 11/15/2028		169,765		194,033
6.00%, 01/15/2028 to 04/20/2029		453,910		516,431
5.50%, 05/15/2033 to 10/15/2034		1,004,749		1,134,828
5.00%, 11/20/2037		1,407,724		1,526,716
3.50%, 07/20/2046		8,448,063		8,822,429
Pass Through Ctfs., TBA,
3.00%, 01/01/2047(b)		20,000,000		20,251,952
3.50%, 01/01/2047(b)		15,400,000		16,009,683
4.00%, 01/01/2047(b)		22,000,000		23,350,937
				72,646,634
Total U.S. Government Sponsored Agency  Mortgage- Backed Securities (Cost $690,014,654)				687,928,358

	Principal Amount		Value
Asset-Backed Securities–30.36%
Adjustable Rate Mortgage Trust, Series 2005-7, Class 2A21, Variable Rate Pass Through Ctfs., 3.02%, 10/25/2035(a)	$	993,741	$	898,192
Agate Bay Mortgage Trust, Series 2015-2, Class B1, Variable Rate Pass Through Ctfs., 3.75%, 03/25/2045(a)(c)		3,673,793		3,458,701
American Home Mortgage Investment Trust, Series 2005-1, Class 7A1, Floating Rate Pass Through Ctfs., 3.28%, 06/25/2045(a)		812,683		802,652
BAMLL-DB Trust, Series 2012-OSI, Class A2FX, Pass Through Ctfs., 3.35%, 04/13/2029(c)		4,997,674		5,017,039
Banc of America Funding Trust,
Series 2006-3, Class 5A5, Pass Through Ctfs., 5.50%, 03/25/2036		123,368		116,071
Series 2006-A, Class 1A1, Floating Rate Pass Through Ctfs., 3.06%, 02/20/2036(a)		1,204,626		1,195,285
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2005-1, Class 2A1, Variable Rate Pass Through Ctfs., 3.07%, 03/25/2035(a)		2,366,759		2,318,099
Series 2005-2, Class A1, Floating Rate Pass Through Ctfs., 2.92%, 03/25/2035(a)		1,072,057		1,079,900
Bear Stearns Commercial Mortgage Securities Trust,
Series 2005-PWR9, Class AJ, Pass Through Ctfs., 4.99%, 09/11/2042		6,619		6,617
Series 2006-T22, Class B, Variable Rate Pass Through Ctfs., 5.71%, 04/12/2038(a)(c)		1,168,167		1,193,779
Cerberus Onshore II CLO-2 LLC, Series 2014-1A, Class A, Floating Rate Pass Through Ctfs., 2.53%, 10/15/2023(a)(c)		1,403,601		1,403,733
CGBAM Commercial Mortgage Trust, Series 2014-HD, Class B, Floating Rate Pass Through Ctfs., 1.74%, 02/15/2031(a)(c)		3,000,000		2,988,817
Chase Issuance Trust, Series 2016-A3, Class A3, Floating Rate Pass Through Ctfs., 1.25%, 06/15/2023(a)		5,000,000		5,021,165
Chase Mortgage Finance Trust,
Series 2005-A1, Class 3A1, Variable Rate Pass Through Ctfs., 3.17%, 12/25/2035(a)		60,937		56,749
Series 2007-A2, Class 2A1, Variable Rate Pass Through Ctfs., 3.18%, 07/25/2037(a)		1,175,700		1,172,215
Series 2007-A2, Class 2A4, Variable Rate Pass Through Ctfs., 3.18%, 07/25/2037(a)		1,086,097		1,055,062

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

11                         Invesco Quality Income Fund

	Principal Amount		Value
Chase Mortgage Trust,
Series 2016-1, Class M3, Pass Through Ctfs., 3.75%, 04/25/2045(c)	$	3,813,055	$	3,710,262
Series 2016-2, Class M4, Pass Through Ctfs., 3.75%, 12/25/2045(c)		3,639,636		3,364,582
CHL Mortgage Pass Through Trust, Series 2004-29, Class 1A1, Floating Rate Pass Through Ctfs., 1.30%, 02/25/2035(a)		557,631		528,700
Citigroup Mortgage Loan Trust, Inc.,
Series 2004-HYB3, Class 2A, Variable Rate Pass Through Ctfs., 2.94%, 09/25/2034(a)		2,416,531		2,332,187
Series 2004-UST1, Class A4, Variable Rate Pass Through Ctfs., 2.75%, 08/25/2034(a)		419,201		406,224
Series 2005-11, Class A2A, Floating Rate Pass Through Ctfs., 2.93%, 10/25/2035(a)		3,429,534		3,446,934
Series 2006-AR2, Class 1A2, Variable Rate Pass Through Ctfs., 3.03%, 03/25/2036(a)		111,880		107,093
Series 2012-6, Class 2A1, Variable Rate Pass Through Ctfs., 2.81%, 08/25/2036(a)(c)		1,250,388		1,253,501
Commercial Mortgage Trust,
Series 2013-LC13, Class XA, IO, Variable Rate Pass Through Ctfs., 1.36%, 08/10/2046(a)		45,890,566		2,263,525
Series 2014-FL5, Class B, Floating Rate Pass Through Ctfs., 2.85%, 10/15/2031(a)(c)		1,400,000		1,391,582
Series 2015-CR24, Class XA, IO, Variable Rate Pass Through Ctfs., 0.88%, 08/10/2048(a)		45,146,743		2,469,698
Credit Suisse First Boston Mortgage Securities Corp, Series 2004-AR5, Class 5A1, Variable Rate Pass Through Ctfs., 3.14%, 06/25/2034(a)		1,872,443		1,841,348
Credit Suisse Mortgage Capital Trust,
Series 2013-6, Class 2A1, Pass Through Ctfs., 3.50%, 08/25/2043(c)		1,735,688		1,753,995
Series 2013-7, Class B1, Variable Rate Pass Through Ctfs., 3.58%, 08/25/2043(a)(c)		5,158,747		5,122,930
Series 2015-TOWN, Class B, Floating Rate Pass Through Ctfs., 2.60%, 03/15/2017(a)(c)		2,500,000		2,461,538
Credit Suisse Mortgage Loan Trust, Series 2015-1, Class A9, Pass Through Ctfs., 3.50%, 05/25/2045(c)		3,430,652		3,468,979
Deutsche Mortgage Securities Inc Re- REMIC Trust Certificates, Series 2007-WM1, Class A1, Variable Rate Pass Through Ctfs., 4.04%, 06/27/2037(a)(c)		4,480,815		4,533,145
Ford Credit Auto Owner Trust, Series 2016-1, Class A, Pass Through Ctfs., 2.31%, 08/15/2027(c)		6,109,000		6,103,635
GMACM Mortgage Loan Trust, Series 2005-AR3, Class 2A1, Variable Rate Pass Through Ctfs., 3.35%, 06/19/2035(a)		2,745,992		2,686,123

	Principal Amount		Value
GSAA Home Equity Trust, Series 2007-7, Class A4, Floating Rate Pass Through Ctfs., 1.03%, 07/25/2037(a)	$	194,821	$	177,607
GSR Mortgage Loan Trust,
Series 2004-11, Class 2A2, Variable Rate Pass Through Ctfs., 3.32%, 09/25/2034(a)		311,495		308,148
Series 2004-12, Class 3A6, Variable Rate Pass Through Ctfs, 3.10%, 12/25/2034(a)		1,566,662		1,570,480
H/2 Asset Funding (Cayman Islands), Series 2015-1A, Class BFL, Floating Rate Pass Through Ctfs., 3.06%, 06/24/2049(a)(c)		2,000,000		1,922,073
JP Morgan Mortgage Trust,
Series 2005-A3, Class 6A5, Variable Rate Pass Through Ctfs., 3.03%, 06/25/2035(a)		1,530,848		1,494,187
Series 2005-A6, Class 7A1, Floating Rate Pass Through Ctfs., 3.16%, 08/25/2035(a)		1,027,210		984,642
Series 2014-1, Class 1A17, Variable Rate Pass Through Ctfs., 4.00%, 01/25/2044(a)(c)		3,977,627		4,122,787
Series 2015-3, Class A3, Pass Through Ctfs., 3.50%, 05/25/2045(c)		5,563,521		5,622,200
Series 2015-5, Class A2, Variable Rate Pass Through Ctfs., 2.89%, 05/25/2045(a)(c)		3,681,375		3,713,045
Series 2016-5, Class A1, Variable Rate Pass Through Ctfs., 2.60%, 12/25/2046(a)(c)		3,500,000		3,484,141
JP Morgan Resecuritization Trust, Series 2009-7, Class 5A1, Pass Through Ctfs., 6.00%, 02/27/2037(c)		208,194		208,853
La Hipotecaria El Salvadorian Mortgage Trust (El Salvador), Series 2013-1A, Class A, Pass Through Ctfs., 3.50%, 10/25/2041(c)		4,464,010		4,646,758
La Hipotecaria Panamanian Mortgage Trust (El Salvador), Series 2010-1GA, Class A, Floating Rate Pass Through Ctfs., 2.25%, 09/08/2039(a)(c)		6,811,363		7,041,246
LSTAR Commercial Mortgage Trust, Series 2014-2, Class A2, Pass Through Ctfs., 2.77%, 01/20/2041(c)		2,266,859		2,266,562
Luminent Mortgage Trust,
Series 2005-1, Class A1, Floating Rate Pass Through Ctfs., 1.02%, 11/25/2035(a)		2,650,981		2,406,394
Series 2006-1, Class A1, Floating Rate Pass Through Ctfs., 1.00%, 04/25/2036(a)		92,731		63,114
Merrill Lynch Mortgage Investors Trust,
Series 2004-A, Class A2, Floating Rate Pass Through Ctfs., 1.75%, 04/25/2029(a)		676,719		659,360
Series 2005-3, Class 3A, Floating Rate Pass Through Ctfs., 2.94%, 11/25/2035(a)		988,702		980,581
Series 2005-A, Class A1, Floating Rate Pass Through Ctfs., 1.22%, 03/25/2030(a)		1,177,881		1,145,168

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

12                         Invesco Quality Income Fund

	Principal Amount		Value
Morgan Stanley Capital I Trust,
Series 2006-HQ10, Class AJ, Pass Through Ctfs., 5.39%, 11/12/2041	$	3,065,735	$	3,069,618
Series 2015-XLF2, Class AFSD, Floating Rate Pass Through Ctfs., 4.36%, 08/15/2026(a)(c)		2,150,000		2,164,219
Newstar Commercial Loan Funding LLC, Series 2015-1A, Class A1, Floating Rate Pass Through Ctfs., 2.68%, 01/20/2027(a)(c)		5,000,000		4,929,650
PFP Ltd. (Cayman Islands), Series 2015-2, Class B, Floating Rate Pass Through Ctfs., 3.40%, 07/14/2034(a)(c)		3,345,000		3,353,915
RALI Trust, Series 2006-QO2, Class A2, Floating Rate Pass Through Ctfs., 1.03%, 02/25/2046(a)		60,685		27,417
RBSSP Resecuritization Trust,
Series 2009-13, Class 10A3, Variable Rate Pass Through Ctfs., 3.18%, 01/26/2036(a)(c)		503,361		504,228
Series 2010-1, Class 2A1, Variable Rate Pass Through Ctfs., 2.62%, 07/26/2045 (Acquired 01/31/2011-02/23/2016; Cost $1,964,918)(a)(c)		1,978,808		1,979,970
Sequoia Mortgage Trust, Series 2013-4, Class A3, Pass Through Ctfs., 1.55%, 04/25/2043		1,684,644		1,654,114
Shellpoint Asset Funding Trust, Series 2013-1, Class A3, Pass Through Ctfs., 3.75%, 07/25/2043(c)		2,758,012		2,803,976
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-6, Class 3A2, Variable Rate Pass Through Ctfs., 3.15%, 06/25/2034(a)		2,973,504		3,093,118
Series 2004-13, Class A2, Floating Rate Pass Through Ctfs., 1.06%, 09/25/2034(a)		650,891		569,652
Series 2004-16, Class 2A, Variable Rate Pass Through Ctfs., 3.21%, 11/25/2034(a)		4,063,939		4,063,437
Series 2004-20, Class 3A1, Variable Rate Pass Through Ctfs., 2.99%, 01/25/2035(a)		436,691		414,762
Structured Asset Mortgage Investments, II Trust., Series 2005-AR2, Class 2A1, Floating Rate Pass Through Ctfs., 0.99%, 05/25/2045(a)		1,512,360		1,334,192
Structured Asset Securities Corp., Series 2002-21A, Class B1II, Variable Rate Pass Through Ctfs., 3.15%, 11/25/2032(a)		213,806		189,158
Synchrony Credit Card Master Note Trust, Series 2015-3, Class A, Pass Through Ctfs., 1.74%, 09/15/2021		5,000,000		5,004,537
Thornburg Mortgage Securities Trust, Series 2005-2, Class A1, Floating Rate Pass Through Ctfs., 2.69%, 07/25/2045(a)		4,087,709		3,957,459
Towd Point Mortgage Trust, Series 2015-4, Class A1, Pass Through Ctfs., 3.50%, 04/25/2055(c)		1,486,830		1,521,358

	Principal Amount		Value
Wachovia Bank Commercial Mortgage Trust,
Series 2005-C21, Class AJ, Variable Rate Pass Through Ctfs., 5.29%, 10/15/2044(a)	$	76,393	$	76,321
Series 2006-C25, Class D, Variable Rate Pass Through Ctfs., 5.79%, 05/15/2043(a)		2,002,000		1,997,032
Series 2006-C27, Class AJ, Variable Rate Pass Through Ctfs., 5.83%, 07/15/2045(a)		5,000,000		5,067,750
WaMu Mortgage Pass-Through Trust,
Series 2005-AR12, Class 1A8, Variable Rate Pass Through Ctfs., 2.75%, 10/25/2035(a)		4,693,425		4,581,324
Series 2007-HY2, Class 2A1, Variable Rate Pass Through Ctfs., 2.97%, 11/25/2036(a)		232,117		209,385
Wells Fargo Mortgage Backed Securities Trust,
Series 2004-K, Class 1A2, Variable Rate Pass Through Ctfs., 3.11%, 07/25/2034(a)		1,893,352		1,893,673
Series 2004-O, Class A1, Variable Rate Pass Through Ctfs., 3.00%, 08/25/2034(a)		4,626,950		4,703,689
Series 2005-AR2, Class 2A2, Variable Rate Pass Through Ctfs., 2.91%, 03/25/2035(a)		242,013		244,576
Series 2006-AR6, Class 3A1, Variable Rate Pass Through Ctfs., 3.11%, 03/25/2036(a)		3,558,975		3,396,038
Series 2006-AR6, Class 7A2, Variable Rate Pass Through Ctfs., 3.03%, 03/25/2036(a)		1,332,267		1,301,373
Series 2006-AR7, Class 2A5, Variable Rate Pass Through Ctfs., 3.09%, 05/25/2036(a)		2,066,831		1,972,290
Series 2006-AR8, Class 2A3, Variable Rate Pass Through Ctfs., 3.08%, 04/25/2036(a)		1,282,303		1,264,859
Total Asset-Backed Securities (Cost $185,472,094)				187,190,493
Certificates of Deposit–4.87%
Bank of Nova Scotia (Canada), 1.23%, 11/03/2017(a)		7,000,000		7,003,892
Bank of Tokyo-Mitsubishi UFJ Ltd (Japan), 1.49%, 07/19/2017(a)		12,000,000		12,017,100
Credit Agricole Corporate and Investment Bank (France), 1.22%, 08/01/2017(a)		11,000,000		11,003,438
Total Certificates of Deposit (Cost $30,000,000)				30,024,430
U.S. Treasury Bills–0.20%(d)
0.56%, 05/11/2017		265,000		264,449
0.57%, 05/11/2017(e)		1,000,000		997,919
Total U.S. Treasury Bills (Cost $1,262,431)				1,262,368

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

13                         Invesco Quality Income Fund

	Shares		Value
Money Market Funds–1.79%
Government & Agency Portfolio–Institutional Class, 0.43%(f)		6,628,708	$	6,628,708
Treasury Portfolio–Institutional Class, 0.37%(f)		4,419,139		4,419,139
Total Money Market Funds (Cost $11,047,847)				11,047,847
TOTAL INVESTMENTS–148.79% (Cost $917,797,026)				917,453,496
OTHER ASSETS LESS LIABILITIES–(48.79)%				(300,840,534	)
NET ASSETS–100.00%			$	616,612,962

Investment Abbreviations:

ACES	– Automatically Convertible Extendable Security
ARM	– Adjustable Rate Mortgage
CLO	– Collateralized Loan Obligation
Ctfs.	– Certificates
IO	– Interest Only
REMICs	– Real Estate Mortgage Investment Conduits
STRIPS	– Separately Traded Registered Interest and Principal Security
TBA	– To Be Announced

Notes to Schedule of Investments:

^(a)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2016.

^(b)  Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1I.

^(c)  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, 2016 was $97,511,199, which represented 15.81% of the Fund’s Net Assets.

^(d)  Security traded on discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(e)  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1H and Note 4.

^(f)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2016.

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

14                         Invesco Quality Income Fund

Statement of Assets and Liabilities

December 31, 2016

Assets:
Investments, at value (Cost $906,749,179)	$	906,405,649
Investments in affiliated money market funds, at value and cost		11,047,847
Total investments, at value (Cost $917,797,026)		917,453,496
Cash		33,313
Receivable for:
Investments sold		1,016,250
Fund shares sold		1,919,605
Dividends and interest		2,947,797
Principal paydowns		519,955
Investment for trustee deferred compensation and retirement plans		71,613
Other assets		51,969
Total assets		924,013,998
Liabilities:
Payable for:
Investments purchased		305,557,702
Fund shares reacquired		758,043
Dividends		334,794
Variation margin — futures		140,727
Accrued fees to affiliates		182,212
Accrued trustees’ and officers’ fees and benefits		741
Accrued other operating expenses		343,977
Trustee deferred compensation and retirement plans		82,840
Total liabilities		307,401,036
Net assets applicable to shares outstanding	$	616,612,962
Net assets consist of:
Shares of beneficial interest	$	640,887,788
Undistributed net investment income		342,743
Undistributed net realized gain (loss)		(24,514,179	)
Net unrealized appreciation (depreciation)		(103,390	)
	$	616,612,962

Net Assets:
Class A	$	390,037,178
Class B	$	715,651
Class C	$	15,671,508
Class Y	$	67,531,987
Class R5	$	142,656,638
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		32,215,701
Class B		59,415
Class C		1,303,649
Class Y		5,556,967
Class R5		11,741,800
Class A:
Net asset value per share	$	12.11
Maximum offering price per share
(Net asset value of $12.11 ¸ 95.75%)	$	12.65
Class B:
Net asset value and offering price per share	$	12.04
Class C:
Net asset value and offering price per share	$	12.02
Class Y:
Net asset value and offering price per share	$	12.15
Class R5:
Net asset value and offering price per share	$	12.15

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

15                         Invesco Quality Income Fund

Statement of Operations

For the year ended December 31, 2016

Investment income:
Interest	$	17,042,275
Dividends from affiliated money market funds		106,415
Other income		961,502
Total investment income		18,110,192
Expenses:
Advisory fees		2,735,482
Administrative services fees		153,864
Distribution fees:
Class A		971,149
Class B		9,989
Class C		143,186
Transfer agent fees — A, B, C and Y		616,743
Transfer agent fees — R5		265
Trustees’ and officers’ fees and benefits		28,281
Registration and filing fees		89,997
Reports to shareholders		63,006
Professional services fees		55,533
Other		108,799
Total expenses		4,976,294
Less: Fees waived and expense offset arrangement(s)		(43,206	)
Net expenses		4,933,088
Net investment income		13,177,104
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		2,585,894
Futures contracts		(787,171	)
		1,798,723
Change in net unrealized appreciation (depreciation) of:
Investment securities		(3,109,389	)
Futures contracts		73,064
		(3,036,325	)
Net realized and unrealized gain (loss)		(1,237,602	)
Net increase in net assets resulting from operations	$	11,939,502

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

16                         Invesco Quality Income Fund

Statement of Changes in Net Assets

For the years ended December 31, 2016 and 2015

	2016			2015
Operations:
Net investment income	$	13,177,104		$	8,200,348
Net realized gain		1,798,723			3,990,488
Change in net unrealized appreciation (depreciation)		(3,036,325	)		(5,712,762	)
Net increase in net assets resulting from operations		11,939,502			6,478,074
Distributions to shareholders from net investment income:
Class A		(13,585,264	)		(16,642,053	)
Class B		(26,508	)		(54,615	)
Class C		(368,661	)		(281,206	)
Class Y		(1,569,262	)		(786,586	)
Class R5		(4,406,269	)		(824	)
Total distributions from net investment income		(19,955,964	)		(17,765,284	)
Share transactions–net:
Class A		(1,986,107	)		(17,899,058	)
Class B		(418,846	)		(957,226	)
Class C		6,523,937			1,520,578
Class Y		47,048,651			2,828,283
Class R5		145,428,575			12,447
Net increase (decrease) in net assets resulting from share transactions		196,596,210			(14,494,976	)
Net increase (decrease) in net assets		188,579,748			(25,782,186	)
Net assets:
Beginning of year		428,033,214			453,815,400
End of year (includes undistributed net investment income of $342,743 and $(20,330), respectively)	$	616,612,962		$	428,033,214

Notes to Financial Statements

December 31, 2016

NOTE 1—Significant Accounting Policies

Invesco Quality Income Fund (the “Fund”), formerly Invesco U.S. Mortgage Fund, is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). 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 consisting of seventeen separate series portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is to provide a high level of current income, with liquidity and safety of principal.

The Fund currently consists of five different classes of shares: Class A, Class B, Class C, Class Y and Class R5. 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 and 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 and Class R5 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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.

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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

17                         Invesco Quality Income Fund

trading characteristics and other market data. 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.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales 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 by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

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 NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund 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 using procedures approved by the Board of Trustees. 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 approved 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 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 is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. 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 economic conditions, interest rates, investor perceptions 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.

B. 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 the accrual basis from settlement date. 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. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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.

C. Distributions — Distributions from net investment income 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.

D. 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

18                         Invesco Quality Income Fund

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.

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.

E. 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 are charged to such 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.

F. 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.

G. 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.

H. 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.

I. 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. The Fund will segregate liquid assets in an amount equal to its dollar roll commitments. Dollar roll transactions may be considered borrowings under the 1940 Act.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement.

J. 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.

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.

19                         Invesco Quality Income Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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 $1 billion		0	.47%
Next $500 million		0	.445%
Next $500 million		0	.42%
Next $500 million		0	.395%
Next $2.5 billion		0	.37%
Next $2.5 billion		0	.345%
Next $2.5 billion		0	.32%
Next $2.5 billion		0	.295%
Over $12.5 billion		0	.27%

For the year ended December 31, 2016, the effective advisory fees incurred by the Fund was 0.47%.

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. (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, 2017, 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 B, Class C, Class Y and Class R5 shares to 1.50%, 2.25%, 2.25%, 1.25% and 1.25%, respectively, of 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, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits 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, 2018, 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, 2016, the Adviser waived advisory fees of $39,027.

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, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

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 are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A shares, Class B shares and Class C shares to compensate IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets and up to 1.00% each of Class B and Class C average daily net assets.

With respect to Class B and Class C shares, the Fund is authorized to reimburse in future years any distribution related expenses that exceed the maximum annual reimbursement rate for such class, so long as such reimbursement does not cause the Fund to exceed the Class B and Class C maximum annual reimbursement rate, respectively. With respect to Class A shares, distribution related expenses that exceed the maximum annual reimbursement rate for such class are not carried forward to future years and the Fund will not reimburse IDI for any such expenses.

For the year ended December 31, 2016, 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, 2016, IDI advised the Fund that IDI retained $48,228 in front-end sales commissions from the sale of Class A shares and $1,523, $100 and $1,390 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

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

20                         Invesco Quality Income Fund

NOTE 3—Additional Valuation Information

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 or are unreliable. 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 Fund’s own 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, 2016. 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
U.S. Government Sponsored Agency Mortgage-Backed Securities	$	—	$	687,928,358	$	—	$	687,928,358
Asset-Backed Securities		—		187,190,493		—		187,190,493
Certificates of Deposit		—		30,024,430		—		30,024,430
U.S. Treasury Bills		—		1,262,368		—		1,262,368
Money Market Funds		11,047,847		—		—		11,047,847
		11,047,847		906,405,649		—		917,453,496
Futures Contracts*		240,140		—		—		240,140
Total Investments	$	11,287,987	$	906,405,649	$	—	$	917,693,636

* Unrealized appreciation.

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, 2016:

	Value
Derivative Assets	Interest Rate Risk
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	240,140
Derivatives not subject to master netting agreements		(240,140	)
Total derivative assets subject to master netting agreements	$	—

^(a)  Includes cumulative appreciation on futures contracts. Only current day’s variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

Open Futures Contracts
Futures Contracts	Type of Contract		Number of Contracts		Expiration Month		Notional Value			Unrealized Appreciation
U.S. Treasury 2 Year Notes		Short		55		March-2017	$	(11,917,813	)	$	11,914
U.S. Treasury 5 Year Notes		Short		255		March-2017		(26,474,414	)		110,207
U.S. Treasury 10 Year Notes		Short		4		March-2017		(497,125	)		1,803
U.S. Treasury Long Bonds		Short		132		March-2017		(19,886,625	)		116,216
Total — interest rate risk										$	240,140

21                         Invesco Quality Income Fund

Effect of Derivative Investments for the year ended December 31, 2016

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

	Location of Gain (Loss) on Statement of Operations
	Interest Rate Risk
Realized Gain (Loss):
Futures contracts	$	(787,171	)
Change in Net Unrealized Appreciation:
Futures contracts		73,064
Total	$	(714,107	)

The table below summarizes the average notional value of futures contracts outstanding during the period.

	Futures Contracts
Average notional value	$	77,435,985

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, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,179.

NOTE 6—Trustees’ and Officers’ Fees and Benefits

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

NOTE 7—Cash Balances

The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, 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 exceed 5% of the Fund’s total assets.

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, 2016 and 2015:

	2016		2015
Ordinary income	$	19,955,964	$	17,765,284

Tax Components of Net Assets at Period-End:

	2016
Undistributed ordinary income	$	429,836
Net unrealized appreciation (depreciation) — investments		(370,505	)
Temporary book/tax differences		(82,015	)
Capital loss carryforward		(24,252,142	)
Shares of beneficial interest		640,887,788
Total net assets	$	616,612,962

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 and bond amortization.

22                         Invesco Quality Income Fund

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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.

The Fund has a capital loss carryforward as of December 31, 2016, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	12,311,705	$	11,940,437	$	24,252,142

* 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 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2016 was $4,017,430,117 and $3,747,682,263, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	8,049,758
Aggregate unrealized (depreciation) of investment securities		(8,420,263	)
Net unrealized appreciation (depreciation) of investment securities	$	(370,505	)

Cost of investments for tax purposes is $917,824,001.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of paydowns, dollar rolls and capital loss carryforward limitations, on December 31, 2016, undistributed net investment income was increased by $7,141,933, undistributed net realized gain (loss) was increased by $84,009,377 and shares of beneficial interest was decreased by $91,151,310. This reclassification had no effect on the net assets of the Fund.

23                         Invesco Quality Income Fund

NOTE 11—Share Information

	Summary of Share Activity
	Years ended December 31,
	2016(a)						2015
	Shares			Amount			Shares			Amount
Sold:
Class A		4,798,240		$	59,190,772			2,748,375		$	34,083,709
Class B		22,421			275,217			4,444			54,759
Class C		1,102,136			13,512,659			433,849			5,345,756
Class Y		5,298,509			65,657,810			1,350,741			16,823,165
Class R5(b)		12,017,871			148,911,189			1,261			15,602
Issued as reinvestment of dividends:
Class A		837,029			10,321,307			989,432			12,283,437
Class B		1,961			24,074			3,977			49,183
Class C		24,893			304,721			18,511			228,100
Class Y		69,462			858,107			16,548			206,639
Class R5		356,152			4,405,911			32			403
Automatic conversion of Class B shares to Class A shares:
Class A		32,316			398,087			47,714			592,205
Class B		(32,480	)		(398,087	)		(47,955	)		(592,205	)
Reacquired:
Class A		(5,834,640	)		(71,896,273	)		(5,220,201	)		(64,858,409	)
Class B		(26,054	)		(320,050	)		(37,923	)		(468,963	)
Class C		(597,411	)		(7,293,443	)		(328,580	)		(4,053,278	)
Class Y		(1,577,082	)		(19,467,266	)		(1,134,313	)		(14,201,521	)
Class R5		(634,434	)		(7,888,525	)		(289	)		(3,558	)
Net increase (decrease) in share activity		15,858,889		$	196,596,210			(1,154,377	)	$	(14,494,976	)

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 19% 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 is also owned beneficially.

    In addition, 15% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)  On February 18, 2016, 9,843,785 Class R5 shares valued at $122,062,934 were sold to affiliated mutual funds.

24                         Invesco Quality Income Fund

NOTE 12—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			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 12/31/16	$	12.22	$	0.27	$	0.04		$	0.31		$	(0.42	)	$	12.11		2.50	%(d)	$	390,037		0.92	%(d)(e)		0.93	%(d)(e)		2.19	%(d)(e)(f)		472	%
Year ended 12/31/15		12.55		0.24		(0.06	)		0.18			(0.51	)		12.22		1.41	(d)		395,806		0.96	(d)		0.96	(d)		1.88	(d)		500
Year ended 12/31/14		12.35		0.28		0.48			0.76			(0.56	)		12.55		6.27	(d)		424,259		0.96	(d)		0.96	(d)		2.28	(d)		450
Year ended 12/31/13		13.02		0.21		(0.40	)		(0.19	)		(0.48	)		12.35		(1.51	)(d)		441,028		0.94	(d)		0.94	(d)		1.63	(d)		475
Year ended 12/31/12		12.99		0.25		0.33			0.58			(0.55	)		13.02		4.54			531,547		0.94			0.94			1.88			451
Class B
Year ended 12/31/16		12.16		0.17		0.03			0.20			(0.32	)		12.04		1.64			716		1.68	(e)		1.69	(e)		1.43	(e)(f)		472
Year ended 12/31/15		12.48		0.14		(0.05	)		0.09			(0.41	)		12.16		0.71			1,138		1.72			1.72			1.12			500
Year ended 12/31/14		12.28		0.18		0.48			0.66			(0.46	)		12.48		5.48			2,135		1.72			1.72			1.52			450
Year ended 12/31/13		12.95		0.11		(0.40	)		(0.29	)		(0.38	)		12.28		(2.28	)		3,197		1.70			1.70			0.87			475
Year ended 12/31/12		12.93		0.15		0.32			0.47			(0.45	)		12.95		3.67			5,729		1.69			1.69			1.13			451
Class C
Year ended 12/31/16		12.14		0.17		0.03			0.20			(0.32	)		12.02		1.63			15,672		1.68	(e)		1.69	(e)		1.43	(e)(f)		472
Year ended 12/31/15		12.46		0.14		(0.05	)		0.09			(0.41	)		12.14		0.71			9,394		1.72			1.72			1.12			500
Year ended 12/31/14		12.26		0.19		0.47			0.66			(0.46	)		12.46		5.48			8,100		1.72			1.72			1.52			450
Year ended 12/31/13		12.93		0.11		(0.40	)		(0.29	)		(0.38	)		12.26		(2.29	)		7,788		1.70			1.70			0.87			475
Year ended 12/31/12		12.90		0.15		0.33			0.48			(0.45	)		12.93		3.75			12,003		1.69			1.69			1.13			451
Class Y
Year ended 12/31/16		12.27		0.30		0.03			0.33			(0.45	)		12.15		2.67			67,532		0.68	(e)		0.69	(e)		2.43	(e)(f)		472
Year ended 12/31/15		12.59		0.26		(0.04	)		0.22			(0.54	)		12.27		1.75			21,668		0.72			0.72			2.12			500
Year ended 12/31/14		12.39		0.32		0.47			0.79			(0.59	)		12.59		6.52			19,306		0.72			0.72			2.52			450
Year ended 12/31/13		13.07		0.24		(0.41	)		(0.17	)		(0.51	)		12.39		(1.32	)		2,254		0.70			0.70			1.87			475
Year ended 12/31/12		13.04		0.28		0.33			0.61			(0.58	)		13.07		4.79			3,759		0.69			0.69			2.13			451
Class R5
Year ended 12/31/16		12.26		0.32		0.03			0.35			(0.46	)		12.15		2.86			142,657		0.55	(e)		0.56	(e)		2.56	(e)(f)		472
Year ended 12/31/15		12.59		0.27		(0.06	)		0.21			(0.54	)		12.26		1.71			27		0.68			0.68			2.16			500
Year ended 12/31/14		12.39		0.33		0.47			0.80			(0.60	)		12.59		6.56			15		0.67			0.67			2.57			450
Year ended 12/31/13		13.06		0.25		(0.41	)		(0.16	)		(0.51	)		12.39		(1.23	)		10		0.66			0.66			1.91			475
Year ended 12/31/12		13.03		0.28		0.33			0.61			(0.58	)		13.06		4.80			10		0.65			0.65			2.17			451

^(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) 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 0.24% for the years ended December 31, 2016, 2015, 2014 and 2013.

^(e) Ratios are based on average daily net assets (000’s omitted) of $402,299, $999, $14,319, $44,786 and $119,615 for Class A, Class B, Class C, Class Y and Class R5 shares, respectively.

^(f) Amount includes the effect of a one-time reimbursement of custody expenses. The ratio of net investment income excluding these payments would have been 2.02%, 1.26%, 1.26%, 2.26% and 2.39% for Class A, Class B, Class C, Class Y and Class R5 shares, respectively.

25                         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 the Invesco Quality Income Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Invesco Quality Income Fund (formerly Invesco U.S. Mortgage Fund, one of the portfolios constituting the AIM Growth Series (Invesco Growth Series), hereafter referred to as the “Fund”) as of December 31, 2016, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, Texas

February 23, 2017

26                         Invesco Quality Income 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, 2016 through December 31, 2016.

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.

Class	Beginning Account Value (07/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/16)1		Expenses Paid During Period2		Ending Account Value (12/31/16)		Expenses Paid During Period2
A		1,000.00	$	991.40	$	4.61	$	1,020.51	$	4.67		0.92	%
B		1,000.00		986.70		8.39		1,016.69		8.52		1.68
C		1,000.00		987.40		8.39		1,016.69		8.52		1.68
Y		1,000.00		991.90		3.40		1,021.72		3.46		0.68
R5		1,000.00		993.30		2.71		1,022.42		2.75		0.54

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2016 through December 31, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

27                         Invesco Quality Income 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 advisors.

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, 2016:

Federal and State Income Tax
Qualified Dividend Income*	0	%
Corporate Dividends Received Deduction*	0	%
U.S. Treasury Obligations*	0.14	%

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

28                         Invesco Quality Income 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 Persons
Martin L. Flanagan1 — 1960 Trustee	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: 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)	144	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent) Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management). Formerly: Director, Chief Executive Officer and President, Van Kampen Exchange Corp.; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.	144	None

¹  Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

²  Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer and a director of the Adviser.

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
Bruce L. Crockett — 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute	144	Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company) Member of the Audit Committee, Ferroglobe PLC (metallurgical company) and Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc., a consumer health care products manufacturer	144	Board member of the Illinois Manufacturers’ Association
James T. Bunch — 1942 Trustee	2003	Managing Member, Grumman Hill Group LLC (family office/private equity investments) Formerly: Chairman of the Board, Denver Film Society, Chairman of the Board of Trustees, Evans Scholarship Foundation; Chairman, Board of Governors, Western Golf Association	144	Trustee, Evans Scholarship Foundation; Chairman of the Board, Denver Film Society
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	144	None
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	144	Director of Insperity, Inc. (formerly known as Administaff)
Prema Mathai-Davis — 1950 Trustee	2001	Retired. Formerly: Chief Executive Officer, YWCA of the U.S.A.	144	None
Larry Soll — 1942 Trustee	2003	Retired. Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)	144	None
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche	144	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	144	None
Other Officers
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A

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
Other Officers—(continued)
John M. Zerr — 1962 Senior Vice President, Chief Legal Officer and Secretary	2006	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, 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; Managing Director, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: 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, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment company)	N/A	N/A
Karen Dunn Kelley — 1960 Senior Vice President	2004	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman and Director, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Invesco Mortgage Capital Inc.; Senior Vice President, The Invesco Funds Formerly: Director, Invesco Management Company Limited; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management DAC (formerly known as INVESCO Global Asset Management Limited) and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco AIM Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)	N/A	N/A
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan — 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A

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
Other Officers—(continued)
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., The Invesco Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	N/A	N/A
Robert R. Leveille — 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

Office of the Fund 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Investment Adviser Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Distributor Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Auditors PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678
Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-4                         Invesco Quality Income Fund

Explore High-Conviction Investing with Invesco

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@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/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-02699 and 002-57526                        VK-QINC-AR-1                                                 Invesco  Distributors, Inc.

ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the Registrant had adopted a code of ethics (the “Code”) that applies to the Registrant’s principal executive officer (“PEO”) and principal financial officer (“PFO”). There were no amendments to the Code 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 expert is Raymond Stickel, Jr. Mr. Stickel is “independent” within the meaning of that term as used in Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

PricewaterhouseCoopers LLP informed the Trust that it has identified an issue related to its independence under Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the Loan Rule). The Loan Rule prohibits accounting firms, such as PricewaterhouseCoopers LLP, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. The Trust is required under various securities laws to have its financial statements audited by an independent accounting firm.

The Loan Rule specifically provides that an accounting firm would not be independent if it or certain affiliates and covered persons receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities (referred to as a “more than ten percent owner”). For purposes of the Loan Rule, audit clients include 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 Fund Complex). PricewaterhouseCoopers LLP informed the Trust it and certain affiliates and covered persons have relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex, which may implicate the Loan Rule.

On June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to the audit independence issue described above. In that letter, the SEC confirmed that it would not recommend enforcement action against a fund that relied on audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. In connection with prior independence determinations, PricewaterhouseCoopers LLP communicated, as contemplated by the no-action letter, that it believes that it remains objective and impartial and that a reasonable investor possessing all the facts would conclude that PricewaterhouseCoopers LLP is able to exhibit the requisite objectivity and impartiality to report on the Funds’ financial statements as the independent registered public accounting firm. PricewaterhouseCoopers LLP also represented that it has complied with PCAOB Rule 3526(b)(1) and (2), which are conditions to the Funds relying on the no action letter, and affirmed that it is an independent accountant within the meaning of PCAOB Rule 3520. Therefore, the Adviser, the Funds and PricewaterhouseCoopers LLP concluded that PricewaterhouseCoopers LLP could continue as the Funds’ independent registered public accounting firm. The Invesco Fund Complex relied upon the no-action letter in reaching this conclusion.

If in the future the independence of PricewaterhouseCoopers LLP is called into question under the Loan Rule by circumstances that are not addressed in the SEC’s no-action letter, the Funds will need to take other action in order for the Funds’ filings with the SEC containing financial statements to be deemed compliant with applicable securities laws. Such additional

actions could result in additional costs, impair the ability of the Funds to issue new shares or have other material adverse effects on the Funds. In addition, the SEC has indicated that the no-action relief will expire 18 months from its issuance after which the Invesco Funds will no longer be able to rely on the letter unless its term is extended or made permanent by the SEC Staff.

(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 follows:

	Fees Billed for Services Rendered to the Registrant for fiscal year end 2016	Fees Billed for Services Rendered to the Registrant for fiscal year end 2015
Audit Fees	$  347,725	$  347,725
Audit-Related Fees	$             0	$             0
Tax Fees(1)	$  134,850	$  109,250
All Other Fees	$             0	$             0
Total Fees	$  482,575	$  456,975

(g) PWC billed the Registrant aggregate non-audit fees of $134,850 for the fiscal year ended 2016, and $109,250 for the fiscal year ended 2015, for non-audit services rendered to the Registrant.

(1) Tax fees for the fiscal year end December 31, 2016 includes fees billed for reviewing tax returns and/or services related to tax compliance. Tax fees for fiscal year end December 31, 2015 includes fees billed for reviewing tax returns and/or services related to tax compliance.

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 follows:

	Fees Billed for Non- Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2016 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 2015 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees	$    635,000	$    574,000
Tax Fees	$               0	$               0
All Other Fees	$ 2,432,000	$ 3,750,000
Total Fees(1)	$ 3,067,000	$ 4,324,000

(1)        Audit-Related fees for the year end 2016 include fees billed related to reviewing controls at a service organization. Audit-Related fees for the year end 2015 include fees billed related to reviewing controls at a service organization.

All other fees for the year end 2016 include fees billed related to the identification of structural and organizational alternatives, informed by industry practices, for certain of the company’s administrative

activities and functions. All other fees for the year end 2015 include fees billed related to reviewing the operating effectiveness of strategic projects.

(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.

(g) Including the fees for services not required to be pre-approved by the registrant’s audit committee, PWC billed Invesco and Invesco Affiliates aggregate non-audit fees of $5,763,000 for the fiscal year ended December 31, 2016, and $9,099,000 for the fiscal year ended December 31, 2015, for non-audit services rendered to Invesco and Invesco Affiliates.

PWC provided audit services to the Investment Company complex of approximately $22 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.

(f) Not applicable.

(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 May 4, 2016

I.   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

¹ Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE.

required to be performed by an independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor’s qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

III.   General and Specific Pre-Approval of Non-Audit Fund Services

The Audit Committee will consider, at least annually, the list of General Pre-Approved Non-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee’s review and approval of General Pre-Approved Non-Audit Services, the Funds’ Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

IV.   Non-Audit Service Types

The Audit Committee may provide either general or specific pre-approval of audit-related, tax or other services, each as described in more detail below.

a. 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.

b. 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.

c. 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.

V.   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 may from time to time delegate specific pre-approval authority to its Chair and/or Vice Chair, so that the Chair or, in his or her absence, Vice Chair may grant specific pre-approval for audit and non-audit services by the Auditor to the Funds and/or a Service Affiliate’s Covered Engagement between Audit Committee meetings. Any such delegation shall be reflected in resolutions adopted by the Audit Committee and may include such limitations as to dollar amount(s) and/or scope of service(s) as the Audit Committee may choose to impose. Any such delegation shall 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, any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000 and any Service Affiliate’s Covered Engagement for which the fees are estimated to exceed $500,000 must be pre-approved by the Audit Committee and may not be delegated to the Chair or Vice Chair.

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.

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 13, 2017, 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 13, 2017, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is

made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

12(a) (1) Code of Ethics.

12(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.

12(a) (3) Not applicable.

12(b) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:     AIM Growth Series (Invesco Growth Series)

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	March 9, 2017

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 9, 2017

By:	/s/ Kelli Gallegos
	Kelli Gallegos
	Principal Financial Officer
Date:	March 9, 2017

EXHIBIT INDEX

12(a) (1)	Code of Ethics.
12(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.
12(a) (3)	Not applicable.
12(b)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.